WEDNESDAY 29TH AUGUST 2018

Foreign Airlines Earned $800m from Nigerian Market in Q1 Chinedu Eze Foreign airlines sold tickets worth $800 million (N288 billion) in the first half of 2018, according to the International Air Transport Association (IATA).

The figure was a great improvement on 2017 when the airlines recorded a total of N503 billion from the Nigerian market, out of which about N259 billion was realized in the first half of the year under review.

The $800 million recorded by the foreign airlines was disclosed to THISDAY by the President of the National Association of Nigerian Travel Agents (NANTA), Mr. Bankole Bernard. Bankole said from IATA

records made available to NANTA, there was a marked improvement in the first half of 2018 compared to the same period last year because international carriers increased capacity during the period under review.

He said in 2016 when many foreign carriers could not repatriate their funds from ticket sales they cut back their capacity. Bankole added that with the availability of dollars and the completion of the payment of

$600 million blocked funds by the federal government in March this year, the airlines increased capacity on their Nigerian routes. “Available records from Continued on page 10

TCN: Discos Need $4bn Investment to Distribute 20,000MW

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Protective of Ministerial Powers, Buhari Vetoes Petroleum Industry Governance Bill Says it will empower technocrats To act on amended electoral law Deji Elumoye in Abuja President Muhammadu Buhari has declined to assent to the Petroleum Industry Governance Bill, PIGB, sent to him by the National Assembly last month. Sources told THISDAY that the president hinged his assent refusal to the fact that the bill would whittle down his power as the Minister of Petroleum Resources

Gives more details today

and that of the Minister of State, Mr Ibe Kachikwu. The president, in separate communications to the Senate President and the Speaker of the House of Representatives, was said to have taken exception to the fact that the bill empowered the technocrats in the petroleum industry.

Continued on page 8

FG Expresses Concern over Four Million Annual Population Growth Iyobosa Uwugiaren in Abuja The federal government yesterday drew attention to the dangers of uncontrolled population growth on the economy and emphasised the need to generate national support for measures that could

help moderate the rapid rate of population growth in the country. Speaking through the Minister of National Planning and Budget, Senator Udoma Udo Udoma, who chaired Continued on page 10

Tinubu, APC Govs on Collision IN SEARCH OF SUSTAINABILITY… Nigerian Bar Association (NBA), Mr. Abubakar Mahmoud (left), and Vice President Yemi Osinbajo, during the 58th Course over Primaries … Page 10 President, Annual General Conference of the NBA in Abuja…yesterday

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TCN: Discos Need $4bn Investment to Distribute 20,000MW Clarifies N72bn FG’s planned investment

Chineme Okafor in Abuja The Transmission Company of Nigeria (TCN) has said the electricity distribution companies (Discos) in Nigeria would require to invest about $4 billion over the next three years to be able to match its ongoing expansion of the national grid to a capacity of 20,000 megawatts. The company has also clarified that its appointment by the federal government to partly manage the N72 billion the government plans to invest in the upgrade of the distribution networks is not just because of the need to wheel the excess electricity generated into the distribution networks but also to protect

the transmission facilities, which it claimed were frequently burnt by alleged inefficiencies of the Discos. Speaking yesterday on the Nigerian Television Authority (NTA) in Abuja, which was monitored by THISDAY, the Managing Director of the TCN, Mr. Usman Mohammed, explained that the $4 billion projected investment figure emanated from a study the TCN had conducted on its grid expansion programme and which included an assessment of the Discos' capacities and expansion needs. Mohammed, who faulted the opposition mounted by the Discos through their umbrella association - the Association of Nigerian Electricity Distributors

(ANED) against the N72 billion planned investment, stated that modalities for the disbursement of the fund had not been agreed yet. "What is N72 billion? It is small money compared to what the Discos need to upgrade their networks. Over $4 billion was what we simulated as the hard investment that needs to be done for the Discos to meet up with our expansion plan of 20,000 megawatts by 2021," Mohammed said. He added, "It is not the Discos that say they are not aware of this (N72 billion investment) but the association of Discos and we deal with people we signed contracts with not people we don’t know.

"The N72 billion is an intervention by the government and actually due to the failures of the Discos to perform, which is creating a lot of problems in the system. The modalities for its implementation either it is a loan or not has not been finalized.” Asked if the TCN and government have convinced the Discos of the objectives of the financial intervention, he said, "We are working with all the Discos that are interested in expanding their network. The TCN is not solely managing the money, the Project Implementation Unit (PIU) is situated in the TCN but it is TCN and ministry of power and the Discos involved that are doing the evaluation

for the investment. "But why are we interested in the Discos? We are connected to the Discos and are interested in the Discos because we have lost transformers due to poor Disco network,” he said. Mohammed noted that since the TCN initiated the Transmission Rehabilitation and Expansion Plan (TREP), the TCN has been able to achieve frequency controls of 49.5 and 50.5 hertz which he noted was first in the last 20 years. According to him, the current spinning reserve in the sector was between zero and 40MW, adding that the Nigerian Electricity Regulatory Commission (NERC) has,

however, approved that it competitively procures additional spinning reserves of up to 300MW. "The tariff we were paying for spinning reserve was not good enough, NERC approved that we should go for competitive spinning reserve for 300MW and the ultimate is 450MW because it is supposed to be 10 per cent of the total generation capacity of the country," he said while indicating that a supervisory control and data acquisition (SCADA) system the World Bank funded with $46 million in the past for the TCN cannot cover more than 40 per cent of the entire grid, hence, its decision to procure a new one.

PROTECTIVE OF MINISTERIAL POWERS, BUHARI VETOES PETROLEUM INDUSTRY GOVERNANCE BILL Buhari, the THISDAY sources said, however, gave assurances that his refusal to assent to the bill would not in any way affect the fiscal policy focus of his administration. Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang, told THISDAY this morning that he would speak in detail over the matter later today after consulting his records and principal. Presently, Nigeria is losing billions as revenue due to the absence of an independent regulatory body in the petroleum sector. Analysts expressed disappointment last night over the development, regretting that the president vetoed the bill for the very reasons the alterations were proposed. The bill, they said, aimed essentially to reduce the power of the minister in order to stamp out the abuse of the wide discretion given him under the principal act, which enables him to allocate oil blocs at will with little or no restraints. The possibility of abuse of such discretion, the analysts said became manifest, especially under the watch of Chief Dan Etete and Mrs. Diezani Alisson-Madueke. According to them, Buhari who is currently the Minster of Petroleum might have been prevailed upon by his close aides to retain the powers, which he would exercise for the next four years if he wins the presidential election in 2019. The Petroleum Industry Governance Bill, PIGB, passed by the National Assembly in March, 2018 was transmitted to President Buhari in July for his assent. The bill, which was initiated by late President Umaru Yar'Adua and sent to the 6th National Assembly headed by Senator David Mark in 2008 had been enmeshed in controversy due to some of its provisions. The Senate had on March 28 passed the PIGB having adopted the report of the conference committee of the PIGB, which harmonised the versions earlier passed by both Senate and House of Representatives.

The harmonised version of the bill seeks to, among others, unbundle the NNPC and merge its subsidiaries such as Department of Petroleum Resources, DPR and Petroleum Products Pricing Regulatory Agency, PPPRA, into one entity. The objectives of the PIGB, include transforming the administration of the upstream, midstream and downstream sectors of the Nigerian petroleum industry. The bill creates a framework that will free up acreages that are not being developed by current license and lease holders, thereby creating opportunities for new investors. This will bring substantial new investment to the nation's oil and gas industry. The bill also ensures effective management of the environment by petroleum operators and administrators. It provides a framework to unleash midstream activities which will open up the market for the supply of gas and other downstream products, for economic growth and provides much needed legal backing for the deregulation of our downstream petroleum sector.

Again Presidency Assures on Amended Electoral Law As concerns mount over Buhari’s delay in assenting to the Electoral Act Amendment Bill 2018, the presidency reiterated yesterday that there was no cause for alarm as the president would certainly do the needful before the bill lapses. Some Civil Society Organisations (CSOs) had expressed fears to THISDAY yesterday that Buhari might withhold assent to the bill, which had been returned to the National Assembly unsigned twice. The bill was transmitted to the president for his assent on August 2, 2018 after the corrected version was passed by the National Assembly on July 24. It would lapse on Monday, September 3, 2018. If the president fails to assent the bill or return it to

the parliament at the end of 30 days, the National Assembly has the option of override to pass into law. But the presidency has promised that it won’t get to that level as the president will do the needful before the expiration of the 30 days constitutional provision. The Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, spoke at the Presidential Villa, Abuja yesterday and said, “We will do the needful before the bill expires.” Enang, who had recently countered the allegation that the president again refused to sign the bill into law, explained that the bill was being studied by the president’s team before he signs it. Enang had debunked the claims that Buhari had vetoed the bill. He had stated, “The final clean copy of the bill, which was received by President Buhari on August 2, 2018, is still undergoing thorough scrutiny by the president. “Mr. President has not vetoed the bill. What some people are not aware of was that when the second copy was received after the initial rejection, it was discovered that there were typography errors, which the National Assembly needed to correct and they did it and sent it back on the 24th of July and this is still being studied before presidential assent.” He explained, “It is good for people to cross check their facts first before feeding the public with the wrong information. As you know the president embarked on a 10 day leave soon after we submitted the bill to him, so we should wait.” Chairman of the Independent National Electoral Commission (INEC), Mahmoud Yakubu, had declared that the bill will not be used for the 2019 February general election unless it was signed into law at least six months before the election. The bill contains relevant provisions that is expected to guide INEC in the conduct of

the 2019 election.

CSOs Express Concerns Leading Civil Society Organisations (CSOs) had expressed serious concerns over the delay presidential assent to the Electoral Act Amendment Bill 2018, saying the president’s action could scuttle the 2019 general election. Although the president has six more days to sign before veto could be assumed, the CSOs expressed fears that the delay in assent to the bill might be an indication that Buhari might have further objections to the alterations to the law, which promulgated in 2010. Two previous amendment bills had been returned without assent in March and July 2018 respectively, following the president’s objections to some of the alterations made to the principal act that was last amended in 2015. Speaking with THISDAY, the Executive Director of the Citizens Advocacy for Social and Economic Rights (CASER), Mr. Frank Tietie, expressed dismay over the president's refusal to sign the bill, transmitted to him by the National Assembly more than three weeks ago. According to him, "We are shocked beyond belief that the president could delay his assent to the bill,’’ adding that the president doesn't have the luxury of one more day in signing the document. "He may only be keeping it for convenience; but he cannot, except the president has realized that it's better to conduct the general election without PVCs, so that the incongruities and inconsistency together with the fraudulent practices that were associated with 2015 elections will now be repeated in 2019. I hope that will not be the case," Tietie said The Civil Liberties Organisation (CLO) claimed that Buhari is not who he claims to be, saying his sustained opposition to democratic tenets, including his delay to assent to the bill, barely a week to its expiration, clearly exposes the underbelly of the president

as possibly opposed to the alterations. Speaking with THISDAY, CLO President, Mr. Igho Akeregha, said that the inherent benefits of the bill, which Buhari had not signed provided for use of card reader for the 2019 general elections with the ultimate aim to nip electoral fraud and manipulation in the bud. ‘’The CLO agrees with all those who subscribe to the provisions of this bill and its capacity to guarantee credible, free and fair elections next year. What President Buhari has done by ignoring citizens clamour for him to sign the bill is a clear violation of his oath of office and a demonstration that he is not in sync with Nigerians and best global democratic practice,’’ the foremost human rights group added. According to the group, ‘’Here is a man who promised at his inauguration that I am for nobody. I am for everyone, meaning he was going to pursue the interest of the critical mass of Nigerians. What he has shown by his continuous intransigence and opposition to the will of citizens is that he cannot be trusted to continue to lead.’’ Similarly, Dr. Tony Akabuno, the Co-Convener of Red Card Movement, advised the president to hurriedly sign the bill into law before the expiration of the 30 days window, saying refusing to sign the bill would be viewed as a deliberate plot by the ruling party to manipulate the general election. He said, “This will be resisted with the full force of the law by the oppressed citizens of Nigeria. If for any reason the president does the unthinkable, by refusing to assent to the bill, then we will not hesitate to mobilize the office of the citizens to resist any attempt by the decadent political class to manipulate the forthcoming election. We remain vigilant and determined to resist any attempt by the political class to manipulate the electoral process.’’ Mr. Kingsley Nnajiaka, the Legal Officer, Centre for Social Justice, said that one of the immediate implications of the

possible refusal by president to sign the bill will render ineffective the use of card reader in 2019 general elections. ‘’The technological innovation introduced by INEC to help deepen our democracy as noble as the idea may appear, it is unknown to the Electoral Act. The current bill pending before Mr. President has captured the use of card reader,’’ he stated, adding, ‘’If actually Mr. President want our electoral system to be reformed, the bill must be signed into law without delay. The earlier he does that, the better for this country since no amendment shall be made in electoral Act six months to the election.’’ The spokesman of the PanYoruba group, Afenifere, Mr. Yinka Odumakin, said that it was unfortunate that the president had not sign the bill in national interest, saying Buhari and his party, the All Progressives Congress (APC), might be working against the electronic transmission of election results.

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Tinubu, APC Govs on Collision Course over Primaries Finally, Uduaghan joins ruling party Onyebuchi Ezigbo in Abuja The stage appears set for a major confrontation between key power brokers in the All Progressives Congress (APC) on the mode of primaries to adopt for the selection of its candidates for the 2019 general election. Party top shots are divided on whether to adopt the direct or indirect primary system in the exercise scheduled for next month. Both side, THISDAY gathered, have perfected plans on how to prevail at a series of decisionmaking meetings that started last night with the national caucus hosted by President Muhammadu Buhari at the Presidential Villa, Abuja. Ahead of tomorrow's meeting of the National Executive Committee (NEC), THISDAY gathered that governors elected on the APC platform and the party's National Leader, Senator Bola Tinubu were pitted against each other with the later insisting on his preference for direct primary. The state governors were said to be pushing for the adoption of indirect method and had already made their position known to the party.

It was learnt that while the Buhari has not uttered any word on which of the sides to support, yesterday's meeting of the national caucus provided the opportunity for him to weigh the two options and to try to pull the opposing sides together in other to avoid crisis. Prior to the caucus meeting at the Villa, the former Lagos State governor and the governors were engaged in strong lobby to ensure that they have their way. For most of the governors, the idea of using direct primary is not an easy pill to swallow as they are afraid of what it portends. The governors were said to be suspicious of the intentions of those pushing the direct primary method over what used to be the practice. On the hand, those who support Tinubu were saying that the direct primary would help give the average party member a sense of belonging and also to force some unpopular state chief executives to begin to reckon with people's power at the grassroots. The Minister of Information and Culture, Alhaji Lai Mohammed, who is a known

Tinubu ally was spotted at the party's national secretariat in Abuja yesterday evening where he visited the National Chairman, Mr. Adams Oshiomhole. Meanwhile the National Working Committee (NWC) of the APC met yesterday to fine-tune the agenda for the NEC meeting. Among the issues likely to dominate the agenda are the method of primary to adopt, dates and fixtures as well as cost of nomination forms for elective offices in the 2019 elections.

Finally Uduaghan Joins APC Meanwhile, former governor of Delta State, Emmanuel Uduaghan, embattled former National Chairman of the Peoples Democratic Party, Ali Modu-Sheriff, and Senator Godswill Akpabio were among the first callers at the APC caucus meeting, which held in Presidential Villa last night. Last night caucus' meeting was the first to be presided over by President Buhari after the defections of several prominent members of the party to the opposition Peoples Democratic Party (PDP) in recent times.

The appearance of Uduaghan who has not formerly defected to APC at the meeting was accompanied by excitement from other members of the caucus. There was no opening session of the meeting as it dissolved into a closed-door forum immediately after the opening prayer. In attendance at the meeting were the National Chairman of the APC, Adams Oshiomhole, former Lagos State governor, Tinubu, former interim National Chairman of the party, Chief Bisi Akande and the Secretary to the Government of the Federation (SGF), Boss Mustapha. Also in attendance were governors of Borno, Jigawa, Niger, Plateau, Kogi, Adamawa, Ondo, Kano, Ogun, Oyo, Katsina, Osun, Yobe, Nasarawa, Kebbi, Imo and Lagos States. Also present were former Deputy National Chairman of APC, Segun Oni, House of Representatives' Majority Leader, Femi Gbajabiamila, former Ebonyi State governor, Martin Elechi, former Lagos State military governor, Buba Marwa, Lawrence Onoja, Jim Nwobodo, Kabiru Gaya, former APC National Chairman, John Odigie-Oyegun,

Tinubu and former Enugu State governor, Sullivan Chime. Others were former Edo State governor, Osarheimen Osunbor, former Senate President, Ken Nnamani, Deputy National Chairman of the party, Niyi Adebayo, former Bayelsa governor, Timipre Sylva, Don

Etiebet and serving ministers and senators. Deputy Governor of Edo State, Philip Shuaibu, Senior Special Assistant to the President on National Assembly Matters, Ita Enang and former governor of Anambra State, Chinwoke Mbadinuju, among others.

of the economy inherited at inception of the Buhari administration. But he was confident that when the strategies in the ERGP are fully implemented, the desired sustainable development would be achieved. He promised that since the ERGP is a live and dynamic plan, government would be carrying out regular reviews to ensure that it is working in accordance with its design specifications, adding that the country is currently undertaking a mid-term review of the plan to assess progress, see where the nation is, and identify those things that it may need to tweak in the implementation of the ERGP. The minister also told the gathering that the consistent year by year increase in the capital votes for Education and Health; and the yearly budgetary allocation for social interventions across the country shows the priority attention given to human capital development by the present administration. While applauding the NBA for the conference, which might help with inputs for

the mid-term review, the minister congratulated the NBA National Chairman, Mr Paul Usoro, on his recent election and also the outgoing President, Alhaji Abubakar Mahmoud and his team, for the good work they have done in running the association. He told the lawyers gathered at the conference that because of the special orientation of the legal profession, the versatile nature of the practitioners and their ability to rationally analyse and disentangle complex issues, they are always in high demand, which explains why President Mohammadu Buhari has eight lawyers in his cabinet. The lead speaker for the session was Mr Keith Boyfield, an internationally recognised economist and Founder/Director of Keith Boyfield Associates, London, who spoke on the topic “Transition, transformation and sustainable institutions.” Other speakers were the Chairman of Coronation Capitals and co-founder of Access Bank, Mr Aigboje Aig-Imoukhuede; and the Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Mr ‘Laoye Jaiyeola.

operates into five airports, including Lagos, Abuja, Kaduna, Kano and Enugu, has the highest entry points into Nigeria. Ethiopian and its partner airline, ASKY operate 54 frequencies weekly into Nigeria, while British Airways and Virgin Atlantic operate 21 frequencies weekly into Nigeria. The breakdown further shows that African World Airways (AWA) has 49 frequencies per week; Egypt Air with 16; Air France 15; Saudi Arabian Airways 13;

Emirates 21; Lufthansa 11; Air Cote d’Ivoire10; Qatar 9 and South African Airways 7. Other airlines that operate into Nigeria include Delta, Royal Air Maroc, Rwanda Air, Sudan Airways, Turkish Airways, which operates 7 frequencies. Etihad has five frequencies; Fly Mid Africa has four frequencies; Middle East Airlines has four and AirItaly formerly Meridiana has three weekly flights into the country. In 2017 foreign airlines earned a total of N503 billion from ticket sales.

FG EXPRESSES CONCERN OVER FOUR MILLION ANNUAL POPULATION GROWTH the session on “Sustainable Development” at the 58th Annual General Meeting of the Nigeria Bar Association, holding in Abuja, the federal government said that current estimates suggest that more than four million people are being added to the country’s population every year. Pointing out that the figure is comparable to the population of many large cities or those of small African countries, the minister stressed that if the country was to fully achieve the objectives of the Economic Recovery and Growth Plan (ERGP), which is to invest in the Nigerian people; expand social inclusion; create jobs and develop human capital, then it has become imperative that new ways to better manage the rate of population growth be fashioned out. Citing China’s example, the minister said managing population growth was an important part of any strategy to achieve sustainable economic development, saying that his ministry was working with the Health Ministry, over the responsibility by Strategy 46 of the ERGP to develop

policies to help manage the country’s rate of population growth. The minister stated, “Let me say, so that I am not misunderstood, that I am not suggesting that we consider taking measures as drastic as the ones China implemented. But it is important to sensitise Nigerians that we will have to find ways to better manage our rate of population growth if we are to fully achieve the objectives of the ERGP, which is to create the Nigeria of our dreams where extreme poverty is virtually abolished.” He emphasised that when the ERGP is fully implemented, the government would achieve a GDP growth rate of at least seven per cent which would indicate that at the heart of the plan is the need to build a globally competitive economy and a nation where the country will grow what it eats, consumes and use what it produces. Reiterating the key execution priorities, the Minister said the plan is focused on ensuring macroeconomic stability; expanding agricultural

production so as to achieve food security; investing in transportation infrastructure; ensuring energy sufficiency, particularly in power and petroleum products; and driving industrialisation, particularly through SMEs. He said it is most encouraging to note that, though as a four-year plan, the ERGP is still in its early period of implementation, saying some early successes had already been achieved. He mentioned the exit from recession and the growth of the non-oil sector which, according to the National Bureau of Statistics’ (NBS) 2nd Quarter GDP numbers, grew by 2.05 per cent. “This is the strongest growth we have seen in the non-oil sector since we emerged from recession in the second quarter of 2017. Indeed, it is the strongest growth in this sector since 2015,” the minister pointed out. Also mentioning other economic indices that are improving, he said “Inflation rate has declined consistently since December 2016, declining from 18.55 per cent in that

month to 11.14 per cent last month. External reserves have nearly doubled from $23.81 billion in September 2016 to $46.37 billion by mid-August, 2018. ‘’The exchange rate gap has narrowed and there has been improvement in the level of business confidence. Capital inflows have risen from $710 million in the first quarter of 2016 to $5.5 billion by the second quarter of this year.” He cited the Nigeria stock market, which ended 2017 as one of the best performing in the world, even though it has slowed a bit this year, probably due to the usual caution of investors in a pre-election year. Udo Udoma further explained, “Between 2016 and 2017, exports have grown by 59.5per cent, from N8, 527 billion in 2016 to N13, 598 billion in 2017; our trade balance has grown from a deficit of N290.1 billion in 2016 to a surplus of N4, 035.5 billion last year.” The progress notwithstanding, the minister said much work still remains to be done to achieve the goal of sustained economic development, given the state

FOREIGN AIRLINES EARNED $800M FROM NIGERIAN MARKET IN Q1 IATA show that there is progress. There is increase in capacity this year because last year there were restrictions. Airlines could not repatriate their funds from ticket sales, so they reduced capacity. Emirates, which operated 21 frequencies a week, reduced their flight service to only seven frequencies a week. But the airline restored its 21 weekly operations this year: two daily from Lagos and one daily from Abuja to its hub in Dubai. “Airlines like British Airways, Delta Air Lines

and other international carriers reduced the size of their aircraft, as passenger movement was reduced due to the recession. But things have improved significantly,” Bernard said. This was also confirmed by the Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Muhtar Usman, who disclosed in an exclusive interview with THISDAY that some foreign airlines took commercial decisions and pulled out from Nigeria, while some reduced their capacity.

He added that as the economy improved, those foreign carriers have come back and some are even requesting for more frequencies. “Some airlines took commercial decisions when they saw the situation did not favour their interest in terms of revenue earnings two years ago, but they have returned their operations to Nigeria. And that goes to testify that the economy has improved because you can now see that those that stopped operations have come back and some are

even asking for more routes and more entry points into Nigeria and some are also asking for more frequencies. So it is a testimony that the economy is picking up,” Usman said. In a recent data released by African Aviation Services Limited, foreign airlines operate over 300 frequencies weekly into and out of Nigeria. This shows an increase of 22 per cent from about 220 weekly frequencies operated by foreign airlines two years ago. Ethiopian Airlines, which

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

APC Debunks PDP’s Allegation of N9tn Corruption in NNPC Main opposition party sets agenda for UK Prime Minister Onyebuchi Ezigbo and Adedayo Akinwale in Abuja The All Progressives Congress (APC) has said there is no verifiable evidence of underhand dealings or N9 trillion corruption in the operations of the Nigerian National Petroleum Corporation (NNPC) as was alleged by the Peoples Democratic Party (PDP). This is coming as the main opposition party yesterday urged the Prime Minister of the United Kingdom, Theresa May, to use her state visit to Nigeria to uncover the dismal state of the country by resisting a choreographed plan by the administration of President Muhammadu Buhari to hoodwink her for an endorsement stunt. PDP had alleged massive corruption to the tune of over N9 trillion in the operations of the NNPC and urged President Buhari’s administration to clarify the issues raised. But in a swift response, the ruling party said the basis for the PDP’s allegation, which was a leaked memo from the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in 2017, detailing alleged underhand oil contracts to the tune of N9 trillion at the NNPC and the Ministry of Petroleum Resources, had been overtaken by events. In a statement issued by the party’s Acting National Publicity Secretary, Yekini Nabene, APC said it was a matter of public knowledge that the author of the memo openly proclaimed

that the issues raised in the letter were not based on fraud but on governance. APC also said it was clearly stated then by the NNPC, in response to the leaked document that apart from the 618-kilometre Ajaokuta-Kaduna-Kano (AKK) gas pipeline project and the Nigerian Petroleum Development Corporation (NPDC) production service contracts, all the other transactions mentioned in the memo were not procurement contracts. “The NPDC production service contracts have undergone due process, while the AKK contract had not reached the stage of contract award,” APC added. APC also added that NNPC had clarified that for both the crude term contract and the Direct Sale and Direct Purchase (DSDP) agreements, there were no specific values attached to each transaction to warrant the values of $10 billion and $5 billion, respectively, placed on them in the leaked document. “Thus it was inappropriate to attach arbitrary values to the shortlists with the aim of classifying the transactions as contracts. They are merely the short listing of prospective offtakers of crude oil and suppliers of petroleum products under agreed terms,” APC added. On the alleged diversion of crude oil worth N1.1trillion using 18 unregistered companies, APC said from every indication, the Crude Oil Marketing Division (COMD) of the NNPC had been able to implement reforms,

US Urges INEC to Replicate 2015 Performance in 2019 Election Laleye Dipo in Minna

The United States Government has told the Independent National Electoral Commission (INEC) to replicate its performance in the 2015 general elections in next year’s polls The US government said the performance of INEC in 2015 was generally acknowledged as free, fair and transparent, stressing that the electoral body should perform better in 2019. Counselor for Public Affairs, Embassy of the United States, Mr. Aruba Amirthanayagam stated this yesterday in Minna, Niger State after paying a courtesy visit to the Executive Director of Prestige FM radio station, Alhaji Zubair Idris. “The United States expects that the 2019 general elections will be free and transparent. “I think we should repeat the success we had in the last election because we have had elections in some parts of Africa that have not gone well “What we got in 2015 was great for Nigeria and for the rest of Africa and other developing countries, “ he said, adding that “America will not take side in the 2019 election in Nigeria.” “America will not take side,

we want the winner to be elected in a free and fair contest,” he added, insisting that “ from the US perspective, we want free peaceful credible election, we will do all we can to assist Nigeria’s government.” Asked to comment on the statement credited to President Donald Trump that Nigeria’s President was “lifeless “ when he paid a visit to White house recently the Counselor said “ we have no specific comment on that; a newspaper published it; the paper should comment on it.” Speaking on the Prestige FM radio personality programme, Amirthanayagam said there was impunity in Nigeria “ that needs to be addressed. Impunity is a threat to democracy”. He described the radio station as “very vibrant,” adding that most privately owned electronic media in Nigeria were equipped with most modern equipment while the stations performed creditably. In his remarks, the Executive Director of the station Alhaji Zubairu Idris said the radio house had tried to be as independent as possible, adding that “ what we are doing here is participatory broadcasting”

which had brought about transparency in sales, marketing and general management of the various grades of Nigeria’s equity crude oil. APC said the reforms in the sector had ensured a more open and transparent crude oil sales contract awards. “The reforms have manifested in the now popular public opening of bids for the sales

and purchase of Nigerian crude grades in what is known as annual crude term contract,” the ruling party added. “As at last check, the Crude Oil Marketing Division (COMD) of the NNPC had achieved 98 per cent automation of all transactions involving the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the

world,” the party said. Meanwhile, the main opposition party yesterday urged the Prime Minister of the United Kingdom, Theresa May, to use her state visit to Nigeria to uncover the dismal state of the country by resisting a choreographed plan by President Buhari’s administration to hoodwink her for an endorsement stunt.

PDP also called on the British leader not to allow the APC-led administration to confine her within the Presidential Villa, but to insist on visiting other parts of the country to enable her directly appreciate the level of lies and false performance indices the federal government has been dishing out to the world.

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INVESTMENT BOOST

L-R: Former Governor of Anambra State, Mr. Peter Obi; Global CEO, AB InBev, Mr. Carlos Brito; Secretary to the Government of the Federation, Mr. Boss Gida Mustapha; Ogun State Governor, Sen. Ibikunle Amosun; Managing Director, International Breweries Plc, Mrs. Annabelle Degroot, and Chairman, International Breweries Plc and Obi of Onitsha, Igwe Nnaemeka Alfred Achebe; at the official inauguration of the $250 million Gateway Brewery in Sagamu, Ogun State ...yesterday

Court Accelerates Hearing of Suit against Saraki’s Removal Orders parties to stay action pending judgment The Abuja Division of the Federal High Court yesterday agreed to accelerate the hearing of the suit seeking to stop any attempt to forcefully remove Dr. Bukola Saraki as the Senate President. The court further ordered substituted service of all the processes on all the defendants in the suit that was filed before it by two former All Progressives Congress (APC) senators, Rafiu Adebayo and Isa Misau. Cited as defendants in the suit marked FHC/ABJ/ CS/872/2018, are the Senate, the Senate President, Saraki, ‘the Deputy Senate President, Dr. Ike Ekweremadu,’ Senator Ahmed Lawal (Senate Leader), Senator Bala Ibn Nallah (Deputy Senate Leader), Senator Emma Buacha (Deputy Minority Leader), Clerk of the Senate and Deputy Clerk

of the Senate. Other are the Attorney General of the Federation and Minister of Justice, Mr. Malami (SAN), the Inspector General of Police (IG), Mr. Ibrahim Idris, and the Department of State Service (DSS). While the court, in a ruling by Justice Nnamdi Dimgba, gave the plaintiffs the nod to serve the originating summons and motion for injunction on the 1st to 8th defendants through Clerk of the National Assembly, it held that the 10th to 12th defendants should be served by courier service. Before slating September 6 to hear the suit, Justice Dimgba cautioned that none of the parties should take any action to overreach the proceeding before the court. “Needless to say that parties

are enjoined to respect the authority of the court and protect the integrity of the judiciary. “Parties should not take action to render the suit before this court nugatory,” Justice Dimgba held. The plaintiffs had in an ex-parte motion they moved through their lawyer, Mr. Emeka Etiaba (SAN), prayed the court to issue an interim order of injunction to preserve the ‘Res’ (subject matter) of the case, pending the determination of the suit. “My lord, with what is going on now, parties taking laws into their hands and disregarding processes before court. It behoves on everyone to ensure that the ship of this country does not capsize. “We pray for this preservative order to send a signal to those

who may want to truncate the leadership of the Senate. At least, let them know that there is a subsisting order of court on the matter,” Etiaba pleaded. Though Justice Dimgba declined to grant order of interim injunction contained in reliefs 1 to 3 of the ex-parte motion, he however asked all the parties to stay action capable of affecting the substance of the suit. Meanwhile, in a separate suit marked FHC/ABJ/CS/843/2018, the two ex-APC senators prayed the court for an order restraining the defendants from forcefully and illegally reopening the Senate chamber. Justice Dimgba adjourned the second case till Septmeber 13 following preliminary objections by the AGF and other defendants in the matter.

Dankwambo, Lamido Pick PDP Presidential Forms Adedayo Akinwale inAbuja Out of 12 presidential aspirants on the platform of the Peoples Democratic Party (PDP), only the Governor of Gombe State, Ibrahim Dankwambo, and former Governor of Jigawa State, Sule Lamido, have picked forms to pursue their presidential ambition. The main opposition party

yesterday began the sale of Expression of Interest and nomination forms for its members, as the party kick-started the official activities ahead of 2019 general elections. The National Working Committee (NWC) of the party had announced in the national dailies the party’s guidelines for the conduct of the party primaries for the 2019 general election

as approved by the National Executive Committee (NEC) of the party. The opposition party pegged the Expression of Interest forms for presidential aspirants at N2 million, while nomination form is pegged at N10 million. Also, Expression of Interest form for the governorship election is pegged at N1 million, while nomination form is N5 million. Similarly, Expression of Interest

form for the Senate is pegged at N500, 000, while nomination form is pegged at N3 million. Expression of Interest form for the House of Representatives is pegged at N500,000, while nomination form is N1.5 million. The party’s nomination forms for national delegates is pegged at N20,000, while that of three ad-hoc delegates is pegged at N5,000.

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COMMENT

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

BUHARI, OWERRI WOMEN AND THE LAW

The humiliated women are entitled to unreserved apology and adequate compensation, contends Sonnie Ekwowusi

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he recent illegal arrest, torture and detention of 112 Owerri women are humiliating and unpardonable. This is the first time in decades that as many women have been illegally arrested and detained in Nigeria. Not even during the Sani Abacha dictatorial military regime that the aforesaid number of women were illegally rounded up and detained in one fell swoop. The untrammelled violence meted out against the Owerri women by the security operatives at a time the international community has foisted a zero tolerance on violence against women is a big dent on Nigeria’s international image. On August 17, 2018 the Owerri women (in the age bracket of 30-65) were teargased and afterwards arrested, tortured, humiliated and detained at various prisons by the State security operatives for embarking on a peaceful demonstration. Despite the loud protestation of passersby, the state security operatives publicly beat up the women and inflicted injuries on them. Afterwards they were dragged on the road and subsequently were detained in various overcrowded and suffocating cells without timeosly charging them to court or granting them bail as required by law. Although the detained women have regained their freedom the government has violated their fundamental human rights. Therefore the women are entitled to unreserved apology and adequate compensation as required by law. While in detention, the women were tortured, disgraced and humiliated. Some of them were stripped naked. Worst still, those detaining them attempted to administer pregnancy tests on them despite the fact that 90% of the women are responsible married women. You can imagine how the husbands and children of the women felt upon seeing their beloved wives and mothers being humiliated in public. Women are the mothers of the nation. To humiliate the mothers of the nation in open streets is the greatest height of idiocy. Motherhood should be held in high esteem because all men are born of women. The humiliation of Owerri women is a humiliation of motherhood. In African cosmology, women, especially married mothers are treated with reverence, refinement and delicacy. Therefore the detained Owerri women should head back to court to enforce their fundamental human rights. Those who feel that they are called to deprive other persons of their personal liberty in the discharge of what they consider to be their duty should be brought to justice otherwise they become complete nuisance to the society. By virtue of section 34(1) (4) (5) (a) of the 1999 Constitution any person who is arrested and detained shall be brought to court within a reasonable time. And in case of an arrest or detention in any place where there is a court of competent jurisdiction within a radius of 40 kilometres, the person shall be brought to court within 24 hours. Article six of the African Charter on Human & Peoples’ Rights (Ratification Enforcement) Act, Cap 10, and Laws of the Federation of Nigeria 1990 states: “Every individual shall have the right to liberty and to the security of his person. No one may be deprived of his freedom except for reasons and conditions previously laid down by law. In other words, no one should be arbitrarily arrested or detained. Therefore the detained Owerri women should approach the law court to enforce their fundamental human rights regardless of the fact that they had regained their freedom. Pursuant to section 46(1) of the 1999 Constitution, the Qwerri women can still go to court to seek remedies even though they have regained their freedom. Section 46(1) of the 1999 Constitution

SECTIONS 39 AND 40 OF THE 1999 CONSTITUTION AND ARTICLE 11 OF THE AFRICAN CHARTER ON HUMAN AND PEOPLES’ RIGHTS GUARANTEE THE RIGHT TO PEACEFUL ASSEMBLY AND ASSOCIATION

states: “Any person who alleges that any of the provisions of this chapter has been, is being or likely to be contravened in any state in relation to him may apply to a High Court in that State for redress�. In the case of Chief Uzoukwu & Ors V Igwe Ezeonu 11 & Ors the court held that a person who has suffered detention can still go to court to seek remedies even though he has regained his freedom. And in the case of Okonkwo V Ogbogu, the Supreme Court held that “any trespass to the person however slight, gives a right of action to recover at any nominal damages. Even where there has been no physical injury, substantial damages may be awarded for the injury to the man’s dignity, discomfort or inconvenience. When liberty has been interfered with, damages are given to vindicate the plaintiff’s right even though he has not suffered any pecuniary damage.� At the moment the whole world is scandalised by the increasing human rights violations in the Buhari government. This is not a good testimonial for President Buhari himself who is jostling to return to power in 2019. In its 48-page Report posted on its website, the U.S State Department laments that human rights abuses in the Buhari-led administration has reached its apogee. The impression being created is that the Buhari government is shamelessly lawless. For instance, in October 2016 the SSS was sent at night to invade the houses of some Supreme Court Justices. From 2016 to 2017 the Nigerian military pythons were deployed by the Buhari government to invade the whole of the South-East in what was tagged Operation Python Dance 1 & 11. The video clips of the aforesaid invasions show that several Igbo civilians were either murdered or badly injured or publicly flogged or harassed or hounded by the pythons during their operations. These Igbo civilians were unarmed. They did not commit any offence known to law. Yet they were killed or injured. Just a couple of days ago the 38 badly-mutilated and decomposed bodies of young Igbo youths who were murdered by the Nigerian pythons during the 2017 Operation Python Dance 11 were discovered in some bushes. Shockingly, the Buhari government is contemplating sending another Python code-named Operation Python Dance 111 or Egwu Eke 111 to Igbo land. As if the foregoing human rights violations were not enough, the Nigerian security operatives have proceeded to arrest and detain innocent Owerri women on peaceful rally. Sections 39 and 40 of the 1999 Constitution and Article 11 of the African Charter on Human and Peoples’ Rights guarantee the right to peaceful assembly and association. In the case of All Nigeria Peoples Party & Ors. v. Inspector General of Police the court held that no prior Police permission is required before members of civil society can embark on peaceful demonstration. As far back as 1929 the Aba women embarked on a riot against the colonialists. That riot led to the improvement of condition of women in Nigeria. So, why arrest, humiliate and detain innocent Owerri women? Pity that in this 21st century there are still men who believe that women “belong to the other room� and nothing else. Such men must be told that they are living in fool’s paradise. Women are no inferior to men. Men and women share the same intrinsic worth and dignity. Therefore an end must be put to all forms of violence against Nigerian women such as husband beating, police beating, maltreatment of widows and other physical and psychological violence against Nigerian women.

OPARA’S FLOWERINGYEARS Austin Uganwa pays tribute to Austin Opara, former Deputy Speaker, House of Representatives, at age 55

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ustin Adiele Opara, former Deputy Speaker, House of Representatives is 55 today. For a man who exceptionally attained high political position too early in life becoming deputy speaker of the House of Representatives at 39 and intrinsically distinguishing himself as a Presiding Officer of the House; this new age integrally calls for a lot of deep reflections and robust appraisals on his journey so far and the road map that lies ahead. To his former colleagues during his eight-year stint in the National Assembly, his political associates and friends and numerous others who have been keeping abreast with his uncommon records, at 55 Opara deserves to be celebrated in the most significant fashion. This is underscored by his great accomplishments and the rare legacies he left behind as a presiding officer of the House at such an embryonic phase of the Fourth Republic National Assembly when it faced lots of challenges, leadership instabilities, debilitating power play and needed pragmatic and consensus-building leaders like Opara to harness veritable and functional way forward. Besides, Opara exudes remarkable attributes that endear him to many who would naturally stop at nothing to ensuring that his new age, the 55-year-milestone is well

commemorated and the celebrant honoured deservedly. Opara is not only humble and delightful to be with; he is welcoming and open to those who come around him. He is typically a devout Christian and discernibly God-fearing. Little wonder that he became a Knight of Saint Christopher of the Anglican Dominion in his early 30s. Although he was deputy to Aminu Bello Masari, Speaker of the House between 2003 and 2007, Opara held other strategic positions in the House, including: Chairman, House Committee of the Whole; chairman, House Constitution Review Committee; member, ECOWAS Parliament and Governing Council of the International Parliamentary Union, the umbrella body that governs all parliaments in the world. It was at the 103rd session of this body held in Manila, Philippines in 2005 that Opara canvassed strongly that the parliaments of advanced democracies should exert pressure on their executive arm to grant Nigeria debt relief and cancellation. This request was interestingly acceded to months after as Olusegun Obasanjo’s administration at that time similarly intensified the campaign on the international front. Opara’s push for debt cancellation at Manila, Philippines was a follow up to his earlier motion on the floor of the House. Opara demonstrated his patriotic zeal when on March 8, 2005 he moved a populist motion on the floor of the House seeking a unilateral

moratorium on the country’s servicing and repayment of foreign debt. The House passed the motion that urged the executive arm to stop repayment and servicing of foreign debts until the creditor nations acceded to Nigeria’s request for debt forgiveness. The passage of this motion evidently emboldened the Obasanjo-headed executive arm towards taking on the concerned nations effectively to ensuring the actualisation of the Nigeria position. As deputy speaker, Opara exhibited immeasurable degree of candour, liberal disposition, panache, loyalty and humility and thus became a stabilising force of the House. The result was that the House under the leadership of Aminu Bello Masari was cohesive and closely-knit resulting in striking harmonious relationship. This impacted positively on the volume of committee tasks, and quality and quantity of bills passed. The result was the immeasurable latitude Masari gave to Opara to preside over the House plenary sessions. This development made Opara to set a record as one deputy speaker that presided over the highest number of plenary sessions since inception of the Fourth Republic National Assembly in 1999. During his first tenure in the House, 1999 and 2003, Opara fundamentally distinguished himself profoundly. Apart from making robust contributions on the floor of the House, he sponsored and co-sponsored

several major bills. Among his many bills was Gas Re-injection Bill which sought end to gas flaring and proper utilisation of gas resources towards ensuring clean environment and the enhancement of government revenue base. He was also deeply involved in the horsetrading and intriguing politics that gave rise to the passage of Niger Delta Development Commission Bill and its establishment in 2000. At 55, these verifiable selfless services and profound accomplishments Opara has offered to his fatherland essentially make the commemoration of this milestone hugely worthwhile. As a political tactician and titan, since he left the parliament he has been preoccupied in rebuilding his party, the Peoples Democratic Party (PDP) in Rivers State and at national level. He was crucially and strategically involved in forging lasting solutions to the recent crisis that almost decapitated the party. Born in 1963 into the family of Chief Robert and Mrs. Sarah Opara in Nkpolu Oroworukwo, the heart of Port Harcourt, Austin Adiele Opara had a humble beginning. His father was an astute disciplinarian who brought his children up in a modest, moderate, stumpy and religious mode. Hon Opara consciously and unconsciously relives these attributes in his relationship with people till today. Dr Uganwa, a consultant with National Assembly, wrote from Abuja

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EDITORIAL THE GALE OF PARTY DEFECTIONS The defections lend credence to politics without principles

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he recent gale of defections from one political party to another by many of our public officials and aspiring ones is an affirmation that after almost 20 years of unbroken democratic practice, Nigerian politicians do not seem to have learnt any lesson. Instead of maximising the huge opportunities inherent in democracy to promote the culture of selfless service, good governance, institution building and improve the living standard of the people, most of those who preside over our affairs would rather pursue their selfish goals. It all began on 24th July this year when 14 senators defected from the ruling All Progressives Congress (APC) to the Peoples Democratic Party (PDP) and African Democratic Congress (ADC). One of them returned to APC less than 24 hours later. The defection in the Senate was followed by the movement of 33 other members of the House of Representatives from the ruling APC to PDP on the same day. Since then, defections at both the national and state levels have been INSTEAD OF the norm with Senate President Bukola Saraki, MAXIMISING THE HUGE OPPORTUNITIES Benue State Governor Samuel Ortom and INHERENT IN his Sokoto State DEMOCRACY TO counterpart, Aminu PROMOTE THE Tambuwal and former CULTURE OF SELFLESS Senate Minority Leader, Godswill Akpabio as SERVICE AND GOOD GOVERNANCE, MOST OF the biggest defectors.

THOSE WHO PRESIDE OVER OUR AFFAIRS WOULD RATHER PURSUE THEIR SELFISH GOALS

What theses defections have done is to make Nigerian politicians guilty of one of the seven social sins listed by the late erstwhile Indian leader, Mahatma Ghandi which is politics without principle. Indeed, many Nigerian politicians lack a sense of principle: not even the nation’s constitution or any

extant law can put them under check whenever the game is against them. That is why there are some politicians who jump from one political party to the other every time the general election is approaching. Indeed, what is disturbing is that most of the defections in recent times were done with sheer disregard to constitutional provisions. For instance, Section 68(1g) of the 1999 Constitution (as amended) stipulates that a lawmaker can only defect from the party that sponsors his/her election without losing his seat if such a party has been factionalised. It is instructive that such factionalisation as established by the court when New PDP emerged from PDP in 2013 is not expected to be deliberately created for that purpose.

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

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

gainst this background, none of the recent defections was predicated on justifiable division envisaged by the constitution. Whereas defectors in APC lay claim to the emergence of Reformed-APC as the basis for their exit, its manner of emergence was patterned after that of the New PDP which the court had rejected as a form of division. In the past, there had been clear cases of factionalisation in some parties which could lend credence to defection. One was the fierce contest for the national chairmanship of the Alliance for Democracy (AD) from 2000 to 2003 when Mamman Yusuf and Ahmed Abdulkadir emerged each as the national chairman of the party from two different conventions. The other occurred when Chief Bisi Akande and Mojisoluwa Akinfenwa also emerged factional chairmen of AD in 2004. A similar situation in recent times was the emergence of Ahmed Makarfi and Ali Modu Sheriff both as factional chairmen of PDP. However, a situation where Akpabio, for instance, dumped PDP for APC without any case of division currently in the party and was celebrated to high heavens by the APC-led federal government which ought to be the custodian of the constitution, underscores the degree of selfishness, hypocrisy, insincerity and lack of commitment of our leaders to democracy. We appeal to our politicians to desist from the politics of expediency which has continuously hampered the growth of democracy in Nigeria since 1999.

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NOUN VS LAW SCHOOL: ANOTHER IMMINENT CHAOS

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he lingering tussle between NOUN and the CLE is about to degenerate into another protest in Abuja, the seat of power and focus of the world. The National Association of Nigerian Students (NANS) made this public in May, 2018, when it gave the federal government three months ultimatum to resolve the matter to allow the innocent law graduates proceed to the Nigerian Law School for the mandatory vocational training in view of enrolment to the bar for legal practice. The three months ultimatum is about to elapse and nothing seems to have been done by the relevant stakeholders to resolve the matter. Sequel to the above, the students’ body reiterated its earlier position and declared a mass protest in two phases; commencing from 27th to 31st August and 1st October, 2018 respectively. Independence Day is unique to all Nigerians and even to our famous colonial nation (Great Britain), a day set aside for reminiscence, proclamations and hopes for all citizens to celebrate with passion. The issue at hand is too trivial to expose Nigeria to international ridicule on that beautiful day; hence the need for immediate resolution to save the country from embarrassment. The ODL (Open and Distance Learning) is practiced globally without controversies over admission into law School except in Nigeria. Ridiculously, Nigerian students that studied through ODL mode in foreign countries are cheered and admitted into the Nigerian Law School by CLE. NANS as the umbrella body of all Nigerian students and future leaders needs to be listened to for its justifiable stand behind NOUN law graduates. For quite long, the nation has

not experienced NANS mass action and it will be very bad for it to resurface at such critical time when politics is already heating up the system, and also when we have relative tranquillity and smooth academic activities in the country. NANS intervention is a moral obligation and show of solidarity to colleagues being maltreated and oppressed, and for this reason, it boldly expressed that “an injury to one student is an injury to all Nigerian students” which must be resisted. The above position of NANS was duly endorsed by the Equity and Social Justice Initiative (ESJI), a non-governmental organisation. In its words, the executive Chairman, Mr. Shuaib Umar said “Without mincing words, it is terribly disgraceful that innocent Nigerian youths were subjected to such stretched hardship and ridicules. “This is for doing nothing wrong but incarcerated for their hard work and brilliance, thus a vendetta against virtues”. A thorough appraisal of NANS intervention and solidarity with NOUN law graduates is similar to that of Nigeria’s solidarity with South Africa against colonisation, oppression and discrimination meted out to the people by the then colonial masters during the apartheid era. It is indeed regrettable that for five years, the NOUN law graduates maintained calm and patiently relied on the promises of various stakeholders which turned out to be nothing but gimmicks. Despite the pains and frustrations, they did not resort to chaos but depicted high sense of humility and approached the three arms: judiciary, executive and legislative arms of the government to intervene in their plight. The court after due consideration referred the matter to the academia for amicable resolution which was not given the desired attention.

The National Assembly which enacted the establishment law ended up amending the university’s act with a view to improving the institution. The bill is yet to be assented to believably as a delay tactics. The vulnerable innocent graduates are now at the mercy of the executive arm of government, considering the fact that all the stakeholders are under the arm that also established the university alongside managing it. The countless appeals and presently notice of mass protest by the NANS shouldn’t be neglected in view of proactive security. Federal government and its relevant agencies on education, including the Council of Legal Education, should give the pressing issues a serious thought without further delay. Obviously, citizens that applied for admission in a government’s institution established by an act of the National Assembly cannot justifiably be issued deficient certificates after strictly complying with the curriculum outlined the National Universities Commission (NUC) like their counterparts from other universities. The delay tactics, gimmicks, scheming and deceptions must stop forthwith. Interestingly, pursuant to Section 4 of the Legal Education (Consolidation, etc) Act, the Attorney-General of the Federation may give the Council directions of a general character with regard to the exercise by the council of its functions and it shall be the duty of the council to comply with such directions. In view of the above, it will be honourable for the minister to exercise his powers to avert the eminent chaos as prevention is better than cure. O.O.Gibson, Benue State

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MIDWEEKPOLITICS

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

THE NEWSMAKER

Applying the Squeeze on All Sides Tobi Soniyi writes that the the Deputy Senate President, Senator Ike Ekweremadu, is under enormous pressure to switch political loyalty from the Peoples Democratic Party to the All Progressives Congress

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he art of defection has become so commonplace and the political divides so fluid in this Fourth Republic. The incidence is so much that to most Nigerians, it is a matter of when, not if a politician would defect, depending on where his/her interest is best served at a given time. While some defect for greener political pastures, others, especially who have cases to answer at the anti-graft agencies, are believed to declare allegiance to the ruling party to enjoy ‘federal protection’. There is the general impression that if one crosses over to a ruling party at the centre. However, the Deputy Senate President, Senator Ike Ekweremadu, appears to be one man bent on proving naysayers wrong. Although he has remained with the Peoples Democratic Party (PDP) since its formation in 1998, serving through the years as Chief of Staff to former Governor Chimaroke Nnamani and Secretary to the Government of Enugu State under the same administration before moving over to Abuja as Senator representing Enugu West since 2003 and Deputy Senate President since 2007, many believe it was only a matter of time before he changed political party loyalty. Following PDP’s loss of the presidency and majority enjoyed in the National Assembly since 1999, there was widespread rumours that the All Progressives Congress (APC) and several of its Senate President hopefuls had approached Ekweremadu with a deal to become a Deputy to an APC Senate President after which he would defect. However, he was said to have stubbornly turned down the offer, insisting that PDP’s voting pattern would be determined by the party leadership and entire members elected into the National Assembly. Many thought it was the end of the road for him as the Number Two Man in the Senate. Depending on political leanings, it was, with both rude shock and excitement, that the nation received the news of the re-election of the lawyerturned politician, who also holds a PhD in Law and doubles as Professor of E-Governance and Strategic Governance Studies at the Southern University, Louisiana, USA. Ekweremadu and PDP’s ingenious political feat may have been denounced by the APC, with the now Minister of Labour and Productivity, Dr. Chris Ngige lamenting that it was a lifeline for the PDP in the South East that must be undone by any means possible, many saw it as a self-inflicted woe by the ruling party. The conclusion from many informed quarters is that the APC had always suffered from a false sense of entitlement over leadership positions in the National Assembly. Analysts say that the APC “behaved as if it was just its Senators that are to elect the Senate President and the Deputy. It mismanaged its slim majority at inauguration of the 8th National Assembly poorly and unjustly. It backfired”. “PDP came with 49 Senators. APC had 59 (Ahmed Zannah, Borno Central, died before the inauguration). The Senate Unity Forum (33 APC Senators-elect) endorsed Senator Ahmed Lawan, while 26 Likeminds were for Saraki.

Saraki (left) and Ekweremadu

So, even if some APC Senators didn’t embark on the wild goose chase to the International Conference Centre, Saraki and Ekweremadu were home and dry with the support of 25 APC Senators-elect and 49 PDP Senators-elect as opposed to Lawan who had just the backing of 32 APC Senators-elect. The PDP cashed in on the division in the APC to become the kingmakers. It is pragmatic politics”. But whereas Ekweremadu’s emergence was painful to the ruling party, what might have been more painful to it is what many see as the Senator’s refusal to defect to its fold. Though several notable South East politicians have since defected to the APC, no doubt, Ekweremadu is seen as the beautiful bride due to his wide

Ekweremadu has not only been wooed with carrots, but has faced serious battles, which many interpret as political bricks, thrown at him. The senator alleged an attempt on his life in Abuja

appeal in the South-east, which could help give the APC a meaningful in-road into the region. He is also seen as a smart politician, a master of the game and strategist. On one occasion in 2017, the spokesperson of the Senate Unity Forum, Senator Kabir Marafa, insisted: “If there is anything now, the remaining problem is about what we do with our Deputy Senate President — my leader and my boss. Let me use the opportunity to call on my leader and my boss, Senator Ike Ekweremadu, to please defect to the APC and that will seal the whole thing and there will never be a problem.” Ekweremadu’s Special Assistant on Political Affairs, Mr. Okey Ozoani, has since dismissed rumours of Ekweremadu’s defection as “a fantasy of those peddling it”, insisting that “Ekweremadu is going nowhere as he is more concerned about fixing the country than saving his job.” Also, paying tributes to Ekweremadu on his 56th birthday at a plenary last May, Senate Leader, Senator Ahmed Lawan, even wooed Ekweremadu with a possible 2023 presidential ticket. “I will use this opportunity to urge Senator Ike Ekweremadu to see through the mist; this woolly environment and take the right decision. You are an asset. I am inviting you to consider joining the numerous leaders and elders of the South-east, who understood that Nigeria needs the commitment of people like you. Nigeria needs stability and I want to say clearly that you are going to fit in perfectly well. 2023 is here (for you) for the taking,” Lawan said. However, Ekweremadu has not only been wooed with carrots, but has faced serious battles, which

many interpret as political bricks, thrown at him. The Senator alleged an attempt on his life in Abuja on November 17, 2015, which he said the security agencies have refused to investigate despite formal reports to them. He was arraigned on June 27, 2016 alongside the Senate President on allegations of forgery of Senate Standing Rule. But in a well-publicised letter to the international community Ekweremadu alleged political witch-hunt, drawing attention to the fact that no where in the police report and Proof of Evidence filed with the court was his name or that of the Senate President mentioned. The federal government later withdrew the charges. Early in May 2017, Ekweremadu alerted the Senate in plenary on what he described as reliable intelligence on an alleged plan by some elements within the Economic and Financial Crimes Commission (EFCC) to frame him up by planting and finding large sums of foreign currencies in a building associated with him. But the EFCC denied the allegation. Curiously, however, policemen drawn from the Inspector-General of Police’s special squad raided the Senator’s official guest house at Maitama District, Abuja, on May 26. The raid was initially denied by the Force Public Relations Officer, Mr. Jimoh Moshood, the police eventually admitted carrying out the operation, but explained that they acted on a false tip-off on stockpiling of arms by Ekweremadu. Whereas the police charged to court two men it identified as false whistleblowers, Ekweremadu’s supporters described it as a face-saving measure after a failed attempt to frame-up the Senator. In March this year, the Special Presidential Investigation Panel for the Recovery of Public Property, headed by Mr. Okoi Obono-Obla, filed a Motion Ex-parte for assets forfeiture. However, Ekweremadu decried the move as a smear campaign and political persecution. “What we have found over the last few weeks is that a bunch of APC lawyers have assembled themselves and called themselves a panel. As a lawyer, common sense tells you that you cannot be a judge in your own case. There is no justice for the cockroach in the court of fowls,” he contended. Last April, armed hoodlums invaded the Senate in session and carted away the mace of the Senate and vanished into the thin air while Ekweremadu presided. Siege were also laid to Ekweremadu and Saraki’s residences by hordes of EFCC operatives and policemen on the 24th of July, while National Assembly was besieged by hooded operatives of the Department of State Service (DSS) on the 7th of August in what many analysts see as failed coups against the Senate leadership. Ekweremadu has since gone to the EFCC to state his own side of the allegations against him. Recently, the APC directed the EFCC to immediately conclude investigations on Ekweremadu and other PDP leaders before the 2019 elections with a view to charging them to court, a directed the PDP has described as a confirmation that the EFCC had become APC’s attack dog and chief political recruiter.

OFF THE CUFF • MY HANDS ARE CLEAN: If the EFCC wants me to come and answer that, I am prepared to answer any call from anybody as a responsible citizen. Even at that, I will continue to advocate justice, rule of law, and equity Ekweremadu insisting he had done nothing wrong to warrant the continued harassment by the security agencies and the Economic and Financial Crimes Commission

• WE NEED STATE POLICE: The internal security of Nigeria depends on one man or woman, who sits in Abuja as the Inspector-General of Police. The governor of a state, though designated as the chief security officer of the state by the constitution, cannot direct the Police Commissioner of his state on security matters Ekweremadu Speaking on his preparedness to sponsor a bill that would decentralise the nation’s policing system

• FOOTBALL AS A HEALING BALM: Nigeria is more divided today than at any other time in her history. But, for us, football is the tonic that heals old wounds. We need a truly super and brilliant outing by the Super Eagles at the Mundial to help reunite a divided nation Ekweremadu in a goodwill message to the Super Eagles before its first match in the 2018 World Cup in Russia

• I urged the constituents to apply their time to more useful venture in view of the strenuous nature of recall of a lawmaker in the country and I said the AG may not have advised them properly. I understand that every page of the advertorial costs about N700, 000 and I learnt five other papers carried it. We are looking at about N12 million of Kogi Government funds Ekweremadu deploring advertorials by Kogi State Government that the upper chamber had no role in the recall process of Sen. Dino Melaye

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T H I S D AY • WEDNESDAY, 29, AUGUST 2018

POLITICS

Adamawa Looks Set for a Two-Horse Governorship Race Daji Sani writes that the current crop of aspirants for governorship in Adamawa State will fizzle out to pave way for a straight contest between governor of the All Progressives Congress and the candidate of the Peoples Democratic Party

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s the 2019 general elections draws closer , the political landscape across the country is tense with a harvest of defections. Politicians are cross carpeting from one political party to the other in order to actualise their ambition Politicians in Adamawa State are not left out as political gladiators like the former VicePresident Atiku Abubakar is top on the list. He defected with his supporters from the All Progressives Congress( APC) to the Peoples Democratic Party(PDP) . Chief Emmanuel Bello, former member of House of Representative left the APC to the Social Democratic Party( SDP) to join the gubernatorial race. Senator Abdulazeez Nyako a serving senator representing Adamawa Central Senatorial District in the senate also crossed over from the APC to the African Democratic Congress( ADC) to join the governorship contest. About eight commissioners in the current administration of Governor Mohammed Jibrilla Bindow loyal to Atiku have defected from the APC to the PDP. Two of them were recently among dignitaries that graced the recent PDP grand rally to honour Atiku at the popular Ribadu Square in Yola, Adamawa State . The Commissioner for Land and Survey , Hon. Maigiyawa Yayaji and Commissioner for Commerce, Alhaji Umar Daware, who were reported to have been resigned from Bindow’s cabinet as confirmed by the state secretary of the PDP, Abdullahi Perambe are said ardent loyalists of Atiku. The grand rally irked the ruling APC in the state and forced the governor’s lieutenants to mobilized APC supporters across the state to receive the governor at the Yola International

Fintiri

Bindow

Airport on return from Abuja. This was done as a show of the strength of the APC in the state . The mobilisation of the APC supporters was a clear indication that the APC was trying to disabuse the mind of the people that the PDP was not in control of the state . Bindow and his supporters covered the streets of Yola, the state capital moving from street to street, even as the Governor stood for hours in an open vehicle waving at the people. Speaking to Journalists after the welcome, Bindow confirmed that only the Commissioner for Commerce , Alhaji Umar Daware approached him for permission to leave the APC to PDP to actualise his political ambition, adding that he had to allow him. He said the APC was the party to beat in the state due to his developmental strides, which he hoped would serve the party well in the

Bello

2019 elections. Already, nine aspirants including the incumbent governor have officially declared their intention to vie for the Number One office in the state seat. Five aspirants have formally indicated their interest to vie for the governorship seat under the platform of PDP . They include the former acting Governor Ahmadu Umaru Fintir, former Deputy Governor Sa’ad M.C Tahir, Alhaji Adamu Modibbo, Mr.Nelson Tanddawas and Ambassador Jameel Zubair Waziri. Incumbent governor Bindow and Chief Marcus Gundiri supported by the former Secretary to the Government of the Federation (SGF) Chief David Lawal Babachir have declared to run on the platform of the APC. While Chief Emmanuel Bello will the flag of the SDP and Senator Nyako champions the interest of the

ADC. However, political analysts have predicted that history may repeat itself. Like in 2014, shortly after the impeachment of former governor Murtala Nyako and his deputy, Bala James Ngillari , a by- election was scheduled for October 11, 2014 to get a substantive governor for the state. The major contenders were the incumbent governor, Senator Bindow who was the candidate of the APC while the former acting governor Ahmadu Umaru Fintiri who spearheaded Nyako and Ngillari’s impeachment as the then speaker of the Adamawa State House of Assembly and later became the acting governor was the candidate of the PDP. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Morah Aspires to Represent Oyi/Ayamelum Fed. Constituency Stories by Nseobong Okon-Ekong Mrs. Ify Morah, an aspirant to the House of Representatives on the platform of the Peoples Democratic Party (PDP) has outlined some of the issues plaguing the people of Oyi/ Ayamelum federal constituency in Anambra State. Morah, a lawyer and investor

in the oil and gas trade said a few of the challenges which she will face in the first phase of her legislative mandate include security, reduction of hunger and peace. According to her will tackle these issues by empowering the youths of Oyi/ Ayamelum yearly to ensure that their values are optimised and their dreams assume a wider horizon, instead of wasting

precious time in consumption of alcohol. The PDP aspirant’s human capital development and empowerment agenda will accommodate youths, women and men. Campaigning under the broad theme, ‘Restoration 2019’, Morah was described by her team leader, Mr. Sunny St. Clement as “a virtuous woman who knows the challenges facing

Morah

Insurance Guru Covets Ogun Governor A philanthropist and community activist, Mr. Olubiyi Oladipupo Otegbeye has joined the race to become governor of Ogun State in 2019 on the platform of the All Progressives Congress (APC). He is the founder of Building Opportunities for Tomorrow (BOT), a Non Governmental Organisation (NGO) for the empowerment of Ogun State indigenes. Some of the activities of BOT include medical missions, eye screening, prescription and issuing of medical glasses to over 8,000 beneficiaries, youth empowerment training programmes for over 625 beneficiaries and pre-retirement training programmes for over 240 beneficiaries. The activities of BOT have occasioned great enthusiasm among his many supporters throughout Ogun State. Better known as an insurance guru and lawyer, Otegbeye has attained enviable educational qualification and glowing track record in his

Otegbeye

career. In 1984, at the age of 20, he got his Bachelor degree in Insurance at the University of Lagos. He followed up with a Masters degree (MBA) in Financial Management and Accounting between 1985 and 1987. He graduated with LLB in Law at Lagos State University in 2001. Biyi was admitted to the Nigerian Law School and called to the Nigerian Bar in 2003 as a Barrister and Solicitor of the Supreme Court of Nigeria. He professionally qualified as an Associate of the Chartered

Insurance Institute London (ACII) in 1988. The insurance guru began his professional career at the United Nigeria Insurance Company Limited (UNIC) in 1986. Between 1990 and 1991 he was the General Manager, Capital Asset Insurance Brokers and in 1991, he became CEO of Excel Insurance Brokers. In 1993, at the age of 29, he founded Regency Insurance Company Limited. In 2007, he led Regency to the capital market to become a publicly quoted company. He remains the Group Managing Director/ Chief Executive Officer of Regency Alliance Insurance Plc. His love for God and the people have brightened his path and opened up prospects in politics. Otegbeye’s appearance on the political turf is like a beacon of hope in the collective quest of Yewa-Awori people to ensure that an indigene of Ogun West emerges as the governor of Ogun State in

the 2019 election for the first time since the creation of Ogun State in 1976. In 2012, he was appointed by the Ogun State Governor, Senator Ibikunle Amosun to serve as a member of the fact-finding panel of Gateway Industrial and Petroleum Institute; and in further recognition of his contribution to the nation, he was appointed as Chairman of the Governing Board of the University of Uyo Teaching Hospital in April 2013 by the then President of the Federal Republic of Nigeria. In January 2018, he was appointed by Amosun as a member of Ogun State Judicial Service Commission. In 2015, he contested the Senatorial seat in Ogun West under the Social Democratic Party (SDP). He was inspired to join the All Progressive Congress (APC) by the leadership qualities of Amosun in 2015. He is an active member of the party in Ilaro Ward 1, Yewa South Local Government Area.

her children in an ever dynamic world of today. She is a mother whose heart desires to see her people emerge victorious in life. I see a woman who is genuinely willing and ready to serve Oyi/ Ayamelum Constituency in the Green Chamber.” Demonstrating her willingness to work with other stakeholders, Morah called on friends and indigenes of Oyi/Ayamelum

Constituency to suggest what must be done to alleviate the prevailing sufferings of the people. Married to a successful businessman, their union is blessed with five children. She is also very successful forex trader. St. Clement further praised her as “a fearless woman, but calculative in risk taking.

‘Rumours of Automatic Ticket, an Attempt to Defame Oshiomhole’ The campaign organisation of Anamero Dekeri, an Edo North senatorial aspirant has said described the rumoured automatic ticket to the Senate Deputy Chief Whip, Francis Alimikhena, as an attempt to smear the image of the National Chairman of the All Progressives Party, Adams Oshiomhole. Dekeri and the serving senator for the senatorial district-Alimikhena are the major contenders for the All Progressives Congress ticket for Edo North, which is Oshiomhole’s senatorial district. The Director General of the Anamero Dekeri for Senate Campaign Organisation, Mr. Peter Oba, said the speculation does not reflect Oshiomhole’s assurance that the process will be transparent, democratic and fair. The group called on Dekeri’s

supporters to disregard the rumoured automatic ticket as the party leaders had opted for a democratic process. It insisted that Dekeri would not be discouraged by falsehood and propaganda orchestrated by its opponents. The statement said, “The attempt to deceive the strong support base of Dekeri is dead on arrival. It is ridiculous that at a time when the leadership of our great party is striving to clear the mess created by serial betrayals, those responsible for the mess are coming up with an automatic ticket charade in order to cause more trouble for the party. “We hereby state clearly that this is nothing but a calculated attempt to smear the image Oshiomhole. The people of Edo North Senatorial District will not fold their arms and watch the respected leader’s name dragged to the mud.”

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FEATURES

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

Projecting Shanghai to Rule the World Like Lagos is to Nigeria, Shanghai is Mainland China’s largest economic centre. But now, its leaders want more, by projecting Shanghai to rule the world. Solomon Elusoji writes

A nightview of Shanghai's Oriental Pearl TV Tower, one of the tallest buildings in Asia

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here is little debate about which city is the most glamorous in Mainland China. Despite the country’s stupefying growth over the last four decades, a trend which has led to the overnight rise of cities like Shenzhen and Zhuhai, Shanghai’s position as Mainland China’s most desirable city is largely incontestable. From the ubiquitous skyscrapers that dot its skyline to the powerful, relentless beauty of its waterways, the city shines, resplendent, full of stunning light. Not even Beijing, the country’s seat of power, can hold a candle to its ultra-magnificence. There is actually a one-sided debate among Chinese people about which city, between Beijing and Shanghai, is more remarkable. Beijing, like most capital cities, has a bland, rigid character, a very deep contrast to Shanghai, which is dynamic and free-spirited. According to Amy, a Chinese from Hengshui Province, if it was a matter of being cosmopolitan, Shanghai played in a different league, even though she had lived and studied in Beijing for several years and is more comfortable there. “Shanghai is much more fashionable,� she said. But it is not just fashionable, or just mere glitter meant to flatter; the city is also solid, firmly grounded in real prosperity. In 2017, its per capita GDP was $18,450; home to a total of 625 multinational companies and 426 foreign funded Research and Development (R& D) centres, the city is also an important shipping centre, operating some of the busiest ports in the world.

There are theories, of course, to why Shanghai has flourished. There are those who attribute its success to its unique location on the estuary of the Yangtze River, facing the Pacific Ocean. There are also theories that point to its relatively early contact with foreign merchants. A much rounded and less circumstantial response will have to be the impact of government policies, especially the Communist Party of

The Shanghai dream, one which imagines a city that is the most desirable, not just in China, but in the world. While this is an extremely difďŹ cult feat to achieve, it is not impossible. We have to be enterprising and committed. We have to be persistent

China’s decision to open up the country in 1978. The entire country benefited from that choice, Shanghai included. According to data from city authorities, in 1978, the city’s fiscal revenue was 16.922 billion RMB; in 2017, it had increased by 3,825 per cent at 664.226 billion RMB. Meanwhile, these numbers have had real world effects. In Shanghai, life expectancy is now 83, as good as Switzerland. This July, the Deputy Director-General of the Shanghai Municipal Foreign Affairs Office (SHFAO), Mr Fu Jihong, addressed journalists from the China Africa Press Centre, and spoke about the Shanghai dream, one which imagines a city that is the most desirable, not just in China, but in the world. While this is an extremely difficult feat to achieve, it is not impossible. “We have to be enterprising and committed,� Mr Jihong said, “we have to be persistent.� Seeds of Greatness What makes a city great? Ask anyone - politicians, urban planners, economists, average joes - and they are likely to come up with commonsense criteria such as the quality and efficiency of its public amenities, education system, healthcare, housing system, transportation and infrastructure. But because cities are usually highly populated areas, providing public goods and services can be an herculean task for city administrators. But that has not stopped Shanghai, a city harbouring over 24 million people, from excelling at this, based on the

reports of Shanghai residents interviewed for this story. One interviewee that stood out was Linda Wang. Wang was born in Dalian, a modern port city in China’s Liaoning Province. If the map of China is a chicken, Dalian is right at the jaw. It was occupied by the Russians in 1898 and has streets lined with Russian-styled architecture. A precocious student, Wang had flair for languages and she met great professional interpreters who encouraged her to work in the field. After High School in Dalian, she left for Sydney, Australia for University education. When she returned home and was looking to improve her skills, she moved to Shanghai and enrolled at the Shanghai International Studies University for Interpreting and Translation. “Growing up, skyscrapers and modern facilities were not alien to me,� Wang said one recent evening in the lobby of a plush hotel in Central Shanghai. But Shanghai was something different. “The cool thing about working as an interpreter is that you get to see lots of different things and interact with government officials,� she said. “Dalian is a very modern city too, but one thing about Shanghai is that it is very efficient. The government officials mean what they say and I think they are passionate about what they do. When you speak with them, you can feel that they are genuinely proud of what they do. I don’t see that everywhere. Everyone loves where they come from, but Shanghai people are especially proud of Shanghai. Once, I was talking to a bus driver and asking him

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FEATURES about the traffic peak time and how it wasn’t so bad, since we were not stuck, his response was that, ‘yes, that’s because we have very good management'. In Wang’s telling, Shanghai is a city that you have a love-hate relationship with. You hate it because it is very fast and realistic, which comes with a lot of pressure, but you love it because the transportation is very convenient, the security excellent (you can walk at 2am without any fear) and there is a staggering amount of public amenities to take advantage of. “A lot of people I know want to stay here, buy a house, get married and have children,� she said. “I am happy here. If you stay here for too long, there is no way you can go to another city. Once, I visited Shenzhen and Guangzhou – these are very developed cities – but I stayed there and was missing Shanghai.� When asked what she thought about Shanghai being able to achieve its 2035 objective of being a world-class city, she did not hesitate to respond. “Judging from what they’ve done in the past, yes. I have heard a government official say that Shanghai does not have an example to follow. During the past two decades, Shanghai was looking at large cities in the world looking at what they could learn, but gradually they started to feel like they need to be innovative.� Preparing for a Tech-driven Future Zhangjiang Hi-Tech Park is in Shanghai’s northern district of Pudong. Described by some as China’s Silicon Valley, the park is a reflection of China’s ambition to transform Shanghai into a high-tech development zone capable of global leadership. Last year, the park announced expansion plans to rebrand itself as a ‘Science City’. Already home to more than 600 hundred companies and employing over 350,000 people, the park will be expanded to some 94 square kilometres with new infrastructure, such as new housing units, scheduled to be constructed. On what sort of innovative work had been done at the park since it was founded in 1992, Deputy Director-General of the Zhangjiang Administration Bureau, Jun Wu, touted groundbreaking research in several fields, especially in biomedicine. This July, a Chinese research group with roots in the park announced progress in developing a drug, GV-971, which can be used to treat Alzheimer’s disease after a 21-year study. Zhangjiang’s success is rooted in its ability to help companies scale faster. Microport, a company that describes its goal as “improving human life through the practical application of innovative science�, set up shop as a small outfit in Zhangjiang in 1998. Today, 20 years later, the company, has grown to become a premier medical solution provider covering 10 major medical disciplines including interventional cardiology, orthopedics, cardiac rhythm management, electrophysiology, interventional radiology, diabetes and endocrine management, surgical management, and others. It has over 260 products currently approved for use in over 5,000 hospitals worldwide and its products are used on patients every 12 seconds. “We probably would not have grown so fast if we had set up shop somewhere else,� a spokeswoman for the company, Bonnie Xia said. “We received a lot of support from the trade leagues and the Zhangjiang Investment Company which helped us to attract talent and investors.� But Wu believes the park's administrators need to do more if Shanghai is to become a world-class, hi-tech city. He admitted that attracting talent remains a thorny problem, while there is need for the park to record more technological breakthroughs, 'we also aim to improve cooperation between China and other foreign states', he said. He is, however, optimistic of a bright future. There is a documented plan to transform Shanghai into a high-tech development city by 2035, but Wu believes that by 2020, when most of the new planned infrastructure projects in Zhangjiang would have been completed, the dream would be palpable. “Come after the year 2020,� he said, “you will experience a huge transformation.� A City of Heart and Art In October 2017, China’s most powerful man, Xi Jinping, paid a visit to Shanghai; police blocked parts of the city’s roads and highways, especially around the Xintiandi area. While in Shanghai, Xi, along with six other Politburo Standing Committee, China’s highest political leaders, paid a visit to the site of the First National Congress of the Communist Party of

Careful attention to the environment is helping to improve the quality of Shanghai's air pollution

Shanghai boasts one of the most eďŹƒcient transportation networks in the world

China (CPC), a spartan, grey brick building on Xingye Road that is filled with history. “The Communist Party was born here,� Xi, who is the CPC’s General Secretary, said that day, “these are the roots of the party.�

There is a documented plan to transform Shanghai into a hightech development city by 2035, but...by 2020, when most of the new planned infrastructure projects in Zhangjiang would have been completed, the dream would be palpable

Shanghai’s relevance to China supersedes its economic contributions. It also embodies significant cultural and historical significance that illuminates the story and character of modern China. Apart from hosting the site of the First National Congress of the CPC, it is also home to the site of the Second National Congress located on Chengdu Road and former residences of venerable, past Chinese leaders, Dr. Sun Yat-Sen, Mao Zedong and Zhou Enlai. Some of the city’s other cultural historic sites include the well preserved Yuyuan Garden which was constructed in 1559, the Longhua Temple in Xuhui District, a Buddhist temple that was built in 247 AD, the Confucius Temple that was built in 1219, the Square Pagoda in Songjiang District that was built in 949, and many more. Shanghai’s cultural history is an integral part of what makes the city attractive to those who flock in; city authorities know this and have moved to ramp up tourism infrastructure, constructing mind-blowing facilities such as the Oriental Pearl Broadcasting and Television Tower, a 468-meter tall edifice. At 263 meter high, tourists can get a bird’s eye-view of the city and at 267 meters high sits a rotating restaurant. At the ground floor of the structure is a historical museum featuring the city’s history, including

life-like representations of old Shanghai streets. The museum’s realism is so heavy that, upon visiting, it was hard to stay rooted in the 21st century. In 2017, the added value of the city’s tourism sector reached 188.824 billion RMB. With a brand of economic planning that focuses on improving infrastructure, that number can only go in one direction: upward. Designed for Posterity It took spending six days in Shanghai to work on this report, talking to city officials, experiencing its subway system, visiting museums and technology parks and even travelling to Chongming Island, a beautiful getaway resort just one hour drive from Central Shanghai. The feeling was that this was a city on the cusp of miraculous things. While the world is still warming up to the revival of China’s magnificence, Shanghai is carefully laying the blocks of what a futuristic city should be. “I believe Shanghai will become an international Metropolitan centre,� Counsellor at the Information Department of the Chinese Ministry of Foreign Affairs, Mr Liu Yutong, said in Chongming. “This is completely irreversible.� He just might be right.

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IMAGES

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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×

Holiday makers returning from Lagos back to Osogbo after the Eid-el-Kabir celebration...recently

Cross section of troops deployed to curb the activities of bandits and criminals in Zamfara and neighbouring states under Operations Sharan Daji and Diran Mikiya at Katsina Airport...recently

L-R: Incubator Program Coach, Mai Atafo; Masters of Style Showcase Judge, Celebrity Stylist, Style InďŹ del; Group Brand and Activation Manager, Vivian Akindele, Managing Director, PZ Cussons, Alex Goma; Judge, Creative Director April by Kunbi, Kunbi Oyelese; and Judge, Fashion Entrepreneur, Tolu Bally at the Masters of Style Incubator Meet and Greet event at PZ Cussons, Ilupeju, Lagos...recently

L-R: Former Managing Director, Nigerian Ports Authority and Chairman of the occasion, Chief Adebayo Sarumi; Executive Director, SIFAX O Dock and one of the panelists, Major Henry Ajetunmobi (rtd); Deputy Director, Monitoring and Compliance, Nigerian Shippers’ Council, Chief Cajetan Agu, and immediate past National President, Association of Nigeria Licensed Customs Agents, Prince Olayiwola Shittu, at the third edition of the Taiwo Afolabi Annual Maritime conference held at the Main Auditorium, University of Lagos... recently

L-R: Alhaja Rafat Sanusi; Lagos State Deputy Governor, Dr Idiat Oluranti Adebule; Special Adviser to the Governor on Tourism, Culture and Arts, Alhaja Aramide Giwanson and former Deputy Governor of the State, Alhaja Sinatu Ojikutu, during the Eid -El- Kabir prayers, at the Dodan Barrack praying ground, Ikoyi Lagos...recently PHOTO: KOLA OLASUPO

L-R: Tokunbo Okoya, Alhaji Tajudeen Okoya, Alhaji Ibrahim Adigun-Osho, Dr Tairu Basorun and Lanre Okoya during the Eild-el-Kabir parayer at Oluwanishola Estate Prayer ground Ajah...Lagos...recently PHOTO: ETOP UKUTT

Senate President, Senator Bukola Saraki (right) and Delta State Governor, Senator Ifeanyi Okowa, during a courtesy visit on the Governor, in Government House Asaba...recently

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CORPORATE SOCIAL RESPONSIBILITY

L-R: Group Managing Director, Interswitch Group, Mr. Mitchell Elegbe; Group Chief Product and Marketing Officer, Cherry Eremosele; Managing Director, Endeavor Nigeria, Eloho Omame and Managing Director/CEO, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, at the Interswitch national science competition masterclass held in Lagos‌recently SUNDAY ADIGUN

New Credit Scheme to Address Manufacturers’Funding Challenges, Says MAN Obinna Chima The Manufacturers Association of Nigeria (MAN) has said the newly introduced real sector support facility (RSSF) by the Central Bank of Nigeria (CBN) will “address some of the funding related challenges that manufacturing concerns have faced for over two decades.� The President of MAN, Dr Frank Jacobs, stated this in an e-mail to THISDAY, while responding to enquiries on the new scheme. According to him, the introduction of the RSSF by the CBN to fund (up to N10 billion per project) green and brown field manufacturing projects at nine per cent interest rate was a step in the right direction that is commendable.

BANKING He added, “The truth is that MAN has consistently advocated for improved access to single digit preferential long-term funding for manufacturing to enable the sector play its traditional role of generating employment and wealth for the nation. “Therefore, the introduction of the Differentiated Cash Reserve Requirement and Corporate Bond preferential funding window is a welcome development. “Most gratifying is the fact that the provisions of the guidelines seek to specifically address some of the funding related challenges that manufacturing concerns have faced for over two decades.�

The manufacturer pointed out that part of the challenges that the initiative would resolve include the prevalence of shortterm loans, heavy government borrowing that was crowding out the productive sector from accessing loans at affordable rates, deposit money banks’ preference to give loans to trading firms at the expense of manufacturing firms and double-digit interest rates occasioned by inclusion of other charges to mention a few. The fact that funding priority would be given to projects with high local content, export earning power and import substitution components should ideally spur improved domestic productivity, higher manufacturing capacity utilisation and increased job opportunities for Nigerians, he said.

“Judging from the content of the guideline, challenges earlier mentioned should definitely be addressed by these funding windows when effectively implemented. “Manufacturers are expectant that government would immediately create a structured sensitisation, consultation and monitoring platform for the private sector, other stakeholders and would be beneficiaries of these funding windows before implementation commences. “Overall, the RSSFG when implemented properly backed with an effective monitoring and performance evaluation mechanism will no doubt stimulate improved performance Continued on page 24

Fears ofValue Erosion, Political Uncertainty Discourage New Listings Goddy Egene The persistent bear run at the stock market, which has depressed most share prices, is a major factor discouraging companies from listing on the Nigerian Stock Exchange (NSE) the managing director of an investment banking firm told THSDAY on Monday. A couple of companies had already signified interest to list on the exchange following the aggressive marketing strategy adopted by the NSE to woo more issuers to the market. For instance, MTN Commu-

CAPITAL MARKET nications, a major firm expected to be listed on the NSE but was yet to formally apply to capital market regulators. Also, the Managing Director/ CEO of Odu’a Group, Mr. Adewale Raji, had at the beginning of the year, during a visit to the NSE said the company was preparing for listing. “We’re already preparing ourselves such that when we finally get listed here, whether as a subsidiary or a holding company, it will really be a toast

of the market,� he had said. There are several others silently making the plans to get listed and have access to relatively cheaper equity funding opportunities in the market. However, only Notore Chemical Industry Plc has listed on the exchange this year so far. Speaking on the low level of new listing on the NSE, the investment banking firm boss said weak investors’ sentiment which has affected prices of stocks does not encourage companies to list for fear of capital erosion. “No company will want to

list now because the likelihood of the shares of such a new company appreciating is not there due to weak demand,� he said. The Co-Founder of Cardinal Stone Partners, Mr. Mohammed Garuba recently told THISDAY that MTN might not want to list now because of the current market environment because they would be mispriced. “So, I don’t blame MTN to go quiet because no sensible CEO would allow it. It is not just the right time for MTN. So, since Continued on page 24

In pursuant of its drive towards Africa’s development, the LEAD Project Africa is bringing dignitaries from both public and private sectors to lead conversations at its 10th Big Innovation Festival, holding on September 22. The programme which is expected to hold in Lagos is being organised in conjunction with the Lagos State government. It is a prestigious event designed to ignite the spirit of enterprise, innovation, creativity and service excellence. It is also aimed at stimulating economic growth in Nigeria and Africa. Speaking at a press conference in Lagos, the Executive Coordinator, LEAD Africa Project, Mr. Paul Jide-Peters, said the event would bring together over 5,000 participants made up of highly innovative individuals, SMEs, career professionals, captains of industry and policymakers. He explained that the programme would aord small and medium sized businesses the opportunity to meet with experts in their respective businesses, thought leaders and global innovators to expand their creativity quotient and also explore new ideas, emerging innovation and creative solutions. He said: “The 10th LEAD Big Innovation Festival promises to be huge as it features a whole lot of thought-provoking and lively master-classes, showcases, and keynote presentations.

Ecobank Takes Campaign to Schools

Ecobank Nigeria has continued to storm tertiary institutions with its strong and beneďŹ cial digital banking proposition targeted at the youth and the young at heart. The Ecobank Xpress Campus Storm which kicked o at Laspotech, Ikorodu campus, had journeyed through 11 campuses including Unilag, Yabatech, UNN, UI, OAU etc. In the words of Ikechukwu Kalu, Head, Consumer Marketing, Ecobank, “It has been a rich and rewarding engagement with youths in the campuses we have visited. “The excitement and energy level have been indescribable. We have seen massive turnout at the dierent activations and high level of adoption including Xpress Account opening and banking transactions on campus via the Xpress Points (Agency Banking Agents). “Thousands of students who have embraced the bank’s digital products are able to achieve easy transfer of funds, cardless withdrawals at ATMs and the consummation of other banking activities using their mobile phones.â€? Kalu, was quoted in a statement to have stated that the campus activation project which is still in its ďŹ rst phase had taken oďŹƒcials of the bank to 11 tertiary institutions across Nigeria.

NAICOM Approves Anchor’s Accounts

The National Insurance Commission (NAICOM) has approved the 2017 Annual Account of Anchor Insurance Company Limited. The company’s Managing Director/CEO, Mr. Ebose Augustine, quoted NAICOM’s letter which conveyed the approval details as stating that, “approval is granted after a conďŹ rmation that you have substantially complied with our regulatory requirements.â€? He explained that the company’s ďŹ nancial statement was approved as submitted without any form of query from the regulatory body, noting that “this outcome was a fallout of the company’s culture of getting things right the ďŹ rst time.â€? Ebose, disclosed part of the highlights of the accounts to include N2.22 billion gross premium written as against N2.05 billion written during the corresponding period of 2016, an indication of eight per cent growth over the earlier result. He further highlighted that the total assets of the company during the period was N6.24 billion and shareholders’ fund was N5.07 billion, with its solvency margin standing at N5.12 billion. He noted that the company paid a total claim of N540.3 million to its aected genuine policyholders during the period of 2017 as against the N268.2 million in 2016, stating that “it demonstrates our strength to accommodate any volume of genuine claims reported.â€?

“Whilst the Discos are appreciative of the initial reconciliation associated with the N27 billion, they are concerned by the lack of good faith associated with the continued absence of an automatic mechanism for the payment of bills consumed by the MDAs� Executive Director, Association of Nigerian Electricity Distributors

Mr. Sunday Oduntan

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NEW CREDIT SCHEME TO ADDRESS MANUFACTURERS’ FUNDING CHALLENGES, SAYS MAN of the manufacturing sector and guarantee sustained economic growth,� he added. Under the RSSF, the CBN had 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. FEARS OF VALUE EROSION, POLITICAL UNCERTAINTY DISCOURAGE NEW LISTINGS they have not announced it, I know nothing would happen again this year. It just doesn’t make sense,� he said. A stockbroker, Mr. Ayo Oguntayo said many companies that had planned to get listed are now adopting caution and watching the political terrain before taking final decision. Political uncertainties is one of the factors analysts at Afrinvest had said would drive the equities market in the second half of the year. According to the analysts, general elections uncertainties would make investors to adopt cautious trading in equities. “In line with historical trend, investors tend to reduce exposure to risky assets in the year leading up to general elections and this is similar to the situation in Nigeria. The one thing investors detest is “uncertainty� and as such, As such, this downside risk is expected to worsen as 2019 general elections draw closer,�

Group Business Editor

Obinna Chima

Capital Market Editor

Firms Partner on Digital Marketing Chineme Okafor in Abuja An indigenous digital service provider - Lukandi Digital – has signed an agreement to offer digital marketing services to a luxury hospitality service provider, Marcopolo Hotels and Suites and Marcopolo Properties, a statement from Lukandi has explained. The service contract according to Lukandi, would see it execute search engine optimisation and digital marketing services for the website and social media accounts of both companies Marcopolo Hotels and Suites and Marcopolo Properties. “We will help Marcopolo stay relentlessly relevant to 21st century home buyers by moving beyond the traditional advert agency, staying at the forefront of culture and creating ideas that connect with the client’s audience wherever they are,� the Founder and Managing Director of Lukandi Digital, Mr. Hanson Nnadi said, while talking about the partnership between the companies. Nnadi, stated that MarcoPolo Hotels and Suites was a luxury hotel in a highly accessible location in Lekki, while Marcopolo Properties offered luxury real estate in Lekki area of Lagos state to clients in Nigeria and abroad. According to him, “Improvements in internet penetration in Nigeria is driving the uptake of social media and the digital advertising that those social networking

sites are attracting. “As of June 2018, there are now 26 million monthly active Facebook users in Nigeria, with 97 per cent of those accessing the social media site on their mobile devices. “With web analytics,

digital advertising provides the benefit of scientifically measuring traffic and other relevant metrics to online platforms and we expect to leverage on this to help Marcopolo achieve its business objectives.� He noted that Lukandi

Digital was a digital marketing agency with an open, ambitious collision of people who are fluent in branding, marketing, communications, design and general digital business solutions. “We are a company on a mission to achieve a

different shape of work, partnering with Nigeria’s most ambitious brands to play a meaningful role in culture. This means creating content that communicates with consumers and provides feedback to clients,� Nnadi added.

STRATEGIC PARTNERSHIP

L-R: Product Manager, ATM and POS, CWG Plc, Adeshile Adekanmbi; Deputy Project Director, Africa Region at GRG Banking, Denis May;VP, Sales and Marketing, CWG Plc, Adewale Adeyipo; Group Head, Brand and Marketing Communications, Anthonia Ehanmo; Country Manager, GRG, Nigeria and Ghana, Oluwafemi Adeniyi and Sales Manager, Africa Region, GRG Banking, George Kaloutas, during a partnership meeting between both companies held in Lagos...recently

Ethiopian Airlines Consolidates African Partnership Chinedu Eze Ethiopian Airlines is striving to consolidate on the 20 per cent market share of air traffic in Africa controlled by the region’s airlines by entering into partnership with other airlines in the continent. With threats from China, which is already looking at Africa as new frontier for air transport and 80 per cent of the market already taken over by European and Middle East carriers in the region, Ethiopia Airlines recently offered its marginal shares to African states. Ethiopia airlines CEO, Tewolde Gebremariam told AFP that his company had

finalised deals to give the airline a 49 per cent stake in the national airlines of Guinea, which recently relaunched after 15 years on the ground and Chad whose airline was grounded in 2012 over serious safety concerns. It has also finalised a deal to take a 45 percent stake in Zambia Airways, which went under in the nineties, and taken over the management of Equatorial Guinea’s airline which has also battled safety concerns. Inside sources from the airline indicated that the strategy was to ensure that the 20 per cent of the market share left for African airlines was not eroded.

The African Union hopes to increase the market share of African carriers with Single African Air Transport Market (SAATM) treaty, which is open sky for indigenous airlines in the region. This also explains why the East African carrier expressed interest in partnering with Nigeria’s national carrier, Nigeria Air, “so that foreign airlines outside Africa will not buy stakes in the airline owned by the most populous country in the continent. That will further shrink the market share of the African market by African airlines.� Ethiopian Airlines at the weekend confirmed that it had finalised agreements with the government of

Chad for the launch of Chad national carrier. The airline said it has 49 per cent stake in the joint venture while the government of Chad retains 51 percent. The new Chad national carrier was planned to go into operation October 1, 2018. Reacting to this new development, the Group CEO said, “The strategic equity partnership in the launching of the new Chad national carrier is part of our Vision 2025 multiple hub strategy in Africa. “The new Chad national carrier will serve as a strong hub in Central Africa availing domestic, regional and eventually international air

connectivity to the major destinations in the Middle East, Europe and Asia. I wish to thank His Excellency President Idriss Deby Itno, the Government of Chad and the stakeholders in the aviation sector in Chad for their strong support to the project.� Ethiopia Airlines said through its multiple hubs strategy in Africa, it currently operates hubs in LomÊ (Togo) with ASKY Airlines and Malawian in Lilongwe (Malawi), while having the already acquired stakes in Zambia’s and Guinea’s national carriers and making preparations to launch Ethiopian Mozambique Airlines.

ÙÎÎã Ă‘Ă?Ă˜Ă? AgriBusiness/Industry Editor

Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ äĂ? Comms/e-Business Editor

Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent

Youths Urged to Embrace Insurance Ebere Nwoji

Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents

Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) Reporters

Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)

The President of the Chartered Insurance Institute of Nigeria, (CIIN), Mr Eddie Efekoha, has called Nigerian youths to embrace insurance as a course to study so as to get a prosper grasp of the profession and its benefits to the society.

He stated this while addressing participants at the annual insurance family picnic recently held at the Eleko Beach in Lagos. Efekoha, stated that the next generation has a critical role to play in the development and growth of the insurance industry, saying a good number of the products and services

being offered by insurance companies today are being tailored to fit into the lifestyle of the millennial. He opined that for them to have true knowledge of the key role insurance play in the society, it is only fitting that they learn insurance early so as to be able to equally and efficiently propagate

its benefits passionately. He commended the institute and committee responsible for putting together the event, saying recreation is a key driver of optimum performance. “Being relaxed, at peace with yourself, confident and being emotionally neutral, are the keys to successful performance in almost every-

thing. I urge you to ingrain some form of recreational activity into your everyday lives. Make it a necessity, not an objective,� Efekoha said. Also, the Director General of the institute, Mr. Richard Borokini, stated that the event was one of the many contributions of the institute to the growth of the insurance industry in Nigeria.

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Ecobank Appoints AnanAnkomah Group Executive Ecobank Transnational Incorporated (ETI), the Lomebased parent company of the Ecobank Group has announces the appointment of Josephine Anan-Ankomah as Group Executive, Commercial Banking with immediate effect. This appointment followed an internal recruitment process. As a member of the Group Executive Committee, AnanAnkomah would report to the Group CEO. The position of Group Executive, Commercial Banking

became vacant following the appointment of Laurence do Rego to the position of Senior Advisor in the Group CEO’s Office. Prior to this appointment, Anan-Ankomah was the Managing Director of Ecobank Gambia. “Josephine Anan-Ankomah is a well-rounded banker with over 25 years’ experience within Ecobank, having joined Ecobank Ghana in 1992 as a Treasury Officer. “She has held various senior

positions within the bank, such as Regional Treasurer in several affiliates of the Group, Chief Operating Officer at regional level, Head of Corporate Strategy and Business Development (Ecobank Ghana) and Deputy Head - Investment Banking Group (Ecobank Ghana),� a statement explained. Josephine Anan-Ankomah holds an MBA in Finance from the University of Ghana and a Bachelor of Arts in Economics and Sociology from the same university.

Global Accelerex Wins Award Global Accelerex, a payment technology firm in Nigeria, has received the Best Partner Award from Nexgo, China’s technology giant. The award honours enduring partnership as well as consistency in delivering superior e-payment solutions. The award was presented at a ceremony during the Nexgo Partners’ summit, which took place recently in China, with over 60 partners from 25 countries in attendance. Guests also included technology experts and dignitaries from the private and public sector in China. The Managing Director of the company, Tunde Ogungbade, who was at the summit to receive the award said, “Global Accelerex is delighted to be recognised by Nexgo with the Partner of the Year Award.�

While giving his acceptance speech, Ogungbade added, “We are very proud of our long-term partnership with Nexgo. We are honoured to have received this recognition for providing customised terminal solutions that suit varying business needs not just in Nigeria, but across Africa, by our valued technical ally. “We will not rest on our oars in the quest to deliver seamless e-payment technology to our customers.� He dedicated the award to the staff of Global Accelerex, describing the feat as a concerted effort by different departments. The Nexgo Partners Award recognises outstanding partnership that is strategic and sustainable. It also rewards partners that developed innovative payment applications

which impacted positively on Nexgo’s developmental capability. On his part, Managing Director of Nexgo, Yang Min said, “Global Accelerex is among the partners we signed-on at the early stage of international business and over the years, we have made remarkable achievement in terms of growth and contribution to the cashless policy in Nigeria. “This is a win-win for both our companies as our alliance with partners like Global Accelerex has catapulted our position on the Nielson Report from No. 12 to No. 6, while Global Accelerex has become the preferred Payment Terminal Service Provider in Nigeria. “We believe in this partnership, we will witness new achievements of the two companies in Nigeria and Africa.�

Wema Bank Launches Hospital Management Solution Wema Bank Plc has launched a comprehensive Hospital Management Solution System designed to enhance day-to-day operations of hospitals in Nigeria by digitising core administrative processes and patient data management in medical centres. The hospital management solution system is a one stop-shop single technology platform that enables patients make payment (Cash or card) at various cash points. It improves the daily operations of hospitals and medical centres by providing a simple, transparent, accountable and integrated solution for better returns for the hospitals and a seamless experience for the patient. Also, a statement from the bank explained that the solution has the capacity to generate reports such as accounting, revenue collections/volume, transactions, intelligence report, inventory management reports, among others. “Most hospital operations generate substantial amount of cash at any given time during operating hours but solution ensures a reduction or complete elimination of revenue losses due to pilferage, unaccountability and lack of adequate reporting.

“The solution runs via point of sale terminals and will capture patient details, with the intent of providing proper monitoring, accountability and reconciliation of data. “The Pos terminal is integrated at the backend to interact with the hospital ICT system. It also helps in effective management of patient history database,� it added. In addition, the customer’s management module allows patient data to be captured and retrieved whenever the need arises. Using a customised card, patients’ data, customer’s transaction history, details and information are well archived for future references and encrypted via our unique Quick Response (QR) code system. The Pos solution is also customisable to have the look and feel of any hospital identity and can be re-designed to capture the unique revenue heads in the hospital. The pilot scheme was launched in the University College Hospital (UCH) Ibadan, Oyo State, recently. The Acting Managing Director/Chief Executive Officer, Wema Bank, Ademola Adebise, noted that

the bank’s bid to become the most innovative bank in Nigeria drives it to deliver cutting-edge solutions that saves time and money and offers superior value to all stakeholders. “Our aim is to bring banking directly to our clients thus offering a holistic and integrated approach to financial services needs and other valuable convenience. “The hospital management solution system is a state of the art and affordable retail business solution that meets the limitations and challenges surrounding the hospital on turnover related business.� He added that, “Wema Bank Plc places a high premium on adding value to partner organisations. We have state-of-the-art IT solutions that are second to none and we are very well positioned to offer our clients access to the most modern electronic banking facilities.� The bank’s keenness to consolidate its position as a leader in the digital banking space has seen it build a robust portfolio of digital solutions tailored to meet a diverse pool of customers and tailored to suit the dynamic lifestyles of students, budding entrepreneurs and young professionals, he said.

ELEVATING TO THE NEXT LEVEL Marie-Therese Phido

The Exultation of Entrepreneurship Porn I mentor a lot of young adults seeking to strike out in life and make their marks in the sands in of time. What I see many of them wanting to do is to found their own companies with exhilaration, risk-taking and passion. Overall, I see this zeal from a positive perspective and salute the young men and women who are doing great things on their own and succeeding in the challenging times of Nigeria today. However, I also see a lot of what is now called “entrepreneurship porn�. This phenomenon is luring away many ambitious young adults into launching their own businesses somewhat prematurely, when they would be better off working in a more organized and established organization. Not everybody has the capacity to run a business but too many are catching the “entrepreneurship porn� fever. Everybody wants to be the next Google, Facebook, Apple, Amazon, etc. The success stories of the founders of these vastly successful companies is so alluring that many young adults find it difficult to resist the desire to venture. I remember when desiring to work for established organizations was the norm e.g. Andersen, KPMG, GTBank, Unilever, etc. Graduates finished from school and wanted to get employed and forge their careers in these organizations. Tomas Chamorro-Premuzic in one of the opening chapters to his 2017 book, “The Talent Delusion,� explains why many ambitious young adults today would be better off working for an established company than trying to build their own business. Tomas said, “the vast majority tell me, ‘You know, I’m going to be a startup guy. I’m launching something. I’m going to create the next big X, Y, Z.� Exact same thing our young adults in Nigeria tell me every time we talk about what they want to do with their lives. “Who are we to crush their spirits?� Chamorro-Premuzic said. “But I think we have a responsibility to inform people that the probability of attaining that is really, really, really low, and that to actually attain it, they’re going have to sacrifice so many things.� Today, my observation is that many young Nigerians are hypnotized by stories of entrepreneurs who, against the odds, made it big. Even if they’re not prepared — personally or professionally — to launch a business, they forge ahead anyway. “People feel like, ‘Oh, I have an idea. I don’t like the idea of having a boss. I’m

Everybody wants to be the next Google, Facebook, Apple, Amazon, etc. The success stories of the founders of these vastly successful companies is so alluring that many young adults ďŹ nd it difďŹ cult to resist the desire to venture

going to be the next Elon Musk, (Dangote)’� Chamorro-Premuzic said. “It’s not that easy.� He says telling people that you are an entrepreneur is “sexy�. Morra Aarons-Mele, the founder of Women Online and The Mission List, coined the term “entrepreneurship porn� in a 2014 Harvard Business Review article, to describe “an airbrushed reality in which all work is always meaningful and running your own business is a way to achieve better work/life harmony.� In the article, she makes the point that entrepreneurship is hardly as liberating as it can seem: “Starting a company doesn’t mean being freed from the grind; it means that the buck stops with you, always, even if it’s Sunday morning or Friday night.� When Aarons-Mele launched her companies, “I just wanted to make a living,� she said, and she knew that “I just never wanted to go to an office again for 10 hours a day.� But a couple years in, something changed. She goes on to say that, “Too many aspiring founders think entrepreneurship is about ‘diving in and the problematic notion that starting a business is all about taking risks�. “There’s something a little bit inherent in a lot of founders’ psyches of, ‘You’ve just got to dive in,’ that it’s the type of thing that you can’t go and learn about before you do it,� said Noam Wasserman., a director in the Southern California’s Marshall School of Business. He said, “the common misconception is that “you have to fail, learn from that, pick yourself back up.� He is however, of the view that you need to learn how a business runs before you go and dive in. A University of Wisconsin study found that contrary to the popular belief, most successful entrepreneurs, don’t quit their day jobs to start a company. The study found that entrepreneurs who kept their day jobs were 33% less likely to fail than those who did not. Recent research also reveals just how important it is to wait until you have enough experience before building a company. An MIT study found the average age of a successful startup founder is 45. The study authors found that work experience explains much of the age advantage. They write in the Harvard Business Review, “Relative to founders with no relevant experience, those with at least three years of prior work experience in the same narrow industry as their startup were 85% more likely to launch a highly successful startup.� It is pertinent to note says ChamorroPremuzic , that technical expertise in the area where you’re founding a company is one of the most “underrated� attributes of a successful entrepreneur. To succeed, entrepreneurs need to know that it is harder to do your own business, it’s an all-consuming exercise with never a day off. It’s your sole responsibility, always something you need to get done which must be done. We also need to know that passion, exhilaration and zeal can become our peril. We need to consider the importance of people, financing and the diligence you need to continue when the first burst of passion wears off. As in all things in life, even becoming an entrepreneur becomes a grind. It is usually only experience and deeper knowledge learnt in a structured environment before becoming an entrepreneur that will greatly enhance your chances of success.

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

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Onaolapo: Monetary Policy Alone Can’t Fix Economy The Chief Executive Officer, Eczellon Capital, Mr. Diekola Onaolapo, in this interview speaks on state of economy. Nume Ekeghe presents the excerpts: What are your thoughts about the state of the Nigerian economy as economic growth has remained weak? The Nigerian economy has been on a gradual recovery and growth trajectory after it exited recession. The growth is still weak. The general macro environment is relatively positive, with inflation on an eighteenth consecutive month-on-month decline – and currently at 11.14 per cent; relatively stable foreign exchange (FX) and converging FX markets. Even the Purchasing Managers’ Index (PMI) is back in the green at 51 per cent. Generally, the outlook is positive. The positive activities in the global commodities market as crude oil price has been on a positive momentum, presently hovering over $70 per barrel and expected to hold, with current circumstances of global tension and extension of production cut period by OPEC and Russia. This has helped the accretion of Nigeria’s reserves – currently above $46 billion – and by extension, boost in the country’s capacity to fund external trade and maintain price stability. Also, policies of the economic management team in recent periods have helped – the Naira/Yuan swap deal will further support the naira against the dollar; and also, monetary policies have been proactive in face of global economic headwinds that may cause shocks to the local Nigerian economy. Given the supportive macro-economic fundamentals and the medium-term economic plans of the government in its Economic Recovery and Growth Plan, we foresee the economy trending along its growth path despite the short-term negative effects of the political activities on the nation’s financial markets. You mentioned monetary policies, what are your thoughts on interest rate in the country compared to other frontier and emerging economies? Is the MPR rate at 14 per cent the best for the economy at the moment? With the external stimuli from global developments, such as a strong US economy, strong dollar and rate increase by the US Fed and Bank of England, the domestic interest rate (MPR), which has been held steady for two years at 14 per cent, can be said to be in a right position now. Although it will not be surprising if it is increased in the near term. In order to deal with the global headwinds as mentioned earlier, other emerging markets have increased their respective benchmark interest rates, owing to the negative effects of capital reversals from their markets, falling local currencies, with unwanted effects on prices and their real sector. Interest rate in Turkey was recently increased by 125 basis points to 17.75 per cent in June; Argentina increased rates from 40 per cent to 45 per cent; Indonesia increased its benchmark interest rate by 25 basis points, from 5.25 per cent, to 5.5 per cent, although South Africa and Brazil have held rate at 6.5 per cent and Mexico is 7.5 per cent. Some analysts opine that the MPR should be reduced to further facilitate growth by providing liquidity to the real sector. This is a straight-line analysis which, albeit not wrong, doesn’t consider other pressure factors on the economy. As mentioned earlier, developments in the global markets have put pressure on emerging markets with capital reversals. This has affected Nigeria also. Sustained capital outflows will put pressure on FX and threaten prices. As we have seen, the rate of decline of inflation has almost gone flat. Also, with the country in election season and the typical impact on inflation, a reduction in MPR will increase liquidity that will further exacerbate the issue. This is why the CBN’s recent policy, of using unconventional and quite innovative measures to inject liquidity to the real sector, is laudable. It allows the MPC the flexibility to increase the MPR,

Onaolapo

in the second-half of the year if inflationary pressure heightens, and at the same time provide needed support to the real sector. Speaking on the CBN policy, what are your thoughts on the long-term single digit loans to the real sector that was unveiled recently? The policy is very creative and should be applauded. The CBN, and its monetary policy making arms has a narrow vista to navigate given current circumstances and pressures that may impact the Nigerian

The CBN and its monetary policy making arms has a narrow vista to navigate given current circumstances and pressures that may impact the Nigerian economy and the approach may achieve two ends of supporting real sector and mitigating inationary pressure

economy and the approach may achieve two ends of supporting real sector and mitigating inflationary pressure. The policy is encouraging banks to lend to the agriculture and manufacturing sector at a single-digit interest rate of nine per cent and for a period of seven seven years, for which the CBN will release the corresponding amount from a bank’s Cash Reserve Ratio to the amount lent to these sectors. It is a good response to the clamour for a reduction in the benchmark interest rates by the real sector as it has been held at 14 per cent since July 2016. The policy is novel as it will enable the advancement of credit facilities to the real sector at low interest rates and for a long-term which will ideally enable manufacturers to plan, increase production, create jobs and improve their contribution to the Gross Domestic Product. The above, notwithstanding, it is worthy of note that the policy technically undermines the purpose of the Cash Reserve Ratio which is to serve as a liquidity buffer to the banking system in the event of a systemic shock. Hence, the CBN should do well to ensure that the banks are not overly exposed to systemic shocks by preventing a significant depletion of their CRR. Furthermore, the success of this policy will be dependent on the bankability of the projects which requires bank financing. The roles of financial advisers and investment bankers will be very key here and banks should encourage their borrowing customers to seek professional assistance. Above all, as laudable as these policies are, the use of monetary policy alone to fix economic issues may be inefficient in the long run. Fiscal policies are important to the achievement of sustainable development

and growth of the economy. The CBN needs to work with the Ministry of Finance and Ministry of Trade and Industry to ensure all policies are in tandem and congruent towards a common objective. For instance, one wonders: as the CBN seeks to aid local production by supporting local manufacturing, the country is currently at crossroads between signing the AfCFTA agreement that opens its market. Do these policies work together or against one another? These are key areas that require key answers Speaking about the AfCFTA, some of the economic groups in the real sector – especially the MAN are against its signing. For a pro-Africa investment bank like Eczellon, what is your thought on that? The AfCFTA is a positive initiative, but its touted benefits are more futurist and long-term vision, and not necessarily dealing with current issues that may prevent that long-term vision. Therefore, to say arguments ‘against’ the agreement or against any member joining at this time are anti-Africa may be incorrect, given the current dynamics of the African continent. Perhaps – one may argue – that the ‘against’ position is the more pro-Africa line of thinking, in the present circumstances. The AfCFTA – a project driven by the AU – is ultimately aimed at unifying the African continent into a single large market, through elimination of tariffs on intra-Africa trade of goods and services, with free movement of business people and investments. The initiative, at best presently, is like putting the cart before the horse. Africa is not that economically integrated before we try to integrate its markets. For instance, a policy for free movement of people does not automatically mean people will Continued on page 27

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ONAOLAPO: MONETARY POLICY ALONE CAN’T FIX ECONOMY move freely. Even with visa requirements for entry and settlements, you still hear of xenophobic attacks on people of different African nationality in another African country. The local issues that cause things like these have not necessarily been fixed. For free movement of goods, the question is what goods? Is it foreign goods merely assembled here or truly made in Africa goods? For an African country that has plans to grow local production – which we believe is the focus of most African countries at the moment – a fully open and free market will not serve that purpose in the near term. Not that protectionism alone will bring any good as it were, but before an agreement that unifies the market, perhaps it will serve for African nations to harmonise their respective economic growth and development agenda. When respective economic agendas of component countries are woven into this theme, then a continental free market may serve. We are seeing renewed interest in the debt market, especially the issuance of Commercials Papers, what do you think is aiding this trend? Renewed interest in the debt market can be largely attributed to the reduced cost of funds in the domestic debt capital market, largely a result of the 2017 debt restructuring strategy of the federal government which led to the liquidation of a significant portion of FGN’s domestic borrowing. The resultant crash in yields on debt instruments has made debt capital more attractive to corporates, hence the increased interest in and the issuance of debt instruments. Commercial papers are especially favoured at the moment because of investors’ perceived uncertainties in the long-term economic outlook, therefore their preference for short-term debt instruments – the commercial papers. In addition, the bearish sentiments in the equities market have led to the underpricing of major stocks. It is presently disadvantageous to companies to raise equity capital. Consequently, corporates are approaching the debt capital market to meet their financing needs at cheaper rates. With the recent disclosure by the CBN to buy Commercial Paper notes from large corporates at a single digit interest rate and for a period of seven years with the utilisation of proceeds for specific projects, the issuance of Commercial Paper notes is expected to increase in the near-term Speaking about the equities market, how soon do you foresee a turnaround? It is not unusual for foreign investors to seek relatively safer havens for their investments during Nigeria’s election season. The current capital reversal is not unconnected to the political uncertainties in the country as the market prepares for the 2019 general elections. With a 38 per cent decline in foreign portfolio investment transactions in the equities market, the negative impact on the market is the immediate consequence, with a year-to-date decline of 8.5 per cent as of (August 17, 2018). With a generally stabilising economy and strong fundamentals, we expect the reversal in the bearish market trend after the February 2019 general elections, especially when a new cabinet is formed. Do the political tensions in the country worry foreign investors who participate in the deals you structure? Political tensions would typically negatively influence foreign investors’ interest in the market particularly foreign investors that are not conversant with the Nigerian markets. Those who have experience in Nigeria and who have long term views remain keen, because the country has such strong fundamentals beyond its short-term worries. Also, deal structures are key. Investors will commit to deal and project structures that attend to their risk concerns and provide returns that are attractive-enough. If you look at one of our recent projects, in which we raised N28 billion ($92million) in the first tranche of a N50 billion programme for a PPP project. Investors, which included both local and foreign investors, embraced

Onaolapo

the instrument issued largely because of the structure at the time. On your website, you stated that you have raised over $1.34 billion in capital, can you tell us about the deals/ projects? Our website says transactions value and capital raised. We also engage in Mergers and Acquisitions; Capital / Debt Restructuring; Concessions; Public sector advisory; Project Development et cetera, in addition to capital raise. In recent times, we have advised on a $270 million debt restructuring / refinancing in the oil and gas industry; we led on a N50billion ($163million) debt capital market issue for a PPP project, for which N28billion ($92million) was raised in the first tranche; we were lead advisors to a state government in Nigeria on the restructuring of their bond issue; we led a major real estate development project in

The policy is novel as it will enable the advancement of credit to the real sector at low interest rates and for a long-term which will ideally enable manufacturers to plan, increase production, create jobs and improve contribution to the Gross Domestic Product

Kenya, we were on an affordable housing project in Senegal. About our deals and project, our deals are basically to help leaders in government and corporate private sector to generate idea and provide the financing means to implement them. We are particularly interested in projects and deals of impact and value and that somehow shift the African story positively forward. Which of the deals do you consider most fulfilling? Well, every deal has been fulfilling. No deal is like the other, however all our engagements are based on a deep level commitment to our founding purpose, our mission and values. Our purpose is to aid the manifestation of the African potential and our mission is to use finance expertise to facilitate the same. So, which would one consider most fulfilling of our deals? Is it the award winning debt capital issue that raised N28billion ($92million) for a PPP project, to finance the deployment of a solution to a state’s long standing problem of waste management, pollution and environment hazard? With our help, our client established a programme which will clean the State and – while at it – created 27,500 jobs. Is it our work on the restructuring of debt for an oil company which was struggling under its debt burden, but has now returned to growth? Is it a state government that we helped restructure their debt obligations, which helped them free cashflow and liquidity to avoid a government shut down and the resultant loss of civil service jobs and inability to impact their people? We worked on the turnaround of one of the biggest automotive manufacturing plants in the West African region and also on the set up of a new one. In addition, we assisted on the establishment of an automotive training facility that ties into skills acquisition and industrial growth. We have been involved in raising capital for companies in agriculture – production and food processing, helping to expand their operations through vertical integration and recapitalisation. We advised and provided financing for the setup of one of the fast-growing healthcare enterprises in Nigeria. Our engagements all have this deep level satisfaction because they all fit our purpose, our mission and our core values.

Are there any final words for your stakeholders? Our stakeholder universe is large. Our stakeholders include leaders in government who require ideas for developmental initiatives and means (funding) to implement them. Our stakeholders include leaders of large corporate institutions who need solutions in financing and business strategy to grow their businesses. Our stakeholders include the regulators – of our business and of spaces in which we do business. Our stakeholders include investors – local and foreign – looking for opportunities. Our stakeholders also include the communities in which we do business and talented workforce who wish to forge a career in our field. For all our stakeholders, we will strive to be a sustainable professional service and business enterprise, continuously delivering value to stakeholders, maintain focus on our core expertise to deliver solutions and establish pedigree of performance on our client engagements for which we maintain passionate focus on landmark initiatives and projects that shift the African story positively forward. While at it, we will be a socially and environmentally responsible firm committed to the sustenance of our communities and the planet and we will continuously evolve with the times, while maintaining consistent commitment to our values. What should we expect from your firm in the future? In the near future, we will continue to consolidate our presence in our markets and maintain our pan-Africa growth plan. We have been involved in transactions in select markets of Kenya, Uganda, Cameroun, Nigeria, Ghana, Liberia and Senegal. Our aim, in the near term is to increase our coverage of African markets beyond our current locations. Even with its diverse countries, people, languages and markets, most of the African continent has similar issues, which our expertise can help solve. African governments will have to deliver true development to their respective peoples and they need ideas and the means to do that. African businesses need professional assistance that help them grow and be sustainable in the production of solutions to African issues. We find our firm in the core of the above and we remain committed to the cause.

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Otunuga: Nigeria’s Fortunes Remain Closely Tied to Crude Oil Research Analyst at FXTM, Lukman Otunuga, in this interview stresses the need for the federal government to show more commitment towards the diversification of the Nigerian economy. Obinna Chima presents the excerpts: What is your take on the ongoing trade tension between the United States and China? At the start of the year, there was a strong sense of optimism over global growth and many central banks were moving forward with tight monetary policy and the outlook for global growth was robust. But things have changed considerably and global trade tensions between the US and China has sparked concerns over global growth declining. And that is true because a trade war between the two largest economies in the world represents a threat to global stability and global because there is always a contagion effect. So, optimism for broader growth has declined in 2018 and naturally this will impact emerging and frontier markets, including Nigeria. There is not going to be any winner in the trade war. Look at the Turkish Lira, the currency was already vulnerable and what accelerated the decline was when the US doubled sanctions on steel and aluminum. And the reason why the Turkish Lira declined was because the market was fearful of the Turkish economy decelerating into a bad state and that has already impacted other emerging economies, except the naira. We have seen the South African rand and many other currencies of other emerging markets, sharply depreciating. But the naira has remained stable. Why? The reason why the naira continues to remain stable is because of the Central Bank of Nigeria (CBN). The naira stability continues to highlight how the CBN has continued to repeatedly intervene to support the local currency. We have seen predictions about the likelihood of two rate increases by the US Federal Reserve before year end. How much impact do you think that would have in terms of capital ow to Nigeria? It will have a significant impact on the naira. Firstly, higher interest rate, especially the fact that the Fed is expected to raise interest rate in no distance time, naturally will spur capital outflows from emerging markets. Now, if the naira is still free-floating, this will be bad news for the naira. However, how things are right now, even if the Fed raises interest rate two more times this year, the naira will remain stable. Why? Because of crude oil prices. As long as oil prices remains at elevated levels, the CBN will have enough buffers to continue supporting the local currency. Now, expanding that question and going to naira stability and the country’s benchmark interest rate, interest rate remains at 14 per cent in Nigeria. I remember the last time we spoke; the prediction was that the CBN would cut interest rate to about 12 per cent, to stimulate economic growth and support small businesses. But now the Fed is expected to raise interest rate, if the CBN cuts interest rate, wouldn’t this widen the monetary policy divergent between the Fed and CBN, ultimately accelerating capital outflows which would negatively affect Nigerians. So, what seemed to be an easy decision for the CBN has now become a very tough decision to take. The stock market has not done well since February and that has been attributed to the apprehension towards 2019 elections. If you are to advise your clients, what will you be telling them about investing in the Nigerian stock market? So, this is an interesting thing I was thinking about earlier. The trend, especially the Nigerian stock market is that before the elections, it goes down and after the elections, it jumps back up. And that has been the trend in the past 10 years. But then, if you look at it, you will notice that there have been many fundamental changes in Nigeria and outside

Otunuga

the world. Ten years ago, was Nigeria in recession? Nigeria wasn’t in recession 10 years ago. Secondly, ten years ago, oil prices were trading at very low levels and 10 years ago, the Fed was very hesitant to raise interest rate. So, based on this, we can have a situation where investors remain hesitant or weary to hold stocks, even after the election. So, what is your outlook for ination? So, my expectation is that inflation will continue to moderate to single digit if we didn’t have the presidential elections in February. But we are going to have a cost-push inflation and that is going to cause inflation to rebound.

So, my expectation is that ination will continue to moderate to single digit if we didn’t have the presidential elections in February. But we are going to have a cost-push ination and that is going to cause ination to rebound

And the CBN has already stated that. That is why the CBN is in a very tough spot because, if it wasn’t for the 2019 elections in February, the CBN would have had an easy choice of cutting interest rate at the end of the year when inflation hits single digit. But now, they are working against the clock. That is because if inflation starts to rebound and we have a situation where a GDP growth for the second quarter disappoints, the CBN may miss the window to cut interest rate. Now, if the status quo remains and interest rate remains at 14 per cent, it is going to continue constraining businesses from borrowing and ultimately negatively impacting growth. Also, what is your outlook for crude oil price and global economic growth? So, looking at crude oil prices, I think last time we spoke, I was bearish on oil prices. I was bearish because I thought there was oversupply in the market then. But, I the past six to seven months, we have seen geopolitical risk factors in the form of sanction on Iran, previously there was a drop in output in Libya, but output has returned and also geopolitical tensions in the Middle East, all created oversupply in the market and pushed prices higher. So, it has to with the dynamics of supply and demand. But I remain bearish on oil prices. The reason why I am bearish is because although the United States has imposed sanctions on Iran, Saudi Arabia and Russia

may pump more oil and at the same time, the US oil production remains robust. And when you add these to the fact that global trade tensions have already negatively impacted growth and could result to less demand for oil, the only way for oil could be down. So, I am bearish on oil and I will continue to monitor as oil prices continues to trade around $70 per barrel. In terms of global growth projection, even though Nigeria continues to diversify, the country’s fortune remains tied to oil. If oil prices remain at the level at which they are, even with the uncertainty ahead of the 2019 elections, Nigeria still can reach the 2.1 per cent growth projection that was set by the International Monetary Fund (IMF). But, if oil prices start to go down and inflation continues to rebound out of control and if uncertainty intensifies even more than expected from the elections, Nigeria could disappoint in 2018. So far, the Central Bank of Nigeria has done what it can in moderating inflation and has been careful in terms of monetary policy and to prevent any unexpected shocks. Even though we have said the CBN has continued to support the naira, they have supported the naira in a bid to promote stability. So, moving forward, we can say the CBN has done what it can, but more need to be done by the government to diversify the economy. Yes, we have been talking about diversification, but it has gotten to a situation where the World Bank and IMF have expressed concern about the speed of economic diversification in Nigeria. Because oil prices have traded where they are, and it is not at an emergency level, it has given the government breathing room to continue to do what they were doing in the past to support the Nigerian economy.

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Etete: More Local Oil Firms Required to Drive Growth Mr. Ken Etete is the Chief Operating Officer of Century Group, a company that offers a range of services to the oil and gas industry. He speaks on several issues on how the industry can performance better. Goddy Egene presents the excerpts: How will you assess the Nigerian oil market? Well, the Nigeria’s oil industry is what we call the ideal model. It is the ideal model in the sense that you have the oil on land and in the sea. You don’t find that in many places. So, Nigeria, to an oil expert, is a perfect place. Though everybody is not happy, that doesn’t mean we are not doing well. The men, who started this great country were responsible for this industry also. They were very kind people. They were patriotic people because they put in place ideal plans. How have we improved on this plan? It is simply different. The country has outgrown the development. You could get caught in that process. If you want to learn about oil, this is the place to be. As you are aware the industry became stagnant for many years because we have been talking about the Petroleum Industry Bill and all that for so long. Investors are not willing to come on board because of the uncertainty about the bill. Talking of the great things we wanted to do, the country should be having 40 billion barrels of recoverable reserve, our daily production should be four billion barrels by now. But, of course, all of that demands that your infrastructure should be top notch. You and I know that targets have not been met in the past. But now from, it is pretty much an open industry that is determined by a lot of forces. Besides the local policies that drive the industry, the international forces of demand and supply that drive prices have been very favourable to us. Even though we have had an interesting price rally in the beginning of this year, we cannot just increase volumes like that because you don’t need to make investment and all that. The other good thing is that in the previous quarter because oil prices were down, a lot needed to be done in cutting back on cost. With improved price the cost was also reasonable down, so it is a good thing by and large. It is important to add that the entire administrative framework has been reasonably predictable. The leadership of NNPC, the supervisory agency, has been pretty much clear, so the partners can predict what will happen. That is a good thing. The Department of Petroleum resources (DPR) has been very consistent and the local content has been very supportive in ensuring that a lot of these things are domiciled locally. That is also a good development that has happened this year. I am not looking for us to have a sudden jump in price; it is easy for people to say price should go up. I am hoping that in the remaining part of the year, price does not create unnecessary challenges. We will like the price to be where it is, which is reasonably good, because I believe it is good for the government and also the economy as it helps with the so desperately needed foreign exchange. I think the fundamental issue is that we have not witnessed a long period of high oil price. Some element of indiscipline came into play, which is normal with any team. If you are so blessed with so much resource, sometimes you think you are invincible. We saw in 2007/2008 a drop in price, which we later recovered from. But the current drop has been on since 2014 till 2018 when it began to grow up. It was a long period of price drop and it is very good because people are beginning to look for different ways of doing business mostly on the cost side. This has brought discipline into play. More importantly, we are now aggressively looking into the downstream, which is a fundamental for a country like Nigeria. If we have a well developed downstream sector at the back of the oil, most of our industries would benefit a lot. We are not getting a lot of money from upstream; the industries relying on downstream petroleum products and petrochemicals make a lot of money as their cost of production go down, while consumers also benefit from low prices. The government has put in place programmes to rehabilitate the refineries, so the private sector can see clearly the opportunities that exist internally, and not offshore, in addition

Etete

to the huge market. I think we are still looking at the PIB clearly. It shows that determination on the part of government and the lawmakers to ensure that this can be addressed, so investors are happy to say finally there is a clear movement to address the PIB. The part of the law that is straight forward for all parties to understand has been dealt with. It is now easy to ask what the meaning of this part is and so on. It is a good thing for investments. Are you satisďŹ ed with the level of advancement in this area? I am not satisfied at all. The government is making a lot of efforts; however, we need to have some fundamentals right; there is very minimal funds available. Most of the people who have made efforts did so under tough financing conditions, and that is a major limitation. The other limitation is the exposure to technology and the willingness to invest in technology. Capacity is still not a priority, so we have to differentiate and make some sacrifice by looking towards local involvement. We have to now move away from thinking of easy money and business to making sacrifices and commitment. It is really not happening the way it should and it’s a combination of factors, including the amount of money available to support investments. Relying on foreign money to do all of these is tough because not every foreign investor can understand some of the things that you and I can relate to. For example, if a foreign investor hears that there

We need to replicate what happened in the banking sector. Whether good or bad, the fact remains that we saw the consolidation of banks and that gave birth to bigger banks with bigger war chest. We can’t do any other way in the oil industry, we need capacity

was an incident somewhere in the country he wouldn’t want to go there. But the local fund provider understands these things. These are local challenges and how we provide local solutions to them may look abnormal. To that extent, I am not satisfied. We can do a lot better. Our corporates are still too small to really make that impact that we need to make. We need to replicate what happened in the banking sector. Whether good or bad, the fact remains that we saw the consolidation of banks and that gave birth to bigger banks with bigger war chest. We can’t do any other way in the oil industry, we need capacity. So, are you saying what happened in the banking sector should be replicated in the oil industry? That has to be. It is fundamental for Nigeria to really take advantage. We have seen some individual successes. Can you imagine the impact of those individual successes if they were aggregated into a major corporation? There would be no other choice than to up governance and automatically more money and investors will come in. Anything short of this, we are always going to be celebrating individual successes. Government has to take some deliberate actions to drive this local content by identifying the key components, bring them together and provide the structure and the right funding. But in your opinion why do you think players are not considering mergers and acquisition? Nigeria has her own unique culture. That is not to say Nigeria has not seen models that have been locally trained. In Nigeria’s energy business, government is a shareholder and it is strong just like any other business. That is a clear example of how aggregating more resources and more capacity can produce a big success. I think the thing there is that we have our unique culture of saying “look at me, I am the man, praise me, applaud me and so on�. It is a Nigerian thing and it has its advantages and disadvantages. But if there is a clear target for all of these people to gravitate towards successful models, we would have super models. So that means merger in this industry is going to be a tough venture? Seplat Petroleum Development Company Plc is an example. It is a merger of Nigerian companies. Because of that merger, now Seplat is a pride not just to Nigeria but also to the

whole of Africa. These were individuals who were doing their own businesses here and there but decided to come together as Seplat. They have now built more capacity than most of the indigenous companies that were there before they arrived. Now how many jobs has Seplat created? We have enough to prove that the people that want success in the form of Seplat, Shell and type are more than few individuals who say “I want to run my own thing.� Maybe, the initial people in Seplat may not even be friends before but the business case is clear, the role that an individual has to play is also clear, so success is inevitable. Local content is still a huge challenge in the sector, what is your take? We explore the use of local resource. Our people are our major success factor and I wish we could do more. We recognise the real value in Nigeria whether you look at the supply side or the consumer side. We are a major beneficiary of that. So, that is really what we are focused on. More than anything else, we do not approach the business first and foremost from making profit off the clients. Our attitude is that a project needs to be executed; we look at how transparent we can approach this project such that the clients and all the stakeholders and investors can see the bottom line. It is a lot easier to predict and to be supported. So, when a client is struggling through a phase, we understand and figure out what do we do differently to ensure that this problem can be solved. Most of our clients are our best friends. In the past couple of years that the prices dropped, we have had more business because the clients looked at the companies that are prepared to sacrifice with them through the difficult seasons. The same applies to our suppliers, a lot of them are working with us as partners, so it’s open. We do not emphasise on huge margin; the focus is really on volumes because our fundamental is that for every barrel of oil we support and every activity we carry out, how many people can we put to work and that is really working. We also feel the pressure because as an outfit in the oil industry people have the perception that we are making money. So, all these have been key surviving factors for us. Now let’s talk about Century Energy, what is your focus in the industry? For every enterprise, the dream is to be in the market. You have to decide what kind of market you want to play in and how you want to go to the market. Do you want to go to the market to create value for investors or you want to go to the market to tell a tale that is not supported. We need to build enough skills to be in the market and that is our focus because if we are convinced today that we have the skills that the market needs it will reduce the personal involvement of managing a business because under the market structures you have regulations that you abide by, it’s a lot easier. Another challenge is succession, how do you manage it here? The issue of succession is not a problem. We have modelled ourselves against the best companies around today. Most of them were started by individuals, but why have they succeeded even though the individuals that started the business are long retired or some of them are late? It is because there was solid business foundation laid, inclusive of succession arrangement, promotions and movement of personnel. Everybody is desirous of protecting the solid business foundation. Do you look forward to going into the market in the future, listing on the Nigerian Stock Exchange? Of course, the first place any company should list is the country in which it operates. So, if this market will be able to absorb what we will bring to the market, then, we would do that. But if the market is not able to absorb us then we will have to explore other markets. And again, we will take the best professional advice this regard.

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Fear of Extending Recapitalisation to Brokers Worries NCRIB Stories by Ebere Nwoji The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed concern that the ongoing recapitalisation exercise recently initiated by the National Insurance Commission (NAICOM) may be extended to its members. NCRIB president, Mr Shola Tinubu, who stated this at the quarterly press briefing organised by the council in Lagos recently, said the tier-based system was not necessary for brokers since they are professional firms and not risk carriers. “Currently we are concerned that the guidelines may be seeking to tier brokers which is not required since brokers are professional firms and not risk carriers. “However, we have confidence in the approach of the commission to ensure all aspects are fully discussed,� he stated. He expressed appreciation to NAICOM for the opportunity

to make their input to the zero-draft guideline being implemented in the sector. “The leadership and membership of the NCRIB appreciate NAICOM for the opportunity to make input to the zero-draft guideline. The guidelines are currently being reviewed by the technical and legal committees of the NCRIB for our final input. “We believe that if our suggestions and input are favourably considered, the commission will definitely come out with a more robust and acceptable document for all stakeholders,� Tinubu said. Also speaking, NCRIB Treasurer, Mrs. Ekeoma Ezeibe, said the zero-draft guidelines would not disrupt the business of insurance brokers. Ezeibe said the guidelines stated that for the corporate insurance brokers who are interested in oil and gas business, their professional indemnity cover would be a minimum of N100 million, whereas for partnership insurance brokers,

their cover is less than that. “The guidelines didn’t state that partnership insurance brokers cannot participate in oil and gas business, they can participate only if they beef up their professional indemnity cover to N100 million. “The guidelines also stated that if you are a corporate insurance broker, you must have branches in all the six geo-political zones in the country. It doesn’t have that requirement for partnership insurance brokers, but then, it didn’t say if you are a partnership insurance broker, you cannot have branches in all the six geo-political zone. “The N100 million is not for recapitalisation of insurance brokers, it is for professional indemnity.� According to Ezeibe, professional indemnity is an insurance policy that all professionals carry in order to protect themselves and their practices against handling the affairs of their clients negligently.

Staco Refreshes Online e-Payment Portal Staco Insurance Plc has announced that it has invigorated its e-portal platform, having secured the approval of the National Insurance Commission (NAICOM) for the portal. The company’s spokesperson, Dr Tunde Odeyemi, said the portal was meant to bring insurance services closer to its customers. He said the commission had confirmed a ‘No Objection’ endorsement for the introduction of the e-payment solution into the Nigerian insurance market. According to Odeyemi, the

company’s e-payment portal is a web-based transactions solution. The portal, according to him enables ease of business transaction, offers convenience, speed and seamless method of payment of premium by the company’s clients especially for third party motor insurance and personal protection plan products. The solution has the feature of issuing digitalised insurance policy certificates and eliminates the syndrome of issuance of fake certificates by fraudsters. He said the introduction of

the transaction and e-payment platform into the Nigerian Insurance market was in line with the STACO’s commitment to boost exceptional customer experience and reduce turnaround time for customer service delivery, while responding to the technological needs of the sector. He said it is hoped that the system will create loyalty from existing customers, attracts additional clients to the company as purchase of insurance policies would become easier.

AIICO Commences Agric Insurance Underwriting AIICO Insurance Plc said it has taken strategic position to be a major player in agriculture insurance underwriting. The company said this was to deliver the much-needed protection to the different players in the agricultural value chain. AIICO Insurance Managing Director, Edwin Igbiti, said having recently obtained approval of the National Insurance Commission (NAICOM) as an agriculture underwriter, the firm had been positioned to offer agriculture insurance to Nigerian farmers at all levels, as well as investors looking to tap into the huge potentials of the sector, through its value-based insurance propositions. He said the company’s competitive edge in this

regard was hinged on its understanding of the exact needs of farmers through the application of knowledge and expertise in this line of insurance business. Speaking on the company’s readiness to play in this space, Igbiti said, “NAICOM’s approval underscores the regulator’s confidence in the company’s capacity and competence to support the agricultural sector.� He said AIICO’s participation in agric insurance in Nigeria has become necessary given the important role agriculture plays in the economy. “With an average contribution of 24 per cent, agriculture has remained a significant contributor to

Nigeria’s GDP. Being the provider of employment for over 60 per cent of the population, agriculture is pivotal to economic development, and more of the efforts to revive the economy, and reduce significantly the level of poverty, should be devoted to energising the agricultural sector.� He observed that despite its important position, agricultural sector was exposed to extremely high degree of risk arising from natural factors like weather conditions, pests and diseases and other environmental forces, adding that in response to the dire need for adequate insurance in protecting investments in agricultural sector, AIICO has currently to play in the terrain.

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Anambra as Attractive Investment Destination Chris Egbuna As bargain hunters comb the length and breadth of the global financial market for fertile ground amid dynamics of competing economies, African countries continue to receive the attention due a region of strong potential. The trend has lifted some countries and their sub-nationals to a spotlight of accelerated economic growth as investors probe virtually all the sectors. One of these sub-nationals is Anambra State. Anambra is ranked among Nigeria’s major foreign investment destinations according to report by the National Bureau of Statistics (NBS). The statistics bureau in its 2018 second quarter (Q2 2018) report released recently had shown Anambra among top 10 Nigerian states, including Abuja, was preferred by foreign investors during the review period. The others were Abuja, Lagos, Abia, Ogun, Akwa Ibom, Enugu, Bauchi, Delta and Ogun states. Anambra has increasingly attracted foreign investment since October 2017 when a total of $3,771,000 was recorded (in Q1 2017), which represented the total capital inflow for the year. Accelerated investment inflow was recorded in Q1 2018 when capital importation of $5,000,000 in March dimmed $4,975 that trickled in earlier in January, bringing the total inflow for Q1 2018 to $5,004,975. In what appears investors’ increased confidence in Anambra, capital inflow amounting $5,000,000 was recorded in April 2018, bringing the total foreign investment in the state for 2018 to $10,004,975. Overall inflow for 18 months (January 2017 – June 2018) was $13,775,975.00, according to data mined from NBS website. The increase in investment inflow to Anambra contradicts the trend in overall capital importation in

Obiano

Nigeria during the period. The NBS report showed that Nigeria recorded a decline of $790 million in foreign investment in the second quarter of 2018 (Q2 2018) as a total of $5.51 billion was received during the period compared to $6.3 in the preceding quarter. This represents a drop of 12.5 per cent (quarter-on-quarter) against the preceding period (Q1 2018). However, this represents a whopping 207.62 per cent increase compared to the corresponding quarter of 2017 (Q2 2017) when $1.79 billion was recorded. The NBS attributed the drop-in investment inflow in Q2 2018 to decline in ‘Portfolio and Other Investment’ categories which dropped by 9.76 per cent and 24.07 per cent respectively. Analysis of capital inflow received through Portfolio investment showed a total of $4.11 billion representing 74.7 per cent of total inflow during the period. (Q2 2017 was $770.51 million.) This is followed by $1.13 billion in the Other Investment category accounting for 20.5 per cent of total Q2 2018 capital inflow. ($747.47 million was received in Q2 2017.) Inflow recorded in the Foreign

Direct Investment (FDI) category (mainly equities, equipment, machinery) was $261.4 million or 4.7 per cent of total inflow for the quarter under review. (Q2 2017 figure was $274.37 million.) “Capital Importation in the form of Money Market Instrument stood at $2,670.93 million in the second quarter, which was a 24.29% decrease over the previous quarter. Investments in both Equity and Bonds (under Portfolio Investments) reported steady quarter-on-quarter growth, with 49.43% and 19.13% respectively. “It is worth noting that investments in bonds under this capital importation type has been steadily increasing since Q2, 2017, and in Q2 2018, it accounted for 9.71% of total portfolio investment,� the report explained. Governor Willie Obiano had intensified industrialisation and agricultural development in the state which attracts huge foreign investment inflow. Anambra has queued-in into the Nigerian government diversification agenda by expanding the frontiers of non-oil sectors in the two areas thereby creating thousands of jobs in various capacities. For instance, the state’s agro-allied export scheme initiated by the Obiano’s administration attracted foreign investors’ attention that moved in to participate in the project when it was launched in 2016. This led to the construction of a $150 million export processing facility in Ogidi – a suburb of Onitsha, the state’s commercial nerve centre, meant for conditioning and processing of export-oriented food items to Europe. When ABX World which had agreed to partner with Anambra in executing the project reneged, Obiano moved to seek a replacement immediately to avoid the initiative relapsing into oblivion. “Anambra’s recent emergence among the league of topmost capital importation

destinations in Nigeria is not a surprise because Obiano has maintained the tempo of industrialisation and agricultural development in the state. “The state’s agricultural development programme has resulted in Anambra being a net exporter of locally produced rice and expanding the frontier of economic diversification. Foreign investors know where to put their money; when it is right, they know it. The National Bureau of Statistics report on capital investment that goes to Anambra is encouraging�, said Peter Obiefuna, a stockbroker. Of particular notice is that Obiano is pursuing domestic-oriented development and emphasising on efficient management of resources. It is on record that Anambra, unlike most states, did not collect the bailout fund extended to states by the Federal Government in 2015 to enable them to pay salaries, a “gesture� that increased the debt profile of the recipient states. The debt has a repayment tenor of 20 years. “This is capable of crippling development efforts of the states, no matter the improvement in their revenue profile�, Obiefuna said. Abia and Enugu states also increased their tempo in capital importation in Q2 2018, according to the NBS report. With recent developments in the state, Anambra will record significant investment inflow in 2018 to consolidate the giant stride in industrialization and agricultural development. “It is commendable that the state is not lagging behind in the rapid industrialization that will happen in the South-East soon because the signs are already here�, Kenneth Okoye, an Onitsha-based businessman said. t&HCVOB B %FWFMPQNFOU "OBMZTU XSPUF JO GSPN /OFXJ

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EDUCATION Why Parents Must Discipline their Children Considering the importance of discipline in the life of a child, some experts are of the view that parents have to teach their children the core values and morals; and bring them up properly rather than pampering them. Funmi Ogundare reports

D

isciplining children is one of the most important, yet difficult responsibilities of parenting, and there are no shortcuts. There have also been controversy surrounding the appropriate ways to discipline children, and parents are often confused about effective ways to set limits and instill self-control in their child. Child discipline, according to Wikipedia is the method used to prevent future behavioral problems in children. Discipline is used by parents to teach their children about expectations, guidelines and principles. Children need to be given regular discipline to be taught right from wrong .Disciplining children can involve rewards and punishments to teach self-control, increase desirable behaviors and decrease undesirable behaviors. While the purpose of child discipline is to develop and entrench desirable social habits in children, the ultimate goal is to foster sound judgement and morals so the child develops and maintains self-discipline throughout the rest of his/her life. However, many parents tend to abuse this by over pampering their children to the extent that they got all they wanted all the time. They feel they have to always be there for their children, protect them irrespective of the situation and give them whatever they desire. Even the schools the children attend is not much better as their teachers find it difficult to correct them. In an interview with THISDAY, some experts reasoned that parents have to teach their children the core values and moral; and bring them up properly in the way of the Lord. A teacher, Mrs. Bola Adekoya wonders why parent must prevent their children from going through the pain of discipline. According to her, “There are things that parents do that make me wonder if they know the implications. In my teaching career, I have come to realize that children who are well brought up produce better results. “What I see these days is training the ‘butty’(aje butter) way which gets me scared of what will happen in the next 10 to15 years! I see eight year olds who don’t bother to lay their beds. I see 10 year olds served by the maid or ‘caring mum’ on the table and they either don’t pack the table or they just dump the plates in the kitchen for the maid to wash. “Drivers carry the bags of children above five years and the children call them ‘my driver ’. Manual clothe washing is gradually been replaced by washing machines, yet, the maid or caring mum will be the one to do the laundry. Children wake up and go straight to the television and sleep late watching with mum and dad. Unfortunately, mum and dad don’t allow them read late. They will tell them to go and sleep. “I see parents play game for hours on their phones, yet wonder why their children don’t read and why their results are poor, despite investment in expensive schools! I see teenagers who can’t cook common white rice because there is a maid, nanny, cook, and caring mum.� Another teacher, Mr. Anthony Uba af-

They need to be properly disciplined

firmed that some children are addicted to cheating in exams, assignments, class work because their parents are not taking conscious steps to correct it, adding that some will rather bribe teachers to make their children first and teach them during external exams or take them to ‘miracle centers’, to write their exams. He said lack of discipline makes see children talk to their parents and other adults disrespectfully, noting that all the parents say is that, ‘children of now a days are outspoken’. “Your children’s wardrobe is full of clothes but they don’t have a single book. You buy them lots of toys but you didn’t buy them books. When next you tell your child not to do house chores and study hard , have it at the back of your mind that what you are saying is ‘don’t take responsibility for your life’. I guess parents don’t know that chores and morals are almost directly proportional to academic performance.� He recalled that in the past when our forefathers went to farm and fetched water before or after school, the world was a better place, adding that some of our local proverbs which have remained relevant were coined by unlettered men and women. “A Hausa proverb says, ‘Ka so naka, duniya ta ‘ki shi’, meaning ‘ favour your son and the world will reject him� (vice-versa). Another Yoruba proverb also says, ‘eni anwo ki , meaning that those who make news don’t watch news. So when you are mentoring your children to be television addicts, you should understand what you are grooming them to be. Uba said when parents prevent their children from going through pain of discipline, they should also

understand that they are automatically preparing them for pain of regret. “Some parents feel that their children’s careers are secured because of their financial stand. They get their children jobs and even make them take over their companies. Some also set up a business for them. He argued that “ If you get them jobs and they have the wrong attitude at work like being late and talking rudely to clients which made the company lose a big contract, will they keep them there? “They take over your company and your company lost within three months an amount that you didn’t make in your first five years in business due to their lack of discipline, will you pat them on the head and say I’m proud of you child? They run the business shabbily and there’s nothing to show for it within few years. The earlier we stop these pampering, the better. You will give an account to God on them. Train your child in the way he should go and when he is old, he won’t depart from it.� A parent, Mrs Ngozi Ndisika stressed the need for parents to be friends with their children rather than just abandoning their duties to house maids in the quest to make money. “Parents leave home very early and come back very late. They leave their children in the hands of house maids who also need being taken care of just because of the quest for money. At the end, there will be no one to spend this money because the children towed their parts. This is not good. Draw your children closer. Make them your friends. Talk to them and allow them talk to you. Catch them young. Your primary God - given assignment is bringing them up in the way of

the Lord, �she stressed. Another parent, Mrs. Nkiruka Ohaji said, “ I will never forget this saying ‘spare the rod and spoil the child. Growing up, my mum was very firm with us (children) and today, I am glad she was. I really might have been a spoilt child.� Ms Bilikis Olayemi Yusuf opined that parents especially mothers, should question what their love over their children is. Mr. Gbayode Rufus said, “May God save us from colonial copy cat syndrome. We want to supersede the slave masters in all we do, reasons why we are losing our cultures, languages and values to the white man. We have forgotten that those we are coping are the rejected ones in their country. Have you ever seen the queen’s children with tatoo or their men wearing rings in their nose or ears ? We are not proud of who we are nor the positions we find ourselves. And he who is not proud of his colours and heritage, is not fit to live.� A teacher, Mrs. Bimbo Thomas affirmed that pampering a child might be setting up the child for failure in later life because he will get used to getting everything easily hence wouldn’t know how to struggle and deserve things. “It is not wise to excessively give gifts to children because they get spoiled. Pampering can also mean fulfilling all the desires of children even if it is not a necessity. Children learn from their parents, they get spoiled when everything comes easy to them without any effort. Parents must not spoil kids by going according to their whims and fancies. They never learn the value or importance of whatever is given to them on a platter of gold.�

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EDUCATION

ASUU Calabar Zone Task Oyo, Osun on LAUTECH Crisis Basses Inyang in Calabar The Academic Staff Union of Universities (ASUU), Calabar Zone, has blamed Oyo State and Osun State, the joint owners of Ladoke Akintola University of Technology (LAUTECH), Ogbomosho, for attempting to commercialize education by refusing to live up to their responsibilities of funding the institution. The university lecturers in the zone made the observation at the end of their meeting held recently, at the University of Calabar. Addressing a press conference in Calabar, Cross River State, on behalf of the university lecturers, the Zonal Coordinator, Dr. Brown, said commercializing education would have very negative impact on the country in the short and long term. According to him, “It is regrettable that the institution has become an uncanny and typical metaphor of the neglect of public education in our country, Nigeria. The brazen abdication of the responsibility of funding of LAUTECH by the co-owners, Oyo and Osun States, is a shocking one, even in an environment where the neglect of public institutions is fast becoming a norm. “In time past, even within our clime, the situation of LAUTECH would have been considered an aberration and

a shameful moral condition, if not a taboo of some sorts. But to dramatize the serious moral crisis that we face, the governments of Oyo and Osun States carry on as if nothing has happened even in the face of a jointly owned university becoming comatose due to lack of funding.� He expressed regret that the workers are owed arrears of salaries upward of one year and very little is being done to address the situation, adding that workers are practically writhing in pains and penury and suffering all kinds of deprivations. “The lowness of their morale cannot be overstated. For the students, the situation is no better, as the needed environment for meaningful teaching and learning has been willfully destroyed, � Brown said, adding, “This is all because the university has become entirely dependent on Internally Generated Revenue (IGR) for survival, the impact of which is on the students and their parents who have been compelled to pay outrageously high and unaffordable fees, even in the face of the present precarious economic situation. This is unacceptable and should be dutifully rejected.� The ASUU Zonal Chairman said It is unimaginable that a university could be allowed to suffer this fate, while its visitors are busy

Teach-for-Nigeria Empowers Change Makers Teach-For- Nigeria, a non-profit organisation focused on improving the quality of education for the country’s most marginalised children, has empowered and inducted the second cohort of change makers into its fellowship programme, after a four-week intensive summer training program, held recently, at the Greensprings School, Lekki, Lagos. The program, a two year full-time paid commitment, is designed to build a movement of leaders who will work towards eliminating educational inequity through teaching in underserved schools in low income communities across Nigeria. The training focused on deepening prospective fellow’s understanding of the many issues facing the education system in the country , while exposing them to a wide breadth of subjects and pedagogy knowledge with the aim of preparing them for the challenge of leading their students towards achieving ambitious academic and nonacademic goals. Prospective fellows also had ample opportunity to put theory into practice at summer school where each fellow independently planned and taught one- 40-minute lesson per day for two weeks under expert supervision. Upon induction, fellows were posted to carefully selected placement schools in Lagos, Ogun and Kaduna State. Speaking at the 2018 summer training, the Chairman, Teach For Nigeria, Gbenga Oyebode expressed optimism that, “If in 20 years, a critical mass of Teach

For Nigeria alumni were holding key positions in both the public and private sectors of our national life, our education system and, in deed our country, would be much better than what it is today.� He advised the incoming fellows to uphold their commitment to the fellowship while assuring that the board remains committed to the sustainability of the programme. The Chief Executive Officer (CEO), Teach For Nigeria, Folawe Omikunle, said, “We believe every child has the right to an excellent education and an opportunity to determine their own pathways and meaningfully engage with their communities. Therefore, we support our fellows to help them transform the life trajectory of the pupils we serve through a rigorous, ongoing training programme starting with the summer training institute.� DFID Education Adviser and Teach First, UK Alumni, Esohe Eigbike advised the 2018 fellows saying, “ You are the future of this great nation and the training you have received will serve you well during and after this fellowship. I encourage you to be steadfast and do your best to be positive role models to each and every pupil under your influence.� Miss Sharon Takim, who spoke on behalf of the 2018 fellows said, “We are not unaware of the challenges we will face, but we will have to believe in our kids when no one else does and hope that the laughter, joy and fulfilment of seeing a life transformed before our very eyes is enough to grease the wheels of this great cause.�

establishing new ones. “This painful irony is a challenge to our nation. It is also sad that university teachers could be allowed to face this pestilence and humiliation at the instance of the Governors of Oyo and Osun States.� The ASUU Calabar Zone, however, condemned in totality the brazen irresponsibility going on in LAUTECH, while describing university as a moral scar on

the conscience of the nation. “There is no more terrible a way of darkening the future than killing education as is the case in LAUTECH. We therefore draw the attention of well-meaning Nigerians to the show of shame in LAUTECH and urge all to call the governments of Oyo and Osun States to order. The visitors to the university must live up to their responsibility of funding. “They must recognize that

education is a public good; and they must go beyond the issues of ownership and discharge their responsibilities to Nigeria and Nigerians. “Allowing the staff to go without being paid salaries for about a year, refusing to carry out any physical development in the institution and directing officers of the university to proceed on leave while the present ones are in acting capacity is a mockery of the university

system taken too far, which should not be tolerated. “By refusing to subvent the university, thus making them institution wholly reliant on IGR, is an introduction of commercialization of education, the ramifications of which are very negative both in the short and long terms. ASUU Calabar Zone calls on progressive forces across the country to reject in strong terms what is happening in LAUTECH.�

A cross section of participating students at the 12th edition of Vision 2020 YERI summer camp programme, held in Lagos...recently.

Foundation Tasks Govt, Parents on Girl-Child Education Hammed Shittu in Ilorin An Ilorin based non governmental organisation, SAAB Foundation, weekend advocated the need for government at all levels, parents and guardians to ensure adequate education for the girl-child so as to guide against the menace of rape in the society. Speaking with journalists at the second edition of the foundation’s campaign against rape and gender based violence, the Coordinator, Hajia Saadat Bibire noted that the development would also reverse the actions that contribute to rape among the girls. According to her, “Any government that fails to provide education to the society especially the girl-child education, does not worth it’s existence. The provision of education to girls remain a positive step that would assist them to be well empowered, thereby preparing them ahead of their future attainment.� She added that, “all concerted efforts should be put in place by the governments and parents to ensure the stand of girl-child education is achieved so as not to expose our girls to unwanted pregnancy.� Bibire said her foundation had

been in the vanguard of protecting girls exposed to rape by giving them counseling so that they can be more useful to the society. “Our foundation had been campaigning against sexual violence, providing prevention mechanisms and supporting survivors with psychosocial services. “Advocates for rape survivors who can’t speak about their ordeal due to stigmatization and fear of identification, makes use of various platforms to educate and engage people in interactive sessions through the social media and the traditional media to ensure that rape and other social vices becomes a thing of the past. “SAAB foundation has also invested hugely in women empowerment, campaigns against social misconduct which are usually caused by idleness and joblessness such that it has drastically reduced if not totally eradicated. “The vision of the foundation is to basically promote the rights of underprivileged girls and foster an Africa that values girls, promote gender equality and equity which are also free of all forms of abuse and bias against large population of people.�

Cowbellpedia: Maths Champion Attributes Success to Relentless Preparation A participant in the ongoing 2018 Cowbellpedia Secondary School Mathematics Television Quiz Show, sponsored by Cowbell Milk, Master Israel Adegboyega has attributed his relentless preparation and long hours of practice in achieving excellent results in Mathematics competition. Adegboyega who is a student of Scholars Universal Secondary School, Ota, Ogun State explained that success in Mathematics demands preparation and determination in order to overcome the initial fear that scare a lot of students. “The magic is that students who are not very good in Mathematics should try and practice it more often in order to improve. For instance, ahead of this competition, I practised Mathematics for about 10 hours daily,� he said. He advised his fellow students to ignore the perception of Mathematics being challenging, adding that the subject nurtures the individual’s power of reasoning, creativity, abstract or spatial thinking, critical thinking, problem-solving ability, as well as effective communication skills. In the senior category preliminary group B contest held recently, Adegboyega and Praise Isinkaye of Federal Government Academy Suleja, Niger State, qualified for the semi-finals after squaring up against Olufunmbi Fakorede of Bibo Oluwa Academy, Ilesha, Osun State and Vincent Ezeanyagu of Baptist High School, Naraguta-Jos,

Plateau State. Other contestants at the preliminary stage included Oluwagbemiga Adegbamiye of Reality High School, Ilesha, Osun State, and Haruna Hassan Kabaju of Nigerian Tulip International College for Boys, Damaturu, Yobe State. A first timer in the competition, Adegboyega who is confident of his chances told journalist that, “My expectation is to be the champion. Cowbellpedia remains my ultimate dream.� Isinkaye who could not make it beyond the preliminary round, two years ago, hopes to qualify for the finals and win the ultimate prize this time around. “I feel cool scaling this hurdle. I really thank God, but my ultimate ambition is to be the 2018 Cowbellpedia champion,� she said. In the junior category, Benny Sampson-Uche of Graceland International School, Port Harcourt, Rivers State and Jefferson Ejaife of DSC Aladja, Delta State, pulled through to the semi-finals. Sampson-Uche, 13, who had 145 points in the second round is described as ‘small but mighty’, believes he has all it takes to emerge the 2018 champion and make his school and state proud following the footsteps of his school mate, Jessey Uche-Nwichi, the 2017 junior champion. Ejaife also amassed 120 points to win in the second round. He is looking forward to going all the way to the final and wearing the crown.

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Varsity Don Bemoans Decline in Reading, Writing Culture Funmi Ogundare A Professor of English at the University of Ilorin and former President Association of Nigerian Authors, Olu Obafemi has expressed concern about the reading culture in Nigeria saying that it is going through a sorry decline. He said this worrisome trend is also manifesting in the writing culture. Obafemi who made this known in his review of a book titled, Ikeke: The Home Return’, written by Mr. Ohi Ojo, said, “When there is a stupendous amount of written and printed work, the interest in reading is frighteningly marginal, especially among our rapidly growing youth population for whom the

internet is the in-thing, almost exclusively.� He noted that when people starts showing interest in the reading culture, it rekindles in one’s mind that all hope is not lost. According to him, “ This is more so when the style of writing is a combination of facts and fiction, which is now fashionably referred to as ‘faction.’ On the book, the don said’, Ikeke: The Home Return is a story which deals, dominantly, with culture, tradition and religion (concepts and notions that are taken as interrelated nowadays in our climes), laced with contemporary Nigerian political development. These notions and phenomena are complexly woven together in a way that makes the work quite

interesting and fascinating to read, as it generates suspense that grows from page to page until the very end, where the whole puzzle is finally unraveled and perhaps resolved.� Obafemi told the story set in Edo State, Nigeria, in a largely traditional environment where culture and tradition are almost inviolably and tenaciously clutched unto. There, Ikeke, a young beautiful village damsel gets married but her eventual pregnancy becomes problematic. “The soothsayer who doubles as the medicine man is approached. He in turn, consults the oracle which provides a prophecy that the pregnancy will result in the birth of a set of male twins, who will early in life be separated, go their different ways, but will become

great and famous throughout the land. Their paths will eventually cross and they will find their way back to their ancestral land. “The story begins from Edo and crisscrosses Lagos, Niger and Kaduna states, as well as Abuja, the nation’s federal capital. It eventually births in Edo state where it all began.� He described the author’s narrative technique as simple, easy-to-read and accessible through which a plausible story unfolds, depicts and highlights, instructively, the inter-relationship between the different ethnic nationalities in Nigeria. “The recourse to contemporary Nigerian socio-political developments help to make it possible for the general public to identify with the text and share its experience with remarkable

L-R: The Special Assistant to the President on Foreign Aairs and Diaspora, Hon. Abike Dabiri, President of Royal Geographical Society, Baroness Lynda Chalker and the Vice-Chancellor of Lagos State University (LASU), Professor Olanrewaju Fagbohun, during a programme tagged, ‘An Afternoon with Baroness Lynda Chalker’, organized by the institution in honour of Chalker in Lagos... recently

Baroness Chalker Canvasses Policy on Education for Nation-building Funmi Ogundare President of the Royal Geographical Society , Baroness Lynda Chalker of Wallassey, has called for a policy and structural reform that will improve people’s livelihoods in education and create jobs that will impact their socioeconomic wellbeing . She said this could only be achieved by building good education across the country, especially for girls which spurs exponential positive effects on social and economic development for generations to come. Chalker who made this known recently, in a lecture titled, ‘Africa in a Competitive World: Business and Investment’, during a programme organised by Lagos

State University (LASU), Ojo, in her honour, stressed the need for human capacity development through education and skills. According to her, “Increasing levels and quality of education will be essential to raising productivity across all sectors. This means increasing funding to education.� She expressed concern about the poor budget allocation to education and the staggering figure of out- of-school children in the country saying, “The United Nations has specified that at least 26 per cent of a country’s budget should be devoted for education, without which no meaningful improvement will be seen. As it stands now, the fraction is less than 10 per cent. “UNESCO’s Global Education

Monitoring (GEM) says that Nigeria is still home of the world largest out-of -school children. Of the staggering 10.5 million out-of -school children in Nigeria today, the majority are girls. Girls education is good economics which is the best investment in a country’s national development. Educating girls enhances growth rates and reduces social disparities.� The president said there is need to pair up computer literate youths who are proficient in ICT, with older people in business , adding that this is what is being deployed in other countries that will boost the socio-economic wellbeing of the people. The Vice-Chancellor of the institution, Professor Olanrewaju Fagbohun in his remarks called for an investment in tertiary

education if universities in the country are to champion the innovations and technology that will bring about an increase in global manufacture and ensure sustainable development. “There is no denying the fact that tertiary education in our country today, leaves much to be desired. If we are to construct that functional linkage between higher education and industry, for us to produce the graduates that industry require, to build a knowledge-driven economy, investment in tertiary education is an urgent undertaking. He stressed the need for government to revert to recruiting the best brains on graduation to man the bureaucracies and enhance the capacity for policy formulation and implementation.

USOSA Elect New BoT, Plans to Redevelop Unity Colleges Udora Orizu in Abuja Unity Schools Old Students Association (USOSA), has elected new board of trustees members and making preparations towards passing a motion to the government to revitalize the education sector especially the Unity schools. Addressing Journalists at the 33rd plenary of the association, recently, in Abuja, a trustee and member House of Representatives represent-

ing Mubi North, Mubi south and Maia, Abdulrahman Shuaibu said the house has previously passed a motion for government to revive the infrastructure in Unity schools. According to him, “USOSA has a lot to offer Nigerians, there was a motion in the house concerning Unity schools that government must put infrastructure in place. We have benefited from these schools, we need to create an enabling environment so that the current students can benefit the way we did.

“Infrastructure and teachers were perfect in those days, we want to return to those glorious days. Unfortunately, what we have, is a complete opposite today, there are no infrastructure or well trained teachers, even when they are well trained they are not as dedicated as they used to be.� He noted that being a member of the board, he will be able articulate their position and put it forward to the government. “We can go directly to any

ministry and talk to them and they will able to do something for us, we can also pass a motion in the house and send it to the executives for execution. As a member of House of Representatives I am in a position to assist.� On what government can do to improve the standards of education in Nigeria, Shuaibu advised that budgets allocated to the education sector should be monitored to ensure that the budgetary provisions made are fully utilized.

Kwara Students Get Senator Ibrahim’s Scholarship Hammed Shittu in Ilorin About 21 students indigenes of Kwara South in various universities across the country, have benefitted from Senator Rafiu Adebayo Ibrahim scholarship under Rafiu Ibrahim Bilal Foundation (RIB) , a pet project of the senator representing Kwara South senatorial district in the National Assembly . Three beneficiaries were picked from each of the seven local government areas comprising; Ifelodun, Offa, Oyun, Irepodun, Isin Oke-Ero and Ekiti. The received the sum of N100,000 each, to enable them complete their education. Speaking at the formal presentation of cheques to the beneficiaries in Ilorin, the former Speaker of the State House of Assembly, Alhaji Babatunde Mohammed described the financial assistance as apt and timely while congratulating the legislator for embarking on the gesture. Mohammed, who chaired the brief ceremony, urged public office holders to emulate the benefactor and admonished the beneficiaries to face their studies and shun distractions throughout the duration of their academic pursuits. He said the selection of the beneficiaries spread across the senatorial district, adding that the scholarship was floated with good intentions. In his remarks, a member of Board of Trustees (BOT) of the foundation, Professor Kenneth Adeyemi said the scholarship was a golden opportunity and warned the students against misusing it. He reminded the beneficiaries of peer influence while in school, saying that joining bad gang was a recipe for destruction. “What we are doing today is what everybody should be happy about. To our beneficiaries, you have an opportunity that many don’t have. It is a golden opportunity for you, others who are very brilliant pray for this. I want to appeal to you not to misuse it at all. “My advice to you is dont join bad gangs, the end result is destruction. Face your studies and make sure you come on top, make your parents

proud. Education is the only thing that can develop students,� Adeyemi said. The Director General of foundation, Dr. Bosun Lawal said the foundation has been doing a lot in the area of education, which he identified as the core mandate of the foundation. He disclosed that the scholarship would run for the period of the academic programmes of the beneficiaries in their various higher institutions of learning, adding that others would also be accommodated. Lawal said, “RIB is known for promoting education, community development, manpower development and the likes. This is another milestone that we have achieved now, we hope to sustain it. “We know that the level of poverty within Nigeria system is high. The Vice President of Nigeria in March, mentioned in a newspaper that the number of those within the poverty line has increased to 110 million. “So, we believe that if we can assist parents to support these bright children, we would have more people to give back to the society in the future. It is one of the principles and objectives of the foundation to promote educational excellence.� He added, “All our activities are mainly for human and community development. Regardless of whether the senator is still in politics or not, he has always said that his foundation is established for the development of his people whether in office or out of office. “The selection was done through the data obtained from JAMB. JAMB gave us the list of five best in seven local governments in Kwara South and we chose the best three for this edition. Hopefully in the future, we would be able to accommodate more. So, we have 21 beneficiaries in this maiden edition and they are spread across federal and state universities of Nigeria. “We are giving them on an annual basis, so far they can sustain this academic excellence. On annual basis, we would be paying them N100,000 to subsidise their academic pursuits.�

Plateau Govt Lauds FG on Acts Establishing Jos Medical Lab School Seriki Adinoyi in Jos Plateau State government has commended the federal government over the signing into law of the Act establishing the Federal School of Medical Laboratory Technology Science, Jos and many others by the Acting President, Professor Yemi Osinbajo, describing it as progressive. The State Commissioner for Science and Technology, Mr. Dan Manjang commended all progressive elements that have been instrumental in one way or the another to seeing that this feat is achieved. He also commended the ‘Rescue Administration’ of Governor Simon Bako Lalong, and also Late Senator Gyang Dalyop Dantong

that represented Plateau North Senatorial District, who was also the Chairman, Senate Committee on Health of the Seventh National Assembly, among others, for putting concerted efforts together to get the federal government to sign the Act. He observed that, “This gesture will go a long way in correcting the education imbalance that exists in the state in that field of study. I therefore, call on Plateau people to take advantage of this law to avail themselves of the services of this great institution. The commissioner called on the management of the institution led by Dr Sunday Etukudo to abide by the rules of engagement as it affects students’ admission and employment which he has done well so far.

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PASGR:Varsities, Research Institutes Brainstorm on New Learning Methods in Africa Seriki Adinoyi in Jos About 200 African scholars from 13 African Universities, and four research institutions, recently, met in Kenya on the platform of Partnership for Africa Social and Governance Research (PASGR) to explore new learning methods that would be beneficial to learners in African universities. The 10-day retreat was solely dedicated to brainstorming on how to revolutionalise tertiary education in Africa. The Executive Director of PASGR, Professor Tade Aina said the failing standard of university education in Africa, and the need for Africa’s tertiary institutions to meet global standard propelled PASGR to take up the challenge in addition to her ongoing project of Master of Research in Public Policy (MRPP) in 13 African universities. Aina, who was speaking at the official launch of the training tagged Partnership for Pedagogical Leadership in Africa (PEDAL) at Intercontinental Hotel, Nairobi, noted that failure in Africa

tertiary education could be attributed to lack of core values. He stressed the need for partnership and re-think on how to join hands and revive higher education in Africa, adding that PEDAL would take into consideration the rich African wisdom and vision that are under-utilised in the educational system. The Don, who expressed optimism that in the next few years, tertiary education in Africa will gain a place of honour on the global plane, commended the Strategic Partnerships for Higher Education Innovation and Reform (SPHEIR) and the UKaid for supporting the vision, and making it real, adding, “ the support from higher institutions regulating bodies, participating universities, and scholars is enormous. The attendance of key government officials, policy makers, and university vice chancellors is a confirmation that PEDAL has come to redeem Africa tertiary institutions.� In her opening remarks, PASGR Director of Higher Education, Dr. Beatrice Muganda revealed that the

official launch was motivated by the success of the pilot work carried out in eight universities across Africa. “The success story from the eight universities will now be extended to all the 13 universities where MRPP programmes are hosted, and by extension other universities in Africa.� She disclosed that the launch was the beginning of system change, as university lecturers will be trained to

create platform that will enhance effective learning process in African varsities. Programme Director, Strategic Partnership for Higher Education Innovation and Reform (SPHEIR), Dr. Pauline Ganja explained that PEDAL is aimed at catalysing systemic change in higher education; it is focused on partnership to work on common goals, to transform teaching in the universities.

“It is a global network whose relationship emerged from MRPP resource persons,� Ganja said, while commending PASGR leadership for its efforts in ensuing the effective use of power of collaboration and delegated responsibilities. She said PEDAL is research-based approved teaching method, and will for now focus on social sciences and postgraduate

studies. A member of MRPP Steering Committee, Prof Bonaventure Haruna, of the University of Jos, Nigeria, said PEDAL’s course content is unique, and the resource persons are scholars of international repute, well tested, with proven contribution to knowledge. He said the approach is that learners are not to be spoon-fed to discover the potential in them.

Akeredolu Donates Laptops to 400 School Girls James Sowole in Akure The Wife of the Ondo State Governor, Mrs. Betty Anyanwu-Akeredolu has given 400 laptops computers to secondary school girls that participated at a two -week training camp, tagged ‘ BEMORE Summer Bootcamp’ organised for the girls selected across schools from the 18 local government areas of the state. The camp, which was the second edition was organised by BEMORE Empowered Foundation founded by Mrs Anyanwu-Akeredolu, was held at the Public Service Training School, Ilara Mokin, Ondo State. During the two-week camp, participants were trained on how to make solar power panel, ICT training and other life changing skills. Mrs. Akeredolu who presented the laptop computers and other prizes to participants at the closing ceremony of the camp, expressed hope that the girls will contribute effectively to the actualisation of a better Nigeria. “The Bootcamp has succeeded in building the next generation of complete leaders who are technologically proficient, health aware and highly skilled as entrepreneurs.� She said the young girls are all set to defy and leapfrog all obstacles in ensuring that the Nigeria flag stands tall in G20 summits. “I must warn you

that there will be challenging times, but you should know that this camp has equipped you with all that you need to overcome them all. You are the twinkle little stars we hope will navigate our voyage, you are indeed the hope of many generations that has lost hope. “To rise up to the task ahead, you must put all you have learnt here to practice, mentor many more girl-children and build a formidable network of change agents, � she added. While thanking all those who supported the initiatives and made it a success, Mrs. Akeredolu particularly acknowledged OSOPADEC, the BAAF team, Ashdam, Seedev, Shoprite, among others for being the giants upon whose shoulders the girls are standing to create lasting development for Nigeria and the world at large. The chairman of the occasion and wife of the Governor-elect of Ekiti State, Mrs. Bisi Fayemi in her remarks, lauded Mrs. Akeredolu for coming up with the initiative saying that Ekiti government will take a cue from the initiative to the benefit of its own people. While congratulating the girls for being among the privileged few who have the opportunity to be exposed to technology at an early age, Mrs. Fayemi charged them to make the best use of the privilege and become great future leaders.

The third place winner of the Taiwo Afolabi Maritime blueprint competition , Tosin Ayobami Durodola of Ekiti State University and winners, Olanrewaju Adekeye and Samuel Dunmade of Bowen University, Acting Managing Director, Skyway Aviation Handling Company Limited (SAHCOL), Basil Agboarumi, second place winners, Pius Bankong and Ipinnuoluwa Ade-Ademi of University of Lagos, third place winner, Sunday Oyewole of Ekiti State University, and Vice President, Maritime Forum, University of Lagos, Damilola Oguntade, during the presentation of prizes to winners of the Taiwo Afolabi Maritime blueprint competition, held in Lagos‌ recently

Bowen, UNILAG, EKSU Win Varsity Dons Demand More Maritime Blueprint Contest Attention to Education Sector Funmi Ogundare Bowen University, Iwo; University of Lagos (UNILAG) and Ekiti State University (EKSU), have emerged winners of the Maritime blueprint competition, one of the activities of the Taiwo Afolabi Annual Maritime Conference, sponsored by SIFAX Group. Now in its third year, the keenly contested competition, held in partnership with the Maritime Forum of the Faculty of Law, University of Lagos. saw law students from six universities participating. At the end of the competition which used a debate format, Bowen University, Iwo, represented by Adekeye Olanrewaju and Dunmade Samuel emerged the overall winner with 85 points while University of Lagos represented by Pius Bankong and Ipinnuoluwa Ade-Ademi and Ekiti State University by Durola Ayobami Tosin and Oyewole Sunday came second and third respectively with 81 and 78 points. Other schools that participated were University of Benin, University of Ilorin and Obafemi Awolowo University, Ile-Ife. The first round of debate was on the merits and demerits of foreign direct investments in the maritime sector, while the final

round of the debate was on the topic, ‘Port Costs and Port Charges: A Recurring Decimal Under Port Reform Regime.’ The winners received cash prizes, laptops and smart phones. Speaking on the competition, the Executive Vice Chairman, SIFAX Group, Dr. Taiwo Afolabi, noted that the need to deepen the knowledge base of the law students and to stimulate their interest in the country’s maritime industry were responsible for the company’s sponsorship of the competition. According to him, “We don’t have enough maritime legal experts in the industry as I speak to you. Very few students also show interests in the legal aspect of the sector. Having identified this, the company decided to take up the sponsorship of the competition. “We believe that this gesture would go a long way in stimulating interest of students in maritime law. I am personally leading the mentorship charge because as a lawyer, I have experienced firsthand the many opportunities inherent in the application of law to the maritime sector. “We are also doing this because at SIFAX Group, it’s part of our corporate philosophy to positively affect the society.�

Peter Uzoho Worried by the continuous decline of the country’s education sector, some university lecturers have called on the federal government to urgently accord the sector the desired attention in order to save it from total collapse. The concerned lecturers made their positions known at the launch of Yanor Nyigbem Kukwa’s book, ‘Barrack Boy,’ held recently, at the University of Lagos. Speaking at the event, an Associate Professor at the Benue State University Makurdi, Moses Tsenongu, said both the government and the citizenry should develop more interest in education than politics. According to him, Nigerian authors have met with numerous challenges based on poor reception from the public who have developed an interest in politics than intellectual upliftment. He noted that upcoming authors have to be persistent in order to become a force to be reckoned with like prominent authors across the country, describing the book as a piece that reflects numerous interesting places, consequential in the life of a nation. “But apart from school life and the military, this novel has also projected rural life in a manner that is a capable panacea to the poisonous citification that is the bane of contemporary society

now.� Lending his voice, a lecturer of Law at the University of Lagos, Dr Viashima Simeon Akaayar, decried the meagre funds allocated to education in the country’s budget, saying that there is need for the government to show full commitment to the sector which is in the interest of the populace and the country. Commenting on the book, he explained that the life an average barrack boy in the country is exposed to, is hinged on the lack of adequate facilities to engage him after school activities. “There is no foundation for every average youth more than education, most barracks have schools in there but they do not have skills acquisition centres that students can go to after schools, during weekends and holidays,� he said. The author of the book, Kukwa, explained that the novel was born out of his experience during his early years at the barrack, to point at the ills of the society accepted by a certain class and disparaged by another. He added that the book also portrays the life of an average person who lives in the barracks . “I was a Barrack boy, I have read widely and discovered that of all the literary work, there’s none about the army barrack and I actually have a sentimental attachment to my childhood,� he said.

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CITYSTRINGS

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Panacea for Armed Banditry in Zamfara Alex Enumah writes that the ideas that emerged from a recent interface between the Nigerian Bar Association and the government and people of Zamfara State, when the NBA leadership visited the state, are critical in the effort to address the menace of armed banditry in the region

W

hen the national leadership of the Nigerian Bar Association (NBA) set out on a visit to Zamfara State on August 17, the motive was simple: to interface with the people and collectively find lasting solution to the ravaging activities of some groups of armed bandits, that has almost crippled life and the economy of the state with the magnitude of the wanton destruction of lives and properties they always leave in their wake after each operation. NBA National President, Abubakar Mahmoud set the stage rolling with this tune, "Our objective is to express our concern and sympathy to the people of Zamfara. We are here to hear from victims and stakeholders about what is happening and what could be done." Mahmoud, in addition, assured the gathering that the visit was not political but aimed at ‘promoting peace, resolving the conflict as well as upholding the constitution of Nigeria�. While he called on the people to feel free to bare their minds, he promised that perpetrators of the heinous crime, “No matter how high or low, would be caught and prosecuted in line with the law".

Blame Game

That said, the floodgates of accusations and counter accusations, tailored along mainly ethnic and political sentiments were opened during the feedback. While some claimed the crisis was an offshoot of the usual herderfarmer conflict over land, other speakers also identified poverty, unemployment, corruption, ignorance, ethnic and religious sentiment as some of the factors fuelling insecurity in the state. Yet, some others blamed it on both ethnic and political sentiments, which they linked with the current administration of Governor Abdul’aziz Yari. Nearly all who spoke at the occasion seemingly berated the governor for running the administration from outside Zamfara and called on the federal government to declare a state of emergency in the state. Others who identified poverty, unemployment, corruption, ignorance, ethnic, religious sentiments and lack of trust in government as some of the factors fuelling insecurity in the state, advocated for quality leadership and urged the people to endeavour to vote for capable and competent leaders in the next election. A former senator, Saidu Dansadau, who stated that the management of security was time bound and capital-intensive, expressed regret that there was no leadership on ground to monitor how such money was spent or even take appropriate and swift action on available intelligence. For Aliyu Gusau, the Director of Public Prosecution in the Federal Ministry of Justice, the issue was that the people of the state no longer trusted the government. He said: "The communities are more loyal to the bandits because promises and assurances given by the government were never fulfilled.� He also blamed lawyers in the state for being too quick to defend and secure bail for arrested bandits, and attributed this to the failure of justice delivery in the state. But to Abdullahi Usman, a Lower Sharia Court Judge, who urged the people to place the problem above politics, blamed it on marginalisation. He claimed that whenever there was conflict, state intervention normally takes side with farmers against herders, adding that the fulanis were also not members of the vigilante set up to tackle issue of cattle rustling in the state. But some others were quick to submit that “no matter the cause, it was not enough reason for the wanton destruction of lives and properties�, adding that the fulanis cannot claim marginalisation since the deputy governor, Mallam Ibrahim Wakkala, a Fulani, was head of a conflict resolution committee. On his part, Chairman, Trade Union Congress (TUC), Zamfara branch, Monsuru Mustapha, blamed the problem of insecurity on growing poverty rate, unemployment, poor governance, porous borders and the abandonment of measures of peace building adopted in the past. "The problem started when the farmers and fulanis stopped meeting in 2015�, he said “and government also made the mistake

Former Senator Saidu Dansadau, proposing solutions for armed banditry on the oor of the NBA Town Hall meeting in Gusau, Zamfara State by involving politicians in resolving this conflicts�. The only female speaker at the event, Mrs. Maryam Ali Abdullahi, attributed the problem to undue ethnic consciousness, poverty, unemployment, increasing cases of social vices like drug addiction and the failure of parents to effectively instill moral values on their wards.

The Defence

But Secretary to the Zamfara State Government (SSG), Prof. Muhammad Shinkafi, thought otherwise. He argued that the issue of insecurity is a global phenomenon which should not be blamed on the state government. Shinkafi, in buttressing his claim that the crisis in the state started before the coming of this administration said, “The impression that the problem started in 2011 is wrong, it started in 2009. In 2010, there were two attacks and others in 2011 before the coming of this government�. Though stakeholders at the meeting disagreed on the causes of the crisis and when it began, they however, agreed that the time to take genuine and drastic measures to end the crisis is now. According to the SSG, the crisis which started as a minor clash between herders and farmers has been taken over by armed bandits who are bent

As at today, we have about 10 major ashpoint in the state with over 40 attacks since 2009 , resulting in the death of over 3,000 persons, destruction of over 2,000 homes, business premises destroyed, including about 2,000 hectares of farmland, 500 vehicles burnt, villages overtaken by the bandits and the abduction of over 500 persons for ransom

on running the state aground. "As at today, we have about 10 major flashpoint in the state", he said, adding that "over 40 attacks since 2009 , resulting in the death of over 3,000 persons, destruction of over 2,000 homes, business premises destroyed, including about 2,000 hectares of farmland, 500 vehicles burnt, villages over-run by the bandits and the abduction of over 500 persons for ransom". He noted that the situation has created palpable fear in the people and this in turn has crippled the economy of the state. Shinkafi, disclosed that the state government has so far spent over N17bn in its quest at finding lasting solution to the lingering insecurity issue that has been ravaging the state in recent times. He said the amount which runs from 2011 to date covers payment of allowances, purchase of vehicles and other logistics to security operatives. "Part of the money was also used to provide offices and residential accommodation to men of the 223 battalion, 607 Quick Response, 1Brigade and the General Officer Commanding (GOC) units", he said, adding that the state government also provided some form of assistance to families and victims of the attacks to the tune of N2bn. While he remarked that the state has been sitting on a time bomb for so long, Shinkafi however emphasised the need for a concerted effort by all to halt the onslaughts. He further attributed the banditry to shortage of manpower in the state, stressing the need for more indigenes to show interest in joining the security services to protect the state. Shinkafi, while reeling out efforts by the Abdul'aziz Yari led administration in returning the state back to its position of being the most peaceful state in the federation, said education as well as the need for people to limit the size of their family is crucial in taming the menace of insecurity in the state. “We have to work on the education of the people, unfortunately people wear good clothes, drive good cars but cannot pay school fees�, he lamented. “When as parents you do not attend to your children, the bandits hijack them and recruit them to work for them. And as a man, you don’t have to marry four wives if you know you don’t have the means�, he added. The SSG thanked the NBA for the visit and promised that the state government would appreciate and implement recommendations from the NBA, which would bring about peace in Zamfara State.

Workable Solutions

Going beyond recommendations from the NBA, the stakeholders also posited workable solutions for the crisis. For Senator Dansadau, whose position was re-echoed by majority of the speakers, “a state of emergency should be declared in Zamfara. That is the way to address this problem. It is not only about deploying soldiers and other security agents. The issue requires fundamental decision�. Mustapha on his part, urged the governor to spend more time in the state and suggested the resumption of the periodic meetings of leaders of farmers and herders from the three main ethnic groups in the state - Hausa, Fulani and Zuru) - where issues of concern and disputes were tabled and addressed. In addition, he advised Yari to see his appointment as the Chairman of the Nigerian Governors Forum (NGF), which he believed was always keeping the Governor away from the state, as a secondary responsibility. However, Mrs. Abdullahi, was of the opinion that the problem would abate when state’s institutions learn to ensure justice for all, address the problem of social inequality, illiteracy, unemployment and drug addiction, just as the Emir of Zurmi, Abubakar Atiku Mohammed, said the people of the emirate needs solution to the persistent banditry in the town and not sympathy or condolences.

NBA's Stance

Reacting, the NBA president, lamented the huge cost spent in the pursuit of peace by the state, noting that such amount would have impacted positively on the state's economy. He remarked that security operations by federal agencies anywhere in the country must be funded by the federal government and not states. He however, emphasised that funding aside, the state government must show leadership in the fight against insecurity. Meanwhile, commending the high turnout and the various contributions made, he assured that the NBA would make judicious use of information received in its report and recommendations to relevant authorities. He also assured that the association would confront the governor over the various allegations against him particularly, his non availability to attend to important and urgent state matters. Nonetheless, a lot of efforts have been put in place both at state and federal levels, but very little have been achieved in containing the situation. It is hoped that the NBA’s visit may just chart the road-map for lasting peace in Zamfara State.

T H I S D AY •WEDNESDAY, AUGUST 29, 2018

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BUSINESS/MONEYGUIDE

FMBN, NLC, Others to Launch Affordable Housing Scheme for Workers Ndubuisi Francis in Abuja In a move to boost housing development in the country, the Federal Mortgage Bank of Nigeria (FMBN) in conjunction with the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and the Nigeria Employers’ Consultative Association (NECA) have finalised plans to commence the implementation of a National Affordable Housing Delivery Programme for Nigerian workers. The housing scheme is a product of a strategic collaboration between FMBN and the nation’s leading labour unions towards gradually addressing, in a structured and sustainable manner, the housing requirement of their members currently estimated to be about 3,750,000 housing units. According a statement issued by its Group Head, Corporate Communications, Zubaida Umar, FMBN, this includes

fast-tracking the provision of safe, decent, quality and affordable housing to registered members of NLC, TUC, and NECA that also contribute to the National Housing Fund (NHF), which it manages. The pilot phase of the programme aims to deliver 2,800 housing units in fourteen (14) sites across the country. This includes 200 houses in each of the six zones in addition to Lagos and Abuja. The ground-breaking ceremony of the project is scheduled for September at the 100-unit housing estate for Voice of Nigeria (VoN) in Abuja “This will be followed by successive launches of the programme in two states: Yola, Adamawa and Umuahia in Abia. “Key features of the housing programme are the emphasis on affordability and the focus on low and middle-income classes

of workers. Planned house types therefore include fully finished semi-detached bungalows and blocks of flats of one bedroom, two bedrooms, and three bedrooms, respectively. “The designs of the houses are based on local and international social housing models that have been tested and proven to deliver housing units that are structurally strong, livable and at cost effective rates that fit the income of the targeted beneficiaries. “To ensure successful execution of the programme, the design and implementation plan was based on extensive deliberations and recommendation of housing experts. “They drew from the theoretical and practical experiences of housing stakeholders, varied input, and consultations with developers, private sector players, research and analysis of housing projects locally and abroad,” the statement said.

L-R: Travel journalist, Pelu Awofeso; Founder, Journalism Clinic, Taiwo Obe; Head of Media, Fidelity Bank Plc, Mr. Ejike Ndiulo; Assistant Director Programmes, Federal Radio Corporation of Nigeria, Funke Treasure Durodola and Ben Uzor of Brand and Communications Department, Fidelity Bank, at training organised for journalists that was sponsored by the bank in Lagos…recently

CBN Pumps $210m into Forex Market James Emejo in Abuja The Central Bank of Nigeria (CBN) has injected another sum of $210 million into the interbank foreign exchange (forex) market. The move was part of the central bank’s commitment to ensure that forex is available for customers needs in various segments of the market. The apex bank said it offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises

(SMEs) received the sum of $55 million. Figures released yesterday further indicated that customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. CBN acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, confirmed the figures and reassured the public that the Bank would continue to

intervene in the interbank foreign exchange market in line with its desire to sustain liquidity in the market and maintain stability. The central bank had injected a total sum of $543.22 million and CNY 63.21 million into the inter-bank foreign exchange market on Thursday, August 23 and Friday, August 24, 2018. The naira continued its stability in the forex market, exchanging at an average of N361/$1 in the BDC segment of the market yesterday.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

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)

DMO, FMDA Empower Journalists Nume Ekeghe The Debt Management Office (DMO) in collaboration with the Financial Markets Dealers Association of Nigeria (FMDA) yesterday held a workshop for financial journalists. The initiative was part of the FMDA’s corporate social responsibility. The workshop which was the second in this series, previously held in Abuja. It brought facilitators and market operators who shared insights on activities in the fixed income securities market.

Speaking at the opening ceremony, the Director General, Ms. Patience Oniha, in her opening remarks said the workshop was aimed at improving journalists’ knowledge, to impact positively on the society. Oniha said: “This event is in collaboration with the financial market FMDA and FMDA has always been stakeholders with the DMO. “This training would familiarise you with what they do with us and what we do with them. Technically, they are our face in the domestic debt market and they relate

with all the other investors the DMO engage with. “We are grateful they are hosting this event and this event is entirely at their cost as part of their CSR” On what lead to the workshop, she added: “From our experience, we realised that while some of you are familiar with equities, but when it comes to that big language of fixed income securities because it is somehow for large investors, trading is done by FMDQ and is they tend to be talking above us often. So, we decide to address this.”

UBA to Reward Customers in Promo The United Bank for Africa Plc (UBA) has launched a new savings promo known as ‘UBA Wise Savers Promo.’ The promo which is scheduled to run till September 30, 2019, would give 80 people a whooping N1.5 million each across all participating regions. The bank explained in a statement that the objective of the campaign was to assist in growing the bank’s savings deposit. Participation is open to both existing and new customers. To qualify for the promo, new and existing customers of the bank were advised to make a N10,000 monthly deposit into their UBA savings account for three consecutive months before each draw date, or make a one-time deposit of

at least N30,000 saved for 90 days before each draw date. Subsequently, 20 lucky customers will each win N1.5 million in the promo every quarter. Draws will take place every quarter until 80 customers win the N120 million up for grabs, it stated. Speaking during the official launch of the Wise Savers Promo, Head Retail Liabilities, Tomiwa Sotiloye, explained that the promo is consistent with the bank’s novel initiatives in proritising customers, adding that, “we believe it is time we reward our customers who have been very loyal over the years. Without them, we could not have made the giant strides attained all these years and in recent times. Tomiwa also noted that:

“Because our customers are invaluable to all that we do, we listen and give them nothing short of the best that they deserve, that is why we pioneered various products that have evidently shown that we always match our words with action – Leo Chat Banker is one out of the numerous examples that have won us several accolades and most recently a prestigious award from Euromoney which conferred us with the best digital bank in Africa.” According to him, “We remain committed to consistently improving customer service and rewarding our loyal customers. As such, the Wise Savers Promo seeks to compliment current initiatives aimed at growing savings.”

(MILLION NAIRA) 2018

Month

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

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

5,433,209.43

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

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 • Source - CBN

MANAGED FUNDS Month Inter-Bank Call Rate

MARCH 15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT, MON, 27, AUGUST , 2018 The price of OPEC basket of fifteen crudes stood at $74.09 a barrel on Monday, compared with $74.02 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY • WEDNESDAY, AUGUST 29, 2018

39

MARKET NEWS

Stock Market Rebounds, Gains 0.53% on Bargain Hunting Goddy Egene The stock market rebounded yesterday following bargaining hunting in banking and consumer goods counters. The market had opened for the week on Monday with a decline of 0.32 per cent. However, the losses were pared yesterday, leading to a growth of 0.53 per cent in the Nigerian

Stock Exchange All-Share Index (NSE ASI) to be at 35,516.21. In the same vein, market capitalisation added N74.8 billion to close higher at N12.96 trillion. The positive performance of the equities market was buoyed by the price appreciation in banking and consumer good tickers particularly GTBank Plc, Access Bank Plc, United Bank for Africa

(UBA), Dangote Sugar Refinery Plc. Commenting on the market performance, analysts at Meristem Securities Limited said as investors take advantage of the relatively cheap prices of counters in the bourse, the market closed in the positive zone, with all sectors recording gains save for the Insurance sector. “However, we foresee the

market closing negative this week, owing to projected profit taking activities on Dangote Cement Plc,” they said. Similarly, analysts at SCM Capital Limited said in the interim, they maintain their conservative outlook, underpinned by continued apathy towards the market as the 2019 electoral cycle draws nearer amid sustained capital flow

reversals in emerging/frontier markets. Meanwhile, a look at the price movement chart showed that 33 gainers and 16 losers. The gainers were led by Portland Paints with 9.7 per cent, trailed by Jaiz Bank Plc and Caverton Offshore with 9.6 per cent apiece. May & Baker Nigeria Plc, Livestock Feeds Plc and Cornerstone Insurance Plc garnered 9.2

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

per cent, 9.0 per cent and 8.7 per cent respectively. Top price gainers included: Japaul Oil and Maritime Services Plc (8.3 per cent); Diamond Bank Plc, Union Diagnostic and Clinical Services Plc ( 7.4 per cent); PZ Cussons Nigeria Plc (7.2 per cent); Honeywell Flour Mills Plc (7.2 per cent) and Mutual Benefits Assurance Plc (6.9 per cent).

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 34

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

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 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

43 PRICE %CHANGE

TRADES

VOLUME 5,000

0.20

-

1

71,113.99

74.55

-

11

69,082

60,000.00

60.00

-

8 20

11,111 85,193

TRADES

VOLUME

0 0

0 0

MARKET CAP(Nm) 1,830.00

MARKET CAP(Nm) 1,164.81

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

56

TRADES

VOLUME

59

0 0

0 0

60

TRADES

VOLUME

61

6

6,348

MARKET CAP(Nm)

57 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

˾ WEDNESDAY, AUGUST 29, 2018

40

Nigeria Daily Stock Market Report: Wednesday, August 29, 2018

Thisday Afrinvest 40 Index Jumps 1.1% Yesterday, Tuesday 28th August 2018, the Thisday Afrinvest 40 index gained 1.1% ƚŽ ƐĞƩůĞ Ăƚ ϭ͕ϰϱϯ͘ϲϱ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ –ϱ͘ϴй͘ The ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŝŶĚĞdž ǁĂƐ ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ GUARANTY ;нϮ͘ϲйͿ͕ ZENITH ;нϬ͘ϵйͿ ĂŶĚ FBNH ;нϮ͘ϭйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϰϬ͘ϰй ŽĨ ƚŚĞ ŝŶĚĞdž͘

Local Bourse Posts Bullish Performance͙ ASI up 53bps Ɛ ĞdžƉĞĐƚĞĚ͕ ŝƚ ǁĂƐ Ă ďƵůů͛Ɛ ŵĂƌŬĞƚ LJĞƐƚĞƌĚĂLJ ĂƐ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĐůŽƐĞĚ ƉŽƐŝƟǀĞ͘ dŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ƌŽƐĞ ϱϯďƉƐ ƚŽ ϯϱ͕ϱϭϲ͘Ϯϭ ƉŽŝŶƚƐ͕ zd ůŽƐƐ ŝŵƉƌŽǀĞĚ ƚŽ -ϳ͘ϭй ĂŶĚ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ŝŶĐƌĞĂƐĞĚ ďLJ Eϳϰ͘ϴďŶ ƚŽ Eϭϯ͘ϬƚŶ͘ WƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ in ďĂŶŬŝŶŐ ďĞůůǁĞƚŚĞƌƐ - GUARANTY ;нϮ͘ϲйͿ͕ ACCESS ;нϮ͘ϴйͿ ĂŶĚ UBA ;нϮ͘ϱйͿ ǁĞƌĞ ƚŚĞ ŵĂũŽƌ ĚƌŝǀĞƌƐ ŽĨ ƚŚŝƐ ƉĞƌĨŽƌŵĂŶĐĞ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ŝŵƉƌŽǀĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƐƵƌŐĞĚ ϵϯ͘ϯй ĂŶĚ ϭϳϵ͘ϵй ŚŝŐŚĞƌ ƚŽ ϯϯϵ͘ϳŵ ƵŶŝƚƐ ĂŶĚ Eϱ͘ϱďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ HMARKINS ;ϭϬϬ͘ϬŵͿ͕ STANBIC ;ϴϬ͘ϬŵͿ ĂŶĚ MAYBAKER ;ϰϬ͘ϭŵͿ ǁŚŝůĞ STANBIC ;Eϯ͘ϲďŶͿ͕ NESTLE ;EϬ͘ϰďŶͿ ĂŶĚ GUARANTY ;EϬ͘ϮďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘

WŽƐŝƟǀĞ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ĞƋƵĂůůLJ ďƵůůŝƐŚ ĂƐ ϰ ŽĨ ϱ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŶŽƌƚŚǁĂƌĚƐ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ǁĂƐ ƚŚĞ ďŝŐŐĞƐƚ ŐĂŝŶĞƌ͕ ƵƉ ϭ͘ϳй ĂƐ ŝŶǀĞƐƚŽƌƐ ƌĂůůŝĞĚ in GUARANTY ;нϮ͘ϲйͿ͕ ACCESS ;нϮ͘ϴйͿ ĂŶĚ UBA ;нϮ͘ϱйͿ͘ dŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĨŽůůŽǁĞĚ ƐƵŝƚ͕ ƌŝƐŝŶŐ Ϭ͘ϳй ĂŶĚ Ϭ͘ϯй ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ TOTAL ;нϱ͘ϬйͿ͕ DANGSUGAR ;нϯ͘ϯйͿ͕ FLOURMILL ;нϱ͘ϭйͿ ĂŶĚ W ;нϳ͘ϯйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ŐĂŝŶĞĚ ŵĂƌŐŝŶĂůůLJ͕ ƵƉ ϮďƉƐ ĚƵĞ ƚŽ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ PORTPAINT ;нϵ͘ϳйͿ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ǁĂƐ ƚŚĞ ŽŶůLJ ůŽƐĞƌ͕ ƐŚĞĚĚŝŶŐ Ϭ͘Ϯй ĂƐ ŝŶǀĞƐƚŽƌƐ ŬĞĚ ƉƌŽĮƚ in LINKASSURE (-ϳ͘ϰйͿ ĂŶĚ LAWUNION (-ϵ͘ϵйͿ͘

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ŝŵƉƌŽǀĞĚ ƚŽ Ϯ͘ϭdž ĨƌŽŵ ϭ͘ϵdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ĚĂLJ ĂƐ ϯϯ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϭϲ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵĞƌƐ were PORTPAINT ;нϵ͘ϳйͿ͕ JAIZ ;нϵ͘ϲйͿ ĂŶĚ CAVERTON ;нϵ͘ϲйͿ ǁŚŝůĞ IKEJAHOTEL (-ϵ͘ϵйͿ͕ LAWUNION (-ϵ͘ϵйͿ ĂŶĚ NPFMCRFBK (-ϵ͘ϰйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ tĞ ĞdžƉĞĐƚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ƐƚĂLJ ƵƉďĞĂƚ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶƐ ĂƐ ŝŶǀĞƐƚŽƌƐ ŚƵŶƚ ĨŽƌ ďĂƌŐĂŝŶƐ͘

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

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

Current Price

Ticker

THISDAY AFRINVEST 40

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

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

1,453.65

1.09%

-5.8%

45.4%

20.3%

7.1%

6.2x

0.8x

6.1%

1

Guaranty Trust Bank PLC

39.00

2.6%

21.8%

-4.3%

-3.8%

35.8%

5.4%

6.0x

2.4x

7.1%

16.8%

2

Zenith Bank PLC

22.20

0.9%

12.0%

-13.4%

-14.4%

25.6%

3.6%

3.8x

1.0x

12.3%

26.4%

100.00

-0.5%

7.1%

-25.9%

-26.0%

15.9%

n

28.7x

4.7x

4.1%

3.5%

1,500.00

0.0%

8.2%

-3.6%

-3.6%

92.0%

23.0%

30.8x

26.7x

2.8%

3.2%

3

Nigerian Brew eries PLC

4

Nestle Nigeria PLC

11.9%

5

Dangote Cement PLC

230.00

0.0%

6.6%

0.0%

0.0%

21.7%

9.9%

23.5x

5.5x

4.6%

4.3%

6

FBN Holdings Plc

9.70

2.1%

6.5%

10.2%

10.4%

7.4%

0.9%

6.4x

0.5x

2.6%

15.7%

7

Access Bank PLC

9.30

2.8%

4.3%

-11.0%

-12.3%

12.7%

1.5%

4.6x

0.6x

7.1%

21.8%

8

United Bank for Africa PLC

8.35

2.5%

3.8%

-18.9%

-19.8%

15.9%

1.9%

3.7x

0.6x

10.1%

27.1%

9

Ecobank Transnational Inc

10

SEPLAT Petroleum Development C

19.30

-3.5%

4.0%

13.5%

18.6%

12.2%

1.0%

6.3x

0.8x

650.00

0.0%

3.4%

3.8%

3.8%

25.0%

14.6%

3.0x

0.7x

2.8%

33.3%

0.0%

3.7%

19.3%

21.0%

35.4%

4.9%

7.7x

2.4x

2.0%

13.0%

16.0%

11

Stanbic IBTC Holdings PLC

49.50

12

Unilever Nigeria PLC

51.00

0.0%

3.4%

24.4%

26.8%

20.4%

8.7%

28.2x

3.7x

1.0%

3.5%

13

Guinness Nigeria PLC

90.00

0.0%

2.3%

-4.3%

-4.3%

15.4%

6.1%

17.1x

2.3x

0.7%

5.8%

14

Lafarge Africa PLC

27.00

0.0%

1.1%

-39.9%

-39.9%

-54.0%

-10.1%

1.7x

5.6%

-33.3%

15

Fidelity Bank PLC

1.74

5.5%

0.9%

-29.3%

-32.6%

10.4%

1.4%

1.4x

0.3x

6.3%

16

Oando PLC

5.20

2.0%

1.2%

-13.2%

-13.2%

10.3%

1.5%

4.6x

0.3x

73.1% 21.8%

17

Dangote Sugar Refinery PLC

15.50

3.3%

0.9%

-22.5%

-23.9%

41.5%

18.1%

5.2x

1.9x

8.1%

19.1%

18

Okomu Oil Palm PLC

71.20

0.0%

1.2%

5.2%

5.2%

35.8%

26.6%

7.7x

2.5x

4.1%

13.0%

19

International Brew eries PLC

32.00

0.0%

0.5%

-41.3%

-41.8%

24.6%

7.4%

33.5x

7.6x

20

Flour Mills of Nigeria PLC

24.80

5.1%

0.6%

-14.5%

-14.5%

9.8%

2.9%

6.1x

0.7x

4.0%

16.4% 15.4%

3.0%

21

Transnational Corp of Nigeria

1.26

6.8%

0.5%

-13.7%

-14.9%

12.9%

2.8%

6.5x

0.8x

1.7%

22

UAC of Nigeria PLC

12.00

0.0%

0.4%

-29.0%

-29.0%

1.5%

0.6%

21.3x

0.5x

5.4%

23

Diamond Bank PLC

1.30

7.4%

0.5%

-13.3%

-17.2%

-7.2%

-0.9%

-17.4%

-17.4%

33.1%

6.9%

7.1x

2.2x

8.9%

14.1%

20.3%

6.7%

1.0%

3.1x

0.2x

5.3%

32.0%

6.2x

2.2x

4.4%

24

Total Nigeria PLC

25

FCMB Group Plc

26

11 PLC

27

Forte Oil PLC

190.00

5.0%

0.5%

1.90

3.8%

0.6%

180.00

0.0%

0.5%

-7.5%

-7.5%

40.2%

16.0%

22.30

-3.0%

0.3%

-48.7%

-46.9%

29.7%

3.0%

0.1x

4.7% -66.5%

1.7x

16.2% -11.7%

28

PZ Cussons Nigeria PLC

14.00

7.3%

0.3%

-32.0%

-33.8%

10.7%

5.0%

13.3x

1.4x

3.5%

29

Cadbury Nigeria PLC

10.05

-0.5%

0.3%

-35.9%

-35.6%

5.9%

2.2%

29.8x

1.7x

1.6%

3.4%

30

Presco PLC

60.05

0.1%

0.4%

-12.3%

-12.3%

35.8%

24.8%

2.5x

0.8x

3.3%

39.7%

31

NASCON Allied Industries PLC

20.00

0.5%

0.4%

8.1%

4.1%

62.4%

20.6%

9.5x

5.4x

7.5%

10.5%

32

UPDC Real Estate Investment Tr

9.00

0.0%

0.3%

-10.0%

-10.0%

0.8x

7.8%

33

Union Bank of Nigeria PLC

5.85

4.5%

0.3%

-25.0%

-22.1%

34

Julius Berger Nigeria PLC

25.00

0.0%

0.3%

-10.7%

-10.7%

17.3%

9.3x

0.6x

1.8%

6.9x

1.1x

3.5x

35

Sterling Bank PLC

1.35

2.3%

0.3%

25.0%

19.5%

11.0%

1.1%

36

Dangote Flour Mills Plc

7.85

-3.7%

0.2%

-35.4%

-35.4%

0.0%

0.0%

37

GlaxoSmithKline Consumer Niger

14.00

-6.7%

0.2%

-35.2%

-35.2%

6.5%

3.6%

38

Chemical and Allied Products P

28.35

0.0%

0.2%

-16.6%

-20.6%

66.2%

30.2%

39

Beta Glass PLC

78.00

0.0%

0.2%

52.0%

52.0%

17.7%

11.5%

9.5x

40

Transcorp Hotels Plc

6.75

0.0%

0.1%

-6.4%

-6.4%

5.3%

2.9%

18.8x

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

P ric e

T o p 10

T ra de s

2.71

14.4% 28.4%

0.4x

1.5%

1.0x

2.5%

20.1x

2.0x

53.6%

5.0%

13.2x

8.9x

7.2%

7.5%

1.6x

1.4%

10.6%

0.9x

1.8%

5.3%

by V o lum e

Vo lum e

P ric e C hg %

H M A R KIN S

1 00.0

0.0%

ST A N B IC

73.0

0.0%

M A YB A KER

40.1

9.2%

9.7%

J A IZ B A N K

0.57

9.6%

C A VER T ON

1.94

9.6%

M A YB A KER

2.49

9.2%

LIVEST OC K

0.60

9.1%

C OR N ER ST

0.25

8.7%

J A P A ULOIL

0.26

8.3%

D IA M ON D B N K

1.30

UN ION D A C PZ

T R A N SC OR P

1 6.1

6.8%

UB A

1 3.8

2.5%

Z EN IT H B A N K

7.4

0.9%

FB NH

6.9

2.1 %

7.4%

SKYEB A N K

6.6

-5.5%

0.29

7.4%

GUA R A N T Y

6.5

2.6%

14.00

7.3%

D IA M ON D B N K

6.4

7.4%

T o p 10 L o s e r s T ic k er

10.7% 4.0%

P ric e C hg % T ic k er

P OR T P A IN T

7.5%

T o p 10

P ric e

P ric e C hg %

IKEJ A H OT EL

2.27

-9.9%

LA WUN ION

0.73

-9.9%

NP FM CRFB K

1.45

-9.4%

LIN KA SSUR E

0.75

-7.4%

GLA XOSM IT H

14.00

-6.7%

T ra de s

by V a lue

T ic k er

Value

P ric e C hg %

ST A N B IC

361 1 .1

0.0%

N EST LE

380.4

0.0%

GUA R A N T Y

249.7

2.6%

Z EN IT H B A N K

1 65.0

0.9%

NB

1 1 6.1

-0.5% 2.5%

C UST OD IA N

5.10

-6.4%

UB A

1 1 5.0

SKYEB A N K

0.52

-5.5%

T OT A L

93.2

5.0%

A GLEVEN T

0.42

-4.5%

M A YB A KER

91 .9

9.2%

R EGA LIN S

0.21

-4.5%

F LOUR M ILL

89.7

5.1 %

D A N GF LOUR

7.85

-3.7%

D A N GC EM

78.4

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Bolaji Fajenyo | bfajenyo@afrinvest.com

Eronmosele Aziba | eaziba@afrinvest.com

T H I S D AY Ëž Ëœ ÍşÎ Ëœ ͺ͸͚͜

41

MARKET NEWS

Lafarge Seeks Shareholders’ Nod for N90bn Rights Issue Goddy Egene

Shareholders of Lafarge Africa Plc will meet on September 25, 2018 to give further approval to the directors to raise additional capital of N90 billion by way of Rights Issue of ordinary shares. In a notification of an extraordinary general meeting(EGM) where the approval is expected to be given, the directors said they be authorised to raise capital by N90 billion by way

of a Rights Issue at such price, time, for such period and on such other terms and conditions as the directors may deem fit. The directors are also requesting that subject to complying with applicable regulatory requirements, they be authorised to apply any convertible loan, shareholder loan or any other loan facility due to any person, from the company, as may be agreed by the person and the company, towards payment for any shares

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

or rights subscribed for in the rights issue. Apparently in order to create shares to accommodate future issuances, the directors are equally asking for the authorised share capital of the company be increased from N5 billion to N10 billion by the creation of 10 billion, additional ordinary shares of 50 kobo each, ranking pari passu in all respects with the existing ordinary shares of the company and that the new shares thus.

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 2708-2018, unless otherwise stated.

The Chief Financial Officer (CFO) of Lafarge Africa Plc, Mr. Bruno Bayet, had said the company has a refinancing plan that is aimed at preparing it for future development in Nigeria, improving the company’s leverage as well as strengthen its profitability. Hence, the proposed N90 billion right issue subject to all corporate and regulatory approvals. The company paid a dividend of N13 billion for 2017 financial, which, according to the company,

was in appreciation of the support shown by the shareholders so far and a worthy return on their investments. “The board of directors is mindful of the support of all our shareholders through the difficult but necessary journey to transform the company into a more agile and correctly financed business ready to benefit from the potential opportunities in Nigerian building materials (market),� the Chairman of Lafarge Africa Plc, Mr. Bolaji Balogun explained.

He also assured shareholders that restructuring of the capital structure of the company largely completed through the past year would help to significantly reduce the cost of financing and currency translation risk. According to him, the company is implementing a new routeto-market initiative aimed at supporting the anticipated growth in demand as the country gradually recovers from recession and as foreign exchange rates stabilise.

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 168.39 168.91 -5.29% Nigeria International Debt Fund 264.21 264.76 14.17% 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 N/A N/A N/A ACAP Income Funds N/A N/A N/A 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 N/A N/A N/A ARM Discovery Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 139.63 140.12 -8.11% AXA Mansard Money Market Fund 1.00 1.00 11.94% 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 10.69% Paramount Equity Fund 11.78 12.08 6.23% Women's Investment Fund 103.18 105.83 2.54% 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 N/A N/A N/A 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 12.38% 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 1,185.31 1,186.03 9.54% FBN Heritage Fund 142.35 143.34 1.91% FBN Money Market Fund 100.00 100.00 12.15% FBN Nigeria Eurobond (USD) Fund - Institutional $113.94 $114.19 3.37% FBN Nigeria Eurobond (USD) Fund - Retail $113.77 $113.91 3.26% FBN Nigeria Smart Beta Equity Fund 160.24 162.53 -0.27% 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 3.13 3.13 8.34% 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 12.47% Nigeria Entertainment Fund 102.76 104.35 3.09% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 12.09% Vantage Balanced Fund 2.12 2.14 0.53% Vantage Guaranteed Income Fund 1.00 1.00 14.17% Kedari Investment Fund (KIF) 121.18 121.45 5.32%

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 3.29% Lotus Halal Fixed Income Fund 1,071.39 1,071.39 8.61% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.32 1.35 11.24% PACAM Fixed Income Fund 11.83 11.90 7.22% PACAM Money Market Fund 10.00 10.00 12.48% 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 127.82 128.39 -1.40% 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 9.94% 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 2,292.31 2,308.69 2.14% Stanbic IBTC Bond Fund 185.36 185.36 5.05% Stanbic IBTC Ethical Fund 0.98 0.99 -2.48% Stanbic IBTC Guaranteed Investment Fund 239.13 239.17 8.58% Stanbic IBTC Iman Fund 167.61 169.52 -6.40% Stanbic IBTC Money Market Fund 100.00 100.00 11.64% Stanbic IBTC Nigerian Equity Fund 8,864.13 8,972.00 -8.40% Stanbic IBTC Dollar Fund (USD) 1.08 1.08 2.29% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.28 12.48 -1.77% Zenith Ethical Fund 12.91 13.04 -1.99% Zenith Income Fund 20.80 20.80 9.92% Zenith Money Market Fund 1.00 1.00 11.66%

REITS NAV Per Share

Yield / T-Rtn

N/A 137.71 51.52

N/A 3.96% 1.36%

Bid Price

Offer Price

Yield / T-Rtn

11.69 128.93 99.75

11.79 131.67 101.63

-3.58% -9.73% -8.69%

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

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

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

SPECIALIST FUNDS*

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.27 8.16 16.37 17.33

4.31 8.24 16.47 17.53

-9.89% -14.72% -6.40% -11.82%

143.01

145.01

6.31%

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 manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

42

T H I S D AY ˾ Ͱͷ˜ ͰͮͯͶ

T H I S D AY ˾ WEDNESDAY AUGUST 29, 2018

43

44

WEDNESDAY AUGUST 29, 2018 ˾ T H I S D AY

FOREIGN/DIPLOMATIC AFFAIRS

Liebing: Nigeria on Good Path to Development, But Needs to Speed up Reform Ahead of the state visit of German Chancellor Angela Merkel to Nigeria, Chairman of the German-African Business Association, a foremost private sector grouping on Africa, Dr Stefan Liebing, spoke with the Arise TV crew in Berlin on what to expect during the visit. Among other things, Liebing says Nigeria needs to speed up the good reform path it has embarked on to facilitate more German business engagements in Nigeria. Excerpt:

W

hat would you ascribe the consistently low volume of business between Nigeria and Germany to? I think there are two types of reasons for this. During the past three or four years, German investment and trade levels with most African countries have stagnated for various reasons. Many countries have suffered from low oil and raw material price levels; quite a few have run into serious foreign exchange problems. That is about to change. But we have also reasons that have been existing for much longer. I think German business has been a bit hesitant towards Africa in general. That has to do with the fact that many potential investors are family-owned medium-sized businesses, not large state-backed corporates, and therefore they might be more conservative than other countries’ businesspeople when it comes to new projects in Nigeria. But also this is about to change. Are there measures you are considering to boost this? Definitely. And, in fact, we can see just now that things are changing on the German side. For the first time ever, Germany has overtaken France as Africa’s most important trade partner. Currently, companies in our GermanAfrican Business Association, Afrika-Verein, are considering investment of more than one billion dollars in Africa just for this year, which would be a 10 per cent increase of total existing investment. Many of the larger German corporates, such as Siemens, Volkswagen, Bayer, and many others, are expanding activities in Africa significantly. In order to convince many of the hundreds of thousands of German SMEs to follow, we will need a bit of support from German government as far as guarantees, export credit insurance and financing means are concerned. But it will also help for the government of Nigeria to continue its reform path at full speed. There is huge competition for German investment around the world and money will move where it finds the best and most stable, corruption-free framework. We understand that the structure of businesses in Germany (which favour small-sized family oriented businesses) may be a major limitation to the expansion abroad. Will this be addressed in any way? It first looks like a disadvantage, indeed. Smaller

family-owned businesses might find it more difficult to invest a lot of money in developing new business abroad. They are more risk-averse and they might only have the means to look at a few new markets at a time, so they might prefer China, Russia or India over Nigeria or Senegal. However, we are working with the German government to implement new tools that will share the risk in a different way between government and investors so that they can go and do projects that impact positively on job creation and development. Chancellor Merkel has taken some important initiatives last year and it has started showing first results now. I think it should not be forgotten that the type of SMEs we are talking about – in Germany we call it Mittelstand – also offer a number of huge advantages: families owning a business that in many cases holds worldclass technology know-how, they know that it is critical to business success to treat their people well and train and educate them on an on-going basis. And this is certainly a mind-set they would bring along when moving to Nigeria. What would you say has changed positively in Nigeria since President Gauck’s visit? First of all, I strongly believe that Nigeria is on a very good path now. Reform has started in many areas, including the fight against corruption. Diversification of the economy away from what used to be heavy dependence on oil revenues is important also. And what is, maybe, the most important development is that we are working with highly competent and motivated leaders from government and business as we discuss and negotiate major projects between the two countries. His Excellency Ambassador Tuggar represents Nigeria in Berlin very well and has been so helpful in boosting activities. And it is not to be forgotten to mention that security in country has improved significantly, which is, of course, the first condition for investors to even visit the country. Are there areas you would like to see improved. And what are the specific things you will like to see happen during your team’s visit to Nigeria? I hope to see as many agreements being signed as possible. We have quite a number of serious projects developed by some of the most reputable German corporates and we hope that we can bring

them to conclusion soon. It is my strong belief that we need to deliver a few pilot projects first. Once German investors have a proof that projects can be delivered quickly and successfully in a stable environment, I am sure many others will follow them on the way to Nigeria. So my wish for this visit is to push these pilot projects to success to the degree possible and make the meeting between the political leaders a starting point for a new level of business cooperation. Are there specific developments in the three African countries you are visiting that are making you to renew your interest in them? Sure there are. Activities and interest of Germans increase in almost all African countries as we speak. Chancellor Merkel has picked Ghana, Senegal and Nigeria for the visit both for their political importance in the region but also because they are strong economies that offer huge opportunities for joint investment, trade and development. Where do you see the content of the Germany-Nigeria business relationship in five years? As I said before, we believe that a 10 per cent increase of German investment in Africa should be possible this year. If governments do their part and provide a stable environment and certain guarantees for investors, then I believe we can move to a 30 per cent increase by the end of 2021. If you ask me for five years, I would say by then we will have done successful pilot projects in major sectors such as infrastructure, energy, manufacturing and services and we will have doubled the number of German companies active in Nigeria. But at the same time we should also have been able to raise trade flows from Nigeria to Germany step by step. Are there any other issues of interest you would want us to know? I am not in the business of teaching Nigerians anything. But what is certainly worth mentioning is that I have always admired the business spirit and the dynamic attitude of Nigerians. We have made good friends in politics, diplomacy and business in your wonderful country and I am pretty sure that on that basis of personal relationships we will make a step change. We stand ready to work with Nigeria and invite everybody to partner with German investors.

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NEWS

Theresa May: Nigeria is Home to Highest Number of Poor People in the World British Prime Minister, Theresa May, has said Nigeria is home to the highest number of “very poor people” in the world. Speaking in Cape Town, South Africa, yesterday, May said Africa is home to a majority of the world’s fragile states, and a quarter of the world’s displaced people. She added that Africa has the highest number of poor people in the world, stating that 87 million Nigerians were living below the poverty line of $1 and 90 cents per day.

The prime minister also said she supports a permanent African presence on the United Nations Security Council (UNSC). “Much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy, yet 87 million Nigerians live below $1 and 90 cents a day, making it home to more very poor people than any other nation in the world,” the UK prime minister said. In June, the Brookings Institution named Nigeria the

poverty capital of the world, overtaking India, a country with a total population of over 1.3 billion people. At the time, the Nigerian government said Nigerians should dismiss the report, considering the fact that it was compiled when the country

was in the throes of its worst economic recession in 29 years. May said achieving inclusive growth is a challenge across the world, adding that Africa needs to create 50,000 new jobs per day to keep employment rate at its current level till 2035. The prime minister said she

wants the UK to become the biggest G-7 investor in Africa by 2022, building around shared prosperity and shared security. “I am unashamed about the need to ensure that our aid programme works for the UK,” May said, adding that

a healthy African economy is good news for the UK. “Today I am committing that our development spending will not only combat extreme poverty, but at the same time tackle global challenges and support our own national interest.”

Gunmen Abduct Corps Member in Akwa Ibom Okon Bassey in Uyo Panic has continued to reign in Ukanafun Local Government Area (LGA) of Akwa Ibom State following the latest kidnap of a member of the National Youth Service Corps (NYSC), Akpanabia Kelvin Udoworen, in the locality. The latest incident came about two weeks after a staff of the Independent National Electoral Commission (INEC) and eight others were rescued from kidnappers in Ukanafun and the Etim Ekpo LGAs. The kidnapped youth corps member is an indigene of Ukanafun LGA but currently serving in Birnin Kebbi, capital of Kebbi State. The incident reportedly occurred at the village of the youth corps member, Nto Okon

Usung Itike, last weekend. About three days after his abduction, the kidnappers are yet to open contact with his family members . Sources said the victim who is a son of the President of a prominent socio-cultural organisation, Esop Ikpaisong Afaha (EIA) in Ukanafun Local Government Area was abducted by the kidnappers at gun point. Udoworen was said to have travelled from Birnin Kebbi to visit his parents after completion of his camp orientation exercise. “He arrived last Friday and the following day, Saturday, the hoodlums got wind of his arrival and stormed the compound at Nto Okon Usung Itike to whisk him away after brandishing AK-47 rifles and machetes.” a source stated.

German Business Leader Urges Nigeria to Speed up Reforms Peter Uzoho As the German Chancellor, Angela Merkel, visits Nigeria this week, the Chairman of the German-African Business Association, Dr. Stefan Liebing, has urged the Nigerian Government to “speed up its reform actions” in order to boost trade relation between the two countries. This is even as he lauded the steps currently taken by the federal government to change the country’s narrative. Liebing stated this in Berlin, during an interview on Arise Television, a sister broadcast station of THISDAY. “I strongly believe Nigeria is on a very good path,” he said. According to him, the level of German investment and trade with most African countries has slowed down in the past four years. He attributed the decline to various reasons such as the decline in crude oil and other commodities prices, and the German business’ hesitant posture to African countries, caused by ownership of businesses by potential investors running “family-owned medium sized businesses, rather than large state-backed corporates, among others. However, Liebing affirmed that the trend would change, saying Germany had for the first time ever overtaken France as Africa’s most important trade partner. He said companies in the German-African Business Association (Afrika-Verein) were considering investment of more than $1 billon in Africa in 2018.

This, he said, would be a 10 per cent increase of total investment, compared with the previous year. He added: “Many of the larger German corporates such as Siemens,Volkswagen, Bayer, and many others, are expanding activities in Africa significantly. In order to convince many of the hundreds of thousands of German SMEs to follow, we will need a bit of support from German Government as far as guarantees, export credit insurance and financing means are concerned. “But it will also help the government of Nigeria to continue its reform path at full speed. There is huge competition for German investment around the world and money will move where it finds the best and most stable, corruption-free framework.” “First of all, I strongly believe that Nigeria is on very good path now. Reform has started in many areas, including the fight against corruption. Diversification of the economy away from what used to be heavy dependence on oil revenues is important also. And what maybe the most important development is that we are working with highly competent and motivated leaders from Government and business as we discuss and negotiate major projects between the two countries.” Commenting further on the achievements recorded under President Muhammadu Buhari’s administration, he noted that security in the country has improved significantly, saying that was the first condition for investors to visit the country.

BOOK LAUNCH

L-R: Deputy Governor of Ogun State, Mrs. Yetunde Onanuga; Special Assistant to the President on Political Affairs, Mr. Babafemi Ojudu ; the author, Bashir Yusuf Jamoh; Minister of Transport , Mr. Rotimi Amaechi ,and Minister of State, Aviation, Sen Hadi Sirika, at the launch of a book titled “ Harnessing Nigeria’s Maritime Assets” held in Abuja ….yesterday PHOTO: GODWIN OMOIGUI

Court Insists Order Halting DSTV Tariffs Increase Subsists Firm denies flouting court’s order Alex Enumah in Abuja A vacation Judge, Justice Nnamdi Dimgba of the Federal High Court Abuja, yesterday insisted that the order made by the court on August 20, which prohibited MultiChoice Nigeria Limited, from going ahead with its planned increase in subscription tariffs for its cable television, DSTV, still subsists. Justice Dimgba reiterated the position of the court following claims by counsel to Consumer Protection Council (CPC), Babatunde Irukera, that

MultiChoice had issued a public statement to the effect that it would not obey the court order. But, the defendant through its counsel, M. J. Onibanjo (SAN), however, denied flouting the order of the court. The CPC had dragged MultiChoice Nigeria to court, following its announced plans to increase tarriffs from August 1, 2018. The CPC in an exparte application, urged the court to restrain Multichoice from taking further steps on the planned increment, pending

the determination of the main suit challenging the increment. According to the firm, the DSTV Premium package which goes for N14,700 would now go for N15,800 (about 7.5 per cent increase); Compact Plus from N9,900 to N10,650; Compact bouquet from N6,300 to N6,800; Family from N3,800 to N4,000, and Access from N1,900 to N2,000. But delivering ruling on the exparte motion, Justice Dimgba, had granted an interim injunction restraining Multichoice Nigeria or its agents and representatives from continuing the implementation

of any increase in subscription rates or price review policy imposing increased charges and costs on the consumers pending the determination of the motion on notice. The court also restrained DSTV from further carrying on or continuing any conduct or activity which interferes with or has effect of circumventing the outcome of ongoing investigations by the CPC into the company’s compliance or non-compliance with the February 16, 2016, order, pending the determination of the motion on notice.

NAFDAC Cautions against Consumption of Two Brands of Sardine The National Agency for Food and Drugs Administration and Control (NAFDAC) yesterday alerted the public against consumption of TL Tan Lung and TLC brands of canned sardine. The Director General of NAFDAC, Prof. Moji Adeyeye, gave the warning

in Abuja. Adeyeye explained that TL Tan Lung and TLC brands are produced by Chinese companies known as Fujian Yongfa Co. Limited, and Dongshan Dongyi Food Co. Limited, respectively. She said NAFDAC had been notified that the

Malaysian Ministry of Health on April 20, 2018 in Kuala Lumpar Malaysia, recalled the two canned sardine products. Adeyeye said the products did not comply with the standards set by 1983 Food Act and was recalled due to presence of nematode parasitic worms in the

products. The director general also cautioned all importers not to import the affected canned sardines into the country. “Anybody in possession of the unwholesome canned sardines should submit them to the nearest NAFDAC Office.

I Won’t Impose Candidates, Says Kogi Gov Yekini Jimoh in Lokoja The Governor of Kogi State, Alhaji Yahaya Bello, has dismissed the rumours in certain quarters that he has anointed certain aspirants ahead of 2019 general elections, saying he believes in democratic processes and the freedom of party members to determine who represents them. The governor who spoke yesterday through his Director General, Media and Publicity, Mr.

Kingsley Fanwo, argued that he is a leader who will provide a level playing ground for all contestants in the forthcoming polls. “I read the story the way you also read it. It was a clear misconception by those who do not appreciate the democratic credentials of the governor. “He will never impose candidates on party faithful because he wants popular candidates to emerge through free, fair and credible primaries.

“I am also aware that the leaderships of the party at different levels are meeting to look at various factors with a view to reducing the number of contestants in the various elections. “The governor couldn’t have stopped such meetings. He will listen to the popular voice of the people. “Let me use this opportunity to assure all our party members and aspirants that the governor will not impose candidates. Every

senatorial district and federal constituency has hierarchies of leadership. When they speak, the governor will listen. “We must know that our party must remain cohesive and united ahead of the 2019 polls. The opposition will try to sow seeds of discord among us but we must rise beyond primordial sentiments in order to promote what is good for the generality of our members and our people as a whole.”

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2019 Elections: N’Assembly Sets up Sub-committee to Scrutinise INEC’s Budget Proposal Deji Elumoye in Abuja

The National Assembly Joint Committee on Electoral Matters yesterday constituted a sub-committee to scrutnise into the new budget proposal of N143 billion submitted to it by the Independent National Electoral Commission (INEC). Chairman of the Committee, Senator Suleiman Nazif, told journalists at the end of its executive session in Senate Room 117, that the electoral body yesterday submitted a prioritised budget proposal of N143 billion to the committee. According to him, INEC’s new proposal was in line with the committee’s directive to the electoral body on Monday to adjust its budget proposal from N189 billion to N143 billion approved by the committee. Nazif added that the subcommittee committee has a

deadline of Wednesday to submit its report to the larger committee. He further confirmed that INEC has adjusted its budget for 2019 general elections from N189 billion to N143 billion in compliance with directive from the National Assembly. According to him, INEC has submitted a new budget document reflecting the sum of N143 billion as originally requested by President Muhammadu Buhari. Also speaking, Senator Aliyu Sabi (Niger North) gave assurances that the committee is determined to urgently complete work on the election budget. He denied the insinuations in some quarters that the committee was deliberately slowing down the process to frustrate the moves to make the National Assembly to

Visionscape Denies Owing Staff Salaries Ministry accepts responsibility for payment Bennett Oghifo and Sunday Okobi Visionscape Sanitations Solutions (VSS) has described the claim that it owes its staff salaries as false and unfounded This is coming after a protest by the Community Sanitation Workers (CWS’s) at the Lagos State Government, Secretariat Alausa, Ikeja on Monday. The CWS’s claimed that they were owed salaries by the environmental firm. But a statement issued yesterday by the CEO of VSS, John Irvine said: “Whilst we cannot ascertain the information that has been published, we can confirm that no Visionscape staff salaries have ever been compromised in any way.” However, in following the latest development, the Lagos State Ministry of Environment has now stepped in and accepted the responsibility of paying the CSWs. According to Irvine, in a statement, the Permanent Secretary for the Lagos State Ministry of Environment, Mr. Abiodun Bamgboye, had announced last Monday that there had been some anomalies in their payment system which had caused the delay in salary payments. Irvine however said: “Visionscape would like to reiterate that there is no direct affiliation with the CSWs who

form another component of the state’s waste management reforms. Visionscape is working closely with the Ministry of Environment to clear lines of communication so that claims and misconceptions (intended to detract from the hard work of residential collection and waste management infrastructure delivery) are stifled at source.” The company further said all enquiries regarding the CSW’s should be directed to the Ministry of Environment/ Public Utility Monitoring Assurance Unit (PUMAU). Irvine said the company continues to guarantee the complete safety and security of its employees with the highest levels of protection and equipment. He said: “We remain committed to working with all stakeholders as we carry out our respective roles and responsibilities and will continue to support the Cleaner Lagos Initiative.” The statement further added that “as part of our core values and commitment to our staff and the state, we are constantly developing our safety procedures to enhance conditions for all Visionscape employees, and we take our responsibility to Lagosians seriously. “We are confident that similar miscommunications will not reoccur, and we thank residents for their continuous understanding.”

Flood Destroys 50 Houses in Sokoto Mohammed Aminu inSokoto No fewer than 50 houses were destroyed by flood in Makuwana village of Sabonbirni Local Government Area of Sokoto State. THISDAY checks revealed that the incident which occurred on Monday, was as a result of an overflow of the river that submerged a 15-kilometre road in the area. It was also gathered that many residents of the area had been rendered homeless, while farmlands were also

destroyed. Speaking to journalists in the area, the member representing Sabon-Birni constituency in the Sokoto State House of Assembly, Yusuf Muhammad Gobir, said his visit to the area was to ascertain the level of damage caused by the flood and to offer support to the victims. He noted that the people had been experiencing flood during the rainy season, especially the residents of Sabon-Birni, Bafarawa, Makuwana and some surrounding villages.

reconvene. He said part of the reason for setting up the subcommittee was to speed up

the legislative processes for the election budget. The Joint Committee had on Monday ended weeks of

deadlock after it reached a decision to adopt President Muhammadu’s version of the election expenses put at N143

billion and directed INEC to reduce its own proposal to reflect the position of the President.

DRIVING REGIONAL DEVELOPMENT WITH ICT

L-R: Administrator, Digital Bridge Institute (DBI), Dr. Ike Adinde; Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta; International Telecommunications Union (ITU) BDT Director Representative, Dr. Susan Teltscher and ITU Regional Director Representative, Mr. Marcelino Tayob, during the ITU Annual Regional Workshop in Abuja....yesterday

Jang Declares for Presidency, Says Nigeria Deeply Divided Seriki Adinoyi in Jos

Former Governor of Plateau State and Senator representing Plateau North in the National Assembly, David Jonah Jang, yesterday declared for presidency in the 2019 elections on the platform of the Peoples Democratic Party (PDP), stressing that the time has come for the Middle Belt region to rule Nigeria. Jang has also alleged that Nigeria has increasingly become deeply divided under the administration of President Muhammadu Buhari, adding that the basis of the country’s unity has been eroded. Submitting his letter of

intention to run for the presidency to the state Chairman of the party, Chief Damishi Sango, in the presence of a mammoth crowd at the party secretariat in Jos, Jang observed that, “our party, the PDP, has zoned the presidency to the north for the purpose of the 2019 elections. The Middle Belt is at the centre of the North; it is the glue of the North, the bridge of Nigeria, the guarantor of national unity and oneness, and has sustained the north over time. Sadly, however, this zone has yet to produce an elected president under our Constitution. “There have been suggestions

in our party recently to the effect that the zone of the north with the highest number of registered voters should be given the presidential flag of the party. This is not the position of the party. It is only the opinion of some aspirants. The North Central and Middle Belt also have millions of registered voters who want the presidency this time around. We have supported others before. It is their turn now to also support us,” Jang explained. “I present myself as the face of the Middle Belt in this contest. I also urge the other parts of the north and the rest of Nigeria to support my candidature for

these reasons,” he added He alleged that Nigeria has increasingly become a deeply divided country under President Buhari. “We face enormous security challenges emanating from the proliferation of small arms and light weapons, the increased wave of banditry leading to the annihilation of complete hitherto peaceful communities, armed communal clashes, religious fundamentalism, armed robbery, insurgency and unhindered kidnapping, among others. The ideals of the founding fathers of this country are getting farther away from the people,” Jang said.

Only God Knows When Leah Sharibu’ll Be Rescued, Says Presidency Ugo Aliogo The Special Adviser to the President on Media and Publicity, Chief Femi Adesina, yesterday said only God knows when kidnapped Dapchi girl, Leah Sharibu, would be rescued. He also said the presidency was not worried by the derogatory comment made by US President, Donald Trump, about President Muhammadu

Buhari. Speaking in an interview on a Channels Television programme, Sunrise, yesterday, Adesina said God was the sole determinant of her return. He said: “For how much longer, I think that question can only be answered by God. I believe that God is interested in that young girl and will ensure that she is preserved. “I think when that clip that we have is verified, at least

one will be sure that it’s her and when that is determined, we should all be glad that she is alive. “When will she return? By the grace of God, the government is working on it and we believe she will be back.” Adesina said Buhari had made a commitment to do anything to rescue the kidnapped girls, even if it meant paying for their release.

He, however, denied reports that the government paid ransom for the release of the other 110 girls. “That is not confirming that there was payment on Dapchi because the then director general of Department of State Services (DSS), was categorical the day the girls were brought back and it was in public glare that no a dime was paid for Dapchi girls. On Dapchi, there was no payment,” he said.

APC Debunks PDP’s Allegation of N9tn Corruption in NNPC ‘’This is particularly as we have been made aware of plans by the federal government to use the visit to dish out more lies to the international community in an effort to cover its failures in governance in the last three years, for which Nigerians are clamouring for a new president under the PDP,” the party said. The PDP further charged the British Prime Minister, as a parliamentarian, to take the APC-led administration to task on its unabated interferences and violent attacks on the

institution of the National Assembly, including threats to forcefully remove the elected presiding officers of the Senate, as well as the recent invasion and blockade of the National Assembly by the security forces. The main opposition party also wants the British leader to task President Buhari on “his widely condemned stand against the supremacy of the rule of law in addition to records of violation of human rights in Nigeria, including government’s disobedience to court orders, reported extra-judicial killings,

torture, unlawful political arrests and detention, restriction of free speech and media freedom and lack of government’s accountability as detailed in report by various international bodies, including Transparency International (TI), Amnesty International (AI) and US Department of States”. “The British leader should also elicit discussions with the President on the recent report by Price Waterhouse Cooper showing humongous corruption in his administration, including the circumstances surrounding

the N4 trillion unremitted oil money in agencies under his direct supervision as minister,” the party added. The PDP further urged Prime Minister May to engage President Buhari on the violent rigging of elections under his watch, and extract commitment from him on his administration’s preparedness for a free, fair and credible general election in 2019, especially as there are apprehensions across Nigeria, that his actions, utterances and body language suggest otherwise.

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Buhari: FG to Reposition Maritime Sector for Economic Diversification Lake Chad has enough resource to compete with riverine areas, says Buratai Eromosele Abiodun President Muhammadu Buhari has stated that the federal government is working on plans to reposition the country’s maritime sector to take a leading position as one of the viable alternate sources of revenue in growing the economy as part of its resolve to continuously diversify the Nigerian economy. The president who was the Special Guest of Honour at a public book presentation titled: “Harnessing Nigeria’s

Maritime Assets – Past, Present and Future,” authored by the Executive Director, Finance and Administration of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Bashir Jamoh, said there was no change without pain, hence the need for Nigerians to keep faith with the federal government’s determination to rejuvenate the Nigerian economy. This was just as the Chief of Army Staff, Lt. Gen. Tukur Buratai stated that the Lake Chad holds enough resource to compete with those of the riverine areas in the

country. Burutai who said the Nigerian Army was doing everything possible to end the insurgency in the North-east called on maritime experts to join hands with the government to harness the resources in the region. Represented by the Minister of Transportation, Mr. Rotimi Amaechi, the president noted that Nigeria had relied so much on crude oil, stressing that it was time to focus on other sources particularly the blue economy which covers both aquatic and marine spaces including oceans,

I Remain Accord Party Leader in South-west, Says Okupe Ugo Aliogo Former Presidential Adviser and chieftain of the Accord Party, Dr Doyin Okupe, has said he remains the leader of the party in the South-west. Okupe was reacting to a statement credited to some leaders of the party in the South-west denouncing his leadership of the party in the zone. He said: “I remain the authentic leader of Accord Party in the South-west. There’s a letter from the National secretariat of

the party authenticating this.” He described, as a charade, the meeting of some chieftains of the party led by the party’s National Secretary, Mrs. Adebukola Ajaja, in Ibadan. Okupe said, “Those present at the Ibadan meeting were APC moles working for the re-election of President Muhammadu Buhari. They are lightweight politicians whose presence in the Accord Party over the years has not added any substantial value to improve the fortune of the party. “Whereas, the Iperu meeting

where a vote of confidence was passed on my leadership, had in attendance all notable leaders of the party in the South-west, except the Oyo and Ogun states chairmen. “The Ogun State chairman however sent his deputy to represent him and also apologised for his absence.” The former presidential adviser also said, “What is happening in the party presently is a desperate attempt by the National Chairman to use the party to promote the re-election bid of President Buhari.

seas, coasts, lakes, rivers and underground waters. This, he added, also encompasses a range of productive sectors - fisheries, aquaculture, tourism, transport, ship building, energy, bio-prospecting, underwater mining and related activities, all pointing towards economic prosperity, when adequately harnessed. “We know that the maritime sector has so much to offer the economy in terms of jobs and wealth creation and also contribution to the nation’s Gross Domestic Product (GDP). On our

part as a government, we are determined to walk the talk so that our economic diversification initiative will be fully achieved for the benefit of all Nigerians, ”the President said. He commended NIMASA for its efforts in repositioning the maritime sector and for its huge contributions to the Consolidated Revenue Fund (CRF) of the country The president stated further that there is a new NIMASA, adding that the agency has been transformed to being alive to its maritime regulatory and

promotional mandates. Commenting on the book, he noted that it is a document that should be given adequate consideration as it speaks to the authority and other stakeholders in the maritime sector. Speaking further he said the Federal Ministry of Transportation understands stakeholders’ yearnings for the urgent review on the guidelines of the disbursement of the Cabotage Vessel Financing Funds (CVFF), and called for an immediate meeting in his office to find a lasting solution to it.

To Avoid Controversy, Davido Kick-starts NYSC Programme Ugo Aliogo To avoid any future controversy, Afropop singer, Davido, has commenced his National Youth Service Corps (NYSC) programme. The ‘FIA’ singer shared a photo of himself yesterday in a full NYSC uniform. “Otondo OBO,” he said. “Tying up every loose end!” Davido, an award-winning singer, graduated from Babcock University in 2015. He studied music. The artiste is currently gearing up to release his new album

in September, after which he intends to headline a concert at the O2 Arena in London. The NYSC is compulsory for all Nigerians who graduate from universities or equivalent institutions at less than 30 years of age. In addition to being a requirement for government and private sector jobs in Nigeria, the enabling law prescribes punishment for anyone who absconds from the scheme or forges its certificates. Eligible Nigerians who skipped the service are liable to be sentenced to 12 months

imprisonment and/or N2,000 fine, according to Section 13 of the NYSC law. Section 13 (3) of the law also prescribes three-year jail term or option of N5,000 fine for anyone who contravenes provision of the law.

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FG Denies Kwankwaso Access to Eagle Square for Presidential Declaration Less than 24 hours to the date slated by the former Kano State Governor, Rabiu Kwankwaso, to declare his presidential bid, the federal government has denied him access to Abuja’s Eagle Square, the proposed venue of the event. It was gathered that the

government has also denied the former governor access to the Old Parade Ground, another major public arena. Kwankwaso, who recently defected from the ruling All Progressives Congress (APC) to the opposition Peoples Democratic Party (PDP) had announced today

SGF Inaugurates Presidential Panel on Prerogative of Mercy The federal government yesterday inaugurated the Presidential Advisory Committee on Prerogative of Mercy. The inauguration was done by Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, in the SGF conference hall. He was represented at the brief ceremony by the Minister of Justice and Attorney General of the Federation, Abubakar Malami, who is the chairman of the committee. He said “The significance of an occasion like this goes beyond the ceremony itself; it gives a signal for the members so inaugurated to brace up with the responsibility embedded in the assignment. “The committee is a four year tenured committee constituted to assist President in the discharge of his constitutional responsibility of not only granting pardon to deserving prisoners and ex-convicts and reintegrating them into the society but also to work towards decongesting the prisons nationwide.” According to him, the inauguration of the committee will go a long way to reduce the congestions in the prisons. Stressing that the responsibility of the committee is sensitive and enormous, he said the purpose for its constitution and its guiding principles must be completely adhered to. He said the terms of reference of the committee are statutory and constitutional as they are enshrined in Section 175 of the 1999 Constitution. “The inauguration today enables you to kick start the

processes leading to nationwide prison visits and consequent recommendation of eligible ex-convicts and convicts for presidential pardon.” he stated While making an opening remark, a member of the committee and Permanent Secretary in the Special Duties office, Williams Alo, recalled that the President reconstituted the committee on the 19th of June, 2018. Section 175 of the 1999 Constitution on Prerogative of mercy reads “(1) The President may (a) grant any person concerned with or convicted of any offence created by an Act of the National Assembly a pardon, either free or subject to lawful conditions; (b) grant to any person a respite, either for an indefinite or for a specified period, of the execution of any punishment imposed on that person for such an offence; (c) substitute a less severe form of punishment for any punishment imposed on that person for such an offence; or (d) remit the whole or any part of any punishment imposed on that person for such an offence or of any penalty or forfeiture otherwise due to the State on account of such an offence. “(2) The powers of the President under subsection (1) of this section shall be exercised by him after consultation with the Council of State. (3) The President, acting in accordance with the advice of the Council of State, may exercise his powers under subsection (1) of this section in relation to persons concerned with offences against the army, naval or air-force law or convicted or sentenced by a court-martial.” it stated.

Shun Reckless Candidates, Aregbesola Urges Osun Electorate Yinka Kolawole in Osogbo Osun State Governor, Rauf Aregbesola, has called on the people of the state not to allow political parties and candidates that are notorious for bad governance and backwardness to have the chance of ruling the state ever again. Aregbesola stated this in Ibadan while declaring open a three-day workshop organised for stakeholders on the conduct of peaceful gubernatorial elections in the state by UNDP in conjunction with the Norwegian Ministry of Foreign Affairs. The governor said it is important for the spate of development in the state to continue by electing a responsible person to take over from him, just as he emphasised a peaceful atmosphere during elections. Speaking further at the

workshop which had traditional rulers, religious and political leaders, security and civil society organisations as participants, Aregbesola emphasised that traditional rulers have a huge role to play in ensuring that elections are peaceful in their various domains. He commended the UNDP for rising up to its social responsibility of taking steps through the organisation of series of workshops for various stakeholders aimed at ensuring that the coming gubernatorial elections in the state is free and fair. Aregbesola said: “I want to say that traditional rulers have a stake in good governance in their various domains as well as maintaining the security. When these two things are in place, it automatically translates to peace and development.

as the day for the event. The announcement was contained in a statement from his presidential campaign committee last Sunday. According to a letter signed by the Facility Manager of the Abuja International Conference Centre and Eagles Square, Usman Raji, the government said the decision to deny him the Eagle Square was to avoid disruption of “work flow” at the Federal Secretariat, a major hub of civil servants. The letter was referenced in a statement by the Kwankwaso Campaign Organisation sent to

by PRNigeria, a news agency. The detailed content of the letter, dated August 27, was published by The New Nigerian news media “We are sorry to inform you that the event can no longer hold on the said date because it is a political event and August 29, 2018, happens to be a work day, as it would disrupt the usual work flow of the federal secretariat. “We apologise for the oversight on our part to note the date in relation to the nature of the event. We regret every inconvenience caused by this,” Raji said in

the letter. When contacted, the Minister of Federal Capital Territory (FCT), Alhaji Mohammed Bello, through his spokesperson, Abubakar Sani, declined comment. He said questions should be referred to the management of Integrated Facility Management Services Limited, who denied Kwankwaso the use of the venue. In its statement, however, the Kwankwaso Campaign Organisation said it “sees the development as a handiwork of the government in power, which will not see anything

good in growing our fledgling democracy as no level playing field has been created to allow for viable opposition in the country. “Even at that, earlier Tuesday (yesterday) morning the Abuja International Conference and Eagle Square, managed by the Integrated Facility Management Services Limited refused us access to inspect the premises demanding us to present a police permit, when actual approval for the use of the Eagle Square has been sought and paid for more than one week to the said declaration.

DETERMINED TO WIN

Former Deputy Speaker, House of Representatives, Emeka Ihedioha, (right), collecting his expression of interest and nomination forms for the governorship primary of the Peoples Democratic Party (PDP) from the National Organising Secretary of the party, Col. Austin Akubondu (rtd) at the party secretariat in Abuja ...yesterday

Fashola: Buhari Not Interested in Stomach Infrastructure Chineme Okafor in Abuja The Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday stated that President Muhammadu Buhari is not interested in stomach infrastructure, adding that the All Progressives Congress (APC) should not be compared with the opposition Peoples Democratic Party (PDP), as the former was better. He also stated that President Buhari believes more in the development of real infrastructure and not stomach infrastructure,

which he claimed the PDP believes in. Speaking while playing host to the Governor-elect of Ekiti State, and former Minister of Solid Minerals Development, Dr. Kayode Fayemi, in his office in Abuja, Fashola said it was wrong for people to claim that the current administration was the same as the previous one. He said the federal government under Buhari was political partyblind in terms of developing Nigeria, adding that Buhari’s target was to develop real infrastructure and not stomach

infrastructure. “Our developmental initiatives are party-blind; they are people focused, they are Nigeria- centred. The housing project, federal secretariat project, transmission projects are all projects that were initiated while the opposition party governed the state (Ekiti). “I went there on a tour to ensure that these projects were going on and what this (courtesy) visit does is just to bring that into sharper focus now. “People say, in my view wrongly, that there is no difference between us and

them (opposition). There are lot of differences and this can be seen in our attitude to development, spending, the type of infrastructure that President Buhari believes in, real infrastructure, not stomach infrastructure,” said Fashola. According to him: “There are fundamental ideological differences about how an economy and a government should be run. I think people must focus on those differences about how this government is doing more with less resources.”

Esan Youth, APC Leaders Condemn Attack on Obaseki Emmanuella Igwe Leaders of Esan Youth Coalition, a socio-cultural, non-political and non-profit organisation have joined thousands of Esan political and thought leaders, as well as professional groups in condemning the recent unprovoked attack on Governor Godwin Obaseki’s convoy after a political meeting in Irrua, headquarters of Esan Central Local Government Area (LGA) of the state. In a statement jointly signed by Hon. John Illegbenosa (Esan West, Ekpoma) National Deputy President; Mr. Cyril Odiboh (Esan South East, Ubiaja), National Secretary; Ikhile Alfred,

Igueben Local Government Area Coordinator; Inedegbor Oyakhilomhen, Esan North LGA Coordinator; Oriabure Ediale, Esan West LGA Coordinator; Hon. Ose Eromosele, Esan Central, Irrua Coordinator; and Patrice Odiboh, Esan South East Coordinator, the organisation said “the attack has left a sour taste in the mouth of well-meaning Esan youth, leaders and elders.” A separate statement entitled ‘A Letter of Unreserved Apology’ issued by leaders of the All Progressives Congress (APC) from Esan Land, described the attack as “disgraceful, a taboo and totally unacceptable.” Col. David Imuse (Rtd.); Mr. Austin Omofuma; Mr. Sam

Eboigbe; Hon. Anslem Ojezua; Hon. McCall Shaka-Momodu; Hon. Thomas Okosun; Hon. Victor Edoror, Dep. Speaker; Mr. Anthony Ikuenobe; Mrs. Betty Okoebor; Hon. John Inegbedion; Mrs. Golden Oribhabor; and Hon. Justin Okonobo, who signed the letter, apologised to the governor for “the unfortunate incident. They stressed that “this disgraceful act is totally unacceptable to us and our people and does not represent our culture, but rather a taboo in Esan Land. “On behalf of the good people of Esan Land, we hereby tender an unreserved apology to the Governor for this unfortunate incident. We condemn it in

its entirety and we urge Your Excellency to take appropriate steps to bring the culprits to book regarding the criminal aspects disclosed therein.” Esan APC leaders alleged that the attack was motivated by Chief Francis Inegbiniki. Esan Youth Coalition noted that the behaviour of the perpetrators of the unprovoked attack on the governor’s convoy does not represent the true character of Esan youth. “The behaviour of these few elements does not in any way represent the true Character of an Esan youth. The average Esan Youth is humble intelligent, resourceful and respectful,” the socio-political group said.

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Buhari Inaugurates N90bn Brewery Plant, Assures Investors of Security Jonathan Eze President Muhammadu Buhari has inaugurated a N90 billion brewery plant with an assurance to both local and foreign investors of improved security for their investments, while also providing physical infrastructure in the country. The president said his administration is working assiduously to ensure that

the international business community and domestic investments continue to thrive in a bid to boost Nigeria’s industrialisation drive. The president, represented by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, at the official inauguration of International Breweries Plc, Gateway Plant in Ogun State, said the company’s

investment was in response to his administration’s call for Foreign Direct Investments (FDIs) into the country. He however, charged investors to take advantage of the government’s Economic Recovery Growth Plan (ERGP) and Ease of Doing Business to make huge investments in

the country. “Nigeria is ready for business and the market is expansive for return on investment,” he said. He commended the management of the International Breweries Plc, saying the investment would reverberate on the economy,

thereby giving a boost to the country’s agricultural sector with existing partnership with local farmers in the country to produce 30 tonnes of sorghum. On his part, the Governor of Ogun State, Senator Ibikunle Amosun, assured the company of the state’s

continued support to boost industrialisation in the state and the country at large. He also called on investors to leverage on the state’s competitive and comparative advantage, adding that the state is a strategic location in West Africa for driving industrialisation.

HURIWA Decries Pervasive Corruption in Judiciary A prominent pro-transparency and non-governmental organisation, Human Rights Writers Association of Nigeria (HURIWA) has accused the Chief Justice of Nigeria, Justice Walter Samuel Nkanu Onnoghen of lack of will power in the fight against pervasive corruption within the judiciary. The Rights group also berated President Muhammadu Buhari for protecting his aides, ministers and staff found to have committed acts of corruption and for parading fake certificates. The group wondered why erstwhile Secretary to the Government of the Federation (SGF), Mr. Babachir Lawan implicated in a multi-million Naira fraud and those who were implicated in the $25 billion NNPC’s contract scam are yet to be prosecuted. HURIWA also accused President Buhari of protecting the the National Chairman of his party Adams Oshiomhole who was accused of large-scale fraud in Edo state. HURIWA said the failure of President Buhari to show

good example by firing two of his officials – the minister of Finance Mrs. Kemi Adeosun and his senior Special Assistant on prosecution Mr. Obono Obla indicted for parading allegedly forged exemption certificate from the National Youth Service Corp Scheme (NYSC) and fake WAEC certificate is the greatest act of tolerating corruption at the highest levels. In a statement by HURIWA’s National Coordinator, Emmanuel Onwubiko and the National Media Affairs Director, Miss Zainab Yusuf, the organisation accused the Nigerian National Petroleum Corporation (NNPC) of monumental corruption just as the Rights group questioned why the $ 25 billion contract scam in NNPC has been swept under the carpets. HURIWA alleged that massive corruption and bribery in the judiciary has gravely damaged the integrity of the justice system and accused the Chief Justice of Nigeria of failing to provide responses to a validly presented request based on the Freedom of Information Act.

NAF Trains 90 Operational Pilots, Says Chief of Air Staff Ibrahim Shuaibu in Kano The Nigerian Air Force (NAF) yesterday stated that it has trained more than 90 operational pilots within the last three years as part of renewed efforts to reposition the agency for effective performance. The Chief of Air Staff, Air Marshal Saddiq Abubakar stated this at the graduation ceremony of Basic Flying Course 18 at the 403 Flying Training School in Kano. He disclosed that in addition to the training of 90 pilots, 27 students pilots were currently undergoing flying training at 401 Flight Training School while another six students have just departed for helicopter training in South Africa. According to him, a number of NAF personnel are currently undergoing various training programmes in overseas’ institutions towards the attainment of his vision to reposition the NAF into a highly professional and disciplined Force. “This is why we have continued to support those activities that give you the requisite knowledge, skills and exposure to better fulfill your tasks,” he said. He assured that NAF personnel would continue to do their utmost best in addressing the security

challenges facing the country in different locations. “Furthermore, about 700 Special Forces personnel for defence of NAF mission critical assess, while many are undergoing engineering and other specialised Air Force- related training both at home and abroad. “NAF will continue to meet its statutory responsibility of defending the territorial integrity of the country, “he said. The Chief of Air Staff also commended President Muhammadu Buhari for his continued support to the NAF, saying the successes recorded so far would not have been possible without the support of the federal government. While calling on the graduands to justify the efforts and the resources spent on them, he also urged them to be ready to serve in any part of the country they might find themselves. Earlier in his remarks, the Commander, 403 Flying Training School, Kano, Group Capt. NN Ananaba commended the Chief of Air Staff for his continuous support to the training school. He said seven of the graduands received their training at home, while the remaining one was trained in the United States.

TECHNICAL MEETING

L-R: Director-General, National Council for Arts and Culture (NCAC), Segun Runsewe; Deputy Governor of Rivers State, Mrs. Ipalibo Harry Banigo; Rivers State Commissioner for Culture and Tourism, Mrs. Tonye Briggs Oniyide, and representative of the Permanent Secretary, Federal Ministry of Culture, Babatunde Ajibola, during the national technical meeting of the National Festival of Arts and Culture in Port Harcourt, Rivers State...yesterday

NBC to Shut down Debtor Broadcasting Stations The National Broadcasting Commission (NBC) has said it will shut down radio and television stations owing the commission licensing fees. The Director General, Is’haq Modibbo-Kawu, said that any broadcasting station that failed to come up with a payment plan before September 15 would be shut down. Modibbo-Kawu said this at a news briefing in Lagos after a

meeting with the stakeholders in the broadcasting industry. He said that the broadcasting stations are owing the commission N4.3 billion. According to him, there was an agreement between the stakeholders and the NBC in February 2017 on how to recover the debt. He said the stations had reneged on the agreement. He said that it would not be ideal to mention the broadcasting

stations due to the relationship between the parties and that the Broadcasting Organisations of Nigeria (BON) and NBC would be meeting. “There will be a consultative meeting between BON and NBC. ”Stations must try to regularise or work on a payment plan. The truth of the matter is if there is nothing definite done by trying to pay the money owed NBC

we are going to close down quite a number of radio and television stations. ”Especially because we know that a lot of them are targeting elections and the money they will make. ”We will make it impossible for them to make that money because if they do not pay their licensing fees, then they have no right to enjoy any freebies from elections.”

FG Suspends Topline Security Pipeline Protection Contract in Atlas Cove Depot Chiemelie Ezeobi The federal government has suspended the contract awarded Topline Security, a private firm, for the protection of petroleum pipelines from Atlas Cove to Mosimi Depot, THISDAY has gathered. The suspension was confirmed by the former Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Sylvanus Abbah,

when interfacing with defence journalists shortly after handing over to his successor, Rear Admiral Obed Ngalabak. The contract was suspended following some alleged breach by the company, who had reportedly sublet the contract to another private security firm. The security firm was said to have allegedly hired foreigners to guard the pipeline, a move which was deemed inimical to national security.

Meanwhile, the sub-letting of the contract to the security firm, had almost ensued in a bloodbath with the navy last June, after the former refused the latter, who is constitutionally backed, access to the pipeline. The guards had threatened to set the area ablaze after naval operatives had attempted to evacuate thousands of kegs laden with petrol, which was recovered from pipeline vandals. It was gathered that an

inquiry was constituted as a result of the confrontation and the government discovered that the guards bore arms illegally and about 80 per cent of the guards were foreigners. Following that revelation, it was gathered that the National Security Adviser (NSA) at a meeting with all the parties on July 16, suspended the contract and directed that the Nigerian Security and Civil Defence Corps (NSCDC) take over the supervision in collaboration with the NN.

Wike: Security Agencies Scuttling Our Efforts on Unity Ernest Chinwo inPortHarcourt Rivers State Governor, Nyesom Wike, has said the people of the state are committed to the unity, security and development of the country, adding that the security agencies controlled by the federal government were undermining the efforts of the people. Wike spoke yesterday in Port Harcourt at the 31st meeting of the National Technical

Committee on National Festival of Arts and Culture (NAFEST) tagged: ‘Our Festivals, Our Heritage’. He stated that the destiny of the country would not be cut short by activities of some individuals, adding that the visions of the founding fathers of the nation would be attained. Wike who was represented by his Deputy, Dr. Ipalibo Harry-Banigo, said: “We in Rivers State are honoured to

host this wonderful event, bringing the whole nation - our dear nation, Nigeria together. As a government, we believe so much in the unity of our dear country and the development and progress of Nigeria. The destiny of this nation will never be cut shot. He said the present administration in the state had made efforts in the last three years in the areas of development of infrastructure, education and

health, as well security. “All our efforts in the last three years are geared towards infrastructural development, roads, bridges, education, health, culture, tourism, towards our aim of making Port Harcourt a centre of culture and tourism. “We are very particular about is security and I assure you that this government has supported all security agencies maximally to ensure our society is crime-free,” Wike said.

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

SFF ConďŹ rms Seychelles, Nigeria Clash for Saturday AFCON 2019 QUALIFIER

The Seychelles Football Federation (SFF) has confirmed that the 2019 Africa Cup of Nations (AFCON) qualifying series Match-day 2 encounter between the Super Eagles and the Seychelles national team, known as Pirates, will take place on Saturday, 8th September, as against the widely circulated date of Friday, 7th September. The Chief Executive Officer/General Secretary of the SFF, Georges Bibi, in a mail to NFF’s Director of Competitions, Mr. Ayobola Oyeyode, also disclosed that the match will be played at the Stade Linite on the Mahe Island (home to the capital city, Victoria), starting from 4.30pm Seychelles time (1.30pm Nigeria time). Seychelles is an archipelago of 115 islands on the western Indian Ocean, off East Africa, and is home to about 100,000 people. Next week’s clash is crucial to both the Eagles and the Pirates, both teams having lost their opening games in the series. The Eagles lost 0-2 to South Africa in Uyo on June 10, 2017. A day earlier, the Pirates were poleaxed 5-1

GOAL OF THE SEASON 2018:

Portugal forward, Cristiano Ronaldo’s stunning overhead kick for Real Madrid in their Champions League quarter-ďŹ nal clash with Juventus has been voted UEFA’s Goal of the Season for 2018. Ronaldo’s eort in the ďŹ rst leg of the last-eight encounter in Turin helped Real to establish a 3-0 lead over Juventus.

by Libya’s Mediterranean Knights at the Stade Chedly Zouiten in Tunisia’s capital. Presently, Libya’s Knights top the Group E, followed by

South Africa’s Bafana Bafana, with the Eagles in third place and the Pirates bottom. At its meeting inside the NFF Secretariat, Abuja on Monday,

the NFF Executive Committee resolved, among other decisions, that “for ease of logistics and in consideration of convenience‌ the players

(as well as team officials not based in Nigeria) fly direct into Seychelles from their bases in Europe while Ikechukwu Ezenwa, the only player from

the domestic Nigerian league and Nigeria-based coaching personnel are to fly from Nigeria aboard commercial aircraft.�

C A F C O N F E D E R AT I O N C U P

Enyimba in Must-win Decider against Congo’s CARA Brazzaville Duro Ikhazuagbe Enyimba needs an outright win against Congo’s CARA Brazzaville this evening to ensure qualification of the lone Nigerian team in continental campaign this season for the quarter final of the CAF Confederation Cup. Playing in the team’s fortress in Aba for the first time in three years, the People’s Elephant will need a convincing win to avoid crashing out on head-to-head rule of the competition should the visitors hold them to a draw. They will both end on 10 points and the result of the clash between third-placed Williamsville AC and Djoliba in Abidjan may create problem

if the Ivorien hosts win, they too will end on 10 points from their present seven. That will mean all three teams finishing the Group C matches on 10 points each, a situation that would require the head-to-head rule to decide the two teams to progress to the quarter finals. Both CARA Brazzaville and Williamsville defeated Enyimba to have the edge. However, Enyimba Coach, Usman Abdallah, has assured Aba fans not to panic as they are not under pressure of any kind going into today’s last group game. Similarly, top star Austin Oladapo reecho his gaffer’s assurance to Nigerians going into this evening decider,

insisting that Enyimba will not disappoint in the pursuit of reaching the quarter-final of the CAF Confederation Cup. Having lost 3-0 their first leg in Brazzaville, the midfielder insists that his side is not only keen on earning a passage to the next phase but will also avenge their initial defeat. “We lost to them in Brazzaville and now have the chance to get our own revenge. “Though we are second in the group, we will not leave anything to chances against CARA. They need to win desperately because nobody is sure what the other result will be in Abidjan. “We must get the job done for the sake of all football loving

‌Eguavoen, Taribo, Siasia Hail Monimichelle over Aba Turf As Enyimba steps out today to play a CAF Confederation Cup Group C decider against Congo’s CARA Brazzaville on their newly refurbished stadium turf, the indigenous firm that regrassed the pitch, Monimichelle, has been given kudos for a job well done. Former Super Eagles player and coach Austin Eguavoen who led some Nigerian ex internationals to play a novelty match on the pitch against former Enyimba stars last Sunday, was delighted with the quality of the playing pitch. It was the first time in three years that Aba fans were returning to the People’s Elephant arena. Speaking after the Sunday novelty game which the Abia State government used to of-

ficially open the arena, the ex internationals said Monimichelle did a fantastic job. Eguavoen said playing on the geo-tech pitch reminded him of his playing days in Europe. “This Enyimba pitch reminds me of my hey days in Europe. This pitch is fantastic. My plea is that it should be maintained. Abia State government must go into a solid arrangement with Monimichelle on its year round maintenance. The deal they have must not end with the construction. Maintenance is key,� Eguavoen stressed. Another former Super Eagles defender Taribo West said he enjoyed playing on the turf declaring it as fabulous. “I must give kudos to Monimichelle for doing a

good job. This is a positive development for indigenous firms. Ordinarily, nobody would give a Nigerian firm this kind of job. For Monimichelle to have delivered this way, I say kudos and more grease to his elbow.� Samson Siasia on his part said he is impressed with what he saw, even as he urged Monimichelle to keep up the standard. “I enjoyed playing here. Nice pitch, good job by Monimichelle. My message to the company and her Chief Executive Officer, Ebi Egbe is keep it up.� The Enyimba, CARA clash is billed to kick off by 5 pm same time with the other match of the group involving Ivorian side Williamsville and Djoliba of Mali.

The Enyimba Stadium waiting to witness the CAF Confederation Group C last clash between Enyimba and CARA Brazzaville this evening in Aba Nigerians. We are aware that a lot depend on this game, so we will go all out to get the maximum points,� concludes Oladapo. In Group B, RSB Berkane and Al Masry have already

qualified for the quarter-finals, This evening games of the group are almost dead rubbers RSB Berkane and Al Masry will be battling to finish as Group B leaders as they prepare for their respective

matches against UD Songo and Al Hilal. With 10 points, one ahead of second-placed Al Masry, a win for Berkane will assure them of top spot at the end of this last round group matches.

Nigeria Defeats Sierra Leone to Win ICC U-19 Championship Nigeria’s Under-19 Cricket team, the Junior Yellow Greens, yesterday at the Senwes Park, Potchefstroom, South Africa, defeated Sierra Leone by 137 runs in the finals of the International Cricket Council (ICC) Under-19 World Cup Qualifier Africa Division Two to emerge champions. The win further sealed Nigeria’s place at the ICC Africa Division cadre along with a World Cup space in 2020. President of the Nigeria Cricket Federation (NCF), Professor Yahaya Ukwenya said the Nigerian team deserved all accolades for the sterling show through-out championship. He congratulated the Coaches led by Mr. Uthe Ogbimi and Tamuno John for prosecuting a successful outing. “The boys were very dedicated and were

disciplined all though the stages of the event. It is not time to celebrate because we have Division One Qualifiers, Inter Continental Qualifiers before the World Cup Proper where we would face countries like England, India, Pakistan, South Africa and other top nations�, he said. “The victory is a testimonial to the plans outlined by the present board when we took office last year and we are glad they are beginning to yield. What is next is to step up other developmental agenda in this respect.� He added. The Junior Yellow Greens convincingly defeated Mozambique, Lesotho and Ghana in Group B to go unbeaten before dispatching Tanzania by 35 runs in the Semi-final, which earned the team the ticket to the

much touted match against Sierra Leone book who also saw off the challenge of Mozambique by 71 runs. The Captain Sylvester Okpe side batted first scoring 242 runs for loss of 9 wickets in 50 overs with standout performer being opening batsman Olayinka Olaleye, posting 110 runs off 124 balls, Samuel Mba 62 runs and hero of Semi Final SegunOgundipe who added 29 runs in a high scoring. Nigeria’s best bowler at the tournament Peter Aho led the onslaught by claiming 5 wickets, 35 runs, 1 maiden in 4 overs while the duo of Mohammed Taiwo and Abdulrahman Jimoh both claimed 2 wickets to reduce their opponents to a paltry 105 runs all out in 31 overs.

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US Open 2018: Nadal, Serena Cruise into Second Round

Dalung: A Disservice to PMB

Serena Williams cruised into the second round of the US Open 2018

Defending champion Rafael Nadal moved into the US Open second round after fellow Spaniard David Ferrer’s Grand Slam farewell was ruined by injury. Nadal led 6-3 3-4 in Monday’s late tie on Arthur Ashe Stadium before Ferrer had to give up with a calf injury. Ferrer, the 36-year-old former world number three, will retire after playing in Barcelona or Madrid next year, but says this will be his final Grand Slam. “It is sad for me to see him finish like this,� said 32-year-old Nadal. “I’m very very sorry for him, he is one of my closest friends on tour and we have shared amazing moments together, playing in French Open finals and playing together in the Davis Cup and Davis Cup finals.

Top seed Nadal is among the favourites to retain his crown and has a seemingly favourable draw at Flushing Meadows, with two top 10 players - Kevin Anderson and Dominic Thiem - in his quarter. Anderson lost to Nadal in last year’s final and has never beaten him in five attempts, while Thiem has only won four matches since finishing runner-up to the Spaniard at the French Open in June. Before looking that far ahead, Nadal must focus on beating Canada’s Vasek Pospisil, ranked 88th, in the second round today. In the women’s section, six-time champion Serena Williams made her return to the US Open with a clinical first-round win over Poland’s Magda Linette. Williams, 36, missed her

home Slam last year, giving birth to daughter Olympia shortly after the tournament started. Opening Monday’s night session at Arthur Ashe Stadium, she won 6-4 6-0 against her 68th-ranked opponent. The 17th seed will meet Germany’s Carina Witthoeft in the second round. Williams is still on course to meet older sister Venus in the third round, although the prospect of facing world number one Simona Halep her projected last-16 opponent - has disappeared after the Romanian’s shock defeat by Estonia’s Kaia Kanepi. Although she will face tougher challenges, Williams looks well placed to challenge for the record-equalling 24th Grand Slam on the evidence of her victory over Linette. She put the Pole’s serve

under pressure in a lengthy third game without being able to convert, going on to break it in the seventh. After avoiding a brief scare when she was taken to deuce in the following game, she saw out the opening set without facing a break point. The second set was a different story. Linette could not cope with her power and accuracy in a 28-minute set, winning just nine points as Williams sealed victory with a 114mph ace out wide. “It was such a good feeling to be back here - it is one of the best feelings in the world,� Williams said. “The first set was tight, it was my first match back here in New York so it wasn’t the easiest. “Once I got settled I started to do what I’ve been doing in practise and I felt better.

GCU Old Boys’Association Teams Set for Seyi Akinwunmi U-13 Charity to Organise 2018 Relays and given free meals throughout Oluchi Chibuzor and the duration of the competition. Football Tourney Emmanuella Igwe The Old Boys Association of Government College, Ughelli, Delta State is set to organise the maiden edition of the 2018 GCU relays. Speaking at a media briefing in Lagos yesterday, the Secretary-General, GCUOBA, Mr. Robinson Odoko, said the GCU relays which is an initiative of GCUOBA is scheduled to take place on November 17, at the Ultra-Modern Tartan track of the College constructed by Shell Petroleum Development Company, at Ughelli, Delta state. He also stated that participants are expected to arrive for the one-day competition on November 16 and depart on November 18, adding that inaugural GCU relays shall feature 100metres, 200metres, 4x100 and 4x400 relays for boys and girls. Odoko further noted that a maximum of 15 athletes shall represent each College and 20 schools altogether have been invited for the 2018 edition, stating that all 300 participating athletes shall be accommodated

He added that consistent with the rules and regulations of GCU relays, participating athletes are expected to be of the best behaviours as role models of the Schools. According to him, “Some of the Colleges that have been invited to the 2018 GCU Relays are Kings College Lagos, St. Gregory’s College Obalende-Lagos, Igbobi College Yaba-Lagos, Government College Ibadan, Edo College Benin-City, and Western Boys High School, Benin-City and others. GCU relays would help to progressively build and cement healthy interaction between secondary schools and students from the different states of the federation for the unity and progress of Nigeria. “The National Executive Council of GCUOBA after carrying out due diligence, identified GCU relays as a vehicle to promote social integration through strategic development of athletics and restoration of healthy sports rivalry among secondary schools nationwide as it was in the old days.�

The 2018 edition of the Seyi Akinwunmi Foundation Under-13 Charity Invitational Football tournament resumes this weekend at the Campos Mini Stadium, Lagos Island. The competition, which has attracted teams nation wide is now in its semi final phase and the First Vice President of the Nigeria Football Federation (NFF) and Chairman of Lagos State Football Association (LSFA), Seyi Akinwunmi said the tournament will invite back to Lagos the four semi finalists at the last edition of the Channels International Kids Cup and there will be a special invitation for a school from IDP camp in Borno State. According to him the participating teams are LGEA Central School, Kaiama, Kwara State, Emmanuel Anglican Nursery & Primary School, Okesa, Ado-Ekiti, Ekiti State; Baptist Government Primary School, Oshogbo Osun State; X-Planter Nursery & Primary School, Ikorodu, Lagos State; Amigo Largema Military Cantonment Primary School, Borno State and Ekofootball Future Stars, Lagos

State. Akinwunmi, also said that there will be no room for age cheats and believes that the competition will be crucial to the development of grassroots football in the country. “We are starting with six teams and we hope it will become bigger and bigger in the coming years. We will have scholarships for four pupils and we will also have scholarship awards to the IDP school. The children in Eko Football are mostly sponsored by us, so it is education and football coming together. “What we did is that we were involved in the screening of the Channels Kids Cup. We screened them in their schools before they came and also did the same when they came for the Channels Kids Cup. So it is the same kids that are coming and we already know their age range. “It is not just about Seyi Akinwunmi and not only about Lagos State. One of the FA Chairmen from the North spoke with me this morning to wish me well about this tournament and promise to do his own next year too.

There are too many reasons why I will not vote for President Muhammadu Buhari in next year’s election like I did four years ago when I campaigned vigorously for him because I thought he was the change we needed. Now, I am worried that I keep paying more for virtually everything: Cooking gas, essential food items, all appliances, petrol, name it. I am exasperated that there is much more tension and fear than there was before we elected our President. If you add these to the hunger and anger that is now pervasive in our country you would understand why I am not likely to vote Buhari again. His speech at the NBA event a few days ago further fuels my feeling that he is determined to railroad our country towards an unbridled dictatorship. How does one explain his statement that judgments by our courts would be revalued to comply with extraneous issues decided by the Executive arm of government. More saddening is the fact that most of the ministers he freely chose are in conspiracy against him. They either don’t know what to do or just won’t do the needful. Often times, government officials work without synergy or focus. Take our Minister for Sports, Comrade Solomon Dalung as an example. He best represents the incompetence and sloppiness associated with this government. He dresses like a Che Guevara while representing a government that is neither revolutionary nor progressive. Most of his actions as a government minister have done damage to our sport. I can give you many illustrations to support this view but I will limit my example to just one- how he mismanaged and fueled the recently resolved (?) crisis with FIFA. We have always had problems with our football administration from the time football became big business. These became recurring decimals from the time Anthony Kojo Williams was impeached as NFA Chairman through to the times of Ibrahim Galadima, Sani Lulu Abdullahi, Aminu Maigari to the present. The main contentious issue had always been attempts to manipulate elections into the board of the NFA/NFF. Through these times FIFA has been used to bully and intimidate. By the time our Comrade Minister got into office about three years ago the conventional wisdom was that you do not take matters relating to football to our local courts. But Chris Giwa had eaten the ‘Forbidden Fruit’ and taken the

NFF election matters to court. The expectation from stakeholders was that Dalung, being a lawyer, would know that our country being an affiliate of FIFA was duty bound to comply with all rules and regulations of the world football governing body. He was expected to know that Nigeria, despite grave political implications complied with the judgment of the World Court ceding Bakassi to Cameroon mainly because our country is a signatory to the treaty setting up the body. The expectation from the football fraternity was that Dalung would be able to squeeze out a compromise from the warring factions but information from multiple sources indicated that he literally became a cheerleader for one of the disputing parties. Dalung was reported to have misadvised the Presidency until Vice President Osinbajo discovered the deliberate misinformation on the FIFA issue. He reportedly found out that contrary to information provided there was no Supreme Court judgment asking the Pinnick board to vacate office for Giwa. Even after the government wrote to FIFA, pledging to abide by its commitments to the world body, Dalung stuck to his gun. A day after government wrote to FIFA, the minister’s SA issued a press release giving the impression that the Vice President who was acting for the President was wrong. According to the release Dalung was reported to have said... ‘this crisis can not be solved with a temporary measure or scratched on the surface. The intervention by the VP should not be viewed as different from an attempt to abate an escalating situation... The Minister notes that the matter has a subsisting judgment of the Supreme Court of Nigeria and will prefer to stand with the Rule of Law instead of the opinion of men.’ What our Sports Minister would want is for FIFA to ban Nigeria and I do not know who will benefit from this situation. Definitely not our country. Not football. Not even the Minister or his cronies. What then is the way out? Let the election scheduled for September go on. Encourage all parties to conduct an election that is transparent and fair. From this year government should gradually withdraw from funding football and by 2020 the withdrawal should be total with the government providing an enabling environment for the private sector to fully sponsor our football. And yes, please ask Comrade Solomon Dalung to go. He has caused enough katakata in our sport. He has not done much credit to our President.

Wednesday August 29, 2018

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Price: N250

MISSILE

Buhari to Trump

“It is indeed not the first time President Trump would be heard to lower the standards of respect for his colleagues on the world stage. We are not surprised, we know that this agelong character of the US President would not change anytime soon. But it is important that we put it on record that President Buhari remains fit and sprightly, even for the next decade.” – President Muhammadu Buhari in a swift reaction, said he was fit, sprightly and not lifeless as alleged by the American President.

KAYODEKOMOLAFE The Leadership Question for 2019 THE HORIZON

kayode.komolafe@thisdaylive.com

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he indications are that it would not be easy make next year’s elections issue-focussed. Discussions of issues do not seem to be part of the culture of the new politics in town. Most of the politicians are not raising issues; they just quarrel all the time. They don’t appear to have programmes to sell. Can anyone seriously point to the main issues of the elections barely five months to the polling day? The focus is only on who becomes the candidate and not also what programme should be embraced by the voters. And the matter is not helped by the low quality of what goes in the public sphere that is saturated with insults, abuse, and prejudice and hate speech. Yet forces of progress and genuine democracy should not be daunted. The electorate must be sensitised to insist that beyond the ethnicity, religion, region or the look of the candidate, the issues of the elections should be popularised. The issues should be the focus as the polity gears up towards electioneering. In other words, the choice should be a choice of programmes too. In a multi-party system, the political parties ought to be leading the debates on the issues – mass poverty, insecurity, infrastructure revamp, funding education, universal healthcare, environmental degradation etc. While these and more tangible issues could be spelt out by candidates and their parties as clear-cut strategies, policies and programmes, there is a less tangible issue which cannot be reduced to programmes. The less visible issue which should command as much reflection as other possible issues of the elections is leadership. In fact, if you ask some perceptive members of the public what should be the most important issue of the election, they would simply reply with one word: leadership. That is leadership beyond the various definitions amply supplied by our motivational speakers at workshops and several recipes embodied in the how-to-do –it publications in the market. In pondering the issues of leadership it could be worthwhile to make it a matter of deeper philosophical reflection. In a recent lecture entitled “Leadership and the Burden of History”, given in honour of the celebrated journalist, Ray Ekpu, as he turned 70, a fellow columnist on this page, Dr. Chidi Amuta, reminded public intellectuals especially that the issue of leadership requires more serious thinking. Amuta explored the typology of leadership drawing good and bad examples of leadership from Africa and other parts of the world. In Amuta’s view, for instance, while the damage done to the cause of human progress by bad leadership in Congo Democratic Republic (known as Zaire) under Mobutu Seseko and Haiti under Jean-Bertrand Aristide should be admonishments to bad leaders any where, the progress made by Singapore under Lee Kuan Yu and Rwanda under Paul Kagame as the leader should be sources of inspiration to emerging leaders. These leaders and many others must have demonstrated some qualities, which qualify them as models to some other people. Nelson

Buhari Mandela of South Africa, of course, came up as a standard to which other leaders should aspire to for generations to come. The qualities of political leadership are as many as the expectations of the electorate in various climes. In a widely acknowledged study, a British political scientist, Archie Brown, lists some of these qualities as “ integrity, intelligence, articulateness, collegiality, shrewd judgement, a questioning mind, willingness to seek disparate views, ability to absorb information, flexibility, good memory, courage, vision and boundless energy.” Interestingly, the Oxford professor thinks that adding “modesty” to the inexhaustible list of might be ”a requirement too far” to expect of political leaders! And he is, of course, quick to say that it would take “supermen or superwomen” to expect most leaders to have all the qualities. In the study, Brown examines Donald Trump, Theresa May, Tony Blair, Franklin D. Roosevelt, Margaret Thatcher and Mikhail Gorbachev among others. Little surprise, Bill Gates chose the book as a Book of the Year in 2016. In making a choice of leaders during elections, therefore, the people may have to look at the qualities they require of a leader in a given situation. After all, that is why each election has its own specific issues; expectations vary from time to time. In the foreword to the 2018 edition of Brown’s book entitled The Myth of the Strong Leader: Political Leadership in the Modern Age, the professor draws some conclusions, some of which may be relevant in the reflections on the Nigerian situation. He puts the matter like this: “ In a democracy the top leader is seldom as

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powerful as he or she is widely assumed to be… What is much more troubling than such misunderstandings is the tendency to assume that one person, the head of government, is entitled to have the last and most decisive word on all big issues. Some leaders have been eager to foster this view and to act as if it were true…. this is neither sensible nor desirable in a democracy.” Although Brown has questioned the notion that “strong leaders” are the most accomplished in power, yet no one wishes to vote for a “weak leader” in an election. That is why a critical reading of the book could provoke useful reflections on how to tackle the Leadership Question in Nigeria. After all, in an age in which Donald Trump is proving in America that time-honoured institutions could be rubbished in the most cynical manner, the strength of character of a president should be thoroughly examined during an election. For instance, on the cover of the current edition of The Economist of London, there is a portrait of Trump with a question: “Above the Law?” It is a story of the American president’s disdain for institutions and the manipulation of the legal system. So it may not be enough to say that you need strong institutions and not strong leaders in some instances. The foregoing would invariably lead to some deductions in the Nigerian context. First, besides the president more attention should be paid to the quality of leadership of leadership at the other tiers of government. Yes, by constitutional definition, the president is the Chief Executive Officer of the State with vast powers and enormous responsibilities. His or her character could determine a lot in the direction in which Nigeria should go. Yet the leadership decline at the other levels is eminently worthy of interrogation. For instance, in the long debate on restructuring, there is hardly any emphasis on the quality of leadership at the tier of government to which greater powers should be devolved. The worst situation is at the local government level. It is there you would find the most unprepared cadre. Yet there was a period of Nigeria’s post-colonial history when some political leaders who once served creditably at the local governments later became governors who many people would not hesitate to vote as presidents if they contested presidential elections. These political leaders had strength character. These leaders included Solomon Lar, Sam Mbakwe, Adekunle Ajasin and Bisi Onabanjo. In another clime, it is not unusual for a Mayor of Paris to aspire to become the president of France. It is all

“If you ask some perceptive members of the public what should be the most important issue of the election, they would simply reply with one word: leadership”

a measure of the standard of leadership expected at that level of government. Leadership recruitment should be taken more seriously and the political parties should also serve as platforms for leadership development. More concretely, the suggestion by Amuta of institutionalised leadership training should be considered. Similarly, greater weight should be given to the leadership content at the state levels. The shenanigans that pass for governance in a some states are just unacceptable. The experience since 1999 is that a governor is a probable president at the end of his tenure. Apart from the two former military heads of states, only governors have become presidents. The legislative arm of government has largely not pulled its weight. At least, the noticeable executive-legislative feud at the federal level is sometimes because the National Assembly asserts its power over the budgetary process. In most states budgets are hardly scrutinised and the Speaker of the House is more or less a glorified special assistant to the governor on legislative matters. The governors intimidate the state legislature. Restructuring without balancing of the leadership at the state level would not automatically improve governance at that level. Secondly, putting together a competent team is important for the leader to perform creditably. For instance, while President Muhammadu Buhari has the ultimate responsibility for governance, the truth is that members of his team should accept more responsibilities for governance. For instance, the economic team should accept more responsibility. Without prejudice to the responsibility of the British Prime Minister, the Chancellor of Exchequer has his own slice of the responsibility just as the Treasury Secretary has leadership responsibilities in the United States. The same thing applies to other departments of government. Landmark policy ideas should flow from members of the team. It is said that when the first paper on the free education which has historically defined the government of Obafemi Awolowo in the old western region was presented by the minister of education, it was initially critically received by other cabinet members. This is a nugget of information from Brown’s book in which he makes a survey of forms of leadership. In the same vein, as a retired General of the Nigerian Army, Buhari should accept more responsibilities for the lack coordination in the security and defence sector. It is good that the president has been talking tough recently on the security situation. Nothing less is expected. He should respond to the clamour for a rejig of the whole hierarchy of the state apparatus. Correspondingly, the other political parties seeking power in 2019 should also learn the necessary leadership lessons in this regard so that they could improve on the situation if they happen to get into power. Above all, in making the question of leadership one of the issues of the 2019 elections the orientation of the leader also matters; that is the ideological content of leadership.

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