CBN Lures Investors with Higher Treasury Bills Yields Obinna Chima As investors’ appetite for longer tenor treasury bills remained strong with demands for higher rates at last week’s auction, amid fears of capital flight ahead of the 2019 general
election, the Central Bank of Nigeria (CBN), in an apparent move to attract investors in the fixed income market, over-allotted the 364-day bill with yield at 15.60 per cent, up from 15 per cent previously. Also, the spot rate of the
364-day instrument climbed to 13.5 per cent, up from 13.05 per cent. While the 182-day and 364-day instruments were oversubscribed, the 91-day bill was undersubscribed by over 50 per cent as well as
the182-day at marginal rates of 12.3 per cent. But the 91-day bill was under-allotted at 11 per cent. “As investors continue to favour long tenored treasury bills over shorter tenors, we expect higher rates to be
sustained into this week’s trading especially as a total of N182.2billion treasury bills maturity is expected to hit the system with the same amount planned to be rolled over in 91-day (N5.4 billion), 182-day (N8.4billion) and 364-day
(N168.4billion) maturities,” analysts at Afrinvest Securities Limited stated in a report. On his part, an analyst at Ecobank Nigeria, Kunle Ezun, disclosed that development Continued on page 8
High Oil Price Pushes Subsidy on Petrol to N65.6 Per Litre... Page 8 Monday 17 September, 2018 Vol 23. No 8552. Price: N250
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Ambode: Despite Tinubu’s Hard Stance, Presidency Pushes for Peace Deal Sanwo-Olu formally declares aspiration Gboyega Akinsanmi and Segun James Despite the hard stance of the National Leader of All Progressives Congress (APC),
Senator Bola Tinubu, on the re-election bid of Lagos State Governor, Mr. Akinwunmi Ambode, the presidency yesterday intensified its intervention to broker a peace
deal between the national leader and his embattled political godson. While the push for peace deal was underway, Ambode’s main challenger and the
Managing Director of Lagos State Property Development Corporation (LSPDC), Mr. Babajide Sanwo-Olu, formally declared his intention to contest the 2019 governorship
election in the state on the platform of the APC. Multiple APC chieftains, who spoke with THISDAY in confidence yesterday, gave insights into the sustained
effort of the presidency and APC National Secretariat to end the Ambode-Tinubu impasse at the weekend, Continued on page 10
EFCC Backs Presidency, Accuses HSBC of Laundering $100m for Abacha, 50 Others Asks security agencies to place Fayose on watch list Atiku: Attacks on bank expose presidency’s hypocrisy APC, PDP bicker over Adeosun Iyobosa Uwugiaren, Onyebuchi Ezigbo, Adedayo Akinwale in Abuja and Chiemelie Ezeobi in Lagos
The Economic and Financial Crimes Commission (EFCC) yesterday joined the presidency in taking to task, the multinational banking and financial services organisation, HSBC, over its rating of the President Muhammadu Buhari administration’s economic performance,
accusing the foreign bank of helping Nigeria’s late military dictator, General Sani Abacha, to launder over $100million. The anti- graft agency also accused the bank of assisting 50 other Nigerians, including a serving senator to keep unspecified amount of illicit funds. The bank had in a damning report, warned that a second term for Buhari would Continued on page 8
Saraki: APC Can't Remove Me as Senate President… Page 10
ROYAL VISIT... Delta State Governor, Dr. Ifeanyi Okowa (left), and Olu of Warri, Ogiamen Ikenwoli II, during the governor’s visit to the royal father in Warri ...yesterday
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High Oil Price Pushes Subsidy on Petrol to N65.6 Per Litre FG spent N3.053bn per day in August Chineme Okafor in Abuja Petrol supply figures sighted by THISDAY yesterday in Abuja indicated that the amount of financial subsidy Nigeria currently absorbs to keep the pump price of petrol at N145 per litre instead of the expected open market price might have gone up to N65.6k. This is following the rising price of crude oil in the international market and its impacts on the landing cost of petrol into the country. Oil last week traded at an average of $80 per barrel, but the paper in Abuja gathered from operators in Nigeria’s downstream petroleum sector that the landing cost of a litre of petrol had similarly gone up to N196.3k per litre.
Based on this, THISDAY summed up the N14.3 distribution margin approved in the last pricing template for petrol by the Petroleum Products Pricing Regulatory Agency (PPPRA) – an agency of the federal government responsible for periodically calculating and approving products’ pricing for the market – with the N196.3k landing cost, and arrived at N210.6k, which should be the current open market price of a litre of petrol in the country. Flowing from this, it then calculated the difference between N210.6k (actual market price per litre) and N145 (government price per litre) and arrived at N65.6k, which is the subsidy or underrecovery recorded over every litre of petrol supplied by the
Nigerian National Petroleum Corporation (NNPC), which has since October 2017 reportedly become the sole importer of petrol in Nigeria. Further on this, the paper multiplied the N65.6k by 46.54 million litres the ministry of petroleum resources disclosed last week in its newsletter was the daily petrol consumption level of the country in August and arrived at N3,053,024,000 which was the figure the country may have incurred daily as subsidy on petrol consumption. Additionally, for a period of 31 days in August, the calculations indicated that N94,643,744,000 could have been absorbed as subsidy by the NNPC to keep the pump price at N145 per litre. Though the NNPC did
not confirm the figures, its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, however, explained to THISDAY that it has the financial capacity to absorb any gap between the landing costs and pump price of petrol in the country. Ughamadu equally stated that the NNPC would continue to shoulder such burden to keep petrol supplies stable for all Nigerians. “As it stands, the NNPC is currently playing the role of a ‘social supplier’ with reference to petrol. The NNPC has the financial capacity to absorb any gap between the landing cost and prevailing pump price of petrol,� said Ughamadu. He added, “The corporation, therefore, will continue to
shoulder associated losses in order to ensure adequate and robust supply of petroleum products to consumers and all Nigerians.� In December 2017 when oil price was $64.37 per barrel, the NNPC’s Group Managing Director, Dr. Maikanti Baru, disclosed to journalists that the landing cost of petrol was N171.40, and that a metric tonne cost $620. Similarly, Baru explained that NNPC’s crude for product swap programme - the Direct Sales Direct Purchases (DSDP) - was under pressure and unable to satisfy increased petrol consumption in the country because it was originally programmed to meet the country’s 35 million litres daily consumption level. He particularly stated then
that: “The landing cost goes with the CIF (Cost, Insurance and Freight) price of petrol. As of Friday, the CIF price was in the neighbourhood of $620 per metric tonne, with the official exchange rate of N305 to the dollar, the landing cost should be N171.40 per litre. “The government has consistently indicated that the N145 per litre is the price and to do that, it has mandated the NNPC to keep the equivalent depot price of N133.28 per litre which will keep a cap of N145 per litre, there is a lot of profit in between after taking the transportation cost of N7 off, so there is sufficient margin for the marketers in that PPPRA template at the price cap.�
EFCC BACKS PRESIDENCY, ACCUSES HSBC OF LAUNDERING $100M FOR ABACHA, 50 OTHERS greatly harm the economic development of the country. The first official attack came from the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, who on Saturday accused the financial institution of harbouring looted funds from Nigeria. The presidency had described HSBC as “A bank that soiled its hand with millions of US dollars yet-to-be-recovered Abacha loot.� The EFCC in joining the fray said, "HSBC Bank Plc is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. "Since inception, HSBC is synonymous with money laundering and has paid billions of US dollars in fines across the world. "In Nigeria, the bank laundered more than $100 million for the late dictator, late Gen Abacha, in Jersey, Paris, London, Switzerland and Geneva. "The bank is also involved with laundering proceeds of corruption for over 50 Nigerians, including a Nigerian serving senator. "Part of Abacha Assets yet to be recovered are, $12 million in HSBC Fund Admin Ltd with account number S-104460 in Jersey; $20 million
in HSBC Life (Europe) with account number 37060762 in U.K and $1. 6 million in HSBC Bank plc with account number 38175076 in UK. "We shall not rest on our oars until every penny belonging to the Federal Republic of Nigeria is repatriated to Nigeria so as to improve the lives of the people."
Atiku: Attacks on HSBC Expose Presidency’s Hypocrisy Meanwhile, former Vice President Atiku Abubakar yesterday said that the statement by the presidency condemning HSBC because it gave a verdict that Buhari’s re-election would spell doom for Nigeria’s economy has exposed the hypocrisy of the Buhari administration. Atiku, a presidential aspirant on the platform of the Peoples Democratic Party (PDP), said it was comical and pathetic that the Buhari government’s statement called HSBC corrupt. The former vice president in a statement in Abuja by the Atiku Presidential Campaign Organisation said, "It is with amusement that we read the statement by the Buhari administration condemning HSBC, the world’s largest bank, simply because HSBC gave a verdict that Buhari’s re-election would spell doom for Nigeria’s economy." He said that it seems the Buhari-led federal government
was unaware that some of the record $12 trillion worth of debt that Nigeria has been with was funded from HSBC. Atiku stated, "When they were taking their money, the ever begging Buhari administration did not know that HSBC was corrupt. It was after the HSBC told the truth about the Buhari government that they knew that the HSBC is keeping looted funds. "They forgot that their principal, Muhammadu Buhari, said Abacha did not steal. So if Abacha did not steal, how could HSBC keep recovered Abacha loot? When you tell so many lies, you begin to contradict yourself." The former vice president stressed that the fact remains that Nigeria under Buhari had been adjudged as the world headquarters for extreme poverty by the World Economic Forum and the World Poverty Clock as well as the British Prime Minister, Theresa May. He added that only last month, the National Bureau of Statistics (NBS) revealed that the country's second quarter GDP growth rate was lower than the first quarter GDP growth, warning that another quarter of negative growth would see Nigeria witnessing a second recession under the Buhari administration. Atiku said the same NBS published in December 2017 that 7.9 million Nigerians lost their jobs in 21 months under Buhari’s watch, adding, "These are the things that the government should be
focused on and not to haul infantile insults at the world’s largest bank."
EFCC Asks Security Agencies to Place Fayose on Watch List In a related development, the EFCC has requested security agencies, including the Nigeria Immigration Service (NIS), Nigerian Customs Services (NCS) and the Department of State Services (DSS) to monitor and arrest Governor Ayodele Fayose of Ekiti state, if he makes attempt to run away from the country when his immunity expires next month. Fayose in a swift response in Ado-Ekiti, however, said yesterday that the directive was unnecessary, contending that he had no intention of eloping since he had nothing to hide. “I can face tomorrow,� he said defiantly. In a letter dated September 12, 2018 with reference number: CR: 3000/EFCC/ ABJ/EG/TA/VOL,59/010 and signed by the acting Chairman of EFCC, Ibrahim Magu, the anti-corruption-agency urged the Customs to place Fayose on its watch list, accusing the outgoing governor of money laundering, abuse of office and other socio-political vices. It said, “The under listed person (Governor Ayodele Fayose) is under investigation in connection with the above mentioned offences and there is a reasonable suspicion
suggesting that he may likely leave the country either through the land borders, airports or seaports in order to evade investigation. “Hence, you are kindly requested to watch-list him and arrest him. You are further requested to contact the commission through the provided contact details if sighted.� Fayose had told EFCC that he would submit himself to the commission immediately he hands over to the next governor. In his letter to EFCC, dated September 10, 2018, Fayose said, “I wish to inform you that my term of office pursuant to which I enjoy immunity against investigation and prosecution under the above provision shall lapse by effusion of time on Monday, October 15th, 2018. ‘’As a responsible citizen of our great country, who believes in the rule of law, I wish to inform you of my decision to make myself available in your office on Tuesday, October 16, 2018 at 1pm to clarify issues or answer questions within my knowledge.�
APC, PDP Bicker over Adeosun For the APC and the PDP, the recent resignation of the former Minister of Finance, Mrs. Kemi Adeosun, provided another opportunity to trade words yesterday as both
CBN LURES INVESTORS WITH HIGHER TREASURY BILLS YIELDS in the money market last week was a reflection that there was likely going to be gradual movement in rates, “because we saw yield on one-year bills going up to 13.5 per cent.� He added: “And from the open market operations (OMO) the central bank did, the market was looking up to 14.5 per cent. “So, increasing the one-year treasury bills is a signal that rates might go up to keep the foreign investors in market. “The central bank is trying to provide them the comfort to keep their funds in the country,� he explained. Also, the Head, Research and Strategy at FSDHMerchant Bank Limited, Ayodele
Akinwunmi, anticipated spike in treasury bills yields. “The major driver will be to enable the central bank attract foreign inflows so as to achieve growth in external reserves. Investors should take advantage of the current yield on one-year treasury bills,� Akinwunmi said. The CBN recently released the treasury bills calendar for the last quarter of 2018, with the first auction in September carried out during the week. THISDAY yesterday reported that there were strong indications that the CBN’s Monetary Policy Committee (MPC) which meets next Monday, will raise its benchmark monetary policy rate (MPR) in order to ward
off spill over from the turmoil in emerging markets (EMs) as well as to tame inflationary pressure. Russia’s central bank last week raised its main interest rate for the first time in almost four years, following Turkey in taking steps to defend its currency amid emerging market turmoil. The bank raised its benchmark lending rate by 0.25 percentage points to 7.50 per cent. The rouble, which has also been battered by worries over US sanctions and other political pressure on Russia, rallied on the announcement and traded as much as 0.8 per cent stronger at Rbs67.64. Precisely, the next MPC
holds between September 24 and 25, 2018. Nigeria’s Consumer Price Index, (CPI) which measures inflation increased by 0.09 per cent to 11.23 per cent (year-on-year) in August, compared to the 11.14 per cent recorded the preceding month, the National Bureau of Statistics (NBS) revealed on Friday. That was the first year-on-year rise in headline inflation after 18 consecutive disinflation in the index. However, stock markets as well as currencies in EMs such as Argentina, Turkey, South Africa, Brazil, Mexico, Egypt, South Korea, Philippines and China, have plunged heavily in the past few weeks, even as the naira has remained stable.
EMs across board have been under pressure since the US Federal Reserve raised interest rates in June. Governments and companies had borrowed in dollars when interest rates were low, and the dollar was weak. Now the dollar is strong and interest rates are rising. The MSCI Emerging Markets Index of shares is down more than 13 per cent in 2018. Similarly, the Nigerian Stock Exchange (NSE) market capitalisation has fallen by 13.5 per cent in 2018. In addition, Nigeria’s external reserves is down by five per cent this quarter, to its last Thursday’s close of $45.228 billion.
disagreed over the virtue of the former minister’s action. Adeosun had stepped down following the discovery that her National Youth Service Corps (NYSC) exemption certificate was forged. The APC in praising Buhari for stepping up the anti-graft fight, described Adeosun’s acceptance of guilt and subsequent resignation as an "action of honour, strength of character and integrity." In a statement yesterday by the acting National Publicity Secretary, Yekini Nabene, the APC said Adeosun did well by resigning after being indicted by a probe panel. The party said like all responsive and responsible governments concerned about the truth and due process, the federal government undertook diligent investigation of the allegation. The party said the minister had done the right thing by accepting the outcome of the report of the investigation of the NYSC certificate scandal. It said, "The right thing has been done. The honourable minister has taken the path of honour and resigned. We congratulate Mrs. Adeosun for her action. "In President Muhammadu Buhari’s administration of integrity and transparency in the conduct of public affairs, no officer of government with Continued on page 10
TOP GAINERS NIGBREW HONEYWELL UNITYBANK TRANSCORP DIAMONDBANK TOP LOSERS CCNN LINKASSURE A.GLEVENTIS
NGN NGN 8.40 92.50 0.12 1.39 0.08 0.93 0.10 1.23 0.10 1.29 NGN 2.50 22.60 0.06 0.59 0.04 0.40 UNILEVER 3.80 43.00 UNIVINSURE 0.02 0.25 HPE Nestle Nig Plc â‚Ś1,370.00 Volume: 252.189 million shares Value: N4.732 billion Deals: 3,120 As at Friday 14/09/18 See details on Page 35
% 9.9 9.4 9.4 8.8 8.4 % 9.9 9.2 9.0 8.1 7.4
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Saraki: APC Can’t Remove Me as Senate President Gets Babangida’s backing for presidency
Laleye Dipo in Minna Senate President Bukola Saraki said yesterday that the All Progressives Congress (APC) could not remove him as Senate president, insisting that he would not step down from the exalted legislative position until his term runs out. Saraki spoke in Minna, the capital of Niger State, during a visit to former military President Ibrahim Babangida, saying the ruling party does not possess the number to force him out of office. The Senate president, whose confidence had perhaps been buoyed by the backing he received from the former military president for his presidential ambition, told Peoples Democratic Party (PDP) stakeholders at its secretariat in the state capital that the party was in the majority in the upper chamber of the National Assembly. "They know that we are in the majority, and whatever they want to do, they know that they don't have the number,� he said, adding, "One thing is clear, I will not sacrifice the interest of the country for my personal interest, and in the last three years as a Senate president, I have demonstrated that my interest is second to
that of national interest, I will not step down from the Senate presidency." The National Chairman of APC, Mr. Adams Oshiomhole, has repeatedly asked Saraki to step down as Senate president following his defection to the PDP. A suit on the issue had also been filed in the Federal High Court Abuja. Saraki also dismissed the call by the APC for the National Assembly to reconvene for the purpose of removing him, describing it as unnecessary and explained that since the Senate was properly adjourned, it would reconvene as scheduled after its annual break. He said, "We did not adjourn the Senate in the dark, there was a procedure, where at the end of the session there was a vote and it was seconded that we should go on annual recess. "So it wasn't anything done in the secret, everybody was there. It is not that some few people met somewhere and took the decision. "Everybody participated and everybody took the decision that we should adjourn for a normal annual recess. "The date that we agreed to resume is the same date that we resumed last year and the year before, so there
Saraki is nothing abnormal about the Senate adjournment." Saraki said that his plan was for Nigeria to be a country rooted in the rule of law and democratic process, adding, "I am happy that even they that started making the noise have now agreed that they will follow the rule of law and due process. "What is important to me is to ensure the autonomy of the three arms of government, to allow rule of law, to ensure that we respect the democratic process." The PDP presidential aspirant reiterated his commitment to upholding the principle of separation of power and rule of law, adding
that he would always fight for what is right. Commenting on the political situation in his Kwara State homestead, Saraki described those opposing him as visiting politicians to the state. He said, "The interesting thing about Kwara politics is that majority of the politicians are transit politicians who come to seek the people's votes when it is six months to every election. "They are not with the people, after the election they will go away and then they will come back six months to election and immediately after election they will go away, that has always been their pattern of politics and the people of
Kwara are not stupid, they know those who are with them, they know those who care for them.� He had earlier told the PDP stakeholders that he was in the presidential race because "the country needs a president that can unite everybody; the country needs a leader where all Nigerians will have sense of belonging; the country needs a youthful president; the country needs a president that understands how the executive and legislature should work together, not in an environment where there is no harmony." The Senate president paid a courtesy visit to former military president at his uphill residence before departing for Jos, the Plateau State capital. During the visit, Babangida threw his weight behind Saraki’s 2019 presidential bid. The former military president said his decision to support the Senate president was because his (Saraki’s) late father, Chief Olusola Saraki, was supportive of him and his administration. "It is my turn to do what your father did to me," he said, adding that he would treat the PDP presidential hopeful as his son. According to Babangida, "I will rightly observe that you
are my son, for coming to pay a courtesy visit. "I remember when I was still in office, I spoke with your father, Oloye Saraki, who was always providing advises on a number of things about this country. "He always made himself available to me, to give advises and encouragement, which will move the country forward. Your visit today is historical, now it is your time and turn to come to me and I will do just that." While commending Saraki's strategies, Babangida said, "You mentioned three things that are very dear to us as military, and we fought to get them, to preserve them. They are unity of the country, the security of lives and property, and economic development. "The security of the people and the well being of the ordinary man are the right objectives for campaign and leadership for this country." Babangida praised Saraki for his resilience as the leader of the upper chamber of the National Assembly, adding, "You have been able to hold the Senate together for these years. I commend you, you have my support for these three reasons you have itemised and I hope the people will listen to you."
Saturday, Osinbajo was with Asiwaju, appealing to him to allow Ambode enjoy the privilege of first refusal. “Even though it seems unlikely to resolve it, there is nothing impossible with God. The good thing is that engagement is ongoing. Resolution is not foreclosed, though seems unlikely considering political dynamics in the state.� Despite series of highpowered peace meeting going on at different levels, SanwoOlu formally announced his intention to contest the 2019 governorship election in the state on the platform of the APC yesterday at the City Hall, Lagos Island. Sanwo-Olu’s declaration was witnessed by prominent political leaders, including a lawmaker representing Lagos East, Senator Gbenga Ashafa, former Minister of State for Defence, Mr. Demola Seriki, Tinubu’s former Chief Detail, Mr. Tayo Ayinde, former Deputy Chairman of Lagos APC, Cardinal James Odumbaku and former
Commissioner for Agriculture and Cooperatives, Mr. Kaoli Olusanya among others. The aspirant said he had a plan to make Lagos the greatest, most vibrant city on the continent, taking its rightful place in the comity of states around the globe. He said, “I have a vision for a Lagos with modern and affordable transport system, impeccable public health facilities, world class educational institutions, where we succeed in educating and skilling our youth, especially our children. “A vision for a Lagos where our children are educated and our youth are highly-skilled, healthy, free of hunger, illiteracy, disease and destitution. There’s a lot of work to be done to achieve the Lagos of our dream.� He, therefore, pledged to be a good party man and run an inclusive government while he commended Ambode’s immediate predecessor, Mr. Babatunde Fashola, for his efforts while leading the state between 2007 and 2015.
AMBODE: DESPITE TINUBU’S HARD STANCE, PRESIDENCY PUSHES FOR PEACE DEAL claiming that Tinubu’s hard stance slowed down the process of sealing a peace deal between the two. Since penultimate Sunday, there has been controversy over the political future of Ambode immediately after Sanwo-Olu and former Lagos State Commissioner for Works and Infrastructure, Dr. Obafemi Hamzat obtained nomination forms to challenge Ambode in the APC primaries scheduled to hold on September 27. Just after obtaining the nomination form, the Mandate Movement, a political group loyal to the APC national leader, promptly endorsed Sanwo-Olu, the state’s Commissioner for Establishment, Training and Pensions under the administration of former Governor Babatunde Fashola (SAN), to contest the 2019 governorship poll. Subsequently, Conference 57, a forum of Chairmen of 20 Local Government Areas (LGAs) as well as 37 Local Council Development Areas (LCDAs) in the state, signed Sanwo-Olu’s governorship nomination form, claiming that they were acting on the instruction of the APC national leader. Some APC chieftains, including former Deputy Chairman, Cardinal James Odumbaku, and former Commissioner for Agriculture and Cooperatives, Mr. Kaoli Olusanya, allegedly directed Ambode to return his nomination form or face removal from office at a meeting held at Watercress Hotel, Ikeja on Monday night. With this development, President Muhammadu Buhari, the Vice President, Prof. Yemi Osinbajo, APC National Chairman, Mr. Adams Oshiomhole, Oba of Lagos, Oba Rilwan Akiolu, Oyo State Governor,
Senator Abiola Ajimobi, and the General Overseer of Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have at different times intervened in the Ambode-Tinubu standoff without meaningful outcome. Giving insight into the peace meetings held at the weekend, an associate of the APC leader and a senator in the seventh National Assembly acknowledged that Tinubu had not agreed to support Ambode’s second term bid despite series of intervention by the president, his wife and the vice president. He observed that the matter “is complex. The issue is not about the APC leader alone. Ambode has problem with the political class in the state. They alleged that Ambode wanted to hijack Alimosho from Osun State Governor, Mr. Rauf Aregbesola. They accused him of setting up his own political structure.� Apart from these allegations, according to the former senator, the political class alleged that the governor had changed a lot of policies in the state that the APC leader considered as the treasured legacies he left behind, having served the state between 1999 and 2007. Despite the entrenched resentment in the camp of the APC national leader, he disclosed, “The vice president is working hard to resolve it. Ambode has problem with the political class in the state. Asiwaju has not agreed to support Ambode’s re-election bid. “Tinubu’s position is that all aspirants should go the primaries. He believes it is the beauty of democracy that all the aspirants face the primaries. But it is not impossible to resolve the issues between Asiwaju and Ambode. With the way things are presently, it appears only
the president can prevail upon Asiwaju to soft pedal. “The Vice President, Prof. Yemi Osinbajo, still met them on Saturday. He will likely meet them again early this week to resolve the differences between the parties. They are still talking. But the president can end the impasse.� Another party chieftain, who had served in the State Executive Council between 2003 and 2011, acknowledged the sustained peace meetings, which according to him, was facilitated by the president, but handled by the vice president. Even though Tinubu had not yielded to the presidential intervention, the chieftain said that the Ambode-Tinubu rift had got to the point of reconciliation. The intervention of President Buhari and his wife, Aisha, he said, would eventually yield meaningful result. According to the source, “There is fear that Ambode may fight back if he eventually clinches the APC ticket. The party leaders believe he does not forgive. That is why it is difficult to resolve the issues. In 2014, the Mandate did not support him. It supported Hamzat then. It was Asiwaju that persuaded the leaders of the movement to support Ambode. “But Ambode never forgave them. He fought them back. Already, the whole issue has got to the point of reconciliation. The Mandate is just leveraging on Asiwaju’s displeasure against Ambode to fight back. But they will likely call him this week and read the riot act to him. It will be resolved most likely this week. They just want to teach Ambode some lessons and humble him.� A cabinet member last night, explained the complex situations threatening the possibility of a peace deal in the Ambode-Tinubu
rift, which he ascribed to Ambode’s heinous sins against some entrenched political leaders in the state and Buhari’s weak approach to facilitating reconciliation between the governor and his political godfather. At the weekend, for instance, he disclosed that Oshiomhole was in Lagos with a clear mission “to resolve the rift. But he could not. Oshiomhole seems to have backed out from discussion after Asiwaju explained what happened to him.� He noted that the president could “have personally mediated in the conflict and reconciled the parties. The president has actually listened to Asiwaju on this matter. But he was not firm about it. Rather than prevailing on Asiwaju personally, Buhari mandated Osinbajo and Oshiomhole to continue with the discussion. “But the vice president met Asiwaju Saturday night. He is really mounting pressure on Asiwaju to reconsider. Authoritatively, till late on
EFCC BACKS PRESIDENCY, ACCUSES HSBC OF LAUNDERING $100M FOR ABACHA, 50 OTHERS a modicum of questionable conduct or integrity should stay in office."
PDP: Probe Sleaze under Adeosun But the PDP was not similarly persuaded, saying the Buhari administration and the APC, being aware of the former minister’s NYSC exemption certificate liability, used her as a conduit to siphon trillions of naira from the national treasury. It, therefore, urged the National Assembly to probe the books of the Ministry of Finance during Adeosun’s tenure, as well as the Ministry
of Petroleum Resources, which is under Buhari, to expose those behind an alleged N9 trillion fraudulent oil contracts detailed in the NNPC leaked memo; the N1.4 trillion fraudulent oil subsidy regime; the allegedly diverted N1.1 trillion worth of crude oil through 18 illegal companies linked with APC interests, among others. The PDP said, ‘’Mrs. Adeosun must also be made to tell Nigerians how a cabinet minister close to President Buhari directly stole $16.9 million (about N7billion) from the returned $321million as non-existent legal fees before the fund became an Automated Teller Machine
(ATM) for members of the presidency cabal and APC leaders. ‘’The former minister should also be made to expose where the pressure that compromised the system for the stealing of over N25 billion National Health Insurance Scheme (NHIS) fund from the Treasury Single Account (TSA) was initiated.’’ The PDP invited Nigerians to note that Buhari as “Mr. Integrity� has refused to order any investigation into the allegations of huge corruption and stealing under his watch, particularly those in the petroleum sector, where he directly presides as minister.
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COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
OUTDOOR ADVERTISING: LASAA’S LEASE OF LIFE LASAA is committed to the growth of the outdoor advertising industry, argues Idowu Omisore
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he outdoor advertising sector is undeniably a key component of Nigeria’s creative economy but fraught with challenges. Research has shown that 60 per cent of the country’s total advertising market is domicilled in Lagos State. It is a sector that accounts for N58.9 billion turnover yearly and is responsible for over 100,000 people in its workforce contributing hugely to the revenue of the nation. As such, the survival of the outdoor advertising sector is a matter that cannot be trifled with. Over the years, the industry has been bedevilled with a myriad of problems, some of which have become historical despite several interventions by stakeholders. A case in point is the effort made by the management of the Lagos State Signage and Advertisement Agency (LASAA). Early in the year, the agency’s management team went on a fact-finding-cum-familiarisation visit to a good number of outdoor advertising firms. The mission was clear: to find out the challenges facing the industry and possible ways of resolving them. As widely reported in the media, LASAA later organised a stakeholders’ meeting to address the burning issues. According to the Managing Director of the Lagos State Signage and Advertisement Agency, Mr. Mobolaji Sanusi, “In our efforts to ensure sanity‌it is important to find lasting solutions to some of the issues that have bedevilled the outdoor advertising industry‌.â€? This is a commendable move by the Lagos State Government. No one should be surprised that LASAA decided to rise to the occasion as no responsible regulatory agency would fold its arms and watch the gradual quietus of a sector with such huge potential. From all issues discussed at the parley, it became apparent that the repugnant issue of media buyers is the real Goliath, not LASAA as perceived in some quarters. The outdoor advertising practitioners voiced their concerns and spoke of how the media buyers have refused to pay them as at when due and that some go as far as discounting their payments. This situation, according to them, has impacted negatively on their ability to pay permit fees due to LASAA, reason behind the huge debt owed to the agency. Reacting to the appeal made by Mr. Tunde Adedoyin, the President of the Outdoor Advertising Association of Nigeria (OAAN), Mr. Mobolaji Sanusi explained that the agency would be willing to support the fight against the unfair payment practices of media buyers but that the agency would be crossing its boundaries, if it gets itself directly involved in collecting payments from media buying firms for the outdoor advertising practitioners as suggested by one of the leading practitioners. He further stated that LASAA does not regulate media buyers. As stipulated in Section 387 of the harmonised Environmental Management and Protection Law 2017, LASAA’s job is to control outdoor structures to be used for signage and advertisements; protect the environment from potential adverse impact from visual blights; control the number, size and location of outdoor structures. There are other connected functions but the ones already mentioned will suffice. It is high time the Media Independent Practitioners Association of Nigeria (MIPAN) looked into the unethical practices of some of its members. In other climes, where global best practices are adhered to, payments are made to outdoor advertising firms 30 days after the issuance of the media purchase order and execution of the project. The
ONE WOULD HAVE EXPECTED THE NIGERIAN MEDIA BUYER AFFILIATES TO IMBIBE THE CULTURE OF 30 DAYS PAYMENT. SADLY, THIS IS NOT THE CASE
interesting situation is that some of the media buying agencies are affiliated to foreign media independents. One would have expected them, the Nigerian media buyer affiliates, to imbibe the culture of 30 days payment. Sadly, this is not the case. It is disturbing that 30 days is now turning to 60 days, 60 days to 90 days, and now even turning towards 120 days. This is not the only dimension to this issue. After execution of the campaigns, total amount payable to the outdoor advertising firm is heavily discounted by the media buying agency. The outdoor advertising company gets a cheque with an amount completely different from the one on the media purchase order (MPO) – an amount drastically reduced. This is an unspeakable development that needs to be addressed immediately by both MIPAN and the Advertisers Association of Nigeria (ADVAN). There seems to be a conspiracy of silence by all parties. One would have expected the Advertising Practitioners Council of Nigeria (APCON), the umbrella body that regulates advertising practice and profession in Nigeria, to have identified and dealt with this intractable problem long before now, considering the fact that OAAN is seen as a “trade unionâ€? under APCON to regulate the outdoor advertising practice in Nigeria. Based on the foregoing, this writer completely agrees that LASAA cannot engage media buyers directly, that would be going beyond its brief as a regulator. OAAN has to first step up to the plate before it can expect any backing, considering the fact that there are other stakeholders like the MIPAN, ADVAN and APCON involved in this chain. The highpoint of the stakeholders’ meeting organised by LASAA was the formation of a 15-member committee. The committee swung into action, met severally and came up with points of agreement. Having considered the clamour by practitioners that LASAA rates are arbitrary and not empirically verifiable, also that business has been bad due to recession coupled with clients cutting down on advertising budgets, and the complaint that media buyers are discounting their payments; the rates have been reduced as promised by LASAA. Actions, they say, speak louder than words. By fulfilling its promise to lower the permit and vacant board rates, LASAA has proved the fact that it wants to ease the burden of outdoor advertising practitioners and promote the growth of the industry. In a letter from OAAN, the body has since expressed its gratitude and acknowledged the responsiveness of the current management of the agency. In their words, â€œâ€Śwe must appreciate your sensitivity and responsiveness to the adverse experiences of your constituents and admit that your timely intervention has in no small measure, infused life into the outdoor advertising sector.â€? Moving forward, OAAN needs to take responsibility for the future of its industry by showing sincerity and commitment in dealing with the challenges affecting the sector. For a long time now, OAAN perceived the Lagos State Signage and advertisement agency as the predator that wants to kill the outdoor advertising business but events have proved otherwise. LASAA, on the other hand, should accommodate OAAN, a plea made by the body. While making efforts to create a favourable environment for the outdoor advertising business to flourish, LASAA should continue to do its best to be a listening regulator. Omisore, an advertising buff, wrote from Lagos
NOW THAT THEY ALL WANT RESTRUCTURING Emenena Bright argues the need to hold the presidential candidates to account on restructuring
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t is understandable that the Nigeria political terrain has become this charged as it is only about six months to the general elections. While all the elections are important, the most significant remains the Presidential election. This is because the direction of a nation is akin to the nation’s chief executive officer in our own case, the president. This is further made so by our system of government, our political structure, our form. No doubt, every nation has her peculiarities and it is such peculiarities that determine the way the nation is governed. While the players are all warming up for the task ahead, it is important to keep focus on the issues. With the incumbent and the party in power obviously leaving no stone unturned even if it means trouncing on the constitution to ensure they retain power it appears the issues have been relegated to the back seat. On the other hand despite all the opportunities offered by the incumbent by their perpetual failures and unforced errors, the opposition has failed to take advantage and so have remained the lesser of both players. Understandably, they are the opposition and are naturally will be most likely behind in the race of who heads the affairs of government in the next dispensation. Still, in comparison to what obtained about three years ago when the party in power now was in opposition, there is still a lot of ground to be covered if they are to make serious impact. Every election has its peculiarities and the votes are driven by specific factors. They are rarely the same for every election year. In the last election, the then opposition made the most important
of the factors to drive the votes in the fight against corruption. So the last election became a referendum on corruption. What then should drive the votes in 2019? It is now a common rhetoric that Nigeria has never been this divided since the post-civil war. This division has given rise to all manner of insurgencies thereby making insecurity to be at its peak. Daily, people get killed in droves and it doesn’t seem there is an end in sight to all these. Our government does not bother. They are in perpetual denial all in a bid to perpetuate themselves in power. Our Army is regularly overrun and the dead are secretly buried without such recognition and respect befitting of soldiers who died in the battle field so the rest of us may be safe. The issues are many and will not be solved by a single action. So no one is under the illusion that restructuring is the magic wand that solves the myriad of problems. However, the problems have a nexus and identifying that nexus is a panacea for the solutions we sought. It is widely believed that most of these problems have roots that are easily traceable to the present structure. Our politico-economic form has not profited us irrespective of our belief, region or religion. In his speech in July 2016, at the late Gen. Usman Katsina Memorial Conference, Atiku Abubakar did posit that the present system which has largely evolved from the need to put us together almost at all cost especially following the civil war has not helped any region. Not even the North which is viewed by many as the only beneficiary of the present system. He has therefore continued to talk about the need to change our political structure or form. Unfortunately, while this position of his has
earned him a place in the hearts of many, some persons, especially those in power have continued to deride him and tag him as merely playing politics. It is ironical that despite not turning up for the popular 2014 National Conference where the discussion of our form or structure held, the ruling party went ahead to include in its manifesto the promise to change our political structure. That this manifesto won them the election only goes to show that amongst other promises, the citizens believed their promise to restructure Nigeria. Having been in power for more than three years now, not a single bill or any other action has pointed to intent to fulfilling this promise. As a matter of fact, every effort by anyone to discuss the issue has been turned down blatantly by the president. Now as the election season approaches fast, they have all began to turn around. Even those who have never mentioned a word about restructuring and have openly argued that there was nothing wrong with the present system, are all now shouting “restructuring.� This is so especially as the opposition party continues its search for a worthy candidate to fly its flag in the next presidential election. The denial and refusal to see our structure as an albatross to our national growth and development cuts across the aisle and just saying they support restructuring now should not be enough to win the votes of the delegates. It is now very important that the candidates’ long time position on the issue of restructuring be well analysed and debated. Like they dangled “fighting corruption on electorate� we must refuse that they do same with this very important issue, now that they all want restructuring.
Only a few days ago there was an ongoing debate between, the former Vice-President Atiku Abubakar and Vice-President Yemi Osinbajo on the same subject. What was obvious is that despite my disagreement by the vice-president’s characterisation of the former vice- president’s restructuring as merely geographic, even the little expressed by the Professor would have gone some distance in achieving fiscal federalism. Hypocrisy was in full glare that a former Attorney General of a state that led his then state to the Supreme Court on those issues as expressed by him in that article can be part of a federal administration that today has turned down every attempt and effort to have the discussion on restructuring. Having faulted his stance on restructuring by Atiku Abubakar following the vice-president’s earlier speech in the United States, the 180* about-turn is in the least defensive. It was however a worthy debate, Nigerians only wished that Atiku Abubakar (a front runner for the presidency in the upcoming election under PDP) and President Muhammadu Buhari were the ones engaging in it, considering that the professor’s position has not affected anything in this administration. It is hoped that Atiku Abubakar will get the ticket of the PDP and then an opportunity to debate these issues with the president who is set to be the ruling party’s candidate. We do hope that for the sake of decency, the need to deepen our democratic culture and national interest, President Buhari will accept the invitation to a debate when the time comes. Dr Bright, a medical practitioner, wrote from Warri, Delta State
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T H I S D AY MONDAY, SEPTEMBER 17, 2018
EDITORIAL THE CANCER SCOURGE IN NIGERIA Government could do more to contain the menace
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and females may reach 72.7/100,000 and 76/100,000 respectively. But what is responsible for the growth of the scourge in Nigeria?
he increasing cases of cancer infections among Nigerians, young and old, only help to make life and living a little more precarious. In recent years, reported cases of people afflicted with cancer in the country have been on a steady rise. While many such persons have been killed by the disease, others have been knocked down by it and are yet battling for survival.
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It is bad enough that cancer is a terminal disease, it is worse that most Nigerian medical centres lack the diagnostic capacity to quickly detect and treat cancer infections. This has greatly compounded the problem, forcing several Nigerians to travel to countries like India, the Emirates, United Kingdom, etc., in search of treatment for the disease. The economic consequence of this is that it has led to so much capital flight while most medical experts are now agreed that the disease has become an important health care concern for the country. Further complicating the situation is the very low awareness of the scourge among Nigerians but more among women, especially rural women. The Federal Ministry of Health INCREASED AWARENESS and the National Orientation Agency CAMPAIGNS, are yet to create the IMPROVEMENTS IN level of awareness PUBLIC HEALTH AND that would bring sufINCREASED FUNDING ferers to the danger FOR HEALTH CARE of the cancer scourge. INITIATIVES ARE ALL Instructively, the most common types LIKELY TO LEAD TO of cancer in Nigeria A DECREASE IN THE are carcinoma of the INCIDENCE OF THIS uterine cervix and KILLER DISEASE breast for women and liver and prostate cancers for men over 40 years. The burden of cancer in Nigeria is enormous. According to the World Health Organisation (WHO), it is feared that by 2020, cancer incidence for Nigerian males and females may rise to 90.7/100,000 and 100.9/100,000, respectively. It is also estimated that by 2020, death rates from cancer for Nigerian males
Letters to the Editor
edical experts somewhat differ on the likely causes, but there is a consensus that it is largely the consequence of lifestyle. People’s dietary habits, lack of exercise, irregular or lack of breast examination, and lack of mammogram checks (especially for those 40 years old and more) are major factors. Research has also shown that cancer could occur more with people who eat much red and processed meat because such meat are known to have plenty of cancer-causing chemicals and fats. Still, many believe that the major cause is the habit of the people which is not helped by government policy or lack of one. For instance, while most countries are making stringent laws against tobacco, our government seems to be encouraging it.
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
lection is the tool of the state used for selecting and nominating leaders into legislative houses. Legislative houses comprise of House of Representatives and the Senate. Both arms of the legislature are state apparatus for driving and achieving economic goals, political goals and social goals. Choice of leadership is a critical aspect in our yearning for economic development, prosperity and dividend of democracy. We hope for a society of a prosperous and abundant economy. However, our choice of leadership is a key determinant of our yearning for a prosperous and abundant Nigeria. We cannot afford to choose wrong leaders in position of leadership any longer. Leadership crisis is the greatest potent weapon against national development in Nigeria. Bayelsa is one of the states contributing immensely to national development and foreign earnings for Nigeria. Bayelsa State has three blocks in the Senate consisting of Bayelsa East, Bayelsa West and Bayelsa Central. Bayelsa East is in dire need of a God-fearing man that understands grassroots politics and knows the needs of the people of Bayelsa. The choice of selecting Chief Darius Obienne to represent Bayelsa East at the senatorial polls in 2019 is a right choice that would drive economic prosperity in Bayelsa State. Chief Darius Obienne is the man the cap fits to drive PDP Bayelsa East to victory in the next senatorial election. Chief Obienne is a former chairman of Bayelsa State, PDP chapter. He was instrumental to both Timipre Sylva’s ascension as governor of Bayelsa State and the present Governor Dickson Seriake clinching of House of Representatives ticket unopposed in 2011. He has what it takes to clinch the senatorial election in 2019 election.
Pedro Ukokobili, Lagos
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TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.
2019 AND LEADERSHIP IN BAYELSA
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We believe that the task of saving its citizens from the cancer scourge remains essentially with government which has to provide both the basic facilities to combat the disease and to create the enabling environment that can facilitate the collaboration of the private sector in tackling the menace. Increased awareness campaigns, improvements in public health and increased funding for health care initiatives - by government, donor agencies, and development partners - are all likely to lead to a decrease in the incidence of this killer disease. Nigerians themselves must also begin to imbibe the culture of regular medical check-ups so they can commence treatment of any diagnosed ailment promptly before it gets too late. Regular exercise, losing weight and imbibing the culture of health maintenance could reduce the risk by 50 per cent. While the alarming rate of death from cancer points to the state of medical institutions in Nigeria, it is important for critical stakeholders to understand the danger the disease poses to the future of our country. That should encourage discussions on how to fashion both preventive and curative solutions at all levels of the society.
WHAT’S WRONG WITH THE DSS’APPOINTMENT?
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he little talk generated by the recent appointment of Mr Bichi by President Muhammadu Buhari as the new Director General of Department of State Services (DSS) is not unexpected since the drums of politics are sounding everywhere and 2019 election is near. However, such unnecessary controversy may go a long way in misleading the public and generating unnecessary tension in favour of the sponsoring politicians against our unity. The first question that should be asked by a true patriotic Nigerian is not who is the new DG or where does he come from but what can he offer or whether he is competent enough to be appointed. However, since the Nigerian Constitution in section 14 requires the government during appointments to take into consideration federal character and satisfy the diversity of Nigeria, it will not be out of place to ask where the new DG is coming from, in other words, his state of origin or ethnic identity. But before we do that it will only be fair if we first ask where is the sacked DG from? Lawan Daura, the sacked DG of DSS is from the Northwest, Katsina State specifically and Mr. Bichi, the new DG is also from the Northwest, Kano State, to be specific. But before I conclude on this point, here’s a practical example: When Buhari sacked former Secretary to the Government of the Federation, Lawal Babachir, the most senior, Hajiya Habiba Muda Lawal who is from my state, Bauchi, and from my own local government, Toro, took
over from him and I even made a post on my Facebook wall that since she is from the Northeast, a zone where Babachir comes from she should be confirmed and allowed to continue as the SGF. Away from my appeal, there was a strong rumour that lobbying was on, begging for replacement of Babachir with Comrade Adams Oshiomhole whom people see as an experienced politician and unionist that can handle secretarial work of the Presidency and add great political value in favour of the president’s possible 2019 ambition. If the president’s intention was to promote his ethnic or religious interest, Hajiya Muda Lawal could have been allowed to continue as a Northern strong woman from a reputable and highly placed Fulani family. On the other hand, if the president aimed at promoting his 2019 political ambition, Comrade Adams Oshiomhole could have been his priceless choice. Nonetheless, the president gambled all that and surprisingly appointed Boss Mustapha, a Christian from the same state of the sacked SGF, Babachir David Lawal to satisfy the requirement of our diversity, the constitution and as a pay back to the people that lost their own. If the president has done anything otherwise, say, he appointed Oshiomhole, won’t that amount to robbing Peter to pay Paul? Where were the fair weather saleable patriots when the president made that important decision? Where were they when he denied our sister from the Northeast continuity as SGF and appointed our brother from the same Northeast? Double standard is a moral crime! Hussaini Hussaini, hussaini4good@gmail.com
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T H I S D AY ˾ MONDAY SEPTEMBER 17, 2018
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T H I S D AY • MONDAY, SEPTEMBER 17, 2018
POLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
M O N D AY D I S C O U R S E
The Knack for an ‘Unfamiliar’ Governor Nseobong Okon-Ekong and Segun James examine the possibility of an upset in governorship election in Lagos State
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ntil a few days ago, it was taken for granted that the Lagos State Governor, Mr. Akinwunmi Ambode was going to have an easy to a second term in office, on the basis of his assumed spectacular performance in delivering the gains of good governance to Lagosians. When his colleagues in other states were struggling, he appeared to be relaxed. Rumours that his second term was challenged filtered out early last year, but it was quickly dismissed. Unconfirmed reports then had it that the powers that be in Lagos were not happy that the governor was trying to be his own man. The story was quickly debunked, but like a stubborn horn it refused to buried or covered with niceties or smooth overs. Today, there is no denying the fact that Ambode’s bid for a second term now hangs in the balance the National Leader of the All Progressives Congress (APC), Senator Bola Tinubu has reportedly withdrawn his support for the second term aspiration of the governor. Tinubu is alleged to have thrown up a challenger to Ambode’s throne, a relatively unknown political quantity, Mr. Jide Sanwo-Olu. This method of promoting an unfamililar face has become Tinubu’s ace. Such was the stock of Ambode himself when he was forced on the political elites of Lagos as the anointed. The struggle for power in Lagos became more interesting last week when the opposition Peoples Democratic Party (PDP) threw up its own joker as billionaire oil mogul, Mr. Femi Otedola was revealed as the party’s candidate for the governorship election. It is yet to be seen if Otedola can provide the kind of strong campaign that Mr. Jimi Agbaje’s candidacy delivered to the PDP in 2015. Since the current birth of democracy in Nigeria in1999, the Agbaje challenge has been the stiffest to the ruling party in Lagos. The entry of Otedola in the governorship race in Lagos may have altered the calculation of Tinubu and the APC in Lagos where it is taken for granted that whoever Tinubu presents is acceptable to the people of Lagos. Both Otedola and Ambode are from Epe division of Lagos State. However, many informed persons believe that Otedola will not contest against Ambode. He is believed to have showed his interest in order to hold the down the PDP ticket for Ambode, in case the APC makes good its threat to deny him the chance of contesting for a second term. The next few weeks will determine if Tinubu still holds the ace in Lagos. The outcome of the February 2019 election will determine the continued political hegemony and sagacity of Tinubu, the rise of Sanwo-Olu, the luck of Femi Otedola and the eclipsing of the political sun of Ambode. Akinwunmi Ambode Before he was drafted in to contest the governorship of Lagos, Ambode was a career civil servant who had warmed his way in to Tinubu’s heart as a result of his loyalty. As Lagos state Accountant-General, he was instrumental in keeping the leader in the know about the financial activities of the state; a
Ambode (l) Tinubu
situation which forced Governor Babatunde Fashola to forcibly retire him for disloyalty. This was the situation when to the chagrin of notable political leaders in the state that he was anointed and eventually elected the governor of Lagos state. Soon after he became the governor, Ambode began to incur the anger of the Lagos political elites. He took over their contracts and sacked most of them from positions they occupied. The situation came to a head when he and Tinubu had confrontation over his refusal to reverse these decisions which are affecting the continued political hold of Tinubu over Lagos. This was the situation until the political leaders made it clear to Tinubu that he had two choices – Ambode or the leaders of the APC. He choose the leaders. Jide Sanwo-Olu Hardly had his name was pushed forward as the possible governorship candidate of the APC in Lagos state, Jide Sanwo-Olu pushed out a list of his campaign coordinators, announcing that he would hold a rally shortly to formally announce his aspiration. There have been controversy over the political future of Ambode after Sanwo-Olu and former Lagos State Commissioner for Works and Infrastructure, Hamzat obtained nomination form to challenge Ambode in the APC primaries scheduled to hold on September 19. Just after obtaining the nomination form, the Mandate Movement, a political group loyal to the APC national leader, promptly endorsed Sanwo-Olu, a former Commissioner for Establishment, Training & Pensions in the state to contest the 2019 governorship poll. Subsequently, all chairmen of 20 Local Government Areas (LGAs) as well as 37 Local Council Development Areas (LCDAs) in the state signed Sanwo-Olu’s governorship nomination form, claiming that they were acting on the instruction of the APC leader. Some APC chieftains in the state, including
Otedola
former Deputy Chairman of Lagos APC, Cardinal James Odumbaku and former Commissioner for Agriculture & Cooperatives, Mr. Kaoli Olusanya, allegedly directed Ambode to return his nomination form or face impeachment after a meeting. To a lot of people, the emergence of Sanwo-Olu was a joke taken too far. But when Sanwo-Olu showed up at the national headquarters of the APC to pick up his governorship nomination form, he said he “is a fully grown man with loads of experience.” It was then that it dawned on a lot of people that the fate of Ambode has been sealed. It has been rumoured that Sanwo-Olu is the preferred candidate of the powers that be in Lagos and that he is only months away from being crowned Governor of Lagos. Although not much is known about him, Babajide Sanwo-Olu is 53 years of age a banker before joining politics. Between 1994 and 1997, he served as Treasurer at former Lead Merchant Bank Plc. In 2003, then Deputy Governor, Femi Pedro appointed Sanwo-olu his Special Adviser on Corporate Matters from where he later become acting Commissioner, Economic Planning and Budget. In 2007, as the Tinubu era wound to a close, Sanwo-Olu was appointed Commissioner for Commerce and Industry. Between 2007 and 2015, he was Governor Babatunde Fashola’s Commissioner for Establishments, Training and Pensions. Femi Otedola When Femi Otedola took a ride in a Lagos bus, it was not just the first of such rides for him, it was an indication of things yet unfolding. When the news was released on the social media, it immediately generated reactions and the news hit the airwaves that Otedola may have some aces up his sleeves. But he was fast to deny any political ambition. At the presentation of three books, PENdulum
1&2 and Fighting Lions written by the publisher of Ovation International magazine and THISDAY columnist, Chief Dele Momodu, Otedola was very political in his speech. He said he was motivated to seek the intervention for the release of Chief Moshood Abiola. He then said he is not interested in any elective position; but today he has gone back on his word. But the time that Otedola is venturing into politics is reminiscent of that of his father who became Governor of the state following confusion in the fold of the progressives. Reminding Nigerians of this, Dele Momodu in his PENdulum column in THISDAY on Saturday wrote: “It was Femi, who is credited with dragging his father into politics. According to available information, Femi had a brainwave one day and suggested to his dad to go into politics and contest for the seat of Governor of Lagos State because he saw an opportunity for him given the state of affairs at the time. “Sir Michael Otedola, who was a revered elder of the National Republican Convention (NRC), however, did not seem to have any chance of winning. “In the other party was Sir Michael Otedola who had won the NRC ticket. As noted earlier, the bitterness and lack of cohesion in SDP was so bad that those who lost out in the party decided to join forces with the NRC candidate against their own man, Yomi Edu. As to be expected, a house divided against itself would naturally collapse. The underdog, Sir Michael Otedola thus gathered strength and momentum and the unthinkable soon happened. Sir Michael won the race to the shock of most onlookers. Sir Michael reigned from January 1992 to November 1993 when General Sani Abacha struck and truncated that democratic government.” History seems to have a knack of repeating itself; and if this is so, Femi Otedola is on the threshold of history
QUICK FACTS • Ambode’s bid for a second term now hangs in the balance the National Leader of the All Progressives Congress (APC), Senator Bola Tinubu has reportedly withdrawn his support for the second term aspiration
• opposition Peoples Democratic Party (PDP) threw up its own joker as billionaire oil mogul, Mr. Femi Otedola • Since the current birth of democracy in Nigeria in1999, the Agbaje challenge has been
the stiffest to the ruling party in Lagos. • Both Otedola and Ambode are from Epe division of Lagos State • It was Femi, who is credited with dragging his father, Sir Michael Otedola who was
Governor of Lagos State between 1992 and 1993, into politics • All the local government and Local Council Development Area chieftains in Lagos have rejected Ambode and endorsed Sanwo-Olu
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T H I S D AY • MONDAY, SEPTEMBER 17, 2018
POLITICS
Growing List of Gladiators in the Race for Gombe Government House Segun Awofadeji writes on the chances of political gladiators from both the ruling People’s Democratic Party and the opposition All Progressives Congress who have indicated interest in occupying the Gombe Government House in the coming governorship election
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he governorship race in Gombe state is becoming more interesting by the day as the real actors and pretenders in the race have emerged from the All Progressive Congress (APC) and the People’s Democratic Party (PDP) which is in control of the state. While the PDP is determined to retain its grip on the state, the APC has put a very stiff challenge. Leading APC aspirants include, Alhaji Musa Umar Farooq who is popularly called Farouk Bamusa, a very strong chieftain of the APC and a consummate businessman and industrialist of high repute who has been in the political scene for a long time since the inception of the present democratic dispensation. Bamusa is from Kwami local government area of the state and holds the traditional title of Sarkin Arewa Gombe. THISDAY checks revealed that his foray into the gubernatorial race has triggered serious fears and tension among the other aspirants especially those in the camp of the State Governor, Ibrahim Hassan Dankwambo who though are cabinet members but do not know the heartbeat of the Governor as regards who gets his support and endorsement. In spite of his glowing credentials and soaring popularity, Bamusa is not only a grassroots politician but a very humble bridge builder who has high connection with friends and business associates from across the country. He is a respected administrator, who many confirm as a man of honour and high moral character coupled with his very generous and friendly posture more particularly to the downtrodden which was vastly demonstrated during the last Eid-el Adha Sallah celebration when he doled out the sum of N40 million to executive members of the party at all levels in the State. While giving out the cash gifts at the party secretariat before the Sallah celebration, Bamusa said that it was part of his own support to the party officials to celebrate the Muslim festival because according to him, the APC as an opposition party in the state had many challenges, especially lack of financial resources, as such, the expectations and needs of its followers and loyalists may not be fully met. Going by this and other things he has done to the teeming people of the state, Farooq Bamusa is considered as the leading aspirant within the APC fold. Abubakar Habu Muazu Abubakar Habu Muazu is another contender for the APC ticket in the state who called a truce following the election of the state executives of the APC in Gombe State after over two years of crises. He called on the party’s executives to continue to hold political activities as a way of consolidating on the gains of the new found unity. Muazu who is one of the frontline 2019 governorship hopeful in the State made the call while addressing party executives in one of the local government areas of the state where he had gone and met all the 10 wards at the party’s secretariat in Talase, saying that there was no need for the party to continue in silence if it wants to capture power from the ruling PDP in the state, hence the need to encourage them to continue to exhibit loyalty to the party. The party chieftain who was in Balanga as Chairman during the coronation ceremony of Professor Iliya Sarki Dong as the ‘Hasken Waja’, said he was not comfortable seeing the PDP continue to deceive the people of Gombe when their living condition is growing from bad to worse. Muazu who is the Yariman Kashere is an astute political bigwig in the state having been a busy youth leader during the administration of Senator Danjuma Goje as the Governor of the state for eight years. He is a crowd puller anytime and is loved by the people of the state particularly the youths who he has
Muazu
always identified with through his generosity and frankness. He has never hidden his intention to govern the state since he joined the APC and has been campaigning vigorously to win the attention of the party members in the state, a development that has made him the aspirant to beat. Ahmed Khamisu Mailantarki As the gubernatorial race becomes stiffer, another frontline member of the APC who has his eyes on the ticket of the party is Khamisu Ahmed Mailantarki who has joined the list of politicians seeking the party’s ticket for the office of the Governor come 2019. Mailantarki indicated his interest at the party secretariat in Gombe before his supporters, the state chairman of the party, Nitte Amangal and his executives members where he assured that if given the ticket, he has all it takes to wrestle power from the PDP controlled State government. According to him, Governor Ibrahim Hassan Dankwambo has failed the people of Gombe State in many areas stressing that he is the only experienced candidate that has what it takes to take power from the PDP in the State. He however welcomed the resolve of national leadership of the party to adopt indirect primaries in nominating gubernatorial aspirants across the country and said he would accept the outcome of the party primary in the state, “whichever way it goes. I am campaigning enough, I am doing whatever that is necessary in preparation for the election; from our tour I know my people love me but I will leave my fate to God.” Mailantarki who prides himself as the most consistent and loyal politician among the aspirants in the state said it is proper for the party to actually look at everybody’s records and ensure that whoever must emerge in APC must be a loyal and committed party member saying, “Considering my age, experience, achievements as a former member of the house of representative and also my effort in building the party in the state, I think I deserve to be the party flag bearer”. Ibrahim Dasuki Jalo Waziri He is considered as the underdog among the aspirants due to the fact that he is basking on his records as the Executive Chairman of Gombe Local Government Council during the tenure of his father in-law, Senator Muhammed Danjuma Goje when he was the Governor. He was also the National Chairman of ALGON during the period when local government councils had elected leadership. It is, however, not too clear if he will be able to stand the other aspirants who have more
Bamusa
sterling political pedigree, notwithstanding the fact, he is an aspirant who has a good chance of winning the party ticket. Senator Abdullahi Idris Umar He is regarded as one of the top contenders considering the fact that he has been in the political scene of the state for a long time. He even served as the Senator representing Gombe Central, as well as, Minister under the Yar’adua/Jonathan administration. He is loved by the people of the state particularly those that belonged to the clique that is presumed to be controling the affairs of the party, but the issue may be that the delegates may not be disposed to his political style of leadership and may therefore not give him the mandate if feelers gathered is anything to go by. Mohammed Inuwu Yahaya Another contender is Mohammed Inuwa Yahaya who has been campaigning vigorously to ensure that he wins the ticket of the APC. He got the party ticket against all odds in the 2015 elections but lost the gubernatorial election to the incumbent governor, Ibrahim Hassan DanKwambo of the PDP. However, it is obvious that the crisis in 2015 which followed the refusal by those who lost to Inuwa Yahaya to bury the hatchet and support him for the unity and success of the APC in Gombe may rear its ugly head again if he eventually wins the party ticket for the 2019 election. This division is manifesting again because the immediate former Governor, Danjuma Goje does not seem to know how his favourable disposition towards Mohammed Dan Barde is creating a divided house within the Gombe APC. This is the opinion of some members of the party. Already tongues are wagging also about the two gladiators for the APC ticket, Inuwa Yahay and Dan Barde although people are insinuating that Inuwa Yahaya hails from Kano State but had served as Commissioner for Finance for eight years under the administration of Danjuma Gone. Inuwa Yahaya has garnered some experiences in governance as well as politically and business and these are some of the background points that he is basking on to once again win the party ticket for 2019. Most people in the APC know that Inuwa Yahaya is head and shoulders above other aspirants for the governorship seat but it is widely opined that unlike in 2015 when he got the ticket with much ease, this time around the role of party leader and godfatherism may work against him. The PDP too has its share of political gladiators set to occupy the Gombe Government House.
Though the PDP won the recently concluded local government election, in all the 11 councils, the party has continued to suffer loses as its membership continue to flock to the opposition APC.Despite this apparent challenge staring the party in the face, stakeholders in the PDP are said to be gearing up to retain the seat of power, come 2019. Those in the forefront of the battle to replace Dankwambo from the same PDP include Alhaji Ahmed Yayari, Chief of Staff to the governor, Alhaji Ahmed Abubakar Walama, state Commissioner for Local Government and Chieftaincy Affairs, Alhaji Mohammed Nasir, State Commissioner of Finance, Bala Tinker, a businessman said to be a close associate of the governor and Alhaji Awwalu Lawal, businessman and also son in-law to former President Ibrahim Babangida. Others are Muhammad Bello, businessman, Alhaji Yahya Ahmed, retired banker and former MD of the Federal Mortgage Bank and Ambassador Haruna Garba. Dankwambo who is gunning for the nation’s number one seat is yet to pick his favourable candidate for the PDP gubernatorial ticket in the state. It is widely speculated that Dankwambo might be backing Dr . Jamil Isyaku Gwamna to succeed him. Gwamna, who has extensive commercial and managerial experience at executive and board levels in the water industry, heavy equipment distribution, manufacturing businesses and consultancy is presently the MD/ CEO of Kano Electricity Distribution Company ( KEDCO ) . The ceremonial and flamboyant entry of Jamil , who also holds the traditional title of Sardaunan Gombe , into the gubernatorial race has triggered serious fears and tension among the other aspirants , especially those in Dankwambo ’s cabinet . The resources he is spending and the crowd he is pulling has sent panic across the camp of other aspirants, giving credence to his highly speculated ‘anointment’ by the governor . Apart from being a bosom friend of the incumbent Governor right from when they were both at the Ahmadu Bello University(ABU),Zaria , Gwamna , who holds the national honour of the Member of the Federal Republic (MFR ) , also enjoys the goodwill of his late father, Alhaji Isyaku Gwamna , a respected elder statesman , who many testified is a man of honour and high moral character . Those leading the pack in the race to take over from incumbent Governor Dankwambo in 2019 from the PDP included Alhaji Ahmad Walama,Commissioner for Local Government and Chieftaincy Affairs. Over the years, Walama had gradually built a formidable structure , inspiring loyalty among the elected council bosses in the state, many of whom he ensured their victory at the primary elections years back . Walama is banking on his political experience , which has seen him serve as local government chairman for eight years under former Governor Danjuma Goje and now as commissioner coordinating the affairs of all the 11 local government areas in the state since 2011 . Indeed , if the grass- roots level is any thing to go by , Walama , will easily pick the ticket of the party. However, some watchers of Gombe politics who agree Walama, though sufficiently wealthy, lacks compassion for the less privileged. They claim “he is stingy even to members of his immediate communities”, and also noted that his political influence lacks the external contacts and connections to fight the opposition APC In the state. THISDAY checks also revealed that Senator Bayero Nafada, who recently defected from the All Progressive Congress ( APC ) to the PDP may also run for the party ticket . Some political observers are even tipping him as the favourite, considering the alleged anti -party role he played in the 2015 election in ensuring the re -election of Dankwambo.
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Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430
Concern over Resurgence of Boko Haram Attacks in North-east Chiemelie Ezeobi writes that the recent resurgence of Boko Haram attacks in the North-east, which is specifically targeted at military formations, undermine repeated claims by the military that the group has been decimated
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n the past few months, there has been a consistent resurgence and escalation of Boko Haram Terrorists (BHTs) attacks in the North-east, which is specifically targeted at military formations. Already the renewed onslaught by BHT forces have claimed hundreds of lives, especially that of soldiers, who are the first buffer in the line of attack. It is no gainsaying that the intensified and repeated attacks on military targets and formations in recent months undermine the claims by the military that Boko Haram sect had been decimated. For years, and even in recent times, the military has maintained that the rampaging forces have been contained with the numerous successes they recorded, but the recent resurgence has put paid to those claims. Although Boko Haram no longer controls swathes of territory in the NE as it did in the height of insurgency in 2014, the recent attacks on military bases underscores the continued threat the group pose to the region, which also puts the spotlight on the government’s continuous mantra that Boko Haram is decimated. Note that globally, the threat posed by terrorism due to violent extremism and insurgency have been a boiling issue in the last two decades. This has posed a challenge to different countries as they churn out measures fighting terrorism or preventing its spread and minimising its effects on its citizenry. In this regard, nations have evolved various approaches to tackle the menace with mixed results depending on the country and nature of the threat. Nigeria has not been an exception with the rise of the Boko Haram that assumed international notoriety in 2009. According to estimate by the National Emergency Management Agency, the BHTs insurgency has killed over 20,000 people with over 2-5 bmillion persons displaced. Regrouping Boko Haram Forces Perhaps the regrouping of the BHT did not take the military by surprise as is being reported. This is because in July, the Theatre Commander of Operation Lafiya Dole, Major General Rogers Nicholas, had revealed that some of the BHT forces were regrouping around Bama Local Government Area of Borno State. This was after some of the terrorists attacked the military troops in Bama village. Recently, areas like Sambisa, Mandara mountains, the Dikwa/Gamboru axis, Jilli, Garunda, Zari, Gudunbali have been victims of regrouping BHTs. In fact, THISDAY had last week Monday written on the unending war on terror and recent strategies by the Nigerian Air Force (NAF) in constituting a new team of young and zealous air strikes to man the newly inaugurated Operation Thunder Strike. Notwithstanding, it's no gainsaying that the war against terror seems unending as world over, the military and security forces battle one major challenge: regrouping terror forces. Although Nigeria continues to suffer the same fate in its fight against Boko Haram Terrorits, there is no doubt that the Nigerian Armed Forces have considerably recordered some successes by reclaiming lost grounds, pushing them back into the arid desert and sometimes, even crippling their sources of weaponry. But despite these measures, the terrorists have kept inventing new strategies to stay afloat. While they have been sacked from the caliphates they had arrogated to themselves, they still unleash pockets of violence in some areas, especially through suicide bombing, and most recently, the resurgence and attacks of military targets and formations. Series of Attacks From Jilli to Garunda, Zari, Gudunbali, Sambisa, Mandara mountains and the Dikwa/ Gamboru axis, amongst others have witnessed
Charred carcass of the vehicle belonging to the Boko Haram terrorists
fresh attacks. On July 14, the terrorists overran a military base in Jilli village, in neighbouring Yobe State when dozens of troops were said to have been killed, wounded or missing. The group suspected to be loyal to Abu Mus’ab Al-Barnawi, who is affiliated with the Islamic State group, attacked the base unhindered. Although the army conceded the base was attacked, they did not however, give a death toll, rather insisting that the troops regrouped and successfully repelled the attack. On July 26, the sect again stormed a base on the outskirts of Maiduguri, Borno State. The base was situated at Garunda village and had just been set up for troops from the 81 Brigade who had hitherto been stationed in Jilli village and forced to move after the July 14 assault. After that attack, there was a lull in attack of military bases as the military launched joint assaults on the terrorists, forcing them to retreat further into the hinterlands. But on August 10, they regrouped again and killed about 17 soldiers at the Garunda military base, the third assault on three bases in less than a month. The terrorists were said to have been heavily armed when they struck and succeeded in looting weapons and more vehicles. On September 2, the BHT forces were said to have killed 30 soldiers and sacked Zari, a border settlement with Niger Republic in Borno State. The soldiers were killed in a battle with Boko Haram insurgents at Zari Village, which is actually about 30 kilometres from Damasak, the headquarters of Mobbar Local Government Area. According to reports, the insurgents had stormed the village at about 4:30pm and wrecked their brand of havoc. Asides the 30 soldiers that were killed, reports also put the casualty figure of injured soldiers at 20. Although the raid was seemingly contained, the troops however suffered a colossal loss that
I am worried about the resurgence and escalation of attacks on military formations and communities by Boko Haram, especially within the span of two months, and this should worry the entire country
saw the insurgents cart away sensitive weapons abandoned by fleeing troops. Given that the gun duel lasted for hours between the military and the insurgents, the soldiers were overpowered and a fighter jet was deployed from the base to give aerial cover, a move that saved a badly deteriorating situation. But the military in a statement said the opposite happened. According to the statement, the troops fought the insurgents, who on rampage to loot the community and extort money from villagers, and they successfully routed the Boko Haram insurgents in the encounter. The statement was however silent on casualties and the allegations that the insurgents fled with military weaponry. During the After Battle Assessment, the soldiers had revealed that the weaponry that the BHT used against them was same that they carted away during in previous siege on army formations in parts of Borno and Yobe States. Given that the insurgents were fully kitted in military apparels that they carted away from previous raids, it made it extremely difficult for the military to distinguish them from real Nigerian soldiers. Another factor blamed for the huge loss was the terrain, which was exercabated by the rainy season, thus making the ground swampy. Also, poor management of security reports and shortcomings of fighting equipment were blamed responsible for the recent setback. Buoyed by the successs of the previous week, the insurgents again on September 8, struck. Although there was no definite casualty rate, many people were feared dead after the invasion of Gudunbali town in Guzamala Local Government Area. In this instance, the insurgents recaptured the town after several hours of gun battle with Nigeria troops. After putting up resistance, the troops were finally overpowered and the insurgents occupied the headquarters of Guzamala LGA, after they had reclaimed the town. Given that they burnt the recently reconstructed houses, many of the residents were said to have either fled to Gubio town or hid in the bushes. The Deputy Governor of Borno State, Usman Mamman Durkwa, who confirmed that there was indeed a Boko Haram attack on the military base located in Gudumbali, insisted that he was yet to get the actual number of casualties from security forces. Concerns As expected, these successful resurgence have given cause for worry, not just for the military
but for civilians. One of such who expressed his worry was Senator Muhammad Ali Ndume, who also alleged gross misapplication of funds meant for the management of the humanitarian crisis in the zone. He said: “I am worried about the resurgence and escalation of attacks on military formations and communities by Boko Haram, especially within the span of two months, and this should worry the entire country. The military, I think, should concentrate their heavy operations at the black spots of Sambisa, Mandara mountains and the Dikwa/Gamboru axis where the insurgents still seem to be heavily concentrated. Military formations should be on permanent alert about any attack; I am not a military man, but I want to believe that if somebody attacks you in your own house, it means that you are not ready. Also, the United Nations Children’s Fund (UNICEF), had disclosed that at least 2,295 teachers had been killed in the NE since the conflict began in 2009, adding that more than 1,000 children had been abducted and 1,400 schools destroyed by the terrorists in the region since 2013. UNICEF has also fully backed the Safe School Declaration, which provides cover for children in schools by making sure that they are safe as they have the right to education and protection. Just last month, the UN Security Council said it remained concerned at the security and humanitarian situation caused by the Boko Haram terrorists and other armed groups in Nigeria, Cameroon and Chad. The council also noted with particular concern the continuing use by Boko Haram of women and girls as suicide bombers, which has created an atmosphere of suspicion towards them and made them targets of harassment and stigmatisation in affected communities, and of arbitrary arrests by security forces. The 15-man council also emphasised the need for affected states to counter terrorism in all its forms, including by addressing the conditions conducive to the spread of terrorism, in accordance with obligations under international law, in particular international human rights law, international refugee law and international humanitarian law. Successes Despite the downturn of events, it's however, not all gloomy going by the successes recorded by the military. It is pertinent to note that the Continued on next page
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military are not resting on its oars. Infact, the Chief of Army Staff (COAS), Lieutenant General Tukur Buratai, had in March this year stated that over 3,133 terrorists have been killed, 5,475 arrested in three years. He also said 129,956 were liberated and 32 bomb factories destroyed. In addition, a total of 129,956, have been liberated from the terrorist group. Buratai had made this disclosure in Ghana at the Security Watch Africa Awards ceremony, of which THISDAY attended. Although he was represented, Buratai shared his thoughts and experience on “Boko Haram and Nigerian Army’s efforts at countering the threat�. In countering the BHT, he had disclosed approaches adopted by the Nigerian Army, which he said were crucial to changing the tide against the group. He listed some of the approaches as provision of purposeful leadership, understanding the operating environment and strategy and tactics employed. Others are state of manpower, intelligence, media and information operations, psychological operations, respect for human rights, cooperation with other security agencies and international collaboration. He said since July 2015 that he took over office, considerable progress had been made from their deployment to just four local government areas to 27 LGAs of Borno State, parts of Adamawa and Yobe States. He said BHTs numbers had been drastically reduced to have no meaningful military capability, which rendered them incapable of fighting cohesively as before. Also, the Nigerian Air Force had recently set up a new Operation Thunder Strike, manned by young pilots of squadron leader and flying officer ranks to continue the air strikes. After the launch, the next day saw air strikes by NAF aircraft, which resulted in the destruction of Boko Haram hideouts and neutralisation of scores of insurgents at three locations, namely, Tumbun Rego, Sabon Tumbun and Tumbun Allura, all on the fringes of the Lake Chad. Tumbun Rego, which is located about 140Km Northeast of Maiduguri, has been identified as a major logistics/communications base and staging area for the insurgents. Accordingly, the ATF detailed F-7Ni and Alpha Jet aircraft to attack the identified BHT logistics/communications hubs. The identified hubs were subsequently destroyed by the strikes. Similarly, a number of solar panels were spotted and destroyed during the attack. According to NAF Director of Public Relations and Information (DOPRI), Air Commodore Ibikunle Daramola, the attack on Sabon Tumbun was undertaken based on Human Intelligence reports, which were later confirmed following several days of Intelligence Surveillance and Reconnaissance (ISR) missions, indicating that the settlement was a BHT tactical operations base. Daramola said the settlement also had some equipment and vehicles cleverly concealed under thick foliage. Accordingly, the settlement was attacked in successive waves of strikes by Alpha Jet, F-7Ni and Mi-35M Helicopter Gunships, leading to the destruction of BHT facilities, equipment and structures in the settlement as well as the neutralisation of several insurgents. Tumbun Allura, another major BHT operationsbase on the fringes of the Lake Chad, was attacked by Alpha Jet and F-7Ni aircraft. Overhead the area of interest, several of the BHTs were observed and the objectified. On September 5, in continuation of the strike team, the the Air Task Force (ATF) of Operation LAFIYA DOLE, successfully destroyed some BHT facilities and equipment at Alafa Yagayaga in Sambisa Forest as well as a suspected BHT ammunition depot in Kusuma on the fringes of Lake Chad, Borno State.
The military should concentrate their heavy operations at the black spots of Sambisa, Mandara mountains and the Dikwa/ Gamboru axis where the insurgents still seem to be heavily concentrated. Military formations should be on permanent alert about any attack
Some of the ammunition recovered by the army
The Chief of Army Sta, Lieutenant General Tukur Buratai during a morale-boosting trip to Gudumbali
Some of the Gudumbali residents in high spirits during the visit of the army chief
The DOPRI said, “The air strikes against Boko Haram terrorists at Alafa Yagayaga were targeted at structures within the settlement that had been identified via previous Intelligence Surveillance and Reconnaissance (ISR) missions to be rendezvous (RV) points for the insurgents. "Consequently, a combination of NAF fighter aircraft and helicopter gunships were detailed to carry out air interdiction on the locations, while the NAF ISR aircraft conducted Battle Damage Assessment (BDA). The attack platforms acquired the targets and took turns to attack the location, destroying the structures and killing most of the BHTs in the process. The few surviving
BHTs, seen fleeing the area, were strafed and neutralised by the helicopter gunships. "The attack at Kusuma was initiated following credible intelligence indicating the presence of a BHT logistics/ammunition depot within the settlement. Accordingly, the ATF detailed a fighter aircraft to attack the insurgents’ position, while the NAF ISR aircraft conducted BDA. At the end of the attacks, the BDA revealed a direct hit on the ammunition depot, which was engulfed in fire while some other adjoining BHT structures were equally destroyed and the occupying terrorists neutralised." However, despite the insistence of the military
that they have completely destroyed BHT forces and the succeeded recorded, some pertinent questions still linger; where are these group of rampaging forces emerging from, who supplies their weaponry, why are efforts to repel them abortive, who tips them off about the movement of the military forces?Until these questions are answered and a strategic solution mapped out to protect the flanks, the attacks just might continue, with great toll on human lives, either civilian or otherwise. Not forgotten is the humanitarian chaos it creates as residents are compelled to go to already filled up Internally Displaced Persons camps.
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PROMOTING MARITIME SECTOR
L-R: Founder, NESH, Emeka Ugwu-Oju; former Chief of Naval Staff, Nigerian Navy, Vice Admiral Dele Ezeoba (Rtd); Director General, NIMASA, Dr. Dakuku Peterside, and Executive Director (Operations), NIMASA, Joseph Fashakin, at the NESH maritime roundtable held in, Lagos...recently
Automotive Stakeholders German MoU Chris Uba The nation’s automotive stakeholders have advised the federal government to be careful with the Memorandum of Understanding (MoU) it signed recently with Volkswagen AG (VW) of Germany, saying that MoU is fraught with danger that may be inimical to the economic interest of Nigeria. They said that it would be unthinkable that VW would construct a vehicle assembly plant in Nigeria when it has already reached an agreement with the government of Ghana to set up one in that West African country. According to them, the real intention of the MoU is to
INDUSTRY make Nigeria a dumping ground for VW products assembled in Ghana to the detriment of the country. They advised the federal government to go back the archive to review a similar agreement General Yakubu Gowon’s administration signed with the VW and which led to the establishment of Volkswagen of Nigeria Limited and an assembly plant in 1975, in order not to plunge the nation into economic disaster It would be recalled that penultimate Friday, The federal government and Volkswagen recently signed an MoU to develop
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a joint vision for an automotive hub that would cover the West Coast of Africa. The MoU, which was sequel to the recent visit of Chancellor of Germany, Angela Merkel to the country, was signed in the presence of both the guest and President Muhammadu Buhari, in Abuja. The Head of Volkswagen Sub-Saharan Region, Thomas Schaefer, signed the agreement on behalf of Volkswagen with the Nigeria’s Minister of Industry, Trade and Investment, Dr. Okey Enelamah. Reacting to the news on the MoU, one of the stakeholders who does not want his name in the print, said: “From what I have read in the media about
FG-VW the MoU, it is not clear what the Germans wants in West Africa. It appears VW of Germany is up to something in West Africa. They did not say anything about VON. VON Automobile does not have VW as shareholder because it acquired 40 per cent and 11 per cent equity holding of VW and BHF bank both of Germany. The current owners Barbedos Motors also acquired Federal Government’s 35 per cent and Mandilas Motors combined 10 per cent ownership. What is left as Nigerian interest in VON Continued on page 24
Analysts Predict N395/$1 in 2019 Eromosele Abiodun Expert at Renaissance Capital has opined that the naira will have to weaken in 2019 to keep it from becoming (too) overvalued predicting that the foreign exchange rate would be N395/$1 in 2019 as against the N360/$1 currently. In a report titled: “SubSaharan Africa: Macro review: How do our countries stack up?” Economist at Renaissance Capital , Yvonne Mhango also predicted that there will no longer a rate cut in 2018, owing to emerging inflationary pressures, in part due to an expansionary 2018 budget. According to the expert, “Nigeria’s is the only inflation
ECONOMY rate among the Sub-Saharan Africa (SSA) countries under our coverage that is above 10 per cent, where we see it remaining over the medium term. We now expect the policy rate to be held at 14.0 per cent until 2019. We see upside risk to this view.” The naira, the expert added, is no longer particularly cheap; “in August 2017 it swung from being over- to undervalued, on this analyst’s real effective exchange rate (REER) model, when the interbank FX rate was adjusted (from N315/$1 to N360/$1) to converge with the NAFEX rate. Our fair value estimate is now N346/$1 (vs N322/$1 in 2Q18), implying
the naira is only five per cent undervalued (vs 12 per cent).” Renaissance Capital pointed out that Nigeria’s year-on-year (YoY) growth in the first half of 2018 came in weaker, at 1.7 per cent, than its expectation of 2.5 per cent, due to a slowdown in crop production, a weak consumer and a decline in oil & gas’s production. “Although the non-oil sector’s growth continued to improve, driven by telcos and construction in 2Q18, the biggest sectors are not participating in this recovery, including agriculture, trade and manufacturing. This explains the revision in our growth forecasts to 2.0 per cent and 2.5 per cent in 2018 and 2019,
respectively, from 2.9 per cent and 3.0 per cent previously. On the performance of Sub-Saharan Africa countries year-to-date (YtD), Mhango said the Nigerian economy under delivered, adding that growth came in weaker than we expected. The expert added: “The one Sub-Saharan African country whose macro has surprised us to the upside is Kenya. Its growth recovery was swifter than we expected, and the overvalued shilling defied gravity. However, energy price pressures are beginning to emerge. The Nigerian economy under delivered; growth came in Continued on page 24
Smile Telecoms Nigeria has been adjudged as the 2018 Most Innovative Data Company at the African Entrepreneur Merit Awards 2018 held recently at the Abuja. The African Entrepreneurs Merit Award is a platform that recognises African entrepreneurs and corporate institutions that have distinguished themselves in their contributions to the growth and development of MSME s in Africa. According to the organisers, the award was bestowed on Smile for its knack for innovative products and consistent provision of innovative services. The company was also commended for its massive investments in authentic 4G Long Term Evolution (LTE) technology. Smile Acting Regional Sales Manager, Abuja, Nonye Obianwu who received the award thanked the organisers for giving honour to whom honour is due. She dedicated the award to all Smile customers for their steadfast support and loyalty. She assured that the company’s commitment to the provision of best-in-class Internet services would endure so as to continue to serve the needs of its teeming customers. On being bestowed with the ‘Titans of Tech CEO of the Year Award’ Smile Nigeria’s helmsman, Godfrey Efeurhobo reiterated that Smile Nigeria had been consistent in the provision of valuable products and innovative services. “Our vision of becoming the broadband internet provider of choice in Nigeria has guided us in everything from selecting our people and partners to choosing the best technologies and creating innovative and relevant products and services,” Efeurhobo said.
IAA Nigeria Holds Inaugural Meeting
The Nigeria chapter of the International Advertising Association (IAA) is set to hold her inaugural general meeting in Lagos this week. This was disclosed in a statement signed the pioneer President of the association and Executive Vice Chairman of the Verdant Zeal Group, Dr. Tunji Olugbodi. The association was inaugurated in Nigeria earlier in the year by the Global President of the association, Mr. Felix Tataru. The IAA, which was founded in 1938, is the world’s only globally-focused integrated advertising trade association with membership representing advertisers, agencies and the media. The association has unprecedented international network in over 76 countries and over 3,000 individual members across corporate, marketing services, organizational and academic sectors – all involved in the branding, communications and marketing disciplines. Speaking about the inaugural general meeting, Olugbodi said: “This meeting marks the beginning of an awesome journey and as an association that strives for inclusiveness, we are receptive to new ideas and suggestions to ensure the success and prosperity of this association.”
Malta Guinness Connect Northern Consumers
Promoters of the Malta Guinness brand made significant inroads into the northern markets recently when the brand was made the official malt drink at the Durbar Festival. The festival was held in Sokoto and Zaria respectively, as part of activities that marked the end of the Sallah celebrations in those cities. Speaking with journalists at the events, Marketing Manager, Malta Guinness and Non-Alcoholic Drinks, Omotola BamigbaiyeElatuyi, : “Malta Guinness has been recognised as the Official Malt drink for the Durbar festivals in Sokoto and Zaria as a premium non-alcoholic malt brand that has been fueling the greatness of Nigerians with its goodness. Malta Guinness is packed with energy giving vitamins B1, B2, B3, B5 and B6, and we are proud to be associated with such a landmark event to refresh guests and attendees with the Malta goodness this Sallah.”
“We are very much interested in some of the most active areas of FinTech innovation like block chain technology, cryptocurrencies and how they affect investors,” Ag. Director General, SEC, Mary Uduk
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T H I S D AY • MONDAY, SEPTEMBER 17 , 2018
BUSINESSWORLD
NEWS
AUTOMOTIVE STAKEHOLDERS FAULT FG-VW GERMAN MOU
We Will Not Interfere with CBN, AGF Orders on MTN, Says NCC
Automobiles is Lagos State Government’s four per cent.” According to him, “the issue therefore is: Is VW buying back its shares in VON Automobile or setting up a new plant? Is FG reversing her privatisation policy by making fresh investment in what is ordinarily private sector activity? It would have been best if government facilitates partnership between VW and Nigerian investors in a new assembly plant.
Emma Okonji
EXPERT PEGS NIGERIA’S FOREIGN EXCHANGE RATE AT N395/$1 IN 2019 weaker than we expected, and the Monetary Policy Committee (MPC) chatter has swung from rate cuts to hikes. “Added to that the naira is no longer cheap, of the smaller economies, Rwanda’s growth recovery has been sharper than we expected, while Zambia disappointed with sluggish growth and fiscal slippages. We are now more constructive on Kenya, we like Rwanda, are neutral on Ghana and Tanzania, and cautious on Nigeria and Zambia.” As for Kenya Mhango said the recovery from 2017’s headwinds was stronger than they expected. “Growth rates above five per cent returned more swiftly than we predicted. YoY growth accelerated to 5.3 per cent in 4Q17 and 5.7 per cent in 1Q18. We were most surprised by the non-oil economy’s strong performance despite low, single-digit credit growth. This suggests the National Assembly’s vote, in August, not to repeal the rate cap bill may not be as negative for growth as we had feared. (President Uhuru Kenyatta has yet to sign the draft legislation that retains the rate cap.) We are now forecasting growth of 5.4 per cent for 2018 (vs 4.6 per cent in early 2018). The Kenyan shilling (KES) – which is overvalued, by our estimates – has strengthened vs the dollar YtD, on the back of inflows of euro bond proceeds, strong remittances and locals capitalising on a tax amnesty on foreign-held assets. While we foresee a KES depreciation, we expect it to be well managed.
Group Business Editor
Obinna Chima
Capital Market Editor
Goddy Egene
AgriBusiness/Industry Editor
Jonathan Eze
Comms/e-Business Editor
Emma Okonji
Senior Correspondent
Raheem Akingbolu (Advertising) Correspondents
Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Maritime) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Chineme Okafor (Energy) Reporters
Nume Ekeghe (Money Market) Nosa Alekhuogie (Cap Mkt)
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danabtta has said the commission will not interfere with government’s decision on MTN, concerning the recent directive of the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF). While the CBN has directed MTN to refund $8.134 billion it repatriated from Nigeria between 2007 and 2015, the AGF has directed the same MTN to pay its tax areas to the tune of $2 billion within the same period. Danbatta told THISDAY in Durban, South Africa, during the just concluded ITU Telecoms World 2018 conference that the CBN remained an autonomous body of government and would not interfere in its decision that is guided by law. According to him, CBN did not interfere when NCC fined MTN Nigeria in 2015 the sum of N1.04 trillion for violating the NCC orders of SIM card registration, because the CBN also has respect for NCC. “We will not interfere because we do not doubt the authority of the CBN to take decision that is of interest to the country and in accordance with the law, but however, we will intervene to ensure that amicable resolution is reached and on time too. We need to intervene because we do not want anything that will ground the operations of MTN in Nigeria, since it is a major player in the Nigerian telecoms space, with large subscriber base and several Nigerians are on their payroll,” Danbatta
said. According to him, “We have our strategies of intervention, which we will not like to make public, but we are already making some consultations and we hope that the matter will be addressed amicably soon. “When MTN had the SIM card infraction, they wrote to us after the fine was imposed, admitting that they committed the infraction and apologised
and we listened to them and reduced the fine from N1.04 trillion to N330 billion and as at today, MTN has paid 50 per cent of the reduced fine, with plans to complete payment by 2019. So we will surely intervene but not interfere and we must ensure that the issue is resolved amicably and that process is already on.” Although MTN had denied any wrong doing in two dif-
ferent statements it released earlier, the telecoms company has gone to court to challenge the orders to pay such huge amount, in order to protect its assets in Nigeria and shareholder rights within the confines of the law. MTN Nigeria is asking the Federal High Court to restrain the CBN and the AGF from taking further action in respect of their orders.
The company, in a statement had said: “In order to protect MTN Nigeria’s assets and shareholder rights within the confines of the law, we have applied in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while we continue to engage with the relevant authorities on these matters.”
PARTNERSHIP
L- R: Director, Temenos Learning Community, Dale Thomas; Executive Director, Inlaks, Olufemi Muraino; Partner Manager, Middle East & Africa, Temenos, Ivan van Bladel and Managing Director, Middle-East & Africa, Temenos, Jean-Paul Mergeai, when Inlaks was recognised as Temenos Learning Community Partner of the Year 2018, in Dubai... recently
NAIC to Pay Compensation to Insured Farmers Ravaged by Floods James Emejo in Abuja Managing Director/Chief Executive, Nigerian Agricultural Insurance Corporation (NAIC), Mrs. Folashade Joseph has assured stakeholders that the financial institution will pay appropriate compensation to insured farmers whose agricultural farmlands were ravaged by the recent flood disaster across the country. She said that the corporation is mindful of its corporate responsibility to provide relief and plough farmers back to prosperity through the prompt payment of appropriate compensations. Addressing journalists in Abuja over the weekend, the NAIC boss further urged insured farmers to make all efforts possible to avert and minimise the untoward effects of the torrential rains and floods on their farms by promptly informing the nearest NAIC office in their states of their travails so appropriate support will be extended to them in a timely manner. Unfortunately, the succour is strictly for farmers insured under its policy.
She encouraged farmers without any form of insurance for their farmlands to do so for future benefits. She said apart from insuring the risk of loss of crops from flood, NAIC also provides insurance against crop losses arising from fire, lightening, drought and pests, adding that the risks of death of, or injury to livestock caused by accident, disease, fire, lightening, storm or flood are insured by the corporation. “And the beauty is that the assessed premium payable to NAIC is subsidised. The subsidy is 50 percent reimbursable to the corporation by the federal and state governments. All these are efforts to provide a secure future to farmers and eliminate the need for unpredictable ad-hoc assistance when insurable losses occur,” Joseph said. “To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the Corporation wishes to equally sympathize and encourage them to in future, take advantage of the agricultural insurance solutions of the Corporation, in accordance with the policies of the government
of His Excellency, President Muhammadu Buhari to offer
protection to farmers who have answered the patriotic call to
go back to agriculture,” she added.
Survey: Nigeria’s Diversification Efforts Likely to Take Time Peter Uzoho Confidence levels remain high among majority of executives interviewed in the 2018 edition of the “Business Barometer: Nigeria CEO Survey,” carried out by Oxford Business Group (OBG). According to the survey, accessing credit continues to present problems for many entrepreneurs and risks hampering the country’s efforts to diversify its economy away from a reliance on oil. As part of its survey on the economy, the global research and consultancy firm stated that it asked 124 executives from across Nigeria’s industries a wide-ranging series of questions on a face-to-face basis aimed at gauging business sentiment. “When asked, 85 per cent of respondents said they had positive or very positive expectations of local business
conditions for the coming 12 months, up marginally from 84 per cent in OBG’s first survey on Nigeria, which was carried out in 2017,” it stated. However, the survey showed that 90 per cent of business leaders interviewed – the same proportion as in 2017’s survey –described the ease of access to credit in the country as difficult or very difficult, indicating that borrowing remains a major hurdle for many, especially small and medium-sized enterprises, which account for around 60 per cent of the economy. Executives were more divided about what they felt to be the biggest challenge to doing business in Nigeria, with equal numbers (31 per cent) citing access to capital and corruption as the main obstacles to smooth-running entrepreneurial activity. The OBG’s survey also
highlighted the dominant role that oil continues to play in the economy, despite Nigeria’s diversification plans. It pointed out that more than four-fifths (82 per cent) of interviewees said they regarded a rise in oil prices as the top external event that could impact the national economy in the short to medium term, perhaps indicating that the recession of 2016, caused by the oil price shock, remains fresh in the minds of many. However, most business leaders were upbeat about Nigeria’s immediate growth prospects. Some 69 per cent of respondents said they expected the economy to expand by between one and three per cent over the next 12 months, broadly in line with OBG’s forecasts and those of the IMF, which has predicted growth of two per cent.
T H I S D AY • MONDAY, SEPTEMBER 17 , 2018
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BUSINESSWORLD
MARKET REPORT
Equities Market Records Worst Weekly Decline on Continuing Sell Pressure Goddy Egene Stoked by political concerns, weak investor sentiments toward frontier and emerging markets, the Nigerian equities market recorded another decline last week. As a result, the Nigerian bourse’s year-to-date decline worsened to 15.5 per cent. Specifically, the Nigerian Stock Exchange All-Share Index (NSE ASI) fell by 5.02 per cent to close at 32,327.59, while market capitalisation ended lower at N11.802 trillion. Similarly, all other indices finished lower with the exception of the NSE ASeM Index that closed flat. This is the worst weekly decline this year. According to analysts at Afrinvest, since the bear run started at the tail end of January, the Nigerian market has lost 27.3 per cent, which is one of the worst performing within this period, globally. “With no fundamental driver to boost investor sentiment on the horizon, we believe the current weak performance will persist, although we expect speculative trading to shape activities pending the completion of the general elections in 2019,” they said. Daily Performance The Nigerian equities market slumped to 15-month low on the first day of last week on continuing bear run. The NSE ASI fell 1.25 per cent to close at 33,611.69, while market capitalisation shed N155.6 billion to close at N12.27 trillion. Some market analysts said investors should trade cautiously in the short to medium term, as selloffs are likely to persist, amidst the brewing political uncertainty, and the absence of a one-off positive trigger. “However, stable macroeconomic fundamentals remain supportive of long term gains,” they said. Others noted that they envisage a negative close to the market this week due to continued sell offs, in the absence of any significant market information to sway the market the other way. In all, 21 stocks depreciated compared with 11 others that depreciated. Nestle Nigeria Plc led the price losers with 9.6 per cent trailed by Forte Oil Plc with 9.2 per cent, while Regency Alliance Insurance Plc with 8.7 per cent. Other top price losers included: Japaul Oil and Maritime Services Plc(7.6 per cent); Law Union and Rock Insurance Plc(7.4 per cent); NEM Insurance Plc (6.9 per cent); Continental Reinsurance Plc (6.2 per cent) Sovereign Trust Insurance Plc (4.0 per cent) and Wema Bank Plc (3.5 per cent). On the positive side, SUNU Assurance Plc led the price gainers with 10 per cent, trailed by Union Diagnostic and Clinical Services Plc (7.4 per cent); Honeywell Flour Mills Plc (5.5 per cent) and University Press Plc (4.1 per cent) and Mutual Benefits Assurance Plc (3.7 per cent). The market dipped further on Tuesday following losses by bellwether counters. Consequently, the NSE ASI which had hit a-15 month low on Monday, went down by another 0.48 per cent to close lower at 33,449.17, while market capitalisation shed N59.3 billion to close at N12.2 trillion. However, the decline in the index resulted majorly from losses suffered by bellwether tickers such as Zenith Bank, GTBank, UBA, and Nigerian Breweries Plc among others. Commenting on the market performance, analysts at Meristem Securities Limited said: “Profit taking activities on some heavyweight counters dictated market direction today, maintaining its downward trend. Although consumer goods heavyweight, Nestle Nigeria Plc gained significantly today, selling pressure still prevailed. We maintain our stance of a negative close to the market at the end of the trading week.” Dangote Sugar Refinery Plc led the price losers and NAHCO Plc with 10 apiece. Universal Insurance Plc and Sunu Assurance Plc trailed with 9.0 per cent each. Japaul Oil and Maritime Services Plc and Consolidated Hallmark Insurance Plc went down by 8.3 per cent and 7.8 per cent respectively. Regency Alliance Insurance Plc chalked up
9.5 per cent, while Neimeth International Pharmaceuticals Plc garnered 9.0 per cent. Learn Africa Plc, Dangote Flour Mills Plc, WAPIC Insurance Plc went up by 8.9 per cent, 7.0 per cent and 5.1 per cent in that order. In terms of sectoral performance, the NSE Banking Index led the bears, sliding by 3.0 per cent due to continuous selloffs in GTBank, Zenith Bank and UBA. The NSE Insurance Index shed 0.9 per cent, while the NSE Oil & Gas Index fell by 0.8 per cent. Wednesday was a real red day as the market recorded its biggest daily loss in eight months following continued sell-offs in big counters.
The NSE ASI went down by 3.46 per cent to close at 32,292.79, while market capitalisation shed N422.2 billion to close N11.8 trillion. According to analysts at Meristem Securities Limited, significant selloffs on top counters across all sectors today dragged market performance. “Weak investor sentiment was adequately captured by a poor market breadth of 0.30x, as investors flee the Nigerian bourse. We do not expect a deviation from this trend in the remaining trading days this week, implying a negative close to the market this week,” they said. A total of 37 stocks declined compared with
only 10 that appreciated. The price losers were dominated by heavy weights such as Dangote Cement Plc, Nigerian Breweries Plc, Zenith Bank Plc, FBN Holdings Plc and Stanbic IBTC Holdings Plc. However, Universal Insurance Plc led the price losers with 10 per cent, trailed by Cement Company of Northern Nigeria Plc with 9.8 per cent. On the positive side, Law Union & Rock Insurance Plc led the price gainers with 9.0 per cent, followed by Skye Bank Plc with 8.9 per cent. From every indication, investors are ignoring strong fundamentals of some of the stocks and continued to exit due to their apprehension over the current political situation. Analysts at Afrinvest (W.A) had said the bear run had made some stocks in the banking, consumer goods and industrial goods sectors to be attractive. In the banking sector, for instance, the said United Bank for Africa Plc has upside potential of 56 per cent and Zenith Bank Plc 52 per cent. GTBank Plc has 27 per cent growth potential, while Access Bank Plc has 11.3 per cent. Although the market remained bearish on Thursday, some banking stocks defied the bears to the nine price gainers for that day. Skye Bank Plc recordd the highest appreciation of 9.8 per cent. Unity Bank Plc trailed with 8.9 per cent, while Wema Bank Plc and Fidelity Bank Plc added 3.3 per cent apiece. United Bank for Africa Plc and Guaranty Trust Bank Plc appreciated by 1.4 per cent and 1.0 per cent respectively. The non-banking stocks that appreciated for the day were Transcorp Plc (4.6 per cent); LASACO Assurance Plc (3.3 per cent) and Nigerian Breweries Plc (0.12 per cent). Volume and value of trading dropped by 29.7 per cent and 46.4 per cent 173.55 million units and N3.71 billion respectively, exchanged in 3,082 deals. Market analysts said :“The absence of a one-off positive trigger and political jitters ahead of the 2019 elections, guide our conservative outlook for equities in the short to medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.” The market recovered part of losses recorded early in the week on Friday as bargain hunters swooped on stocks. The NSE ASI appreciated by 0.95 to close at 32,327.59. However, the gain was not enough to offset the earlier losses. Consequently the market closed the week with a decline of 5.02 per cent. Market Turnover Market turnover improved as investors traded 960.940 million shares worth N18.329 billion in 16,896 deals, compared with 892.725 million shares valued at N13.075 billion that exchanged hands in 15,607 deals the previous week. However, the Financial Services Industry remained the most active with 774.087 million shares valued at N9.244 billion traded in 10,637 deals, thus contributing 80.5 per cent and 50.4 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 54.805 million shares worth N80.062 million in 740 deals. The third place was Consumer Goods Industry with a turnover of 43.013 million shares worth N3.341 billion in 2,468 deals. Trading in the top three equities namely, Guaranty Trust Bank, Zenith Bank Plc and Access Bank Plc accounted for 329.986 million shares worth N7.573 billion in 3,871 deals. Price Gainers and Losers Meanwhile, only 13 stocks appreciated, lower than 33 in the previous week, while 58 equities depreciated in price, higher than 39 equities of the previous week. Law Union and Rock Insurance Plc led the price losers with 18.5 per cent, trailed by Unity Bank Plc with 17.7 per cent, while Skye Bank Plc shed 15.5 per cent. Union Diagnostic & Clinical Services Plc chalked up 11.1 per cent, while Learn Africa Plc and Wema Bank Plc appreciated by 8.9 per cent and 5.2 per cent respectively. Other top price gainers included: Univer-
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T H I S D AY • MONDAY, SEPTEMBER 17 , 2018
BUSINESSWORLD
INSIDE BROAD STREET
Market Awaits N219bn Maturing Bills Obinna Chima The money market is anticipating that maturing N218.6 billion bill via open market operation (OMO), will hit the system this week. This, however, is expected to have mild impact on liquidity and may keep the open buy back (OBB) and overnight rates (OVN) rates at high levels, analysts have stated. Also, investor appetite for longer tenor treasury bills remained strong as higher rates were demanded at last week’s auction, amid fears of capital flight ahead of the 2019 general elections. Analysts at Afrinvest Securities Limited disclosed these in a report at the weekend. The CBN last week released the treasury bills Calendar for the last quarter of 2018, with the first auction in September carried out during the week. A total of N136.3 billion hit the system in 91-day (N6.2bn), 182-day (N4 billion) and 364-day (N126.1 billion) maturities with the same amount re-issued at the auctions conducted last Wednesday. Although the 182-day and 364-day instruments were oversubscribed, the 91-day bill was undersubscribed by over 50 per cent. Also, the central bank under-allotted the 91-day bill, fully allotted the 182-day bill while the 364-day bill was over-allotted at respective marginal rates of 11 per cent, 12.3 per cent and 13.5 per cent. From an average closing rate of 12.3 per cent on the preceding Friday, average treasury bills rate closed somewhat flattish on last Monday, but rose by 64 basis points last Wednesday, to 12.9 per cent before increasing further to 13.6 per cent last Thursday. Overall, the treasury bills market was bearish in the week as average rate rose 1.1 percent point week-on-week, to close at 13.4 per cent. “As investors continue to favour long tenored treasury bills over shorter tenors, we expect higher rates to be sustained into next week’s trading especially as a total of N182.2 billion treasury bills maturity is expected to hit the system with the same amount planned to be rolled over in 91-day (N5.4 billion), 182-day (N8.4 billion) and 364-day (N168.4 billion) maturities,” the report added. THISDAY reported last week that despite the turmoil in emerging markets (EMs), which have seen their currencies tumble, Nigeria’s fixed income instruments have remained attractive. For instance, average yield on Federal Government of Nigeria’s (FGN) Bond in the secondary market closed last Thursday at 15.27 per cent, up from an average of 15.13 per cent it closed the previous day. Also, the average yield on Nigerian Treasury Bills closed at 14.03 per cent, up from 13.29 per cent the previous day. In fact, the country’s fixed income instruments have outperformed countries such as Argentina, Turkey, South Africa, Brazil, Mexico, Egypt, South Korea, Philippines and China, in terms of average total return for government’s bonds. The currencies of the above-mentioned economies have also plunged heavily in the past few weeks, even as the naira has remained stable. EMs across board have been under pressure since the US Federal Reserve raised interest rates in June. Governments and companies had borrowed in dollars when interest rates were low, and the dollar was weak. Now the dollar is strong and interest rates are rising. The MSCI Emerging Markets Index of shares is down more than 13 percent in 2018. To Research Analyst at FXTM, Lukman Otunuga, the simmering trade dispute between the world’s two largest economies had also fuelled global risk aversion while a brutal sell-off in the EM space rattled investor confidence. He pointed out that with fears mounting over a full-blown trade war triggering global instability and negatively impacting growth, emerging markets especially remain under extreme pressure. “Throughout the third quarter of 2018, Nigeria has kept afloat with GDP expanding 1.5 per cent during second quarter (Q2) and inflation easing 11.14 per cent. Although
the nation’s external reserve dropped to the lowest since March to $45 billion, it still remains at manageable levels. “With oil prices somewhat supported by geopolitics and the Naira displaying a degree of stability against the Dollar, the outlook looks somewhat encouraging. However, external risks in the form of an appreciating dollar, prospects of higher interest rates and trade tensions could cripple Nigeria’s fragile recovery,” Otunuga explained. According to Otunuga, although Nigeria’s economic prospects remain tied to oil prices, the upcoming presidential elections could play a leading role in determining if the nation would be able to conclude this year on a firm footing. Meanwhile, money market rates last week responded to the dynamics of liquidity as well as open market operations (OMO) and
Although we believe the apex bank’s frequent intervention may weigh on reserves in the coming months, we do not foresee any price shocks in the global oil market that may significantly affect reserves level and thus the ability to defend the local currency
treasury bills auctions. Financial system liquidity had closed the preceding Friday at N728.4 billion, with open buy back (OBB) and overnight (OVN) rates settling at 2.8 per cent and 3.4 per cent respectively, but opened last Monday at N525.1 billion as OBB and OVN closed at 4.2 per cent and five per cent in that order. The CBN conducted OMO auctions on Monday (N21.7 billion for 199 days at marginal rate of 12.5%) and Tuesday (N300 billion for 198 days at marginal rate of 12.5% and N81.7 billion for 324 days at marginal rate of 13.2%) mopping up a total of N403.4 billion from the system. “Interestingly, we noticed throughout the auctions that the apex bank stuck to its perceived normal rate for maturities less than 6 months (≤12.5%) as well as maturities higher than six months, but less than one year (≤13.5%). “Following the T-bills auction that followed on Wednesday, system liquidity opened Thursday at N384 billion - notwithstanding OMO maturity of N240.6 billion that hit the system - while the OBB and OVN rates inched higher to 10.3 per cent and 11.1 per cent respectively. “The week on week drop in liquidity impacted on the OBB and OVN rates which eventually closed the week at 10.7 per cent and 12 per cent respectively. Forex Market While global oil prices trended northwards given reduced US output and Iran sanctions, the naira remained stable across all markets in the week. The CBN maintained its weekly interventions, selling $210 million in the week, to support the naira which traded within tight bands around N360–N366/$1 at both the parallel market and the I &E window. The naira closed the week at N361/$1 and N363.18/$1 at the parallel market and the I &E window respectively. Furthermore, activity level in the I & E window improved as total turnover increased by 45 per cent to $2.2 billion from $1.6 billion recorded the prior week while at the FMDQ OTC futures market, subscriptions increased to $4.6 billion from $4.5 billion the preceding week (up 2.1% week-on-week). The highest increases were recorded in AUG 2019, JUL 2019and FEB 2019 instruments. “Going forward, we maintain our outlook
that the naira will remain stable, as the CBN sustains interventions in the forex market. Although we believe the apex bank’s frequent intervention may weigh on reserves in the coming months, we do not foresee any price shocks in the global oil market that may significantly affect reserves level and thus the ability to defend the local currency,” Afrinvest added. Bond Market Bond market activities last week mirrored the prior week, as participation remained tepid with deals and volume pegged at 536 and N220.2 billion respectively, relative to 623 and N335.6 billion in the prior week. Consequently, the average yield on treasury bonds advanced by 21 basis points weekon-week to 15.26 per cent. “We adduce the direction of trading to the expectation of market participants that yields will trend upwards in Q4:2018 on political risks, thus preferring to go short. “This view is supported by the direction of activities in the treasury bills secondary market. Nonetheless, the primary market bond auction scheduled for the 26th of September may incite buying activities, if stop rates peg higher than the current level in the secondary market,” they stated. In the sub-saharan Africa Sovereign Eurobond space, there was a reversal as yields across instruments pared marginally, shedding 12 basis points week-on-week. There were marginal declines recorded across most instruments, as the average yield pegged at seven per cent at the close of the week’s trading. The largest declines in yield were recorded on the Ivory Coast Sovereign instruments which declined by 28 basis points. Also, Nigeria’s Sovereign Eurobonds recorded an average yield decline of 23 basis points week-on-week as interest seemingly increased on the attractively priced assets which trade at an average ask-yield of seven per cent. The increases in yield witnessed in recent times may be linked to a knock-on effect of turmoil across some emerging and frontier markets. However, given the relative stability and positive outlook (as crude oil output once more reached optimal levels, just as crude oil prices continue an uptrend), the risk profile of the country should improve externally (even with impending elections), and consequently drive demand for these instruments.
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T H I S D AY • MONDAY, SEPTEMBER 17, 2018
BUSINESSWORLD
MONDAY INTERVIEW
Lokpobiri: FG Recapitalising Agric Bank to Assist Farmers Minister of State, Federal Ministry of Agriculture and Rural Development, Senator Heineken Lokpobiri in this interview speaks on some of the measures his ministry has undertaken to reposition the agricultural sector. Olawale Ajimotokan presents the excerpts. Can you highlight some of the progress your ministry has recorded so far in those areas where you are in charge? You will agree with me that if there is one sector of the economy that is experiencing unprecedented growth, it is the agric sector as a result of deliberate policies that were initiated since we came into office. When we were appointed ministers, what we were detailed to do was to evolve a policy that will redirect agriculture as investment, not as programme. Before now, agriculture was seen as a programme, but when we came, we said no, it should be seen as a business and what we did was to encourage as many investors as we can to come in and invest in the agricultural sector. I will give you an example with the fisheries sector. Nigeria’s demand for fish is over 3.35 million metric tons and what we produced in this country when we came in 2015 was about 600,000 metric tons. But today, we have increased our production to about 1.1 million metric tons, which is less than one third of our national demand. But that was almost 100 per cent increase in our national productivity because of our deliberate policy. How did we achieve that? We felt that in order to encourage people to invest in aqua-culture, we needed to tie the fish import licences to backward integration. For any company to be able to get more quota to import fish into the country, you need to make corresponding investment in the fisheries sub-sector. So, a lot of expatriates have come into the country and a lot of aqua-culture investments are in a few states - Ogun state, Oyo state and so on. In fact, we have also encouraged them to increase what we call cage culture. What is your ministry doing to support farmers get bank facilities to fund their business? One of the most fundamental problems bedevilling the agriculture sector is lack of funding. If you walk into any bank and say you are a farmer, they will not even attend to you because they feel that farming is only for those who have failed in the society. But now the narrative is changing. The Central Bank of Nigeria (CBN) has a lot of intervention programmes in agriculture, the Bank of Agriculture is being recapitalised so that young men who want to go into farming will be able to access funding to be able to set up different types of farming activities they want to go into. The CBN has several billions of naira for agriculture intervention programmes. What you need to do is go to your bank and your bank will review your business proposal and make recommendations and then you can access up to N2 million. If you want to go from small to big scale, those funds are available. There is a lot of money we have put into the Bank of Agriculture, so when you go there, you will be able to access some small loans to be able to invest in agriculture. I want to commend the CBN for coming up with another policy to ensure that we access loans at single-digit. I believe that what people need to do is to exercise patience to be able to prepare properly before going to the bank. We don’t want any more portfolio farmers, where somebody will carry a big portfolio, enter a bank, take a loan and then go and marry another wife, that era is gone. What we want to do today is to see how those who are practically in agriculture can be supported and we are doing all that with this intervention by the CBN. We don’t have such intervention funds and loans to give as a ministry, but the Bank of Agriculture being the bank that is under the ministry of agriculture is being strengthened to be able to support farmers.
Lokpobiri
What about those who are not yet into agriculture but are willing to go into it? Everybody should be interested in agriculture depending on the scale because everybody eats food. There is nobody who does not eat food, whether you are sick, healthy, poor, everybody needs food. What you need to do is to identify what should be the most thriving value chain of agriculture in your
One of the most fundamental problems bedevilling the agriculture sector is lack of funding. If you walk into any bank and say you are a farmer, they will not even attend to you because they feel that farming is only for those who have failed in the society
environment. You may be in a place where tomatoes may be in high demand, then plant tomatoes around you, in your farm, you don’t need so much technology for it. Can this category of persons also assess the loans? Yes, the loans are available to every Nigeria. What you need to do is to go to the nearest Bank of Agriculture with your business plan and the bank will review that plan, ensure that they do some background checks, they also want to locate the land you want to use to do the farming. We want to avoid a situation where we give people cash. Most of the loans that you see today are given in kind. You want to be a farmer, where is the land, how much do you need to prepare the land? They will give you the seed, they give you only a small component, which constitutes a labour cost. Nobody will give a loan that you will abscond with so that we will get real value for the loans that are made available. But it is not restricted to anybody. Everybody who is interested in farming has access to such funding. We can also start farming in a small scale from our backyards, get a small fish pond. We are also trying to encourage people to do small poultries in their farms, around your area so that your children can eat the eggs. So, you don’t need to get millions of naira before you can start investing in agriculture. There is a perception that the Greenhouse farm technology is expensive requiring about N2.5 million as start-up? No, if you remember, one of the most funda-
mental problems bedevilling the agriculture sector is lack of funding. If you walk into any bank and say you are a farmer, they will not even attend to you because they feel that farming is only for those who have failed in the society. But now the narrative is changing; CBN has a lot of intervention programmes in agriculture, the Bank of Agriculture is being recapitalised so that young men who want to go into farming will be able to access funding to be able to set up different types of farming activities they want to go into. CBN has several billions of naira for agriculture intervention programmes. What you need to do is go to your bank and your bank will review your business proposal and make recommendations and then you can access up to N2 million. If you want to go from small to big scale, those funds are available. There is a lot of money we have put into the Bank of Agriculture, so when you go there, you will be able to access some small loans to be able to invest in agriculture. I want to commend the CBN for coming up with another policy to ensure that we access loans on a single digit basis. I believe that what people need to do is to exercise patience to be able to prepare properly before going to the bank. We don’t want any more portfolio farmers, where somebody will carry a big portfolio, enter a bank, take a loan and then go and marry another wife, that era is gone. What we want to do today is to see how those who are practically in agriculture can be supported and we are doing all that with this intervention by the CBN. We don’t have such intervention funds and loans to give as a ministry, but the Bank of Agriculture being the bank that is under the ministry of agriculture is being strengthened to be able to support farmers. It may not be true that you need up to N2.5 million and all that in order to set up a greenhouse farm. What I said was that greenhouse farming is simply a technology and that is why you see different qualities of houses. In Edo State, there is a man called Captain Nosa, he was a very big player in the oil industry and even had a private jet. One day, I wanted him to assist me to Port Harcourt and he said, he had sold the jet and used the money to invest in agriculture. Today, Captain Nosa has cultivated several hundreds of hectres of greenhouses, and I think today, he is the biggest greenhouse farmer in the country. These were men who have realised that if you invest in the oil and gas sector, the oil companies will owe you for months and years, but nobody buys food on credit. If you invest in agriculture, you are bound to get good returns and you are also bound to create jobs because for any food we import, we are creating jobs for other people in other parts of the world. So, greenhouse, if you know the technology, you may use different technologies. Recently, somebody has even used thatch for greenhouse and he is doing very well. Everything goes in Nigeria. If you go to Bayelsa, in the Niger Delta, a young man who is an ex militant, cultivated over 100 hecters of rice. What the ministry needed to do, which we did, was to support him with a small rice mill. A few months ago, he brought a sample of that rice to me here. These people have decided to redirect their energies to agriculture. Anybody who is involved in agriculture will have a happy time. Any day I go to my small farm here in Abuja, I feel like staying there till the next day, because it is something that gives you joy. The point I am making is that
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LOKPOBIRI: FG RECAPITALISING AGRIC BANK TO ASSIST FARMERS the quality of greenhouses varies from one person to another depending on the way you want to do it and it also depends on the size. We don’t need to spend such a huge money in order to get a greenhouse Fish production in the country has declined remarkably due to a number of obnoxious practices and illegal acts, what is your ministry doing about this? What we are doing now as a government is to see how we can restock some of our lakes, we can’t restock our rivers, but we can restock our lakes. We have in our department of fisheries, a programme where from time to time we take a thousand fingerlings and put them below in the lakes and after a few months, fishermen can go there and fish. But generally, fishing offshore has increased in the country; a lot more people are bringing trawlers into the country, they are being licensed to go fishing offshore. Nigeria’s shrimps are the best in the world and we are exporting them all over the world. In fact, anywhere you see those jumbo and big shrimps in the world, know that they are from Nigeria. So, on what we are doing to curb these problems of our fishermen going to the lakes and without catching any fish and therefore getting discouraged, the problem is being addressed in a sustainable basis, we keep restocking in order to encourage people to keep off some of those areas to ensure that the fish can grow. Generally, all over the world, this problem exists. Fresh water fish because of pollution has declined. Before now when we were growing up and go to the riverside to fish, there were no speed boats. Right now, there is unlimited number of speed boats and pollution activities, there is so much pollution of the rivers because of excessive use of petrol. Also, there is a new interest in fishing activities because people know that there is a big fortune in fishing activities. It is not as if in the last few years people were not fishing because there were no fish in the rivers, that was not so. But generally, agriculture was abandoned by everybody. Everybody was busy migrating to Abuja to become portfolio contractors and at the end of the day, we have not been able to do anything and then keep increasing our social problems in the society. But I believe that with the stocking we are doing and the increase in offshore fishing, we will continue to increase our production as far as fish production is concerned. Preservation and storage are also key, you will agree with me that most of the post-harvest losses is the result of this?
Lokpobiri
You will be surprised that fish is one of the proteins that has ready market no matter the condition. Yes, we have a fundamental problem with storage, but even if the fish cannot be stored, it could be dried and be preserved for months. That is why we are supporting our fishermen with smoking kits. When you bring your fish and you can’t get a buyer dry it. Sometimes if you process it by drying it, you will have more money. Those who go to your fish farms to buy fresh fish and take it to their homes to dry have more money than you who is selling it fresh. Fish is one protein that whatever we can produce is consumed. The point I am trying to make is that post-harvest losses for fish is negligible, but we are trying to support our fish farmers with some smoking klins. This year alone we are supporting them with 800 smoking klins across the country. Last year also, we supported them with the smoking klins and we will continue to
in touch with the Customs. I am a member of the Presidential Committee on smuggling headed by the Vice President to see how we can address the issue of smuggling. Somebody who is into smuggling of rice, is also into fish smuggling. We also know that the Republic of Benin has been our most troublesome neighbour, and so, we are constructively engaging the officials of that country. If you remember recently, the President of that country came to Abuja to meet with President Buhari, with a view to resolving that issue. We will stop at nothing to reduce the rate of smuggling. Unfortunately, smuggling is one thing you can never eliminate completely. Despite the sophisticated US security, drugs and other substances are still being smuggled into the US through Mexico. And so, no matter how sophisticated your security architecture may be, smuggling is something that is a global phenomenon. But what we want to do is try to reduce it to the barest minimum. I can assure you that we are working closely with the customs, immigration and we are part of the committee headed by the Vice President and we are doing everything possible to reduce it to the barest minimum, including engaging them in Benin Republic by giving them some logistical support. I remember the customs is trying to equip them with some vehicles, some personnel to see how we can strengthen our collaboration with them with a view to stopping this issue of smuggling. The truth is that our borders are very difficult to police because we don’t even have the number of personnel to police our borders. Unfortunately, some of those smugglers are having state support for what do that. What we are doing is to see how, they are doing, and we are trying to see along the coast lines we can install bigger how we can, within the provisions of the smoking klins with stainless fumes so that rules; within the ECOWAS protocols see those who are fishing can be deliberately how we can handle this issue of smuggling. encouraged to process the fish that they kill, so that they can have more value from their How about fish exports since you said catches. But the gap between the production earlier that your regime has increased and the national demand is not as a result local production? of post-harvest loss because with fish very In fact, if I have my way, we will prohibit fish little is lost. export because the gap between the national production and the national demand is still But the issue of smuggling is affecting very huge. But because we also encourage local production significantly? people who are making investment to see When we give fishing licences to people, what how they can sale or exports, we allow we tell them is that fish import is restricted them, because it is a free market economy only through the sea borders; no land border in Nigeria. If anybody feels that they want is allowed to bring in fish, chicken, any to export, of course we can’t stop them. frozen food is prohibited through the land Atlantic shrimpers for instance is exporting borders. But what we have discovered is that their shrimps to the whole world but we smugglers smuggle all sorts of proteins that can’t stop them despite the fact that we still are in demand. Unfortunately, we are not in have a huge gap between national demand charge of the borders. But we are constantly and our production.
Firm Pledges to Support Nigeria’s Building Sector Sunday Okobi and Oluchi Chibuzor In its efforts to position itself as a world class construction firm, the ITB Nigeria Limited has integrated its operations to incorporate latest technology in the building industry to meet internationally best practices in Nigeria.
The Chairman, ITB Nigeria Limited, Mr. Ramzi Chidac, who disclosed this at an event held in Lagos recently, said the need to raise standards in building and construction industry in Nigeria has become imperative with the company strongly positioned to champion the needed change in the industry by integrating
the latest technology into its organisation. He further acknowledged that the company was capable of handling all facet of construction, adding that it possess the needed technology, right processes, systems and people to meet the standards needed in the sector. According to him, “At ITB,
our core value is to grow through creativity, invention and innovation. ‘Build it Right’ is our way of reaffirming our position. “We currently have unrivalled technology in the Nigerian construction industry and the projects that we have carried out are a testament to that. We have certainly raised the bar in the way buildings
are designed and constructed in Nigeria. “In order to continue to improve on our services and increase clients’ satisfaction, we have gone ahead to invest in multiple resources and affiliates. We are adequately equipped to handle Turnkey projects (Design and Build), we built the first Leadership in Energy
and Environment Design (LEED) certified building in Nigeria and we are advocates of smart buildings.” Chidac added that the firm has been addressing the growing demand for innovation and improved engineering expertise in Nigeria with over two decades of experience in the construction industry.
analytics system that collects and collates relevant customer data, and transforms them into useful insights to improve service delivery for our asset management subsidiary and lastly improving the customer trading experience through the creation of a simplified trading platform for our teeming stockbroking clients.” The implementing partner to Stanbic IBTC on the project, CcHub, represented by the company’s Director of Incubation, Damilola Teidi, lauded the bank for exploring
digital technology, innovation and expertise outside of the traditional financial services provider’s confines to improve its efficiencies and capture new opportunities that add value to its customers through collaborations with entrepreneurs in the digital technology and innovations space. The winning solution will receive total funding valued at $15,000; $12,500 in cash, and workspace in the Stanbic IBTC Blue Lab (valued at $2500).
Stanbic IBTC Hosts Open Day for Tech-preneurs, Start-ups Nume Ekeghe Stanbic IBTC Holdings Plc recently hosted Nigeria’s technology entrepreneurs in the financial technology space from across the country to a one-day ideation session tagged: ‘Ideas Open Day.’ The event, which took place at Stanbic IBTC Blue (Innovation) Lab in Yaba, Lagos, underscored the group’s commitment to leverage on evolving digital technologies in enhancing her products and providing unparalleled
financial services to deliver on an end-to-end customer-centric experience. The ideation session was the second activity on the itinerary for the ‘Stanbic IBTC Innovation Challenge,’ and it came on the heels of the formal announcement and call for ideas. According to a statement, start-ups were requested to submit proposals to help solve the identified areas the organisation aims at improving on and providing solutions to.
Following self-analysis by the Stanbic IBTC Group, some areas with potential to benefit from the expertise of innovators in financial technology were identified. The Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, while giving the background information as to the structure, focus areas of the financial organisation and the idea behind the innovation challenge, said the workshop was to ensure development teams and start-ups clearly understood the purpose of
the challenge and can submit applications that are fit for purpose and aimed at specific problem solving. “We believe that technology holds the key to addressing and enhancing some operational areas within our business that we are looking to improve upon, principal of which is making our card issuance and delivery system more seamless and cost efficient for the banking subsidiary, “Other areas of focus include creating an efficient data
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Emirates Upgrades Aircraft on Abuja Service Emirates has upgraded its aircraft on the Abuja route and now operates a Boeing 777-300ER instead of the B777-300 classic. The change took effect from last weekend with the airline explaining that with this development, the EK785 and EK786 will be on the Dubai-Abuja-Dubai routes four times in a week. “The B777-300ER is a three class cabin with 310 seats in Economy Class, 42 seats in Business Class and eight seats in First Class. Economy Class will feature specially designed and contoured seats in a 3-4-3 configuration with 2-4-2 configuration in the last rows with generous space for passengers and Business Class offers comfortable sleeperette seats which recline to a 78” long lie flat bed. Emirates said the First Class features the world’s first private suites with privacy screens, massage-enabled leather seats which convert to flat beds include luxurious comfort covers, down pillows and cotton-lined blankets.
Passengers travelling in First Class will also find the BYREDO travel wellness range of skincare in their private suites and brand new Bowers and Wilkins Active Noise Cancelling E1 headphones, to amplify the viewing experience on ice. The Regional Manager, West Africa, Afzal Parambil, said: “The upgrade of our Abuja service to a Boeing 777-300ER demonstrates our commitment to the Nigeria market and is another step to ensure we offer world class products and services to our customers. Since its launch in 2014 Emirates boosted international tourism and trade in Abuja from a raft of destinations in the Far East, West Asia, Middle East, Europe and North America.” “Emirates constantly strives to provide its passengers with the very best service and the introduction of a Boeing B777-300ER reflects that commitment. Our 777-300ER will offer
Emirates’ renowned cabin comforts and facilities, including our award-winning ice entertainment system,” he pointed out. Parambil said on-board, customers would enjoy specially created regional menus and a wide range of movies, TV programmes, games and music through ice, Emirates’ multi-award winning in-flight entertainment system, while being served by Emirates’ multi-lingual cabin crew from over 130 nationalities and speak 60 languages. “Emirates operates in over 160 destinations across 86 countries. The airline flies from Lagos to Dubai 14 times a week, that is, 2 times daily; and from Abuja to Dubai, it flies four times in a week. Emirates flight EK785 departs Dubai daily at 1050hrs and arrives in Abuja at 1510hrs. The return flight, EK 786 departs Abuja at 1935hrs and arrives in Dubai at 0550hrs the next morning,” he added.
‘Technology Critical in Achieving Self-sufficiency in Sugar Production’ Jonathan Eze The Executive Secretary of the National Sugar Development Council (NSDC), Dr. Latif Busari, has advised stakeholders in the sugar industry to deploy modern technology in their operations. According to him, modern machineries do not only improve outputs, but guarantee an efficient, effective production processes. Busari, who identified technology as the backbone of sugar processing, stressed the need for industry players to make adequate budgetary preparation to procure technologies that would bring about meaningful output at the end of the day. He stated this at the First NSDC/BMA Sugar Refinery Technology Symposium held in Lagos. According to him, the council was committed to providing the required support and cooperation through the formulation of business-friendly
regulatory policies for the smooth operations of sugar companies. Underscoring the impotance of the symposium and what participants stand to gain from it, Busari said: “This would be the first of many of such events that would expose operators in Nigeria sugar industry to new technologies for field and factory operations; address deficiencies in skills and available manpower in the sector and provide platforms for business relationships that would enhance the capacity of the local sugar industry”. While assuring all stakeholders of council’s readiness to provide a level playing ground for them to do business, he equally stressed the need for industry players to redouble their efforts and be faithful to the various agreements they entered into with government. “We at the council are interested in growing the nation’s sugar industry. Our objectives as a government owned regulatory agency are
targeted towards building an all -inclusive sugar sector for the county and other interested parties.” Speaking further on the need to expose more sugar companies and stakeholders to modern technologies, Busari noted that “We will also try to bring in other technology providers in order to give our investors and other participants a range of different production and sugar processing technologies to consider.” In a presentation at the event, a sugar technology manufacturer, Mr. Landry Maffo Melli, said technology has made sugar business an interesting activity, noting that sugar companies have a lot to gain when they deploy modern sugar technologies in their operations. The symposium with the theme:,”Sugar Recovery, Water and Steam Consumption in the Sugar Production Process,” had in attendance industry players from both the private and public sectors.
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Air Peace Begins International Operations in November Chinedu Eze Air Peace has said it will start intercontinental operations in November when all the long-haul aircraft it acquired would have arrived. This was disclosed by the Chairman and CEO of the airline, Allen Onyema, who said that he was expecting two more Boeing B777, which it acquired recently, in addition to the two which had already arrived the country. Onyema said this would ensure that the airline has enough aircraft for its international service and so would not be interrupted by inadequate aircraft when anyone on the fleet goes for maintenance. “We want to make sure Nigerians are proud of their own. We want to make the international community not to have anything to hold on to, to fault us. So, we want to make sure that we put in place a solid structure for the upcoming international operations. These are the reasons why we have not started. We do not want to go into international operations and come out. We want to make sure we have enough planes to do the international
operations. You do not begin international operations with one aircraft. If the aircraft develop fault, what do you do? You disappoint passengers? You don’t start international operations with even two aircraft, which is why we have acquired four B777. We have not started because the others have not come in. And we do not want to rush it,” he said. The Air Peace boss said domestic airlines should cooperate more in order to reap the benefits interlining and ease the animosity occasioned by the current bitter competition prevalent in the industry. He also said that the airline is negotiating for interline and code-share partners in its international routes to ensure that it takes passengers beyond its own destinations. “We should cooperate more. We can even do spares pooling. It will help airlines. We are seeking partnership with other foreign airlines. We do not want to do point to point. We want to be a one-stop shop airline for passengers. “Nigerians get more comfortable when they are flying international airlines. They
believe those ones maintain their aircraft better because of the not-too-good incidents of the past. A lot of people are sceptical about using any of the domestic carriers. Some will prefer to travel by road, 10 hours and even be at the mercy of kidnappers. They do not care because they do not trust Nigerian airlines. Again, Nigerian flying public believe that Nigerian airlines are illequipped and ill-maintained. Even those that agreed to fly; some of them would start praying four days before their flight. “It is a matter of perception. Nigerian airlines are well-maintained because the Nigerian Civil Aviation Authority(NCAA) is on top of their game when it comes to the issue of maintenance. The NCAA is even over-doing it. So, some of the things they could take for granted abroad, we do not take for granted here. I speak for myself as Air Peace. First of all, I wanted to give Nigerians a platform by creating employment; that is why I created this airline. I am pro-Nigeria, I am pro-people. We have over 2,000 employees within a space of three years and these are direct jobs,” Onyema also said.
NCDMB, Others Collaborate to Train 100 Engineers Nosa Alekhuogie The Nigerian Content and Development Monitoring board (NCDMB) in collaboration with the Lagos Energy Academy (LEA), AOS Orwell and Siemens, recently put together an initiative to empower engineers across the country. The training was targeted at young Nigerians engineers seeking professional development in order to bridge the gap between theories and hands-o and sets up engineers for successful careers in electrical associated fields. The programme, which runs for six months, also provides participants with a solid foundation in electrical and electronics theory and practices. It combines classroombased teaching approach, hands-on, practical training with internship and on-the-job training. The Executive Secretary, NCDMB, Simbi Wabote, while addressing the participants at the LEA in Lagos, noted that the initiative which he said marked the beginning of a revised approach to training in the oil and gas industry, was part of the boards’ 10- year strategic roadmap. “I am delighted about this training as it is part of NCDMB’s capacity building efforts towards utilisation of Nigerian human resources. I am happy that in the course of this training, our partners would include soft skills; personal and professional
effectiveness which are very important in delivering value. International certification is the main thrust of the training and we are glad it is certified by Siemens. “As the nation moves towards realisation of the provision of 24/7 electricity, the programme is our own contribution to this effort from the perspective of provision of skills, human resources , it also speaks for push for Sectorial linkages in the other sectors such as ICT, construction and power. “In our strategy we look at the end game before we start the journey in itself, the commitment to retain and secure employment for at least 60 per cent of the beneficiaries’ is a big component of this new training model by the board,” he added. On his part, the Managing Director, AOS Orwell, Mr. Femi Omotayo, described the initiative as a solution that everybody should replicate, saying it marked the beginning to solve a long-term problem in Nigeria. According to him, “About a N100 million has been invested into this project in terms of certification, running costs for the facility, maintenance and others. “One of the key challenges in Nigeria is youth unemployment, the second thing was that lots of expatriates are brought into the country to do some specialised work which we were told Nigerians couldn’t do because they don’t have international certificates or
because we don’t have certain equipment to be able to do these things. “Another challenge was that after the qualifications, many couldn’t still get a job that’s why we created this initiative to be able to close that loop hole and partner with big projects like light up Lagos project, street light project amongst others. “We partnered with some of these projects then they tell us what they require, we can manage the courses a little bit to make it suitable for their projects, so it is easier for them to employ these people,” he said. Omotayo further said: “It is divided into two parts: four months of classroom training and two months on-the-job (OJT) training. The selection process was equally interesting as everybody picked came from a data base so there was no case of being bias. “We selected 100 people, but we are going to start with the first batch which consists of 50 people. If we can get this module proven, it becomes a standard template to just begin to get real technicians. The Lagos state government in conjunction with AOS Orwell and Siemens have been able to develop a standardised curriculum which is internationally recognised. We have also investment in world class equipment. When you get a certificate from here, you can use it anywhere in the world.”
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CBN Disburses Lower Denomination Naira Notes to Traders Nume Ekeghe In a bid to increase the circulation of low denomination of naira notes in the country, the Central Bank of Nigeria (CBN), at the weekend, continued its direct disbursement of the currencies through merchants, shopping malls and others in Lagos State. The Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje, disclosed CBN’s direct intervention on lower denomination banknotes at a public sensitisation and enlightenment campaign in Tejuosho market, Lagos. Eleje explained that the campaign was an initiative aimed at increasing the circulation of lower denominations through market association leaderships, merchants, shopping malls
and supermarkets. The lower denomination notes being distributed included N200, N100, N50, N20, N10 and N5. Eleje said: “One of the key objectives of the CBN as enshrined in the CBN Act 2007, Section 1, is the issuance and management of legal tender currency in Nigeria. In recent time, the CBN has observed the inadequate circulation of the lower denomination banknotes and the difficulties encountered by economic agents such as the marketers, merchants, shopping malls, supermarkets, etc, despite huge volumes of the banknotes injected into circulation on annual basis“The Bank recognises the important role markets play in economic growth, hence the need ensure accessibility to lower denominations to carry out legitimate economic
transactions. “It is in recognition of this that the management of the Bank approved the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations to market associations, merchants, shopping malls, stores, supermarkets, toll gates etc, in exchange for higher bills,” she said. She added: “The framework for disbursement of these denominations stipulates that it would be made through the respective deposit money banks of the beneficiaries. “The beneficiaries must ensure that their accounts are funded before any withdrawal could be made on their behalf. The banks are expected to incorporate the demands of their merchants and market associations in their request to CBN when making normal withdrawal or deposit.
…Introduces Guidelines for Electronic Fund Transfer In line with its mandate to promote sound financial system in Nigeria, the Central Bank of Nigeria (CBN) has introduced regulations for the efficient operation of instant electronic funds transfer (EFT) services in the country. Part of the regulation states that EFTs are expected to maintain confidentiality of their transaction and information obtained in the course of discharging their responsibilities and shall ensure that these responsibilities extend to its employees, the CBN stated. The central bank stated this in a new circular posted on its website. According to the CBN, an
instant EFT service provider shall ensure compliance with the minimum standards issued by the CBN and as amended from time to time; establish and implement operational guidelines specifying in clear terms the responsibilities of each party, operational rules and procedures (including dispute handling) and liabilities of parties in the event of loss of funds arising from negligence of any of the parties. On the other hand, a sending entity in an instant EFT transaction is expected to provide name enquiry support to customers to minimise instances of wrong credits; not provide instant EFT
services to walk-in customers without any bank account in Nigeria; fully secure debit against customer account before initiating transfer; among others. Similarly, a customer is expected to provide accurate beneficiary account details for every EFT instruction and report problems arising from EFT transactions promptly to the sending/receiving entity. “Whenever a credit has been erroneously applied to the customer’ account with the receiving entity, the customer shall promptly notify the receiving entity and authorise the reversal of such erroneous credit.
Travelex Parleys BDCs, Regulators Travelex United Kingdom (UK) through its Nigerian subsidiary has restated its commitment to sustaining existing cooperation with Nigeria’s financial sector regulators to reform the Bureau De Change (BDC) sub-sector of the market. The company disclosed this at the end of its recent 2018 national sensitisation seminar for BDC proprietors and operatives in Lagos. Travelex, one of the global leaders in forex transactions, in collaboration with the Central Bank of Nigeria (CBN) and the Economic & Financial Crimes Commission (EFCC) recently engaged the BDCs on international best practices. The company’s Commercial Director for Africa, Mark Smith, expressed satisfaction with
the outcome of the seminar especially the high level of cooperation between Travelex and Nigeria’s monetary and financial authorities and regulators. Specifically, he thanked the CBN and EFCC for partnering with the company to raise the level of compliance and operational best practices in the nation’s BDC sub-sector. In addition, Smith praised the efforts of the leadership of the Association of Bureaux de Change Operators of Nigeria (ABCON) for its efforts at improving the operational efficiency of its members through the application of IT solutions. According to Smith, Travelex would intensify its corporate social responsibility efforts
Ecobank Offers Payments The Head, Consumer Marketing, Ecobank Nigeria, Ikechukwu Kalu has said the bank’s offerings enables seamless payments for school fees and other purchases by parents and guardians as their wards resume for the new academic year. Kalu, affirmed that Ecobank provides services that support both local and international schools fees payments at very good rates; personal loans to help with school fees payments and
through the organisation of further sensitisation and training platforms to add increased value to Nigeria’s BDC and other foreign exchange related sectors. The General Manager, Travelex Nigeria Limited, Anthony Enwereji, in his welcome address during the seminar said the aim of the forum was to partner with critical authorities, proprietors, and operatives to raise the standard of practice in the Nigerian BDC sector to global standards. “We at Travelex consider the BDC sub-sector critical to the health and smooth running of any financial system. This is why our bureaux are located at most entry points and shopping malls all over the world,” Enwereji said.
Seamless ‘Back-to-School’
the Ecobank versatile Mobile App that supports school fees and other related payments. Kalu, who was responding to media enquiries on various ‘back to school’ initiatives of Ecobank, stated that apart from personal loans, the bank has other digital payment options. “As a bank that has the interest of its customers at heart especially this period when school resumes, we have put in place personal loan to help parents and
guardians pay school fees for their children and wards. “Also, we have put in place a convenient, accessible and reliable digital payment solutions like the Ecobank mobile app for shopping and school fees payment. We’ve got your back coverd this new school year,” he said. Kalu, urged schools to appoint the bank as their collecting financial institution to remove stress of delayed money transfer off them.
R-L: Assistant Controller Prisons, Borno, Mr. Philibus Mamza; Principal Inspector II, Yobe, Mr. Ahmed Abubakar; Relationship Manager, Sigma Pensions, Mr. Fadimatu Ibrahim; Head Business Development Division, North, Mrs. Nafisah Muhammad Buba; Comptroller Prisons Borno, Mr Inuwa Garba; Relationship Manager, Sigma Pensions, Mr. Mohammed Usman; Deputy Controller Prisons, Borno, Mr. Ijaku Bukar and Principal Inspector, I/PDO Borno, Mr. Godwin Wakili, at the donation of relief items to some beneficiaries at the Nigerian Prison Service in Borno…recently
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA) 2018
Month
MARCH
Broad Money (M2)
24,303,049.86
-- Narrow Money (M1)
10,912,604.10
---- Currency Outside Banks
1,668,378.21
---- Demand Deposits
9,244,225.90
-- Quasi Money
13,390,445.76
Net Foreign Assets (NFA)
15,619,134.18
Net Domestic Assets(NDA)
8,683,915.68
-- Net Domestic Credit (NDC)
26,267,136.53
---- Credit to Government (Net)
3,823,345.45
---- Memo: Credit to Govt. (Net) less FMA
5,433,209.43
---- Memo: Fed. and Mirror Accounts (FMA)
-1,609,863.98
---- Credit to Private Sector (CPS)
22,443,791.08
--Other Assets Net
-17,583,220.85
Reserve Money (Base Money)
6,746,646.49
--Currency in Circulation
1,668,378.21
--Banks Reserves
4,357,551.58 • Source - CBN
MANAGED FUNDS Month Inter-Bank Call Rate
MARCH 15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55 • Monetary Policy Rate - 13%
OPEC DAILY BASKET PRICE AS AT, TUE, 13, SEPTEMBER , 2018 The price of OPEC basket of fifteen crudes stood at $76.46 a barrel on Thursday, compared with $77.16 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
35
T H I S D AY •MONDAY, SEPTEMBER 17, 2018
MARKET NEWS
Ellah Lakes to Raise N5bn Capital to Enhance Performance Goddy Egene Banking stocks led the price Ellah Lakes Plc, a company that is into fish farming and plantation is seeking capital injection of N5 billion to boost its operations. The company, which has been in losses, is to ask its shareholders to approve this capital injection at its annual
general meeting (AGM) slated for September 30, 2018 in Port Harcourt, Rivers State. Specifically, the directors are requesting the shareholders to authorise its raising of additional debt or equity of up to N5 billion by way of private placement. The company has been going through a rough patch, recording losses. For instance,
it ended the year to July 31, 2018 with a loss of N10.788 million, compared with a loss of N5.961 million in 2017. However, it is expected that the capital injection will give the company access to funds that would be used to boost its operations in the near future. Following the bearish market, companies have been resorting to debt capital especially
commercial paper (CP). Those going for equity funding do so through rights issue instead of public offerings. CPs, which are unsecured promissory notes with a fixed maturity of about nine months are issued by companies to raise money to meet short term finance obligations. The notes are backed by the promise of the issuers to repay based
on certain agreed terms. They present a cost-effective and stable means of sourcing scarce capital as against to bank loans and provide investors avenue to diversify their portfolios and given their short-term nature, they permitting high relative return on investment, and allow investors to remain relatively liquid. Access Bank Plc and Eterna
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
Plc are the two firms that issued CP recently. While Access Bank Plc issued N38.5 billion CP, Eterna Plc, which is a petroleum products marketing firm, is currently shopping for N10 billion. The offer, which opened last week, is expected to close on September 21, 2018. The Eterna Plc’s CP has a tenure of 270 days and rate of 12.1 per cent.
14/09/2018
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 30
BANKING ACCESS BANK PLC. UNITED BANK FOR AFRICA PLC ZENITH BANK PLC OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC
MARKET CAP(Nm) 225,638.18
TRADES
VOLUME
BEVERAGES--BREWERS/DISTILLERS S/N
7.80
2.63
170
6,803,541
253,075.72
7.40
3.50
142
5,458,403
629,499.70
20.05
2.30
365 677
51,812,165 64,074,109
TRADES
VOLUME
193
9,858,903
34
193
9,858,903
35
870
73,933,012
TRADES
VOLUME
37
72 54 126 126
742,892 228,849 971,741 971,741
38
TRADES
VOLUME
2
13
2
13
2 998
13 74,904,766
MARKET CAP(Nm) 292,546.64
MARKET CAP(Nm) DANGOTE CEMENT PLC 3,578,506.56 LAFARGE AFRICA PLC. 179,539.96
BUILDING MATERIALS
EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC
PRICE %CHANGE
MARKET CAP(Nm) 357,009.32
PRICE %CHANGE 8.15
1.88
PRICE %CHANGE 210.00 20.70
-
PRICE %CHANGE 606.70
-
31 32 33
36
FOOD PRODUCTS S/N 39 40 FOOD PRODUCTS--DIVERSIFIED S/N 41 42 HOUSEHOLD DURABLES S/N 43
MARKET CAP(Nm) 440.00
CROP PRODUCTION FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC
76,217.41
79.90
-
6
2,803
60,000.00
60.00
-
4 10
4,504 7,307
FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.
MARKET CAP(Nm) 511.20
PRICE %CHANGE
TRADES
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.
MARKET CAP(Nm) 1,800.00
MARKET CAP(Nm) 1,058.92
PRICE %CHANGE 0.20
4.26
-
-
PRICE %CHANGE 0.60
-
VOLUME
0
0
-0.49
62 208 208
865,875 18,339,125 18,339,125
47
S/N 55 56 57 58 59
TRADES
VOLUME
0 0
0 0
61
TRADES
VOLUME
62
33,000.00
25.00
-
11
10,905
165.00
6.60
-
0
0
11
10,905
TRADES
VOLUME
63 64 65 66 67
-
1 1
3,125
68
PRICE %CHANGE
TRADES
VOLUME
-
1
1,000
69 70
-
0
0
72
0
73
0
3,125
60
71
74
1
1,000
13
15,030
TRADES
VOLUME
77
-
2 2
8,072 8,072
78
PRICE %CHANGE
TRADES
VOLUME
2
1,100
75 76
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. NIGERIAN BREW. PLC.
MARKET CAP(Nm) 14,093.09
PRICE %CHANGE 0.20
1.80
-
0
1,158.30
6.50
-
0
0
51,001.69
19.25
-3.75
30
1,247,872
3,676.41
13.45
-
MARKET CAP(Nm) 1,680.31 3,439.82
PERSONAL/HOUSEMARKET HOLD PRODUCTS CAP(Nm) P Z CUSSONS NIGERIA 53,601.44 PLC. UNILEVER NIGERIA 247,035.23 PLC.
MARKET CAP(Nm) 29,876.90
164,825
10.15
-
1,794,794
0
17
29,245.16
9.00
46
-
157,518
17,274,670
24,014.43
9.45
0.36
7
144
45.20
1.39
1,340.10
49 50 51 52 53 54 BANKING
8.85
11,300.89
11,022.97
48
1.23
95.00
652,632
157,518
49,997.03
MARKET CAP(Nm) 1,900.00
88
VOLUME
0 100
REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST
-4.04
7
198,480
1.57
19.00
TRADES
0 1
PRICE %CHANGE
645,908
77,907.21
46
-
MARKET CAP(Nm) 4,079.48
47
0 0
0.58 3.25
REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC
0.36
0 0
225.71 2,111.93
PRICE %CHANGE
13.90
DIAMOND BANK PLC ECOBANK TRANSNA330,291.92 TIONAL INCORPORATED FIDELITY BANK PLC 47,518.67 GUARANTY TRUST 1,022,733.48 BANK PLC. JAIZ BANK PLC 15,616.05 SKYE BANK PLC 9,299.80 STERLING BANK PLC. 41,746.11 UNION BANK NIG.PLC. 145,603.76 UNITY BANK PLC 10,871.08 WEMA BANK PLC. 23,144.68
VOLUME
MARKET CAP(Nm)
332,765
166,800.00
45
1
-
VOLUME
51
VOLUME
TRADES
4.79
TRADES
BANKING
-9.09
PRICE %CHANGE
44 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES
242.22
0.89
-
0
0
192,534.65
87.90
-0.11
33
1,608,201
275,067.58
32.00
-
17
561,574
739,713.44
92.50
9.99
74
1,641,509
79 80 INSURANCE CARRIERS, BROKERS AND SERVICES S/N 81
INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC AIICO INSURANCE PLC. AXAMANSARD INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE PLC GOLDLINK INSURANCE PLC GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC. INTERNATIONAL ENERGY INSURANCE PLC LASACO ASSURANCE PLC. LAW UNION AND ROCK INS. PLC. LINKAGE ASSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. NEM INSURANCE PLC NIGER INSURANCE PLC PRESTIGE ASSURANCE PLC REGENCY ASSURANCE PLC SOVEREIGN TRUST INSURANCE PLC STACO INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. SUNU ASSURANCES NIGERIA PLC. UNIC DIVERSIFIED HOLDINGS PLC. UNIVERSAL INSURANCE PLC VERITAS KAPITAL ASSURANCE PLC WAPIC INSURANCE PLC MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC
3,812,384
-5.00
FOOD PRODUCTSMARKET -DIVERSIFIED CAP(Nm) CADBURY NIGERIA 17,655.10 PLC. NESTLE NIGERIA PLC. 1,085,939.07 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.
PRICE %CHANGE
126
7.60
S/N
0.40
MARKET CAP(Nm) 711.32
PRICE %CHANGE
TRADES
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.
MARKET CAP(Nm) 38,000.00
MARKET CAP(Nm)
PRICE %CHANGE
1
100
263
4,674,071
TRADES
VOLUME
9.40
-
20
61,715
1,370.00
-2.00
35 55
310,088 371,803
PRICE %CHANGE
TRADES
VOLUME
22.10
-
1
10
3.30
2.80
23 24
461,816 461,826
PRICE %CHANGE
TRADES
VOLUME
13.50
-
12
37,447
43.00
-8.12
17
231,512
PRICE %CHANGE
29
268,959
499
9,597,115
TRADES
VOLUME
1.29
8.40
47
3,252,891
18.00
-2.70
20
3,270,155
1.64
5.13
56
15,016,303
34.75
5.46
294
68,708,588
0.53 0.67 1.45 5.00 0.93 0.60
-5.66 -2.99 -0.69 -0.99 9.41 -3.23
9 91 64 20 15 23 639
946,500 9,608,469 1,755,597 222,538 2,209,010 3,776,950 108,767,001
PRICE %CHANGE
TRADES
VOLUME
4,117.00
0.20
-
0
0
5,544.16
0.80
-1.25
57
4,032,777
24,150.00
2.30
-
5
8,969
2,240.00
0.32
-
2
900
14,936.75
1.44
0.70
6
216,500
3,535.08
0.24
-
5
35,900
2,411.47
0.53
-
0
0
1,913.74
0.50
-
0
0
1,964.80
0.32
-
1
500
487.95
0.38
-
1
500
2,343.50
0.32
3.23
4
301,276
2,749.65
0.64
6.67
10
500,257
4,720.00
0.59
-9.23
6
474,364
2,160.00
0.27
-
5
102,548
15,788.70 2,554.03
2.99 0.33
0.34 -
24 2
1,491,674 46,888
1,832.36
0.48
-
0
0
1,467.13
0.22
-
6
4,065,229
1,918.39
0.23
-
8
1,106,000
4,483.72
0.48
-
0
0
3,227.76
0.25
-
1
8,400
2,800.00
0.20
-
5
750,090
516.46
0.20
-
0
0
4,000.00
0.25
-7.41
1
2,000,000
3,605.33
0.26
-7.14
7
1,036,386
4,951.61
0.37
8.11
37
3,049,164
193
19,228,322
PRICE %CHANGE
TRADES
VOLUME
-
0
0
MARKET CAP(Nm) 11,799.67
2.58
˾ MONDAY, SEPTEMBER 17, 2018
36
Monday, September 17, 2018 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ zd >ŽƐƐ džƉĂŶĚƐ ƚŽ ϭϱ͘ϱй ĂƐ ZŽƵƚ ŽŶ
THISDAY AFRINVEST 40 INDEX
ŽŵĞƐƟĐ ŽƵƌƐĞ WĞƌƐŝƐƚƐ dŚĞ ƌŽƵƚ ŽŶ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ĐŽŶƟŶƵĞĚ ƚŚŝƐ ǁĞĞŬ ĂƐ ƚŚĞ ďĞĂƌŝƐŚ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ƌƵŶ ǁĂƐ ƐƚƌĞƚĐŚĞĚ ŝŶƚŽ ƚŚĞ ϳƚŚ ĐŽŶƐĞĐƵƟǀĞ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ĨŽůůŽǁŝŶŐ ƐƵƐƚĂŝŶĞĚ ƐĞůů-ŽīƐ ŽŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ - ƐƚŽŬĞĚ ďLJ ƉŽůŝƟĐĂů ĐŽŶĐĞƌŶƐ
Current Price
Ticker
ĂƐ ǁĞůů ĂƐ ƐŽŌ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƚŽǁĂƌĚƐ ĨƌŽŶƟĞƌ ĂŶĚ ĞŵĞƌŐŝŶŐ ŵĂƌŬĞƚ ĂƐƐĞƚƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞƌĞ ǁĂƐ ƐŽŵĞ ƌĞƐƉŝƚĞ ŽŶ &ƌŝĚĂLJ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ĂĚǀĂŶĐĞĚ͘ ^ŝŶĐĞ ƚŚĞ ƌŽƵƚ ƐƚĂƌƚĞĚ Ăƚ ƚŚĞ ƚĂŝů ĞŶĚ ŽĨ :ĂŶƵĂƌLJ͕ ƚŚĞ EŝŐĞƌŝĂŶ ŵĂƌŬĞƚ ŚĂƐ ůŽƐƚ Ϯϳ͘ϯй - ŽŶĞ ŽĨ ƚŚĞ ǁŽƌƐƚ
THISDAY AFRINVEST 40
P/E
P/BV
Divinden Earnings d Yield Yield
1,310.77
2.07%
-15.0%
31.1%
19.7%
6.6%
5.8x
0.7x
6.4%
34.75
5.5%
21.5%
-14.7%
-14.3%
35.8%
5.4%
5.3x
2.1x
7.8%
18.8%
2
Zenith Bank PLC
20.05
2.3%
12.0%
-21.8%
-22.7%
25.6%
3.6%
3.4x
0.9x
13.7%
29.3%
Nigerian Brew eries PLC
4
Nestle Nigeria PLC
Ɛƚ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ŽŶ ƚŚĞ ŚŽƌŝnjŽŶ͕ ǁĞ ďĞůŝĞǀĞ ƚŚĞ ĐƵƌƌĞŶƚ ǁĞĂŬ
5
Dangote Cement PLC
6
FBN Holdings Plc
ϮϬϭϵ͘
ROA
Guaranty Trust Bank PLC
3
ƐŚĂƉĞ ĂĐƟǀŝƟĞƐ ƉĞŶĚŝŶŐ ƚŚĞ ĐŽŵƉůĞƟŽŶ ŽĨ ƚŚĞ ŐĞŶĞƌĂů ĞůĞĐƟŽŶƐ ŝŶ
ROE
1
ƉĞƌĨŽƌŵŝŶŐ ǁŝƚŚŝŶ ƚŚŝƐ ƉĞƌŝŽĚ͕ ŐůŽďĂůůLJ͘ tŝƚŚ ŶŽ ĨƵŶĚĂŵĞŶƚĂů ĚƌŝǀĞƌ ƚŽ
ƉĞƌĨŽƌŵĂŶĐĞ ǁŝůů ƉĞƌƐŝƐƚ͕ ĂůƚŚŽƵŐŚ ǁĞ ĞdžƉĞĐƚ ƐƉĞĐƵůĂƟǀĞ ƚƌĂĚŝŶŐ ƚŽ
Price Price Previous Current Change Change Price Weightin YTD Index to Change g Date
12.6%
92.50
10.0%
7.3%
-31.4%
-31.5%
15.9%
n
26.6x
4.3x
4.5%
3.8%
1,370.00
-2.0%
8.4%
-12.0%
-12.0%
92.0%
23.0%
28.1x
24.4x
3.1%
3.6%
210.00
0.0%
6.7%
-8.7%
-8.7%
21.7%
9.9%
21.4x
5.0x
5.0%
4.7%
8.15
1.9%
6.0%
-7.4%
-7.3%
7.4%
0.9%
5.3x
0.4x
3.0%
18.7%
7
Access Bank PLC
7.80
2.6%
4.0%
-25.4%
-26.4%
13.3%
1.6%
3.6x
0.5x
8.3%
27.9%
8
United Bank for Africa PLC
7.40
3.5%
3.7%
-28.2%
-28.9%
16.2%
1.9%
3.3x
0.6x
11.5%
30.3%
18.00
-2.7%
4.1%
5.9%
10.6%
12.2%
1.0%
5.8x
0.7x
606.70
0.0%
3.5%
-3.1%
-3.1%
25.0%
14.6%
2.8x
0.6x
3.0%
36.0%
9
Ecobank Transnational Inc
10
SEPLAT Petroleum Development C
17.3%
ƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ǁĞĞŬ͕ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ĚĞĐůŝŶĞĚ ďLJ ϭ͘ϯйĂŶĚ ƚŚĞ
11
Stanbic IBTC Holdings PLC
42.25
3.0%
3.5%
1.8%
3.3%
35.4%
4.9%
6.5x
2.0x
2.4%
15.3%
ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ƐƵƐƚĂŝŶĞĚ Ɵůů dŚƵƌƐĚĂLJ ďĞĨŽƌĞ ƚŚĞ ŵĂƌŬĞƚ
12
Unilever Nigeria PLC
43.00
-8.1%
3.1%
4.9%
6.9%
20.4%
8.7%
23.8x
3.1x
1.2%
4.2%
13
Guinness Nigeria PLC
87.90
-0.1%
2.5%
-6.5%
-6.5%
10.3%
4.5%
26.1x
2.2x
2.1%
3.8%
14
Lafarge Africa PLC
20.70
0.0%
0.9%
-53.9%
-53.9%
-54.0%
-10.1%
1.3x
7.9%
-43.5%
6.7%
ŐĂŝŶĞĚ ϭ͘Ϭй ŽŶ &ƌŝĚĂLJ͘ dŚĞ ůĂƌŐĞƐƚ ĚĂŝůLJ ůŽƐƐ ŝŶ ƚŚĞ ƉĂƐƚ ϴ-ŵŽŶƚŚƐ ǁĂƐ ƌĞĐŽƌĚĞĚ ŽŶ tĞĚŶĞƐĚĂLJ ;-ϯ͘ϱйͿ ĂƐ ŝŶǀĞƐƚŽƌƐ ƐŽůĚ Žī ďĞůůǁĞƚŚĞƌƐ ŝŶ
15
Fidelity Bank PLC
1.64
5.1%
1.0%
-33.3%
-36.4%
10.4%
1.4%
1.3x
0.3x
ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ƐĞĐƚŽƌƐ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ
16
Oando PLC
5.00
0.0%
1.3%
-16.5%
-16.5%
10.3%
1.5%
4.4x
0.3x
ŝŶĚĞdž ĨĞůů ϱ͘Ϭй t-o-t ƚŽ ϯϮ͕ϯϮϳ͘ϱϵ ƉŽŝŶƚƐ͕ ǁŚŝůĞ zd ůŽƐƐ ǁŽƌƐĞŶĞĚ ƚŽ
17
Dangote Sugar Refinery PLC
13.90
0.0%
0.9%
-30.5%
-31.7%
41.5%
18.1%
4.7x
1.7x
9.0%
21.3%
18
Okomu Oil Palm PLC
79.90
0.0%
1.5%
18.0%
18.0%
35.8%
26.6%
8.6x
2.8x
4.0%
11.6%
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
19.00
-4.0%
0.5%
-34.5%
-34.5%
9.8%
2.9%
4.7x
0.5x
5.3%
21.4% 15.8%
–ϭϱ͘ϱй͘ ^ŝŵŝůĂƌůLJ͕ ŝŶǀĞƐƚŽƌƐ ůŽƐƚ EϲϮϰ͘ϰďŶ ĂƐ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌĞĚƵĐĞĚ ƚŽ Eϭϭ͘ϴƚŶ – ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ƐŝŶĐĞ :ƵůLJ ϮϬϭϳ͘
77.6% 22.7%
3.0%
21
Transnational Corp of Nigeria
1.23
8.8%
0.6%
-15.8%
-16.9%
12.9%
2.8%
6.3x
0.8x
1.8%
,ŽǁĞǀĞƌ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ
22
UAC of Nigeria PLC
10.15
-0.5%
0.4%
-39.9%
-39.9%
1.4%
0.6%
18.1x
0.4x
6.4%
ƚƌĂĚĞĚ ŝŵƉƌŽǀĞĚ ϳ͘ϲй ĂŶĚ ϰϬ͘Ϯй ƚŽ Ϯϱϭ͘ϳŵ ƵŶŝƚƐ ĂŶĚ Eϰ͘ϳďŶ
23
Diamond Bank PLC
1.29
8.4%
0.5%
-14.0%
-17.8%
-7.2%
-0.9%
-17.5%
-17.5%
33.1%
6.9%
7.1x
2.2x
9.2%
14.1%
4.4%
6.7%
1.0%
2.7x
0.2x
6.1%
36.8%
6.2x
2.2x
4.4%
24
Total Nigeria PLC
25
FCMB Group Plc
26
11 PLC
E' D ;Eϱ͘ϬďŶͿ͕ 'h Z Edz ;EϮ͘ϰďŶͿ ĂŶĚ E ^d> ;Eϭ͘ϲďŶͿ ǁĞƌĞ
27
Forte Oil PLC
ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘
28
PZ Cussons Nigeria PLC
29
Cadbury Nigeria PLC
30
ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ 'h Z Edz ;ϳϯ͘Ϭŵ ƵŶŝƚƐͿ͕ ^^ ;ϲϴ͘ϲŵ ƵŶŝƚƐͿ ĂŶĚ E/d, ;ϲϭ͘ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ
^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ƌĞŵĂŝŶĞĚ ůĂƌŐĞůLJ ďĞĂƌŝƐŚ ǁŝƚŚ Ăůů ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĚĞĐůŝŶŝŶŐ t-o-t͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĚĞƉƌĞĐŝĂƚĞĚ
0.0%
0.5%
1.65
3.1%
0.6%
180.00
0.0%
0.5%
-7.5%
-7.5%
40.2%
16.0%
17.50
0.0%
0.2%
-59.8%
-58.3%
29.7%
3.0%
13.50
0.0%
0.3%
-34.5%
-36.2%
10.7%
5.0%
12.8x
1.3x
1.1%
9.40
0.0%
0.3%
-40.0%
-39.7%
5.9%
2.2%
27.9x
1.6x
1.7%
3.6%
Presco PLC
60.00
0.0%
0.4%
-12.4%
-12.4%
2.5x
#N/A N/A
3.3%
39.7%
31
NASCON Allied Industries PLC
19.25
-3.8%
0.4%
4.1%
0.2%
5.2x
7.8%
11.0%
32
UPDC Real Estate Investment Tr
9.00
0.0%
0.4%
-10.0%
-10.0%
0.8x
7.8%
62.4%
33
Union Bank of Nigeria PLC
5.00
-1.0%
0.3%
-35.9%
-33.4%
ĂŶĚ t W K ;-ϭϬ͘ϬйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ ŽŶƐƵŵĞƌ
34
Julius Berger Nigeria PLC
25.00
0.0%
0.3%
-10.7%
-10.7%
17.3%
ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ >/E< ^^hZ ;-ϭϱ͘ϳйͿ ĂŶĚ E ^d> ;-ϴ͘ϳйͿ͘ dŚĞ ĂŶŬŝŶŐ
5.5% -67.1%
189.70
ƚŚĞ ŵŽƐƚ͕ ĨĂůůŝŶŐ ϳ͘ϲй t-o-t ĨŽůůŽǁŝŶŐ ƐĞůů Žī ŝŶ E' D ;-ϱ͘ϴйͿ
'ŽŽĚƐ ŝŶĚŝĐĞƐ ƐůŝĚ ϱ͘ϵй ĂŶĚ ϱ͘ϰй ƌĞƐƉĞĐƟǀĞůLJ t-o-t ĚƵĞ ƚŽ ƉƌŝĐĞ
0.1x
20.6%
1.3x
9.1x
8.0x
0.5x
1.8%
6.9x
1.1x
3.8x
35
Sterling Bank PLC
1.45
0.0%
0.4%
34.3%
28.3%
11.0%
1.1%
36
Dangote Flour Mills Plc
7.60
-5.0%
0.2%
-37.4%
-37.4%
0.0%
0.0%
16.2% -14.9% 7.8%
12.6% 4.3%
14.4% 26.5%
0.4x
1.4%
1.0x
2.6%
37
GlaxoSmithKline Consumer Niger
14.30
0.0%
0.2%
-33.8%
-33.8%
6.5%
3.6%
20.6x
2.0x
52.4%
ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ůŽƐŝŶŐ ϰ͘ϰй t-o-t ĂŐĂŝŶƐƚ ƚŚĞ ďĂĐŬĚƌŽƉ ŽĨ ůŽƐƐĞƐ ŝŶ
38
Chemical and Allied Products P
28.35
0.0%
0.2%
-16.6%
-20.6%
66.2%
30.2%
13.2x
8.9x
7.2%
7.5%
E/d, ;-ϰ͘ϭйͿ ĂŶĚ h ;-ϲ͘ϯйͿ ǁŚŝůĞ ƚŚĞ Kŝů Θ 'ĂƐ /ŶĚĞdž ĚŝƉƉĞĚ ϭ͘ϳй
39
Beta Glass PLC
78.00
0.0%
0.2%
52.0%
52.0%
17.7%
11.5%
9.5x
1.6x
1.4%
10.6%
40
Transcorp Hotels Plc
6.75
0.0%
0.1%
-6.4%
-6.4%
6.0%
3.3%
15.4x
0.9x
1.8%
6.5%
t-o-t͘ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƐƚĂLJĞĚ ƐŽŌ ƚŚŝƐ ǁĞĞŬ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ǁĞĂŬĞŶĞĚ
T o p 10 T ra de s by V o lum e
T o p 10 G a ine rs T ic k er
P ric e
P ric e C hg %
NB
92.50
10.0%
H ON YF LOUR
1.39
9.4%
ƐƚŽĐŬƐ ŝŶ ƚŚĞ ǁĞĞŬ ǁĞƌĞ > thE/KE ;нϭϴ͘ϱйͿ͕ hE/dz E< ;нϭϳ͘ϳйͿ
UN IT YB N K
0.93
9.4%
ĂŶĚ ^<z E< ;нϭϱ͘ϱйͿ ǁŚŝůĞ EE ;-Ϯϲ͘ϵйͿ͕ hE/s/E^hZ ;-Ϯϰ͘ϮйͿ
T R A N SC OR P
1.23
ĂŶĚ &KZd ;-ϭϲ͘ϳйͿ ǁĞƌĞ ƚŚĞ ǁŽƌƐƚ ƉĞƌĨŽƌŵŝŶŐ ŝŶ ƚŚĞ ǁĞĞŬ͘
D IA M ON D B N K
1.29
ƚŽ Ϭ͘Ϯdž ĨƌŽŵ Ϭ͘ϴdž ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĨŽůůŽǁŝŶŐ ϭϮ ƐƚŽĐŬƐ ƚŚĂƚ
ĂĚǀĂŶĐĞĚ ƌĞůĂƟǀĞ ƚŽ ϱϲ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ
ŽŶƐĞƋƵĞŶƚ ŽŶ ƚŚĞ ƉŽŽƌ ƉĞƌĨŽƌŵĂŶĐĞ͕ Ă ŶƵŵďĞƌ ŽĨ ŵĂƌŬĞƚ
LA WUN ION GUA R A N T Y
T ic k er
Vo lum e
P ric e C hg %
GUA R A N T Y
68.7
5.5%
Z EN IT H B A N K
51.8
2.3%
T R A N SC OR P
17.3
8.8%
8.8%
F ID ELIT YB K
15.0
5.1%
8.4%
C UST OD IA N
9.9
0.0%
0.64
6.7%
FB NH
9.9
1.9%
34.75
5.5%
SKYEB A N K
9.6
0.0%
ďĞůůǁĞƚŚĞƌƐ ǁŝƚŚ ƐƚƌŽŶŐ ĨƵŶĚĂŵĞŶƚĂůƐ ĂƌĞ ƚƌĂĚŝŶŐ ĐůŽƐĞ ƚŽ ϱϮ-ǁĞĞŬ
F ID ELIT YB K
1.64
5.1%
A C C ESS
6.8
2.6%
ůŽǁƐ – 'h Z Edz ;Eϯϭ͘ϵϱͿ͕ E/d, ;Eϭϵ͘ϲϬͿ E/' Z/ E Z t Z/ ^
J A P A ULOIL
0.23
4.5%
UB A
5.5
3.5%
;Eϴϰ͘ϬϬͿ͕ E' D ;EϮϬϬ͘ϬϬͿ - ǁŚŝĐŚ ǁĞ ďĞůŝĞǀĞ ƉƌĞƐĞŶƚƐ
UB A
7.40
3.5%
R EGA LIN S
4.1
0.0%
ŽƉƉŽƌƚƵŶŝƟĞƐ͕ ĂůƚŚŽƵŐŚ ǁĞ ƌĞĐŽŵŵĞŶĚ Ă ŵŝŶŝŵƵŵ ŽĨ ϭ-LJĞĂƌ ŝŶǀĞƐƚŵĞŶƚ ŚŽƌŝnjŽŶ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ƚĞĐŚŶŝĐĂů ĂŶĂůLJƐŝƐ ŽĨ ƚŚĞ ŵĂƌŬĞƚ ĂůƐŽ ŵĂŬĞƐ Ă ĐĂƐĞ ĨŽƌ Ă ƌĞďŽƵŶĚ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁŝƚŚ ƚŚĞ ZĞůĂƟǀĞ ^ƚƌĞŶŐƚŚ /ŶĚĞdž ;Z^/Ϳ ĐƵƌƌĞŶƚůLJ Ăƚ ϮϬ͘ϱ ƉŽŝŶƚƐ – ǁŚŝĐŚ ŝƐ ŝŶ ƚŚĞ ŽǀĞƌƐŽůĚ ƌĞŐŝŽŶ͘
T o p 10 Lo s e rs T ic k er
P ric e
P ric e C hg %
CCNN
22.60
-10.0%
0.59
-9.2%
LIN KA SSUR E A GLEVEN T UN ILEVER UN IVIN SUR E
Afrinvest Securities Limited (RC 603 315) (A Dealing Member of the Nigerian Stock Exchange)
4.9%
0.40
-9.1%
43.00
-8.1%
0.25
-7.4%
T o p 10 T ra de s by V a lue T ic k er
Value
P ric e C hg %
GUA R A N T Y
2295.6
5.5%
Z EN IT H B A N K
1038.4
2.3%
N EST LE
424.1
D A N GC EM
156.1
-2.0% 0.0%
NB
147.1
10.0% -0.1%
VER IT A SKA P
0.26
-7.1%
GUIN N ESS
141.4
D A N GF LOUR
7.60
-5.0%
FB NH
79.8
1.9%
F LOUR M ILL
19.00
-4.0%
ET I
60.4
-2.7%
N A SC ON
19.25
-3.7%
C UST OD IA N
56.1
0.0%
WEM A B A N K
0.60
-3.2%
A C C ESS
53.1
2.6%
Investment Research
Brokerage Ayodeji Ebo | aebo@afrinvest.com
Robert Omotunde | romotunde@afrinvest.com
Bolaji Fajenyo | bfajenyo@afrinvest.com
Eronmosele Aziba | eaziba@afrinvest.com
37
T H I S D AY Ëž Ëœ ÍšÍżËœ ͺ͸͚͜
MARKET NEWS
UBA, Access Bank, Honeywell Flour Boost Shareholders’ Liquidity with Dividen Goddy Egene Shareholders of United Bank for Africa Plc are now in liquidity while those of Access Bank Plc and Honeywell Flour Mills Plc will soon experience the same following payment of dividends. UBA paid an interim dividend of 20 kobo per share to its shareholder for the half year ended June 30, 2018. Similarly, Access Bank Plc will on September 21 pay an interim dividend of 25 kobo for the H1 of 2018, while Honeywell Flour
Mills Plc will pay a dividend of six kobo for the year ended June 30, 2018. Market analysis said the interim dividend by UBA and Access Bank Plc are very timely for shareholders who are currently taking care of the financial needs of their children who are returning to school. United Bank for Africa Plc recorded a growth of 16 per cent rise in gross earnings to N258 billion in H1 of 2018, up from N223 billion recorded in the corresponding
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
period of 2017. Net interest income stood at N111.1 billion, compared with N101.4 billion in the corresponding period of 2017. Credit impairment charges reduced by 28.9 per cent from N9.4 billion to N6.7 billion, while operating expenses rose by 9.4 per cent from N94.8 billion. UBA finished the first half of the year strongly, with a profit before tax(PBT) of N58.1 billion, while profit after tax(PAT) rose from N42.3 billion in 2017 to N43.8 billion in 2018, showing a 3.4 per cent growth.
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 1309-2018, unless otherwise stated.
Commenting on the results, the Group Managing Director/ CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies�
On its part, Access Bank Plc posted gross earnings of N253 billion, up from N246.6 billion posted in the corresponding period of 2017. Impairment charges reduced by 29 per cent from N10.363 billion to N7.34 billion. However, the lender ended the H1 with profit after tax of N39.6 billion, which flat compared with N39.5 billion posted in 2017. Commenting on the results, Group Managing Director/ CEO, Mr. Herbert Wigwe said :“The Group reported top line
earnings of N253 billion, up three from the corresponding period in 2017, demonstrating the implementation of our strategy, notwithstanding the challenging operating environment. We recorded strong growth of 15 per cent in our interest income to N187 billion from N162 billion in H1’17, and an increase of 21 per cent in transaction banking income to N30.1 billion from N24.8 billion, as we continued to penetrate and deepen our market presence in the retail space.�
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 N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.82 0.83 -0.66% ACAP Income Funds 0.63 0.63 5.17% 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 12.27% 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 132.21 133.14 -12.84% AXA Mansard Money Market Fund 1.00 1.00 12.28% 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 10.31% Paramount Equity Fund 11.49 11.79 3.65% Women's Investment Fund 100.95 103.54 0.32% 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 11.78% Coronation Balanced Fund 1.17 1.20 11.63% Coronation Fixed Income Fund 1.10 1.07 3.82% 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 1,184.21 1,184.97 9.52% FBN Heritage Fund 137.34 138.23 0.65% FBN Money Market Fund 100.00 100.00 12.03% FBN Nigeria Eurobond (USD) Fund - Institutional 114.32 114.69 3.67% FBN Nigeria Eurobond (USD) Fund - Retail 113.92 114.32 3.45% FBN Nigeria Smart Beta Equity Fund 150.94 153.07 -5.18% 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 1.19 1.21 -7.69% Legacy Debt Fund 3.14 3.14 8.85% Legacy USD Bond Fund 1.00 1.00 1.07% 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 2,969.98 2,997.82 -0.55% Coral Income Fund 2,706.08 2,706.08 10.55% 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 12.03% Nigeria Entertainment Fund 102.16 103.83 2.53% 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 12.05% Vantage Balanced Fund 2.08 2.09 -1.65% Vantage Guaranteed Income Fund 1.00 1.00 14.18%
Kedari Investment Fund (KIF) 121.32 121.58 5.43% 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 2.94% Lotus Halal Fixed Income Fund 1,081.76 1,081.76 9.58% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.06 11.15 -14.51% Meristem Money Market Fund 10.00 10.00 10.74% 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 1.30 1.32 8.84% PACAM Fixed Income Fund 11.80 11.85 6.86% PACAM Money Market Fund 10.00 10.00 11.76% 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 N/A N/A N/A 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 1.64 1.64 10.64% 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 2,245.56 2,260.61 2.25% Stanbic IBTC Bond Fund 183.50 183.50 5.41% Stanbic IBTC Ethical Fund 0.93 0.94 -7.43% Stanbic IBTC Guaranteed Investment Fund 241.06 241.09 11.73% Stanbic IBTC Iman Fund 162.96 164.79 -9.01% Stanbic IBTC Money Market Fund 100.00 100.00 11.58% Stanbic IBTC Nigerian Equity Fund 8,424.53 8,524.46 -11.41% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 5.41% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.17 1.17 -1.59% United Capital Bond Fund 1.54 1.54 7.66% United Capital Equity Fund 0.72 0.73 -5.07% United Capital Money Market Fund 1.00 1.00 11.54% United Capital Eurobond Fund 104.92 104.92 4.88% United Capital Wealth for Women Fund 1.07 1.07 2.64% 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 11.12 11.29 -9.65% Zenith Ethical Fund 12.26 12.38 -6.11% Zenith Income Fund 20.22 20.22 6.89% Zenith Money Market Fund 1.00 1.00 11.57%
REITS NAV Per Share
Yield / T-Rtn
11.41 138.09 51.55
1.01 4.25% 1.42%
Bid Price
Offer Price
Yield / T-Rtn
10.85 117.13 89.99
10.95 119.62 91.69
-8.49% -17.99% -17.62%
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
3.78 7.47 14.82 15.10 140.78
3.82 7.55 14.92 15.30 142.78
-20.12% -21.88% -15.12% -23.12% 4.82%
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.
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M O N DAY DAY Ëž ÍŻÍľ, Í°ÍŽÍŻÍś
CITYSTRINGS
ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ Ă’Ă™Ă˜Ă? Ă˜Ă™Ë? ͖͕͔͑͑͒͑͒͑͑͘
Flood of Fury in Edo
Over 1,000 houses and farmlands have been destroyed by floods in Etsako Central and East local government areas of Edo State in the last few weeks, reports Adibe Emenyonu, in Benin City
T
he Nigerian Meteorological Agency (NIMET) had recently warned about torrential rains and flooding in some parts of the country, but the people of Etsako Central Local Government Area of Edo State certainly did not envisage the magnitude of floods and destruction that occurred in about seven communities in the council area in the last few weeks. The flooding, which occurred because of the upsurge from River Niger, affected communities like Udaba, Ofukpo, Agbaburu, Osomegbe, Ukpeko, Ugochi and Anegbette. Apart from houses that were destroyed by the ravaging flood, farmlands with crops such as cassava, yam, rice, maize, and groundnut, were not spared, as the flood washed all away. Blast from the Past It was not the first time a disaster of such magnitude would happen in those communities on the banks of River Niger. In 2012, a similar occurrence took place and the devastation it left was yet to heal because the communities were neglected. The people say government had not been sincere with them as they have refused to construct roads in the communities, which would make it easier for them to access upland communities in the locality in case of such emergencies. This sentiment was re-echoed by the Village Head of Udaba, Chief David Inetape, who said over the years, government at all levels had not been favourable to them. Inetape said they could not relocate from the place due to lack of access roads, as the major roads in the communities were already flooded, adding that they now use ferry boats and canoes to access their houses. The Flood When the recent flood came, it came with a lot of fury, sparing nothing on its way. The effect was all the more devastating because there was no suspicion before the sudden water upsurge flooded the communities. For crop farmers in the community, it was a double tragedy. They lost their farmlands where they invested a lot of money in acquiring seedlings and fertilisers. Some had even borrowed money for the planting season. With the flood, the anticipation of a bountiful harvest was ruined as their farmlands were submerged totally, forcing some of them to carry out premature harvest of their crops to avoid total loss. THISDAY checks around the affected communities revealed how the residents were trying what they could to ameliorate their suffering, with little government assistance. In some of the communities, children were seen in the dirty flood water taking advantage of the situation to swim, while the farmers embarked on premature harvest of their crops to avoid total loss. INEC Meanwhile, it is pertinent to note that the state capital was also not spared. While the flood in the two Etsako local government areas was as a result of River Niger overflowing its banks, that of Benin City was occasioned by heavy rains. Worst hit were some residential buildings, where residents had to bail out water from their houses each time it rained. The state headquarters of the Independent Electoral Commission (INEC) was not left out. Over 3,700 card readers were destroyed at the office. The Edo INEC headquarters had in the past three weeks been ravaged by flood, making workers to run out of their offices whenever there is heavy downpour to avoid being trapped inside. Chairman, INEC Standing Committee on Estate and Works, Abubakar Nahuche, who spoke to journalists after assessing the damage caused by the flood, said several electoral materials were destroyed, including ICT equipment. He, however,
One of the aected houses at Okpekpe Kingdom
Udaba Community overtaken by ood
Mrs Rose Akinabor, a farmer in Osomegbe, Etsako Central whose farmland and house were submerged in the ood
Farmers trying to salvage what was left of their farms aected by the ood in Okpekpe Kingdom
stated that the damage caused by the flood would not affect preparation for the 2019 general election. Nahuche appealed to state government to tackle the menace of flood in the Ikpoba-Hill area where the Edo INEC headquarters is located, adding that the national headquarters of the commission was considering relocating the state headquarters to another place. Edo Resident Electoral Commissioner, Mr. Emmanuel Alex-Hart, said he was yet to quantify what was lost to the flood. “The flooding has paralysed activities at the INEC headquarters in Edo. Where the office is situated is a valley and when it rains, you have surface run-off water from all the areas to that place,� he said. Emergency Measures Meanwhile, as an emergency measure, the Etsako Central Local Government Authority has cleaned up the Oghomere resettlement camp with the aim of relocating the flood victims in the area. The chairman of Etsako Central Local Government Area, Mr. John Akhigbe, said the council was doing all it could to relocate the victims after the proper cleaning of the building and fumigation is completed.
The ood destroyed my life savings because I took loan to farm this season, not knowing that my labour was going to be in vain. I call on the government to assist those of us that were affected by the ood so that we can live normal lives again
He said: “We are going to the affected communities with speed boats to evacuate victims of the flood disaster so that whatever the government and individuals will be bringing, they will benefit from it in the camp. As you can see, the borehole is set and the rooms are being tidied up to ensure that it is conducive. We shall also bring a very big generating set to ensure regular supply in the camp, so that the displaced persons can feel at home.� Similarly, at Etsako East, a sister local government, more than 20,000 hectares of farmland and houses were ravaged. In Etsako East, affected communities include Okpekpe, Ebelle, Okpekpe, Ukhomedokhai, Amugbe and Ekpeli, all in Okpekpe Kingdom. Over 2,000 were rendered homeless in those six communities. A similar development occurred in Etsako Central, as the roads leading to the flooded communities in Etsako East were washed away, thereby making access to the communities nearly impossible. Pain All over the affected communities, it was a tale of groaning, as they spoke of the perennial pain they went through yearly. Some of the affected persons, who spoke, said their means of livelihood had been affected and appealed for assistance form relevant government agencies. Mrs. Rose Akinabor, a farmer in Osomegbe community said: “The flood destroyed my life savings because I took loan to farm this season, not knowing that my labour was going to be in vain. I call on the government to assist those of us that were affected by the flood so that we can live normal lives again.� According to Mr. Nigeria Afomede, “If we don’t harvest our crops now, as you can see, they will spoil and we will suffer. So, we decided to harvest our six-months-old cassava. You know we don’t have any farm that is up to a year now because the flood of last year also destroyed our farmlands.� He disclosed that the reason why they refused to relocate to the Federal Government Resettlement, built by the flood committee in the last administration, was because they have no access road to Oghomere where the camp is located. Besides, Afomede said they had no sign
before the sudden rise in water level. Tony Enike, a farmer, who said his 10 hectares of yam and cassava farm were affected by the flood, said, “I am confused and do not know what to do as I speak with you. I just want help to come to us as fast as possible because we are suffering.� Also, David Omozufo, who lost his building to the flood, said, “Only until few days ago, I was a landlord, but now I am a homeless man. I really do not know where to start from.� Appeal Chairman of Etsako council area, Mr. Aremiyau Aligamhe, who went round the communities, appealed for immediate assistance to the affected communities and the people. He noted that with the level of destruction caused by the flood, there was little or nothing the council could do to ameliorate the suffering of the persons affected. While appealing for calm from the affected, Aligamhe however said the state government was not unaware of what has happened. He said: “I share in your pains at the particular time of this natural disaster. The council has already made representations to the state government to see how respite can come to the affected people and communities.� Also, the Clan Head of Okpekpe Kingdom, Chief Peter Osigbemeh, while appealing for help to assist the ravaged communities, said he was deeply saddened with what has happened. Government Resolve The state government says it is trying to find a lasting solution to the perennial flooding. According to the Senior Special Assistant to the Governor, Mr. Sixtus Omokhagbor, the government will do as that is to be done to take care of the affected people. While confirming that the government has been duly notified on the disaster, through his special adviser on special duties, he said on his own, he has taken census of the affected. He said: “As I speak with you, the displaced have been sheltered, while we await the State Emergency Management Agency (SEMA). If the case is beyond SEMA, then the National Emergency Management Agency (NEMA), will be invited.�
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M O N DAY DAY Ëž ÍŻÍľ, Í°ÍŽÍŻÍś
CRIME&SECURITY
Man in Prison for Raping Girlfriend’s Four Nieces, Neighbour ‘s Daughter Stories by Rebecca Ejifoma The Tibunu Magistrate Court has remanded Michael Chukwuemeka Chukem, 27, in Ikoyi Prison for brutally and aerially raping four of his girlfriend’s nieces and a neighbour’s daughter, at the Oshodi area of Lagos. The suspect was arrested by the Adeniji Police State in Victoria Island, after one of the victims confided in her mother. The five children were aged 11, 10, seven (the neighbour’s daughter) six and four years. According to the rescuer and Coordinator of Ben Bruce Foundation, Miss Ore Olu-Adebiyi, who was fully on ground to witness the case, when one of the victims (the six-year-old) saw him at the court, she cried as she shivered with fear. “The judge quickly took the children into his chambers for questioning and was apparently convinced that they were not telling lies, coupled with the medical report from Mirabel Centre as proof,� Olu-Adebiyi said. The medical reports after examination from Mirabel Centre showed that the six and four-yearold girls were defiled through their vaginas and her anus, while the seven, 10 and 11-year-olds were abused through their vaginas only.
The suspect, Chukem
Having read the medical report and the confession of the minors, the judge denied the suspect, bail, thereby remanding him at the Ikoyi Prisons pending his next court appearance. Olu-Adebiyi added that, “outside the courtroom, the suspect shouted at the little girls, calling them liars; that they would all die. He also cursed my colleague, Mary-Anne and I. “He said we organised girls to tell lies against him. The prison wardens cautioned him but that was after he threatened to deal with me when he comes out of prison.� Olu-Adebiyi added, “While Chukem’s mum called one of my team members a liar, we took the children into the bus because they got terrified on seeing him. The mother keeps raining curses
on me whenever we go to court. “Not minding the gravity of crime he has committed, Chukem boldly told me that if he used his six-inches sexual organ on the girls, that they would not be able to stand up or walk for three days.� On his part, the alleged serial rapist, who was said to have carried out this abusive act at night while the girls’ parents slept, was generally arrogant and unrepentant even in court. On how he was able to have all the girls, Olu-Adebiyi narrated: “One of the girlfriend’s sisters had financial challenges, so she asked her daughter (age 11) to go and stay with Chukem’s mother at Ikorodu. “Because it was stressful for the suspect to go to Festac daily from Ikorodu, the girlfriend pleaded that he stay with her siblings at Oshodi during the week and return to Ikorodu at the weekend.� According to the family of the victims, Chukem was sleeping in the sitting room, where the children were sleeping, too. His alleged modus operandi was to rape the three girls plus the neighbour’s daughter during the week and then go back to Ikorodu and continue with the 11-years-old at the weekend The case will be at the Tinubu Court on September 27 this year for hearing.
FG Urged to Intervene in Chagoury’s Alleged Encroachment on Jaja Nwachukwu’s Land The family of Nigeria’s first Foreign Affairs Minister, Hon. Jaja Nwachukwu has called on the Federal Government to prevail on one Jack Chagoury, a Lebanese and his police accomplices to vacate the landed property on Ozumba Mbadiwe, Victoria Island, Lagos. According to the family, the Lebanese had falsely laid claims to the said properly with forged documentation. Mr. Christian Akubondu, the former minister’s attorney, who made the call on behalf of the family, said he was constrained to cry out after it became clear that the Lebanese had firm control of the Nigeria Police and therefore, had no respect for the rule of law. He said Chagoury had encroached on the land even in the face of a valid court ruling forbidding him from doing so. Akubondu said the parcel of land in contention was acquired from the federal government by the late respected minister in 1962 with certified documents covering it. According to him, the said Lebanese capitalised on his alleged relationship with the late Military Head of State, General Sani Abacha to saunter into the land. He added that Chagoury became prominent in the picture using his Four Star Industries Limited with some alleged forged documents to lay claims to the land. He said: “The Lebanese initially came in 2003 when he approached one Abasi Isegen, who authentically bought 2530 square meters of the land from Jaja Nwachukwu, that he wanted to buy some plots from him; only for the same Lebanese to turn around months later to say that the land actually belongs to Four Star Industries, where he is chairman and chief executive officer.�
When the issues of ownership and counter claims degenerated to the use of thugs and the police, Isegen in conjunction with Akubondu reportedly petitioned the police at the Special Fraud Unit SFU on Milverton Road, Ikoyi, Lagos on May 20, 2013. After an in-depth investigation, the police was said to have discovered from the office of the Lagos State Surveyor-General that the documents being paraded by the foreigner with which, he was laying claims to the land were all cloned. A letter obtained from the Lagos State Surveyor-General dated July 25, 2013, signed by Mrs. Tejuosho Adenike and addressed to the Commissioner of Police SFU and copied the Registrar, High Court of Lagos State, stated in part; “The purported plan No. LS/D/LA237 dated 07/02/1989 and titled Four Star Industries limited that you are enquiring about, is an altered duplication of the original Government Plan No. LS/D/LA237.â€? After this, the matter was charged to court after Chagoury allegedly shunned all police invitation. He also refused to appear in court, thus a bench warrant was later obtained against him and he was said to have been declared wanted. However, the matter got to a head on August 20, 2018 when the Commissioner of Police Lagos State Police Command, CP Imohimi &EHBM TFOU TPNF QPMJDF PGĂ DFST to the land in question having sought and got the nod of the AIG Zone 2, Onikan to execute a court order granted on August 4, 2018, originating from Honourable Justice I.O. Harrison(Mrs.) in suit No. ID/105/2008; restraining the foreigner and or his privies from
further encroaching on the said parcel of land. However, at the peak of the execution of the court order, a call reportedly came from one ACP Simon of the IGP Monitory Unit, Abuja, purportedly calling on behalf of the IG; Ibrahim Idris, ordering the AIG to send men to the land in contention and arrest all the policemen earlier detailed CZ &EHBM JODMVEJOH UIF DPVSU baliffs and had them detained in Zone 2. It took the intervention of Mr. Femi Falana (SAN), who is counsel to Isegen, to get the baliffs out of detention, while the policemen are still being detained. Befuddled by the intrigues surrounding the case Isegen said, “I do not know why a foreigner will be so powerful that he can use the police as he wishes to the extent of making the police undermine a valid court ruling; even in our own country. “This man has no business on that land, the police SFU had investigated his claims and through the Lagos State Surveyor-General found out that he forged his documents with which he is laying claims to the land. “That an assistant commissioner of police is purportedly calling on behalf of the IGP to undermine the ruling of a court of competent jurisdiction, arm-twisting both the CP Lagos and AIG Zone 2, is something I cannot understand. “This is why we want President Muhammadu Buhari and well meaning Nigerians, both home and abroad to come into this matter; using this medium because from all indications, this foreigner has firm grip of the Nigeria police; throwing money around and subverting justice.�
CRIME SITUATION REPORTS
POLICE STATIONS IN LAGOS WITH FAMILY SUPPORT UNIT
The Lagos State Police has released an update on police stations in the state that have Family Support Units (FSUs)/Gender Unit/Juvenile Welfare Centre (JWC) and phone numbers to reach them on. 1.Adeniji Adele, Lagos Island 09062887864 2. Isokoko 09062887856 3. Ilupeju 09062887848 4. Festac 09062887841 5. Alakuko 09062887861 6. Badagry 09062887852 7. Ajah 09062887849 8. Ikorodu (Igbogbo) 09062887858 9. Ketu 09062887866 10. Ikotun 09062887870 11. Gender Desk, Police Command, GRA 09062887853 12. Ikeja Divisional Police Station 09062887863 13. JWC Alakara 09062887859
SECURITY TIPS (PART 6) r&WFSZ $JUJ[FO IBT B SPMF UP QMBZ JO UIF GJHIU BHBJOTU UFSSPSJTN rCriminals won’t succeed if someone reports suspicious activity-that someone is you! rAcquaint yourself with police emergency numbers. Source: Lagos State Police Command.
HOTLINES FOR COMPLAINT AGAINST POLICE IN LAGOS 1) 08067945297 2) 08063025274 3) 08063164759 4) 08113615350 5) 08113683077 6) 08081426895 7) 08126404930 8) 08089781657 9) 08096283148 10) 08096283173 Source: Lagos State Police Command.
EFCC’S CONTACTS r *OTUBHSBN XXX JOTUBHSBN DPN PGGJDJBMFGDD r'BDFCPPL XXX GBDFCPPL DPN PGGJDJBMFGDD r5XJUUFS XXX UXJUUFS DPN PGGJDJBMFGDD r5IF $PNNJTTJPO DBO CF SFBDIFE PO BOZ PG UIF GPMMPXJOH hotlines: . r r r r r5IF DPNNJTTJPO DBO BMTP CF SFBDIFE CZ FNBJM JOGP!FGDDnigeria.org Source: Economic and Financial Crimes Commission
SOCIAL MEDIA HANDLES OF THE MILITARY NIGERIAN AirForce r !/JH"JS'PSDF r"JS $PNNPEPSF ,VOMF %BSBNPMB UIF %JSFDUPS PG 1VCMJD 3FMBUJPOT BOE *OGPSNBUJPO %013* !,VOMF%BSBNPMB rFNBJM JOGP!BJSGPSDF NJM OH NIGERIAN ARMY r !)2/JHFSJBO"SNZ r#SJHBEJFS (FOFSBM 5FYBT $IVLXV UIF %JSFDUPS "SNZ 1VCMJD 3FMBUJPOT %"13 !UFYBTDIVLXV r8FCTJUF BSNZ NJM OH NIGERIAN NAVY r!/JHFSJBO/BWZ r $PNNPEPSF "ZP 0MVHCPEF UIF %JSFDUPS PG /BWBM *OGPSNBtion (DINFO) r8FCTJUF OBWZ NJM OH
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T H I S D AY ˾ ͯ͵˜ ͰͮͯͶ
T H I S D AY ˾ MONDAY SEPTEMBER 17, 2018
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FOREIGN/DIPLOMATIC AFFAIRS
South Africans Come Off Second Best as Politicians Play Havoc with Coalitions
South African President Cyril Ramaphosa (right) and Zimbabwean counterpart Emmerson Mnangagwa. PHOTO CREDIT: GCIS. Joleen Steyn Kotze
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or the past two years political party coalitions have become the “new normal” in South African politics. They became a key feature in 2016 after the main opposition party, the Democratic Alliance (DA), wrested power from the governing African National Congress (ANC) by forming coalitions in three key metropolitan – Nelson Mandela Bay, Tshwane and Johannesburg. But the coalitions have proven to be volatile and unstable, most notably in Nelson Mandela Bay. The metropolitan municipality council has found it difficult to pass budgets, approve and agree on a long-term strategic development plan for the city. After a series of crises, the coalition which had been cobbled together between the DA and three smaller parties finally collapsed in August. Another motion of no confidence – the fifth in two years – was tabled against the DA’s executive mayor Athol Trollip. A slim majority of councillors voted in favour and he was ousted. Trollip has challenged the decision in court. For now the city has a mayor from the United Democratic Movement which has 2% of the vote in the council. The coalition in South Africa’s second largest city Tshwane is also on shaky ground. The executive mayor Solly Msimanga, also from the DA, faced a motion of no confidence a mere three days after Trollip was ousted. But Msimanga survived to fight another day due to a technical glitch in the voting procedures. The coalition in Johannesburg seems to be holding – for now. But the troubles in Nelson Mandela Bay and Tshwane are raising real concerns that the political chess games are affecting accountability, governance stability and service delivery in the cities. This is a serious state of affairs. If political parties can’t work together, passing resolutions and agreeing on developmental priorities becomes difficult. Once governance stagnates, a municipality cannot function effectively. This in turn affects its ability to provide services. When councils become political theatres, ordinary citizens suffer. This much has been evident in Nelson Mandela Bay. Coalitions are usually formed on the basis of political expediency. The political marriages of convenience come about when political parties can’t get an outright majority. To secure power, parties scramble to find partners, at times without considering ideological, policy, or historical differences. As African political and governance scholar W. O. Oyugi cited by African human rights expert Dr Japheth Biegnon has noted, “Coalitions are a necessary evil – an evil in the sense that normally no party ever coalesces except in circumstances in which not to do so would deprive it of a chance
to exercise power.” This certainly holds true for the coalitions formed in South Africa since 2016. The cooperation forged among opposition parties was designed solely to get the ANC out of power. What emerged were uncomfortable coalition governments led by the DA. It promised to root out corruption and improve the delivery of basic services, such as water and electricity, to communities. But it lacked the required majority to govern on its own so turned to building coalitions. It partnered with a number of smaller parties. One of them, the Economic Freedom Fighters (EFF), helped the DA take over governments in Nelson Mandela Bay, Tshwane and Johannesburg. The EFF, acutely aware of the power it wields in all these arrangements, has used the fragile political situation at local government level for its own political agenda. This has included promoting its radical stance on land expropriation and nationalisation with an eye on improving its performance in next year’s elections. The EFF declined to formally join any coalition government, but effectively holds the position of political kingmaker, especially in hung councils. Both the DA and the ANC realise that, potentially, they might need to work with the EFF in future. It is therefore not surprising that following the Tshwane motion of no confidence, Msimanga announced he would “reach out” to the EFF. There are two key lessons that political parties should take away from the current political turmoil if they want to bring about a semblance of bureaucratic stability. Firstly, using local coalition politics to advance political agendas can severely hamper service delivery. Secondly, this undermines public trust in local government, creating fertile ground for political unrest. Political parties will need to heed these lessons to ensure effective governance and political stability in the country. This is particularly important in view of the 2019 national and provincial elections, which are expected to result in even more coalition governments. If they don’t, ordinary citizens will suffer while politicians engage in a game of chess to secure power. As it is, South Africans are increasingly dissatisfied with democracy. This is due to a number of factors, including poor service delivery and a lack of societal trust in government. Ultimately, coalitions need to work for the citizenry, and not politicians. r+PMFFO 4UFZO ,PU[F JT 4FOJPS 3FTFBSDI Specialist in Democracy, Governance and 4FSWJDF %FMJWFSZ BU UIF )VNBO 4DJFODF 3FTFBSDI $PVODJM BOE B 3FTFBSDI 'FMMPX $FOUSF GPS African Studies, University of the Free State, South Africa.
MONDAY SEPTEMBER 17, 2018 ˾ T H I S D AY
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NEWS
Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
APC to Mediate on Disputes over Mode of Primary Elections Bindow, Ribadu, former SGF clash in Adamawa
Onyebuchi Ezigbo in Abuja Barring any change in its schedule, the National Working Committee (NWC) of the All Progressives Congress (APC), will today begin consideration of issues relating to the mode of primary elections for various state chapters of the party. This is coming as the former Secretary to the Government of the Federation (SGF), Mr. Babachir Lawal and ex-chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Nuhu Ribadu, are set for a major political battle with the Adamawa State Governor, Umar Bindow, over the mode of primaries to adopt for the election of APC candidates in the state. The issue of the option to adopt by the states to conduct their primary elections has become a subject of dispute, which had pitted party stakeholders against each other. Although, APC’s National Executive Committee (NEC) had approved the use of direct primary election for all elective offices, it however, obliged the use of indirect or consensus options based on acceptance by majority of the party’s stakeholders. NEC also mandated the NWC to resolve any dispute over the choice of mode of primary election and to permit any of the options that is appropriate. THISDAY gathered that due to the controversies that trailed the party congresses in most of the states, the leadership of the party now prefers direct primary in order to avoid legal challenges that may
come up. However, following the disagreement among party stakeholders in many state chapters, APC national leadership, has decided to look into petitions from states as well as resolutions from party state executives. A source at the party headquarters told THISDAY that NWC will at the end of its deliberation, decide on which of the mode of primaries the states will adopt. Meanwhile, the former Secretary to the Government of the Federation, Lawal and ex-chairman of the EFCC, Mr. Ribadu, are set for a major political battle with the Adamawa State governor, Bindow, over the made of primaries to adopt for the election of APC candidates in the state. Lawal and Ribadu had led other stakeholders of the APC in Adamawa State, including governorship aspirants to petition the national leadership of the party demanding use of direct primaries to elect candidates for the 2019 elections. Among party’s stakeholders from the state who signed the petition addressed to the APC National Chairman, Adams Oshiomhole, were Senator Ahmed Abubakar Mo’Allayidi, and Senator Abubakar Halilu Girei, Senator Bello Tuku, Marcus Gundiri, Sadiq Muhammed, and Mahmoud Halilu. In a petition read out by Lawal during a press conference at the weekend in Abuja, the Adamawa State APC stakeholders said they were opting for direct primaries as against the use of indirect primary
method being championed by Governor Bindow. The aggrieved stakeholders alleged that a meeting of the Adamawa APC State Executive Committee convened was held at the Government House on September 3 where indirect primary was allegedly adopted as mode of electing party standard bearers. They said the meeting was convened secretly, adding that the aspirants, statutory delegates and critical stakeholders were kept in the dark and were not invited. The party leaders accused the
state governor of trying to use indirect primary election to win an undeserved second term ticket. “It was therefore a meeting of like minds, persons who are prepared to perpetuate illegality to satisfy the whims of a single individual who has totally lost out in popularity and integrity. “We, as aspirants, statutory delegates and stakeholders want to unequivocally dissociate ourselves from the purported resolution which was done in bad faith and is bound to affect the image and chances of our
great party in the forthcoming elections,” the group said. According to Lawal, the larger majority of the APC family in Adamawa State received the news of the adoption of direct primary by NEC of the party with pleasure and enthusiasm. He said the members are pleased that they are going to help the party in nominating credible, acceptable and marketable candidates to fly the party’s flag. Lawal also spoke of pending litigations over the last congress held in the state, warning that
any step taken to over reach or disregard the legal processes may result in the nullification of whatever the outcome sooner than later. “We, therefore, cannot allow unpopular persons who are afraid of voters to change the rule of the game. “It is equally necessary to remind all the parties concerned of the pendency of an appeal filed in respect of the outcome of the ward, local government and state congresses in Adamawa State in May, 2018,” he said.
EYES ON ALAUSA... Report Lists Nigeria among ALL L-R: Former Minister of State for Defence, Chief Demola Seriki; All Progressives Congress (APC) governorship aspirant in Lagos State, Mr. Olusola Sanwo-Olu; his wife Ibijoke. and party chieftains, Cardinal James Omolaja Odunmbaku, during the formal declaration of ‘Volatile Growers’ Economies Babajide Sanwo-Olu to run for the governorship seat in Lagos...yesterday KOLA OLASUPO Ugo Aliogo
McKinsey, one of the leading global professional services in a new report obtained yesterday has listed Nigeria among the ‘volatile growers’ economies. The firm stated this in a report titled: “Outperformers: High Growth Emerging Economies and the Companies that Propel Them.” Other countries listed under this category were Algeria, Angola, Argentina, Brazil, Greece, Guatemala, Honduras, Iran, Jordan, Kenya, Mexico and Paraguay. The report studied 71 emerging economies and 18 achieved rapid and sustained growth. Out of the 18, it listed seven ‘long-term outperformers’ to include China, Hong Kong, Indonesia, Malaysia, Singapore, South Korea and Thailand. On the other hand, 11 economies that were categorised as ‘recent outperformers’ were Azerbaijan, Belarus, Cambodia, Ethiopia, India, Kazakhstan, Laos, Myanmar, Turkmenistan, Uzbekistan and Vietnam. Nigeria’s Gross Domestic Product (GDP) figures in the second quarter 2018, recorded a growth rate of 1.50 per cent (year-on-year). “sub-Saharan Africa is the region with the second-lowest average per capita GDP, at about $1,750, but several countries have
made great strides in recent years. Labour productivity growth at 2.5 per cent annually between 2010 and 2015—the highest rate outside Asia—and government effectiveness registered significant improvement in countries such as Rwanda and Côte d’Ivoire. “For now, only one of the 15 countries— Ethiopia—ranks among the recent outperformers. In general, connectedness to other regions is poor and exports from countries in subSaharan Africa lack diversity. For example, more than 90 per cent of goods exported from Nigeria and Angola are oil-related. Improving infrastructure and continuing to build out government effectiveness to attract foreign investment remain important opportunities for the region. “Sub-Saharan Africa can focus on more sophisticated exports and better governance This is the second poorest of our regions, with GDP per capita of about $1,750, or only about one-seventh that of East and Southeast Asia and of Central and Eastern Europe. Of the 15 countries we analysed in the region, only one is an outperformer, Ethiopia, which has grown at more than five percent a year over the past 20 years.
DIG, Eight Commissioners, 40,000 Policemen for Osun Election Alex Enumah in Abuja The Inspector General of Police, Ibrahim Idris, has dispatched eight Commissioners of Police, 40,000 personnel including two helicopters, 30 armoured personnel carriers and 300 patrol vehicles for the Osun governorship election holding on September 22. The police spokesman, Jimoh Moshood, explained that the security operation would be coordinated by the Deputy Inspector-General of Police, Operations, Joshak Habila, who would be assisted by an AIG
and eight CPs. Moshood in a statement in Abuja yesterday said the personnel on the ground comprised the Police Mobile Force, Counter-Terrorism Unit; the Special Protection Unit; the Anti Bomb Squad; conventional policemen; the Armament Unit, personnel of Federal Investigation and Intelligence Department, IG Monitoring, IG Intelligence Response teams, the Sniffer dogs section and the Mounted Troop. “Four unarmed policeman and two others from other security agencies will be on duty at each voting point throughout the state.
“The DIG, Department of Operations has been deployed in the state and already on ground. He will be assisted by an Assistant Inspector-General of Police and eight Commissioners of Police and other senior officers. Each of the eight police area commands in Osun State will be manned by a Commissioner of Police,” the statement said. As part of measures to ensure a credible election, Moshood said the IG will today attend a stakeholders and peace accord meeting with Independent National Electoral Commission Chairman and officials, 48 political
parties participating in the election and their torchbearers, election observers and other accredited stakeholders in Osogbo, Osun State. He warned against votebuying, adding that the force would deal with anyone found engaging in the criminal act. “Security agencies have been trained to deal with in accordance with the law anybody or group, agents of political parties or their sponsor(s) who engage or attempt vote-buying and selling during the election,” the police warned.
Under APC, It’s Been a Polarised Nigeria, Killings, Saraki Alleges Seriki AdinoyiinJos Senate President and presidential aspirant on the platform of the Peoples Democratic Party (PDP), Dr. Bukola Saraki has lamented that under the All Pogressives Congress (APC) government and President Mohammadu Buhari, Nigeria has been divided and polarised with killings unabated. He said, “The country is so divided and so many people are asking where we belong, whether
we are part of the country, and if we have a stake in what is happening in Nigeria” Saraki, who was in Jos, Plateau State to interact with delegates and stakeholders of the PDP at the state secretariat of the party, said, “We need to have a government that is all inclusive, a government that all of us have the same say, the same voice because this country belongs to all of us. We all have to be part of Nigeria irrespective of geopolitical zone.”
He vowed to work round the clock to stop the gory killings that have become a norm in the villages and bring to justice the perpetrators, no matter how highly placed. He said, “I will work to bring succour to our people that have lost their loved ones, particularly in Plateau that people have lost their dear ones, I will work to protect Nigerians if I am elected President in 2019. “Killings will never happen again because I will work day and night
to protect all of you, I will make sure that anybody who commits any crime is brought to justice because Nigeria belongs to all of us. “Today there is a new order all over the world, it is the order of leaders that have positive effect, capable leaders that understand how to move their country forward. It is time for us to have a digital President, a President that when he stands and talk Nigerians will be proud of him.”
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NLC Urges MTN to Comply with FG’s Directives on $10.134bn Funds Repatriation, Tax Arrears Says MTN operates with impunity Emma Okonji The Nigeria Labour Congress (NLC), yesterday, called on MTN Nigeria to comply with the directives of the federal government and refund repatriated funds and unpaid tax arrears, totaling $10.134 billion. President of NLC, Mr. Ayuba Wabba, who made the call in a statement that was made available to THISDAY, said MTN Nigeria had been operating with impunity in Nigeria, in spite of the fact that 60 per cent of its global income comes from Nigeria. According to him, the directives of the CBN and the AGF have vindicated the action of NLC, when it picketed MTN offices across the country in July this year for breaching labour laws, local content law and security issues. Wabba accused MTN Nigeria of not only engaging in the exploitation of Nigerian workers and turning them into slaves but have extended their frontiers to unwholesome economic
exploitation and sabotage, by not paying its taxes, yet it is involved in repatriating funds out of the country. “If companies default, with what is government expected to run the country or conduct its business”, Wabba queried. “We similarly urge the federal government to spare no effort in recovering this money as anything to the contrary will send wrong signals to other corporate organisations it had punished for lesser tax infractions. “The need to enforce this order is all the more compelling, more so that government’s tax reforms have been skewed in favour of corporate organisations, there is no reason for a default. “Afterall, every taxable person is expected to pay their tax as when due,” Wabba said. Citing the Thabo Mbeki Report on Illicit financial flows from Africa, Wabba insisted that it is a major crime against the government and people
Ortom Accuses Akume of Plot to Destabilise Benue George Okoh in Makurdi The friction between the Benue State Governor, Samuel Ortom, and Senator George Akume, has continued unabated as the governor has accused Akume of plotting to destabilise the state. Ortom alleged in a press statement signed by his Special Adviser on Media and ICT, Mr. Tahav Agerzua, that there were intelligence reports that Akume held a meeting in China where plans were perfected to make Benue State ungovernable. “We also have intelligence reports that meetings were held recently in China where plans were perfected to make Benue State ungovernable. “As a government we are also prepared to tackle all threats to peace within the ambit of the law. The so-called world press conference addressed by Senator Akume and his co-travellers to political retirement in Abuja yesterday, is yet another futile attempt to resurrect a diminished platform which has lost touch with the people,” the statement said. The statement added that since Governor Ortom and other patriots in Benue State took the wise decision to dump the All Progressives Congress (APC), for the Peoples Democratic Party, (PDP), Akume and his small band have found it difficult to recover from this political uppercut which left their floundering and sinking party in total confusion. “They have consequently resorted to Ortom bashing as a favorite pastime and lamentation as if that will bring their discredited party back to life,” the party added. “We understand that the mass movement of Benue’s most
potent politicians into the PDP will naturally cause sleepless nights, especially to individuals and groups who have held down the state in a suffocating manner since 1999. Their reactions are therefore expected just like a dying horse is expected to kick the hardest at the point of its death” The statement accused Akume of making grievous, unsubstantiated and indeed seditious allegations against the person and administration of Governor Ortom. They mentioned issues like “Governor Ortom recruiting and arming militia in order to cause mayhem in 2019”. “Even if Senator Akume was inebriated in consonance this particular allegation defies logic especially against the background of Governor Ortom’s internationally acclaimed decision to mop up small arms in the state through a well articulated Amnesty Programme. If the Governor had the intention of arming citizens, the cruel invasion and wanton killings by armed Fulani militia provided an ample opportunity to do so. He has on the contrary resisted the temptation to do so and turn the state into a theatre of bloodbath. If the governor disarmed hoodlums in the face of concerted attacks against his people, why does he need to re-arm them for an election he is confident of winning? In 2015, Governor Ortom won election popularly and overwhelmingly without the aid of any militia and there is no need whatsoever for him to resort to any illegal means to win reelection in 2019,” the statement explained.
of Nigeria, while explaining that NLC is not surprised by the unethical conduct of MTN Nigeria. While calling on MTN Nigeria to obey the country’s national laws by allowing unionisation, NLC
urged critical government agencies such as Nigerian Communications Commission (NCC), Economic and Financial Crimes Commission (EFCC), Directorate of Sate Services (DSS), Immigration and Central Bank, to closely
look into the operations of the telecoms company, especially in light of the Thabo Mbeki Report. “In our candid view, government should use this opportunity to send an appropriate message to
everyone especially corporate organisations who often pay taxes in the breach. Coupled with this, government’s tax reforms will only make meaning if they are judiciously and judicially executed,” the NLC boss said.
50 HEARTY CHEERS...
L-R: Wife of founder, Church of God Mission International, (CGMi), the late Archbishop Benson Idahosa, Archbishop Margaret Idahosa; Vice President, Prof. Yemi Osinbajo; Edo State Governor, Mr. Godwin Obaseki; his wife, Mrs. Betsy Obaseki; and wife of Imo State Governor, Mrs. Nneoma Nkechi Okorocha, at the 50th anniversary celebration of the Church of God Mission International (CGMi) in Benin City, Edo State... recently
Alleged N117bn Debt: Fayose Dares DMO, Banks, APC to Publish Ekiti’s Debt Profile Victor Ogunje in Ado Ekiti Following allegation by the All Progressives Congress (APC) that the Governor of Ekiti State, Ayodele Fayose, committed the state to N117 billion debt, the governor has dared institutions in charge of debt management in the country to immediately publish the debt profile of the state. Fayose said he had not committed the state to any debt either by taking bond or borrowing from any financial institution since he assumed office for the second term on October 16, 2014 till date. The governor challenged the Debt Management Office (DMO) and his accuser, the APC to publish any debt he owes on behalf of the state since he assumed office in 2014. Fayose described as a blatant lie and cheap blackmail, the allegation raised by the
Governor-elect, Dr. Kayode Fayemi, claiming that the state’s debt profile, according to the data they allegedly obtained from the DMO currently stands at N117 billion. The governor, who spoke yesterday in a press briefing to journalists at the new governor’s office, justified the purchase of a new vehicle for himself and approval of the severance packages of his deputy and himself. “When Fayemi was leaving as governor in 2014, he left with a car and so did other governors before him. So, you can’t expect me also not to have a befitting car when I am leaving office. “ Fayemi himself ordered a Jeep of almost N7 million for me when l was still Governor-elect in 2014, but he didn’t pay for it. I had also bought a Jeep for former Governor Niyi Adebayo to honour him. That is how it is done every four years.
“If Fayemi’s government wants to probe me, I will present myself and would not behave like a coward like he did. I have served Ekiti State; l have given my best. Relevant documents will be handed over to the in-coming administration at the appropriate time,” he assured. Commenting on the debt profile of Ekiti, Fayose said, “ I have not committed Ekiti State to one Naira debt since I assumed office as governor for the second term. I haven’t borrowed from any financial institutions. They should stop just saying it and publish any record of debt from any bank or the Debt Management Office (DMO) as evidence. I did not take any bond or borrow from any financial bank. “ In my first tenure, I left N10.4 billion in the coffers of government but I started this administration on October 16, 2014 meeting huge debt
incurred by my predecessor, Fayemi. “The last administration of Fayemj brought Ekiti to N25 billion bond and N32 billion commercial loan and the state will pay the bond until year 2022. The commercial loan was restructured like it was done for other states,” he claimed. Governor Fayose blamed his inability to offset workers’ outstanding salaries on the federal government’s alleged deliberate refusal to pay debts it owed Ekiti. “The federal government recently paid Osun State over N16 billion but deliberately refused to pay Ekiti the budget support of two months and refund of road project. They are waiting for when Fayemi will be sworn in and pay him. That is okay with me as long as the ordinary Ekiti man benefit from it. Ekiti owns the money. “
EFCC: We Didn’t Freeze Adeleke, Davido’s Accounts The Economic and Financial Crimes Commission (EFCC) has denied freezing the bank account of the Peoples Democratic Party (PDP) governorship candidate in Osun State, Senator Ademola Adeleke. The anti-graft agency also said it did not place a
freeze order on the accounts of members of his family, including popular musician, Davido. The PDP had alleged that the accounts of Adeleke family members had been frozen, describing it as “a recipe for crisis in Osun”. Spokesman of the
commission, Wilson Uwujaren, in a statement yesterday, said the allegation is false. “The commission calls on members the public to disregard the report, which is patently false and contrived to dress the agency with a partisan garb in the unfolding political contest in Osun State,” NAN
quoted him as saying. “For the avoidance of doubt, at no time did the EFCC place a freeze order on any account belonging to members of the Adeleke family. “The EFCC frowns at the seeming attempts by faceless forces to drag it into the political fray.”
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Military to Provide Support for 2019 Elections, Says Ibas NAF acquires 18 aircraft, recruits 7,244 personnel Kingsley Nwezeh As it battles insurgency in the northeast, military authorities said weekend, it would provide support for the federal government to ensure a successful conduct of the 2019 general elections. This is coming as the Nigerian Air Force said it had acquired 18 aircraft in the past three years even as it recruited 7,244 personnel in a bid to reposition the force. Speaking in Abuja at the Third Quarter Route March of the Nigerian Navy held at the Mogadishu Military Cantonment, Chief of Naval Staff, Rear Admiral Ibot Ekwe Ibas, said the armed forces would provide all necessary
support in terms of “movement of materials and background protection. The naval chief, who spoke through the Director of Administration, Naval Headquarters, Rear Admiral Jatau Luka, said the Navy would continue to perform its role with other security agencies to improve national security. “As it is enshrined in the constitution, we provide support for every administration to succeed. “In this era of democracy, Nigerian Navy is giving all the support for the election especially with regards to movement of materials and providing background protection for those who will
be engaged in the election”, he said. On the march that was conducted between Mogadishu Cantonment and Niger Barracks, the naval boss said the navy placed high premium on physical fitness in order to step up its contributions to national security operations. On the purchase of aircraft
The Minister of Transportation and leader of the All Progressives Congress (APC) in Rivers State, Hon. Chibuike Amaechi, has declared that he could not be the leader of the senator representing Rivers South-east in the National Assembly, Magnus Abe, as long as the senator has not accorded him the respect due a leader. This is also as a chieftain of the party, Chief Eze Chukwuma Eze, accused the senator of dropping the names of President Muhammadu Buhari and other leaders of the party as having endorsed his gubernatorial ambitions. But Abe has come out to state that Eze and his co-travellers were bent on blackmailing the president to scuttle his governorship ambition. Amaechi, in a statement issued by his media office yesterday repudiated comments allegedly made by Abe to the effect that he (Amaechi) is the senator’s leader. The statement said Abe had last week, at the APC National Secretariat in Abuja, told journalists that Amaechi is his leader. However, Amaechi, the immediate past governor of Rivers State pointedly told Abe at the weekend that he’s not Abe’s leader and that Abe should stop deceiving the public by saying ‘Amaechi is my leader.’ “It’s cheap and indeed shameful political sophistry for Abe to stand in the APC secretariat and deceitfully say I am his leader, while all he has done, both privately and publicly in recent times is to undermine me, the APC and desecrate the APC in Rivers State. As a matter of fact, it is indeed very doubtful if Senator Abe is still in the APC. He mouths APC but his actions belie his words and clearly tell a different story. “A man who wakes up, create an imaginary parallel party executive and went ahead to open an office for the nonexistent parallel executive, that has no base and foundation, cannot be said to be committed, in anyway, to the party. As a
matter of fact, his actions are obviously targeted at weakening and destroying the party.” “Such a hypocritical, devious character cannot be my follower. I am not his leader.” Also, a chieftain of the APC, Chief Eze, accused the senator of name dropping to the effect that President Buhari and other leaders of the party have endorsed his candidature for governorship of Rivers State. In a statement issued in Port Harcourt yesterday, Eze said Abe should tender an unreserved apology to President Buhari, for the embarrassment his recent actions have caused him. But in a swift reaction to Eze accusations, Abe’s Campaign Organisation, Freedom House, described it as cheap blackmail against the president. In a statement issued in Port Harcourt yesterday and signed by Attorney General of Rivers State under Amaechi and Director General of Freedom House, Worgu Boms, Abe said, “These rumours and insinuations, which had been making the rounds for some time, were given accent following the successful visit of the Ogonis to the President to thank his excellency for his efforts in the Ogoni clean-up. “We would have continued to ignore the rumours, which were actually intended to blackmail the President, until it became clear that Amaechi, was behind it as
the gracious support of the Federal Government through the acquisition of 18 brand new aircraft as well as the provision of resources and logistics support that facilitated the reactivation of 13 other aircraft, with another two expected to come on stream soon” “Similarly, the quest for the right manpower disposition
necessitated an increase in recruitment, which has led to the enlistment of 7,244 airmen/ airwomen and commissioning of 400 Direct Short Service Commissioned officers in the last 3 years to meet the manpower needs of the new structure and populate the new units created to adequately respond to security challenges in the country.”
House Debunks Deputy Speaker’s Defection Rumour Shola Oyeyipo The Spokesman, House of Representatives, Abulrazak Namdas, has described as untrue, reports that the Deputy Speaker, Hon. Yussuff Lasun, has also
Amaechi Disowns Abe, Doubts His Membership of APC Ernest Chinwo in Port Harcourt
by the airforce, the Chief of Air Staff, Air Marshal Sadique Abubakar, said the new aircraft were expected to boost its operations. A statement issued by Airforce Spokesman, Air Commodore, Ibikunle Daramola, said the “need for the right equipment was gradually being met with
he made similar insinuations to his supporters in Eleme LGA during a rally on Saturday, September 15, 2018. “We wish to state categorically that at no time, whether in private or in public discussions, did the Senator Abe, or anyone associated with him, informed any one or give any impressions to any one to the effect that President Buhari, has endorsed him for the gubernatorial election in Rivers State. “It is obvious that the motive behind this unfortunate and disingenuous rumour mill, which the Minister gave prominence to in his speech, is to blackmail the person of the President and sow seeds of discord between the President and the Senator who holds the President in very high esteem.” He said, “Freedom House reiterates the preparedness of Senator Abe to present himself and run for the gubernatorial ticket of the (APC), in a primary election he believes will be free and fair and the outcome acceptable to all in line with the policy of our party, the APC, and the publicly-known desire of Mr. President for a free, fair and credible election”. The statement urged the general public to disregard such statements and rumours and innuendoes no matter how highly placed the makers and the peddlers claimed to be.
defected from the ruling All Progressives Congress (APC) to opposition Peoples Democratic Party (PDP). Namdas yesterday told journalists that the rumour was deliberately fabricated by PDP members to destabilise the APC. Fear that the lawmaker may have defected as the Speaker, Hon. Yakubu Dogara recently did heightened when a group, Parliamentary Democrats Group (PDG) stated that Lasun’s defection to PDP is a forgotten issue. PDG Spokesman, Timothy Golu (PDP, Plateau State), when speaking on purported plan to remove Dogara as Speaker had said: “Not only Speaker Dogara,
we have many other members, including a principal officer, who have signified interest to join the band wagon. We can say that on resumption, Dogara will be presiding over a House with PDP majority”. But Namdas maintained that the information is untrue and mischievously conceived to mislead the public, stressing that there is no possibility of Lasun’s defection to the PDP. “There is nothing like that. I am telling you authoritatively. The Deputy Speaker did not defect. He has not defected and he will not defect “It is a wish that will not come true,. The Deputy Speaker has said it on several occasions that
he belongs here and will never contemplate leaving the party. He is a committed party man. He has been tested and found to be a man of his words. Lasun is a member of APC. I am telling you authoritatively!” The Chief Press Secretary (CPS) to Deputy Speaker, Wole Oladimeji also corroborated Namdas’ position, saying that his boss’ defection story is misleading. “The Deputy Speaker has said it repeatedly that he is a progressive to the core and remains in APC. It is the machinations of his political destractors who are bent on maligning his political image,” Oladimeji said.
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PDP Formally Welcomes Dogara, Describes Him as Courageous Iyobosa Uwugiaren in Abuja The Peoples Democratic Party (PDP), yesterday formally welcomed the Speaker of the House of Representatives, Hon. Yakubu Dogara, back to its fold, describing his return as a
courageous response to the party’s call on well- meaning Nigerians to support its mission to rescue the country. PDP described Dogara’s decision to dump the All Progressives Congress (APC), as a patriotic and nationalistic
AmbodeYet to Approach Us, Says ADC
move, which has demonstrated his statesmanship and commitment to the progress of the country, during this trying time. In a statement by the party’s spokesperson, Mr. Kola Ologbondiyan, the party said Dogara’s move is reflective of the wishes and aspiration of his larger constituency and in
tandem with the determination of Nigerians across board to rally on the platform of the repositioned PDP to vote out the “incompetent and divisive’’ APC administration, which has caused untold harm to our country in the last three years. The party stated that Dogara has continued to conduct the affairs of the House of Representatives with
the highest level of commitment, resulting in a very productive legislature under his leadership, in spite of the unmitigated efforts by the presidency and the APC to distract him. According to PDP, “The return of Dogara and other leaders who had earlier left our fold is a clear testament that the issues that led
to their exit in the first place have all been addressed under the repositioned and rebranded PDP.’’ The Speaker’s return to the PDP has marked the end of the controversy trailing his reported defection in the past few days, when a statement from his office denied he had left the ruling APC.
Party holds national convention Kayode Fasua The African Democratic Congress (ADC) has denied a speculation that the embattled Lagos State Governor, Mr. Akinwumi Ambode, had approached the party for its governorship ticket, in the event that he fails to secure the ticket of his party, the All Progressives Congress (APC).This is coming as ADC has said that the ruling APC will be shocked at the outcome of the September 22, 2018 Osun State governorship elections, as its candidates will emerge victorious. Ambode is currently on a cliffhanger in the APC, as a strong body within the party-Mandate Group, led by the party’s National Leader, Chief Bola Tinubu, has given its support to Ambode’s in-party contender, Mr. Babajide Sanwo-Olu. But speculations buzzed yesterday that Ambode might have approached the ADC as Plan B in the event that his rapproachement with Tinubu fails, ahead of the September 25 APC governorship primary. The speculation of the governor’s possible defection was fuelled by a newspaper interview granted by the National Chairman of the ADC, Chief Ralph Nwosu, who has now relocated to Lagos. Nwosu was quoted as saying, “Part of the reason I am in Lagos now is how the ADC will take Lagos and we are ready to take it.” Nwosu added: “With our hard-working state chairman, Chief Tunde Daramola, Lagos is in our pocket in 2019.” But reacting to the insinuation of Ambode’s possible cross-over to ADC, during a telephone chat with THISDAY, the party’s National Publicity Secretary, Mrs. Yemi Kolapo, said the Lagos governor was yet to contact her party. “To the best of my knowledge, Governor Ambode has not approached the ADC to become a member. However, anyone is free to join the ADC so long as the person is ready to abide by the rules and regulation of the party,” Kolapo explained. On the statement by Nwosu that he was in Lagos to take over the state, Kolapo said the statement was made at the commissioning of the party’s office and had nothing to do with Ambode. Meanwhile, a Lagos APC chieftain and leader of the Mandate Group in Ojokoro Local Council Development Area (LCDA), Mr. Dipo Okeyomi, gave insights into the ongoing ordeal of Governor Ambode with the group. In a chat with THISDAY, Okeyomi said, “The governor, though tried his best, has hurt many of us within the party, as he, for instance, once collected a chairmanship ticket duly given to me by the party hierarchy and gave it to someone who did not
labour for it. “In my own case, not even the intervention of our leaders like Bola Tinubu and Governor Rauf Aregbesola (of Osun State) mattered to the governor,” Okeyomi lamented. He said the Mandate Group was made up on its course of action and there was no going back. Meanwhile, ADC has said that the ruling All Progressives Congress will be shocked at the outcome of the September 22, 2018 Osun State governorship elections, as its candidates will emerge victorious. The National Chairman of the party, Chief Ralphs Nwosu said this, at the weekend, during the ADC National Convention, with the theme, “Building a Model Disciplined Political Party,” which drew 5,600 delegates to Osogbo, Osun State. He said, “We brought our National Convention to Osun, to boost the efforts of our 90-man campaign team, and tell Osun people that they have no better candidate for the governorship seat other than our tested and trusted candidate, Alhaji Fatai Akinbade and his Deputy, Rtd. Justice Folahanmi Oloyede. “On September 22, I assure you that the good people of Osun State, who have been yearning for good, inclusive and responsible governance, will shun money politics, no matter the billions being put aside for vote buying by the ruling government and others. They will vote their conscience. Some people have said, ‘take their money, it is your right, but vote your conscience and don’t mortgage your future.’ Whatever the case may be, I know - from what we have seen here, the turnout at our different rallies, the different letters by support groups - that the ruling party will be shocked at the outcome of the election. “The people know who has represented them well, those who have not stolen government money and are here to serve the people and take them out of poverty. Akinbade has demonstrated all through his years in service that his priority is Osun people and nothing else. Needless to say that his deputy has even sacrificed her career, defending workers’ rights. They have not forgotten this, and are waiting for September 22 to right the wrongs with their votes.” The new consitution of the party was affirmed and adopted by all delegates at the convention just as the national Organising Secretary of ADC, Dr. Mani Ibrahim, reminded members that the unique selling point of the party was that “it is the fastest growing political party in Nigeria today, which is absolutely members-driven and members-funded.”
COURTESY CALL ON THE GODFATHER...
President of the Senate and Peoples Democratic Party (PDP) presidential aspirant, Dr. Abubakar Bukola Saraki (right), and his team, during a courtesy call on former Military President, General Ibrahim Badamosi Babangida (middle), in Minna, Niger State...yesterday.
2019: Akwa Ibom ChristianYouths Endorse Buhari, Ekere NDDC boss gets kudos for Ikot Akpaden - Okoroette road Akwa Ibom Christian youths under the aegis of Christian Youths Leaders Assembly on Saturday endorsed President Muhammadu Buhari and the Managing Director of Niger Delta Development Commission (NDDC), Mr Nsima Ekere, for the 2019 presidential and governorship elections. The duo was endorsed and presented with symbolic keys to State House, Abuja, and Government House, Uyo, during a solemn assembly held at Uyo Township Stadium and attended by members of the organisation drawn from 329 wards and 2,273 villages in the state. This is coming as youths from Eastern Obolo, an Ijaw-speaking Local Government Area in Akwa Ibom State, have commended Ekere, for the completed reconstruction of Ikot Akpaden - Okoroette Road, the only access
road to their area. Accepting the endorsement, President Buhari, represented by his Senior Special Assistant on National Assembly (Senate) Matters, Senator Ita Enang, appreciated the christian youths for his endorsement and that of Ekere and urged them to take advantage of the Not-Too-YoungTo-Run bill, which he recently signed into law, to participate more actively in politics. He said his government was addressing the security challenges in the country which have wrongly been given religious colouration, assuring that he will not do anything to make one religion look superior to the other. President Buhari said he was adopting all proper measures to free Leah Sharibu, the Christian girl still in captivity by Boko Haram terrorist group.
In his speech, Ekere commended the Christian youths for choosing a different path from some Christian leaders in the state who have been going round preaching hate. “Today, you have redeemed Christianity. Before I came here, I heard all sorts of stories about Christian leaders turning themselves into a political organization and going from church to church, preaching hate. Christianity teaches us that we should love one another. I think it is not Christianity for a father to choose a child over another. The Spirit of God will go with us and He will be our enabler, our strength,” he said. Ekere lauded President Buhari for fighting the ills of Nigeria and putting the country on the path of progress. Chief Don Etiebet, the Akwa Ibom State Leader and Caucus Chairman of the All Progressives
Congress (APC), thanked the Christian youths for their endorsement of President Buhari who, he said, loves all Nigerians including Akwa Ibom people. He also appreciated the endorsement of Ekere to run for the governorship position of Akwa Ibom State on the APC ticket. Senator Godswill Akpabio, former Senate Minority Leader, who was honoured as the Grand Patron of the organisation, criticised the politicisation of religion by some messengers of hate, admonishing that “you cannot hate somebody on the basis of his religion or ethnicity, we are all one.” Meanwhile, youths from Eastern Obolo, an Ijaw-speaking local government area in Akwa Ibom State, have commended Ekere, for the completed reconstruction of Ikot Akpaden - Okoroette Road, the only access road to their area.
Rivers Advises Amaechi to Take Responsibility for Crisis in APC Ugo Aliogo The Rivers State Government yesterday called on the Minister of Transport, Chibuike Amaechi, to be courageous enough to admit his penchant for dictatorship and accept responsibility for the crisis that has engulfed the All Progressives Congress (APC) in the state. It also appealed to Amaechi to leave Governor Nyesom Wike out of the crises bedeviling the party. The state Commissioner for Information and Communications, Emma Okah, made the appeal in
reaction to some uncomplimentary remarks made by the minister against Wike. While addressing his party supporters at Rumueme Civic Centre in Obio/Akpor Local Government Area, Amaechi had said: “Wike is panicking, sponsoring APC members to cause confusion, he must go in 2019.” But Okah described him as a confused man who is yet to learn that dictatorship has no place in a democracy. “Amaechi is the problem of APC in Rivers State. He is the one who dictates when members
can aspire to hold any office; He is the one who has treated party members like they are his slaves and the consequence is that the party is factionalised into three camps,” Okah said, noting that Wike has no hand in the split that has befallen the APC in Rivers State,” Okah said. Continuing, the commissioner added, “The present crisis rocking the APC originated from the minister’s insistence that a serving senator has no right to aspire to be Governor of Rivers State and the unilatetal appointment of the minister’s
Lagos business partner as the preferred governorship candidate without regard to the right of other APC members to contest party primaries. “As if that is not enough, the transport minister has forced the APC in the state to adopt the umpopular indirect primaries to achieve his narrow objective instead of the open primaries option demanded by majority of party members. “Amaechi has brought an infested wood into his house and he is reaping the visit of lizards,” Okah added.
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Nigeria, African Countries Lose N15.12tn to Climate Change Annually Eromosele Abiodun in Sharm El Sheikh, Egypt Chairman of the African Union (AU) and President of Rwanda, Paul Kagame, has called on African governments to put measures in place to protect Africa’s rich marine resource and the environment, saying the continent already loses a whooping $42 billion (N15.12 trillion) annually to the devastating effect of climate change. The AU Chairman stated this in his address at the 4th Association of African Maritime Administrations (AAMA) conference holding in Sharm El Sheikh, Egypt. Represented by the African Union Permanent Representative at the League of Arab States, Bouzahar Abdel Hamid, he said Africa must urgently take advantage of its maritime resource
to grow its economy and ensure sustainable development. According to him, “The theme of the 2018 Association of African Maritime Administrators (AAMA) conference, ‘ProtectingAfrica’s Marine Environment,’ is apt considering that Africa loses a whooping $42 billion annually as a result of the devastating effect of climate change on its marine environment. The African Union Commission places importance on the blue economy as an option for the development of the African economy. The blue economy has been described as the new frontline of Africa’s renaissance. It is for that reason that the AU is working towards it being a catalyst of the growth of the African economy. In his speech, the Chairman of AAMA and Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, said the theme of the conference is aligned with the
Sustainable Development Goal (SDG) of the 2030 agenda for sustainable development unanimously adopted by 192 members of the United Nations in 2015. This historic agreement, he added, forged a pathway to sustainability
and a strategy called a plan of action for people. “Our choice of the theme is to show AAMA’s commitment to protecting African marine environment to support sustainable development. This is also evident
in our continued desire to adapt to global standards for safe, secured and efficient maritime transport, “he said. Africa, he said, saw into the future in 2014 when the African Union adopted Africa’s
Integrated Maritime Strategy 2050. “The idea is to position maritime and particularly seaborne transportation as the hub or force of driving development in the African continent.”
Buhari Mourns Moses Iloh Omololu Ogunmade in Abuja President Muhammadu Buhari at the weekend said he was deeply saddened by the passage of Rev. Moses Iloh, the General Overseer of Soul Winning Chapel. In a statement issued last night, the Special Adviser to the President on Media and Publicity said Buhari extended his heart-felt condolences to Iloh’s family, friends, associates and the Christian community in Nigeria and all who mourn the demise of the statesman and religious leader. The statement said the president affirmed that the faith-based community and the country would immensely miss the bold cleric whom he said throughout his public life and ministry, abhorred corruption, promoted morality
and influenced his followers to seek righteousness that truly exalts a nation. The statement also said the president believed that Iloh whom it described as a philanthropist, labour leader, humanist, sportsman, and great teacher of the gospel, would be long remembered and honoured as a worthy patriot who stood for social justice, peace and truth. According to the statement, Buhari urged all who mourn Iloh, whom he said had left a worthy and commendable legacy for other patriotic Nigerians to build upon, to always be inspired by his deep love, devotion and dedication to humanity. It added that the president prayed the Almighty God to grant the deceased eternal rest and comfort all those he left behind.
Ex-Gov Nnamani Picks PDP Senatorial Form in Enugu Christopher IsiguzoinEnugu Former Governor of Enugu State, Dr. Chimaraoke Nnamani, at the weekend ended widespread speculation that he had joined the All Progressives Congress (APC) as he picked the Peoples Democratic Party (PDP) senatorial nomination form for Enugu East senatorial district. The former governor is seeking
to reclaim the senate seat which he occupied between 2007 and 2011. He had vied for the seat in the 2015 elections on the platform of the People for Democratic Change (PDC), the political party established by his Ebeano political group, following his defection from the PDP. In 2017, Nnamani returned to the PDP following reported overtures from the PDP-controlled state government.
LEADERSHIP SERIES...
L-R: Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman; Managing Director, Unilever Nigeria Plc, Yaw Nsarkoh; Director, Sterling Bank Plc, Folasade Kilaso and Executive Director, Corporate and Investment Banking, Sterling Bank Plc, Yemi Odubiyi at the second edition of the Sterling Leadership Series held in Lagos...recently
FG Should Search for Ige’s Killers, Says Omisore Adeleke absent at governorship debate Yinka Kolawole in Osogbo The governorship candidate of the Social Democratic Party (SDP) in Osun State, Senator Iyiola Omisore, yesterday reiterated that he was not the killer of a former Attorney General of the Federation and Minister of Justice, Chief Bola Ige and called on the federal government to search for Ige’s killers. Omisore stated this last night on Channels TV during the debate of the governorship candidates in
the September 22 governorship elections in Osun State. However, the candidate of the Peoples Democratic Party (PDP), Mr. Ademola Adeleke was absent at the debate. When reminded by the moderator of the programme, Seun Okinbaloye, that there was a notion that he was responsible for the killing of the late Ige, Omisore contended that he spent almost two and a half years in prison but was discharged and acquitted by the law court.
He urged the federal government to search for Ige’s killers. He then vowed to fix the state in the area of economy and in all ramifications if voted into power. Also in his own submission the APC’s candidate, Mr. Gboyega Oyetola, affirmed that he was not an imposed candidate, saying he emerged victoriously at the primary with direct primary He then recommended direct primary for elections in Nigeria for all political parties.
Oyetola also debunked issues of zoning, saying there was no zoning in the governorship election in the State. The ADP Candidate Moshood Adeoti said he is not desperate to govern the state but if given the mandate, he would transform the state In his own submission, the ADC candidate, Fatai Akinbade condemed the mega schools in the state, saying it was a waste of government funds.
Flood Submerges 200 Communities in Kogi Yekini Jimoh in Lokoja Over 200 communities in 10 Local Government Areas (LGAs) have been submerged by flood in Kogi State, Governor Yahaya Bello, has said. The governor who visited some affected communities over the weekend to assess the level of destructions, has called on the
federal government to assist the state as the situation was getting out of hand. He appealed to President Muhammadu Buhari to complement the state government’s efforts at containing the natural disaster which had submerged 200 communities across 10 LGAs. The governor expressed deep
sympathy for victims of the flood who have been displaced from their ancestral homes and lands, emphasised that “as painful as this is, we are consoled by the fact that it is temporary”. According to the governor, the Kogi State Ministry of Environment and Natural Resources as well as the State Emergency Management
Agency have been on top of their game. He commended their “proactive efforts at ensuring the effects of the situation are minimised”. Bello visited the Koton Karfe Internally Displaced Persons (IDP) Camp where two women who had been in labour were delivered of their babies.
French Telecoms company, Orange and leading West African connectivity and data centre services provider, MainOne have struck a partnership that will see the telecoms giant co-invest in two new cable landing stations in Dakar, Senegal and Abidjan, Cote D’Ivoire. The broadband infrastructure provider is expected to provide additional capacity via its 7000km cable system from Europe to Africa with landing
stations in Nigeria, Ghana and Portugal, reinforcing the position of both companies in the African telecommunications ecosystem. According to industry sources, with this new cable connection, several countries in West Africa will benefit from better connectivity, lower prices and access to new services. Orange will benefit from multiple Terabits per second of additional bandwidth for the development of fixed and
mobile data in Africa to meet the increasing demands for Internet access via 3G and 4G network. More specifically, this cable extension is an opportunity to improve connectivity and offer a broader range of services for both Orange Côte d’Ivoire & Senegal’s Sonatel. In addition, neighboring countries of Burkina Faso, Mali and Mauritania will benefit from enhanced capacity. For MainOne, the partnership
underscores the company’s vision for a better connected region. MainOne Chief Executive Officer, Funke Opeke said: “MainOne continues to lead the digital transformation of our sub-region by investing in affordable connectivity to drive economic development. Our objective is to bridge the digital divide between and within West Africa and the rest of the world.
Ibori’s Brother, William, to be Buried November 2 MainOne, Orange Ink Deal to Boost Internet Access in High Chief William Boyi Ibori, a family of Oghara Kingdom in the brother to Chief James Onanefe Ethiope West Local Government Francophone West Africa Ibori, former Governor of Delta State from 1999 to 2007, will be buried on November 2, 2018. Williams Ibori held the highly respected title of Unugbrogodo of Ogharafe. In a statement issued yesterday, Chief Ibori’s Media Assistant, Mr. Tony Eluemunor said the immediate family of Chief William Ibori announced the interment date through Mr. Kingsley Ibori and Mr. Simeon Nanah. Chief William Ibori, the wellrespected patriarch of the Ibori
Area of Delta State, died on the night of July 11, 2018, of heart attack. He was 76-years-old having been born on February 2, 1942. Chief Ibori is survived by Mrs Elizabeth and Omoteseri Sirian Ibori (wives) and nine children – Kingsley, Crown, Ejiro, Enajite, Ovie, Anne, William, Tuwere and Fabian, and 18 grandchildren. The church funeral service for the late High Chief William Boyi Ibori will hold November 2 at Oghara stadium.
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Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Ban Looms as Court Injunction May Stop NFF Election Duro Ikhazuagbe As the Amaju Melvin Pinnickled executive committee of the Nigeria Football Federation (NFF) winds up at the fresh elections scheduled to hold in Katsina on Thursday, there appears to be fresh moves to scuttle the elections through court injunctions. And if those opposed to the September 20 NFF board elections succeed in scuttling the gathering, Nigeria will not be too far from an immediate ban from FIFA. Already, THISDAY is in possession of one of the court papers filed by those who are against the elections in Katsina. They are asking the Federal High Court in Jos to stop the election as they purportedly have a non-existing Supreme Court judgment in Chris Giwa’s favour as the duly elected NFF president. Just last month, the Federal Government gave FIFA the assurance that Nigeria as one
of the affiliates of the world football governing body would do everything to abide by its statutes and rules. Then Acting President, Yemi Osinbajo who was standing in for President Muhammadu Buhari who was on vacation in the UK, pledged to FIFA the government’s unalloyed support for the Pinnick-led board of the NFF as the dully elected NFF board. Osinbajo further assured FIFA that everything would be done to ensure that the board performed its role without any hindrance. It was on the strength of this that FIFA pulled back on hitting Nigeria with its sledge hammer of suspension from all football matters. But ahead of the September elections, FIFA has already dispatched a delegation to be on ground to monitor the elections. Also, CAF has also appointed a delegation that has as chairman, the president of the Burkina Faso FA, to also
monitor the Nigerian FA election in Katsina. As at the weekend, the electoral committee of the NFF released the list of all qualified candidates to contest for various positions. According to the list of contestants released by the NFF Secretariat, incumbent, Amaju Melvin Pinnick, is seeking a return to the Glass House. He has his immediate predecessor in office, AAminu Maigari to contend with. Also gunning for the coveted post is a former General Secretary of the NFF, Taiwo Ogunjobi and Chinedu Okoye, proprietor of amateur league club, Bimo FC. For the position of the first Vice President, two contestants from the same South-west zone,
incumbent Seyi Akinwunmi is been challenged by a former member of Pinnick-led board who jumped ship to pitch camp with Giwa, Otunba Sunday Dele-Ajayi. While Akinwunmi is a lawyer and current chairman of Lagos FA, Dele-Ajayi got deposed as Ondo FA chairman and has lost his goodwill amongst football stakeholders. For the position of Chairman of Chairmen, it is to be seen how far the power of incumbency can go as incumbent, Ibrahim Musa Gusau will battle money-bag club proprietor, Patrick Ifeanyi Ubah. The other contestants are seeking positions as board members. They include
Alhaji Sharif Rabiu Inuwa, a member of the present board who is the only candidate from the North West. The battle in the North Central has been somewhat narrowed with the withdrawal of FCT FA Chairman Musa Talle. However, Alhaji Ahmed Yusuf ‘Fresh’ and Suleiman Yahaya-Kwande, ranking members of the Board, have to contend with Busari Ishola, chairman of Kwara State FA. Similarly, incumbents Babagana Kalli and Musa Duhu from the North East have to contend with Farouk Yarma Adamu. In the South East, Chidi Ofor Okenwa (presently Chairman of the Nigeria National League),
will vie with Enyimba FC Chairman, Felix Anyansi-Agwu (ranking member of board); Jude Obikwelu (Vice Chairman, Anambra State FA); Emmanuel Ochiagha (Vice Chairman, Imo State FA) and; Emeka Inyama (former Chairman of the NNL and former Chairman of NFF Marketing and Sponsorship, and also Chairman of NPFL side Abia Warriors). From the South West, only Ganiyu Majekodunmi, chairman of Ogun State FA, is seeking an Executive Committee member position. From the South South, Oswald Atuake from Cross River State is up against Emmanuel Ibah, chairman of the Akwa Ibom State FA.
Former Cycling Federation President, Iloh, is Dead A former President of the Cycling Federation of Nigeria Reverend Moses Iloh is dead. According to family sources, the firebrand sports administrator died yesterday aged 88 years. He was until his demise the General Overseer of Soul Winning Chapel, with headquarters in Yaba, Lagos. Apart from Iloh’s contribution to the development of cycling in Nigeria, he was also a strong advocate of the less privileged. He never spared any administration that fails to live up to the expectations of the people. Immediately the news of his death was announced, condolence messages were expressed by those Rev. Iloh touched one way or the other. Sports Minister, Solomon Dalung eulogised the elder statesman and cleric for his contributions to nation building and development exemplified through his pastoral teachings. “This is sad news to the sports fraternity especially now that we need experienced sports administrators to assist us in rescuing some sports that are almost moribund and dying gradually. “Rev Iloh was a seasoned sports administrator who had deep passion for cycling,� the sports minister stressed in his condolence message. Dalung sympathised with the immediate and extended family members of the late renowned sports administrator who was also a Patron of Lagos Chapter of the Sports Writers Association of Nigeria. “I sympathize with Rev. Iloh’s
Late Rev Iloh
family, friends, associates and other well-wishers who are affected by the death of this Reverend gentleman. I pray Almighty God to grant the elder statesman eternal rest.� Also, immediate past Chairman of Lagos SWAN, Fred Edoreh, described the late Cycling Federation of Nigeria Chairman as a father figure who will be missed by all in sports. “He was the pillar of Lagos SWAN for the period I served as secretary and chairman. “He was not only our adviser, strategist and inspiration, he was our guardian and intercessor to who we ran for prayers in times of difficulties and fears. He was simply a father...,� mourned Edoreh in the official WattsApp platform of Lagos SWAN. Lagos Broadcast Journalist and former Chairman of MFM FC, Godwin Enakhena, also mourned the late cyclist boss. “I knew him up close when I served under him as Ambassadors In Sports (AIS) Vice President. He was our president. “I won’t forget how he wanted to follow AIS cyclists to Abeokuta en-route Benin Republic a few years ago. “He gave his all to whatever he was involved in. I spent at least two days of the week in his Church/office in Yaba. And there was never a dull moment with him. Although he was well advanced in age, Dr Iloh was still very brilliant with a retentive memory. He was very knowledgeable in sports and other spheres of life. “He accepted to be my guest at the Dr. D. K. Olukoya International Youth Football Competition slated for 20th October, 2018 at the Agege Stadium. I looked forward to having a picture of him and Dr Olukoya. Now the great man is no more. May his soul Rest In Peace,� concludes Enakhena in his condolence message. A condolence register is to be opened this morning at the Lagos SWAN secretariat inside the National Stadium in Surulere, Lagos.
Enyimba players battled Rayon Sports to a goalless draw in Kigali, Rwanda‌ yesterday. A win at home in Aba on Sunday will see the People’s Elephant qualify for the semi ďŹ nal of the CAF Confederation Cup
CAF CONFEDERATION CUP
20 Future Boxing Enyimba Holds Rayon Sports Champions Emerge from GOtv NextGen Search 4 in Kigali Duro Ikhazuagbe
Nigeria’s lone team in continental campaign this season, Enyimba FC of Aba, moved a step closer to reaching the semi finals of the 2018 CAF Confederation Cup when the People’s Elephant yesterday secured a crucial goalless draw with Rayon Sports in Kigali, Rwanda. Enyimba defied the total home support for Rayon Sports at the Stade Nyamirambo in the Rwandan capital city to put one foot in the semis. Victory for Enyimba at the newly refurbished Aba Stadium on Sunday, September 23, will put the Abia State owned team close to also becoming the first Nigerian team to win the CAF Confederation Cup just the same way it ended the Champions league jinx. In Rwanda, goalkeeper Theophilus Afelokhai, who continues to bench Super Eagles star Ikechukwu Ezenwa, was outstanding for the People’s Elephant. Reports from Rwanda confirmed that the former Kano Pillars ‘keeper pulled off a big save after just 20 minutes of play to deny Gikundiro of
scoring the game’s opening goal. He was again at his best in the 73rd and 75thminutes to deny Rayon Sports the edge they sought going into Sunday’s reverse fixture in Aba. Of course, Enyimba also had their chances to get on the scoreboard but both striker Mustapha Ibrahim and winger Wasiu Alalade threw away good chances. It was Alalade who pulled Enyimba into the quarter final with his crucial goal against CARA Brazzaville in the Group’s last game in Aba. Enyimba took control of the game in the second half and were let down again by their profligacy in front of goal. The duo of Ibrahim Mustapha and Sunday Adetunji wasted clear-cut chances in the 48th and 60th minutes respectively. In another quarter- final game, Raja Casablanca defeated their hosts, CARA Brazzaville 2-1. The overall winners of both games will come face-to-face in the semi-finals of Africa’s second-tier club competition.
The fourth edition of GOtv Boxing NextGen ended in Abeokuta at the weekend with a total of 20 talented young boxers adjudged by selectors to be the best out of the 150 participants. The programme which began on Thursday attracted boxers from Enugu, Abia, Ogun, Oyo and Lagos states as well as Abuja. The selected boxers were unveiled at the closing ceremony which held at Dunkin Pepper Gym, MKO Abiola International Stadium. Three of them were deemed to have been head and shoulders above the others, with Adeyemi Opeyemi Elijah emerging the best boxer. Next to him were Akintayo Aminu and Shogbanmu Waheed. Speaking at the ceremony, Jenkins Alumona, Managing Director of Flykite Productions, the organisers of the programme explained that the event was designed to continually oil the wheels of progress of professional boxing in Nigeria by unearthing talents that could be nurtured to local and international stardom. He disclosed that Flykite
Productions was considering setting up a training camp for long term improvement and education of the boxers selected. He also advised boxers who failed to make the cut not to take their rejection as the end of their dream of becoming professional boxers. Boxers selected at the programme will have their boxing licences and prelicensing medical examination paid for by the sponsors. Alumona also stated that some of the selected boxers will make their professional debut at the next edition of GOtv Boxing Night. The three best boxers got gifts of GOtv decoders, while others also got gifts. The organisers also announced a donation of N50,000 to the Ogun State Boxing Association. Among dignitaries who attended the programme were Dr. Rafiu Ladipo, Mr. Remi Aboderin, President and Secretary-General respectively of the Nigerian Boxing Board of Control (NBB of C), coaches Joe Mensah, Obisia Nwankpa and Jerry Okorodudu, who were on the selection committee.
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Monday September 17, 2018
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MISSILE PDP to Buhari “Had President Buhari shed his desperation for power and allowed internal democracy within the APC, particularly when it became clear that Nigerians have become averse to his re-election due to his incompetence and insensitivity to their plight, there would have been hope for the APC� –The PDP faulting the emergence of President Muhammadu Buhari as the sole presidential candidate of the APC.
BENMURRAYBRUCE MAKING COMMON SENSE
ben.murraybruce@thisdaylive.com
Education Will Pay Nigeria Its Best Interest
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igeria needs education not destruction. We must not put our money on the wrong unction. The fact is that if we spend less on education, we will invariably spend more on security. If we spend more on education we will spend less on security. Therefore, the best way to fight insecurity is through education. It is not a coincidence that the Northeast, which has the lowest level of education in Nigeria, is the most insecure geopolitical region in Nigeria and it is not a surprise that Yobe and Borno, which have the lowest levels of education in the North-east, are the epicentres of the war on terror. The human mind is a terrible thing to waste and we in Nigeria are wasting the minds of our youth by spending only a fraction of what we spend on security on our education sector. Education helps us to enter the future prepared. The reason why Nigeria is not prepared today is because of our inadequate preparation in the area of education. Right now, we have the shameful record of being the world headquarters for extreme poverty. What are we doing about? The National Bureau of Statistics just revealed that our economy growth has slowed. We grew at a rate of 1.9% in the first quarter of 2018. In the second quarter, our growth slowed to 1.5%. In that same time, our population grew by almost 3%. Our population continues to grow faster than our economy and if we do not reverse that trend, next year will be
Education Minister, Adamu Adamu
worse than this year. The fastest way to defeat poverty is by educating the poor. The more the poor learn, the more the poor earn. The more the poor earn, the less children they have, the longer they leave and the healthier they are. Education has a multiplier effect. It is the gift that keeps on giving. And as a nation, we should never say that we cannot afford to educate our people. In fact, it is the exact opposite. We cannot afford not to educate our people. Every year, hundreds of thousands of our citizens desperately make the treacherous journey to Europe through the Sahara Desert and the Mediterranean Sea because they
cannot get visas. We can stop this deadly migration, not by helping our people get visas for Europe and America, but by giving them the visa to s better tomorrow-education. As I write this, I am staring at the table of rankings of states according to their performance in this year’s (2018) West African Senior School Certificate Examination. I am pleased that my state, Bayelsa, which used to be amongst the bottom ten worst states, is now included among the top 10. At number seven, Bayelsa state has truly proven that an investment in education pays the best interest. Bayelsa moved from the bottom of the education league table to the top by constantly and consistently giving education the highest sectoral allocation in its budgetary cycles. This year, Bayelsa budgeted 22 billion Naira for education, close to 20% of the capital allocation. I have seen first hand the miracle that results from making education an investment priority. I have seen it turn around Bayelsa, and I want to see it turn around Nigeria. And it is not just Bayelsa that is improving her education standards. although the positive change in our education sector has been very dramatic. We are equally seeing the same thing with states in the Southeast who are investing in education. They are developing faster than even some states who have a heavy oil and gas economy. Nigeria must make a mental shift. Our priority must be to educate our people and develop our infrastructure. Once that is done, they will employ themselves.
It is only possible to under invest in education. You cannot over-invest in education. Such a thing is not possible. As Nelson Mandela said “Education is the most powerful weapon which you can use to change the world.� No matter how high the cost of education is, it is still a much cheaper alternative to ignorance. We can only reduce poverty two ways. By educating Nigerian and by getting Nigeria working again. Our budgeting process has to be upended such that no more would our recurrent expenditure dwarf our capital allocation especially the allocation to the education sector. I have consistently called on the federal Government to devote the lion’s share of our budgets to education. I hereby urge all Nigerians who love progress and development to join me. Identify your Senator. Pick up the phone and call him. Send him or her an email. Ask them to support my call to have 20% of our budget devoted to education. We ought to do this as our patriotic duty because an investment in education pays the highest interest. We must remember that though the cost of education is very high, the benefits are even higher. Much higher. My name is Ben Murray-Bruce and I urge you to join me in bringing pressure to bear on the Federal Government to rev up its investment in the education sector. t#FO .VSSBZ #SVDF JT UIF GPVOEFS PG UIF 4JMWFSCJSE (SPVQ BOE UIF 4FOBUPS SFQSFTFOUJOH #BZFMTB &BTU JO UIF /BUJPOBM "TTFNCMZ
Beyond the Illegal Search of Clark’s House Femi Falana The three police inspectors who searched Chief Edwin Clark’s house at Abuja a fortnight ago have been dismissed from the Nigeria Police Force with ignominy for gross abuse of police powers. Since the search was carried out pursuant to the search warrant issued by a Magistrate in the Federal Capital Territory some lawyers have questioned the legality of the sanction imposed on the three police officers. With respect to my colleagues, it is pertinent to point out that a search warrant per se cannot legalise the unlawful infringement of the fundamental right of a citizen to privacy guaranteed by Section 37 of the Constitution. More so, that the warrant in question was found to have been issued by a magistrate in error or on the basis of misrepresentation of facts or outright falsehood adduced by the police. Not a few other lawyers have also argued that were it not for the status of Clark in the country the police would not have sanctioned the police officers who conducted the search. While this argument cannot be faulted, it has to be realised that the law in a class society like Nigeria is essentially designed to protect the rights
and interests of the bourgeoisie and other Very Important Personalities (VIPs). But since the constitution has formally decreed that every citizen shall have equality of rights, obligations and opportunities before the law the advantage of the case of Chief Clark is that it can always be cited and relied upon by human rights defenders to challenge the incessant search of the homes of poor citizens which is usually carried out without search warrants. In justifying the dismissal of the three police officers the Inspector-General of Police, Mr. Ibrahim Idris, said that the search of Chief Edwin Clark’s house was carried out without authorisation. That statement has given the misleading impression that no offence would have been committed if the search had been authorised. It is however submitted that the authorisation of the Inspector-General of Police would not have legalised the search once it was conducted in breach of the human right of the owner or occupant to privacy. It is pertinent to point out that the violation of any of the fundamental rights guaranteed and protected by the Constitution is illegal unless it is reasonably justified in a democratic society. Having regard to the facts and circumstances
of this case, it cannot be said that the information gathered from someone in a taxi cab to the effect that Chief Clark had stored weapons in his house without any preliminary investigation was sufficient to have created reasonable suspicion to justify rushing to a Magistrate Court to obtain the search warrant. No doubt, the policemen who carried out the search of Chief Clark’s house were reckless in the exercise of their discretion. But in a country where the homes of judges and principal officers of the National Assembly had been subjected to nocturnal raids, the police officers might have reasonably believed that the search of Chief Clark’s house could not have raised any highbrow. For instance, the official residence of the Honourable Justice Nnamdi Dimgba of the Federal High Court was subjected to an illegal search on October 8, 2016 when the homes of judges were raided on the basis of allegations of corruption. The federal government ignored my demand that a public apology be tendered to the judge even though it was confirmed that his lordship’s house was not raided for corrupt practices but because he had ordered the release of a detainee from the illegal custody of the State Security Service!
In a country where no security officer has ever been sanctioned for invading and searching the home of any citizen, the dismissal of the three police inspectors ought to be revisited and reviewed by the Police Service Commission, the only body constitutionally empowered to dismiss and exercise disciplinary control over all serving police officers except the Inspector-General of Police. Since Chief Clark has graciously accepted the public apology tendered by the police authorities, the dismissal of the policemen should be converted to suspension. However, in the interest of national security, information concerning the importation and keeping of weapons in the homes of citizens should not be handled lackaidasically or flippantly by police officers for fear of dismissal from the sdrvice. To prevent the violation of the right of citizens to the privacy of their homes by police officers and other security personnel the federal government should proceed to acquire the radar that has the capacity to detect weapons hidden in private houses or public buildings. t'BMBOB B 4FOJPS "EWPDBUF PG /JHFSJB 4"/ XSJUFT GSPN -BHPT
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