Danbatta: $100m Debts Delay Takeover of 9mobile Emma Okonji Fresh facts have emerged on why the sale of 9mobile still lingers despite the declaration of Teleology Holdings Limited as the preferred bidder by Barclays Africa, the financial adviser handling the sale. The Executive Vice Chairman of the Nigerian Communications Commission
(NCC), Prof. Umar Garba Danbatta, who disclosed this in an interview with THISDAY in Durban, South Africa, revealed that the delay in handing over 9mobile to Teleology was as a result of the unpaid $100 million outstanding debts, which 9mobile was supposed
to pay to equipment suppliers and contractors like Huawei, IHS and Nokia, among others. Although he said the $100 million as well as others were classified outside the $1.2 billion loan that the telecoms company owed the 13 local banks.
He, however, explained that the payment of the outstanding sum was part of the agreement reached by the parties involved in the sale of 9mobile, before handing over 9mobile to Teleology. He equally said the due diligent report conducted by
NCC on Teleology to ascertain its technical competence in managing 9mobile, had been submitted to the NCC board, but that the board was yet to come out with a position statement, based on the findings of the report, as a result of the delayed payments
FG Begins Divestment from Minting Company... Page 10
by 9mobile. Danbatta reiterated that Teleology had deposited the balance payment of $251 million in an escrow account of the Central Bank of Nigeria (CBN). According to him, NCC's due diligence report on Teleology would be released Continued on page 8
Wednesday 19 September, 2018 Vol 23. No 8554. Price: N250
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Ambode: Tinubu Consults Governor’s Advisory Council Today Body’s decision final on gov’s fate Gboyega Akinsanmi Lagos State Governor Akinwunmi Ambode will today know the fate of his
bid for a second term of office as the National Leader of All Progressives Congress (APC), Senator Bola Tinubu, meets with the state’s highest
advisory political organ, Governor’s Advisory Council (GAC), this afternoon in Lagos to discuss the matter. Ambode’s political future
has been in limbo since Tinubu’s powerful political machine, the Mandate Movement, threw up the Managing Director of Lagos
State Development and Property Corporation (LSDPC), Mr. Babajide Sanwo-Olu, to challenge the governor at the party’s primary scheduled for
Tuesday. Also in the race, is another strong contender, former Continued on page 8
Don’t Allow Corrupt Politicians to Return to Power, Buhari Tells Nigerians Storms Osun with nine govs for Oyetola Yinka Kolawole in Osogbo President Mohammadu Buhari yesterday explored his comfort zone, calling on the people of Osun State to remain steadfastly behind his anti graft war, saying they must not allow the return of what he called the dark days by allowing corrupt politicians to return to power. He spoke in Osogbo, the state capital, during the final rally for the All Progressives Congress (APC) candidate for Saturday’s governorship election, Alhaji Gboyega Oyetola. He asked them to retain the APC in power in the state by voting for Oyetola, contending that to do otherwise would be go back to the dark days of corruption.
He said, “As you can see, our party has no tolerance for corruption. We will continue to pursue inclusiveness in economic diversification. Nigerians have kept the selfish and corrupt leaders out of the federal government in 2015, and by the grace of God, supporters will continue to keep them out of leadership position until we permanently consign their corrupt government style into the history books. Nigeria must be free from corrupt and selfish leaders. Explaining that the federal government had initiated a number of developmental projects in the state in order to open it up to the rest of the country , Buhari told Continued on page 10
PDP Rejects INEC’s Ban on Smart Phones, Camera ... Page 8
THE SALESMEN... L-R: Central Bank of Nigeria Governor, Chief Godwin Emefiele; Vice President Yemi Osinbajo; and Director-General, Bureau of Public Enterprises, Mr. Alex Okoh, during the signing of sale instrument of federal government’s shares in Nigerian Security Printing and Minting Company, at the Presidential Villa in Abuja…yesterday godwin omoigui
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PDP Rejects INEC’s Ban on Smart Phones, Camera No ban around voting areas, says electoral body Makes N918m from presidential, gov aspirants Ernest Chinwo in Port Harcourt, Emmanuel Addeh in Yenagoa and Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) yesterday rejected the decision of the Independent National Electoral Commission (INEC) to bar voters from using smart phones and cameras in polling booths during elections. But the electoral body clarified yesterday that its directive barred the use of the devices only in the polling booth and not around the polling area. The PDP, which raked in N918million from the sale of expression of interest and nomination forms to its presidential and governorship aspirants, spoke through its National Chairman, Prince Uche Secondus, in Yenagoa, Bayelsa State, claiming that the ban was part of INEC’s grand plan to help the All Progressives Congress (APC) to win the 2019 general elections. Secondus, during a meeting with stakeholders from Bayelsa East senatorial district in Yenagoa, Bayelsa State yesterday, said that it was puzzling that the commission would attempt to prevent the use of phones, which he said is the easiest means of communication in the society during elections. According to him, the ban on the use of cameras and recording devices was the strategy of INEC and the APC-led government to rig the 2019 elections. He argued that the commission by that singular act had sent the country to the dark, primitive era. He said, “We have all heard what the Chairman of INEC, Prof. Mahmud Yakubu, said about the decision to ban the use of smart phones in the polling units. All over the world, a smart phone is the
easiest way of communication. “What they have said clearly shows that the commission, in connivance with the APC, has perfected a rigging strategy for the next election. “In fact, INEC has sent Nigeria back to the primitive days. Our position is that INEC is wrong; there is nowhere in the constitution or in the electoral act, where smart phones are banned. “INEC, if you throw this country to crisis, you will be held responsible.� A statement by the Special Adviser to Governor Seriake Dickson on Media, Mr. Fidelis Soriwei, also quoted the PDP chairman as restating his opposition to President Muhammadu Buhari’s refusal to sign the Electoral Act Amendment Bill 2018 in a bid to avoid the use of card readers. “The same plan to rig the 2019 election is responsible for the refusal of the president to sign the amended Electoral Act because the card reader must be used," he added. He insisted that Nigeria was under siege as the federal government had introduced an obnoxious suspension of the people's right to freedom in the country, raising the alarm that more people had been killed in the country in the past one year than those killed in the Nigerian civil war from 1967 to 1970. He lamented that the APC had introduced dictatorial tendencies that were worse than the repression witnessed under the military. Secondus also accused the federal government of borrowing N11 trillion in three years in spite of the huge amount of money budgeted yearly to run the government. He said that the nation’s debt profile had hit the highest of all time under the APC-led federal government. Secondus added: “We have
borrowed N11 trillion and you don’t feel the impact of the budget except in Daura. “Nigeria has witnessed nepotism that had never been felt this way in this country. “The international community is worried about Nigeria. The country is broke, our debt profile has risen to highest level. “Nigeria is under siege. Freedom and rights have been denied our people. The country is going through very difficult and trying moments.� In his remarks, Dickson urged the people of the Niger Delta to give the expected support to Secondus in his efforts to lead the PDP to electoral victory in 2019. He also described the PDP as the party of the Niger Delta people.
INEC: No Ban on Use of Smartphone around Polling Units The INEC has, however, clarified that it had not ban the use of Smartphone around the polling unit areas, but the moment a prospective voter entered voting cubicle to cast his or her vote. The Chief Press Secretary to INEC Chairman, Mr. Rotimi Oyekanmi, made the clarification in an interview with the News Agency of Nigeria yesterday in Abuja. Oyekanmi said that Nigerians were fully aware of the challenge of vote-buying and selling that reared its ugly head in recent elections. He said that had prompted many stakeholders to call on INEC to devise innovative ways to tackle the problem. He said, “In consultation with other stakeholders, the commission came up with new measures to solve the problem, one of which is to disallow the use of smartphone and other electronic devices in the voting cubicles on Election
Day. “In other words, INEC is not banning phones around the polling unit area, but the ban takes effect from the moment a prospective voter collects his or her ballot paper and enters into the voting cubicle to thumbprint and thereafter drops the folded ballot paper into the ballot box. “After that, the voter can have access to his or her phone.� Oyekanmi urged Nigerians to disregard any attempt by any individual or group to politicise what was purely a preventive measure.
PDP BoT Meets with 13 Presidential Aspirants The PDP Board of Trustees (BoT) will today meet with all the 13 presidential aspirants ahead of October 6 scheduled by the leadership of the party to hold its national convention where the presidential candidate would be picked to fly the party's flag. The BoT had two weeks ago set up a 12-member committee to discuss with the party's 13 presidential aspirants, with a view to picking one of them as consensus candidate. The aspirants in the race for the presidential ticket of the PDP are, former Vice President Atiku Abubakar; Sokoto State Governor Aminu Tambuwal; Gombe State Governor Ibrahim Dankwambo; Senate President Bukola Saraki; former Governor of Jigawa State, Alhaji Sule Lamido; former Governor of Kaduna State, Senator Ahmed Makarfi; and former Minister Special Duties and Inter-governmental Affairs, Mr. Tanimu Turaki. Others are; former President of the Senate, Senator David
Mark; a former Governor of Kano State, Senator Rabiu Musa Kwankwaso; former Governor of Sokoto State, Alhaji Attahiru Bafarawa; former Plateau State Governor, Senator Jonah Jang; Mr. Stanley Osifo and Dr. Baba Datti Ahmed. The Chairman of the BoT, Senator Walid Jibrin, had revealed to journalists in a text message that the committee would impress it on the aspirants the dangers inherent in having such a large number of them in the race.
Makes N918m from Presidential, Gov Aspirants Meanwhile, the party is smiling to the bank, as the 2019 general election is already proving to be a good harvest for the main opposition party. So far, it has raked into its coffers N918 million from the sale of presidential and governorship nomination forms. The party, which began its sale of expression of interests and nomination forms for its members, seeking to contest in the 2019 general election, closed the purchase of forms on Monday, while submission of forms was closed yesterday. As at last count, 13 presidential aspirants picked expression of interest and nomination forms, while 127 aspirants, according to THISDAY findings, have picked forms for governorships across the six geopolitical zones. The party had pegged the cost of presidential expression of interest and nomination forms at N12 million, while that of governorship form was pegged at N6 million. With the presidential form that stood at N12 million, the total cost for the 13 presidential aspirants is N156 million, while at the cost of
N6 million for governorship forms, the total for the 127 aspirants is N762 million. The North-west has the highest number of presidential aspirants with five coming from the zone. According to findings, gubernatorial aspirants for North-east include, Taraba, one; Bauchi, four; Gombe, 11; Adamawa, seven; Borno, three and Yobe, two. In South-east, however, Ebonyi has one; Imo, seven; Enugu, one; and Abia, one. Anambra State is not under contention as the tenure of the present governor is yet to be over. In South-west; Ogun has one aspirant; Oyo has two; Lagos, two; Ondo, Ekiti and Osun States are not part of 2019 election. In South-south, Cross River has four aspirants; Delta has one; Akwa Ibom has one; and Rivers, one. Edo and Bayelsa are not part of the 2019 election. However, the North-central zone has the highest number of aspirants for governorship, followed by North-west, North-east, South-east, South-south and South-west respectively. Plateau State has the highest number with 13 aspirants; Kwara and Gombe, 11 aspirants; Kaduna, 10; Katsina, 8; Benue, Adamawa and Imo have seven each. Ogun, Akwa Ibom, Delta, Rivers, Abia, Enugu, Ebonyi and Taraba states have one aspirant each. According to findings, zone by zone breakdown of the number of aspirants, showed that in North-central, Nasarawa has five; Kwara, 11; Plateau, 13; Benue, seven; and Niger, five. The tenure of Kogi State governor has not yet expired. The number of aspirants in North-west, are, Kano, five; Kaduna, 10; Katsina, eight; Jigawa, five; Kebbi, 4; Sokoto, two; and Zamfara, two.
AMBODE: TINUBU CONSULTS GOVERNOR’S ADVISORY COUNCIL TODAY Commissioner for Works and Infrastructure, Dr. Obafemi Hamzat, a godson of the national leader, who has the backing of an equally powerful group, the Justice Forum. The governor’s travail had attracted the intervention of the presidency and some governors, including Oyo State’s Senator Abiola Ajimobi that pleaded for reprieve for him. But faced with a possible
mutiny by his foot soldiers, Tinubu insisted that Ambode should test his popularity at the direct primary contest for the party’s ticket, saying he no longer wants to be accused of imposing anyone on the party. THISDAY was told last night that the party’s national leader, however, shifted some ground on Monday by agreeing to refer the matter to the GAC, the body that advises the governor and
the party leader on matters of state as well issues that concern the party. Barring any hiccup, the meeting is expected to hold today at 4pm, if, according to a reliable THISDAY source, Tinubu returns this morning from Osogbo, the Osun State capital, where he had joined President Muhammadu Buhari and other party leaders to hold a final campaign rally for the APC candidate in
next Saturday’s governorship election, Alhaji Gboyega Oyetola. THISDAY sources said the decision of the council, being the highest advisory body in the state, would be final on the matter. And it would be Tinubu’s final consultation. The membership of the council, made up of the governor and leaders of the party across the three senatorial districts of the state,
with Tinubu as chairman, include, Dr. Olorunfemi Bashorun; Senator Anthony Adefuye, Prof. Tunde Samuel, Chief Adeyemi Ikuforiji, Alhaji Tajudeen Olusi and Cardinal James Odumbaku. The council, THISDAY learnt, had handled similar naughty issues in the past, including the controversy over the attempt by the Chief John Odigie-Oyegun-led National Executive Committee to
Capital Trustees to Teleology. But what has not been transferred is the spectrum licence to Teleology because there is a caveat around it. So the operational and spectrum licences of 9mobile are still with EMTS. Again Teleology is expected to make another tranche of payment of $100 million to service the debts of equipment suppliers and vendors like Huawei, IHS and Nokia, which 9mobile is owing." He explained that there was another amount that is consistent with the recapitalisation of 9mobile that Teleology needed to pay. All these remaining
payments, he said, have to be concluded before the NCC will release its report on Teleology's capability in handling 9mobile, to conclude the sale of 9mobile.
DANBATTA: $100M DEBTS DELAY TAKEOVER OF 9MOBILE after all debts owed by the telecom company have been paid. According to Danbatta, "Barclays Africa, the financial adviser handling the sale of 9mobile announced Teleology Holdings Limited as the preferred bidder of 9mobile and Smile Telecoms Holding as the reserve bidder in the ongoing sale of 9mobile. “Now the spectrum licence of 9mobile belongs to Emerging Markets Telecommunication Services (EMTS), but trading as 9mobile. Teleology had since paid a non-refundable deposit of $50 million and the record is there to show for it and we have verified the
payment. Teleology also paid $251 million into an escrow account of the Central Bank of Nigeria." While Smile Telecoms Holding offered a bid price of $300 million, Teleology offered a bid price of $301 million to emerge the preferred bidder for the 9mobile sale. After announcing Teleology as the preferred bidder, Barclays Africa directed Teleology to make an initial non-refundable cash deposit of $50 million within 21 days, which expired on March 21, 2018, and then pay the balance of $251 million within 90 working days from March 21, which expired July 25, 2018, and Teleology had
since made these payments. Danbatta further said, "Based on these payments, the NCC needed to transmit a letter of no objection to Teleology for the transfer of the shares of Etisalat from EMTS to United Capital Trustees, which is the receiver manager for the 13 local banks that gave Etisalat, now 9mobile, the loan of $1.2 billion. The shares will then be transferred from United Capital Trustees to Teleology. It is a two phase transfer of shares and NCC has transmitted the letters of no objection for the two phase transfer of shares from EMTS to United State Capital Trustees, and then from United
CORRIGENDUM In the story, ‘Ambode Weighs Options as Efforts to Secure Tinubu’s Support Fail,’ of our Tuesday, September 18, 2018 edition, the Chief Judge of Lagos State, Justice Opeyemi Oke, was erroneously referred to as the wife of a traditional ruler in the state. We sincerely apologise for the error and regret the embarrassment it might have caused her lordship. - Editor
elongate its tenure as well as the mode of primary for the selection of the party’s candidates for the general elections slated for the first quarter of next year.
TOP GAINERS FIRSTALUM PRESTIGE ROYALEXCHANGE UNITYBANK UNIONDAC TOP LOSERS REDSTAR STANDINSURE CORNERSTONE
NGN NGN % 0.03 0.33 10.0 0.05 0.57 9.6 0.02 0.23 9.5 0.08 0.93 9.4 0.03 0.35 9.3 NGN % 0.45 4.50 9.0 0.02 0.21 8.7 0.02 0.21 8.7 SOVEREITRUST 0.02 0.22 8.3 UNIVINSURE 0.02 0.23 8.0 HPE Nestle Nig Plc â‚Ś1,380.50 Volume: 269.814 million shares Value: N2.654 billion Deals: 4,705 As at yesterday 18/09/18 See details on Page 39
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FG Begins Divestment from Minting Company CBN, BPE sign sale instrument for 12.69bn shares Omololu Ogunmade in Abuja The Central Bank of Nigeria (CBN) and the Bureau of Public Enterprises (BPE) yesterday in Abuja signed an instrument for the sale of 12.69 billion shares, representing 21 per cent of federal government’s interest in the Nigeria Security Printing and Minting Company (NSPMC) to CBN. The deal is expected to contribute a net sum of over N17 billion to national treasury. With the signing of the instrument, 12.69billion federal government interest in the NSPMC will be transferred to the CBN. The instrument was signed in the State House by the CBN Governor, Chief Godwin Emefiele and the DirectorGeneral of BPE, Mr. Alex Okoh, at a meeting presided over by Vice President Yemi Osinbajo, who is also the Chairman of the National Council on Privatisation (NCP). Speaking at the signing ceremony, Osinbajo said the
decision to divest 21 percent public interest in NSPMC was necessitated by the need to guarantee a synergy between the public and private sectors on projects that require cutting-edge technology. He said, "Security printing has taken new dimensions; it is no longer what it used to be. As a matter of fact, there are those who think that today there is more of technology than merely security printing. "If you look at some of the cards that are being printed today, that in the chips are not just security they are actually technological assets. So, there are new assets and there are new dimensions and there are new ideas and it’s just the privates sector that can really be at the cutting edge of technology and innovation," Osinbajo said. According to the vicepresident, no fewer than 140 publicly-owned companies had been privatised in the past 30 years, adding that the federal government has been divesting its interests from companies with a view to enabling their management by experts.
EmeďŹ ele He also submitted that divesting government interests from its companies was also predicated on the decision to ensure that the government only plays regulatory roles while the private sector runs the businesses. “Government should stick to its regulatory role and its incentivising role and allow the private sector to do business, allow the private sector to take the risk where possible,â€? Osinbajo said. He added that the CBN and its technical partner, De La Rue, which he described as the private company in
the deal, would bring the required innovation into the NSPMC. Also speaking at the meeting, Emefiele described NSPMC as an asset which had the capacity to produce currency not only for Nigeria but also for the entire West African sub-region. He also said this fresh move would enable the company to produce sensitive security documents for both the federal government and private companies. According to the CBN governor, the current move would involve aggressive marketing that would enable the NSPMC to produce currency for other important stakeholders, pointing out that the capacity of the company will also be enhanced to produce documents such as digital Nigerian passport. “The capacity of the mint has increased and expanded and it now produces all the currency that is needed in the country. The mint capacity has been expanded to where it has idle capacity that can produce for other ECOWAS
countries. “We intend to embark on aggressive marketing to see to it that not only produces for itself but also produces for other important stakeholders that may require its services in the area of currency printing. “In the area of security document, we are working assiduously given the fact that the mint has in the past produced passports and produced visas and other very sensitive security documents. Our next phase is to see to it that the NSPMC eventually begins the printing of the digital Nigerian passport," he said. In his own earlier submission, DirectorGeneral of BPE, told the meeting that CBN’s strategic investment in printing and minting company had been a success, arguing that the apex bank had achieved its goal of repositioning the company and returning it to profitability. While commending the progress level recorded by NSPMC under the strategic engagement of CBN, Okoh
added that the federal government was handing over to CBN, a company with tremendous potential to achieve significant growth. Okoh who disclosed that the transaction which was conceived to contribute a net sum of over N17 billion to the treasury, narrated how the CBN announced its interest to acquire the NSPMC and how BPE moved to formalise the proposal. "Following the expiration of the strategic investment period, the CBN indicated its strong intention to acquire the company on an arm’s length basis, noting the sensitive nature of the security printing and minting services rendered by the company which include immigration and electoral materials. "Accordingly, after a careful consideration of the pertinent issues, the Bureau made a proposal to the NCP to formalise the sale of 21 per cent of the federal government's interest in the company to the CBN whilst government would retain an equity holding of 10.1 per cent," Okoh stated.
Electoral Act 2010: N’Assembly Committees Recommend 14 Clauses for Amendment Allay fears over card reader Deji Elumoye, Shola Oyeyipo and Adedayo Akinwale in Abuja The National Assembly Joint Committee on Electoral Matters yesterday allayed the fears of the public over the use of card reader during the February 2019 general election in the country. The Chairman of the committee, Senator Suleiman Nazif, while briefing newsmen on the outcome of the committee's two-day executive session, said 14 clauses in all were recommended for amendment while one clause would be expunged. Nazif said at no time was the use of card reader expunged from the provisions of the Electoral Act (Amendment) Bill. According to him, the first electoral bill transmitted to
the executive in February contained provisions for the use of the card during the February 2019 polls and was never tampered with in the other two versions sent to the presidency in June and July. The committee Chairman said the amended 14 clauses of the bill include, Section 9 (1)(8); Section 9 (b)(5); Section (18)(1)(4) ; Section 19 (4); Section 30(1) and Section 31(1). Other amended sections, he said, are Section 31(1); 31(7); Section 36(3); 44(3 and 4); Section 67(a, b, c, d); Section 87(2); Section 87(14) and Section 112(4). Section 36(3) of the bill as amended made provision for a party, whose candidate that is leading in the course of an election dies, and gives INEC maximum of 21 days to suspend the election for
the affected party to replace the candidate and continue with the election. This clause is to guide against the constitutional vacuum the death of Alhaji Abubakar Audu, the APC governorship candidate in Kogi State almost created in the course of the poll in November, 2015. He said the committee deleted section 34(2-4), which makes provision for a candidate whose party's name is missing on the ballot paper to notify INEC about the commission within 28 days. Nazif assured Nigerians that with the amendment the legislature and the executive are now on the same page over the Electoral Act Amendment Bill. He said, "I also want to use this opportunity to assure Nigerians and
indeed everyone here that the National Assembly, and indeed the executive, is on the same page with respect to this amendment bill. I am sure you must have heard different versions but I will put everything in a very clear picture so that Nigerians will know that all of us are working towards strengthening INEC and in ensuring that 2019 is done in a free and fair electoral process. I like to assure Nigerians that we are working very hard and we have come to the conclusion." The chairman further assured Nigerians that this joint committee is committed to ensuring that it strengthens INEC and at the same time, the National Assembly is committed to ensuring that it deepens democracy in Nigeria.
Commenting on the third version of the bill, Nazif declared, "What we wanted to achieve with the third bill was to strengthen the second one so that it will address all those issues so that we can make INEC's work easier. "What we exactly wanted was a merger between the second one and the third one. We want to make sure that the 2019 election is free and fair, and credible at the same time. He added, "We have come up with the fourth version now after the president had withheld assent to the third one. "So, this is the fourth one, which supposes to put together the second one and the third one. And what this committee did was to at the end of the day give opportunity
to every member of the committee to look at it once again and that was why yesterday (Monday) we took the whole day to allow them to go through it and this morning when we resumed we went through it again to have one solid document." The latest amendment, the chairman said, addressed all the issues raised by the executive. He said, "This one has also addressed all the issues that will make INEC more comfortable and efficient. Therefore, this is what Nigerians are expecting and I want you to know that all of us have worked on this document. As a committee, we have gone through it section by section, clause by clause and we have come up with additional amendments based on this draft."
had a record of outstanding performance. The incumbent, Aregbesola, assured the people of Osun State of good governance if Oyetola is allowed to continue where he stopped. The Chairman, Osun APC Campaign Committee, Kano State Governor Abdullahi Ganduje, said going by the response of the people of Osun during electioneering, there is no doubt about their preference for the APC. Governors and party leaders that graced the rally were, Ganduje (Kano), Akinwunmi Ambode (Lagos),
Nasir el-Rufai (Kaduna), Simon Lalong (Plateau), Abiola Ajimobi (Oyo), Ibikunle Amosun (Ogun), Rotimi Akeredolu (Ondo), Abubakar Bagudu (Kebbi) and Godwin Obaseki (Edo). Also at the rally were, Osun State Deputy Governor, Mrs. Titi-Laoye Tomori; first national chairman of the party, Chief Bisi Akande; Chief Niyi Adebayo; Deputy Speaker, House of Representatives, Hon. Lasun Yussuff; Minister of Information, Alhaji Lai Mohammed, and Chief Olusegun Osoba, among others.
DON’T ALLOW CORRUPT POLITICIANS TO RETURN TO POWER, BUHARI TELLS NIGERIANS his audience, “The children of all Nigerians must get quality infrastructure, education, healthcare and job opportunities. This is why you must all come out and vote for APC on the 22nd of September 2018. Osun must remain APC, Osun must continue on the path of progress. Osun must not allow the dark days to return. � The president, who expressed his happiness about the achievements of Governor Rauf Aregbesola in turning the fortunes of the state around, said Oyetola would consolidate the rising economy of Osun State.
He noted that improvement in education and security by Aregbesola’s government had enhanced both stability and peace in the state. Buhari said, to guarantee the consolidation of Aregbesola’s legacies such as massive infrastructural development, unequalled educational innovations, provision of quality health care delivery and more programmes and projects, the people must vote Oyetola for continuity. In his remarks, the National Chairman of APC, Mr. Adams Oshiomhole,
also harped on continuity, adding that Osun could not afford to trust their destiny in the hands of incompetent people and contended that Oyetola has what it takes to govern a progressive state like Osun. According to him, the numerous achievements recorded by the administration of Aregbesola were not without the inputs of Oyetola who served as the engine room of his administration. He said Aregbesola had performed excellently despite paucity of funds, adding that his achievements could
not be allowed to go down the drain by electing those without experience to govern the state. His words, "We need somebody with passion for development, we need somebody that has brain, we need people with character, we need people who are committed to the growth and development of Osun, these we can find in Oyetola.� Also speaking, the National Leader of the APC, Senator Bola Tinubu, gave assurances that APC would emerge victorious in the election because the administration of Aregbesola
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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Over 40% of World’s Poorest will Live in Nigeria, Congo by 2050, Says Report Gates: Nigeria should do more to fund human capital development Says malnutrition in the North needs to be addressed Martins Ifijeh More than 40 per cent of “extremely poor people” in the world will be living in Nigeria and DR Congo by 2050, a report by Bill and Melinda Gates Foundation has revealed. This is coming as the world’s second richest man and the Cofounder, Bill and Melinda Gates Foundation (BMGF), Mr. Bill Gates, has called on the Nigerian government to increase efforts to fund human capital development as this will propel the country towards achieving the year 2030 Sustainable Development Goal (SDG) set by the United Nations. In the 2018 goalkeepers report released yesterday, the Bill and Melinda Foundation said by 2050, Nigeria will have 152 million people in extreme poverty out of a projected population of 429 million. It blamed this on the lack of investment in human capital to correspond with the increasing population growth. Nigeria is currently the seventh most populous country in the world with an estimated population of 198 million.
The annual report, produced in partnership with the Institute for Health Metrics and Evaluation (IHME) at the University of Washington, tracks progress being made on the United Nations sustainable development goals (SDGs). In June, Brookings Institution reported that Nigeria had overtaken India as the country with the highest number of poor people, with 87 million of its citizens in extreme poverty. The International Monetary Fund (IMF) had also said in March that Nigerians are getting poorer due to the lack of coherent and comprehensive economic reforms. The goalkeepers report said while more than a billion in the world have lifted themselves out of extreme poverty since 2000, “extreme poverty is becoming heavily concentrated in subSaharan African countries.” “By 2050, that’s where 86 per cent of the extremely poor people in the world are projected to live. The challenge is that within Africa, poverty is concentrating in just a handful of very fast-growing countries,” the report said.
“By 2050, for example, more than 40 per cent of the extremely poor people in the world will live in just two countries: Democratic Republic of Congo and Nigeria. Even within these countries, poverty is still concentrating in certain areas.” In a related development, Gates told THISDAY that Nigeria probably needs to raise a higher percentage of Gross Domestic Product (GDP) and taxes in order to be able to fund some of the key human capital issues because of the benefits this can bring to the
country on the long run. Gates, who spoke exclusively with THISDAY as part of the buildup to the launch of the 2018 Goalkeepers Report billed to hold September 25 and 26 in the United States, said human capital development is the key investment that will determine the quality of life and economic growth that can be gotten from Nigeria’s large young generation, adding that how a country invest in its young generation determines the level of differences this can make on the country economically.
The Goalkeepers Report, an initiative of the BMGF, is an annual assessment report of how countries across the globe are making efforts towards meeting SDG targets. It is also used to celebrate heroes who are making a difference towards attaining the targets. Gates said: “Given the rate of population growth going on throughout Africa, which is particularly true in Nigeria, the challenge of getting that quality of governance is huge, hence countries should invest in human capital development.
“Nigeria has some strength. It is better off economically than a lot of other African countries. It has got a lot of very capable, college-educated people that care about these issues. But today, the performance in a number of states of the health and education system definitely falls short. And in order to have this bargain where you say, ‘Hey, we are going to raise tax levels,’ people will have to get a sense that the money is being spent in an effective way,” he said.
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CUPP Raises the Alarm over APC’s Fresh Plot to Attack N’Assembly Leadership Ruling party alleges attempt to prevent lawmakers from reconvening Adedayo Akinwale and Onyebuchi EzigboinAbuja The Coalition of United Political Parties (CUPP) has raised the alarm over an alleged plot by the All Progressives Congress (APC) and the federal government to attack the leadership of the National Assembly next week. This is coming as the ruling party has described the alarm raised by the Coalition of United Political Parties over plans to attack National Assembly as nothing but an excuse to forestall the reconvening of the legislative chambers. In a statement issued yesterday by CUPP’s national spokesperson, Ikenga Ugochinyere, the group alleged that the latest dastardly act by the anti-democratic forces of the APC included the surreptitious filing of a suit and seeking out a compromised judge who will in controversial circumstances grant an exparte application, directing that one third of the Senators/House members can demand to open either Chambers of the National Assembly. According to him, “CUPP has uncovered yet another plot by the outgoing APC-led federal government to yet endanger our democracy and push our country closer to the edge of the cliff preparatory to finally pushing it over for total destruction.” Ugochinyere noted that this kind of desperation by APC and the Presidency could only be likened to the last kicks of a dying horse, which usually give it the hope that it will salvage the head which is already off.
“CUPP have been informed that the plot also includes the Police inviting the leadership of the National Assembly just before L-R: Edo State Governor, Mr. Godwin Obaseki; Governors Abiola Ajimobi of Oyo State; Abdullahi Ganduje of Kano State; Rauf Aregbesola the controversial ruling and their of Osun State and Nasir Ahmad el-Rufai of Kaduna State, at the Osun State All Progressives Congress (APC) rally in Osogbo...yesterday subsequent detention with a black market injunction from a magistrate Court thereby paving way for the unlawful and violent change of the leadership of the Senate and House Aregbesola behind gov’s woes, not Tinubu, says group of Representatives. “Some of the security agencies Segun James was in preparation for the state would not renege on its promise local government in the state. In to ensure new members were fully most cases, it is the votes from will provide security cover for the assembly primary. Alimosho that determine who coup plotters, while a section of The Lagos State chapter of the All He said the committee, which integrated. He described the excitement win major elections in the state. the media has been co-opted to Progressives Congress (APC) has would begin work on Wednesday “The direct control of the churn out news and justification set up a seven-member committee and finish on Friday, was to ensure generated by the emergence of two for such evil plots,” Ugochinyere to screen aspirants for the October that aspirants met the requirements challengers to Governor Akinwunmi Mandate Group is within the Ambode for the party’s governorship domain of Governor Aregbesola, explained. to contest in the primary. 4 state assembly primary. Ugochinyere stressed that the Balogun explained that each ticket as good for internal democracy. who is the second-in-command in This is coming as the United Balogun said that the emergence the Bola Tinubu political circuit in ship of the APC is fast sinking and Broom Movement (UBM), a of the members of the committee is obviously beyond redemption, political bloc within the APC in would chair a sub-committee with of a former commissioner of the state.” According to Mr. Dayo Williams, and training, adding that Nigerians are now the state has reiterated that the members, to respond to the high establishment Jide Sanwo-Olu and a former a member of the UBM, “the alleged convinced that that the APC was man responsible for the woes of number of aspirants. a mistake made in 2015 and have Governor Akinwunmi Ambode “We have a large number of commissioner of works, Obafemi face-off between Governor Ambode also resolved that the mistake will of Lagos State is the Governor of people who are to be screened to Hamzat, reflected the beauty of and Tinubu is actually between Aregbesola and Ambode over the be corrected in 2019. Osun State, Mr. Rauf Aregbesola. contest in the state house of assembly democracy. Meanwhile, the United Broom latter’s neglect of the socioeconomic Meanwhile, APC has described The state Chairman of the party, primary. the alarm raised by the Coalition of Tunde Balogun, inaugurated the “We have 40 seats in the state and Movement (UBM), a political bloc interests of the Mandate Group. United Political Parties over plans committee yesterday at the ACME over 230 aspirants are to be screened. within the APC in Lagos state has Have you seen those on the to attack National Assembly as road secretariat of the party. “This is a large number, and that is reiterated that the man responsible for Campaign Committee of Jide nothing but an excuse to forestall Members of the committee why each member of the committee the woes of Ambode is Aregbesola. Sanwo-Olu? They are die-hard According to the UBM’s leader, supporters of Aregbesola. Go the reconvening of the legislative include: former deputy-governor is chairing a sub-committee to rise Mr. Fouad Oki, who had in last June, check the list again. Most of those chambers. of the state, Femi Pedro; the up to the challenge. In statement issued by the acting Commissioner for Health, Jide Idris; “We are prepared for this cried out the Osun State Governor who accuse Tinubu of imposing Publicity Secretary of APC, Yekini a party chieftain, Wale Oshun; and enormous job, and and we are was after Ambode, Aregbesola is the candidates on the APC don’t even Nabene, thr ruling party said that it member of the party’s Governor’s even expecting members from head of the Mandate Group, which know how he operates. “Whatever candidate you see considered the new the allegations Advisory Council (GAC), Abayomi the national secretariat to do the is the dominant group under former Governor Bola Ahmed Tinubu’s Tinubu backing in Lagos State by the sponsored Coalition “as a Finnih. work,” he said. in any election is the consensus last-ditch attempt by the National He assured that the committee political family. Moshood Salvador, a former He said it was the group that is choice of the biggest power bloc Assembly leadership of the Senate chairman of the Peoples Democratic would carry out its responsibility President, Dr. Bukola Saraki; his Party (PDP) in the state, who joined without let or hindrance. On insisting on the removal of Ambode. within the party. This means that “Its members cut across every time without numbers, Tinubu Deputy, Ike Ekweremadu and APC officially last Saturday, is also the inclusion of Salvador in the Speaker, House of Representatives, among members of the committee. committee, Balogun said it reflected community, city and shanty of the has to defer to the interest of the Yakubu Dogara to prevent the Speaking with journalists after the the party’s promise that all defectors state. It has its highest concentration bloc which happens after countless reconvening of the National closed-door inauguration, Balogun would be treated equally like the in Alimosho Local Government deliberations must have taken Assembly.” said the setting up of the committee others. The chairman said the APC Area, which is about the largest place,” he said.
GRAND RALLY...
Lagos APC Picks Salvador, Six Others to Screen Ambode, Others
WEDNESDAY SEPTEMBER 19, 2018 ˾ T H I S D AY
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2019 Elections: Sultan, CAN President Sign Peace Deal Iyobosa Uwugiaren in Abuja The Sultan of Sokoto, Sa’ad Abubakar III and the President, Christian Association of Nigeria (CAN), Rev. Samson Ayokunle, yesterday in Abuja signed peace pact to ensure peaceful atmosphere before, during and after 2019 general elections.
While the Sultan was represented by the Emir of Keffi, Dr. Shehu Chindo-Yamusa, the President of CAN was represented by the Prelate of Methodist Church, Rev. Samuel Uche. The peace accord was signed at a Peace Declaration Summit organised by the Nigerian Interfaith Action Association
6.3m Children Died in 2017, Says UN Report No fewer than 6.3 million children under the age of 15 died from mostly preventable causes in 2017, a group of UN agencies said in a new mortality estimates study. The estimate is the equivalent to one child dying every five seconds, according to the new report compiled by the UN Children’s Fund (UNICEF), together with the World Health Organisation (WHO), the UN Population Division and the World Bank. According to the report covering all 183 UN Member countries, including Nigeria, around 56 million children under-five would also die between 2018 and 2030
(NIFAA) in collaboration with local and international partners. The two leaders advised Muslims and Christians to continue to work together, avoid violence, embrace dialogue and be committed toward building communities that were resilient and free from fear. According to them, “We join together to affirm that Nigeria is and shall remain a
country committed to peace and harmony among all of its members, Christian or Muslims, from the north or from South. And that democracy must bring us closer together as a people and not separate us. “We join together in patriotic love for our country and our fellow Nigerians to declare for peace as key stakeholders representing various religious
and ethnic groups in Nigeria.“ They also expressed commitment to embrace a vision of common humanity and speaking publicly of hope for Nigeria’s peaceful and bright future, pledging to demand that free and fair democratic elections should be conducted in peace and for the benefit of all Nigerians regardless of ethnicity, religion or geographical zone.
Similarly, the two leaders resolved to promote peace and understanding in all communities, as the country enters its elections period as well as denounced hate speech and violence. The Peace Declaration Summit was attended by leaders of various religious groups, youth and women organisations, traditional rulers and academics from all over the country.
while newborn babies account for half of the deaths. The study: ‘Levels and Trends in Child Mortality: Estimates developed by the UN Interagency Group for Child Mortality Estimation’, spelt out estimates of mortality among children under age five and children aged five to 14. According to Laurence Chandy, UNICEF Research Director, major progress in reducing child mortality has been made in the last quarter century, with the toll dropping by more than half since 1990. Chandy, however, said “millions are still dying because of who they are, and where they are born.”
Ahmed’s RevenueVerdictVindicates Our Stand on Buhari’s Incompetence, PDP Insists Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) yesterday said that the declaration by the supervising Minister of Finance, Zainab Ahmed, that Nigeria was facing revenue challenges further vindicates its stand that President Muhammadu Buhari lacks the creative capacity and competence to run a productive economy. The opposition party noted that had President Buhari heed wise counsel from Nigerians to accept his incompetence, hands off economic issues, end the corruption in his Presidency and get a strong economic team to manage the country’s economy, the country’s foreign direct investments and domestic productivity would not have collapsed. The PDP in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, blamed the revenue challenge on the
humongous corruption in the Buhari Presidency. This, according to him, provides official cover for leaders of the All Progressives Congress (APC) and cronies of Mr. President to divert and pocket over N10 trillion of the national revenue in the last three years. Ologbondiyan stated: “Nigerians expect Mrs. Ahmed to show patriotism and courage by exposing the corruption in the financial sector under Buhari, set in motion machinery to recover the over N10 trillion looted by the Presidency cabal and channel the fund back into the economy. “Our worry, however, is that nothing much will come out from the supervising minister as those who saw to her appointment are members of the same Presidency cabal that used the disgraced erstwhile finance minister, Kemi Adeosun, as clearing house to fritter away our national resources.”
You Can’t Force Me to Appear Before October 16, Fayose Writes EFCC Victor Ogunje inAdoEkiti Following the threat by the Economic and Financial Crimes Commission (EFCC) that he should appear on September 20 for questioning, the Ekiti State Governor, Mr. Ayodele Fayose has written to the anti-graft agency affirming his readiness to make himself available at the commission’s Abuja office on October 16, 2018. He said he would do this despite what he described as the “hate prejudice, persecution and partiality already demonstrated by the commission.” The governor however, said should the EFCC be so much in a hurry that its investigation cannot wait until October 16, 2018, which is the first day after the expiration of his tenure, “without prejudice to Section 308 of the Constitution, I will be willing to answer questions from your team of investigators should they be willing to meet me in my
office in Ado Ekiti on September 20, 2018” indicated in the EFCC’s letter dated September 13, 2018. According to a statement issued yesterday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Fayose said the letter written by the EFCC to the Customs and other agencies, directing them to watch-list him and arrest him if he attempted to leave Nigeria before the expiration of his tenure raised serious question about the impartiality, independence or neutrality of the Commission. He reminded the EFCC that “in 2007, precisely on December 19, I willingly presented myself for EFCC investigation at your Lagos office,” adding that “There is therefore nothing new or strange in my letter of September 10, 2018, which has been received and treated in bad faith and taste. I thought I was assisting due and fair process of law.”
UNVEILING NEW PRODUCT...
L-R: Secretary to Kano State Government, Alhaji Usman Alhaji; Group Managing Director/CEO, Dangote Cement Plc, Mr. Joseph Makoju; and Supply Chain Director, Dangote Cement Plc, Knut Ulvmoen, during the unveiling of Dangote Cement’s new product“BlocMaster” in Kano...yesterday
APC May Hold Presidential Primary on September 26 Direct primaries should trickle down to all, says Kashim Imam Onyebuchi Ezigbo in Abuja and Michael Olugbode in Maiduguri Barring any last minute alteration in plan, the All Progressives Congress (APC) may hold its presidential primary election on September 26. Also, the party is to commence screening of aspirants latest by Friday. This was part of the revised timetable for primary elections approved at the meeting of National Working Committee (NWC) of APC, which ended late Monday night at the party’s national secretariat in Abuja. THISDAY gathered from party sources that the new date for presidential primary is part of
the revised timetable party events to be announced later today. It was learnt yesterday that though the party had already deliberated on the revised schedule for the primary elections, the leadership had to wait to get confirmation from Presidency that it would not clash with President Muhammadu Buhari’s work schedule before making it public. Under the revised timetable being proposed by the party, screening of House of Assembly aspirants will take place from September 19 to 21 at various state capitals, while screening of all other aspirants is to hold from September 19 to 21at Abuja. With regard to schedule for
party primaries, it said presidential primaries would now hold on September 26, followed by governorship primary which is being planed to hold on September 29. The new dates for the senatorial and House of Representatives are October 2 and October 3 respectively. The National Convention, of the party is billed to take place at the Eagle Square on October 6. According to the earlier schedule put out by the party, the presidential primaries was to hold on Thursday, September 20 where the presidential candidate of the party is to be elected. In the old timetable signed by its National Organising Secretary,
Emma Ibediro, the party also fixed the governorship primary for September 25, while Senate and House Representatives were to hold on September 27 and 29 respectively. APC fixed primary election for the state House of Assembly seats for October 2. Meanwhile, the governorship aspirant of the APC in Borno State, Alhaji Kashim Imam has said that direct primaries remain the best option for determining the party candidate in a democracy. He said those advocating for indirect primaries and consensus are not giving adequate chance to all members of the party.
Court Orders Arrest of Senator Uzodimma over Alleged N200m Dud Cheque AlexEnumahinAbuja Justice Abdulwahab Mohammed of a Grade 1 Area Court, Kubwa, Abuja, yesterday ordered the police to arrest Senator Hope Uzodinma, for allegedly issuing a dud cheque (bounced cheque) in the sum of N200m. Uzodimma, represents Imo West Senatorial District at the National Assembly. Uzodimma and his two companies were accused by one Chima Akuzie, and his company, Chitex Ventures Ltd, of issuing them a N200m UBA dud cheque. However, following an application by counsel to the complainants, Oluwatosin Ojaomo, Justice
Mohammed ordered that the senator be arrested and produced in court over his failure to appear in court to answer to the allegations. Ojaomo in the oral application made before the court noted that Uzodinma was absent in court despite being represented on the previous date by a lawyer, Eze Oguaju, and being aware of the proceedings slated for September 18. He also noted that Uzodinma’s lawyer was also absent and subsequently asked the court to invoke Section 131 of the ACJA 2015 against the defendants by issuing a bench warrant to compel their appearance in court. Delivering ruling, Justice Mohammed said that the court
had at its last sitting rejected a similar application by the complainant to afford the defendants the opportunity to attend court by themselves. The judge noted that Oguaju also promised to ensure that his client attend court on the next date. He further noted that the court had warned that it would, suo motu (on its own) invoke Section 131 of the ACJA should Oguaju renege on his pledge to ensure that his client attend court. He said: “Based on the above, and relying on the available facts, that the defendants are absent and are without legal representation, I am inclined to grant the application made under Section 131 of the ACJA 2015, as made by the complainant’s
counsel. “And also, relying on the record of this court dated 11th day of September 2018, this court hereby invokes Section 131 of the ACJA in ordering the issuance of arrest warrant against the 1st defendant (Uzodinma). “By virtue of the provision of Section 478 of the ACJA, and for their absence, a plea of not guilty is entered for the 2nd and 3rd defendants,” the judge said. He adjourned to September 25 for the defendants’ arraignment. Oguaju had, on September 11, told the court that he filed a motion on notice for preliminary objection dated September 10 challenging the jurisdiction of the court.
T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
A LESSON FROM CHINA
China holds lessons for Nigeria, writes Sonnie Ekwowusi
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hina is fast establishing itself as a new world power especially in the world of commerce. The 20th century arguably was dubbed the American century. Considering the new Chinese economic revolution the 21st century is obviously the Chinese century. China is the cynosure of all eyes at the moment. The Chinese economic power is bringing about a shift in world power from the hitherto world powers to comparatively “underdogs� which used to feed fat from the crumbs that fell from the table of the super powers. Unlike the US-China trade war China is entering the market with unprecedented trade relationships with developing countries which would be of benefit to China as well as the developing countries. Everybody needs China at the moment. President Buhari has just returned from China. (He was in China earlier this year and signed a currency swap with China). With its new technology, large-scale infrastructure and human capital China has been building and developing many capital projects in Africa over the last three decades. In Nigeria, the Chinese are everywhere. The Nigerian markets are flooded with both genuine and fake Chinese products. The sad aspect is that the Chinese are taking over many jobs which most young unemployed Nigerians regard as menial jobs or jobs for the never-do-wells. While a typical Nigerian unemployed graduate is happy roaming the streets in search of elusive oil-company jobs, the Chinese boys, in their simple shorts and T-shirts are taking over the so-called abandoned menial jobs and excelling in them. Very soon China boys would start invading Nigerian villages to take the abandoned farm lands and use them for intensive mechanised agriculture. In launching itself out as the new economic superpower, China has been able to convert its huge population into a marketable asset. Like India, China is reaping dividends from its growing population. Instead of sitting down and lamenting about its bourgeoning population, China reaped enormous demographic dividends from their respective large populations in the last 30 years. China now perceives its population as its power. You will recall that for about four decades the Chinese government has imposed one-child policy and subsequently two-child policy in China. The policy was aimed at radically reducing the birth rates in China. The strange phenomenon is referred to as the female gendercide or war on baby girls. Under the policy, the human rights of millions Chinese women were violated as they were forced to undergo abortion, sterilisation, IUD insertion. But unfortunately the policy backfired on China. One of the negative repercussions of the policy was the gender imbalance (male-female imbalance) in China. Under a screaming cover entitled: “Gendercide: What happened to 100 million baby girls?� the London Economist, March 6th to 12th edition 2010 decried the tragedy. The implementation of the birth limits put enormous pressure on many families to have preference for boys for inheritance reasons. Consequently the girl-child was killed in the womb. Once the test showed that the child in the womb was a girl she was automatically sentenced to death and killed. As
IN LAUNCHING ITSELF OUT AS THE NEW ECONOMIC SUPERPOWER, CHINA HAS BEEN ABLE TO CONVERT ITS HUGE POPULATION INTO A MARKETABLE ASSET
a result the male population in China outstripped that of the female. Young men below the age of 20 exceeded their female counterpart with 32 million thus creating a whopping malefemale gender gap and imbalance. Marriageable Chinese young men could not find Chinese females to marry because there was scarcity of females in China. In order to remedy this abnormally the Chinese authorities have now relaxed the implementation of the birth-limit laws in China. China is growing old. It does not want to evaporate from the face of the earth. Therefore the Chinese authorities have resolved to scrap the birth control policy. The implication of scrapping the birth control policy in China is that the Chinese parents would exercise their fundamental human rights and have the number of children they want. Under the title, Gendercide: The war on Baby girls winds down, The London Economist reported that China, India, Pakistan, Vietnam and South Caucasus have abandoned their birth-limit laws because these laws have engendered a catastrophic gender crises in their countries. The report stated that the Chinese authorities have allowed Chinese women to return to the state of nature, that is, to start giving birth to children without any restrictions. The immediate fruit of this is already being reaped. The sex ratios in China are becoming normal. According to Bloomberg article, the scrapping of birth control in China would not lead to a baby boom in China because not all Chinese women are even capable of giving birth to children. In scrapping the birth control policy the Chinese government is implementing the “independent fertility policy� that would boost the birth rate in China. The Chinese example is a big lesson for Nigeria. In Nigeria, the birth control methods are being imposed on Nigerian women and girls by the Federal Ministry of Health, National Population Commission (NPC), government hospitals and others. The methods range from the emergency contraceptive morning after pills to the hormonal ones, such as birth control shot, contraceptive patch, IUD and Implant and others. The tragedy is that some of these birth control methods are irreversible methods, otherwise known as permanent contraception methods, which include tubal implants and vasectomy. If the birth control policy is hurting China and it has now resolved to scrap it in order to implement the “independent fertility policy�, why is Nigeria implementing a “birth control policy�? Nigeria should scrap the “birth control policy�. To begin with, the “birth control policy� is illegal and unconstitutional. It is a violation of the human rights of Nigerian woman and girls. China is conquering the world today thanks to the vibrant young people that constitute the Chinese population. The Chinese economy has been growing steadily in the last 20 years (in fact it the fastest growing economy in the world today). Nigeria should learn from China. The vibrant young people that constitute the bulk of Nigerian population should not be seen as a burden rather should be seen as a vibrant work force that should be used to fast-track Nigeria’s economic growth.
THE POLICE AND OSUN STATE ELECTION Godwin Etakibuebu argues that the deployment of 40,000 police men to Osun is excessive
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he governorship election of Osun State in South/West geo-political zone of Nigeria is holding this week Saturday, September 22, 2018, and it seems all government apparatus connected with elections are fully prepared. The Independent National Electoral Commission (INEC) is prepared and fully committed to the election next Saturday, according to its announced plans and these include stopping buying and selling of votes as witnessed in the Ekiti State governorship election last July. The Nigeria Police Force has just rolled out its plan in ensuring that a “very free and fair� election holds in Osun State, come Saturday. The plan as announced by the Police in Abuja over the weekend says that the Inspector-General of Police, Ibrahim Kpotun Idris, has approved and in fact dispatched, one Deputy Inspector-General of Police [Joshak Habila in charge of Operations], one Assistant Inspector-General of Police, eight Commissioners of Police, 30 Armoured Personnel Carriers, 300 Patrol Vehicles and [unbelievable] 40,000 personnel: comprising the Police Mobile Force, Counter-Terrorism Unit, the Special Protection Unit, the Anti-Bomb Squad, Conventional Policemen, the Armament Unit, Personnel of the Federal Investigation and Intelligence Department, IG Monitoring Team,
IG Intelligence Response Team, Sniffer dogs section and the mounted troop unit. Deploying a whopping 40,000 police personnel in addition to other security agencies like the Nigerian Army, the Nigerian Navy, the Nigerian Air-Force, the Directorate of State Services [DSS], National Security and Civil Defence Corps [NSCDC], Federal Road Safety Corps [FRSC] to one state [just only one state] for an election must find a place in the World Guinness Record. There is need to analyse the advantage and otherwise cum the implication of this huge deployment. Let us recall that the first time such huge deployment took place in Nigeria was during the last Ekiti State governorship election of July 14, 2018, where 30,000 police personnel, among other security practitioners were deployed. The government of the ruling political Party [APC] needed to win the Ekiti State election by all means so that it could showcase same to the world as evidence of Nigerians’ continued acceptability of the party and President Muhammadu Buhari. In so doing the ruling party committed lots of atrocities which included, but not limited, to the sitting Governor of the State, a member of the opposition party [Peoples Democratic Party] being placed under house arrest for two days - effectively stopping him from going
out to campaign for the last two days of the exercise. This was done by combination of police and military personnel drafted into the state by the federal government for the purpose of that election. I must however refrain from discussing most of the negative fallout of that chaotic usage of power by the APC government for now, as they are likely to be points of contest in the law court, where litigation bordering on the legality of the verdict declared by INEC is being contested between the PDP and the APC. But suffice to say that Ekiti State’s 30,000 police personnel deployment had no “acceptable advantageous colouration beyond the crude political principle of intimidation by a ruling party against the opposition.� If the 30,000 police personnel deployed to conduct election in Ekiti State about two and half months ago was appropriately condemned by all as “overkill� how would the deployment of 40,000 personnel of the same Nigeria Police Force into Osun State for the governorship election be described? What purpose shall a 40,000-man squad meant to serve in Osun State when the place is not a war zone? Obviously, there must be more to the deployment than meets the eyes. It could not be an exercise for maintenance of law, order and sustenance of rule of law for democratic development in Nigeria.
Come to think of it, this deployment is being prosecuted by the same federal government that could not deploy 5000 police personnel to crisis flashspots in Benue and Plateau States to stop the killings being carried out by Fulani herdsmen against the indigenes of both states, in addition to other states of Adamawa, Kaduna and Taraba. The interpretation of this massive deployment is that the APC government under the leadership of Buhari is perfectly prone to deploying troops to capturing of votes than to preservation and protection of lives. It is just unfortunate that this dangerous deployment of federal might for the sole purpose of capturing votes at any rate is starting from the South/West geo-political zone. One is being reminded that it happened before when votes were pursued anyhow during the general election of 1964 and the federal might was callously deployed to intimidate the opposition. The action led to resistance by the Yoruba people who believed that their votes have been stolen by the federal power, and this resistance led to “operation wetie� in the West and later “wild-wild-West�. The exercise cumulated in the bitter history of 1966, well-known to all of us today. It is not worth repeating that tragic journey. Etakibuebu, a veteran Journalist, wrote from Lagos
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T H I S D AY WEDNESDAY, SEPTEMBER 19, 2018
EDITORIAL TACKLING THE LAKE CHAD CRISIS For there to be any enduring peace, the people of the region need to be empowered
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n a bid to contain the grave humanitarian crisis in the Lake Chad Region, a two–day conference was last week held in Berlin. Co-hosted by Germany, Nigeria, Norway and the United Nations, it was a follow-up to last year’s Oslo conference and focused on humanitarian assistance, protection of civilians, crisis prevention and sustainable development in the conflict-ridden Lake Chad Basin. At the end of the well-attended meeting, funds were pledged to help shake the region out of its long humanitarian and economic funk. The US$2.17 billion in grants and the US$467 million in concessional loans “pledged for the Lake Chad region are a strong endorsement of our new way of working together to address both the humanitarian needs and the root causes of the crisis in the longer term,” said UNDP administrator Achim Steiner. “In this way, our response to a crisis is also an opportunity to invest in a future where crises are less likely and nations are more resilient.” We thank the donor agencies, particularly the 17 UN Member States, the European Commission, the World Bank and the WE THANK THE African Development Bank for this bold DONOR AGENCIES, life-saving venture. As PARTICULARLY THE 17 Mr Mark Lowcock, UN MEMBER STATES, Emergency Relief THE EUROPEAN Coordinator rightly COMMISSION, THE observed, over 10 WORLD BANK AND THE million people in the AFRICAN DEVELOPMENT Lake Chad region are in dire need of BANK FOR THEIR LIFEhumanitarian aid and SAVING VENTURE protection as violence, hunger and famine are on the rampage. The money pledged, if redeemed on time, will help in cushioning the plight of the neglected. The Lake Chad Basin has long been a seat of lifethreatening crisis. Situated on the extreme northern part of Borno State and sharing border with Niger Republic, Cameroun and Chad, Lake Chad, once rated as one of the largest water bodies on the continent, has
Letters to the Editor
shed more than 95 per cent of its size. Its surface area has been reduced from 25,000 square kilometres in the 1960s, to less 4,800 square kilometres today. Experts have attributed the shrinkage to a number of factors including climate change, overgrazing, excessive and inappropriate demand for water resources, as well as poor enforcement of environmental legislation. A combination of these factors has had adverse effect on the lake so much that it is increasingly difficult to support the millions of people who depend on it for their livelihood. Indeed with lack of water for irrigation leading to crop failures, livestock deaths, collapsed fisheries and soil salinity, Lake Chad has almost lost all the attributes with which it had sustained lives and thriving economic activities over the years.
H 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 TO SEND EMAIL: first name.surname@thisdaylive.com
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ADEOSUN AND THE ANTI-GRAFT FIGHT
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nd it came to pass that after months of back and forth tussle over the NYSC (National Youth Service Corps) discharge certificate of Mrs Kemi Adeosun, she resigned her appointment as the Minister of Finance. First of all I celebrate her ingenuity in handling her portfolio over the few years spent and also her courage to resign. Resignation is not the forte of Africans; if you doubt it just take a look at Robert Mugabe and Paul Biya. Adeosun was raised in a clime where there is a perfect distinction between good and evil, not evil and less evil. Mrs Adeosun took responsibility for her actions even though it was obvious that the whole brouhaha was part of a high-wired conspiracy in the government she worked for. I credit her for choosing the path of honour. Since the news of her resignation filtered out, there had been plaudits from some quarters applauding the All Progessives Congress for her anti-corruption crusade. I smiled because such submissions remind me of the dictum in Yoruba folklore that involves a fink that calls the thief to come and steal the farm produce and calls the farmer to apprehend the thief. The arbiters of corruption in this govern-
owever, the crisis in the region is exacerbated by the almost decade-long insurgency in Northeast Nigeria by the militant Islamic group, Boko Haram. The militants’ horrific attacks across the borders from Nigeria into the countries of the Lake Chad Basin had led to the death of thousands of civilians while millions of others have been displaced. This has led to a huge refugee crisis and famine. Indeed, some seven million people made mostly of women and children are reportedly living under inhuman conditions, some bordering on starvation. At a recent regional meeting to find a solution to the problem, the United Nations Development Programme (UNDP) Resident Representative in Nigeria, Mr Edward Kallon, said despite the progress made on the security and humanitarian front in recent years, more needed to be done to assure the people of the Lake Chad Basin of their safety. “The people of this region have suffered for far too long and we need to redouble our collective efforts to address the underlying causes of the crisis,’’ he said. This is why we appreciate and welcome the efforts aimed at resuscitating economic activities by recharging the lake and sustaining the peace in the region. For there to be any enduring peace and security, the people of the region need to be economically empowered.
ment also double as the crusader of the act. The frustration of Kemi and her eventual resignation is an indictment on the anti-corruption nonsense the APC claims she’s fighting. Given our remit as a people who point fingers easily, we have mastered the act of only punishing sins of people not in our camp. Adeosun was not sacked on the grounds of her incompetence, but for a certificate whose importance is almost inconsequential when put side by side with competence. Every day I meet Nigerians with certifications but no intuition, our system has encouraged paper knowledge without practical knowledge or hands-on application. Mind you Adeosun served as Commissioner for Finance in Ogun State using the same exemption certificate, and was also screened by the Nation Assembly for the finance portfolio. The nation’s system is so porous that anyone can bypass it at will, and in her reactionary manner, she cries blue murder after the bypass. The frustration of Mrs Adeosun and her eventual resignation indicates how farther into a distant future the hope of this nation is in terms of being purged of the demon that is corruption. Every time a Nigerian tells you she’s fighting corruption, kindly watch out: she might just be opening an orifice of corruption. Kehinde Oluwatosin Babatunde, Lagos
MAKING ECOLOGICAL FUNDS BENEFICIAL
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he Ecological Fund Office, which is a department in the office of the Secretary to the Government of the Federation, is set to commission about 70 ecological intervention projects in communities across the six geo-political zones of the country. The projects worth billions of naira were approved for implementation by President Muhammadu Buhari in discharging his responsibility of improving the wellbeing of Nigerians. The projects were aimed at ending the devastation and subsequent suffering caused by desertification, gully erosion and flooding in specific locations and communities across the country. There is no doubt that the interventions by the Ecological Fund Office in the affected communities have solved problems that have given sleepless nights to citizens whose means of livelihood and property, including farms, houses and other valuables were threatened by or lost to desertification, flooding and gully erosion. In some of the benefiting communities, whole towns and villages, where hundreds of people live, were saved from devastation by the interventions, thereby safeguarding the wellbeing of the residents. A few days ago some of such projects executed by the Ecological Fund Office were launched in Nasarawa and Akwa Ibom States. The locations of
the projects reflect the diversity and spread of the interventions. In Nasarawa town, a 2.5-kilometre drainage to control gully erosion and road improvement projects were executed. Both were inaugurated by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami on behalf of President Buhari. In riverine Akwa Ibom State, four roads and drainage networks to check flooding in Ikot Ekpene were launched on behalf of President Buhari by the Minister of Industry, Trade and Investment, Dr. Chukwu Elemela last week. Additionally, the minister inaugurated a channelisation project which diverted a stream that was causing flooding in the community. With these projects, leaders of the community said that they were saved from the perennial flooding and gully erosion that gave them sleepless nights. The federal government awarded contracts for the projects in June 2017 for N451 million. They were completed on schedule in January 2018. The Akwa Ibom State Commissioner for Environment, who represented the state governor during the launching ceremony, expressed delight for the gully erosion, roads and flood control projects. He praised President Buhari for providing the facilities, and urged the federal government to execute similar projects where they are needed in other parts of the state. Salisu Na’inna Dambatta, Abuja
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T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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T H I S D AY • WEDNESDAY, 19, SEPTEMBER, 2018
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MIDWEEKPOLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
A N A LY S I S
Who Wins PDP Presidential Ticket? As the Peoples Democratic Party (PDP) recently flagged off activities ahead of the 2019 general elections in the country, the interest of about 12 presidential aspirants have forced the party’s Board of Trustees (BoT) to set up a committee that will pick a consensus candidate, writes Adedayo Akinwale
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he National Working Committee of the Peoples Democratic Party (PDP), has since started sale of Expression of Interest and Nomination forms for its members seeking to contest various offices in the 2019 general elections, thus increasing the pace of political activities at the Wadata Plaza, the National headquarters of the PDP in Abuja as political office seekers come in on daily basis to purchase forms. The opposition party pegged the expression of interest forms for presidential aspirants at N2 million, while nomination form is pegged at N10 million. Also, expression of interest form for the Governorship election is pegged at N1 million, while nomination form is N5 million. Similarly, expression of interest from for the Senate is pegged at N500, 000, while nomination form is pegged at N3 million . Expression of interest form for the House of Representatives is pegged at N500,000, while nomination form is N1.5 million. The party’s nomination forms for national delegates is pegged at N20,000, while that of three ad-hoc delegates is pegged at N5,000. The party has directed all aspirants for Presidential, Governorship, Senate, and House of Representatives to purchase their forms at the national headquarters of the party in Abuja, while all aspirants for State House of Assembly elections are to purchase their forms at the national or state party secretariats. The party however exempted all female aspirants from payment for purchase of nomination forms for all offices except national ad-hoc delegate categories. When compared with 2015 general elections, the main opposition party revised downward its fees. In 2015, the then ruling party pegged its presidential nomination and expression of interest form at N22 million in 2015, while that of governorship was N11 million . I n 2015, the Senate was N4.5 million, while House of Representatives was pegged at N2.5 million. The House of Assembly was pegged at N1.2 million. Political heavyweight jostle for PDP ticket Despite the party selling forms for various political positions, the presidential ticket has attracted so many political heavyweight within the party. As at last count, the opposition party already has 13 aspirants jostling for its presidential ticket. Those in the race for the presidential ticket of the PDP are: former Vice President, Atiku Abubakar; Sokoto State Governor, Aminu Tambuwal; Gombe State Governor, Ibrahim Dankwabo; President of the Senate, Dr. Bukola Saraki; former Governor of Jigawa State, Sule Lamido; former Governor of Kaduna State, Ahmed Makarfi; and former Minister Special Duties Duties and Inter-governmental Affaires, Kabiru Tanimu Turaki. Others are: former President of the Senate, David Mark; former Governor of Kano State, Rabiu Musa Kwankwaso; a former Governor of Sokoto State, Attahiru Bafarawa; a former Plateau State Governor, Jonah Jang; Mr. Stanley Osifo and a former Senator, Dr. Baba Datti Ahmed. Presidential aspirants disagree on consensus candidate However presidential aspirants on the platform of PDP seem not to agree on a consensus candidate. While some think it is the best if an agreement could be reached, others think it will be undemocratic. A former Speaker of the House of Representatives and Governor of Sokoto state, Aminu Tambuwal said that having a consensus candidate in the 2019 general elections was part of democratic process. Tambuwal, said, “I can’t say there is no need for consensus; it is part of democratic process. If there is a possibility of it, why not? If it is not possible, then, we all go for the primaries.
forthcoming election will be free, fair, credible and transparent.
Atiku
Jang
Saraki
David
But I believe that PDP of today is capable of organising free, fair, credible and transparent primaries.” Also, Presidential hopeful and former Minister of Special Duties, Kabiru Tanimu Turaki said that no agreement has been reached about presenting consensus candidate. He said; “the position of the party is that the party is not forcing the aspirants to a consensus, the party just wants the aspirants to discuss among themselves. I cannot tell you on good authority now the position, because each aspirant has been coming here to pick the form. So that presupposes for now that there is no discussion amongst them for a consensus, otherwise only one person would have probably picked the form at this stage.” On his part, the former governor of Sokoto State, Attahiru Bafarawa, vehemently opposed presenting consensus candidate, saying it is undemocratic. He noted; “I think you people are not interested in democracy. If we are talking of consensus at least we are players. I expected you to be a good watchers of the playing ground so that you can see how the game is going to play. If we say that we are going for consensus, what
Lamido
Tambuwal
Makarfi
are we going to do with it? We agree we are all brothers. We see it as a game. “Therefore, if anybody is interested in withdrawing himself from the race, it’s a welcome idea. But talking of consensus you are going to fall like APC where we are going to have a one-man show. “We don’t want to go for one-man show. We want to practise democracy so that people will choose their own better candidate. For example, if APC is playing democracy, they will allow an least three to four aspirants to aspire for the position. But because the party is a limited liability company while PDP is a public limited company, it is welcome by everybody,” he noted. Meanwhile, former governor of Kano state, Rabiu Musa Kwankwaso said presenting a consensus candidate is the best. “if the window exist, which I know it does, presenting a consensus candidate is the best,” he sake. The opposition party appears to have learnt some lessons having been out of power for more than three and half years. It has insisted that it won’t force a consensus candidate on the aspirants. The party has also assured that the process of picking a candidate for the party in the
PDP BoT moves to forestall post primary crisis In a move to avoid post primary crisis that may lead to party implosion, the PDP Board of Trustees (BoT) last week met and barred its members from campaigning for any presidential aspirants on the platform of the party. The BoT Chairman, Senator Jibril Walid revealed that the board was working to ensure that it reduces the increasing number of presidential aspirants but noted that it would not force any aspirant from stepping down. He stated: “If you are a member of BoT, you remain as a member of BoT and conscience of the party. They should not move about with any aspirant. If we are really conscience of the party, we should not move about with aspirants. That was what happened during the last national convention when we elected the National Chairman. Some of us went and pitched camp with aspirants, taking them all over the place. “This time, we will not allow that to happen. Anyone of us who moves about with any aspirant should resign from the BoT. We are the one that will settle the complain. But if we are involved, it will not be fair. So we have told the members not to campaign with the aspirants; we are also the delegates.,” the BoT chairman said. Walid also revealed that the BoT also deliberated on the current situation in the party as regards the increasing number of aspirants, while recommending that the situation should be well managed in order to avoid crisis. He said; “The presidential aspirants are 13, we are trying our best to ensure that the number is reduced. But we are not forcing anybody. More consultation going among the elders. We are going to bring out a committee that will be best for Nigerians. We are forming a committee to meet with the aspirants. After that we will decide on what to do. We have decided to form a special committee to advice the NWC.” The BoT insisted that there should be free and fair elections during the forthcoming primary and there should be no impunity, and no godfatherism. Sets up Committee to choose consensus candidacy The BoT earlier in the week revealed that it has set up a 12-member committee to discuss with the party’s 13 presidential aspirants, with the view to picking one of them as consensus candidate. Though the BoT refused to reveal the identities of the member of the committee. The Chairman of the BoT confirmed in a text message that the committee would impress it on the aspirants the dangers inherent in having such a large number of them in the race. Jibrin who admitted that the present number of aspirants was complex, saying that there were fears that there could be disagreement among the contestants that could lead to major divisions after the primaries. He stated: “A committee has been set up to discuss with all the aspirants to come up with one of them as a consensus candidate. We have 13 of them in the race. We have also advised the leadership of the party to regulate the processes and draw a code of conduct to guide the conduct and behaviour of the aspirants and officials to be engaged in the selection process.” “Consequently, the BoT has forwarded its full recommendations to the National Working Committee (NWC) of the PDP for consideration,” Jibril stated. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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T H I S D AY • WEDNESDAY, 19, SEPTEMBER, 2018
POLITICS
A Strong Challenge from Ogun East Femi Ogbonnikan takes a close look at the bid to clinch the All Progressives Congress governorship ticket by Otunba Bimbo Ashiru, former Ogun State Commissioner
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hen Ijebu-Remo Agenda, a group championing for the return of the governorship kf Ogun State to Ogun East, in 2019 picked Otunba Bimbo Ashiru, former Ogun State Commissioner for Commerce and Industry, hardly did it dawn on many political watchers that the clime was set for a keen contest. The promoters of the Agenda have been fable to prove that they are well prepared for the task. Ogun West is equally laying a strong claim to the number one plum job in the spirit of fairplay, justice and equity. Besides, the agitation has got the full blessing of the incumbent governor, Sen Ibikunle Amosun, who in conjunction with the state leadership of the All Progressives Congress (APC) are leaving no stone unturned, has zoned the governorship ticket to Yewa-Awori zone and adopted a “consensus candidate” model which produced Hon Abdulkabir Adekunle Akinlade, a serving legislator, who is representing Yewa South/Ipokia Federal Constituency at the National Assembly. Like a payback time, and in his magnanimity, the governor resolved to cede baton of power to Ogun West, a district that has never, in the annals of the creation of the state in February 1976, produced a governor. Within a jiffy, ten governorship aspirants (Chief Biyi Otegbeye, Engr Temitope Kuyebi, Hon Adekunle Akinlade, Hon Abiodun Akinlade, Chief Tolu Odebiyi, Prince Aderibigbe Tella, Rt Hon Suraj Adekunbi, Abayomi Hunye and two others), of Ogun West extraction, joined the fray to cash in, on the opportunity provided to prove their mettle. However, penultimate wednesday, precisely September 13, the governor, Sen Ibikunle Amosun,
Ashiru
like a prepared script, invited 10 wise men (Engr Demola Edun, Amb Abodunrin Adesola, Alhaji Bashir Fadairo, Tokunbo Fakeye, Dr Kunle Salako, Chief Dapo Oke, Mr Ogooluwa Akinleye, Chief Tunji Akinosi, Alhaji Mohammed Olagbayi and the other) of Yewa-Awori stock, to the basement of his private residence located at Ibara Housing Estate, Abeokuta, to chart a new course of action for the pet project of producing an Ogun State APC governorship consensus candidate where the lot fell on Hon Abdulkadir Adekunle Akinlade. But the process that brought about the emergence of Akinlade has come under scathing attacks, criticisms and condemnations, just as critical party stakeholders drawn from across the three senatorial districts have faulted the unilateral approach of the governor, in conjunction with apex body of the party in the state, without
recourse to their inclusion in the decision-making processes. They claimed they were neither privy to the “consensus candidate” arrangement, nor carried along, before the decision was mooted. Likewise, the adoption has drawn a wedge between a sizeable number of the aspirants who are unfavourably disposed to the process of the emergence of Akinlade, and the state leadership of the party. While three of the aspirants (Tolu Odebiyi, Suraj Adekunbi and Biyi Otegbeye) have been compensated with the National Assembly slots as consensus candidates, Tope Kuyebi has obtained a nomination form to vie for Yewa North/Imeko-Afon Federal Constituency. With the exception of Abayomi Hunye who has dared the state leadership of the party and resented the “consensus governorship candidate” model had obtained the nomination form in order to slug it out with Akinlade. But, the action of the Ipokia-born politician has drawn the ire, and even attracted an outright condemnation of a few Yewa-Awori elite youths that see him as a perceived enemy, routing for the fifth columnist in a bid to derail the adopted consensus model process. Relapsing in a slough of despondency over the inauspicious faith in the “consensus” model, five Ogun East Senatorial district aspirants (Sen Adegbenga Kaka, Otunba Bimbo Ashiru, Prince Dapo Abiodun, Arc Abel Opayemi and Otunba Jimi Lawal) had also obtained the governorship nomination forms and are cock-sure of coasting home to victory during the “direct primaries”. Bouyed by its strong economic power base, unity of purpose and size of the Local Government Areas, (Ijebu-Ode, Ijebu North-East, Ijebu East, Ijebu North, Ogun Waterside, Odogbolu, Remo North, Sagamu and Ikenne), nine in number
and the largest among the two other districts (Ogun West and Ogun Central), it is the view of the sons and daughters of Ogun East who are predominantly thriving entrepreneurs and super-rich, that the district is capable enough, without resorting to fund-raising, to do the magic and present a consensus candidate. This is, in no doubt, that the adoption of Ashiru, 55-year-old, by the “Ijebu-Remo Agenda” late last November, is strategically to prepare and position him for the task ahead and also drum up support for his eventual emergence as the next governor of Ogun State. In a bid to achieve his dream, Ashiru, who until Monday, September 10, tendered his resignation letter from the cabinet appointment, was Ogun State Commissioner for Commerce and Industry. He disengaged from the appointment in order to prosecute his governorship ambition on the platform of All Progressives Congress (APC). It was gathered, Ashiru, the longest serving Commissioner in the ministry resigned, following his resolution to vie for the governorship position, having obtained an APC nomination form to enable him participate in the APC primaries slated for Tuesday, September 25, 2018. The outgoing Commissioner, who hails from Ijebu-Ode, in Ogun East senatorial district and one of the kitchen-cabinet members, confirmed his resignation on phone to our correspondent, just as he thanked the governor and entire people of Ogun state for allowing him to serve his fatherland as one of commissioners deployed to one of sensitive ministries in the state. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Finally, APGA Fields Presidential Aspirant Onyebuchi Ezigbo in Abuja After years of absence in the presidential contest, the All Progressives Grand Alliance (APGA) has announced it’s readiness to participate in the 2019 presidential election. the party’s flagbearer will emerge at its non-elective convention scheduled for October 7.
Addressing journalists at the end of the meeting of the National Working Committee (NWC) of the party, the National Chairman, Victor Oye said a presidential aspirant, Maj. Gen. John Gbor (rtd) who hails from Benue State as well as an aspirant for the Vice Presidential : Jerry Chukwueke from Imo State have purchased APGA’s
nomination forms. He said that he and members NWC of the are working hard to improve the fortunes of the party. Oye hinted that the leadership of the party is making arrangement to organise a transparent primary election that will be a model in the country.
Speaking about preparations for the 2019 general elections,, Oye said that APGA has witnessed remarkable rise in the number of aspirants that purchased its expression of interest and nomination forms, adding that the party has sold its nomination forms in the whole of the South West, Zamfara, Niger, Gombe,
Plateau and Taraba states. “ People have been comming to buy our forms and for the first time in the history of this country, APGA can match the top political parties in the sale of forms. APGA manifesto is ranked the best in the country. That tells you that if APGA is given the opportunity to manage the affairs of Nigeria,
we will do very well,” he said. When asked to disclose the amount the party has raked from sale of forms, Oye said that the figures are not yet ready but that the party has harvested more aspirants than it did in the past. Oye said the party has very bright chances of upstaging other contenders.
Nwulue Says UPP Can Win Imo Governorship Osun ADP Guber Aspirant Promises to Complete Road Projects credible political platform, he Democratic Party (PDP) Nseobong Okon-Ekong The United Progressives Party, UPP governorship candidate in Imo State, Hon Tony Nwulu has harped on the need for the electorate to embrace a party that offers credible political alternative that can ensure prosperity to the people . Nwulu described the UPP as a vibrant political party that is focused on advancing Igbo interest having been founded by a great son of Igbo land and former All Progressives Grand Alliance (APGA) National Chairman, Chief Chekwas Okorie. He said Okorie was the original visioner of APGA which he has now brought to the UPP. He said the UPP has continuously demonstrated a firm belief in championing the economic growth and development of the Igbo nation and has become a rallying point for all Igbos at home and in Diaspora. Speaking to newsmen on the viability of the UPP as a
said the party has thrown its doors open to all segments of the Imo electorate especially the youths below 30 years, the physically challenged persons and female aspirants who are exempted from purchasing the party’s Nomination and Expression of Interest Forms. Nwulue insisted that one does not need to belong to a “big political party” to cruise to victory during elections. He stated that such practice was no longer fashionable. The lawmaker who represents Oshodi/Isolo Federal Constituency in the House of Representatives, recalled that despite the strength of the “big parties” some candidates have emerged victorious on the platform of the “lesser political parties”. He recalled that Governor Rochas Okorocha of Imo State won the 2011 governorship election on the platform of APGA defeating the former Governor Ikedi Ohakin who ran on the platform of a big political party, the People’s
He also stated that Hon. Danjuma Shida from Taraba State was elected to the House of Reps on the platform of APGA despite PDP’s popularly in that state. Nwulu added that another federal lawmaker who represents Mushin State Constituency won his election on the platform of Accord Party to the House of Reps in an APC controlled Lagos State. He said “ What is important for any politician or aspirant is to be on the ballot. If you are on the ballot, your victory in an election is brighter. The voters will be able to make an informed choice on who they will cast their votes for. The so called lesser or small political parties provide the platform for candidates to be on the ballot. The UPP is one of such political platforms because we have a non cumbersome and non exploitative mechanism that allows the right aspirants to emerge as candidates of the party. You do not need to belong
Yinka Kolawole Osogbo Action Democratic Party (ADP) candidate in Saturday’s Osun governorship poll, Alhaji Moshood Adeoti, has promised to complete all road projects initiated by the present administration in the state,. Addressing supporters at a rally at the Nelson Mandela Freedom Park, Osogbo, Adeoti said he would also dialogue with the federal government regarding the slow pace of work on Osogbo/Ilobu/ Ogbomoso road, Osogbo/Ila Odo road, as well as Osogbo/ Ilesa road. He also promised to embark on construction of more roads across the state and ensure that full compensations were paid to all those that lost properties to the construction of roads embarked upon by the Governor Raid Aregbesola administration . As part of measures to stimulate the economy, Adeoti
also said Orisumbare Market would be rebuilt to meet the needs of the people and also complete the abandoned Dagbolu Regional Market. According to Adeoti, the popular Ajegunle Spare Parts Markets would be developed, adding that vital decisions have been reached with traders on how to expand the scope of business in the market have been worked out. The ADP governorship aspirant further averred: “Our government will take care of the interests of the non indigenes in the state. We will make the state comfortable for them to live in. Women will also play prominent roles in our government. Addressing the rally, running mate to ADP governorship candidate, Prof. Adeolu Durotoye, berated those campaigning for continuity of the All Progressives Congress (APC) government in the state. According to him, whoever
is pushing for continuity of the incumbent government, is advocating for continuity of hunger, half salary, suffering and capital flight and asked them to ensure that harsh economic condition current administration has put the state is brought to an end on Saturday. He appealed to the electorate to disregard insinuations that ADP candidate, Alhaji Adeoti would return to APC, saying the real progressive elements in both APC and PDP have since regrouped under the Action Democratic Party (ADP). On the protracted issue of LAUTECH, Durotoye said an ADP government would resolve the ownership crisis bedevilling the institution within one month of getting to power. He said: “”We will reverse same uniform policy introduced by the present administration. Clothing material sellers, fashion designers would have job to do, working on uniforms for our students.”
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430
Katsina: Expanding the Enrollment of the Girl-Child in Schools Francis Sardauna writes that the kickoff of the 2018 disbursement of girls' scholarship by Governor Aminu Masari, in collaboration with Nigeria Partnership for Education Project, will increase the enrolment of the girl-child in schools across Katsina State
E
ducation is a fundamental human right that should be availed all citizens, irrespective of age, sex and nationality. It is a process through which an individual acquires knowledge and realises his/her potentialities and uses them for self-actualisation, to be useful to the society. The importance of education in the life of an individual cannot be overemphasised. It is the light that shows the way by removing the darkness of ignorance; the salt that gives the taste of life, the medicine that cures, and the key which open doors. According to a Chinese proverb, education is the best legacy to give to a child because “giving your child a skill is better than giving him one thousand pieces of gold.�
Norms Despite the importance of education, many girls of school age in Nigeria today do not have adequate education, especially in the North. In the region, usually, when a girl clocks 12-14 years old, the elders of the community, including her parents, give her out for marriage. Notwithstanding that a girl who is given out in marriage at such very tender age is placed at very high risk. First, she is not mentally matured to be a mother, neither is her body physically ready to give birth. In many parts of Africa, the traditional belief is that a woman’s place is in her husband’s kitchen and her primary role centres on the home. This belief has kept many girls away from away from school. This is despite the Child’s Rights Act of 2003, which prohibits child marriages and betrothals. In section 21 of the 1999 Constitution of the Federal Republic of Nigeria, any marriage contracted by anyone less than 18 years old is invalid. This is why there have been a lot of emphasis, particularly in recent times, for all citizens to have access to basic education. When a girl is given out in marriage at a very tender age, to a man who is old enough to be her grandfather, her right as a human has been abused. She has also been deprived of her right to education and will be doomed to be an illiterate forever, if her husband does not give her the opportunity to go to school after her wedding.
Pre-primary and Integrated Qur'anic Schools beneďŹ ted from the N150,000 scholarships
Leading the Change in Kastina In recent times, it has become quite clear that investing in girl-child education is vital to driving human capital development in Nigeria, particularly in the northern part of the country. It is against this background that the Katsina State Government, under the leadership of Governor Aminu Bello Masari, on September 6 kicked off the disbursement of the girls’ scholarship, Female Teacher Trainee Scholarship Scheme (FTTSS) under the support of Nigeria Partnership for Education Project (NIPEP), at Rimi Local Government Area. The educational schemes were aimed at improving the enrolment and empowerment of the girl-child in schools across the three senatorial zones of the state, where the state government designated the sum of N1,727,010,000 to cater for the improvement in access and quality of basic education, with particular emphasis on girl-child education in the state. During the flag off of the scheme, 61,873 girls received the sum of N20,000 each. Out of these beneficiaries 36,865 were primary one girls, while 17,045 girls were selected from primary two and 7,963 were girls from primary three respectively.
Governor Masari awarding N50, 000 each to the Female Teacher Trainee Scholarship Scheme beneďŹ ciaries
The educational schemes were aimed at improving the enrolment and empowerment of girlchild in schools across the three senatorial zones of the state. The state government designated the sum of N1,727,010,000 to cater for the improvement in access and quality of basic education, with particular emphasis on girl-child education
Accordingly, the School Based Management Committees from the selected schools were not left out, as the governor in his determination to revamp girl-child education in state, doled out N250,000 to each committee, while 1,845 pre-primary and Integrated Qur’anic schools received N150,000 each. Masari while distributing the funds to the beneficiaries, said: “The objective of the girls’ scholarship is to support parents to ensure that the girl-child attends school regularly, while the School Improvement Grant (SIG) is to support school School Based Management Committee (SBMC) to implement minor activities in their respective schools that will support increased enrollment, retention and completion for all pupils especially the girl-child. “For the FTTSS, 361 female teachers have been supported with the sum of N50,000 each to further their education and obtain the minimum teaching qualification of NCE. The FTTSS programme has led to a significant increase in gross enrollment of pupils from 86 per cent in 2016 to 89
per cent in 2017, transition from primary school to junior secondary school increase from 71 per cent in 2016 to 82 per cent in 2017, teacher pupils ration reduced from 1:160 in 2016 to 1. 76 in 2017 and gender parity index reduced from 0:77 in 2016 to 0. 84 in 2017."
Global Partnership Education Project On his part, the state Commissioner for Education, Dr. Badamasi Lawal Charanchi, said the Global Partnership for Education Project (GEP) had supported the Nigerian government with $100 million in order to address issues related to education service delivery, especially at the basic level with particular emphasis on girl-child education. According to him, Katsina was among the five states that are benefiting from the project, which will run for a period of four years, adding, “We are now in the third tranche of the disbursement exercise.�
Construction, Rehabilitation of New Schools Charanchi said the state government had
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FEATURES
Ensuring Safety of Humanitarian Workers and Protection of Civilians in Conflict Zones Mustapha Y. Maihaja
I
n 2008, United Nations General Assembly set aside 19th of August every year to celebrate and bring citizen of the world together to rally support for humanitarian workers and to pay tribute to the aid workers. These humanitarians are people who have lost their lives or survived different threats while providing humanitarian services to persons caught on the web of natural or human induced disasters especially in violent conflict situations. This year marks the 15th anniversary of the terrorist attack in Bagdad, Iraq in 2003 where 22 people lost their lives including the UN High Commissioner for Human Rights and Special Representative of the Secretary General to Iraq, Mr. Sergio Vieira de Mello. The incident marked the epoch of act by terrorists and brought to acknowledgement the vulnerability of humanitarian workers in different parts of the world. Since that attack over 4,000 humanitarian actors have been killed, injured, detained, kidnapped and prevented from responding to those in need. There is every reason therefore, to celebrate these heroes. The Day calls for activities that will increase public awareness about people involved in the provision of humanitarian services as well as on the challenges they face in crisis flash points across the world. This has also brought to the fore the compelling need for concerted efforts towards mobilisation of resources, showcasing of humanitarian care and demonstration of sympathy, with a view to relieving victims of crisis of their psycho-social trauma and increasing their resilience to post conflict life situations. The theme for this year’s event “Civilians are #Not a Target� is a consolidation of last year’s focus, intended to highlight the safety of humanitarian workers, protection of innocent displaced families and children who are out of school as a result of conflict, not of their making. This year’s theme is appropriate and relevant considering the risks and challenges humanitarian workers and armless civilians encounter in the North-Eastern region of the country due to activities of the Boko haram insurgents and other parts of the country due to communal clashes or farmers-herdsmen conflicts. Nigeria has not been immune from the attacks to humanitarian workers. In August 2011, the United Nations building in Abuja was attacked where not less than 21 people were killed and 60 wounded. Just March 2nd this year, humanitarian workers were attacked in Rann, Borno State
NEMA sta on duty in war-torn North-east
where no fewer than four humanitarian workers were killed and others still missing. Last week, a NEMA staff providing support services to
This year marks the 15th anniversary of the terrorist attack in Bagdad, Iraq in 2003 where 22 people lost their lives...Since that attack, over 4,000 humanitarian actors have been killed, injured, detained, kidnapped and prevented from responding to those in need
the IDPs was also killed by Boko Haram in Borno State. Globally, in 2017 major incidents of violence against humanitarian operations were recorded in 22 countries affecting 313 aid workers. This calls for ensuring safety to humanitarian workers and protection to teaming displaced persons all over the world including in the Northeast and other crisis prone areas of Nigeria. The creation of safe corridors for the movement of humanitarian service providers in the North East by the military high command in collaboration with the National Emergency Management Agency is commendable and must be sustained. Everyone therefore should be involved in ensuring the safety of humanitarian actors to encourage them in their commitment to the speedy restoration of normalcy in devastated communities and vulnerable zones as well as continue to mourn those who have paid the ultimate price. -Maihaja, is the Director General National Emergency Management Agency (NEMA).
NEMA DG, Maihaja
KATSINA: EXPANDING THE ENROLLMENT OF THE GIRL-CHILD IN SCHOOLS accorded priority to the education sector, thereby constructing numerous secondary schools across the three senatorial zones of the state. He said: “The secondary schools includes New Day Secondary School Kasanki in Mashi Local Government, New Day Secondary School Gora in Malumfashi Local Government, New Day Secondary School Musawa in Musawa Local Government, Science Secondary School in Musawa, New Day Secondary School Kadisau in Faskari Local Government Area. “Others includes Government Boarding Secondary School Dutsin Safe, Shema Government Boarding, Government Secondary School in Rimaye, Command Girls Science Boarding Secondary School in Barkiya, Command Boys Science Secondary School in Faskari, Governmenr Junior Secondary School in Daura, Government Junior Secondary School in Durmukul and Governmenr Junior Secondary School in Yankara. “This is in addition to the rehabilitation, renovation and upgrading of over 120 secondary schools across the state. At the basic level, about 3,000 classrooms have been renovated, rehabilitated and
upgraded. Instructional materials of over N154 million have been procured to add quality to education in the state. “Another N136 million has been earmarked for the provision of computers to 18 secondary schools under science and technology education board. Just recently, the state government has expended the sum of over N400 million for payment of SSCE examination for 29,000 Katsina state indigenes."
UNICEF ARISING Project Interestingly, UNICEF also launched its pilot project on Anaemia Reduction in School and Non-School Girls (ARISING). UNICEF Country Representative in the state, Phadmabathi Yelda, while lauding the state's effort on enrollment of girl-child in primary schools, said the project provided an opportunity to educate boys and girls on their roles and responsibilities in future, adding that it was also aimed at exploring ways in which communities can be engaged to address issues of health, education and nutrition by building their understanding and knowledge on critical issues. Yelda, also commended the Masari-led
government for improing the health and nutrition situation of children and women, especially in the areas of polio eradication, improvement in routine immunisation, as well as policies and guidelines on Primary Healthcare Under One Roof (PHCUOR), and the tackling of nutritional status of children. She said: "I note that with the support of the state government, more and more girls will not only complete primary but also secondary education. The adolescent nutrition programme that has been launched today is to address iron deficiency. This project will be piloted three LGAs of Rimi, Kankia and Kafur and the lessons learned will inform the scale-up of the project, not only to other LGAs of Katsina State but other states in Nigeria. Katsina State was selected as a pilot for this project in Nigeria in view of the high political commitment of the government and her positive response to issues of children and women in the state." Yelda said reaching out with nutrition interventions to about 20 million girls with an average age of marriage being 15 years, would go a long way to not only reducing
anaemia but will save the lives of many adolescent girls from maternal death and children from malnutrition in future. "ARISING programme is therefore envisioned to break the intergenerational cycle of malnutrition in Nigeria through enhancement of the nutritional status of school and out of school girls and boys. This will be achieved through a set of objectives and outcomes backed by strategies that look at system strengthening, community engagement, innovative approaches and communication," she added. She, however, stressed that Katsina State ranked high among the states in Nigeria with infant mortality rate of 68 deaths per 1,000 live births and under-5 mortality rate of 135 deaths per 1,000 live births. Yelda "urged the state government to conduct MNCHW campaigns without further delay in the interest of the children,� saying, “UNICEF will continue to provide all necessary technical support for this project as well as other child survival and development programmes that will enhance the right and well-being of the children of Nigeria, particularly the most vulnerable."
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IMAGES
L-R: Archbishop Margaret Idahosa; Vice President, Prof. Yemi Osinbajo; Edo State Governor, Mr. Godwin Obaseki; his wife, Mrs. Betsy Obaseki; and wife of the 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
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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×
L-R: APC Chieftain, Prince Anthony Adefuye; former Chairman, PDP (Lagos State), Alhaji Babatunde Moshood Salvador; and Senator Olanrewaju Ganiyu Solomon , at the rally to receive some PDP members into APC in Lagos... recently PHOTO: YOMI AKINYELE
Iya-Oloja, Alade Market, Alhaja Mrs Olasunbo Abiola and Baba Oloja General, Alhaji Yunusa Bashir anked by Ikeja Electric sta and other market leaders during the enviromental sanitation at Alade Market by the lkeja Electric Sta in Shomolu Lagos...recently
L-R: Manager, Corporate Communications, Stanbic IBTC, Mr Usman Imanah; Convener, Empathy Driven Women International Initiative (EDWIIN), Urionu Ngozichukwuka; Manager, Events, Sponsorships and CSI, Stanbic IBTC, Ame Okwudi; and Chairperson, Lagos State Albinism Awareness Society, Yejide Omolola Josephine, at the EDWIIN Albinism Awareness Project in Lagos, recently
L-R: Celebrity Fashion Designer, Mai Atafo; Masters of Style 2018 Winner, Yahaya TaoďŹ q; and Head of Marketing, PZ Cussons Consumer, Charles Nnochiri, at the oďŹƒcial Dare 2 Dream Season 5 prize presentation at Terra Kulture, Victoria Island, Lagos...recently
Former Governor of Ondo State/Presidential Aspirant of the LP, Dr Olusegun Mimiko, receiving nomination form from the National Chairman, of Labour Party, Alhaji Abdulkadri Abdulsalam in Abuja...recently
L-R: Chaiftains, All Progressives Congress (APC), Lagos State, Cardinal James Omolaja Odunmbaku; Hon. Babatunde Ogala; APC Lagos State Governorship Aspirant, Mr. Babajide Olusola Sanwo-olu and Mr. Tayo Ayinde,during the submission ofMr. SanwoOlu, governorship nomination form, at the APC National Secretariat, in Abuja...recently
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BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT
A S
A T
REPO 12 % 10.67 %
CALL 1-MONTH 3-MONTH
11% 13.06 % 14.01%
Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08024557078, 08091152219
S E P T E M B E R S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
342.66 % -0.29% -0.67%
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S & P INDEX 1/4 TO DATE YEAR TO DATE
2 0 1 8
-3.26% 4.00%
EXCHANGE RATE N306.20/1US DOLLAR* ĚŠ
Quick Takes Wema Bank Partners AIICO
GRADUATION CEREMONY
L-R: Faculty, Lagos Business School (LBS), Francis Okoye; Director, MBA, Dr Uchenna Uzo; Professor of Strategy, Prof. Chris Ogbechie; Director, Custom Executive Education, Lilian Uwaeme, and Associate Professor, Organisation Strategy, University of Stellenbosch Business School, Johannesburg, Dr Marius Ungerer, during the International EMBA week at the LBS in Lagos‌recently
WemaBankPlchasdisclosedthatitrecentlyconcludedarrangements with AIICO Insurance Plc, one of the leading insurance companies in Nigeria, to increase access to retail insurance products leveraging the bank’s network.The formalisation of this partnership followed its endorsement by the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN). Following the increase in uptake of retail insurance products and services across the country, the Head, Retail & SME of Wema Bank, Dotun Ifebogun, said the bank was delighted with the partnership, noting that through it, Wema Bank would be able to refer customers in need of any form of insurance to AIICO through it wide branch network and digital platforms. “This is a strategic move to position the bank as a one-stop shop with a bouquet of products and services that meet a variety of needs. “Both organisations have a legacy of trust and resilience that has won the loyalty of customers over decades,â€? the bank explained in a statement. Reacting to the development, AIICO Insurance Technical Executive Director, Adewale Kadri, said it was another move by AIICO to demonstrate its commitment to increase awareness and deepen access to retail insurance products in Nigeria. Wema Bank, the pioneer of Nigeria’s ďŹ rst fully digital bank ALAT, oers a range of retail, SME banking, corporate banking, treasury, trade services and ďŹ nancial advisory to its customers
FBNQuest Supports ‘Corporate Challenge’
Constitute SEC’s Board, Stakeholders Task New Finance Minister Goddy Egene As new Minister of Finance, Mrs. Zainab Ahmed assumed office on Monday, capital market stakeholders said one action she could take to calm the rout in the stock market is to constitute the board of Securities and Exchange Commission (SEC). President Mohammadu Buhari appointed Ahmed to replace Mrs. Kemi Adeosun who resigned last week. Ahmed was Minister of State for Budget and National Planning before her new appointment. When she resumed work on Monday, she told the
CAPITAL MARKET staff of the ministry that she would work closely with the Permanent Secretary to catch up on the activities of the Ministry. She said: “These are very challenging times for our country. It means we are part of the economic team that has been charged with making sure there is economic stability in our country. We have very serious revenue challenges and it is up to us to shore up the revenues of this country.� Stakeholders said one of the ways to stabilise the economy is to have a strong and virile
capital market that can provide needed funds for both corporates and governments to boost economic activities. According to them, to have a strong capital market require a strong regulator with a board, noting that the board of SEC should therefore be constituted without further delay. SEC has been without almost three years after the previous board was dissolved a development that has been giving many operators concerns. A chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, Mr. Sola Oni said: “The new finance minister should
tackle head-on the corporate governance challenge staring SEC in the face by doing just two things: constitute the board of SEC and address the long -awaited issue of substantive director general and commissioners for the commission immediately. This will enhance professional performance of our commission as a quoted company cannot be allowed to operate without a board of directors.� He added that the minister must intensify efforts at reviewing the current status of the existing policies that are meant to create enabling environment for Continued on page 24
FG Urged to Target Double-digits Growth Rate to Reset Economy Nume Ekeghe In order to reset the Nigerian economy, the federal government has been advised to develop policies that would enable the country to achieve economic growth rate that is higher than its population growth rate. Head of Research at Agusto & Co, Mr Jimi Ogbobine, gave the advice while speaking at the 2018 annual conference of the Finance Correspondents Association of Nigeria (FICAN) held in Lagos. Nigeria’s population growth rate of about 2.7 per cent has completely overtaken its economic growth with the Gross Domestic Product (GDP) figures for the second quarter 2018 showing growth rate of 1.50 per cent (year-on-year).
ECONOMY Ogbobine, stressed that the government should take more loans to fund critical infrastructure. He explained: “If you look at our GDP for instance, the best-case scenario is that GDP growth rate is going to be about two per cent, but our population growth is at about three per cent. What that means is that our population growth rate has outstripped our GDP growth rate and as a result of that, our per capital income has reduced. “So, the country needs to discuss the fundamental issues. When you have a growth rate that is smaller than your population rate, what it means is that you are going to be as a country getting poorer and it leads to insecurity.�
Ogbobine pointed out that the bulk of funds to finance the country’s infrastructure would come from borrowing, with a larger share being domestic debts. He added that funding the capital budget would require higher than planned borrowing with adverse implications for interest rates and interest costs for the economy. “The federal government’s borrowing to fund infrastructure is likely to be between N1.2 trillion to N1.6 trillion. The implementation is unlikely to start before the second quarter and revenue is likely to be lower than planned. Actual funding from asset restructuring, recoveries and “other� may be substantially lower than the planned level of N2 trillion. “Therefore, fully funding the capital budget will mean higher
than planned borrowing, with adverse implications for interest rates and interest costs. “Every kobo of infrastructure spending is financed by debt constrains ability to fully fund budgeted amounts. Debt as percentage of revenue is significantly higher than the median, of 200 per cent for countries in Middle East & Africa. “Federal government plan to partly finance 2018 capital expenditure with proceeds of asset sales,� he said. Speaking on inflation, he said a hyper-inflationary environment is one where prices double at least every three years. “This means inflation rate of about 25 per cent per annum. In such environments, investors Continued on page 24
In line with its commitment to deliver impactful community focused initiatives, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc said it has continued to drive partnerships with reputable institutions to implement ďŹ nancial literacy programs, women empowerment initiatives, as well environmental and social projects as part of its corporate responsibility and sustainability focus. In furtherance of this, FBNQuest Merchant Bank joined the 2018 NSE Corporate Challenge to support the ďŹ ght against cancer. The event was a one-day competitive 5-kilometer race aimed at creating awareness on early detection and fundraising for the cause. Proceeds from this year’s Corporate Challenge are planned towards the provision of free cancer treatment and screening facilities across Nigeria with the purchase of Mobile Cancer Centres (MCCs). The bank explained that the sponsorship reaďŹƒrmed its position as a socially conscious organisation. In the ďŹ nancial literacy space, the organisation had trained over 1,800 students at secondary school level on the importance of saving and investing by leveraging platforms such as the Global Money Week and World Savings Day in support of the Central Bank of Nigeria (CBN) ďŹ nancial literacy goals.
Lagos to Host Fintech Summit
Africa’s premier ďŹ ntech event, the Africa Fintech Summit will be held for the ďŹ rst time in Lagos, between November 8th and 9th, 2018. The event comes on the heels of the earlier edition in Washington D.C. which featured leading policy makers, c-suite business executives, start-ups, and investors.The summit, organised by Dedalus Global, gathers innovators, investors, policy makers and other key stakeholders in the ďŹ ntech sector to discuss technologies transforming ďŹ nance on the continent, debate regulatory policies, compare best practices, and forge new ventures.Speaking on the decision to bring the Summit to Lagos, the Chairman of the Summit, Leland Rice, said, “Lagos is an ideal host city; it’s an epicenter of Africa’s ďŹ ntech revolution and the driving force behind the continent’s entrepreneurial spirit. The successes of companies such as Paga, Flutterwave, Mines.io, and Paystack have strategically positioned Lagos as the destination of choice for investors.“The ďŹ rst edition of the Summit in D.C. was a launch pad for several milestone ďŹ ntech deals struck among its delegates in the months after the event. “We plan to build on these successes in Lagos, with a focus on bringing innovators and policy makers together to move the needle on ďŹ ntech regulation and bringing founders and investors together to facilitate further capital raises,â€? added Leland.
“Whatever every stakeholder group does to strengthen governance, compliance, and positive promotion of the Nigerian capital market is desirable�
Managing Partner, B.Adedipe Associates Limited
Dr. Abiodun Adedipe
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CONSTITUTE SEC’S BOARD, STAKEHOLDERS TASK NEW FINANCE MINISTER the private sector to operate optimally. “This is where the quoted companies can deliver values to the shareholders and attract investors’ patronage on the secondary market. There must be an impact assessment of Nigeria’s macroeconomic framework to ensure that government’s intervention is not at variance with the realities. Financial inclusion policy should be vigorously pursued. Savings culture is ebbing away in Nigeria and without saving, there cannot be Investment. There should be a deliberate review of Investment policy of pension funds in the stock market to make them more active as one of the methods to deepen the market,� he said. Oni added that above all “she must consult with the stakeholders in the capital market ecosystem as new challenges affecting the market require new solutions and the stakeholders shall come up with workable suggestions.� FG URGED TO TARGET DOUBLE-DIGITS GROWTH RATE TO RESET ECONOMY hold savings in low inflation currencies in dollars, pounds sterling and Euros and business persons price products (particularly those with a high import content) in these low inflation currencies, usually the dollar. In effect, such environments are “dual currency environments�. “Real GDP per capita should grow in 2018. It should be easier for businesses to access forex to fund their operations. Most businesses should see top line and profit growths. Unemployment rate will fall but the level will remain high,� he stated. Continuing, the analyst said actual deficit may be lower than planned deficit largely because of a low implementation of the capital budget. Ogbobine, said based on the long-term inflation difference, the naira-dollar exchange rate should close 2018 at about N420/1 in the Investors’& Exporters’ forex window.
ERGP Unrealistic Without Focus on SMEs, Says NEXIM Bank Boss James Emejo in Abuja The Managing Director/Chief. Executive, Nigeria ExportImport Bank (NEXIM), Mr. Abba Bello has said the federal government’s current efforts to diversify the economy and achieve rapid economic growth under the Economic Recovery and Growth Plan (ERGP) will be unrealistic without proper focus and policy responses to the issues and challenges affecting the growth of the small and medium scale enterprises (SMEs). He therefore argued that though poor financing had often been identified as a major constraint to the optimal performance of the sub-sector, yet, “improper project conception, coupled with poor project implementation and poor management practices, which essentially are issues of innovativeness and entrepreneurship development, rather than those of access to finance,� remained the bane of small businesses in the country. Speaking while delivering a keynote address titled: “SME Innovativeness and Sustainable Growth: Issues, Challenges and Way Forward for Nigeria,� at the SME exhibition and international investment forum in Lagos, he listed other challenges to include poor access to market, poor record keeping, lack of corporate governance practices and absence/lack of proper business plans. He added that infrastructure, including access to roads, power, water, among others
further constitutes critical problems for the sector. However, “while these are often cited as problems and challenges impacting SME growth and development, these to me also present opportunities, though for medium to large organisations, where the private sector could tap into through public private partnerships. “Once these issues have been addressed, entrepreneurs will have access to finance and incidents of business failure
will reduce, while sustainable growth and development can be achieved.� According to Bello, SMEs are known to record a higher rate of business failures as about 80 per cent of start-up projects are unable to survive the first five years of operations due to identified obstacles. Yet, he said about 37 million MSMEs in the country employ about 60 million Nigerians and deserved adequate attention by government to achieve meaning
impact on the economy. However, he said the NEXIM had developed some funding schemes, specifically targeted at the small-scale exporters. He pledged continuous support to SMES through financial support to exporters in the bank’s target sectors of manufacturing, agroprocessing, solid minerals and services. According to him, since the inception of the bank in 1991, over 1,000 SMEs had
been supported, many of which had grown from start-ups to become enlisted among the top 100 exporters published annually by the Central Bank of Nigeria (CBN). He added: “However, often times, many of the target beneficiaries find it difficult to access the funds simply because of their inability to come up with bankable projects, which essentially is a problem of poor entrepreneurial education, rather than lack of finance.�
COURTESY VISIT
L-R: Vice President, Nigerian Association of Petroleum Explorationists (NAPE), Doris Akpovwa; President, Dr. Andrew Ogaga Ejayeriese; Group Managing Director, Aiteo Group, Dr. Chike Onyejekwe; Assistant General Secretary, NAPE, Chizoba Sabina Ugwuagbo and Senior Vice President, Aiteo,Victor Okoronkwo, during a courtesy visit by the executive of NAPE to the head office of Aiteo Group in Lagos...recently
NCAA Congratulates Air Peace for Ordering B737 MAX 8 from Boeing Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has congratulated Air Peace for making a firm order of brand new B737 MAX 8 from Boeing Corporation INC. Commending the airline, the Director General of the NCAA, Captain Muhtar Usman said the regulatory authority had been urging Nigerian airlines to go for such modern aircraft, which are more efficient so that they would be able to compete with international carriers.
Usman who spoke to THISDAY in a telephone chat on Monday, said by ordering 10 more aircraft into its fleet, Air Peace has increased the number of aircraft in the country. “I commend Air Peace for ordering modern aircraft. This is what we have been asking the airlines to do because modern aircraft are more efficient and will enable them to compete with international airlines and with that number of aircraft on order, Air Peace has increased capacity,� he said. Reacting to the protest by airlines operators
recently over the use of aircraft owned by regional airline, Asky by Dana Air, Usman said that the regulation allows the need to fill a gap when an airline takes its aircraft away for maintenance, but that it was meant to last for a short time provided that it is in tune with the provisions of the regulation. He said that one of the objectives of NCAA is to provide level playing field for all operators, noting that any other airline that has similar challenge can approach the regulatory authority tomorrow and if the conditions are met,
NCAA would allow it. The Director General who spoke about the aviation industry noted that the improvement being recorded by different agencies in the sector is made possible because of strong regulation of the sector by NCAA. He said that there are a lot of things that are done to ensure that there is collective goal to keep the nation’s airspace safe and these include self regulation, effective regulation of other agencies and airlines. “That the aviation industry
is safe and that other agencies in the industry are getting approval is because of the strong regulation of NCAA. We work together to make the industry save and this is testified by the good performance of the agencies in the industry.� Usman also said that the recent safety award given to the Nnamdi Azikiwe International Airport, Abuja by the Airport Council International (ACI Africa) is a testimony of the strong regulation of the industry by NCAA, which certified the airport last year.
Mining: FG Tasks Operators to Obtain Community Development Agreement Group Business Editor
Obinna Chima
Kasim Sumaina in Abuja
Capital Market Editor
The federal government has advised mining operators to be responsible to their host communities, saying henceforth, no operator should be allowed to operate without a Community Development Agreement (CDA). This agreement, the government noted, is very critical to the mining sector. This was disclosed in Abuja, by the Mineral Resources and Environmental Management Committee (MIREMCO), during a sensitisation meeting between miners and host communities in Bwari Area Council, to discuss
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issues as it relates to mining activities in the Area Council. The FCT Mines Environmental Compliant officer and a member of the Committee from the Ministry of Mines and Steel, Engr. Osseini Enoch Ukwenya, hinted that, “The committee is also to ensure adherence to the agreement signed by the operators.� According to him, “There is bound to be disagreement between the operators and the host communities, which I believed is subject to negotiation as mining affects every community including displacement. “And, displacement, should
bring about compensation to the owner of the land as the land may not be useful to the owner for a long time even after mining activities.� Ekwenya, said the reoccurring issue between the operators and the host communities had been that of pollution as well as the inability of the operators to keep the agreement entered into with the communities. “The committee has to advise on matter of pollution, how does it affect the community and what is the operator doing to minimise the pollution. It is the duty of the operators to ensure that the pollution in their
areas of operation are brought to minimal level. “Mining operators has to be responsible to the community where they are operating, and the committee is putting all hands on deck to ensure that no operator operates in any community without a CDA, which is very critical to the ministry. The committee is also to ensure adherence to the agreement signed by the operators.� He agreed that there are issues that need to be addressed in the Mineral and Mining Act, which he said are part of what the Committee needs to resolve,
based on complaints received from host communities and the operators. “We will be able to marry them together for proper legislation, what we call an annexure to the present existing mineral acts to help streamline the process and for a proper activity of mining and the benefits of the communities� He, however, appealed to any aggrieved party to channel their grievances through the appropriate authorities, “especially through the Committee, in order to ensure that no one takes law into his hand as the Committee is set to address issues of grievances.�
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Taking Advantage of Bearish Stock Market Goddy Egene writes that investors should see the persistent bear run at the stock market as an opportunity to take advantage of the low prices and increase their portfolios The Nigerian stock market is going through a bear run that is sending shiners down the spines of many investors. Operators and regulators are not equally spared of the anxiety that the market has brought. Specifically, the market has dipped by about 27.3 per cent from its peak in January, to record low last week. In all, the market year-to-date decline worsened to over 15 per cent last week, aggravating the anxiety among some investors who have short term focus. The Nigerian Stock Exchange AllShare Index (NSE ASI) closed at 32,327.59, while market capitalisation ended at N11.802 trillion, compared with 38,243.19 and N13.619 trillion at the beginning of the year. However, for investors whose strategy is long term, the current state of the market is a very good opportunity to buy more stocks and await the rebound. The good thing about what is happening in the market is that it is not caused by weak market fundamentals. Investor sentiments remained weak despite improving economic fundamentals signifying potential growth for companies. Reasons for market decline According to analysts at Afrinvest (W.A), a Lagos based investment banking firm, while some of the factors that have pressured the performance of the market in recent times have dissipated, risk factors such as, increasing incidences of trade protectionism, rising treasury rates in advanced economies and systemically important central banks as well as emerging market (EM) frailties still linger and are impacting negatively on the Nigerian market. Apart from this external factors, the political uncertainties are major internal factors affecting the market. Analysts had said general elections uncertainties would make investors to adopt cautious trading in equities. “In line with historical trend, investors tend to reduce exposure to risky assets in the year leading up to general elections and this is similar to the situation in Nigeria. The one thing investors detest is “uncertainty� and as such, this downside risk is expected to worsen as 2019 general elections draw closer,� they said. Emerging Market Link Emerging markets (Ems) have been in a turmoil since early 2018 with massive sell-offs seen across asset classes. This was initially prompted by the reaction of foreign investors to rising yields in advanced economies, but lately, trade protectionism and emerging country-specific risk factors are featuring prominently. Most notably, Turkey and Argentina have been significantly affected, with the Turkish Lira depreciating 40 per cent against the dollar so far, while inflation levels have exacerbated to 17.9 per cent, highest level since 2003. Similarly, the Argentinian Peso has lost 52.0 per cent against the greenback YTD, as EM sell-offs impacted the economy severely, propelling the monetary authority to raise benchmark rate to 60 per cent on the 30th of August 2018. According to analysts, massive funds outflows from EMs have affected currencies of other countries such as Indonesia, South Africa, Thailand, Russia and India amongst others, while the MSCI EM index - which captures stocks with large and middle size capitalisation representation across 24 EM countries – had declined by 8.8 per cent as at the of August 31, 2018. In opinion of Afrinvest, the contagion effect of emerging and frontier market routs resulted in a moderate slowdown of portfolio investments into Nigeria in first half (H1) of 2018. “Sadly, this is expected to continue impacting sentiments as foreign portfolio participation in domestic equities remains feeble. Furthermore, persistent sell-offs, especially in H2:2018, cannot be dissociated from increasing political and policy risks, which historically define election cycles in Nigeria. “Nonetheless, we do not expect these to have substantial impacts on the broader macroeconomy given the relative stability in external economics (particularly steady and positive outlook in oil
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market) and the commitment of the Central Bank of Nigeria (CBN) in achieving a stable foreign exchange market,� Afrinvest said. Brokers Raise the Alarm Stockbrokers said the activities, actions and utterances of some politicians is heating up the system and preventing investments from the stock market. Speaking under the aegis of Association of Stockbroking Houses of Nigeria (ASHON), the brokers for the umpteenth time, strongly appealed to the political class that rather than indulge in unwholesome activities, actions, attitudes and destructive utterances, they should support all efforts aimed at creating the much-needed enabling environment for accelerated economic growth and development .� According to brokers, the unguarded activities and unrestrained utterances of our politicians are heating up the polity with dire consequences on the economy as a whole and the capital market in particular. “Perhaps we may remind the political class that uncertainties and all sorts of insecurities that currently pervade our country affect investors’ sentiments, asset valuations, market and country risk profile and portfolio allocation decisions. In recent times, trading statistics on the securities markets in Nigeria have been reflecting investors’ apathy to unprecedented level of tension that portends likely breakdown of law and order in the 2019 general elections,� they said. ASHON explained that it is an unassailable investor-behaviour that bad news trigger market
In line with historical trend, investors tend to reduce exposure to risky assets in the year leading up to general elections and this is similar to the situation in Nigeria. The one thing investors detest is “uncertainty�and as such, this downside risk is expected to worsen as 2019 general elections draw closer
panic and investors over react to such news, adding that innocent investors watch helplessly as their investments are plundered by the bearish market exacerbated by prevailing uncertainties in the polity created by the political class. “As the country’s economic barometers, the securities markets in Nigeria have continued to reflect investors’ apprehensions to instability in the political and economic landscape through all their indices. This has largely accounted for the inability of our market to fully recover from the effects of the 2008 financial crisis , notwithstanding the efforts made by the regulators and operators to fully revive the market. There is clear and present danger if the trend continues,� it said. The stockbrokers said foreign portfolio investors and their indigenous counterparts have embarked on massive sell down of shares and other financial instruments with attendant effect of gross erosion of values despite stellar performances of many listed securities. Entry opportunity The persistent bear run has depressed the prices of stocks to levels that have made them attractive to buy. Given the fact that capital appreciation is hard to come due to the bear run, discerning investors should settle for dividend-paying stocks, taking advantage of their current low prices. THISDAY checks revealed that some of the stocks which regularly reward investors with dividends are trading at prices below what they opened the year with. For instance, Nigerian Breweries Plc, which pays almost 100 per cent of its profit every year as dividend, is trading 23.6 per cent lower than the year’s opening value. Zenith Bank Plc, which recently declared an interim dividend is 10.4 per cent lower, while Union Bank of Nigeria Plc and United Bank for Africa Plc are 26.9 per cent and 18.9 per cent respectively lower than their year’s opening prices. Dangote Sugar Refinery Plc, which raised dividend paid last year, is 24.1 per cent. Similarly, Dangote Flour Mills of Nigeria Plc is 37.4 per cent cheaper. Others are: Fidelity Bank Plc (34.5 per cent); PZ Cussons Nigeria Plc (31.8 per cent); Flour Mills of Nigeria Plc (24.1 per cent); Honeywell Flour Mills Plc (25.2 per cent); Berger Paints Nigeria Plc (22.8 per cent); Total Nigeria Plc (20.4 per cent);United Capital Plc (14 per cent); CAP Plc (16.6 per cent); and Conoil Plc(13.2 per cent). The petroleum products marketing firm is a regular dividend payer. It paid a dividend of 200 kobo for 2017. And given the performance of the company for the half year ended June 30, 2018, shareholders would equally enjoy
higher dividend. Conoil Plc grew its turnover by 21.3 per cent from N44.93 billion in 2017 to N54.48 billion in 2018. Gross profit rose from N5.99 billion to N6.39 billion, while profit before tax increased to N809.78 million as against N627.91 million. Profit after tax grew by rose from N427.29 million in 2017 to N550.65 million in 2018, translating to 29 per cent appreciation. Investing strategy On their part, analysts at Meristem Securities Limited stated that the bearish performance would not last for a long time. They have said that rather than panic, investors should take advantage of the bear market. “With stock prices bottoming out, light gleams at the end of the tunnel. The low prices in the market provide investment opportunities for players in the market, but of course, with a focus on the fundamentally justified stocks,� they said. The analysts explained that the 2019 elections have posed a major concern for most investors which has caused them to withdraw their funds from the market, thus making profit volume opportunities after the election become more visible. “We believe that after the elections in February 2019, calm will be restored in the market. It is only fair that you don’t get caught sleeping so why not you buy now, ahead of 2019?,� they said. In buying stocks now, the analysts advised investors to consider the fundamentally justified stocks, stressing that “the market always remembers these stocks and given their very attractive prices now, your patience will be rewarded.� They added that investors should also consider companies which are important to the growth of the economy. “Consumption is a given and the government will always carry out infrastructural projects and works. Consumer staples and the elephant in the industrial goods sector lead the way here,� they said. Other stocks investors should consider, according to the analysts, are dividend yielding stocks. “Dividend yielding stocks always provide an extra income stream for their holders. Even when stock prices are falling and there is no capital appreciation, dividend income provides some comfort. With prices on the low end, dividend yield becomes even more attractive,� they said. Another strategy they advised to be used is block buying of stocks. “Prices have been on a downward spiral and as low and attractive prices may seem, there is always room for a further slip, which means there is always an opportunity to buy at the cheapest price. You might want to buy in bits and pieces so that if the axe falls, you get to enjoy the lower price, while obtaining your target volume,� they said.
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Wapic Insurance Pays N10.6bn claims in FiveYears Wapic Insurance Plc paid a total of N10.6 billion claims between 2013 and 2017. The Managing Director of the company, Yinka Adekoya,who made the disclosure, said the company’s management, through articulation of a strategic direction for the owners, has maintained a history of accomplishments in the financial services sector including banking. “As a result of this effort, claims pay-out has risen progressively to N10.6 billion. Resolution of some outstanding and disputed claims became possible with a record sum of N2.13 billion paid as claims in 2013,� she said. According to her, for many years, insurance industry in Africa has bad history of claims settlement but that her company’s arrival changed the story. “The issues at Wapic Insurance upon our arrival were reflective of the general problems facing the insurance sector in Nigeria but motivated by our transformation objectives, we carried out a diagnosis of the situation and discovered that there is a huge barrier sprouts between insurance companies and policy holders soon after insurance policies are purchased,� she said. Adekoya said the situation might not be created knowingly but is the reality of what non-human- centred organisational processes has created and the misunderstanding that ensued from inadequate engagement with insurance customers. “Regrettably, policy holders experience anguish when the need to extract benefits of their contracts with insurance companies arise. However, there seems to be a reawakening in the industry that has put customer satisfaction and service experience at the heart of the revolution,� she said.
According to her, as the signpost for service excellence in the insurance industry, Wapic’s quest for restoration of industry reputation has yielded significant benefits after a year of a rigorous process review and extensive claims audit. She said the exercise, undertaken to provide succour to insurance clients and set the practice on a world-class standard manifested in the progressive growth in the company’s paid claims, from N1.63 billion in 2015, N2.86 billion in 2016 to N3.06 billion in 2017. “This commendable growth is a valid testament to the company’s commitment to value creation and exemplary customer experience role,� she said. She said with its recent digital revolution culminating in acquisition of a new core operating system and iPortal’, the interface between the company and its customers will become more effectual with latent phenomenal influence on claims settlement process. “This is predicated on the envisaged similarities between the impact of this strategic corporate undertaking and the effects online real-time systems had on the banking sector,� Adekoya stated. She said the insurance application, which is configured to ensure that interactions with Wapic Insurance is most enjoyable and reinforces the company’s status as the most resourceful underwriter in the industry, is suggestively the beginning of digital revolution in the Nigerian insurance sector. She said through this, Wapic insurance has again successfully played its industry-confidence restoration role through new service paradigm hinged on innovation, empathy and operational efficiency.
NIA Boss Bemoan Low Insurance Penetration Stories by Ebere Nwoji The recently elected Chairman of Nigeria Insurers Association(NIA), Mr. Tope Smart, has decried the low position of insurance industry among other sub-sectors in the Nigerian financial services sector. Smart, who stated this at his recent investiture as chairman of NIA, vowed to raise the bar of the industry through a five-point agenda he outlined. “The Nigerian insurance industry is a key component and an important member of the Nigerian financial services sector. Insurance, as we all know is the bedrock of any economy. In Nigeria, it is rather sad to note that not all have embraced this concept. “This is why the penetration rate still remains about 0.5 per cent as against some other African countries such
as Kenya and South Africa with penetration levels of 2.9 per cent and 14 per cent respectively,� he stated. According to Smart, it is also notable that only one per cent of our population hold any form of insurance policy. The reason for lack of interest in insurance may be as a result of lack of knowledge about the benefits of insurance. He said this is so despite the all important classes of insurance. He highlighted importance of insurance to economic growth as offering protection to firms and organisations, promoting entrepreneurial attitude, encouraging investment innovation and vitality of the market, offering relief and by so doing reduces pressure on government among others. He said despite the lingering apathy for insurance by the Nigerian populace, driven
largely by ignorance, on one hand and cultural and religious beliefs on the other hand, the industry remains resilient. He said in 2016, the industry’s gross premium income stood at N316billion as against N252billion premium income in 2012, an increase of 25 per cent. According to him, the growth is significant in Life insurance segment particularly in annuities. He said also, to be noted is that Nigerian insurance industry continues to record increased claims payment. In 2016, total claims paid by operators amounted to N113billion as against N73billion paid in , 2015. He said despite the above achievements, as an industry, insurance is not where it supposed to be. “Our image has been battered and more often than not,
we have been made to play a second fiddle to some other professions. I say enough is enough, to this treatment. It is in the light of the above that I have adopted a theme – NIA First, Insurance First. He said specifically, during his two-year tenure, his administration would be focusing on a five -point agenda, collectively referred to as 5Ps. “These five points agenda will give the direction of my service to the association for the next two years by the grace of God,� he said. He highlighted the agenda as protection of interest of member companies, proper positioning of the insurance industry, improving the standard of professionalism in the industry, putting in place a befitting edifice for NIA, as well as deepen insurance penetration in the country.
INTERNAL AUDITORS’ CONFERENCE
Chief Executive Officer, Internal Auditors of Nigeria (IIA),Mr. Humphrey Okorie; President, IIA, Mr. Uduak Udoh; and Board Member, , Mr. Nat Ofo during the press conference organised by the institute on its upcoming annual conference in Lagos‌recently
AMP Admits Charging More Than 4,600 Dead People for Life Insurance AMP has admitted to charging $1.3m in premiums for life insurance to more than 4,600 superannuation customers it knew had died, and admits the number of cases could be higher. According to the UK Guardian, the royal commission heard on Monday AMP decided to investigate the matter in April after it heard Commonwealth Bank admit to the commission that its own financial advisers had been charging dead clients for financial advice. AMP’s group executive of wealth solutions, Paul Sainsbury told the commission that company had identified 4,645 dead members who had been charged $1.3m in life insurance premiums since their death. The premiums have yet to be refunded. Sainsbury said the investigation was ongoing and there could be more refunds owing to more members, and a number of group insurers could be involved. Australia’s largest wealth
manager reported the breach to regulators in June this year, two months after its investigation began. At the time of its breach report in June it had identified 3,124 members affected, with $922,902 premium refunds owing. But those numbers have grown to $1.3m and 4,645 members affected. AMP said “system errors� meant it did not stop deducting premiums for life insurance from dead members’ accounts or did not process premium refunds owed to them, despite being notified of their deaths. The royal commission heard the insurer received an internal complaint in 2016 about its practice of charging insurance premiums to dead members’ accounts and stopping its charges only when a customer’s claim had been paid out. It did not report the breach at the time. Counsel assisting Mark Costello asked Sainsbury why AMP started investigating the matter in April this year. Sainsbury replied: “It was
as a result of the Commonwealth Bank’s circumstances around premiums on deceased members. A question was asked inside AMP: ‘Could this happen to us?’ And that gave rise to a review which identified the issues that were subject of the breach report.� Costello asked: “Do you accept that AMP’s conduct in respect of the charging of premiums for group life insurance where the member has passed away is conduct falling below community standards and expectations?� Sainsbury replied: “Yes.� Commissioner Kenneth Hayne asked Sainsbury whether AMP had been charging for something it was not entitled to charge for. Sainsbury said: “Yes it has.� The commission also heard that AMP has overcharged customers life insurance premiums by assuming they could be smokers. One superannuation member was overcharged over $76,700, and AMP refused to repay him
when he complained. The commission was told it was not an isolated incident. The commission heard when a person has superannuation with AMP through an employer, and they stop working for that employer, they are shifted from an employer-specific AMP super plan to a general AMP super plan via a process called “delinking.� During delinking, AMP will classify each customer depending on whether they are a smoker or non-smoker, so it can charge them different premiums. Since 2006 it has had three classifications: a non-smoker category, a “delink� category, and a smoker category. During the delink process, if a customer doesn’t specify that they are a non-smoker, they will be placed in the default “delink� category which assumes they could be a smoker and so charges them higher rates than the non-smoker category. The customer who complained to AMP had been
paying higher fees, as a potential smoker, between 2005 and 2013. He had taken out $1 million in life insurance and was paying $2,600 a month as a possible smoker. His non-smoking premium would have been roughly $1,600 a month. He said he had been unaware of the issue for eight years because AMP did not include his supposed smoking status on his annual statement. Costello asked Sainsbury if he agreed it was unethical not to include a smoking status in AMP’s annual statements, but Sainsbury said he didn’t agree. Sainsbury said: “Unethical, for me, would imply a blatant attempt to cover up something. When a member delinks into FLS, the welcome letter that they get, on the first page, contains an election for non-smoking to enable members to receive the benefit of that lower premium.� The customer lodged a complaint with the superannuation complaints tribunal. He said a reasonable person could have expected to receive more than
one notice about their supposed smoking status, given the huge differential. The tribunal ruled AMP should repay the man $76,766.58c, plus interest. Costello asked: “Did AMP pay those amounts to the member’s fund?� Sainsbury replied: “I believe that would be the case, but I can’t confirm.� On Monday afternoon, Allianz admitted to selling more than 2m travel insurance policies during a period when its website contained misleading and deceptive information, between 2012 and 2018. Thousands of claims have been made on those policies. Allianz executive Michael Winter admitted the insurer’s customers had not been told about the issue yet, but said it planned to do so after setting up a remediation program. Winter was also asked to return to the royal commission on Tuesday over “tensions� between his evidence and his original statement.
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Time for Insurance Market Boom Martins Azuwike Decades after the advent of insurance business in Nigeria in 1921, the industry has continued to struggle to match the profile of its peers, especially in the developed markets. Even among emerging markets, the industry’s performance has continued to be colourless and hardly convincing. Although the industry had been hobbled by a wagon load of niggling factors and glitches over the years, some of them self inflicted by the practitioners, the most disturbing of them all till today, perhaps, remains the issue of low capitalisation. With these shock and awe developments that have constituted a blot on the entire industry landscape, insurance penetration in the country has also remained low when measured against other African countries with comparable GDP per capita. For instance, life insurance in Nigeria averaged 0.1 per cent from 2008 to 2013, according to data from UNESCO, World Bank, Nation master and McKinsey analysis. It was 1.1 per cent in Kenya and Morocco. Non-life business, which also averaged 0.3 per cent in Nigeria over the period, was 2.2 per cent in Kenya, 2.1 per cent in Morocco, and 0.6 per cent in Algeria. From the regulatory perspective, however, the National Insurance Commission (NAICOM) has risen to the challenge, inspiring a wave of reform fervour in the effort at changing the narrative and building momentum for sustainable growth in the industry. Among the various policies aimed at growing the insurance market, the regulatory agency had introduced its Market Development and Restructuring Initiative (MDRI) to address core issues such as capacity building for its staff and stakeholders in the industry, development of the insurance agency system, building confidence and integrity in the industry, awareness creation and securing the support of government and relevant agencies. It has also introduced risk-based and compliancebased regulation as well as a regime to implement compulsory insurance to its logical ends to ensure public compliance with various compulsory insurances requirement of the law. This, it has done, on the strength of the Insurance Act 2003, which made 5 classes of Insurance- Motor Vehicle 3rd Party, Group Life Assurance, Health Professional Indemnity Insurance, Builders’ Liability Insurance, and Occupiers’ Liability (Public Building) Insurance- compulsory in a bid to protect the interest of 3rd parties. In its firm belief that there is enormous space for growth in the vastly untapped industry, NAICOM also recently introduced the Tier-Based Minimum Solvency Capital Policy for Insurance Companies in Nigeria. In its Circular No: NAICOM/DAPCIR/14 /2018 dated August 27, 2018, the apex regulatory agency said: “The National Insurance Commission (“The Commission�) in pursuant of its statutory function of protecting insurance policy holders, beneficiaries and other stakeholders, has deemed it necessary to expound upon the minimum capital conditions of insurers, with the aim of providing clarity on the restriction of business activities and scope of operations of insurers to the underwriting of risks commensurate to their solvency capital level. It added that “in the exercise of the powers conferred on the Commission under extant laws, it hereby issues this Circular for the introduction of the Tier- Based Minimum Solvency capital requirements, assessment of capital adequacy and solvency control levels of all insurance companies in Nigeria, with effect from October 1, 2018. Furthermore, it stated that “the
Kari
Circular shall be read in conjunction with the provisions of the insurance act, the NAICOM act as well as other regulations, guidelines, notices and circulars that the Commission have issued or to be issued from time to time. These Circular shall apply to all insurance companies, other than Reinsurers, Takaful operators and micro-insurance companies, and all insurance companies are required to ensure strict compliance with the Circular by formally directing their staff to comply.� Avid followers of developments in the industry maintain that it is apt that the latest policy slant by the agency has been long overdue, considering the fact
The point must not be lost on insurers that there is an urgent need for a swathe of policies and companies to evolve to see the country through the opportunity lens in the contemporary market. In the backdrop of this, there is also a need for a step change in the way business is conducted in the country. Insurers can and should rise to be counted here
that the last time the insurance industry witnessed recapitalization was 2005/7. Since then, the operating environment has also been exposed to series of turbulence and uncertainties. The old capital framework was also rule-based, while risk factors of business lines within each insurance segment which vary significantly were hardly considered. The point must not be lost on insurers that there is an urgent need for a swathe of policies and companies to evolve to see the country through the opportunity lens in the contemporary market. In the backdrop of this, there is also a need for a step change in the way business is conducted in the country. Insurers can and should rise to be counted here. It is also pertinent for insurers in this market to realize that the industry ought to have long recapitalized and readjusted to the realities of significant upward increase in risks arising from macro –economic environment such as inflation rate, interest rate and devaluation of the national currency, and other factors unleashed immediately after the 2005/7 exercise by the 2008 global financial crisis that set in with far reaching effect on the wealth of insurers. Though these game-changing factors led to increase in current value of insured assets and operating cost of insurers, the same regulatory capital continued to rule while there has been no significant increase in shareholders’ funds of many insurers. With the emerging regime in view, Tier 3 Life companies would be involved in Individual Life, Health insurance and miscellaneous Insurances, Tier 2 in All Tier 3 risks plus Group life Assurance, while Tier 1 would include all tier 2 risks plus Annuity. On the other hand, Tier 3 Non-Life businesses will include Fire, motor, General
Accident, Agriculture, and Miscellaneous Insurances, Tier2 would involve all Tier Risks Plus Engineering, Marine, Bonds credit Gurantee and Suretyship Insurances, while Tier 1 would handle all tier 2 risks plus Oil & Gas (oil related projects, exploration & production), and Aviation insurances. What this means in financial terms is that while Tier 1 Life companies would need to muster N6 billion as minimum capital (increased by 200 per cent), their counterparts in Tiers 2 and 3 would require N3 billion and N2 billion, going forward. For NonLife, Tier 1 companies now need 200 per cent increase in capital base to N9 billion, as companies in Tiers 2 and 3 need 50 per cent capital increase to N4.5 billion and N3 billion. Henceforth, Composite insurance companies in Tier 1 need to raise their minimum capital base by 200 per cent to N15 billion, while those in Tiers 2 and 3 would have 50 per cent increase in their capital base to N7.5 billion and N5 billion, respectively. As a pragmatic regulator, NAICOM made a bold move to ensure that the industry in Nigeria develops the appropriate war chest and shoulders broad enough to handle bigger risks especially in the capital-intensive technical aspects of insurance business such as aviation, power, marine, oil and gas. Although the recapitalisation policy ought to have come much earlier, it is still good and must not be ignored as insurers continue to take too much risk with their little capital, coupled with the twin risks arising from impairment of certain assets and inappropriate pricing of insured risks, leading to increasing inability of many insurers to neither honour contractual commitments to the insured and the shareholders nor contribute significantly to strides by Government to diversify the economic base of the country. Having observed underlying trends in the industry on its radar over time, NAICOM deserves accolades as in its prescription of Tier-Based Minimum Solvency capital for insurers on the basis of their respective risk profiles and their risk management systems, guided by the provisions of extant laws and international best practice. This is where the efficacy of the tier-based capitalization counts. There are strong chords of relationships between insurance and economic development, and it is based on this that analysts key into the position held by experts, that the regulatory agency’s latest disposition constitutes an important step towards constructing a safe and prosperous market, and has become imperative if the ugly narrative of low insurance penetration that mirrors the industry’s meagre contribution of 0.48 per cent to the country’s GDP in 2016 and a declining Gross Written Premium (GWP) of N235 billion in the 3rd quarter of 2017 against N325 billion at year end in 2016 must change in the short and medium term horizons. It is not all doom and gloom for Nigeria’s insurance market as they need to buy in to ensure that the productivity-boosting reforms being crafted and implemented by NAICOM succeeds. They must also not fail to understand that they need to continually brainstorm, conceptualise and roll out market-creating innovations, the gamechanger they need to always reinvigorate their staying power in business. Insurance uptake of the Nigeria adult population remains low at 1.9 per cent, meaning that about 2million of the adult population has one form of insurance or the other and about 94.4 per cent has none, while 41.6 per cent are financially excluded, according to 2016 EFInA research findings. Insurance underwriters need to realize that far from the focus of conventional competition which concentrates on the included consuming minority, the future market belongs to those with capacity to develop innovations that can satisfactorily address the tastes, preferences and needs of the significant portion of the excluded non-consuming pool. This indeed, is where the real competition is and will always be. – The contributor could be reached on suregate2000@yahoo.com
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T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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AsYusuf Strives to Sanitise NHIS Umaru Muhammed People react to change in different ways especially when introduced by a personality who is convinced about the direction he is headed to. Some oppose change out of fear of the unknown while others who are used to the status quo do so out of worry about losing some benefits they are used to. Also, others respond to that development out of apprehension about the disposition of the change agent especially if he is one who is convinced that what is going on if allowed to continue may not augur well for the establishment. These reactions can and do lead to a chain of activities that can only slow the process of change but not stop it. This situation may apply to Professor Usman Yusuf, who was, on July 2016, appointed by President Muhammadu Buhari, as the Executive Secretary, National Health Insurance Scheme (NHIS). Within one year of his assumption of office, the scheme experienced a whirlwind of transformation in terms of administration and service delivery. A professor of Haematology and seasoned by three very distinct healthcare systems, Yusuf had come with a wealth of experience that is already yielding positive results within a short period of time. His more than three decades of practice which took him through the Nigerian, UK and American Healthcare systems equipped him with the knowledge and expertise required to put the nascent health insurance policy in the country on a sure footing. The structure of NHIS as at the time he came on board was, at best, shaky. There was an urgent need to revamp and restructure the system he inherited. For the records, the major stakeholders of NHIS are the public and private service employees who are the direct beneficiaries of the scheme; the government enables, subsidises and regulates the healthcare service provision, while the Health Maintenance Organisations (HMOs) which are formed by public and private sectors to collect contributions from employees and employers on behalf of Service providers in turn provide the healthcare services to the beneficiaries. Proof of his plan to add verve to the operations of the scheme emerged when he set out from the beginning to ask pertinent questions regarding some perceived inadequacies. He embarked on a rigorous exercise of consultations, investigations and deliberations during which he discovered that the major challenges faced by the scheme was the seemingly unimpressive services given to the beneficiaries, a direct result of the inadequacy in payment by the HMOs. He also discovered that several HMOs he inherited were not paying the service providers promptly in addition to the fact that fake enrolees were added into the scheme for selfish gains. This discovery inevitably led to
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Yusuf
the cancelation of many enrolees and refunds made to the NHIS by the HMOs. Besides the administrative clean up, Prof Yusuf displayed tenacious dedication towards greatly widening the beneficiaries of the NHIS to include those who are of much less financial strength. From the outset, he decided to involve the Nigerian youths in his policies and plans hence the Tertiary Institutions Social Health Insurance Programme (TISHIP). The programme which is designed to benefit university students was introduced in 2014 but remained largely unpopular among Nigerian youths because efforts were not made to propagate the benefits of the scheme to the target population. As expected, those who have been living fat off the broken system of the NHIS ganged up against the positive change Yusuf introduced which cut the supply of oxygen fanning corrupt practices in HNIS. With misguided opposition rising against his policies and the drive to achieve them, he remained steadfast. With the support of the Presidency, and the teeming youths of Nigeria, he held on tenaciously to what he believes is the right thing to do. He accused some hospitals and insurance companies of ganging up against him for opposing some sharp practices. He alleged that the action he took against 57 health maintenance organisation (HMOs) operating with expired licenses
led to his suspension for six months. He accused them of doing some unwholesome practices with NHIS’ money in banks and stood firm on his principles that frown at corruption in any way it makes itself manifest. By the provisions of the healthcare scheme from inception, it was designed to cover 180 million. But as at the time he assumed duty, only three million people were benefitting from the scheme. Of course he asked questions and the hawks in the system became obviously unhappy. It is not unexpected that those milking the NHIS dry would be after a chief executive who has made a point to block all the leakages. Prof Yusuf, in the course of his actions discovered that there was fraud in the delivery of healthcare services in Nigeria as HMOs manipulated the figures of enrolees to benefit them regardless of the fees paid to it by the government. Only 25 per cent of monies paid out as premium to HMOs was utilized by them. They claimed to have saved 450,000 lives since the inception of the scheme, only a meagre 1.5 per cent of Nigerians are currently covered in the scheme. It is commendable that under the Executive Secretary, the current House of Representatives was persuaded to bring the HMOs to render due accounts. This became necessary as despite the money paid out
to HMOs, the nation’s healthcare delivery system was still at its lowest. Other countries achieve better figures without HMOs. And After 12 years of providing services, these HMOs declared that 450,000 lives were saved. Prof Yusuf lamented that “Besides using only a fraction of the money paid out to them, HMOs have only succeeded in increasing the number of enrolees. They are padding the figures so that they can get paid for people who are not enrolees�. It is noteworthy that the scheme under his leadership has discovered about 23 million ‘ghost enrolees’ even as it intends to ‘biometrically audit’ the HMOs to check their excesses. Yusuf raised the alarm recently that of the 59 HMOs in the country, none had a valid license just as he implored the legislative houses to remove HMOs from the board of NHIS as their membership undermines the regulatory function of NHIS. Prof Yusuf is also pushing for the NHIS Act to be strengthened to enable it carry out its functions effectively. From the foregoing it is then no surprise that corruption is fighting back. But the eminent Haematologist is determined to sanitise the scheme and restore it to the prime intentions of government which is to ensure that all Nigerians are captured as part of the health for all policy of government. Muhammed wrote in from Abuja
Diamond Bank Highlights BeneďŹ ts of Loyalty Scheme Diamond Bank Plc has listed the benefits of its customer loyalty reward programme, Genzone. The bank also assured that it would continue to reward loyal customers who accumulate Gempoints in the Gemzone programme. The Gemzone is a Diamond Bank’s customer loyalty program designed to express gratitude to customers of the bank. Through this initiative, points earned can be exchanged for exciting items in the bank’s catalogue and customers can earn Gempoints on everyday transactions such as deposits, mobile app transactions or by participating in most of our campaigns. All a customer needs to do is to meet the transaction or
campaign requirement and starts accruing the Gempoints. But speaking in an interview, the bank’s Head Consumer and Privilege Banking, Diamond Bank, Kari Tukur said: “Your Gem point expires after two years. So, you can only hold it for two years and in fact if your account also is dormant, it shortens your Gempoints. “So, if you have accrued let’s say 10,000 Gempoints over the last year, based on the expiration date of when you accrue the Genpoints, we will make deductions from your GemZone account. “So, it is very important because we want you to earn and spend and not build it up for 10 years because the value of the items on GemZone also changes over time so you
want to enjoy that benefit while the opportunity comes.� The Head, Customer Experience and Engagement, Diamond Bank Plc, Michelle Nwoga said: “The main essence of the GemZone loyalty programme is a way of saying thank you to our customers and the loyalty programme gives customers opportunity to earn Gempoints with the various transactions that they carry out with the bank and the transactions can range from anything like cash deposit, airtime purchase for example or cinema tickets on the mobile app, you earn Gempoints.� Also, the bank’s Enterprise, Intelligence and Strategy, Linus Iwajoku said: “Our GemZone is just our own way of saying thank you
to our customers in the loyalty scheme. While carrying out your normal banking transaction, we find a way of rewarding you with Gempoints that you can actually redeem on our platform for goods that are very valuable and unique cutting across different types of product, voucher card and all that. “It is our own way of saying thank you for your loyalty; for your support and as you carry out those transactions may be using your Automated Teller Machine (ATM) or even doing transaction online or even doing cash deposit, you accrue what we call Gempoints and on our platform you can now redeem those Gempoints with all the goods that
we have displayed on our GemZone.� Nwoga further explained: “To earn Gempoints a customer has to pay bills, purchase airtime and do transfers, spend with credit card and carryout monthly deposit and savings. “Now bear in mind that you earn these Gempoints and redeem the Gempoints for goods on the GemZone website. “So, you are actually purchasing those items for free without paying cash. So, you are not actually paying the cash, what you are actually paying with are points that you have earned from transacting with Diamond Bank. “So those are the benefits and I will say that in Dia-
mond Bank. We also carry out a lot of other campaigns in the bank that actually support the programme.� Commenting as well, Sam Aneke, Head, Transaction and Electronic Banking, Diamond Bank said: “Nineteen campaigns are currently running in the GemZone platform. So, customers have the opportunity to always earn more points and literally it is the more you transact the more you earn and the more you earn, the more items you can redeem on the site and there are so many items that you can redeem.� Commenting on the loyalty scheme, one of the co-founders of Nairabox, the bank’s partner on the scheme, Jay Chikezie, described the partnership as amazing and convenient for users.
T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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EDUCATION Hard Work, Diligence Made Me Stand Out, Says ABUAD Best Medical Student At the induction ceremony of the pioneer 43 medical doctors produced by Afe Babalola University Ado Ekiti, held last week, its best graduating student, Miss Esther Adaobi Azom, attributed her success to hard work and diligence. Funmi Ogundare reports
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elebration rented the air, recently, at the induction ceremony of the first set of 43 medical doctors produced by Afe Babalola University Ado Ekiti (ABUAD), as Dr. Esther Adaobi Azom, 26, the second of a family of six was called to the podium to receive her award for being the best graduating student with distinction in Medicine, Surgery and Community Medicine. She was the cynosure of all eyes at the programme, held at the institution’s Alfa Belgore Hall, graced by dignitaries from all walks of life and royal fathers including the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Eniitan Ogunwusi, the Ewi of Ado Ekiti, His Royal Majesty, Oba Rufus Adejuyigbe Aladesanmi III, the Osemawe and Paramount Ruler of Ondo Kingdom, HRM Oba Victor Kiladejo, among others. Already, Azom who had maintained an excellent record of distinctions had won the founder’s scholarship award of N500, 000 from 100 to 500 level. In the final MBBS exams, she had distinctions in all the three papers including; Surgery, Medicine and Community Medicine, respectively. She also got various cash prizes running into millions of naira from royal fathers present, as well as a brand new car worth N5.7 million, donated by Coscharis Motors to the institution, and automatic employment in University College Hospital (UCH), Ibadan, at the programme. Other prize winners including Chisom Elsie Igbokwe, Chima Ndubuisi, Modupe Apata and Chiedozie Obi, also had distinctions in Surgery and Community Medicine, respectively. They got a cash prize of N500,000 each. The Anambra-born Azom who grew up in the city of Jos, recalled her experience on campus saying, “My experience in ABUAD has been good , being a medical student has been a challenge, but I thank God that it ended in success.� She attributed her success to hard work, diligence and the talent which God has given her. “I have always dreamt of being a medical doctor, there is no how one can leave out the God factor here,� she said, while advising other students to be focused and hardworking. Her elated father, Mr. Emmanuel Azom, said she has been very studious from inception, noting that already some of her siblings had graduated from the university with first class and had made distinction at the masters level in the UK. Speaking at the programme, the President of the Medical and Dental Council of Nigeria (MDCN), Dr. Francis Faduyile congratulated the graduating doctors saying that this qualifies them to be trainable and face new challenges. He admonished them to eschew vices and professional misconduct saying that such attracts serious consequences. “I call your sacrifice a worthy sacrifice, the journey has not been easy, but you have weathered the storm, much was given and expected from you and you have delivered.� The Registrar of the council, Dr. Tajudeen Sanusi who emphasised on the challenges facing graduates , noted that it is working towards ensuring that the inductees starts their internship which is
The best graduating medical student of Afe Babalola University Ado Ekiti (ABUAD), Miss Esther Adaobi Azom flanked by the Founder and Chancellor of the institution , Chief Afe Babalola and his wife Yeye Are , Modupe, during the induction ceremony of the pioneer medical doctors of Afe Babalola University Ado Ekiti, held‌ recently
the first part of their training to attend to patients. “Being addressed as doctors carries serious responsibilities, but this is just the beginning of your career. As doctors, you are faced with multiple laws, but there is one that binds you ‘the code of medical ethics’, which you are subjected to . Medicine is not practiced in isolation, ensure that you do all that is needed to do for your patients. The Ooni of Ife, His Imperial Majesty, Oba Adeyeye Eniitan Ogunwusi expressed excitement about the success of the graduating doctors while admonishing the class to come together as an alumni that will add value to research. Oba Ogunwusi who announced a prize of N 1million for such effort said, “Do not relent on research and anything that will add value to the nation. What medical doctors do are priceless.
The phenomenon of Brain drain has reemerged with juicy offers for training programmes in the west. Brains are now being poured out into the drains when a medical doctor ends up as a car salesman
Remember the university for good. As you have graduated today, pick one or two people that you can mentor, make sure you bring yourselves together as a class and ensure you continue to add positive value to the university, Nigeria and to your parents.� He also promised a cash prize of N250,000 every year for the best graduating doctor. The Founder and Chancellor of the University, Chief Afe Babalola recalled how the institution’s MBBS programme started more than six years ago culminating in the success of the 43 graduands saying, “From my experience , there isn’t Much compliance with rule and regulations in Nigeria and that is why there has been poor reading culture. But here, we are different. We are probably the only the only university in Nigeria that makes its students go to classes between 8 am and 3 pm and later from 7 pm to 10 pm. There is no room for indolence here, and this has paid off handsomely with the comments of the external examiners during our first final MBBS examination.� He congratulated the graduands saying that they have been able to set a standard, not only by their excellent performance, but as pathfinders in the medical history of the university. “There will never be another pioneer set of medical students here, As new doctors, study yourselves, know yourselves and continually bear the kernel of the university anthem which emphasised the place and import of determination, industry and character in mind as you begin a new chapter in your career, � he said. The Vice-Chancellor, Professor Michael Ajisafe who congratulated the inductees on their achievement of becoming thoroughly trained professionals in a space of six years, also appealed to regulatory bodies to increase its MMBS admission quota, considering its avalanche of facilities and personnel. In his paper entitled, ‘Medicine by Choice or Medicine by Coercion’, the Chief Medical Director, University Col-
lege Hospital (UCH), Ibadan, Professor Temitope Alonge, expressed concern about the issue of brain drain among Nigerian medical officers saying that they submit themselves to organised slave abroad. He said the issue of brain drain usually comes in various guises when a fully trained medical doctor leaves the shores of the country to take a primary job as a mortician. “Whilst it is impossible to halt the brain drain saga that was accentuated by the exodus of medical experts from Nigeria in the late 1980s, this phenomenon has reemerged with juicy offers for training programmes in the west. Brains are now being poured out into the drains when a medical doctor ends up as a car salesman.� Alonge who announced an automatic employment for three best graduating students of the institution for their horsemanship advised the graduands said, “there are no easy options in life and unless you go through the routes of greatness, which may be rough and stressful , this noble profession of medicine may not yield its entire desired and locked up dividend.� The Executive Secretary of National Universities Commission (NUC), Professor Abubakar Rasheed commended the outstanding contributions of the university on the education sector, noting that an institution must strive for excellence and carve a niche for itself in specific fields. He expressed concern about the dismal doctor-patient ratio in the country saying that we need about 300, 000 doctors to meet the World Health Organisation (WHO) recommended doctor-patient ratio of 1:600. To the new inductees, he said, “You have been trained to be medical doctors. As you go out of the comfort of your university to the real world, you will meet many people who might be at the lowest moments of their lives. People who need you to get well again. Be kind, be compassionate and please treat them well with utmost courtesy.�
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Fraud: Bayelsa Education Board Recommends 272 for Retirement Emmanuel Addeh inYenagoa Following a staff audit of secondary schools in the state, the Bayelsa State Post-Primary School Board, has recommended the compulsory retirement of at least 272 members of staff due to various infractions discovered during the screening. The Executive Chairman of the board, Dr. Blessing Ikuru, who addressed journalists in Yenagoa on the extent of the clean-up ordered by Governor Seriake Dickson, noted that a total number of 413 staff cases of falsification of records involving under-declaration of age and questionable letters of first appointments were reviewed. The meeting was attended by zonal directors, principals and leadership of the major trade unions that operate in secondary schools system. She added that after the verification, 141 were cleared and 158 staff recommended for immediate retirement, while a further 114 employees that declined to appear for screening had also been suggested for retirement, pending the governor’s
approval. Ikuru disclosed that as a result of the verification carried out in secondary schools in the state, the board will now be able to save a total of N55.7m monthly, which amounts to N669.3m annually. The board also announced that it had reduced the staff wage bill from N609m to N594m, representing a savings of N15m as a result of the reforms. Dickson reconstituted the body in April with specific instructions to ensure that its wage bill was audited by checking all financial books and records, including the indiscriminate award of salary grade levels and steps in the payment vouchers and nominal rolls of the board. She added: “The SGLSRC audited the vouchers and nominal rolls of 189 schools, zonal boards and board headquarters with a staff strength of 5,980. The payroll gross in August was N594.1m and the gross audit for the same month was N557.7m. “Therefore, the audit report if implemented, the board will be making a savings of N36.3m. As regards the
OASVC, a total number of 413 staff cases of falsification of records in terms of under-declaration of age and questionable letters of first appointments were reviewed with a wage bill of N35.4m. “Out of this number, 141 were cleared and 158 staff recommended for immediate retirement, grossing a wage bill of N9.5m. “Meanwhile , 114 staff were absent fro the exercise grossing a wage bill of
N9.8m. The board, having waited for more than a month without hearing from those staff, the absentees, are now recommended for possible retirement from services. “Therefore, if these recommendations are implemented, the board stands to save a total of N19.3m. If the recommendations of the two committees are pooled together financially, the board will now gross in a total sav-
ings of N55.7m per month and N669.3m per annum.� “Out of this number, 141 were cleared and 158 staff recommended for immediate retirement, grossing a wage bill of N9.5m. Meanwhile, 114 staff were absent fro the exercise grossing a wage bill of N9.8m. The board, having waited for more than a month without hearing from those staff, the absentees, are now recommended for possible retirement from
services� Ikuru said. Ikuru lauded Governor Dickson for carrying out the necessary reforms to sanitise and correct anomalies in the public service, despite the perceived consequences. She explained that the essence of the exercise was not to witch-hunt or sack anybody and also appealed to the governor to approve the implementation of staff promotion for July 2015 and January 2016.
Mandela Washington Fellows Alumni Host Young Leaders Assembly Peace Obi In an effort aimed at positioning the Nigerian youths towards playing key roles in the realisation of the Sustainable Development Goals (SDGs) in all critical sectors of the nation’s economy, Mandela Washington Fellows Alumni Association of Nigeria (MWFAAN), is set to host over 1000 Nigerian youths during its 2018 edition of the Young African Leaders Initiative (YALI) award . The programme which will hold on September 20 and 22, in Abuja, will feature the grand finale of the alumni group’s annual competition, “Beyond School Community Challenge� which has been described as a coordinated infusion of entrepreneurial and leadership skills in the learning process of Nigerian youths. The organizers hinted that it is envisioned to strategically position Nigerian youths towards contributing to the realization of the SDGs as well as youth and economic development of the country. Speaking during a media briefing in Lagos recently, the President of MWFAAN, Dr. Segun Fatudimu noted that during the three days programme, 30 top finalists from selected schools will slug it out at the grand finale to clench the coveted grand prizes in the challenge. The challenge is basically to harness entrepreneurial skills in secondary school students. The first edition’s grand finale was held here in Lagos, but this year, we felt we can actually reach more people and make this bigger. So, we expanded the final and scope of the competition to now have 10 schools in the final. So, we are having 30 young entrepreneurs from secondary schools that will
be competing at the final stage of this year’s challenge. “As a national community development and entrepreneurship programme for secondary school students, it is aimed at engaging young people in Nigeria for the purpose of creating impact within their communities and developing critical entrepreneurial skills. The programme also seeks to inspire students to improve their communities through entrepreneurial actions. Each team will be tasked to provide an innovative idea or solution in their community within the framework on United Nations Sustainable Development Goals, � Fatudimu stressed. The alumni president said each of the 10 teams will be given 10 minutes to present their business idea/project. According to him, the judges would be drawn from the Mandela Washington Fellows with business and entrepreneurship track, the winners would be selected based on the viability, feasibility and sustainability of the idea as well as audience votes. The prizes, he said, will include a grant of N400,000 to the best three project teams, access to three months mentoring from industry experts and fellows, additional educational grants for each winning team member, award of plaques, certificates for the schools involved and cash prize for the best mentor/ teacher. The Publicity Secretary, Mrs. Margaret Nongo-Okojokwu said the award is designed to recognise, celebrate and encourage youths and individuals who are contributing immensely towards the pursuit of the sustainable developments goals as well as youths and economic development in Nigeria.
R-L: Director of Administration, Ibru Organisation, Sir Henry Muogho; his son, Derrick Ogenetega Muogho; and his wife, Lady Jacklyn, when Derrick bagged a degree in Business Administration from the Houdegbe North America University, Cotonou, Republic of Benin...recently
King’s College Rolls Out Drum NUC Approves 13 for 109th Anniversary Postgraduate Programmes for it as an avenue to socialise and Samuel Adegboyega Varsity Mary Nnah share our experience with Old King’s College, Lagos, is set to roll out the drums, to commemorate its 109th anniversary celebration, sponsored by it’s Old Boy’s Association (KCOBA). Various forms of activities, have been lined up for the one week celebration, which kicked-off, yesterday September 18, with an anniversary carnival held at the college’s Assembly Hall, Tafawa Balewa Square, and will round up on September 23. The Chairman KCOBA Kings Week 2018 Planning Committee, Mr. Mustapha Chike Obi, said the association takes great pride in the college, adding, “ we are very emotional and passionate about our school. It may not be where we want it to be today but we are trying our best to get it back to the days of glory it used to have.� The Vice President KCOB, Mr. Rotimi Aladesanmi said the ‘Kings Week’ is the high point of the association’s celebrations every year, adding that the founders’ day is in commemoration of the establishment of this college in 1909. “The college actually started as an institution on September 20. So we always celebrate this as a reminder of the status and history behind this college. There is always an intellectual slant to the celebration and that is why we always have a lecture, which would be on a topical issue that is relevant to the Nigerian society. We also use
boys coming together from far and near. “The school too has some programmes for this period and the present students and teachers believe that they have to commemorate the period. We would be collaborating with the school because we believe that we belong to one mighty home. Other activities to commemorate the programme include, an anniversary lecture on September 20, at the college assembly hall, where His Royal Highness, Emir Muhammadu Sansui II, would be delivering a paper entitled, ‘Reforming Education: An Imperative for National Development’, Jummat and church service on September 21 and 23 , at the school’s mosque and King’s College Hall, respectively, a dinner on the 22 and an Annual General Meeting (AGM) on the 23 One of the major highlight of the anniversary celebration will be the enactment of Langbodo, the epic drama which the late Chief Wale Ogunyemi, foremost writer and actor adapted from D.O Fagunwa’s book entitled Ogboju Ode Ninu Igbo Irunmole. Langbodo, Aladesanmi said was chosen as Nigeria’s drama entry for the Second World Festival of Arts and Culture (FESTAC) hosted by Nigeria in 1977, adding that the play, would be directed by its original director at the Festac ‘77, and would be staged at the college’s premises.
The National Universities Commission (NUC) , has approved the establishment and commencement of 13 postgraduate programmes for Samuel Adegboyega University (SAU), Ogwa, Edo State, effective from the 2018/2019 academic session. The programmes include; Business Administration to be run at the institution’s postgraduate, Masters in Business Administration and Masters in Science (PGD, MBA, MSc) levels, respectively; Accounting (PGD, MSc), Economics (PGD, MSc), Mass Communication ( PGD, MSc), Computer Science (PGD, MSc). Others are History and Diplomatic Studies as well as Religious Studies at the masters level. The Director , Academic Planning of NUC, Dr. G. Kumo, in a statement addressed to the institution , noted that all programmes shall bear only the approved titles and any change will require the re-approval of the commission. He enjoined the university to provide adequate human and material resources for the
development and growth of the approved programmes. The Vice Chancellor, Professor Ben Aigbokhan who expressed excitement about the approval, said his institution was visited by a panel of specialists constituted by NUC, in response to the application submitted to it in April for approval to mount postgraduate programmes in the university after having graduated to three sets of undergraduates. According to him, “SAU was visited in July 2018. The team was in the university on resource verification exercise. Result of the exercise was communicated to the university through its letter dated August 31, 2018. With this, the university will commence its postgraduate programmes in the 13 programmes approved with processing of admission from October and lectures will commence in January 2019.� He expressed optimism that its academic calendar will proceed uninterrupted and conclude in 12 or 18 months for postgraduate diploma and master’s degree programmes.
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Strengthening Regulatory Bodies will Enhance Quality of Critical Infrastructure, Says AAU VC Professor Ignatius Onimawo is the Vice-Chancellor of Ambrose Alli University, Ekpoma, Edo State. In an interview with some journalists including Funmi Ogundare , he explained why regulatory bodies like NUC and NABTEB should be strengthened so as to enhance quality through adequate budgetary spending on critical infrastructure. What opportunities do you see AAU playing in the national and international stage? AAU is already positioned nationally and internationally in several areas. Several of our academic programmes are already celebrated. Our Law programme has consistently maintained best position in Nigeria and even in Africa. Our programme in Architecture is also nationally and internationally acclaimed. Our education programme has contributed to manpower development on a very large scale. One of the 65 neurosurgeons in Nigeria is from AAU and our medical doctors are excelling in their various fields. This can also be said for the rest of our academic programmes. Ambrose Alli University has made huge leaps in digital repositioning. We are one of the few universities in Africa that conducts senate meetings electronically. We are also the only university in Africa that has conducted students’ union elections by electronic voting. AAU has been consistent in winning the award of best state university in use of technology and very many of our professors are fellows in their professional associations worldwide. We have stepped up training for our academic staff in the area of writing proposals for grant awards. Our professors and other academic staff are being recognised for groundbreaking researches. What are the core strengths of the institution? Our academic staff strength is a major assets. There is hardly any area in which we do not have professors of international repute. Our academic programmes are also an area of strength. We train manpower and engage in research in more than 80 academic programmes. We are also positioned as a major platform to remedy the disadvantage engendered by the quota system in students admissions for indigenes of Edo State. All sectors of the state economy are manned by graduates, majority of whom are trained at the university. Recently we have become giants in the use of ICT which has resulted in efficiency in service delivery and reduction of cost of administration. The university has on its payroll, efficient and well trained workforce to support the training of students at undergraduate and post-graduate levels to meet the growing needs of 21st century graduates. Another core strength of the university is a vibrant research culture with local and foreign collaboration. In addition, the location of the institution on a very large landmass and a dam donated by European Union which can be put into effective use for mechanised farming is also a core strength. What visions and ideas do you have for research? Our vision is to make AAU one of the best research-focused universities in Nigeria. At the beginning of my tenure, we created the Directorate of Research Publication and Development. We also created the Directorate of Quality Assurance and Linkages. The aim is to create viable platforms for training our academic staff on groundbreaking researches, winning research grants, creating linkages with other universities and research institutions worldwide and establishing collaboration with other researchers in different academic fields. These directorates are achieving results in all the areas of their terms of reference. I make bold to say that research consciousness and repositioning of our staff on the path of edge cutting researches is now the order of the day. What collaboration does AAU have with international institutions of higher education to enhance research quality? AAU has collaborations with most professional bodies in Nigeria in all its academic programmes. Considering the fact that these national bodies are also affiliated to their international counterparts, by extension AAU enjoys these international
Onimawo collaborations. AAU has reached high level of negotiations with five Canadian universities, in Engineering, two universities and teaching hospitals in the UK in Medicine and several universities in America for exchange programmes. Our lecturers have active research collaborations with their counterparts in the West African sub-region, in South Africa, Southern Africa and universities in East Africa. Recently, we invited a scholar from Germany and the US to deliver a paper and forge research relationship in philosophy and the Humanities. We have research affiliations with NASRDA and NIA. Besides, most academic staff are taking advantage of TETfund support to finance their research work. The university has hosted at least six international conferences
Budget for education in the nation and the states should be increased at the tertiary level of education. This will enhance quality through adequate budgetary spending
in the past two years that have afforded a lot of opportunities in research collaboration. How has AAU contributed to development in the country through research? AAU has contributed a sizable quota to the staff of research institutions nationwide. Our alumni can be found in almost all research institutions in the country. Several of our professors have patents for several products developed in our university. We are in close collaboration with Pax Herbal of Ewu monastery for the development of herbal cures. We also have close collaborations with NIFOR, IRRI, Iyanomo and several oil production companies including; Shell, Chevron and Agip. Our consultancy division makes robust contribution through our staff to research efforts in Engineering, management, education, health etc. Our staff are involved in research efforts by WHO, USAID, UNESCO, among others. What ways can quality be integrated at the tertiary level? Once quality improves at the primary and secondary level, then quality at university level is bound to improve. The initiative of the Edo State Government ‘EDOBEST’ for the improvement of basic education will yield great dividends for quality education at tertiary level in Edo State. While this is being done, the tempo of initiative of TETFUND for staff training at tertiary level should be maintained. Furthermore, the education regulatory bodies like NUC and NABTEB should be strengthened to maintain and improve standard. To achieve all these the budget for education in the nation and the states should be increased at the tertiary level of education. This will enhance quality through adequate budgetary spending on library holdings, training and retraining of staff, purchase of state of art training equipment and investment in critical infrastructure.
How do you build on the success of the institution? Our vision for the university has been clearly articulated and publicised. All organs of the university, every unit and every staff are running with the vision. Every sector is working in synergy with others to fulfil this vision. The successes we have achieved in the past two years is dramatic. That is because the administrative machinery of the university is purpose-driven and everyone has keyed in. This has resulted in infrastructural development in all areas. For example we initiated and completed the faculty of life sciences building and that of physical sciences have which reached an advanced stage. Besides three new faculty buildings are in the pipeline. Extensive construction of roads, lecture theatre, hostel buildings, renovation of offices, huge leaps in development in ICT and an enhanced academic activities are given top priorities. We have raised the bar of academic activities by entrenching excellence in teaching, examination and research activities. By the introduction of Computer Based Examination (CBT), vices such as sorting has now completely become a thing of the past in the university. Even in the conduct of students election, for the second time we effectively deployed e-voting method and the results have been transparent, free, fair and credible. Crisis that usually follow students’ union election is now a thing of the past. AAU is a source of pride for Edo State, where do you wish to see the institution a decade from now? My vision for AAU is very clear and has been widely publicised. Before the end of my tenure the university will be positioned as the best state university in Nigeria and one of the 10 best in the country by all standards. In the next decade, AAU should be the best university in Nigeria and one of the high rank universities in the world.
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School Cycling: Foundation Tests Students’ Physical Fitness Funmi Ogundare In effort aimed at enhancing the academic performance and physical fitness of students, a total of 180 students drawn from three education districts in Lagos, are set to participate in the school cycling competition, organized by the African Cycling Foundation (ACF), in partnership with Simba Group, Sterling Bank and Cycology Riding Club. The competition which will hold on September 21 and 22, at the Teslim Balogun, Stadium, Surulere, would feature public school students in JS one to three being accessed on their talents. Addressing journalists in Lagos, the President of the foundation, Mr. Yemi Osilaja stressed the need for a cycling culture in the country so that children can begin to benefit at a very young age. The move, he said, would keep them alert physically and mentally. According to him, “Most of the children are the ones always
left behind. We want to ensure that schools are involved in the culture of cycling , not just for adults alone, as this helps their education. We need to catch them young and we are going to be identifying their talents and nurture them.� Osilaja who expressed passion about cycling recalled when his foundation had to give out bicycles to some schools in Ibeju-Lekki area of Lagos, saying that they found out that the students had to trek long distances to school from their homes. As a result, he said the girls sometimes end up getting raped by hoodlums, got pregnant and end up dropping out of school. “So when we gave them the bicycles, the parents felt that once their children ride their bicycles to school at the same time, a level of safety will be achieved. The Lagos State government is trying to put a policy together that would ensure that not only car owners are on the road, but also those who can cycle.
We need to teach our children the rudiments of cycling and become more responsible to their future,� he stressed. The Captain, Cycology Riding Club, Mrs. Bimpe Olufemi expressed delight about the partnership with ACF saying, “ They do a lot of things because they are proud of our mission and vision on grassroot cycling. They try to develop kids at a younger level so that as they grow older , they will have a passion for the sports and they will continue even when they are older . We work together to ensure that we have potential cyclists who can go on to the international level and become professional cyclist.� She emphasised on safety on our roads saying, “When we cycle, a lot of people ask us how do you cycle on Lagos roads? This is one of the things that we have been doing for six years, we have not had any deaths ,though we had a few accidents, but not fatal. “We have several precautions that we have put in place when
we are doing cycling. In the same vein, we noticed that a lot of motorists on the road, do not have time for cyclists, so we decided to initiate a ‘Share the Road’ campaign which is a global initiative that we are bringing to Nigeria because we think it is important for everybody to be aware that the road is for everyone.� Olufemi affirmed the need for everybody to obey the rules of the road so as to ensure safety. “That is a key initiative that we are doing and we are going to be working with private , public partners including government. We are trying to look at a healthy lifestyle, there is a need for us to develop a nation of healthy people because if people are healthier, they are happier, the government will spend less on healthy care services.� Assistant Director, Lagos State Sports Commission, Mr. Rahmon Murtala expressed optimism about the partnership with the foundation to promote sports in the school system.
L-R: Head of Projects and Planning Lafarge Africa Plc, Marie Christian-Kaul; Chief Executive OďŹƒcer Okada Books, Mr. Okechukwu OďŹ li; Head, Sustainability and Brand Lafarge Africa PLC, Mrs. Temitope Oguntokun; and Country Environmental Manager of the organisation, Mr. John Nya, during the booking reading session organised by Lafarge Africa Plc to commemorate the International Literacy Day, held in Lagos‌ recently
LBS Concludes International Executive MBA Week with Graduation Ceremony The Lagos Business School, recently recorded another milestone celebrating the accomplishment of participants in its inaugural International Executive MBA Week held at the school. The International Executive MBA Week with the theme ‘Playing to Win in Africa: Exploring Business Opportunities in Nigeria’, which held from September 10-14, is a cultural immersion programme to expose executive MBA students and alumni from global partner institutions to the values and business environment in Nigeria and Africa while building their personal and business thinking agility through immersive experiences. The five-day programme helped to prepare participants for greater business opportunities, enabling them
to manage business across borders and to face higher leadership responsibilities after their MBA programmes. They visited strategic locations that represent growing markets and entrepreneurship hubs in Lagos such as Balogun Business Association Market, Computer Village, Eko Atlantic, among others. They were hosted to networking events with CEOs, selected LBS alumni and students to enhance cultural immersions. The International Executive MBA Week programme was built around strategies for managing business in a complex or turbulent environment; using innovation to cope with uncertainty. According to the Academic Director, International EMBA, LBS, Dr. Uchenna Uzo, “the programme content explored the most promis-
ing aspects of the country’s potential. Participants were equipped with knowledge to: understand growing market opportunities, spot where the action is, and what it takes to invest and improve intercultural exchange among people interested in investing in Africa.� The highlight of the week was an investment challenge, a Dragon’s Den contest, where participants were required to use the knowledge gained during the programme to develop an action plan for investing in any of the identified growing markets. A panel of industry leaders in consulting, real estate and technology and business integration judged the keenly contested challenge. “The International Executive MBA Week aligns with the school’s missional imperative
to be the leading business school with the greatest impact on the knowledge and practice of management and business in Africa,� he added. LBS offers academic programmes, executive programmes and short courses (customised to specific company needs, as well as open-enrolment courses) in management education. Its offerings have been ranked among the best in Africa as it systematically strives to improve the practice of management on the continent. The business school’s efforts have been recognised by several world-class accreditation and ranking institutions. Besides the quality bar set of world-standards, LBS programmes also stand out because of the emphasis on professional ethics and service to the community.
THE NEED TO DEVELOP YOUR CHILD’S GLAZED ASTUTENESS (1)
Ăž Ă“Ă? Ă“Ă˜ĂžĂ?ĂœĂ?Ă?ĂžĂ“Ă˜Ă‘ ÞÙ Ă˜Ă™ĂžĂ? ÞÒËÞ ĂŒĂ™ĂžĂ’ ĂĄĂ“ĂžĂ’Ă“Ă˜ Ă‹Ă˜ĂŽ Ă™Ă&#x;ĂžĂ?Ă“ĂŽĂ? Ă?Ă?Ă’Ă™Ă™Ă–Ëœ Ă?Ă’Ă“Ă–ĂŽ Ă“Ă? Ă‘Ă‹Ă“Ă˜Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă?ĂžĂ™ĂœĂ“Ă˜Ă‘ Ă&#x;Ăš ĂŽĂ“ĘĽĂ?ĂœĂ?Ă˜Ăž Ă“Ă˜Ă?Ă™ĂœĂ—Ă‹ĂžĂ“Ă™Ă˜Ëœ ÚÖĂ&#x;Ă? Ă‹Ă?Ă›Ă&#x;Ă“ĂœĂ“Ă˜Ă‘ Ă•Ă˜Ă™ĂĄĂ–Ă?ĂŽĂ‘Ă? Ă™Ă˜ ÒÙå ÞÙ ĂŽĂ™ ĂžĂ’Ă“Ă˜Ă‘Ă?Ë› Ă“Ă?˚ÒĂ?Ăœ Ă‹ĘľĂ‹Ă“Ă˜Ă—Ă?Ă˜Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂšĂ?Ă‹Ă• Ă“Ă˜ Ă‹ĂŽĂ&#x;ÖÞÒÙÙÎ Ă‹Ă˜ĂŽ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?Ă Ă?Ă˜ĂžĂ&#x;Ă‹Ă–Ă–ĂŁ ĂŒĂ?Ă‘Ă“Ă˜ ÞÙ ĂŽĂ?Ă?Ă–Ă“Ă˜Ă?Ë› Þ˪Ă? Ă‹Ă–Ă– ĂĄĂ?Ă–Ă– Ă‹Ă˜ĂŽ ÑÙÙÎ ÞÙ Ă?Ă?Ă˜ĂŽ ÞÒĂ?Ă— ÞÙ Ă?Ă?Ă’Ă™Ă™Ă–Ëœ Ă?Ă?Ă˜ĂŽ ÞÒĂ?Ă— ÞÙ ËŤĂ–Ă?Ă?Ă?Ă™Ă˜ËŞËŞËœ Ă?Ă?Ă˜ĂŽ ÞÒĂ?Ă— ÞÙ Ă?Ă˘ĂžĂœĂ‹Ě‹Ă?Ă&#x;ĂœĂœĂ“Ă?Ă&#x;Ă–Ă‹Ăœ Ă‹Ă?ÞÓà ÓÞÓĂ?Ă?Ëœ ĂŒĂ&#x;ĂžËœ Ă“Ă? ĂŁĂ™Ă&#x; ĂŽĂ™Ă˜ËŞĂž Ă˜Ă™Ă&#x;ĂœĂ“Ă?Ă’ ÞÒĂ?Ă“Ăœ ĂŒĂœĂ‹Ă“Ă˜Ă?Ëœ ĂŁĂ™Ă&#x; Ă—Ă‹ĂŁ ĂŒĂ? ĂŽĂ™Ă“Ă˜Ă‘ ÞÒĂ?Ă“Ăœ ĂŒĂœĂ‹Ă“Ă˜Ă? Ă‹Ă˜ĂŽ Ă—Ă“Ă˜ĂŽĂ? Ă’Ă‹ĂœĂ— Ă“Ă˜ ÞÒĂ? Ă?Ă’Ă™ĂœĂž ĂœĂ&#x;Ă˜ ̙ËĂ? Ă?Ă‹Ăœ Ă‹Ă? Ă?Ă–Ă?Ă Ă?ĂœĂ˜Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă‹ĘľĂ?Ă˜ĂžĂ“Ă™Ă˜ Ă“Ă? Ă?Ă™Ă˜Ă?Ă?ĂœĂ˜Ă?ĂŽĚš Ă‹Ă˜ĂŽ ÞÒĂ? Ă–Ă™Ă˜Ă‘ ĂœĂ&#x;Ă˜Ë› Ă?ĂĄ Ă?Ă?Ă“Ă?Ă˜ĂžĂ“Ę¨Ă? Ă?ĂžĂ&#x;ĂŽĂ“Ă?Ă? Ă‹ĂœĂ? Ă?Ă&#x;Ă‘Ă‘Ă?Ă?ĂžĂ“Ă˜Ă‘ ÞÒËÞ Ă˜Ă&#x;ĂžĂœĂ“ĂžĂ“Ă™Ă˜ Ă?Ă‹Ă˜ Ă’Ă‹Ă Ă? Ă?Ă“Ă‘Ă˜Ă“Ę¨Ă?Ă‹Ă˜Ăž Ă?ĘĽĂ?Ă?ĂžĂ? Ă™Ă˜ ÞÒĂ? ĂĄĂ‹ĂŁ ĂĄĂ? ĂžĂ’Ă“Ă˜Ă•Ë› ÚÙÚĂ&#x;Ă–Ă‹Ăœ Ă‹Ă˜ĂŽ ĂœĂ“Ă?Ă’ Ă™ĂœĂ&#x;ĂŒĂ‹ ĂšĂœĂ™Ă Ă?ĂœĂŒ Ă?Ă‹ĂŁĂ?Ëœ ËŤĂ™Ă&#x;Ă˜ ĂžĂ?ËŞĂŁĂ? ĂŒĂ‹ Ă”Ă?Ëœ Ă–Ă?ĂŁĂ? Ă—Ă‹ Ă‘ĂŒĂ? Ă?Ùˏ̋ Ă—Ă?Ă‹Ă˜Ă“Ă˜Ă‘ Ě‹ ËŠ Ă’Ă‹Ăž ĂŁĂ™Ă&#x; Ă?Ă‹ĂžËšĂ“Ă˜ĂžĂ?ĂœĂ˜Ă‹Ă–Ă“Ă¤Ă? Ă“Ă? ĂĄĂ’Ă‹Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ Ă˜Ă™Ă&#x;ĂœĂ“Ă?Ă’ËšĂ“Ă˜Ă?Ă™ĂœĂ—ËšĂŽĂ“ĂœĂ?Ă?ĂžËšĂšĂœĂ™ĂšĂ?Ă– ĂŁĂ™Ă&#x;ËŞË› Ă’Ă‹Ăž ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă“Ă˜Ă‘Ă?Ă?ĂžĂ? Ă˜Ă™Ă&#x;ĂœĂ“Ă?Ă’Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă&#x;Ă?Ă–Ă? ÞÒĂ?Ă“Ăœ ĂŒĂœĂ‹Ă“Ă˜Ă? Ă‹Ă˜ĂŽ Ă™Ă? Ă?Ă™Ă&#x;ĂœĂ?Ă? ÞÒĂ? ĂœĂ?Ă?Ăž Ă™Ă? ÞÒĂ?Ă“Ăœ ĂŒĂ™ĂŽĂ“Ă?Ă?Ë› Ă–Ă?Ă‹Ă?Ă? ÚËã Ă?Ù×Ă? Ă›Ă&#x;ËÖÓÞã Ă‹ĘľĂ?Ă˜ĂžĂ“Ă™Ă˜ ÞÙ ĂĄĂ’Ă‹Ăž ĂŁĂ™Ă&#x; Ă‘Ă“Ă Ă? ÞÙ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ ÞÙ Ă?Ă‹ĂžËšĂŽĂœĂ“Ă˜Ă•Ë› Ă Ă?ĂœĂŁ ĂžĂ?Ă‹Ă?Ă’Ă?Ăœ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂœĂ?Ă‹ĂŽĂ“Ă–ĂŁ ĂžĂ?Ă–Ă– ĂŁĂ™Ă&#x; ̙ËĂ?
Ă’Ă‹Ă Ă? Ă?âÚĂ?ĂœĂ“Ă?Ă˜Ă?Ă?ĂŽ Ă“Ăž ÞÙ ĂŒĂ? Ă?Ù̚ ĂžĂ’Ă‹ĂžËœ Ă‹ Ă’Ă&#x;Ă˜Ă‘ĂœĂŁ Ă?Ă’Ă“Ă–ĂŽ Ă“Ă? ËŤĂ“Ă˜Ă?Ù××Ă&#x;Ă˜Ă“Ă?ËÎÙˏ˛ ËŠ Ă’Ă‹Ăž Ă‹ĂœĂ? ÞÒĂ? ĂšĂœĂ‹Ă?ÞÓĂ?Ă‹Ă– ĂĄĂ‹ĂŁĂ? ÞÙ Ę¨ĂœĂ? Ă—ĂŁ Ă?Ă’Ă“Ă–ĂŽËŞĂ? Ă“Ă˜ĂžĂ?Ă–Ă–Ă“Ă‘Ă?Ă˜Ă?Ă?ËŁËŞ ĂŁĂ™Ă&#x;Ëœ Ă—Ă‹ĂŁ Ă‹Ă?Ă•Ë› Ă’Ă? Ă?Ă™Ă–Ă–Ă™ĂĄĂ“Ă˜Ă‘ ĂĄĂ?Ă–Ă– ĂœĂ?Ă?Ă?Ă‹ĂœĂ?Ă’Ă?ĂŽ Ă?Ă&#x;Ă‘Ă‘Ă?Ă?ĂžĂ“Ă™Ă˜Ă? Ă—Ă‹ĂŁ ĂŒĂ? Ă“Ă˜Ă?Ă“Ă‘Ă’ĂžĂ?Ă&#x;Ă– Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ë? Ă?Ă Ă?ÖÙÚ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽËŞĂ? ÑÖËäĂ?ĂŽ Ă‹Ă˜ĂŽ ĘŽĂ&#x;Ă“ĂŽ Ă‹Ă?ĂžĂ&#x;ĂžĂ?Ă˜Ă?Ă?Ă? Ëž ĂœĂ?Ă‹Ă•Ă?Ă‹Ă?Ăž Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹ Ă—Ă&#x;Ă?Þ˛ ĂœĂ?Ă‹Ă•Ă?Ă‹Ă?Ăž Ă“Ă? ÞÒĂ? Ă—Ă™Ă?Ăž Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž Ă—Ă?Ă‹Ă– Ă™Ă? ÞÒĂ? ĂŽĂ‹ĂŁË› Ăž Ă“Ă? ĂœĂ?Ă‘Ă‹ĂœĂŽĂ?ĂŽ Ă‹Ă? Ă?ÙÙÎ Ă?Ă™Ăœ ÞÒĂ? ĂŒĂœĂ‹Ă“Ă˜Ë› Ăž Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă?Ă™Ă&#x;Ă˜ĂŽ ÞÒËÞ ĂšĂ?ÙÚÖĂ? ĂĄĂ’Ă™ Ă’Ă‹Ă Ă? Ă‹ ĂĄĂ?Ă–Ă–Ě‹ĂŒĂ‹Ă–Ă‹Ă˜Ă?Ă?ĂŽ ĂŽĂ“Ă?Ăž ĂŽĂ?Ă—Ă™Ă˜Ă?ĂžĂœĂ‹ĂžĂ? Ă“Ă—ĂšĂœĂ™Ă Ă?ĂŽ Ă—Ă?Ă—Ă™ĂœĂŁËœ Ă?ĂœĂ?Ă‹ĂžĂ“Ă Ă“ĂžĂŁËœ Ă‹ĘľĂ?Ă˜ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ Ùà Ă?ĂœĂ‹Ă–Ă– ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă?Ë› ĂœĂ?Ă‹Ă•Ă?Ă‹Ă?Ăž Ă“Ă? ÞÒĂ? Ę¨ĂœĂ?Ăž Ă™ĂšĂšĂ™ĂœĂžĂ&#x;Ă˜Ă“ĂžĂŁ Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ ÞÙ ĂœĂ?ÚÖĂ?Ă˜Ă“Ă?Ă’ ÞÒĂ? Ă‘Ă–Ă&#x;Ă?Ă™Ă?Ă? Ă–Ă?Ă Ă?Ă–Ă? Ă“Ă˜ ÞÒĂ? ĂŒĂ–Ă™Ă™ĂŽ Ă‹Ę°Ă?Ăœ Ă‹ Ă–Ă™Ă˜Ă‘ Ă˜Ă“Ă‘Ă’Ăž Ă™Ă? Ă?Ă–Ă?Ă?Ú˛ Ă–Ă&#x;Ă?Ă™Ă?Ă? Ă“Ă? ÞÒĂ? ĂŒĂœĂ‹Ă“Ă˜ËŞĂ? Ă—Ă‹Ă“Ă˜ Ă?Ă&#x;Ă?Ă– Ă‹Ă˜ĂŽ Ă“Ă? Ă˜Ă?Ă?Ă?Ă?Ă?Ă‹ĂœĂŁ Ă?Ă™Ăœ Ă?Ă™Ă‘Ă˜Ă“ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ Ă‘Ă?Ă˜Ă?ĂœĂ‹Ă– Ă—Ă?Ă˜ĂžĂ‹Ă– ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă?Ë› Ă™Ăœ ĂŒĂœĂ?Ă‹Ă•Ă?Ă‹Ă?ĂžËœ Ă‘Ă“Ă Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă?ÙÙÎĂ? ÞÒËÞ Ă‹ĂœĂ? Ă?Ă&#x;Ă–Ă– Ă™Ă? Ă˜Ă‹ĂžĂ&#x;ĂœĂ‹Ă– Ă?Ă&#x;Ă‘Ă‹ĂœĂ? ÞÒËÞ Ă“Ă? Ă?Ă™Ă&#x;Ă˜ĂŽ Ă“Ă˜ Ă?ĂœĂ?Ă‹Ă–Ă?Ëœ Ă—Ă“Ă–Ă• ĂšĂœĂ™ĂŽĂ&#x;Ă?ĂžĂ?Ëœ Ă Ă?Ă‘Ă?ĂžĂ‹ĂŒĂ–Ă?Ă?Ëœ ĂžĂ‹ĂŒĂ–Ă? Ă?Ă&#x;Ă‘Ă‹ĂœËœ Ă’Ă™Ă˜Ă?ĂŁ Ă‹Ă˜ĂŽ Ă?ĂœĂ&#x;Ă“ĂžĂ?Ë› ÞÒĂ?Ăœ Ă?Ă&#x;Ă‘Ă‘Ă?Ă?ĂžĂ“Ă™Ă˜Ă? Ă‹ĂœĂ?Ë? Ă?Ă?ĂœĂ‹Ă—ĂŒĂ–Ă?ĂŽ Ă?Ă‘Ă‘Ă?Ëœ ãÙÑÒĂ&#x;ĂœĂžËœ åÒÙÖĂ? ĂĄĂ’Ă?Ă‹Ăž ÞÙËĂ?ĂžËœ Ă?ĂœĂ&#x;Ă“Ăž Ă™Ăœ ãÙÑÒĂ&#x;ĂœĂž Ă?×ÙÙÞÒÓĂ?Ă?Ëœ ĂšĂ‹Ă˜Ă?Ă‹Ă•Ă?Ă? Ă‹Ă˜ĂŽ ĂĄĂ‹ĘŻĂ?Ă?Ë› âĂ?Ă?Ă–Ă–Ă?Ă˜Ăž Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂŒĂœĂ?Ă‹Ă•Ă?Ă‹Ă?Ăž Ă?Ă™Ăœ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ?Ë? Ă™Ă?Ă‹Ă“ Ă™Ăœ Ă&#x;Ă˜Ă•Ă‹Ă?Ă™ Ě™ Ă™ĂœĂžĂ’Ă?ĂœĂ˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ě‹ Ă?ĂœĂ“Ă?ĂŽ ĂŒĂ?Ă‹Ă˜ Ă?Ă‹Ă•Ă?Ă?̚˞ Ă‘Ă“ Ëš Ă•Ă‹Ă—Ă&#x; Ě™Ă?Ă™ĂœĂ˜ ĂšĂ™ĂœĂœĂ“ĂŽĂ‘Ă?Ěš Ă™Ăœ Ă‹ĂœĂ“ Ě™Ă?Ă‹ĂžĂ?Ă˜ Ă–Ă“Ă•Ă? Ă‹ Ă?Ă?ĂœĂ?Ă‹Ă–Ěš Ă?Ă?ĂœĂ Ă?ĂŽ åÓÞÒ Ă•Ă‹ĂœĂ‹ Ă™Ăœ ÙÓ̋ Ă™Ă“Ă˜ Ě™ĂŒĂ?Ă‹Ă˜ Ă?Ă‹Ă•Ă?Ă?̚˛ Ă–Ă?Ă‹Ă?Ă? Ă‹ĂŽĂŽ ÙÓÖã ʨĂ?Ă’ ÞÙ ĂŁĂ™Ă&#x;Ăœ Ă?Ă‹Ă˜ Ă?Ă‹Ă•Ă?Ă? ÞÙ Ă—Ă‹Ă•Ă? ÞÒĂ?Ă— Ă?Ă Ă?Ă˜ Ă—Ă™ĂœĂ? Ă˜Ă&#x;ĂžĂœĂ“ĂžĂ“Ă™Ă&#x;Ă? Ă‹Ă? ĂŁĂ™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ Ę¨Ă˜ĂŽ ĂŒĂ?ÖÙå˛ Ă&#x;ÚÚÖĂ?Ă—Ă?Ă˜Ăž ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽËŞĂ? ĂŽĂ“Ă?Ăž åÓÞÒ Ă“Ă?Ă’ ÙÓÖĂ? ÞÙ Ă?ĘĽĂ?Ă?ÞÓà Ă?Ă–ĂŁ ĂœĂ‹Ă“Ă?Ă? ÞÒĂ?Ă“Ăœ Ë› Ë› Ă–Ă?Ă Ă?Ă–Ă?Ë› Ă˜ ĂšĂ‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹ĂœËœ ÙÓÖĂ? ÞÒËÞ Ă‹ĂœĂ? Ă’Ă“Ă‘Ă’ Ă“Ă˜ Ă—Ă?Ă‘Ă‹ Íą Ă?Ëʾã Ă‹Ă?Ă“ĂŽĂ?Ëœ Ă’Ă‹Ă Ă? ĂŒĂ?Ă?Ă˜ Ă?Ă™Ă&#x;Ă˜ĂŽ ÞÙ ĂŒĂ? ĂŒĂ?Ă˜Ă?ʨĂ?Ă“Ă‹Ă– Ă?Ă™Ăœ ĂŒĂ™Ă™Ă?ĂžĂ“Ă˜Ă‘ ĂŒĂœĂ‹Ă“Ă˜ ÚÙåĂ?ĂœË› Ă™Ă&#x; Ę¨Ă˜ĂŽ Ă—Ă?Ă‘Ă‹ Íą Ă?Ă‹ĂžĂ? Ă˜Ă‹ĂžĂ&#x;ĂœĂ‹Ă–Ă–ĂŁ Ă“Ă˜ ÙÓÖã ʨĂ?Ă’ Ă?Ă&#x;Ă?Ă’ Ă‹Ă? Ëœ Ëœ Ëœ Ëœ
Ëœ Ë› Ă“Ă?Ă’ Ă“Ă? ÒÙåĂ?Ă Ă?Ăœ Ă—Ă™ĂœĂ? ÚÙÚĂ&#x;Ă–Ă‹ĂœĂ–ĂŁ ËÚÚÖËĂ&#x;ĂŽĂ?ĂŽ Ă‹Ă? ĂŒĂœĂ‹Ă“Ă˜ Ă?ÙÙÎ ĂŒĂ?Ă?Ă‹Ă&#x;Ă?Ă? Ă“Ăž Ă“Ă? Ă‹ ĂœĂ“Ă?Ă’ Ă?Ă™Ă&#x;ĂœĂ?Ă? Ă™Ă? Ă™Ă?Ă™Ă?Ă‹Ă’Ă?âËĂ?Ă˜Ă™Ă“Ă? Ă?Ă“ĂŽË› Ă—Ă?Ă‘Ă‹ Íą Ă?Ëʾã Ă‹Ă?Ă“ĂŽ Ă•Ă˜Ă™ĂĄĂ˜ Ă‹Ă? Ă™Ă?Ă™Ă?Ă‹Ă’Ă?âËĂ?Ă˜Ă™Ă“Ă? Ă?Ă“ĂŽ Ě™ Ěš Ă“Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž Ă?Ă™Ăœ ÞÒĂ? ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜Ăž Ă‹Ă˜ĂŽ ĂšĂœĂ™ĂšĂ?Ăœ Ă—Ă‹Ă“Ă˜ĂžĂ?Ă˜Ă‹Ă˜Ă?Ă? Ă™Ă? ÞÒĂ? ĂŒĂœĂ‹Ă“Ă˜Ë› Ă“Ă? Ă‹ Ă?Ëʾã Ă‹Ă?Ă“ĂŽ ÞÒËÞ Ă“Ă? Ă?Ă™Ă&#x;Ă˜ĂŽ ÞÙ ĂŒĂ? Ă’Ă“Ă‘Ă’Ă–ĂŁ Ă?Ă™Ă˜Ă?Ă?Ă˜ĂžĂœĂ‹ĂžĂ?ĂŽ Ă“Ă˜ ÞÒĂ? Ă‘ĂœĂ?ĂŁ Ă—Ă‹ĘľĂ?Ăœ Ă™Ă? Ă™Ă&#x;Ăœ ĂŒĂœĂ‹Ă“Ă˜Ă?Ë› Ă?Ă&#x;ĂšĂšĂ™ĂœĂžĂ? ÞÒĂ? Ă?Ă&#x;Ă˜Ă?ĂžĂ“Ă™Ă˜Ă“Ă˜Ă‘ Ă™Ă? ÞÒĂ? ĂŒĂœĂ‹Ă“Ă˜ Ă?Ă?Ă–Ă– Ă—Ă?Ă—ĂŒĂœĂ‹Ă˜Ă? Ă“Ă˜ Ă“ĂžĂ? ÞËĂ?Ă• Ă™Ă? ĂžĂœĂ‹Ă˜Ă?Ă—Ă“ĘľĂ“Ă˜Ă‘ ĂŒĂœĂ‹Ă“Ă˜ Ă?Ă“Ă‘Ă˜Ă‹Ă–Ă?Ë› Ăž Ă—Ă‹Ă•Ă?Ă? Ă?Ă?Ă–Ă– Ă—Ă?Ă—ĂŒĂœĂ‹Ă˜Ă?Ă? ÞÙ ĂŒĂ? Ă—Ă™ĂœĂ? ĘŽĂ&#x;Ă“ĂŽ Ă‹Ă˜ĂŽ Ă“Ă—ĂšĂœĂ™Ă Ă?Ă? Ă?Ù××Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? ĂŒĂ?ÞåĂ?Ă?Ă˜ ÞÒĂ? ĂŒĂœĂ‹Ă“Ă˜ Ă?Ă?Ă–Ă–Ă?Ë› Ăž Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă?Ă&#x;Ă‘Ă‘Ă?Ă?ĂžĂ?ĂŽ Ă?Ă™Ăœ ÙÚÞÓ×ËÖ ĂŒĂœĂ‹Ă“Ă˜ Ă?Ă&#x;Ă˜Ă?ĂžĂ“Ă™Ă˜Ëœ ÞÒĂ?Ă?Ă? ʨĂ?Ă’ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ă‹ĂžĂ?Ă˜ ÞåÙ ÞÙ ĂžĂ’ĂœĂ?Ă? ÞÓ×Ă?Ă? Ă‹ ĂĄĂ?Ă?Ă•Ë› Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽËŞĂ? ĂŽĂ“Ă?Ăž ĂŽĂ™Ă?Ă? Ă˜Ă™Ăž Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ? Ă?Ă˜Ă™Ă&#x;Ă‘Ă’ ʨĂ?Ă’Ëœ ĂŁĂ™Ă&#x; Ă?Ă™Ă&#x;Ă–ĂŽ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?Ăœ ĂžĂ‹Ă–Ă•Ă“Ă˜Ă‘ ÞÙ ĂŁĂ™Ă&#x;Ăœ ĂŽĂ™Ă?ĂžĂ™Ăœ ÞÙ ĂœĂ?Ă?Ù××Ă?Ă˜ĂŽ Ă‘Ă“Ă Ă“Ă˜Ă‘ ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă?Ă&#x;ÚÚÖĂ?Ă—Ă?Ă˜ĂžĂ? Ă™Ă? ʨĂ?Ă’ ÙÓÖ˛ Ă’Ă?Ă?Ă? Ă?Ă&#x;ÚÚÖĂ?Ă—Ă?Ă˜ĂžĂ? Ă?Ù×Ă? Ă“Ă˜ Ă–Ă“Ă›Ă&#x;Ă“ĂŽ Ă‹Ă˜ĂŽ Ă?Ă’Ă?ĂĄĂ‹ĂŒĂ–Ă? ĘŽĂ‹Ă Ă™Ă&#x;ĂœĂ?ĂŽ Ă?Ă™ĂœĂ—Ă? Ă?Ă™Ăœ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› Ă™ ĂœĂ?Ă“ĂžĂ?ĂœĂ‹ĂžĂ?Ëœ Ă‹ĂŽĂŽĂ“Ă˜Ă‘ Ă—Ă?Ă‘Ă‹ Íą Ă?Ëʾã Ă‹Ă?Ă“ĂŽĂ? ÞÙ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜ËŞĂ? ĂŽĂ“Ă?ĂžĂ? Ă“Ă? Ă?Ă™Ă&#x;Ă˜ĂŽ ÞÙ ĂŒĂ? Ă‹ Ă—Ă‹Ă”Ă™Ăœ ĂĄĂ‹ĂŁ ÞÙ ĂœĂ‹Ă“Ă?Ă? ÞÒĂ?Ă“Ăœ Ë› Ă–Ă?Ă Ă?Ă–Ă?Ë› Ë›Mrs Kehinde Omoru writes from the UK
Lafarge Africa Boost Reading, Writing Culture Among Children Funmi Ogundare Lafarge Africa Plc, recently held a book reading session for children in an effort aimed at ensuring that they develop skills through reading and writing, to commemorate International Literacy Day, with theme, ‘Literacy Through Skills Development’. The children who are between the ages of 9 and 13 years and drawn from public primary schools across the 109 senatorial districts, were being coached in reading and writing in preparation for its national literacy competition. Speaking at the programme in Lagos, the Director of Communications, Public Affairs and Sustainable Development, Mrs. Folashade Ambrose-Medebem said education is part of its social responsibility initiatives, adding that the intervention kicked-off with a national planning meeting with SUBEB representatives from all 36 states and the FCT who provided insights for the competition. The run-offs to select the representatives from each state,
she said, will begin from September 17 to 27 across the country. “The regional run-offs of the competition will hold across all six geopolitical zones of the country in Abuja, Enugu, Cross River, Ogun, Kano and Gombe in October. The grand finale of the fifth edition of the competition, will hold on November 15, in Lagos where winners will be awarded prizes. Ambrose-Medebem said since the inception of the competition, with the support of Ovie Brume Foundation. over 500,000 primary school pupils in 886 schools across 544 local government areas have been impacted. Emphasising on the poor reading culture in the country, the Head Sustainability and Brand Lafarge Africa Plc, Mrs. Temitope Oguntokun; said, “When it comes to browsing the internet , I think there has to be a balance but the children needs to be aware about what is happening in their environment. It is a global village, so they need to go to the internet to understand what is happening around them.
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T H I S D AY Ëž ÍŻÍˇËœ 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 ͖͕͔͑͑͒͑͒͑͑͘
Osun: Rescuing a Community on the Brink The Womonle Community in Ile-Ife North of Osun State, recently heaved a sigh of relief after the Rural Access and Mobility Project constructed a bridge and road network over the Shasha River, that has for years claimed lives and rendered the community practically inaccessible. Rebecca Ejifoma, who visited the community, reports
T
he Womonle Community in Ile-Ife North of Osun State have a love/hate relationship with the Shasha River. Love because it's their major source of water for drinking, cooking and washing; and hate because of the innumerable lives it has claimed. For a community of 75,000 dwellers, year in and out, they record death once the river overflows as it is wont to do every May to October. During this period- farmers, school children, traders are often victims. In fact, it had become a yearly affair in the community to mourn repeatedly in the face of such helpless situation.
Effect
The Shasha River, which is a water source for the community also forbodes doom in the sense that it cuts off the commiunity from the outside world once the water level rises. From sacking the only available school of teachers to drowning, wastage of farm produce, cutting off the community to other parts of the state, the list is endless. An indigene, who has lived in the community for 40-years, Mr. Samson Makinde, said despite the number of deaths recorded in the river, they still drink from it, adding that it is the same water they also use in cooking and washing, yet they don't fall ill. According to Makinde, who served the nation as a soldier and retired meritoriously back to his village to begin the work of an evangelist, their yearly ordeal leaves much to be desired. He said: "I have been here for 40 years now. This is the major route for a large number of us here. This river always overflow as early as May until October. Whenever May comes, we get afraid because there would be overflow here. "All we do is manage and leave the rest to fate since there seemed to be no way out. To cross the river each time, we used a small canoe. We also cross with our hearts in our mouth because it's by luck to cross it alive. If you are unfortunate, you drown and if you sail through luckily, you rejoice."
Previous Records of Death
According to community people, who are mostly peasant farmers and retirees, the farmers would sometimes go to farm and would be swept away by the river, which had submerged their farmlands. Giving instances, Makinde said: “There was a man from Dasheshe in Cross River State. He lived in the community and he used to cross over successfully, but one day, he drowned. "Another case that stands out was that of a young boy, who used to help us load our goods in the canoe so that we can cross over and offload our produce. One day, the same river he has worked on repeatedly, swept him away. "The most prominent however, was the drowning of an entire family of five – father, mother and their three children. The man was called Baba Dare after his first son. That fateful day, they tried to cross but didn't make it. They all drowned. Those are some of the deaths I can recall, but make no mistake, we have recorded so many deaths in the river."
Doom for Pregnant, Nursing Mothers
Prior to new lease of life the bridge by RAMP brought, pregnant women and nursing mothers were hit the hardest. This is because accessing healthcare and antenatal services takes them about four hours drive once they cross the river. Despite the World Health Organisation’s recommendation on the many benefits of antenatal care, pregnant women in Womonle do not experience such given the distance to the nearest maternity centre. Again Makinde provided an insight. He said: “This is a very serious matter. I was a witness to one. One of our women was in labour, she was carried from here through Irate road and because the road was bad, the woman got tired on the way and she died with the pregnancy. "In another case, it was simply a miracle. At Toro road, she could not continue due to the bad roads and they were forced to drop her on the road. God miraculously delivered her. It was a serious problem here before this road was constructed. It was hard. "For the reasonable men in the community, if their wife is pregnant, they find a way and move her out of the community two months before her due date. If not, it becomes hard to get to the nearest hospital, which is four hours from here." Meanwhile, a mother of four children from Oyere farm settlement, Mrs. Akintade Fadekemi, narrated how the canoe almost capsized on her way to hospital for immunisation. “One day, when I took the canoe to cross the river, it almost capsized. All was calm until we got to the middle of the
Some of the community people admiring their new lease of life river and the canoe began to sway. It was God that saved us, if not, we could have drowned", she narrated. Another mother, Mrs. Adenike Olaposi, from the same farm settlement, said most times, nursing mothers would trek about five kilometres from Womonle to the maternity centre to get their babies checked because no nurse or doctor would come over for medical outreach.
Schools Without Teachers
Another major challenge exacerbated by the river was the threat it posed to potential teachers. In the Womole Community, there are virtually no schools. The reason of course isn't far-fetched: no teacher would want to be posted to the village because of its inaccessibility. One of the community chiefs, Abioye Oso, who re-echoed that there were no schools said: “The schools we had were not well-staffed with teachers. Most teachers would not even come here because there was no way for them to come in. Occasionally, they used to come on Wednesdays. But they stopped. "Our kids will brave all and get to school but they will come back early because there will be no teacher in the school. As a result of that, majority of us keep our children at home."
Rural Access and Mobility Project
All the above listed were the challenges the Womole community faced until the Rural Access and Mobility Project (RAMP) visited and fulfilled their utmost dream; good roads and a bridge . With the construction of a bridge over the Shasha River and good roads to lead them out of the community, the cycle of death caused by drowning,
With the accessibility of the road, we now have our own area council at Oyere. If this bridge was not built, I doubt the government would bring a council here. We are happy. And we look forward to other things happening
The new bridge linking Womonle community to others was broken. Coordinator of RAMP programme, Mr. Aderele Oriolowo, said once you give people good roads, the next thing is to get good health facilities, light and the others. He said they rolled up their sleeves and rehabilitated a total of 214 kilometres of road after they discovered Womonle after a consultation and sensitisation workshop. He said: “We invited all the community leaders of all our rural areas and the local government chairmen and other political officers submitted the list of their roads that needed rehabilitation and reconstruction. They have almost 2000 kilometres in about 700 roads. "We also discovered that over 30 years ago, the Federal Government had started at an abutment level for Womonle bridge. It cost us about five local governments, whose farm produce were wasting, cut off from one another and from having access to other local government areas in the nearby market. "Having discovered this, we made it a priority by using the state government's intervention to start the rehabilitation of the bridge. We carved out about N200million to complete the bridge, then spent another N17million to give the bridge a touch. The state government has taken a giant share of the project. Our goal is to leave the access road better than they met them. “There are abandoned health facilities all around those areas. What I can tell you is that there is a major improvement on maternal health and decline in maternal mortality and morbidity. We have really impacted on them as they are now
able to move to the nearest maternity."
New Phase
After the completion of the bridge and road, life indeed began for the community as they began to buy cars and some bicycles. On the effect of the newly constructed bridge on the educational pursuits of children of the community, Chief Oso said: "Now, our children cross the river to OrileOgun, had their school and return home on bike that drops them here. In fact, we are close to our children and our children are close to us. we are cert happy,� Oso enthused. Makinde also added, "our farm produce that was wasting before, started to thrive. We have the same price with the people at the city. You can't cheat us anymore as before. We can easily go to town and get information. When RAMP came, it initially looked like a joke. Many people didn't know it would work but before we knew it, the projects were completed." For residents of Womonle, old things have passed away. Oso revealed that healthwise, they are now better than before. "Before you could walk to the stream and get very tired. But now, the vehicles come to our houses and pick us. Our health has improved. Our economic status has changed for the better now. "Beyond that, with the accessibility of the road, we now have our own area council at Oyere. If this bridge was not built, I doubt the government would bring a council here. We are happy. And we look forward to other things happening�.
37
T H I S D AY Ëž ÍŻÍˇËœ Í°ÍŽÍŻÍś
CRIME&SECURITY
Police Arrest Fake Soldier for Swindling Businessman of N92m Stories by Rebecca Ejifoma One Paulson Ogbonna, has been arrested by the anti-fraud unit of the Federal Criminal Investigation and Intelligence Department (FCIID),Alagbon, Ikoyi, for allegedly defrauding a young businessman of N92million. Ogbonna, who is actually a Catholic Knight of St. John and parishioner at St. Timothy Parish in Ojudu Berger in Lagos, hadallegedlypresentedhimselfasasenior army officer, who could assist his victim, a winer, recover about N77million owed him by his clients. The victim, one Francis Obinna, a wine dealer, was said to have bought into the scheme and lost millions in the process. The suspect had collected millions of naira as money for court processes with the help of a member of his syndicate, who he claimed was a lawyer. Ogbonna also deceived the victim that he would give him contract to supply wines at all Army Officers' Mess in Nigeria. The suspect also lured the victim into a supposed importation of building materials with promises to provide links of military topnotch, who will award juicy contracts to him. According to Police Commissioner Nkem Okoro, who paraded the suspect before reporters, Ogbonna used all available avenues to milk the victim of his money. Okoro said: "The victim had supplied
products to some of his clients worth N77million and it was difficult recovering the money. "After several failed attempts over a period, a man who identified himself as a Brigadier-General in the NigerianArmy offered to assist him with the recovery and also get him registered with big companies, but ended up making various monetary demands until the victim could bear it no more. "We had the suspect arrested and got a court remand order to detain him. We are investigating the matter and have invited his wife, as well as the woman who introduced him to the victim. "His wife was invited because she's a signatory to one of the accounts the victim paid money to and also a director of the company. "We have also written the army and established he is an impostor. We want to be sure that it is not a syndicate and if there are financial transactions from the accounts the victim paid money into, to the woman who linked them up. If there are, we will trace dates and investigate reasons." The police boss warned those engaged in fraudulent practices to desist or face prosecution. He said: “Those who engage in fraudrelated activities must watch out. Those who hack accounts, intercept letters, emails from personal and corporate domains; those who are changing account numbers and addresses should
stop forthwith or be arrested. We have the wherewithal to trace and track persons who are into these criminalities.� Narrating his ordeal, Obinna said he made payments into Best Way Construction Company, Paulson Okechukwu Ogbonna, Icarl International Ventures, Peesab Energy Resources Limited, Lazarus Maduforu, Peesab International InvestmentLimitedandotherindividuals at the instance of the suspect. Obinna said most of the payments were made through mobile transfers, noting that the suspect usually objected and directed he sends someone to the banking hall to deposit the money.
After the route march, the FOC while addressing the 1000 personnel at the parade ground of Nigerian Navy Ship QUORRA, said a well-motivated force remains one of the pillars of the Chief of Naval Staff Vice, Vice Admiral Ibok Ete-Ekwe Ibas’ strategic directives. He further stated that without adequate training, naval personnel would not be able to discharge their duties in the theatre of operations. He also urged them to take advantage of every opportunity presented by the service to ensure fitness and be ready for other deployments as deemed fit by the naval headquarters. In an interview afterwards with journalists, he said as a training command, NAVTRAC was aware of the security challenges facing the country and would ensure trainings are tailored to address these problems. He said: "We train at the tactical level and most of the personnel you see here
SECURITY TIPS (part 7) r-PDL BMM EPPST FWFO JG ZPV BSF MFBWJOH POMZ GPS B TIPSU UJNF r.BLF DFSUBJO UP MPDL ZPVS EPPS CFGPSF ZPV HP UP TMFFQ r*G QPTTJCMF BWPJE MFBWJOH OPUFT PO ZPVS EPPS JOEJDBUJOH UIBU ZPV are out. r*G ZPV VTF WPJDF NBJM EP OPU QSPWJEF ZPVS OBNF PS QIPOF OVNCFS in the outgoing message. r*G ZPV TFF BOZ TVTQJDJPVT BDUJWJUZ EJBM UIF FNFSHFODZ OVNCFST 767 or 121 Source: Operations and Facility Management
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 *MVQFKV 4. Festac 09062887841 5. Alakuko 09062887861 6. Badagry 09062887852 7. Ajah 09062887849 8. Ikorodu (Igbogbo) 09062887858 9. Ketu 09062887866 10. Ikotun 09062887870 (FOEFS %FTL 1PMJDF $PNNBOE (3" *LFKB %JWJTJPOBM 1PMJDF 4UBUJPO +8$ "MBLBSB
CP Dan Okoro
Navy Charges Personnel to be Disciplined, Vigilant The Nigerian Navy (NN) has charged its personnel to be disciplined and vigilant in the discharge of their constitutional duties, especially as the 2019 general elections approaches. The Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Admiral Stanford Enoch, who gave this charge, also told personnel to be prepared for deployment during the elections. Standford, who was represented by NAVTRAC Chief Staff Officer (CSO), Rear Admiral Chris Ezekobe, said this at the third quarter 10km route march of the command. Also charging them to maintain peace, he stressed that the personnel must show strength of character and sincerity of purpose in their respective areas of responsibility. Noting that several societal negative elements might want to use naval personnel for electoral malpractice, he warned them not be willing pawns.
CRIME SITUATION REPORTS
today are going back to the field, be it Operation Safe Heaven, Delta Safe and others across the country today. "They are the foot soldiers and it behoves on them to be disciplined and vigilant out there. We are aware that negative elements will always try to use the Armed Forces and other security operatives to rig elections or for any other QVSQPTF 4P QFSTPOOFM NVTU CF FYUSB vigilant when they go back to the field. "My personnel are fit to carry out their duties. Already, they train on daily basis, in line with the Chief of the Naval Staff's (CNS') Strategic Directive." The annual route march is a military tradition organised to ascertain and maintain the physical fitness of naval officers and men, as well as their mental alertness. The route march saw the oersonnel march from the command at Marine Beach, Apapa, towards the National Stadium and back again to base.
HOTLINES FOR COMPLAINT AGAINST POLICE IN LAGOS 1) 08067945297 6) 08081426895 8) 08089781657 Source: Lagos State Police Command
EFCC'S CONTACTS r*OTUBHSBN XXX JOTUBHSBN DPN PGĂ DJBMFGDD r'BDFCPPL XXX GBDFCPPL DPN PGĂ DJBMFGDD r5XJUUFS XXX UXJUUFS DPN PGĂ DJBMFGDD The Commission can be reached on any of the following hotlines: r r r r r5IF DPNNJTTJPO DBO BMTP CF SFBDIFE CZ FNBJM JOGP!FGDDOJHFSJB PSH 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 *OGPSNBUJPO (DINFO) r8FCTJUF OBWZ NJM OH Rear Admiral Chris Ezekobe (middle), anked by other senior oďŹƒcers
T H I S D AY • WEDNESDAY, SEPTEMBER 19, 2018
38
BUSINESS/MONEYGUIDE
CBN Intervenes in Forex Market with Fresh $210m Nume Ekeghe The Central Bank of Nigeria (CBN) yesterday intervened in the interbank foreign exchange market to the tune of $210 million. According to the figures obtained from the CBN, it offered $100million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $55 million. Customers
requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. Confirming the figures, the Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor, reiterated the central bank’s commitment to continue to intervene in the country’s interbank foreign exchange market. Okorafor assured that the central bank
would continue to ensure liquidity in the market and sustain the stability in the market. The CBN had last Tuesday injected the total sum of $303.91 million and CHY46.58 million into the spot and short tenored forwards of the inter-bank foreign exchange market with. Meanwhile, the naira, on Tuesday exchanged at an average of N361/$1 in the BDC segment of the market.
Auditors Seeks to Advance Profession Citing technology innovations as a catalyst for disruption in institutions and the society at large, the Institute of Internal Auditors (IIA) has gathered international and local expert to discuss the theme of its 2018 confernce titled ‘Advancing Internal Audit in a Disruptive Landscape’. This year’s conference which is slated to hold September 27-28 2018, in Lagos, has confirmed the African Federation of Institute of Internal Auditors President Mr. Eric Yankah, member IIA Global Board, Mrs. Shirley Machaba, the Chairman of GTB Mrs. Osaretin Demuren , DG Financial Reporting Council Nigeria, Mr. Daniel Asapokhai and others. Speaking at a press briefing in Lagos yesterday, the Chief Executive Officer IIA
Nigeria, Mr. Humphrey Okorie said: “Since the beginning of mankind, there has not been a time in history that the concept of organisational, business and even individual disruption has manifested as in a per second basis than in this age and time. “It is no more a question of whether there will be a disruption, rather it is either you are disrupting others, or you are already being disrupted. “The modern internal auditor has been so placed in a position of playing pivotal role in assisting his or her organisation to continuously navigate through the wind of disruption, howbeit not without a never-ending, comprehensive transformation, education, sharing and re-learning. Providentially, all of these aptly ties into the
IIA Global motto of progress through sharing.” He further said: “As part of IIA Nigeria’s initiative for promoting the internal audit profession in Nigeria via world-class services and programs, this conference shall be providing cutting edge and up to date insights that participants could implement to position their internal audit functions as truly trusted and indispensable advisers to their organisations. “Carefully selected mix of local and foreign experienced professionals shall be sharing ideas on the wave of digital innovations and implications on internal audit continual existence, internal audit agility, the role of internal audit in a changing world.
Stanbic IBTC Takes Financial Literacy Campaign to Covenant University
L-R: Director General, National Youth Service Corps, Brigadier General S.Z Kazaure and Group Managing Director, Access Bank Plc, Herbert Wigwe at the formal handover ceremony of the NYSC Skills Acquisition & Entrepreneurship Development Centre, Gombe to the management of the NYSC Scheme by Access Bank Plc in Gombe…recently
MARKET INDICATORS MONEY AND CREDIT STATISTICS
MARCH
Broad Money (M2)
24,303,049.86
-- Narrow Money (M1)
10,912,604.10
---- Currency Outside Banks
1,668,378.21
---- Demand Deposits
9,244,225.90
-- Quasi Money
13,390,445.76
Net Foreign Assets (NFA)
15,619,134.18
Net Domestic Assets(NDA)
8,683,915.68
-- Net Domestic Credit (NDC)
As part of efforts to impact financial knowledge on Nigerian youths, Stanbic IBTC Bank, in partnership with the Creative Youth Community Development Initiative, a Wole Soyinka Foundation, has organised a Financial Literacy forum for students of the Covenant University, Ogun State. During the programme, the participant were taken through basic issues in finance, banking and the economy. Apart from raising awareness on good saving habits and financial education, the session also enabled the students and the university community at large to gain knowledge of banking products and services that are designed to meet their needs, especially the Stanbic BluEdge Youth Account. The event had over 600 participants in attendance and fits perfectly into the financial literacy initiative of the Central Bank of Nigeria
(CBN) designed to encourage children and young adults in schools to understand quite early in life the rudiments of money and its uses. In her opening remarks, Head, Personal Banking, Nkoli Okoli, noted that as the future belongs to the youth, it was imperative that they are grounded in financial matters to enhance the making of sound financial decisions and achieve lifetime financial security. Nigeria’s banking industry, she noted, would continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking in the country. Such impact can only be made when the youth are more enlightened. Nkoli, who was represented by Head, Retail Sales, Stanbic IBTC Asset Management Ltd, Obinna Lewis-Asonye, said: “Something as simple as saving money may seem easy, but
without a grasp of financial management, an individual may never develop the habit of making sound financial choices and with that comes mistakes and difficulties.” She added that saving was an essential part of being financially secure. According to her, students need to understand what money is and acquire basic money management skills such as living within a budget and handling credit and debt, all of which will put them in good stead for better management of finances and future success. Lewis-Asonye, in a presentation, took the students through the wealth creation process, how to set goals and develop a financial and investment plan, as well as the allocation of resources and income. The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills.
VDT Launches New Offering to SMEs Ugo Aliogo Leading broadband communications service provider, VDT Communications, has announced the extension of its service offering to Small, Medium Scale Enterprises (SMEs) through its new product offering known as VDT SMEmpower. Speaking to journalists recently, the General Manager, VDT Communications, Bimbo Ikumariegbe explained that the new product was born out of the need to replicate the
company’s expansive profile. He also revealed that the product showcases the company’s expertise on broadband communication in the corporate and financial sector to the SMEs sector. “We want to replicate what we have done in the corporate world, servicing 23 banks across Nigeria and many other corporate companies. We want to offer these growing small and medium businesses the support they require to flourish in their various industries,” Ikumariegbe said.
Speaking on the features of the product, the Marketing Communications Manager, VDT Communications, David Ese, stated that the VDT SMEmpower is a dedicated internet service, nationwide offering five megabyte per second, zero down time connection for up to 10 number of users depending on the plan subscribed to. Ese explained that with VDT SMEmpower, small business can now have access to expert technical support to customise their internet solutions as they choose.
(MILLION NAIRA) 2018
Month
26,267,136.53
---- Credit to Government (Net)
3,823,345.45
---- Memo: Credit to Govt. (Net) less FMA
5,433,209.43
---- Memo: Fed. and Mirror Accounts (FMA)
-1,609,863.98
---- Credit to Private Sector (CPS)
22,443,791.08
--Other Assets Net
-17,583,220.85
Reserve Money (Base Money)
6,746,646.49
--Currency in Circulation
1,668,378.21
--Banks Reserves
4,357,551.58 • Source - CBN
MANAGED FUNDS Month Inter-Bank Call Rate
MARCH 15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55 • Monetary Policy Rate - 13%
OPEC DAILY BASKET PRICE AS AT, MON, 17, SEPTEMBER , 2018 The price of OPEC basket of fifteen crudes stood at $76.19 a barrel on Monday, compared with $76.05 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
T H I S D AY •WEDNESDAY, SEPTEMBER 18, 2018
39
MARKET NEWS
Stock Market Rebounds on Bargain Hunting in Bellwether Counters Goddy Egene The stock market rebounded yesterday following bargain hunting in bellwether counters after days of consistent decline. Consequently, the Nigerian Stock Exchange All-Share Index (NSE ASI) appreciated by 0.56 per cent to close at 32,381.00, while market capitalisation added N65.4 billion to close
higher at N11.8 trillion. The market had last week recorded its highest weekly decline on persistent bearish. It opened this week on bearish note on Monday. However, the bulls returned yesterday as heavy weight stocks recorded gains. Specifically gains posted by Nestle Nigeria Plc, United Bank for Africa Plc, FBN
Holdings Plc bolstered the performance of the market. Despite the positive performance, analysts at Cordros Capital Limited said they maintained their negative outlook for the market in the short-to-medium term. “We reiterate our negative utlook for the equities market in the short-to-medium term,
amidst the lingering rout in emerging market assets, political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of a recovery in the long term,” they said. A total of 27 stocks appreciated while 18 depreciated. First
Aluminium Plc led the price gainers with 10 per cent, trailed by Prestige Assurance Plc with 9.6 per cent. Royal Exchange Plc and Unity Bank Plc chalked up 9.5 per cent and 9.4 per cent respectively. LASACO Assurance Plc, which is preparing to issue 40 billion shares to raise additional capital also closed among
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
the price gainers. Conversely, Redstar Express Plc led the price losers with 9.0 per cent, followed by Standard Alliance Insurance Plc and Cornerstone Insurance Plc with 8.7 per cent apiece. Sovereign Trust Insurance Plc, Universal Insurance Plc shed 8.3 per cent and 8.0 per cent in that order.
18/09/2018
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) 231,423.77
TRADES
VOLUME
BEVERAGES--BREWERS/DISTILLERS S/N
7.95
-1.85
124
84,948,165
253,075.72
7.70
6.94
192
6,734,668
651,477.25
20.75
2.47
330 646
16,431,397 108,114,230
32
TRADES
VOLUME
33
177
8,027,914
34
177
8,027,914
35
823
116,142,144
TRADES
VOLUME
37
58 48 106 106
308,267 260,380 568,647 568,647
38
TRADES
VOLUME
49
112,830
49
112,830
49 978
112,830 116,823,621
MARKET CAP(Nm) 314,083.81
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 8.75
6.71
PRICE %CHANGE 210.00 20.70
-
PRICE %CHANGE 606.70
-
31
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 60,000.00
FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.
MARKET CAP(Nm) 511.20
LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC.
DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. JOHN HOLT PLC. S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.
BUILDING CONSTRUCTION ARBICO PLC. INFRASTRUCTURE/ HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. ROADS NIG PLC.
MARKET CAP(Nm) 1,890.00
MARKET CAP(Nm) 1,085.39
PRICE %CHANGE
TRADES
VOLUME
-
0
0
79.90
-
17
15,808
60.00
-
5 22
8,329 24,137
PRICE %CHANGE
TRADES
0.20
4.26
-
PRICE %CHANGE 0.63
-
107,504 131,641
49,184.07
1.21
-1.63
53
3,517,860
28,812.97
10.00
-
68 134 134
3,594,492 7,550,895 7,550,895
TRADES
VOLUME
0 0
0 0
TRADES
VOLUME
33,000.00
25.00
-
12
29,665
165.00
6.60
-
0
0
12
29,665
REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST
MARKET CAP(Nm) 1,900.00
95.00
11,300.89
45.20
24,014.43
TRADES
VOLUME
S/N 55 56 57 58 59 60 61 62 63 64 65 66 67
31
1,949,606
31
1,949,606
68
TRADES
VOLUME
-
3
33
69 70
-
0
0
72
4
6,040
73
7
6,073
50
1,985,344
TRADES
VOLUME
77
-
0 0
0 0
78
PRICE %CHANGE
TRADES
VOLUME
22
704,911
PRICE %CHANGE
9.00
-
71
74 75 76
AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC
MARKET CAP(Nm) 954.53
MARKET BEVERAGES--BREWERS/DISTILLERS CAP(Nm) CHAMPION BREW. PLC. 13,701.62 GOLDEN GUINEA BREW. 242.22 PLC. GUINNESS NIG PLC 188,372.92 INTERNATIONAL 275,067.58 BREWERIES PLC. NIGERIAN BREW. PLC. 681,336.05
PRICE %CHANGE 0.20
1.75
8.02
0.36
-
0
0
1,158.30
6.50
-
0
0
49,279.55
18.60
-3.38
16
72,787
3,676.41
13.45
-
MARKET CAP(Nm) 1,680.31 3,439.82
MARKET PERSONAL/HOUSEHOLD PRODUCTS CAP(Nm) P Z CUSSONS NIGERIA 53,601.44 PLC. UNILEVER NIGERIA 247,035.23 PLC.
MARKET CAP(Nm) 29,413.69
49 50 51 52 53 54 BANKING
6,494 273
8.28
715,550
1,340.10
48
431,776
1.70
428,926
22
107,504
5 2
PRICE %CHANGE
61
-5.41
VOLUME
-
MARKET CAP(Nm) 4,391.29
-
1.40
7
0.53 3.25
REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC
19.15
11,102.28
TRADES
206.25 2,111.93
PRICE %CHANGE
78,522.27
46
VOLUME
MARKET CAP(Nm)
134,251
0 0
6
-
24
0 0
TRADES
4.79
0.72
DIAMOND BANK PLC ECOBANK TRANSNA330,291.92 TIONAL INCORPORATED FIDELITY BANK PLC 48,387.91 GUARANTY TRUST 991,830.74 BANK PLC. JAIZ BANK PLC 15,026.77 SKYE BANK PLC 9,161.00 STERLING BANK PLC. 41,746.11 UNION BANK NIG.PLC. 158,708.10 UNITY BANK PLC 10,871.08 WEMA BANK PLC. 23,144.68
2.50
PRICE %CHANGE
104,211
14.00
45
7
0.89
-
0
0
86.00
-
28
650,584
32.00
-9.37
9
10,292,393
90.00
-2.17
99
2,182,449
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
VOLUME
168,000.00
VOLUME
29
TRADES 40
BANKING
47
13,830,337
-
FOOD PRODUCTSMARKET -DIVERSIFIED CAP(Nm) CADBURY NIGERIA 17,655.10 PLC. NESTLE NIGERIA PLC. 1,094,261.96 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.
PRICE %CHANGE
158
7.60
S/N
0.41
MARKET CAP(Nm) 711.32
PRICE %CHANGE
44 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES
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
0
0
163
1,455,725
TRADES
VOLUME
9.40
-
36
110,218
1,380.50
2.26
43 79
105,975 216,193
PRICE %CHANGE
TRADES
VOLUME
22.10
-
1
5
3.30
-
43 44
674,535 674,540
PRICE %CHANGE
TRADES
VOLUME 180,563
13.50
-
36
43.00
-
40
148,944
76
329,507
520
16,506,302
PRICE %CHANGE 1.27
-2.31
TRADES
VOLUME
39
3,078,890
18.00
0.83
50
1,864,007
1.67
-0.60
113
6,622,179
33.70
-0.74
160
8,832,049
0.50 0.66 1.45 5.45 0.93 0.60
-5.66 -1.49 9.00 9.41 5.26
18 48 1,318 49 27 48 1,870
1,991,831 22,908,930 11,670,874 1,342,208 2,194,773 8,653,396 69,159,137
PRICE %CHANGE
TRADES
VOLUME
4,117.00
0.20
-
0
0
5,544.16
0.80
-2.50
36
2,962,759
23,940.00
2.28
-
8
147,316
2,240.00
0.32
-
3
26,010
14,936.75
1.44
-
10
247,099
3,093.20
0.21
-8.70
15
1,485,449
2,411.47
0.53
-
0
0
1,913.74
0.50
-
0
0
1,964.80
0.32
-
2
1,005
487.95
0.38
-
1
5 4,912,997
2,416.73
0.33
6.45
41
2,835.58
0.66
3.13
4
236,174
4,720.00
0.59
-6.78
14
1,778,067
2,240.00
0.28
7.69
3
145,000
15,841.51 2,399.24
3.00 0.31
-
20 9
1,443,707 320,518
2,175.92
0.57
9.62
14
1,363,431
1,467.13
0.22
-
2
24,855
1,834.98
0.22
-8.33
14
4,582,188
4,483.72
0.48
-
0
0
2,711.32
0.21
-8.70
5
1,005,250
2,800.00
0.20
-
5
50,010
516.46
0.20
-
0
0
3,680.00
0.23
-8.00
2
200,005
3,605.33
0.26
-
2
21,000
4,817.79
0.36
-5.26
46
1,925,538
256
22,878,383
PRICE %CHANGE
TRADES
VOLUME
0
0
MARKET CAP(Nm) 11,799.67
2.58
-
˾ WEDNESDAY, SEPTEMBER 19, 2018
40
Wednesday, September 19, 2018
Thisday Afrinvest 40 Index Advances by 79bps
THISDAY AFRINVEST 40 INDEX
Yesterday, the Thisday Afrinvest 40 Index gained 79bps to ƐĞƩůĞ Ăƚ ϭ͕ϯϭϰ͘Ϭϯ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ ƐƚŽŽĚ Ăƚ ϭϰ͘ϴй͘ dŚĞ
ƉŽƐŝƟǀĞ
ƉĞƌĨŽƌŵĂŶĐĞ
ƌĞƐƵůƚĞĚ
ĨƌŽŵ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ƉƌŝĐĞ
ĂƉƉƌĞĐŝĂƟŽŶƐ ŝŶ ZENITH ;нϮ͘ϱйͿ͕ NESTLE ;нϮ͘ϯйͿ ĂŶĚ FBNH ;нϲ͘ϳйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚĞĚ ĨŽƌ Ϯϳ͘Ϯй ŽĨ ƚŚĞ ŝŶĚĞdž͘
ĂƌŐĂŝŶ ,ƵŶƟŶŐ ŝŶ ĞůůǁĞƚŚĞƌƐ ƌŝǀĞ DĂƌŬĞƚ Rebound͙ ASI up 56bps In yesterday͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ƚŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƌĞǀĞƌƐĞĚ ŝƚƐ ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ŐĂŝŶƐ ŝŶ FBNH ;нϲ͘ϭйͿ͕ NESTLE ;нϮ͘ϯйͿ ĂŶĚ UBA ;нϲ͘ϵйͿ ĚƌŽǀĞ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ϱϲďƉƐ ŚŝŐŚĞƌ ƚŽ ϯϮ͕ϯϴϭ͘ϬϬ ƉŽŝŶƚƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŝŶĐƌĞĂƐĞĚ ďLJ Eϲϱ͘ϰďŶ ƚŽ Eϭϭ͘ϴƚŶ ǁŚŝůĞ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ -ϭϱ͘ϯй͘
Current Price
Ticker
THISDAY AFRINVEST 40
Price Price Previous Current Change Change Price Weightin YTD Index to Change g Date
ROE
ROA
P/E
P/BV
Divinden Earnings d Yield Yield
1,314.03
0.79%
-14.8%
31.4%
19.7%
6.6%
5.8x
0.7x
6.4%
1
Guaranty Trust Bank PLC
33.70
-0.7%
20.8%
-17.3%
-16.9%
35.8%
5.4%
5.2x
2.0x
8.0%
12.5% 19.4%
2
Zenith Bank PLC
20.75
2.5%
12.4%
-19.1%
-20.0%
25.6%
3.6%
3.5x
0.9x
13.5%
28.3%
3
Nigerian Brew eries PLC
4
Nestle Nigeria PLC
5
Dangote Cement PLC
6
FBN Holdings Plc
90.00
-2.2%
7.1%
-33.3%
-33.4%
15.9%
7.3%
25.9x
4.2x
4.5%
3.9%
1,380.50
2.3%
8.4%
-11.3%
-11.3%
92.0%
23.0%
28.3x
24.6x
3.1%
3.5%
210.00
0.0%
6.7%
-8.7%
-8.7%
21.7%
9.9%
21.4x
5.0x
5.0%
4.7%
8.75
6.7%
6.4%
-0.6%
-0.5%
7.4%
0.9%
5.7x
0.5x
2.9%
17.4%
7
Access Bank PLC
7.95
-1.9%
4.0%
-23.9%
-25.0%
13.3%
1.6%
3.6x
0.5x
8.0%
27.4%
8
United Bank for Africa PLC
7.70
6.9%
3.9%
-25.2%
-26.0%
16.2%
1.9%
3.4x
0.6x
11.4%
29.2%
3.0%
35.8%
9
Ecobank Transnational Inc
10
SEPLAT Petroleum Development C
18.00
0.0%
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
17.2%
11
Stanbic IBTC Holdings PLC
41.60
0.2%
3.4%
0.2%
1.7%
35.4%
4.9%
6.4x
2.0x
2.4%
15.5%
12
Unilever Nigeria PLC
43.00
0.0%
3.1%
4.9%
6.9%
20.4%
8.7%
23.8x
3.1x
1.1%
4.2%
13
Guinness Nigeria PLC
86.00
0.0%
2.5%
-8.5%
-8.5%
10.3%
4.5%
25.6x
2.2x
2.1%
3.9%
14
Lafarge Africa PLC
20.70
0.0%
0.9%
-53.9%
-53.9%
-54.0%
-10.1%
1.3x
6.7%
-43.5%
6.5%
15
Fidelity Bank PLC
1.67
-0.6%
1.0%
-32.1%
-35.3%
10.4%
1.4%
1.3x
0.3x
16
Oando PLC
5.00
0.0%
1.3%
-16.5%
-16.5%
10.3%
1.5%
4.4x
0.3x
17
Dangote Sugar Refinery PLC
14.00
0.7%
0.9%
-30.0%
-31.2%
41.5%
18.1%
4.7x
1.7x
8.9%
21.1%
18
Okomu Oil Palm PLC
79.90
0.0%
1.5%
18.0%
18.0%
35.8%
26.6%
8.6x
2.8x
3.9%
11.6%
Ϯϲϵ͘ϴŵ ƵŶŝƚƐ ƌĞƐƉĞĐƟǀĞůLJ͘ ACCESS ;Eϲϳϵ͘ϴŵͿ͕ ZENITH
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
19.15
0.0%
0.5%
-34.0%
-34.0%
9.8%
2.9%
4.7x
0.5x
5.2%
21.2%
;Eϯϯϴ͘ϰŵͿ͕ ĂŶĚ INTBREW ;EϮϮϵ͘ϳŵͿ ůĞĚ ƚŚĞ ŵŽƐƚ ƚƌĂĚĞĚ
21
Transnational Corp of Nigeria
1.21
-1.6%
0.6%
-17.1%
-18.2%
12.9%
2.8%
6.2x
0.8x
1.7%
16.1%
22
UAC of Nigeria PLC
10.00
0.0%
0.4%
-40.8%
-40.8%
1.4%
0.6%
17.9x
0.4x
6.5%
23
Diamond Bank PLC
1.27
-2.3%
0.5%
-15.3%
-19.1%
-7.2%
-0.9%
-17.5%
-17.5%
33.1%
6.9%
7.1x
2.2x
9.3%
14.1%
5.7%
6.7%
1.0%
2.7x
0.2x
6.0%
36.4%
6.2x
2.2x
4.5%
ĚĚŝƟŽŶĂůůLJ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ǀĂůƵĞ ĂŶĚ ǀŽůƵŵĞ ƚƌĂĚĞĚ ŝŶĐŚĞĚ Ϯϯ͘ϯй ĂŶĚ ϲϳ͘ϵй ƚŽ EϮ͘ϳďŶ ĂŶĚ
ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ ǁŚŝůĞ ACCESS ;ϴϰ͘ϵŵͿ͕ SKYEBANK ;ϮϮ͘ϵŵͿ
and ZENITH ;ϭϲ͘ϰŵͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ͘
ƵůůŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ůĂƌŐĞůLJ ďƵůůŝƐŚ ĂƐ ϰ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ŶŽƌƚŚǁĂƌĚƐ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ůĞĚ ŐĂŝŶĞƌƐ ĂƐ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ ZENITH ;нϮ͘ϰйͿ ĂŶĚ UBA ;нϲ͘ϵйͿ ĚƌŽǀĞ ƚŚĞ ŝŶĚĞdž ϭ͘ϯй ŚŝŐŚĞƌ͘ ůƐŽ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ƌŽƐĞ Ϭ͘ϯй ĂƉŝĞĐĞ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ FORTE ;нϱ͘ϯйͿ͕ ETERNA
;нϯ͘ϯйͿ͕
NESTLE
;нϮ͘ϯйͿ ĂŶĚ
24
Total Nigeria PLC
25
FCMB Group Plc
26
11 PLC
27
Forte Oil PLC
28
PZ Cussons Nigeria PLC
29
Cadbury Nigeria PLC
30
76.2% 22.7%
3.0%
0.1x
5.6% -68.1%
189.70
0.0%
0.5%
1.67
4.4%
0.6%
179.00
0.0%
0.5%
-8.0%
-8.0%
40.2%
16.0%
20.00
5.3%
0.3%
-54.0%
-52.4%
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%
3.3%
39.7%
31
NASCON Allied Industries PLC
18.60
-3.4%
0.4%
0.5%
-3.2%
5.0x
8.1%
11.3%
32
UPDC Real Estate Investment Tr
9.00
0.0%
0.4%
-10.0%
-10.0%
0.8x
7.8%
1.5x
2.5x 62.4%
33
Union Bank of Nigeria PLC
5.45
9.0%
0.3%
-30.1%
-27.4%
34
Julius Berger Nigeria PLC
25.00
0.0%
0.3%
-10.7%
-10.7%
17.3%
20.6%
8.8x
8.7x
0.6x
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
0.0%
0.2%
-37.4%
-37.4%
0.0%
0.0%
37
GlaxoSmithKline Consumer Niger
14.30
0.0%
0.2%
-33.8%
-33.8%
6.5%
3.6%
38
Chemical and Allied Products P
28.35
0.0%
0.2%
-16.6%
-20.6%
66.2%
30.2%
39
Beta Glass PLC
78.00
0.0%
0.2%
52.0%
52.0%
17.7%
11.5%
40
Transcorp Hotels Plc
6.75
0.0%
0.1%
-6.4%
-6.4%
6.0%
3.3%
16.3% -13.1% 7.8%
11.5% 4.3%
14.4% 26.5%
0.4x
1.4%
1.0x
2.6%
20.6x
2.0x
53.8%
4.9%
13.2x
8.9x
7.2%
7.5%
9.5x
1.6x
1.4%
10.6%
15.4x
0.9x
1.8%
6.5%
E'^h' Z ;нϬ͘ϳйͿ͘ dŚĞ /ŶĚƵƐƚƌŝĂů ŝŶĚĞdž ĞŬĞĚ ŽƵƚ Ă ŵĂƌŐŝŶĂů ϮďƉƐ ŐĂŝŶ ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ CUTIX ;нϮ͘ϱйͿ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ǁĂƐ ƚŚĞ ůŽŶĞ ůŽƐĞƌ͕ ĚŽǁŶ Ϭ͘Ϯй ĨŽůůŽǁŝŶŐ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ UNIVINSURE (-ϴ͘ϬйͿ ĂŶĚ CORNERSTONE (-ϴ͘ϳйͿ͘
/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ŝŵƉƌŽǀĞĚ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϭ͘ϱdž ĨƌŽŵ Ϭ͘ϴdž ƌĞĐŽƌĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞƐƐŝŽŶ ĂƐ Ϯϳ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϭϴ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵĞƌƐ ǁĞƌĞ &/Z^d >hD ;нϭϬ͘ϬйͿ͕ WZ ^d/' ;нϵ͘ϲйͿ ĂŶĚ ROYALEX ;нϵ͘ϱйͿ ǁŚŝůĞ Z ^d Z y (-ϵ͘ϭйͿ͕ CORNERSTONE (-ϴ͘ϳйͿ and ^d /E^hZ (-ϴ͘ϳйͿ ĚĞƉƌĞĐŝĂƚĞĚ ƚŚĞ ŵŽƐƚ͘ dŚĞ ƌĞďŽƵŶĚ ŝŶ ƚŚĞ ŵĂƌŬĞƚ LJĞƐƚĞƌĚĂLJ ǁĂƐ ŝŶ ůŝŶĞ ǁŝƚŚ ŽƵƌ ĞdžƉĞĐƚĂƟŽŶ͕ ĂůƚŚŽƵŐŚ ǁĞ ĞdžƉĞĐƚ ƚŚŝƐ to be short-ůŝǀĞĚ ĂƐ
ƐĞůů ƉƌĞƐƐƵƌĞƐ ƉĞƌƐŝƐƚ͘
Afrinvest Securities Limited (RC 603 315) (A Dealing Member of the Nigerian Stock Exchange)
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 %
F IR ST A LUM
0.33
10.0%
P R EST IGE
0.57
9.6%
R OYA LEX
0.23
9.5%
UN IT YB N K
0.93
9.4%
UN ION D A C
0.35
UB N
T ic k er
Vo lum e
P ric e C hg %
A C C ESS
84.9
-1.9%
SKYEB A N K
22.9
-1.5%
Z EN IT H B A N K
16.4
2.5%
ST ER LN B A N K
11.7
0.0%
9.4%
IN T B R EW
10.3
0.0%
5.45
9.0%
GUA R A N T Y
8.8
-0.7%
UA C -P R OP
1.70
8.3%
WEM A B A N K
8.7
5.3%
C H A M P ION
1.75
8.0%
FB NH
8.0
6.7%
M B EN EF IT
0.28
7.7%
ET ER N A
7.4
3.3%
UB A
7.70
6.9%
UB A
6.7
6.9%
T ic k er
Value
P ric e C hg %
A C C ESS
679.8
-1.9%
Z EN IT H B A N K
338.4
2.5%
T o p 10 Lo s e rs P ric e
P ric e C hg %
R ED ST A R EX
T ic k er
4.50
-9.1%
C OR N ER ST
0.21
-8.7%
ST D IN SUR E
0.21
-8.7%
SOVR EN IN S
0.22
-8.3%
UN IVIN SUR E
0.23
-8.0%
J A IZ B A N K
0.50
-5.7%
H ON YF LOUR
1.40
WA P IC
T o p 10 T ra de s by V a lue
IN T B R EW
299.7
0.0%
GUA R A N T Y
298.8
-0.7%
NB
199.4
-2.2%
N EST LE
145.2
2.3%
-5.4%
SEP LA T
67.9
0.0%
0.36
-5.3%
FB NH
66.8
6.7%
C ILEA SIN G
3.00
-4.8%
D A N GC EM
64.7
0.0%
J A P A ULOIL
0.23
-4.2%
ST A N B IC
59.1
0.2%
Investment Research
Brokerage Ayodeji Ebo | aebo@afrinvest.com
Robert Omotunde |
Bolaji Fajenyo | bfajenyo@afrinvest.com
Jolomi Odonghanro | jodonghanro@afrinvest.com
romotunde@afrinvest.com
T H I S D AY Ëž Ëœ ͚Π˜ ͺ͸͚͜
41
MARKET NEWS
‘Strong Corporate Governance, Rules Enforcement Key to Investor Confidence’ Goddy Egene The strengthening of corporate governance and risk management across stakeholders’ groups, enforcement of rules and regulations without exemptions, but heavy sanctions for infractions are among factors that will drive investor confidence in the nation’s economy and capital market in particular. An economist and financial expert, Dr. Abiodun Adedipe, stated this while speaking at the 8th annual conference, investiture of fellows and
induction of associates of the Institute of Capital Market Registrars (ICMR) in Lagos recently. Adedipe, who is also the Managing Partner, B.Adedipe Associates Limited, spoke on “Strategic options to drive investor confidence-The role of stakeholders.� According to him, a high sense of responsibility on the one hand and commitment to ‘project Nigeria’ on the other hand by all and sundry are the twin requirements for sustainably building investor confidence,
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
and thus attracting the desired quantum of investments that will grow the Nigerian economy sustainably and inclusively. He explained that investor confidence would be enhanced by robust policy environment with clearly defined rules and regulations, along with strict observance of the rule of law and sanctity of contracts. “There should be constantly review and update market infrastructure to improve the convenience and ease of investment (doing business). Regulatory co-ordination should
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 1709-2018, unless otherwise stated.
be strengthened to pre-empt regulatory arbitraging, within and across borders. There should regular engagement of policy makers and regulators with operators. There should be provision of more incentives for creative and innovative initiatives that foster market development, while professional bodies like the ICMR should promptly issue policy papers and professional opinions when issues bordering on investor confidence arise, no matter the parties involved,� he said. According to him, whatever
therefore, every stakeholder group does to strengthen governance, transparency, compliance, competitiveness and positive promotion of the Nigerian capital market is desirable. “This is more so in a preelection year that we are in, along with the promise of more robust investment environment in the 2020’s. This is the best time to position for the impending wealth creating opportunities,� he stated. In his speech, the President/ Chairman of Council, ICMR,
Mr. Bayo Olugbemi said if all organisations in the market as profitably managed, the impact on investor confidence will be positive. He noted that as political gladiators strategise in their preparations for the 2019 general elections, governance is gradually taking the back stage and the stock market is feeling the impact from investors who cautiously watching events. “If this seemingly ominous trend continues, investor confidence will continue to be on the decline,� Olugbemi said.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 158.30 158.30 -11.10% Afrinvest Plutus Fund 100.00 100.00 11.00% Nigeria International Debt Fund 263.94 264.71 14.11% 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 -0.26% ACAP Income Funds 0.63 0.63 5.26% 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 132.27 133.20 -12.80% AXA Mansard Money Market Fund 1.00 1.00 12.10% 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 10.62% Paramount Equity Fund 11.51 11.80 3.78% Women's Investment Fund 100.71 103.30 0.08% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 12.03% 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 11.71% Coronation Balanced Fund 1.17 1.20 11.63% Coronation Fixed Income Fund 1.08 1.11 4.18% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,187.22 1,187.98 9.71% FBN Heritage Fund 137.10 138.00 0.65% FBN Money Market Fund 100.00 100.00 11.90% FBN Nigeria Eurobond (USD) Fund - Institutional $114.00 $114.39 3.42% FBN Nigeria Eurobond (USD) Fund - Retail $113.79 $114.18 3.33% FBN Nigeria Smart Beta Equity Fund 149.25 151.35 -6.17% 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 1.20 1.22 -6.99% Legacy Debt Fund 3.15 3.15 8.98% Legacy USD Bond Fund 1.01 1.01 1.12% 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 2,956.57 2,984.57 -0.99% Coral Income Fund 2,709.64 2,709.64 10.69% 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 N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A 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 12.10% Vantage Balanced Fund 2.09 2.11 -0.93% Vantage Guaranteed Income Fund 1.00 1.00 14.21%
Kedari Investment Fund (KIF) 121.35 121.60 5.46% 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 2.95% Lotus Halal Fixed Income Fund 1,083.17 1,083.17 9.71% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.30 1.33 9.61% PACAM Fixed Income Fund 11.82 11.88 7.07% PACAM Money Market Fund 10.00 10.00 12.00% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 127.12 127.58 -1.98% 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 10.72% 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 2,251.00 2,266.00 2.49% Stanbic IBTC Bond Fund 183.91 183.91 5.64% Stanbic IBTC Ethical Fund 0.94 0.95 -6.44% Stanbic IBTC Guaranteed Investment Fund 241.42 241.46 11.89% Stanbic IBTC Iman Fund 161.90 163.71 -9.60% Stanbic IBTC Money Market Fund 100.00 100.00 11.61% Stanbic IBTC Nigerian Equity Fund 8,482.53 8,583.57 -10.81% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 5.48% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 11.07 11.24 -10.98% Zenith Ethical Fund 12.15 12.26 -7.58% Zenith Income Fund 20.53 20.53 7.04% Zenith Money Market Fund 1.00 1.00 10.78%
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
10.65 118.00 90.68
10.75 120.52 92.39
-10.10% -17.38% -16.99%
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
3.87 7.45 14.93 15.03 141.56
3.91 7.53 15.03 15.23 143.56
-18.34% -22.08% -14.46% -23.47% 5.34%
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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T H I S D AY ˾ ͯͷ˜ ͰͮͯͶ
ADVERTORIAL
T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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WEDNESDAY SEPTEMBER 19, 2018 ˾ T H I S D AY
FOREIGN/DIPLOMATIC AFFAIRS
Editor: VINCENT OBIA vincent.obia@thisdaylive.com 0805 468 1757
Row over Downing of Russian Military Plane In Brief Vincent Obia with agency reports
R
ussian President Vladimir Putin said on Tuesday Israel was not responsible for the downing of a Russian military aircraft during a strike on Syria Monday night, stating, “It looks like a chain of tragic circumstances, because the Israeli plane didn’t shoot down our jet.” Putin’s comments were a shift in tone from the Russian Defence Ministry, which had accused Israel of a “hostile provocation” in striking the Syrian port city of Latakia, resulting in the downing of the Russian military plane with 15 servicemen on board. The defence ministry vowed a retaliatory response, with Putin saying, “The retaliatory measures will be directed above all to boosting the security of military men and installations in Syria. These will be measures everyone will see.” Prime Minister Benjamin Netanyahu spoke on the phone with Putin and expressed his condolences, but added that the responsibility for the downing of the Russian plane rested with Syria. He also reiterated Israel‘s determination to prevent Iran from gaining a military foothold in Syria and thwart Tehran’s attempts to aid Hezbollah with lethal weapons against Israel. In the call with Putin, however, Netanyahu stressed the need to continue the security coordination with Russia, which he said had saved many lives on both sides over the past three years. He offered to send Russia all necessary details in order to investigate the incident, including dispatching the Israel Air Force chief to Moscow. Shortly later, the Kremlin said Putin told Netanyahu that agreements reached between Russia and Israel regarding the prevention of dangerous incidents “were not observed.” The statement added that Putin asked Netanyahu to avoid such situations in the future. The Kremlin’s statement came after Russia’s Foreign Ministry said Moscow told Israel it will take all necessary measures to protect its
military personnel in Syria. U.S. Secretary of State Mike Pompeo also responded to the downing of the aircraft. Pompeo in a statement, “The United States expresses sorrow for the death of the aircrew members of the Russian plane that was downed by Syrian regime anti-aircraft fire. “Yesterday’s unfortunate incident reminds us of the need to find permanent, peaceful, and political resolutions to the many overlapping conflicts in the region and the danger of tragic miscalculation in Syria’s crowded theater of operations. It underlines the urgent need to resolve the Syrian conflict in accordance with UNSC Resolution 2254 and to end Iran’s provocative transit of dangerous weapon systems through Syria, which are a threat to the region.” Earlier on Tuesday, Russia’s Defense Ministry accused Israeli military planes of creating a “dangerous” situation in Latakia, near where the aircraft was downed by Syrian air defense systems. The ministry said Israel warned Moscow about the planned operation one minute beforehand, adding that it was not enough time to get the plane to safety. The Defense Ministry said 15 Russian military service people died because of Israel’s “irresponsible actions,” adding that it reserves the right to take appropriate measures after Israel’s hostile actions. According to the ministry, the Israeli F-16 jets carrying out the airstrikes used the Russian plane as a cover to allow them to approach their targets on the ground without being hit by Syrian anti-aircraft fire. “Hiding behind the Russian aircraft, the Israeli pilots put it in the line of fire of Syrian anti-aircraft systems. As a result the Il-20 ... was shot down by the (Syrian) S-200 missile system,” Konashenkov said. He said the Israeli pilots “could not have failed to see the Russian aircraft, as it was coming in to land from a height of 5 km (three miles). Nevertheless, they deliberately carried out this provocation,” Konashenkov said. Israeli army spokesperson Brig. Gen. Ronen
Manelis said in a statement that Israel “expresses sorrow for the death of the aircrew members of the Russian plane that was downed tonight due to Syrian anti-aircraft fire,” adding that Israel holds the Assad regime fully responsible for the incident. “Israel also holds Iran and the Hezbollah terror organization” for the event, said the statement. “Overnight, Israel Defense Forces fighter jets targeted a facility from which systems to manufacture accurate and lethal weapons were about to be transferred on behalf of Iran to Hezbollah in Lebanon.” Manelis said Israel and Russia had a deconfliction system that had proven itself effective many times in recent years, and “this system was in use tonight as well.” An initial inquiry by IDF top brass and the prime minister’s bureau, Manelis said, showed that extensive and inaccurate anti-aircraft fire by Syrian forces downed the Il-20. “When the Syrian Army launched the missiles that hit the Russian plane, IAF jets were already within Israeli airspace,” said the statement, adding the Ilyushin was not present in the area of the operation during the Israeli airstrike. It also said Syrian anti-aircraft batteries fired indiscriminately, “and from what we understand, did not bother to ensure that no Russian planes were in the air.” The statement concluded by saying Israel will share all the relevant information with the Russian government as to confirm the facts of the inquiry. An Israeli political official later echoed these comments as well, adding that Putin and Netanyahu are expected to speak soon. Israeli Ambassador to Russia Gary Koren was summoned to the Russian Foreign Ministry following the incident, according to Russian media, though the Israeli Foreign Ministry declined to comment. Russian Defense Minister Sergei Shoigu informed his Israeli counterpart, Defense Minister Avigdor Lieberman, that Moscow held Israel wholly responsible for the shooting down of a Russian military plane near Syria. The Kremlin was extremely concerned by the incident and Putin expressed his condolences for those who were killed, Kremlin spokesman Dmitry Peskov told reporters. The Russian Defense Ministry said a recovery operation in the Mediterranean Sea was underway and that it had already located the wreckage in the sea and retrieved some bodies and some fragments of the plane. A U.S. official earlier said Washington believed the aircraft, which is an Il-20 turbo-prop plane used for electronic reconnaissance, was inadvertently shot down by anti-aircraft artillery operated by Moscow’s ally, the Syrian government. Around the time the plane disappeared, the Syrian coastal city of Latakia, near a Russian airbase to which the Il-20 was returning, came under attack from “enemy missiles” and missile defence batteries responded, Syrian state media reported. The defense ministry in Moscow said the aircraft was returning to the Russian-run Hmeymim airbase in Latakia province when, at about 11 P.M. Moscow time (20:00 GMT), it disappeared from radar screens. The plane was over the Mediterranean Sea about 35 km (20 miles) from the Syrian coastline, Russia’s TASS news agency quoted the ministry as saying in a statement. “The trace of the Il-20 on flight control radars disappeared during an attack by four Israeli F-16 jets on Syrian facilities in Latakia province,” the statement was quoted as saying. “At the same time Russian air control radar systems detected rocket launches from the French frigate Auvergne which was located in that region.” The fate of the 14 people on board the missing plane is unknown, and a rescue operation has been organized out of the Hmeymim base, the ministry said. The Israeli military had no reaction, saying it does not comment on “foreign reports.” French military spokesman Colonel Patrik Steiger told Reuters. “We deny any involvement.” A series of unusual airstrikes on Syria were attributed to Israel on Monday night. The official SANA news agency reported that ten people were injured in the attack, eight of whom were shortly discharged after being admitted to a nearby hospital. According to Syrian media, missiles were fired toward military targets close to three large cities in the north of Syria: Lattakia, Homs and Hama. In recent weeks there has been a significant uptick in the amount of reports attributing attacks to Israel. Previous attacks, according to foreign media, mostly targeted the area of the Damascus International Airport.
China to Penalise $60 Billion of U.S. Imports in Tit-For-Tat
China and the United States plunged deeper into a trade war on Tuesday after Beijing added $60 billion of U.S. products to its import tariff list in retaliation for President Donald Trump’s planned levies on $200 billion worth of Chinese goods. The tit-for-tat measures were the latest escalation in an increasingly protracted trade dispute between the world’s two largest economies. On Monday, the U.S. administration said it will begin to levy new tariffs of 10 percent on about $200 billion of Chinese products on September 24, adding that the tariffs will go up to 25 percent by the end of 2018. “China is forced to respond to U.S. unilateralism and trade protectionism, and has no choice but to respond with its own tariffs,” the Finance Ministry said in a statement on its website on Tuesday.
Chemnitz Unrest: German Top Spy Maassen Forced Out Germany’s domestic intelligence chief, Hans-Georg Maassen, was told to quit and move to a senior post at the interior ministry amid a row over his response to far-right unrest in Chemnitz, eastern Germany, BBC reported. Anti-migrant “hunts” were reported there on August 26 after a German man was killed in a brawl with migrants. Maassen doubted that foreign-looking people had been hounded. Chancellor Angela Merkel was urged to sack him. Critics said his scepticism downplayed the seriousness of far-right violence and intimidation in Chemnitz. Maassen will leave the BfV spy service and become a state secretary in the interior ministry. German media reported that he will actually move to a higher pay grade. It was not clear who will replace him.
South Africa’s Highest Court Legalises Private Use of Cannabis South Africa’s highest court on Tuesday allowed the private use of marijuana, upholding a lower court’s ruling that found the criminalisation of cannabis was unconstitutional, Reuters reported. Activists who included members of the Rastafarian movement and traditional healers greeted the ruling with loud applause. They had held marches over the years to demand that the law be changed to allow people to smoke “weed”, which is called “dagga” in South Africa. Several government departments, including the health and justice ministries, oppose its legalisation and warn of harmful effects. But in a unanimous judgement read by Deputy Chief Justice Raymond Zondo, the Constitutional Court decriminalised home consumption, saying, “The use of cannabis must be for the personal consumption of the adult.” The ruling also approved growing marijuana for personal consumption. Rastafarian Garreth Prince and former Dagga Party leader Jeremy Acton brought the case asking the High Court to allow for the home use of marijuana.
Amnesty: Violence in Cameroon’s Anglophone Regions Escalates Amnesty International said it had authenticated a video showing Englishspeaking separatists in Cameroon with the decapitated head of a policeman, and condemned a “horrific escalation of violence” in the Anglophone regions, Al Jazeera reported. The clip showed the policeman’s head, with bruises on it, on blood-soaked white cloth with what “could be his genitalia” placed nearby, the UKbased rights group said in a statement on Tuesday. It said its forensic experts had authenticated the video, as well as another believed to be continuation of the first, in which a voice can be heard saying that the separatists had taken the officer’s rifle. Separatist unrest in Cameroon’s two minority English-speaking regions - North-West and South-West - has left hundreds dead and displaced about 200,000 people since late 2016.
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Police Seal APC Office in Enugu over Leadership Tussle The Police Command in Enugu State yesterday sealed the Enugu office of the All Progressives Congress (APC) following ongoing leadership tussle between the two factions of the party. A police squad led by the Commissioner, Mohammed
Danmallam, cordoned the office and prevented movement in and out of the party house on Nike Avenue, GRA, Enugu. The News Agency of Nigeria (NAN) reported that the factional group led by Mr. Okey Ogbodo, was holding
Obasanjo Farms, MRS, University Press, 10 Others Shut in Ibadan Ademola BabalolainIbadan In continuation of its aggressive tax drive, the Oyo State government yesterday shut down the business premises of Obasanjo Farms, located in Oluyole Industrial Estate, Ibadan, MRS oil in the Oyo State capital city. The farm is one of the 16 other business organisations that were shut for defaulting in the payment of the environmental development levy due to the state government. The companies are said to have defaulted in the payment for the year 2017 and or 2018. The exercise by the combined task force teams of the Oyo State Inter-ministerial Enforcement Unit was being coordinated by the Oyo State Board of Internal Revenue. Locations visited by the task force team included Dugbe, Eleyele, Podo, Challenge, Onireke areas of the capital city. Some of the other firms affected in the seal up by the task force team include Black Horse, Heinemann Educational Books, Lister Flour Mills, and University Press Limited. Others are Evans Brother, Brooking House, Group Medical hospital, Butterfield bakery, Chicken Republic, MRS oil and Rasmed publicity. While addressing the press, the chairman, Oyo state Board of Internal Revenue (OYBIR), Mr. Bicci Alli said the exercise became inevitable due to the failure of the affected firms to comply with the state tax laws after series of formal communication failed. Stressing that the enforcement will be continuous, he warned all
corporate organisations in the state to do the needful and be corporately responsible in line with the laws of the land. He said, “the exercise we carried out today (Tuesday) is not something new and not outside the law. It is within the law. We went to restrain some corporate organizations that failed to pay what is due to Oyo State government after giving due notices, demand notices and even public notices to that effect and they failed to pay. “So we went to those places to distrain them from having access to their premises and it’s going to be a continuous exercise, all through the week and even next week. “What they are guilty of is the payment of the environmental development levy. Some of them owe about two years. We wrote to them and gave them notices to pay, they refused to pay. It was as a result of their failure to pay that we now embarked on the needful. “But it’s so sad that not until we have to take this step against the firms that they are now actually coming out to pay. “Government is not interested in disrupting the business of these corporate organizations, the business of government is to create an enabling environment for business to thrive which Oyo state government has done tremendously well in the last few years and that’s why you see businesses springing up on daily basis in Oyo state. The government cannot disrupt their businesses unless where it is absolutely necessary.
a meeting in the office when another faction led by Dr. Ben Nwoye, attempted to scuttle the meeting. The quick intervention of the police stationed at the venue saved the situation from degenerating into a violent clash. The Ogbodo-led group later moved to a transport office company on Abakaliki Road and continued its meeting amidst tight security. Speaking with NAN on the crisis, Ogbodo claimed that he was the recognised chairman of APC in Enugu State by the National Working Committee led by Adams Oshiomole after the failed congress in the state. According to him, the faction led by Nwoye had been declared illegal by the National Chairman and the court. “Ben Nwoye’s faction is illegal and you need not be
told this based on our National Chairman’s declaration and the court order restraining Nwoye from parading himself as Chairman. “My assumption of the State Chairman of the party is a product of the state congress held on May 19. “In as much as another congress has not held afterwards to select another chairman, no one has the right to claim chairmanship position of APC in the state. “The decision of the congress is what is recognised by enforcement agencies and upheld by the law,” he said. Ogbodo however, said those thinking the rift in the party currently would reduce the chances of the party in the state during the forthcoming election were wrong. “We are suing for peace and as soon as we reconcile with the other faction, we will become one and will come
out stronger and better. “Politics is all about conflict and conflict resolution. What is happening in the state is not new. It happens everywhere,” he noted. The chairman disclosed that the party would adopt a direct system of primaries in the state. He added that the essence of the gathering of party loyalists was to distribute materials that would set the conduct of the primaries in motion. “I have told party chairmen and their secretaries at the ward level to update the register of members. “Primaries will begin immediately after we receive the guidelines from Abuja today or tomorrow,” the Chairman said. Ogbodo also disclosed that five aspirants had already shown interest to run for governorship position on
the platform of APC. “In addition, three candidates have shown interest to clinch the senatorial ticket from Enugu North, four candidates for Enugu West and three for Enugu East.’’ He said a lot of candidates had bought forms for House of Representatives and the Senate under his leadership adding that he would have to check the records to get the actual figures. He enjoined members to embrace activities that would help the party win election and shun all forms of disunity perpetuated by individuals or groups. Efforts to reach Nwoye failed as his phones were switched off. Meanwhile, it was gathered that an APC chieftain, Chief Jim Nwobodo, has summoned an emergency meeting of all stakeholders apparently to look into the crisis.
CONSULTATIVE VISIT...
L-R: Leader of Peoples Democratic Party (PDP),Chief Olayiwola Olakojo; PDP’s presidential aspirant and Senate President, Dr. Bukola Saraki, and PDP Chairman, Oyo State, Alhaji Kunmi Mustapher, during Saraki’s visit to party’s secretariat in Ibadan, Oyo State...yesterday FELIX ADEMOLA
OVER 40% OF WORLD’S POOREST WILL LIVE IN NIGERIA, CONGO BY 2050, SAYS REPORT
Ezinne Okonkwo for Burial Funeral rites for Mrs. Ezinne Okonkwo has been released by her family. Mrs. Okonkwo died at the age of 94 after a brief illness on June 18. According to a statement signed by the family, the rites of passage of Okonkwo would commence on September 20, at 6p.m with service of songs at Chief Samuel Okonkwo’s compound, Umuezeabu, Ichi Ekwusiogo Local Government,
Ezinne Okonkwo
Anambra State. The statement also stated that on September 21, there would be funeral service at St. James Anglican Church, Ichi, by 10 a.m. The family in the statement said: “Funeral festivities for Okonkwo family continue on September 22 with reception of In-laws, and condolence visits. While thanksgiving service takes place on September 23 at St. James Anglican Church, Ichi. She was born to the family of late Chief Umeakunne and late Mrs. Eleodichi Obi of Uruagu, Nnewi, Anambra state. During her life time, Okonkwo was a successful entrepreneur, community leader and devoted Christian.” The statement added that until her death, she is survived by Chairman, Fairpoint Limited, Sam Okonkwo, Chief Executive Officer, Ekulo Group, Emma Okonkwo and Chief Executive Officer, NathGoz International Limited, Nathan Okonkwo.
He said human capital development would mean that the quality of diet that comes from agriculture reforms is improved, the attendance in schools and quality of schooling is improved, while the overall health and nutrition are improved, adding that these are the magic elements that really determine how youth-bulge will benefit a country or be a challenge. “If countries don’t make those investments, level of employment, level of wealth, and food security can actually go down. I was pleased when I was in the country the last time that the discussion about whether we need to invest more in this next generation or not came up. There was at least some coverage, including your paper, THISDAY, which brought that issue up.” For Gates, Nigeria sits on a strategic position in Africa, and can play a major influential role on the continent because of its size. This, he says was one reason
Nigeria must get it right. Gates, who co founded the BMGF along with his wife, Melinda, also raised concerns over the high nutrition burden in Northern Nigeria, thereby recommending that for the country to improve survival rate and reduce the number of child deaths, more work needs to be put into tackling malnutrition, especially in the North. He said: “Over 10 percent of the kids under the age of five don’t survive, which means we are still not close to the global average which is below five per cent. We should continue to measure and view as a primary metric with the number of survival rate we get.” He believed for the children who are lucky to survive, the type of diet they take can make a huge difference, noting that when a child falls behind in growth, supplementary nutrition should be given as part of plans to take that child out of malnutrition. “I recently had a conference
where I connected by video, and Aliko Dangote got the leading food companies in Nigeria together to talk about doing more in fortifying foods, that is, adding things like vitamin A to the various food products that are bought by the people, including low-income. So, I think on that food fortification front, there will be some real improvement and that is one element that helps a lot with nutrition and reducing stunting,” the world’s number one philanthropist said. Gates also called for huge improvement in the country’s primary healthcare system as part of plans to addressing maternal and child deaths and the reduction of disease burden. He believes even though the quality of PHC system varies from state to state in Nigeria, the first tier of healthcare is not functioning nearly as well as Nigerians would want it to function. On addressing illiteracy, Gates says there are two dimensions of
the education sector that should be considered; “First, the country should raise the revenue to fund education, such that there will be schools, teachers, and salaries paid on a dependable basis; while the second issue is the quality of the education system, such that the right teacher-training and the right feedback on the teacher-quality is put in place.” He believed on the first issue, Nigeria does probably need to raise a higher percentage of GDP and taxes in order to be able to fund some of these key human capital issues, adding that there are a lot of countries where the second issue, the quality issue, is still a huge challenge. For him, every country should start with the policy issue, and then quality of personnel training should be considered. He said generally, across the world, number of school attendance has increased, but that the world needs to focus on the quality of learning.
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Shun Corruption, Decide Political Cases Purely on Merit, CJN Tells Judges Alex EnumahinAbuja The Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, has again harped on the need for judges in the country to avoid corruption in the discharge of their duties and ensure that decisions made particularly in political matters are based on merit and not influenced by external forces. Onnoghen, who gave the charge yesterday in Abuja, at the opening of the 34th Annual Judges Conference of the Federal High Court, said the judges through their judgments should ensure that democracy is enthroned in
the country. Represented by Justice Inyang Okoro, the CJN remarked that with the forthcoming 2019 general elections, courts will be flooded with litigation, adding that Judges as umpires, must stamp out corruption in all ramifications in the cases that will be assigned to them. “In the discharge of our functions, we must strive to steer the nation to transparency and good governance and stem the tide of bad governance by avoiding external influence in our justice delivery. “In the next few months, court will be flooded with litigation and as judicial officers, we must resolve
all political issues on merit, devoid of external influence,” he said. The CJN further charged them to perform their judicial functions in line with the provisions of Section 251 of the 1999 Constitution as amended, stressing that Judges must rise to the coming challenges by cleaning up their houses and dump the toga of corruption. While he reiterated that respect for the rule of law is pivotal to survival of democracy, Onnoghen pleaded with the Judges to carry out their judicial functions expeditiously and stem the tide of bad governance.
Nnamdi Kanu is in London, Kalu Insists Laleye Dipo in Minna Contrary to the impression that the leader of the Indigenous People of Biafra (IPOB), Mr. Nnamdi Kanu, is in the custody of Nigerian military, a former governor of Abia State, Chief Orji Uzor Kalu, has said that the IPOB’s leader is currently in London. “Nnamdi Kanu is where I told you he is; he is in London; he is safe,” Kalu said yesterday, after a private visit to former military President, General Ibrahim Badamasi Babangida
(rtd) at his uphill residence in Minna Niger State. The former governor however, did not disclose the exact location of the IPOB leader but insisted that “ he is safe and healthy”. Kalu said he was in Minna to woo Babangida to support President Muhamnadu Buhari because virtually all the Peoples Democratic Party (PDP) presidential aspirants had been coming to the former military ruler for blessing. On the outcome of the meeting, which lasted nearly two hours, Orji Kalu said, “ I have talked
to him to allow Buhari finish his term; we have discussed; he is thinking about it. February 16 is still a long way. Our discussion was positive; it is blue and white,” Kalu said. He argued that what the country needed now was to build cohesion, adding that, “we need continuity.” “Buhari is the head of government; he has played four years; he is almost done with the first half; he has played 45 minutes, it remains 45 minutes; we should allow him to finish the game
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Report: Lagos, Rivers, Delta Others Pass Fiscal Sustainability Index Assessment Osun, Ekiti, C’River show weaknesses
James Emejo in Abuja A civic research institution, BugetIT, yesterday adjudged Rivers, Bayelsa, Delta, Akwa Ibom, Lagos, Edo and Ondo States, as being fiscally sustainable, citing their robust revenue profile and manageable recurrent expenditure obligation. In its 2018 Edition of State of the States annual report released in Abuja, the body also highlighted a commendable appearance
by the states with low expenditure outlay and sizeable debt including Anambra, Enugu and Katsina. BudgetIT further pointed out that Abia had tightened its recurrent projection, providing it with the opportunity to leap on its sustainability rankings. Nevertheless, the report stated that Lagos dropped from 2nd to 4th place on the fiscal Sustainability index notwithstanding its economic advantage. Explaining the rationale for
Group Dissociates Self from Purported Endorsement of Emmanuel’s Second Term Bid A group known as the Concerned Akwa Ibom Professionals in Lagos has distanced itself from a purported endorsement of Governor Udom Emmanuel for a second term in office. A well circulated report had recently said the umbrella body of professionals of Akwa Ibom origin visited the governor and assured him of their support for his bid for a second term in office. In an advertorial published in a number of national and local newspapers on Monday and signed by Larry Ettah, Ini Abimbola and Edo Ukpong on behalf of other members, the group stated that the publication “purports to give the impression that there is a body of Akwa Ibom professionals in Abuja and Lagos with Mr. Udeme Ufot as its president, which went on a solidarity visit to Governor Udom Emmanuel and pledged the body’s support for his second term bid”, a situation which the statement said had prompted well meaning members of the Akwa Ibom Professionals to ask questions. In response to the questions, Udeme Ufot, according to the press statement, “offered the clarification that the visit was under the auspices of “Friends of Udom Emmanuel” and not the known group of Akwa Ibom professionals of which he is the Coordinator”. In accepting Udeme Ufot’s clarification, however, the group said constrained to issue the rebuttal on the said visit because “the Akwa Ibom professionals Group of which we are proud members is a non- partisan body whose objective is to articulate and promote the interests of our dear state”. While acknowledging that the confusion may have arisen because of the presence of its coordinator, Ufot on the” Friends of Udom Emmanuel” entourage to the governor, the group affirmed that “in good faith, we have accepted Mr. Udeme Ufot’s clarification
and the blame on the news reporters for the misleading and erroneous report”. The group stressed that whilst members are encouraged to participate in partisan politics, this must clearly be on individual basis, and not under the auspices of the group”.
this, Communications Lead, BugetIT, Ayomide Faleye said: “Lagos’ internally-generated revenue, when compared to many of its peers, is relatively high. Her IGR as at the end of 2016 was N287 billion, from 2015 levels of N268.2 billion. In 2018, the State is planning a recurrent expenditure spending of N305 billion or N25 billion monthly. “With its IGR not expected to grow significantly above N300 billion, while its share of revenue from FAAC in the first six months of 2017 was N6.6 billion; Lagos overheads cost and debt which is unusually elevated weighing down on its revenue and its performance on the 2018 fiscal sustainability index.” However, the report lamented the poor fiscal management in Cross River “with its bogus budget plan of N1.3 trillion- in 2018-which severely weighed it down on the index.” The state recorded net inflow of N22.40 billion between January and June 2018 from FAAC; N18.10 billion in IGR and VAT of
N878.99 million- but domestic and external debt were valued at N25.64 billion and $167.92 million respectively as at 2017. It also portrayed Osun Staten as still being in a precarious economic situation, ranking 35 out of the 36 states tested. Its net allocation from the Federation Account Allocation Committee (FAAC) stood at N15.79 billion from January to June, 2018 but had a domestic debt of N138.23 billion and $96.60 million in external borrowing in 2017- as well as a budget size of N176.4 billion and Internally Generated Revenue (IGR) and Value Added Tax (VAT) of N6.48 billion and N924.83 million respectively. Also, with its domestic and foreign debts at N117.49 billion and $78.05 million respectively as well as net FAAC allocation of N22.91 billion; IGR, N4.96 billion; VAT, N832.87 million, Ekiti was adjudged to have failed the fiscal sustainability index. The report, however, observed that states appeared to lack the rigour and foresight
to explore the various export opportunities at their behest to boost non- oil receipts. “BudgIT recently analysed the fiscal condition of states and noticed that states fiscal account generally improved on the back of increasing oil revenue. “It was critical that state governments embrace a high level of transparency and accountability, develop workable economic plans, take haircuts, especially on overheads, expand their internally generated revenue (IGR) base, and cut down on debt accumulation without a concrete repayment plan,” it noted. The research, however, re-emphasised the need for states to look beyond rhetoric and commit to a reduction in their operating costs, including significantly cutting unreasonable overheads while freeing up more spending for social and economic infrastructure. It noted that states needed to link future borrowing to sustainable projects, which can pay back the capital cost
of its current loans and improve the overall income profile of the state. “Economic planners at the state level are also advised to improve tax collection efficiencies and realign budgeting with statewide plans. “Significant investment is needed to improve the overall economic performance at the state level, which invariably could create jobs that feed into states’ internally generated revenue. “Improve spending is also critical for value-added tax revenue. Export opportunities in aquaculture, agriculture, manufacturing, trade, logistics and tourism abound across states, but it seems states lack the rigour and foresight to explore them. BudgIT operates by applying technology to intersect citizen engagement with institutional improvement to facilitate societal change. The organiation’s Principal Lead, Mr. Gabriel Okeowo, said the report represented the prevalent economic situation in the states.
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Cabal Ruling Us, Not Buhari, Says Saraki Ademola Babalola in Ibadan The Senate President and presidential aspirant of the Peoples Democratic Party (PDP), Dr. Bukola Saraki, yesterday regretted the happenings in Aso rock, the seat of power in Nigeria since 2015 with a verdict that cabal and not President Muhammadu Buhari was in charge of the most populous black country in the world. He recalled that Nigerians voted the President with the hope that Buhari would effect positive change
in the country, but lamented that the people have been shortchanged by the cabal who continue to hold sway in power. Saraki who was accompanied by Senator Rafiu Ibrahim, Senator Abiodun Olujinmi, Captain Idris Wada, Dr. Doyin Okupe and Muhammed Wakil, made the remarks while addressing PDP delegates in Oyo State during a meeting where he solicited for their votes ahead of the October presidential primary of the major opposition party in the country.
He said the few influential world presidents who had visited Nigeria under the present administration did not stay beyond a few hours because they were convinced that their host did not understand their mission or contributed to discussion as expected. He also said that Nigeria lacked the progress it deserved because voting patterns were determined by religion, language and ethnicity instead of capacity and merit. Saraki said, “Over the years, we have made mistakes in electing people based on sentiment. Yes, it
is time we correct it. We will correct it because we are capable. Over the years, we have voted for people based on religion, the language they speak and where they came from in Nigeria. We need people who have the courage, capacity, ability and determination. “I have shown over the years, particularly in the recent years that one has the opportunity of leadership, that I have the capacity to take Nigeria forward. The countries that have done well did so not by bringing leaders by chance but because they looked
for capable leaders. It is time to pick such leader. “The president we have now does not understand leadership. We have endured him for more than three years but it is the same thing. Nigerians voted for him (Buhari) but cabal is ruling the country. That is not what democracy means. This time, let us look for who can do it. In Nigeria today, we do not have unity. What we need in the present world is digital president. “When your president sits with world presidents, he should be able to understand what they are
saying. That is why presidents who have visited the country did not stay more than a few hours. But when they know that their host understands them, they will stay longer and explore investment opportunities in Nigeria.” Saraki said he considered Oyo State his home because his paternal grandmother was from Iseyin area of the state. He added that the state’s priorities would be protected if he became the president.
Ronke Bello Joins Race for Kogi West Senatorial Seat Ugo Aliogo Following the purchase of the senatorial nomination form and expression of interest form, which were presented to her by the people of her constituency, Dr. Ronke Bello, has joined the race for the Kogi West Senatorial seat in the 2019 general elections. Bello, who disclosed this in a statement made available to THISDAY yesterday, expressed delight with the call by her people to represent their interest at the Senate, noting that the call was taken further with the nomination form and expression of interest form of one of the major parties, which were presented to her. “However, this present call, which was taken further with the nomination form, and expression of interest form of one of the major parties collected and presented to me, became the people’s trigger. Apart from a ‘commendation letter’ which I received in the line of my professional duty, this call by my people marks one of my life’s most reassuring and touching moments, that little
efforts certainly count,” she noted. She also stated that although the processes for the election are far gone, her team, and herself have chosen to channel the call to higher service with the launching of a people power political movement known as ‘Erelu Vanguard’. According to the senatorial aspirant, the Erelu Vanguard initiative involves mobilising the people for greater service oriented awareness, working with stakeholders and the people to compliment the performance of political leaders. Continuing, Bello added: “Tapping into the many dividends of democracy at state and national levels. Support the political candidature of person mostly acceptable to the people as we listen to the voices of the people and feel their political pulse. Create a platform for learning from our respected statesmen and women in the senatorial district to allow for an enviable and seamless political succession plans. Offer a sustainable political structure.”
PWDs Hold Pre-election Rally for Osun ADC Guber Candidate Hundreds of people living with disabilities in Osun State have vowed to cast their votes for the governorship candidate of the African Democratic Congress (ADC), Alhaji Fatai Akinbade and his running mate, Retd. Justice Folahanmi Oloyede, during the governorship election slated for Saturday. They made this declaration yesterday in Osogbo, at a rally with Oloyede. According to the PWDs, led by Mr. Lani Gbadebo, ADC remains the only party that can salvage the state from what they described as “maladministration of the present government” in the state. He said the present administration had neglected them and had not been attending to issues affecting them. Gbadebo said, “We have made up our mind to support and vote for ADC on Saturday. We have suffered enough and we believe in the pedigree and integrity of both Akinbade and Oloyede to rescue this state and also attend to our needs as members of this state. “We have gone through their manifestos and their plans for us and we are convinced that they are truly on a rescue mission.” Addressing them, the Deputy Governorship aspirant of ADC said the party had the interest of the
entire people of the state at heart and that issues affecting persons living with disabilities would be priotised once Akinbade and herself are voted into power. Oloyede said that people living with disabilities have equal rights in the society and that the party had made policies and plans to empower them. “Once we get into office, we will hire medical specialists to ensure that permanent ailments that can be avoided are avoided. Aside from the provision of good health services, we will provide health insurance schemes and education for children with special needs. “We will make life meaningful for people with special needs and those living with disabilities. Youths will also be taken care of. Our government will employ two persons with disabilities into each ministry in the state, as long as they have the required qualifications. “Married persons living with disabilities will be assisted to have a better life through skills acquisition and empowerment. We will teach and inculcate in our people the ethics of respect for those living with disabilities. Widows will be entitled to loan schemes. No disabled person will beg in Osun.
DECLARATION OF INTENTION...
National Coordinator, Electoral Matters and INEC Liaison, African Democratic Congress (ADC), Chief Anayo Arinze (left); gubernatorial aspirant, ADC, Ogun State, Prince Gboyega Isiaka, during a press conference by Isiaka to officially declare his intention to run, at the ADC National Secretariat, in Abuja ...yesterday
Osinbajo, Others Hold Special Meeting on Minimum Wage Vice President, Yemi Osinbajo, yesterday presided over the Economic Management Team (EMT) meeting specifically dedicated to discuss issue of minimum wage and how to raise funds for its implementation. The meeting which held at
the Vice President Conference hall at the Presidential Villa had those directly involved in the economy and revenue generation in attendance. Those in attendance were the Ministers of Finance, Zainab Ahmed, Budget and National
Planning, Udoma Udo Udoma, Industry, Trade and Investment, Okechukwu Enelamah, Labour and Employment, Chris Ngige and Minister of State for Petroleum, Ibe Kachikwu. Others were Executive
Chairman, National Salaries, Incomes and Wages Commission, Richard Egbule, Director General, Budget Office, Ben Akabueze, and Comptroller General (CG) of Nigeria Customs Service (NCS), Hameed Ali.
Presidency, APC Sponsor Presidential Aspirant in PDP, Wike Alleges Ernest Chinwo in Port Harcourt Rivers State Governor, Nyesom Wike, has stated that the presidency and the All Progressives Congress (APC) are working hard to plant a presidential aspirant in the Peoples Democratic Party (PDP) as part of plans to win the 2019 elections. This is as he said nobody would be able to blindfold the people
of Rivers State into supporting a presidential aspirant with compromised credentials. In a press briefing in Port Harcourt yesterday, Wike stated that some of the presidential aspirants in the PDP were under the sponsorship of President Muhammadu Buhari. He said: “But one thing you must take home is that I cannot be misled, I cannot be blindfolded;
I know what’s going on. I know what the presidency and the APC are doing to plant a presidential aspirant in the PDP. “I have not even mentioned how a very senior official of a security agency in the country told me which of the candidates to support! You can imagine me as a governor and the head of a security agency would tell me to support one
or two persons: head of security agency who is in a government controlled by the APC! Come on, you direct me on who to support for president?” The governor also said he would not impose a presidential aspirant on delegates from the state, insisting that the choice of who to support would be a collective decision of the entire party leadership in the state.
Julius Berger is for the Professionally Disciplined, Says Bayi Any person who seeks to be an emergency or overnight “big man” without credible effort or industry has no place in the Julius Berger work environment, the Executive Director, Administration of Julius Berger Nigeria Plc, (JBN) Alhaji Zubairu Ibrahim Bayi has said. Bayi who is a Fellow and the Deputy Chairman of the College of Fellows of the Nigerian Institute of Building and certified member of the Council of Registered Builders of Nigeria (CORBON) made the assertion at his 60th birthday celebration organised by the company’s management at its
corporate head office in Abuja recently. Bayi spoke even as JBN’s Managing Director, Mr. Wolfgang Goetsch in his remarks extolled the virtues of hardwork noting that Bayi has worked in every section of the company’s operations and has garnered worthy and helpful experience to the benefit of the organisation which he now serves as Executive Director, Administration. Responding to the MD’s remarks, Bayi also celebrated the fine technical and administrative qualities of the MD and a host of other great colleagues whose work and sense
of comradeship made his work and rise to his present position of high responsibilities possible. Bayi said it was with a deep sense of honour that he was privileged to address the distinguished gathering at his 60th birthday party, adding that he was truly proud to belong to the distinguished Julius Berger work Family. Bayi said that over the years of working together for the advancement of Julius Berger, the MD, Goetsch and himself have developed a harmonious and trusting relationship beyond the official call of duty.
Goetsch, he said, is a man that has invested so much confidence and trust in him and at a point became one of the great Julius Berger TITANS that provided him with the ladder to climb to his current position of high responsibility in the company. Bayi praised Goetsch as a good listener, adding meaningfully that the robust intellectual in Goetsch comes out brilliantly and beautifully when sometimes even against his earlier position, he accepts a reasonably superior argument from a subordinate.
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͚Π˜ ͺ͸͚΀ Ëž T H I S D AY
WEDNESDAYSPORTS
Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Katsina Set to Host Hitch-free 2018 NFF Elections Duro Ikhazuagbe Despite threats of court injunctions from a minute section of the Nigerian football family, Katsina State Government announced yesterday its readiness to host a hitch-free 2018 Congress of the Nigeria Football Federation (NFF) where a new executive committee will be elected to pilot affairs for the next four years on Thurday, September 20. Aminu Kurfi Balele, Senior Special Assistant on Sports to Katsina State Governor, Aminu Masari, said yesterday that everything needed to have a rancor-free elective congress have been put in place. Balele who also doubles as Chairman of the state owned NPFL side, Katsina United
FC, stressed that the state looks ahead to welcoming all the congress men and football stakeholders in the country as well as the international observers from CAF and FIFA. “We are ready in Katsina to host the NFF elections. His Excellency, Alhaji Aminu Bello Masari is happy to host this event and the people of Katsina that are passionate about football welcome all the NFF delegates, football stakeholders and the international observers to our state,� observed Balele yesterday. Against speculations that there may be no security for the delegates at the venue of the Congress, Balele dispelled such and assured all of the topnotch security surveillance at the place.
“We want to assure everyone that adequate security has been provided for hitch-free exercise and we are very hopeful that everyone will leave Katsina with beautiful memories at the end of the day,� concludes the Katsina FC boss. Meanwhile, incumbent Amaju Melvin Pinnick is aspiring to become the first president of the NFF to be
returned for a second term in the last five decades. The 48-year old Vice President of CAF has a tough challenger in Aminu Maigari, the man he took over the baton from in 2014. Maigari is banking on the structure he put in place while he reined as NFF chief between 2010 and 2014 to reclaim the mandate he was forced to abdicate after the 2014 World Cup in Brazil. Also in the race for the coveted
NFF top job is former General Secretary and later Chairman of Chairmen, Taiwo Ogunjobi. The ex-international is considered one of the most informed technocrats in football administration in the country but lacks the war chest to prosecute grabbing the choice NFF position. The fourth candidate in the race for the NFF presidency is a relatively unknown amateur club proprietor, Chinedu Okoye.
His Lafia, Nasarawa-based Bimo FC was on Monday kicked out of the NNL for breaches. Another keen contest to look forward at the NFF elections is the position of Chairman of chairmen where the current Chairman, Ibrahim Gusau wants to keep his office against a formidable foe, Dr. Ifeanyi Ubah, the chairman of Anambra State Football Association. He is also the proprietor of NPFL clubside, FC IfeanyiUbah.
Magical Messi Scores Hat-trick against PSV, Inter Extends Spurs’Misery
Libya Moves AFCON 2019 Clash with Eagles toTunisia The Libyan Football Federation has reportedly opted for Tunisia rather than Algeria as the host country for their Match-day four of the 2019 Africa Cup of Nations qualifier against Nigeria next month. Libya and the Super Eagles will meet in back-to-back Group E matches on October 12 and 15. The Mediterranean Knights still cannot host home matches in their country due to continued political instability. According to Libyan newspaper Alwasat, the LFF would prefer to stage their ‘home’ match against Nigeria on October 15 in Tunisia, rather than the proposed Omar Hamadi Stadium in Algeria. Libya Coach Adel Amrouche had earlier requested that the qualifier against Nigeria should be played in Algeria and not Tunis, as the Belgian-Algerian tactician hoped Fennec Foxes fans would support the Libyan team,
but the Federation has decided otherwise. Although no stadium in Tunisia has been confirmed, it is widely expected that the Stade Chedly-Zouiten in Tunis – which hosted the Libya v Seychelles AFCON qualifier on June 9, 2017 will get the nod for the crucial match. The Nigerian Football Federation has not yet announced a venue for the Match-day three tie with the Libyans, but Ahmadu Bello Stadium Kaduna, Stephen Keshi Stadium and Enyimba International Stadium are under consideration. Libya leads Group E on four points (level with South Africa) after a 5-0 win over the Seychelles last year and a goalless stalemate with Bafana Bafana earlier this month. Eagles who lost their opening clash 2-0 at home to South Africa last year in Uyo, returned to winning form with a 3-0 triumph away to Seychelles.
Bet9ja Partners 2018 Lagos SWAN Cup Foremost betting company Bet9ja has been announced as sponsor of the 2018 Lagos SWAN Cup competition. According to the Brands and Communications Manager of Bet9ja, Tunji Mesh, the company’s decision to partner the Lagos Chapter of the Sports Writers Association of Nigeria (SWAN) was borne out of the association’s role in sports development in Nigeria. At a press parley organised yesterday at the Lagos SWAN Secretariat, Bet9ja pledged N5millio for the 2018 edition of the competition geared at foisting bonds between members of the association. “As partners in progress we have a duty to ensure that the SWAN members enjoy sound health by keeping fit through the competition and also have fun. “This is in furtherance of our commitment to healthy living and to support sports writers to practice what they preach every day,’’ Mesh said. He assured that Bet9ja would give every financial and material support to SWAN to sustain the competition. At the brief
ceremony to unveil the Bet9ja as sponsor of the Lagos SWAN Cup, the Chairman of Lagos SWAN, Debo Osundun commended the betting company for partnering with the noble association. “We are delighted that Bet9ja has decided to partner Lagos State SWAN by taking up this sponsorship. This is a milestone for Bet9ja and SWAN and we are determined to make the partnership work.� Meanwhile, the Vice President of the Nigeria Football Federation, Seyi Akinwunmi, who was present at the event lauded the Lagos Chapter for their vibrancy while describing them as a key stakeholder in the sports sector. The Vice Chairman of Lagos State Football Association, Alhaji Tade Azeez who accompanied Akinwunmi to the event promised N250,000 while Tayo Popoola, Chairman, Nigerian Association of Women in Sports (NAWISS) Lagos Chapter also made a pledge of N100,000 to the event starting on 28th of September.
Barcelona’s Lionel Messi giving supplication to God after scoring hat-trick on the opening day of the 2018 UEFA Champions League
Lionel Messi’s pre-tournament quest to win the UEFA Champions League again this season began on a promising note last night after leading host, FC Barcelona to 4-0 win against PSV Eindhoven with the captain having three of the goals to his credit. The win pushed the former European champions into momentary lead of the ‘Group of Death’ following Inter Milan’s late 2-1 comeback win over Tottenham Hotspurs at the San Siro Stadium. It was an early kick-off in both group matches that saw Messi scoring from trade mark free kick long before other teams on match day-one could even name their squad for their games. Messi would have his second and third before the end, but the game was up by
U E FA C H A M P I O N S L E A G U E then thanks to a superb strike from the excellent Ousmane Dembele. Only when Barca were three ahead was Samuel Umtiti sent off for a second yellow card, and with 10 men, Messi completed his hat-trick for a 4-0 win. Dembele’s goal was worthy of deciding any match but this was Messi’s night. After a miserable World Cup trying to retrieve the irretrievable Argentina, Barcelona’s now-captain proved his quality again to any doubters that are left. Four goals already in La Liga, seven overall, neither age nor Cristiano Ronaldo’s departure from Spain appear to have taken the edge off him. But even if Messi remains as good as ever, his team will
TONIGHT’S FIXTURES
need others to step up. Philippe Coutinho was impressive here and, after a difficult debut campaign, Dembele is finding his rhythm. The 21-year-old’s driving run earned Messi his free-kick while a sizzling shot brought the goal his bustling display deserved. Perhaps more importantly, this victory was a clean slate for Barcelona. It was exactly 23 weeks ago that Roma pulled off one of the greatest comebacks ever seen in this competition and sent the club into a depth of disappointment that, in truth, not even winning the double could alleviate. Instead, Madrid rubbed salt into the wound by making it look easy and winning their
R E S U LT S
Shaktar v Hoffenheim
(5:55pm)
Brugge
0-1 Dortmund
Ajax v AEK Athens
(5:55pm)
Monaco
1-2 Atletico
R’Madrid v Roma
(8:00pm)
Barcelona
4-0 PSV
Young Boys v Man Utd
(8:00pm)
Inter
2-1 Spurs
Man City v Lyon
(8:00pm)
Zvezda
0-0 Napoli
BenďŹ ca v B’ Munich
(8:00pm)
Liverpool
3-2 PSG
Vicktoria Plzen v CSKA
(8:00pm)
Galatasaray
3-0 Lokomotiv
Valencia v Juventus
(8:00pm)
Schalke
1-1 Porto
third in a row. “It is a thorn in our side,� Luis Suarez said. “It’s time to win the Champions League,� said Messi. In the other group match, Tottenham’s campaign started with defeat as goals from Matias Vecino and a Mauro Icardi stunner gave Inter a 2-1 win. Spurs had taken a second half lead through a deflected Christian Eriksen strike, but on their return to European football’s top competition after six years away, the Italian side took all three points at the death. After a goalless first half, Spurs took the lead eight minutes into the second half through Eriksen, who sent a deflected effort over Handanovic after his first effort from the edge of the box was pushed away by the goalkeeper. The English Premiership side had two good attempts to double the lead but wasted the opportunities to give the home team some respites deep into the second half when Mauro Icardi scored Inter Milan’s first Champions League goal in 2,381 days since their last match against Marseille by Diego Milito in March, 2012! Uruguayan midfielder, Vecino scored the winner late in the added time and send Spurs to a third consecutive defeat after two defeats in the domestic league.
T H I S D AY ˾ WEDNESDAY SEPTEMBER 19, 2018
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MISSILE
CAN to Buhari “These are all parts of the gradual and subtle Islamisation agenda. We are sad that those who are benefitting from the existing order, Christians inclusive, have been dismissing this alert with a wave of the hand. But CAN, as watchman for the nation, will refuse to be intimidated” – Christian Association of Nigeria (CAN) challenging the federal government to produce facts proving its appointments are not lopsided.
KAYODEKOMOLAFE THE HORIZON
kayode.komolafe@thisdaylive.com
0805 500 1974
Prospects of Liberal Democracy I n an age in which thinkers now nudge politicians and civil society activists alike to ponder the “crisis of liberal democracy,” the caption of this column today might seem somewhat ironic. Why should any one be talking about the prospects of liberal democracy in Nigeria when liberalism itself is said to be in retreat globally? Populists are making a big mess of the timehonoured western democratic traditions and institutions. And this is quite explicable. The West, in particular, is still coming to terms with the political consequences of the Great Recession triggered 10 years ago partly by the recklessness of casino capitalists. Just imagine what Donald Trump is doing to America and the xenophobic politics of the ultra-nationalists in Europe. This is probably what has prompted one of the most influential organs of liberalism, The Economist of London, to make an impassioned advocacy for the “reinvention” of the liberal order so as to advance the “freedom and prosperity” of the individual. To its credit, the weekly newspaper has consistently defended liberalism for the 175 years of its existence. In this respect, one cannot but salute on this occasion the memory of one of the most eloquent liberal exponents ever produced in this land, Dr. Stanley Nkachukwu Macebuh, who died eight years ago at the age of 67 largely unsung. It is eminently remarkable that as a public intellectual and philosophically convinced liberal, Macebuh injected a good dose of liberal thoughts into public debates especially in the late 1970s and 1980s. That was long before the public sphere got extremely polluted with hate speech, prejudice, insults and utter shallowness arising from poverty of ideas. Now, as the liberal ideology suffers deepening crises in America, Europe and other places, Nigeria is basically contending with its own crisis of underdevelopment. The grim poverty statistics about Nigeria being pushed out by think tanks (even if sometimes disputable) demonstrate the enormity of the crisis. In such a context, radicals (as opposed to liberals) would rather call for a revolutionary transformation of the society. Sadly, it doesn’t seem that a revolution will happen tomorrow. So the contradiction of focussing on prospects of the liberal order is even further compounded by the fact that this reporter (not being a liberal) is never convinced about the efficacy of liberal ideas in resolving fundamentally the crisis of the Nigerian political economy. The ultimate solution to the problem of mass poverty is beyond ad-hoc liberal reforms. Yet, to be realistic, there is the inescapable need to explore for the moment the possibilities of liberal democratic development in this country. It may make a dialectical sense to do so in the circumstance. After all, when our politicians, civil society leaders and public intellectuals talk of “deepening democracy,” they can say so only as a matter of aspiration towards liberal democracy. Indeed, not a few of them still see liberal democracy as the apogee of human civilisation, years after even Francis Fukuyama has since revised himself. And like the eminent historian of the Hebrew University in Jerusalem, Yuval Noah Harari, puts it in her new book, 21 Lessons for the 21st Century, “the end of history has been postponed.” Period! It would, therefore, be less than appropriate to be talking of the crisis of liberalism in Nigeria and most parts of Africa when the liberal order has hardly developed in this clime. It might be more useful instead to diagnose the huge liberal deficit in Nigeria’s political development as liberal thinkers across the globe reflect on the renewal
of their ideology. By the way, some might find such an exercise an abstraction because for them what passes for democratic discourse is just a little more than profiling candidates in the forthcoming elections as saints or demons depending on who is their favourite to be elected into political office. Public intellectuals hardly bother to examine candidates based on any set of ideas for development. The growth of the polity will remain stunted unless larger philosophical questions are asked about liberal democratic culture in the land as it is being done right now even in the advanced liberal democracies. To start with, the prospects of liberal democracy would remain dim so long as human freedom is not politically placed as the real dividend of democracy. The human rights of all individuals should be defended without the qualification of identity of class, religion, ethnic group, or gender. So when terrorists and other mass murderers kill Nigerians anywhere, liberal democratic principles demand that the killings should be protested whether
Issa Aremu
the victims were Christian or Muslim, Fulani or Yoruba. Liberals in Nigeria turn a blind eye to the unjust incarceration of fellow citizens by the security agents because the victims belong to a different religion or ethnic group. Some of those nursing liberal democratic aspirations for Nigeria do not seem to embrace Wole Soyinka’s proposition that “justice is the first condition of humanity.” Nigerian liberals are selective in matters of social justice as the principle is coloured with prejudice. The other side of the coin of Nigeria’s political economy is that it would also amount to an optical illusion to expect liberal democracy to flourish amidst burgeoning poverty. Indubitably, the survey of the poverty levels in the land and the projections being made thereof are assuming frightening proportions. Hence, those who wish Nigeria to be a stable liberal democracy should also work for a comprehensive agenda of poverty eradication. The central role of the state in such an agenda cannot be denied by any perceptive liberal. In other words, to be
a relevant liberal in the Nigerian context would require going beyond the formal political rights of the individual and joining the struggle for socio-economic rights. These socio-economic rights include the democratisation of access to universal healthcare delivery, basic education and social housing. Liberals jostling to be state governors, legislators and local government chairmen should see it as a mission to put an end to the national shame of Nigeria having the largest number of children out of school. Liberals at all levels of government should also embrace and improve upon the policy on universal healthcare coverage so as to reverse Nigeria’s soul-depressing statistics on infant and maternal mortality. Even if liberalism resolves its current global crisis and renews itself, the prospects of liberal democracy in Nigeria would still depend on how liberals in power pursue policies that would ensure “the greatest good of the greatest number,” as the great British social reformer, Jeremy Bentham would put it.
In Praise of CBN
Contrary to the speculation in some quarters that the Central Bank of Nigeria (CBN) might soften the sanctions it imposed on four banks for helping MTN Nigeria Communications Limited illegally repatriate funds, CBN was reported to have gone ahead to debit the lenders’ accounts (namely, Standard Chartered Bank; Stanbic IBTC; Citibank and Diamond Bank) with the fines it slammed on them for the alleged violations. The devil is the details. The CBN had announced that it had fined Standard Chartered Bank N2.4 billion; Stanbic IBTC, N1.8 billion; Citibank, N1.2billion and Diamond Bank, N250 million for allegedly assisting the telecoms giant to illegally move $8.13 billion abroad. It also ordered the lenders and MTN telecom giant to immediately refund the repatriated sum. Following the public announcement of the fines, the four banks-lenders had separately issued statements, indicating that they were prepared to engage with the CBN to resolve the issue. The CBN usually debits the account of banks when it imposes a fine or to implement aspects of its monetary policies such as Cash Reserve Requirements (CRR) if such lenders do not comply. Of course, the lending banks had reiterated their positions that they did not breach any extant laws relating to Certificates of Capital Importation (CCIs) executed on behalf of MTN. They promised to, provide the CBN with documents and details to support their stance that the transactions on behalf of MTN were not illegal. In other words, the corporate telecom giant at the heart of the matter has strongly denied any wrongdoing while the CBN insists corporate guilt and indeed emphasised that the telecoms company must comply with the directive. The CBN has also dismissed reports that MTN may refund $8.1 billion demand in local currency. Isaac Okoroafor, CBN’s spokesperson, said MTN would not get a naira-denominated benefit to refund the $8.1 billion. He was quoted as saying: “The report is very clear, what we have here is in dollar terms and not naira.” Still on the devil in some historic details; it will be recalled that this is the second time MTN Nigeria would be running into troubled
CBN Governor Godwin Emefiele waters with the Nigerian government since it began operations in Nigeria some 17 years ago. “In October 2015, the telecoms giant was fined N1.04 trillion by the Nigerian Communications Commission (NCC) for failing to disconnect around 5.1 million subscribers from its network for not having been registered as of September 2015, as prescribed by the regulatory agency. The total sum was based on a fine of N200, 000 for each unregistered subscriber. However, after prolonged negotiation with both the regulatory agency and the Federal Government, the company had the fine reduced to N330 billion. With the resolution midJune 2016, there was an agreement for settlement over a three-year period. As at last February, the Executive Vice Chairman of the Commission, Prof. Umar Danbatta, disclosed that MTN had paid N110 billion out of the N330 billion, meaning that the company still had N220 billion to pay to the regulator.” So much for the devil in the above sordid details about alleged bank-lenders collusion in what some observers described as “MTN capital flight” from Nigeria! It’s time to revisit the Godliness in the principle of capital control for a developing (or is it under-developing?) economy like Nigeria. The celebrated Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China held from 3 to 4 September 2018.
The “star-take away” (Africans are always delighted at “takeaway”) by heads of state or heads of government from 35 African countries who attended this Summit was the sum of $60 billion pledged by the Chinese President Xi Jinping in financing for projects in Africa in the form of assistance, investment and loans. The $8.1 billion allegedly illegally repatriated from Nigeria by just a single corporate telecom, MTN is about 20 per cent of the China’s celebrated pledge for the entire continent. Indeed the amount CBN commendably orders MTN to repay is as much as $10 billion Chinese President Xi Jinping, promised to “encourage Chinese companies invest in Africa over the next three years”! The money MTN repatriated is also twice the $5 billion China pledges “to buy imports from Africa.” It is self evident that Nigeria and indeed Africa is not short of investment funds if only it can tame and control the greed and almost criminal business behaviour of its multinationals. China generously offers Africa “$15 billion in grants, interest-free loans and concessional loans” and all Africans are clamping. But half of that grants is precisely what MTN and its ally-lending banks in Nigeria at act of collusion takes out of the country. The lesson of MTN’s corporate saga of repeated sharp practices in Nigeria is that we must revisit our assumptions about direct foreign private investment as drivers of growth and development. First as a nation we must reject the assumption of capital inadequacy such that we are always cap in hand seeking for handouts from China and Europe. All we need to do is to tame and control huge capital multinationals such as MTN take out of an economy coming out of recession such as Nigeria. The real issue is capital application and capital control. Only public control of capital through the CBN can make private capital economically responsible. Foreign Capital, without control is capital on the loose; it can undermine and corrupt banking regulations and even undermine national growth as we are sadly reading about MTN’s alleged illegal capital flight of $8.1 billion. t"SFNV JT B .FNCFS PG UIF /BUJPOBM *OTUJUVUF ,VSV +PT
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