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Relief as Labour Bows to FG’s Pressure, Suspends Warning Strike Ready for negotiations on Thursday Onyebuchi Ezigbo in Abuja There was widespread relief yesterday as organised labour suspended its warning strike and announced its readiness

to resume negotiations with federal and state governments on Thursday over its demand for an upward review of the prevailing N18, 000 national minimum wage.

The strike, which recorded partial success in many states of the federation had crippled the economy as some workers, especially government staff shunned work and stayed at

home even though compliance level of private sector workers was low. With Nigerian’s grumbling over the debilitating impact of the strike that kicked off

last week, the Chief of Staff to the President, Alhaji Abba Kyari, had intervened and pleaded with labour leaders to suspend the action and take up federal government’s

offer of resumption of talks on Thursday. The labour leaders yielded to pressure yesterday, agreeing Continued on page 72

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Incumbents Coast to Victory in APC, PDP Gov Primaries Allegations of malpractices trail contests Our Correspondents Results trickling in from the primaries conducted yesterday by the All Progressives Congress (APC)

and the Peoples Democratic Party (PDP) to elect their governorship candidates in the 36 states of the federation show that the incumbents, who were seeking return

tickets had their ways in both parties in most of the states. As at press time no major upset has been recorded even as allegations of malpractices trailed the contests that

witnessed parallel congresses in some states, including Rivers, where the APC primary were held at two separate centres. In the PDP, Governors

Ifeanyi Ugwuanyi (Enugu), Okezie Ikpeazu (Abia), Dave Umahi (Ebonyi), Ben Ayade (Cross River), Emmanuel Udom (Akwa Ibom), Nyesom Wike (Rivers), Ifeanyi Okowa

(Delta) and Darius Ishaku (Taraba) made it and would carry the party’s flag in their states. Continued on page 72

The Gloves are Off, Ambode Says Sanwo-Olu’s Aspiration Will Endanger Buhari’s Chances Alleges opponent has criminal record, was at rehab, not fit to be gov Tinubu: I am fighting to restore Lagos’ governance blueprint Oshiomhole to monitor primary Gboyega Akinsanmi in Lagos and Onyebuchi Ezigbo in Abuja Lagos State Governor, Mr. Akinwunmi Ambode, yesterday formally asserted his right to participate in today’s primary election for the selection of the All Progressives Congress’ (APC) candidate for the state in the

2019 general elections. The governor, who was brought under intense pressure on Friday by the party’s National Leader, Senator Bola Tinubu, and the Governor’s Advisory Council (GAC), to stand down for their preferred aspirant and Managing Director, Lagos State Continued on page 10

Buhari: I Won’t Allow Boko Haram Destroy Our Democracy... Page 10

GET WELL QUICK... Survivor of last Friday’s Nigerian Air Force crash, Squadron Leader Batuba (left); and President Muhammadu Buhari, during the president’s visit to the survivors in Abuja…yesterday godwin omoigui

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Buhari: I Won’t Allow Boko Haram Destroy Our Democracy Pledges to guarantee peaceful, secure Nigeria To ensure INEC’s independence, free, fair polls Omololu Ogunmade in Abuja President Muhammadu Buhari this morning said he was aware that the ultimate goals of Boko Haram were to destroy Nigeria's democracy and deny children their right to education, vowing to stop them from achieving such evil goals and objectives. The president who made the pledge in a nationwide broadcast in commemoration of the 58th anniversary of Nigeria's independence today, also vowed to remain committed to ending insurgency in the North-east. Buhari, who commiserated with victims of Boko Haram insurgency, also praised members of the armed forces, who have been at the forefront of the battle against insurgency, promising to address flaws relating to the welfare of the troops. He said, "Our thoughts and prayers are always with the victims of the Boko Haram’s atrocities and their families. Beyond that, we know that the goals of the Boko Haram terrorists include capturing territories, destroying our democracy and denying our children the right to education. We will not allow them to succeed. "I want at this point to pay tribute to the men and women of our armed forces, the police and other security and law enforcement agencies, who

have been working under the most difficult conditions to keep the country safe. In the process, many have made the supreme sacrifice. "As their Commander -In- Chief, I assure these our gallant men and women that I will continue to empower them by deepening their professionalism and providing all the necessary force multipliers and enablers required for them to prevail on the field. I am looking into all reported cases of inadequacies in relation to their entitlements, their welfare and those of their families." But amid protracted accusations that his administration had inflicted division, insecurity and poverty on Nigerians more than any other administrations, the president vowed to aggressively pursue a united, peaceful, secure and prosperous Nigeria. According to him, Nigeria is currently on the right path as he acknowledged that even though there are obvious differences, such differences are incomparable with values and aspirations which unite the country. He added, "As we celebrate the 58th Anniversary of our independence, we know we are on the right path. Although we have our differences, they count for far less than the values, virtues and common aspirations that unite us as

a nation. We have so much for which we should be grateful, and in which we should rightly take pride. Our journey is not finished but we have come a long way. "I want to assure you that as President, I will continue to work tirelessly to promote, protect and preserve what really matters: a united, peaceful, prosperous and secure Nigeria, where all, irrespective of background, can aspire to succeed." He, therefore, said as Nigeria marked its 58th independence anniversary today, it is more profitable "to reflect on what binds us together and the great strength our diversity bestows on us." He described Nigeria as an ambitious nation whose citizens look forward to the future with confidence and optimism, stating that efforts are geared towards cleaning up polluted places in the Niger Delta. He also promised to restore hopes to the youths of the region, re-establish livelihoods, and strengthen the capacity of young men and women of the region to access a brighter future. The president also said his administration was currently addressing the protracted violence against farmers by herders which according to him had become an effective tool in the hands of unscrupulous individuals to

promote disunity. He commended the roles played by civil society organisations, traditional and religious institutions as well as the state and local governments in finding solutions to the menace. Buhari also threatened to bring to justice those who engage in wanton destruction of human lives and property, urging Nigerians at home and abroad to ignore insinuations that the conflicts were laced with religious and ethnic colourations. "The age-long conflict between herders and farmers that was being exploited by those seeking to plant the seeds of discord and disunity amongst our people, is being addressed decisively. We will sustain and continue to support the commendable efforts by all including civil society organisations, local and states governments and our traditional and religious leaders in finding durable solution to this problem," "This being a transhumance issue, we are working with countries in our region that are also facing similar difficulties to complement our common efforts. In this context I must warn that the perpetrators of murder and general mayhem in the name of defending or protecting herders or farmers will face the full wrath of the law. Meanwhile, we urge all peace loving Nigerians to reject

any simplistic portrayal, at home or abroad, of this conflict as either religious or ethnic based," he added. The president who further said the government would continue to mobilise international support to save the Lake Chad, also said the country was making progress in the fight against corruption as well as the recovery of stolen public funds and assets amid what he described as vicious and stiff resistance. While submitting that there is now an enabling environment for both local and foreign investments in Nigeria, the president said the economy was being strengthened with stable Naira and falling inflation, adding that "we are building an economy that is moving away from over reliance on oil." He also commended the Nigerian youths whom he said had played central roles in Nigeria’s continuous progress and developments in all fields of national endeavour, noting that whereas technology is a veritable tool for knowledge acquisition, abuse of the social media must be resisted. According to him, "Now we have in our hands technology that is a powerful tool that we can and should use for knowledge and understanding. As with other countries, we must also learn how to manage those tendencies that, instead,

look to abuse new technologies to provoke passions and stir tensions. "Never before have we faced such a challenge. We must all rise to the responsibility of shutting out those disruptive and corrosive forces that hide in today’s world of social media. We need critical minds and independent thinking, to question and question until we are satisfied we have the facts. Otherwise, all the progress we have made as a democracy since 1999 is at stake." He reiterated his promise to ensure that the Independent National Electoral Commission (INEC) lives up to its name as an independent agency and also ensure that elections are not only free and fair but also participatory, pointing out that the moves to develop democracy is tasking. "I have committed myself many times to ensure that elections are fully participatory, free and fair and that the Independent National Electoral Commission will be exactly INDEPENDENT and properly staffed and resourced. The ballot box is how we make our choice for the governments that rule in our name," he stated, adding, "Developing a thriving democracy is not an easy task. There can be no quick fixes or short cuts. These are the most important lessons that we have learnt in our 58 years as an independent nation,"

THE GLOVES ARE OFF, AMBODE SAYS SANWO-OLU’S ASPIRATION WILL ENDANGER BUHARI’S CHANCES Development and Property Corporation (LSDPC), Mr. Babajide Sanwo-Olu, spoke at a press conference and warned that his main challenger’s ambition could injure the chances of President Muhammadu Buhari in the state in the impending presidential contest. Ambode also took a major swipe at Sanwo-Olu, saying he was improper and unfit to govern Lagos because he had been arrested and detained for months in the United States before for spending fake dollars in a night club, and that he had once gone for rehabilitation in Gbagada General Hospital. But in a swift response, Sanwo-Olu denied ever been arrested in the US and said the party would respond to all issues raised by Ambode, explaining that he would rather remain focused on his bid to pick the party’s ticket in tomorrow’s primary. At the conference held at the Government House, Alausa the embattled governor spoke on diverse issues relating to the APC governorship primary election rescheduled to hold today in 245 wards and 20 Local Government Areas across the state and warned against alleged plan to manipulate the process. Shortly after the governor’s conference, the national leader released a statement in which he gave a veiled explanation for his opposition to the return of his godson, saying he had deviated from the governance blueprint he instituted in 1999 and was sustained by his successor, Mr Babatunde Fashola, between 2007 and 2015. Ambode’s return bid had

been opposed by Tinubu’s political machine, the Mandate Movement, which threw up Sanwo-Olu to challenge the governor. Also up in arms was the former Commissioner for Works & Infrastructure, Dr. Obafemi Hamzat, who also declared his intention to challenge the governor in a primary contest. Ambode’s travail had attracted the intervention of President Muhammadu Buhari, former Ogun State Governor, Chief Olusegun Osoba, Oyo State Governor, Senator Abiola Ajimobi, the Progressives Governors Forum (PGF) and the Nigerian Governors Forum (NGF), pleading for reprieve for Ambode. With the presidential intervention, the APC leader, Senator Bola Tinubu decided to consult the GAC, the state’s highest advisory political organ comprising 22 APC chieftains across the three senatorial districts. But in its resolution, the GAC directed Ambode and the two other aspirants to face the direct primary election. At the news conference, Ambode noted that he was not afraid of a fair political contest, but warned that the APC should not fritter away opportunities before it “to allow the opposition party to win the 2019 governorship election in the state.” Ambode said, “If we allow the opportunity before our party to fritter away, we will be jeopardising the Buhari/ Osinbajo ticket on which I am 100 percent standing for. But other aspirants cannot deliver the ticket for the party. “I will not stand here on

the mandate of the people of Lagos and allow the APC to fritter away that opportunity to put in somebody that opposition will easily kick out because of credibility. So, I appeal to all our leaders, they should have a rethink. This is not about me. It is about the greatest opportunity that APC has to change the progress of Nigeria to better a place.” Apart from the threat to the Buhari-Osinbajo re-election bid, Ambode said, “The aspirant being put up to compete against us is not a fit and proper person. This is the truth that the party leaders and members have been misled to understand that the aspirant is a better candidate than myself. “I have done everything in the last three years and half to serve people selflessly. This particular aspirant has been arrested for spending fake dollars in a night club in the United States. As a result, he was detained for months. He knows that he does not have the competence to do what he is being propelled to do. “The records are there in the Gbagada General Hospital, Lagos. This is somebody that has gone for rehabilitation before. We do not want to go so far. We know our leadership should have a rethink because this is the true position.” Ambode, also, expressed discontent about the guideline for the governorship primary, rejecting the plan “to use the 2014 party membership register for the contest. The register only includes members that register in 2014. What about millions of supporters that we have brought in from

2015 to date? “I take my membership slip anywhere I go. This is the membership slip I have. I do not have a membership card. Are they saying I will not as a governor be entitled to vote tomorrow? The APC National Secretariat needs to make immediate adjustment. All persons that registered as members of APC should be able to vote. “That is how to entrench the democratic values that we are all preaching. If someone like me can be disenfranchised because I do not have a card, what then happen to ordinary members of APC? We believe strongly that these things can be corrected. We should allow every member to come out and exercise their civic duties and rights to choose who will represent them in the governorship election. “So, I plead with the National Working Committee. I also plead with the APC National Chairman, Mr. Adams Oshiomhole and even the people that are interested in Lagos politics to do the right thing. They should make the process credible. I believe with God on our side, we will come out triumphant. “Even though tomorrow is our independence day, it is important to know that everybody is prepared for the primaries. As we speak, the APC National Secretariat has already sent in Electoral Committee to Lagos. But I am yet to receive the guideline. I am an aspirant in tomorrow’s competition. “I believe strongly that preparation is on-going. There are two things we need to iron out. I believe the APC Chairman will be able to

correct some of these things that we have noticed. We are committed progressives. We are committed to the outcome of the primaries. We are committed to the tenets and principles of our great party. But what we will not accept is to disenfranchise millions of people we have been able to bring to the fold of the APC in the last three and half years.”

Tinubu: I’m Fighting to Restore Lagos’ Governance Blueprint Meanwhile, in a veiled reference to Ambode, Tinubu yesterday explained why he decided not to support his re-election bid, saying it was due to the need to restore the state’s governance blueprint. He said to ignore the state’s blueprint for progress in order to replace it with ad-hoc schemes of a materially inferior quality, contravened the spirit of progressive governance he and the APC were known for. He expressed this disappointment in a statement he signed yesterday, saying, “Such narrowness of perspective does not bring the state and its residents closer to our appointed destination; it takes us farther from that destiny.” Specifically, the APC leader said Lagos State recorded improvements in all aspects of its collective existence, from public health to public sanitation, from education to social services, from the administration of justice to the cleaning of storm and sewage drains under his administration and that of his immediate successor, Mr.

Babatunde Fashola (SAN). According to him, businesses, large and small, invested, hired millions of workers and thrived. All Lagosians were to fully participate and justly benefit from the social dividends and improvements wrought by this plan from the common labourer, to business leaders, to professionals and our industrious civil service. He said, “The two administrations were to be partners in a monumental but joint enterprise. None was to be alienated. None was to be left out. And none were to be Continued on page 72

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COMMENT

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

LAGOS AND THE PROMOTION OF MSMES

Tayo Ogunbiyi writes that MSME development is being driven through implementation of policies that foster positive business environment

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ne of the main driving forces of the current administration in Lagos State is the promotion policies, plans and programmes that would accelerate the growth and expansion of the local economy. One key way in which this is being done is through the promotion of micro, small and medium enterprise (MSME) in the state. Being the nation’s commercial and industrial hub, the state government recognises operators of MSMEs as catalysts of socio-economic growth. This is because they are responsible for employment generation, wealth creation, empowerment, innovation, income generation and prosperity. Globally, the sub-sector, which is mostly made up of a vibrant youthful population, is key for economic growth. Consequently, the Lagos State government has been investing in the development of the subsector. MSME development is being consciously driven in the state through initiation and implementation of policies that create and foster a positive business environment, enhance technical and non-technical entrepreneurial skills and improve access to networks and financial services. Till date, government has made vital interventions in advancing the course of MSMEs in the state. Perhaps, the most audacious of such is the establishment of the Lagos State Employment Trust Fund (LSETF). The fund provides loans for MSMEs at a 5% interest rate, spread over a period of five years. So far, the LSETF, under its MSME loan programme, has approved over N6.9 billion for disbursement to 6,548 small business owners and has successfully disbursed N4.1 billion loans to over 4,762 beneficiaries (43% recipients are women). Everyone may not yet know that the loan application process was much smoother, but that is the fact. In fact, a lot less was required than a bank would ask people to provide. One other essential activity envisioned to fast track the growth of MSMEs in the state is the ongoing construction of the Imota Light Industrial Estate, Ikorodu which is aimed at providing work space and business accommodation for small scale industrialists. The Imota Estate is particularly planned to enhance the capacity, visibility and mileage of MSMEs with verifiable outcomes such as new jobs created, improved living standard and improved Gross Domestic Products, among others. Regular sponsorship of MSME Exclusive Fair is another veritable vehicle being used to support MSMEs in the state. In spite of the considerable contributions of the subsector to the Lagos economy, its competitiveness is being hindered, on one hand, by restricted access to plausible customised-business support, and on other hand by failure to break through into local and expanded markets. This calls for a need to build a strong public-private support system that would enhance the capacity of MSMs for economic diversification. Institution of MSME Exclusive Fair was, therefore, conceptualised to deal with this missing link. The first edition of the fair was held on 5th May, 2016, at the Adeyemi Bero Auditorium, Alausa, Ikeja. At the event, the state governor, Mr. Akinwunmi Ambode intermingled with diverse MSME operators and reiterated his government’s commitment to supporting their business aspirations. The second edition of the fair took place in August 2017, at the Teslim Balogun Stadium, Surulere Lagos and was, indeed, a great

NIGERIANS SHOULD ENCOURAGE INDIGENOUS ENTREPRENEURS BY PATRONISING LOCALLY PRODUCED GOODS AND SERVICES

improvement on the previous ones as over 400 MSME operators were on hand to display their goods and products to a teeming daily crowd of over 7000. In order to build on the successes of the previous editions, this year’s version with the theme: “Enhancing MSME’s Product Quality for Global Competitiveness� is basically aimed at developing qualitative local products for consumption and exports. It will take place 2- 8 October 2018 at the Teslim Balogun Stadium, Surulere, Lagos. The seven-day fair would bring together key players in the MSME industrial sector including entrepreneurs, financiers, business development support providers from the private sector at both state and federal levels, as well as foreign economic development institutions. This edition is focusing largely on quality improvements in the MSMEs’ production processes and outputs so as to encourage the development of globally competitive products and services. Its main goals include offering indigenous producers increased leverage for market access and global visibility, encouraging quality comparison and innovative improvements for local and international competitiveness, promoting MSMEs linkages with trade support and market facilitation channels, especially e-commerce and facilitating linkages for investment opportunities and export development. It is hoped that at the end of the fair there would be increased patronage and global visibility of locally made products in Lagos State, healthier and more supportive business environment, stronger and more sustainable enterprises as well as increased business networks, sales opportunities and market access for small indigenous brands. Over 600 local MSMEs entrepreneurs are being expected with over 20 regulatory agencies providing institutional supports while over 10,000 daily visitors (buyers, investors and prospective entrepreneurs) are being targeted. Supporting the growth and development of MSMEs is, no doubt, the best way to go in the drive to diversify our economy and create employment for the people. The benefits and multiplier effects of investing in the sector will result in positive socio-economic impacts at all levels, especially in terms of job and wealth creation, progressive redistribution of wealth and innovation. Therefore, there must be concerted efforts on the part of governments at all levels to focus on strengthening MSMEs operators towards increasing their capacity to diversify the nation’s economy. These and other factors duly informed the various investments of the Lagos State government in the subsector. When critically viewed, the renewed resolve of the state government to promote MSMEs, thereby stimulating the growth of the national economy, is a logical one. For one, the state alone accounts for about 3, 224, 324 micro enterprises and 11, 663 small and medium enterprises, the largest concentration of MSMEs in Nigeria. This implies that Lagos State has a role to play in changing the course of the economy for the better. Perhaps, more importantly, the inherent pressure on Lagos in terms of economic migration makes it imperative for the state government to be actively involved in every project that would support the growth of the local economy. Ogunbiyi s of the Ministry of Information & Strategy, Alausa, Ikeja

NIGERIA AT 58: LESSONS FROM WAKANDA

If Nigeria puts her resources to good use, it will catch up with the rest of the world, argues ‘Tunji Olaopa

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arly in the year, the world of entertainment, films in particular was shaken with the release of the Marvel’s superhero flick, The Black Panther. The film that cost the studio $300 million to produce exceeded all expectations and projections by grossing almost $2 billion across the globe. The success of Black Panther was made more profound because it featured a strong cast of Black actors and was set in a fictional African country of Wakanda. Wakanda is a Pan-African nation-state populated by black people representing tribes and cultures across the continent. Wakanda is free from the grips of colonialism, it has never been touched by colonial forces—meaning it isn’t pre-colonial or even post-colonial, for even those timestamps rely on whiteness. Because colonialism has not met its lands, Wakanda is the richest and most technologically-advanced nation in the universe. It is a Utopian glimmer of ‘what if’ or what can be. Wakanda is the re-writing of history as black revolutionaries and nationalists have wished, for centuries. Black Panther as a film is a cultural narrative which is the ongoing and unfolding history of a people or community. It resonates with the aspirational journey of Nigeria as she struggles to establish herself, away from the self-acclaimed ‘Giant of Africa’, but to make sense of her identity, ideology, economy and politics among others. Wakanda as a country remains socially and culturally relevant because it imagines a world where black people continually triumph over the influences of capitalism, Western imperialism and white supremacy. It is all about Afrofuturism which can be described as a black perspective on the politics, aesthetics and cultural aspects of research, science and technology. Afrofuturism offers a highly intersectional way of looking at possible futures or alternate realities through a black cultural lens. It is non-linear, fluid and feminist; it uses the black imagination to consider mysticism, metaphysics, identity and liberation; and, despite offering black people a way to see ourselves in a

better future, Afrofuturism blends the future, the past and the present. Wakanda’s economy revolves round Vibranium, a meteoric metallic ore, from which its advanced technology was developed from. Even though highly sought-after, the ancient defenders of Wakanda protected its precious resources from being exploited by foreign invaders. More importantly, the resources of Wakanda were used to develop the country to the point that it became the envy of other countries. The resources are judiciously and selflessly deployed by the leaders, creating a unified wealth and prosperity for the citizens of Wakanda. Vibranium made every Wakandan proud, catered for and there was no form of internal strife or division arising from the control of this invaluable and strategic resource. There is a lesson inherent in this for Nigeria, especially as resource control has remained one of the main challenges that the country is faced with. The politics of resource control has continued to negate the benefits and advantages of Nigeria’s natural resources. Remaining in self-imposed idyll, Wakanda’s technology was developed, entirely independent of the rest of the world. Its computer technology is very advanced and almost impossible to penetrate even as Wakandas studied outside technologies and mastered its use and exploitation. Advance multipurpose communication devices like the Kimoyo Beads and Kimoyo Card are some of the technological feats that set this fictional African country light years ahead of others. This is akin to the enviable technological and economic feats of countries like China, Korea, Japan, Singapore and the United Arab Emirates who under focused and resourceful leadership turned inward and after decades of diligence and home-grown innovations have become respectable global powerhouses. Coming off the back of colonialism, Nigeria took off from the starting block alongside some of these countries but our rudderless journey 58 years after independence has left us in the backwater of underdevelopment, dependency on foreign aids and a humongous debt profile.

The challenges of job creation, unemployment, absence of capacity and loss of agency continue to stifle necessary advancements. Wakanda’s hi-tech products are developed by her indigenous researchers, innovators, scientists and technologists and for the use of Wakandans. However, the reality in Nigeria is a far cry from this as research capacities are neither promoted nor encouraged in institutions nor industries. This important and strategic development fundamental are neglected with little or no government support. The end result is over reliance on imported goods and the collapse and death of local industries and manufacturers. Beyond vibranium, the real strength of Wakanda is its focused and development oriented leadership. The King of Wakanda heads the utopia nation and is supported by the Taifa Ngao, a council of tribal elders, a replica of our system in Nigeria with the President and the Federal Executive Council. While the Wakandan political structure evidently delivers much to the people, the same cannot be said of the Presidential system in operation in Nigeria especially with the dictatorial nuances of political leadership at different tiers of government in the country. The leader, T’Challa is both strong and intelligent. With a Ph.D in Physics from the University of Oxford, he is a resourceful leader who pioneered cutting edge technology. He even developed his own strand of science known as Shadow Physics which combines Quantum Science with Ancient Alchemy. As the Commander-in-Chief of the nation, he puts the country’s interest first over all else, in contrast to the sit tight and forceful perpetuation syndrome amongst elected public office holders with disregards for laid down political processes and protocols. Wakanda is home to the (fictional) world’s most advanced technologies. However, some of them are basic technologies that make life easier for the Wakandan citizens. For example, the Kimoyo beads — advanced communications technology — are available to every citizen for use. Each bead performs communications, medical history, security and geo-tracking functions,

among others. One of the Kimoyo beads; the Prime bead, provides a lifetime worth of medical knowledge about the individual Wakandan; each gets one prime bead at birth. This is an indication that every citizen is accounted for and has their information in the Wakandan database. The dream of a Nigerian unified database has journeyed from SIM card registrations, to include registration for the National Driver’s License, international passport, voters registration as well as the National Identity registration championed by the National Identity Management Commission (NIMC), to Lagos State residents registration under the Lagos State Residents Registration Agency (LASRRA) and then to the most recent of them all, Bank Verification Number (BVN) yet with all these we do not have a unified database, a necessary tool for national planning. Although Wakanda is make-believe, however it does represent the aspirations of a better African Continent and pointing out the mistakes made by our forebears. It goes without saying that if Africa puts her resources to good use we will be well on our way to catching up with the rest of the world as the Black Panther has presented an opportunity of interrogation of ethics and politics of building a post-colonial Africa. Killmonger, the main protagonist in the film, following in his father’s ideological footsteps, wishes to give vibranium weapons to black people across the world so they can overthrow governments, with Wakanda ruling them all. This is a colonialist project. This is not liberation. And his demands to be the king-turned-emperor, to create Wakanda into an imperial state, would re-position Wakanda in a corrupt history that it has never participated in. His politics and solution to oppression would have killed the very people he claimed to want to liberate. And it still relies on the work of capitalism, of patriarchy, and of anarchy which always disadvantages black people. Olaopa is a retired Federal Permanent Secretary and Professor of Public Administration

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EDITORIAL

AS PARTIES HOLD THEIR PRIMARIES‌ It is important they field candidates with a sense of mission

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ince effective representation and good governance are the hallmarks of democracy, only men and women of character can drive them. That explains why as different political parties conduct their primaries for the nomination of candidates for the 2019 general election, it is important they ďŹ eld credible candidates who have the requisite credentials and character so that the voters can be in a position to make informed choices at election time. More often than not, voters in our country are left with no option than to queue behind worthless characters, having been left with little or no choice by the political parties. The problem is compounded by the neglect of the relevant campaign ďŹ nancWE TASK POLITICAL ing limits which has deepened the PARTIES TO COME impression that UP WITH VISIONARY ours is mostly CANDIDATES WITH THE a transactional ABILITY AND CAPACITY political culture an inbuilt TO TRANSFORM EVERY with corrupt ethos. It is PART OF THE COUNTRY this anomaly that THEY MAY BE ELECTED has alienated the masses of ordinary TO SERVE Nigerians from political participation as the monetisation of politics now makes it look like a cult of the wealthy. That explains why elections in Nigeria have become more or less a bazaar where stupendous amounts of money are spent. Far more worrisome is what the accumulated funds are used for: to buy consumables which are distributed at campaign rallies, pay off some local operatives, procure the services of muscle men, compromise electoral and security ofďŹ cials in both their party primaries and the election proper. And because the ambition of these politicians is not driven by any sense of duty, when they get elected, they engage in all manner of impunity, thus underscoring the maxim that where purpose is not known, abuse is inevitable.

Letters to the Editor

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It is therefore essential for any political party with a sense of mission other than a mere quest to capture power to ďŹ eld worthy and reputable candidates. Such honourable candidates will not only bring pride to the party if they win, they will also add value to the society. The political parties must also, in the course of selecting their candidates, be conscious of the capacity of those to be ďŹ elded. Sometimes, a candidate can be highly educated, well behaved and have good intentions but may lack the requisite capacity to deliver on public good. Nigerians today groan under the yoke of mis-governance and maladministration because people who have nothing to lose or any reputation to protect are the ones occupying important ofďŹ ces at various levels across the land. Today, every nook and cranny of the country is characterised by infrastructure deďŹ cit caused mainly by the inability of those in power to harness the huge natural and human resources at their disposal for meaningful development. So, we task political parties to come up with visionary candidates with the ability and capacity to transform every part of the country they may be elected to serve. We also enjoin the leaders of the political parties not to turn the process of nominating candidates into another avenue for making money, as has been the practice over the years. It is their responsibility to do a thorough background check on characters that are seeking to y the ags of their parties at the forthcoming 2019 polls. Most Nigerians are agreed that the biggest problem facing the nation today at practically all levels is leadership. Hence, we can only begin to change that narrative when political parties ďŹ eld proper candidates for elections, and this season provides them with such opportunities to do the needful by ensuring that only people of quality and character who can add value to the society make it to the poll. More than at any period in our history, we need innovative leaders from the executive to the legislative arms at both the federal and state levels to aggressively drive development and salvage the system.

TO OUR READERS Letters in response to speciďŹ c publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

ALEX OTTI AND HIS ONLY CRIME

n my state, Abia, every fair-minded indigene and/ or resident agrees that Dr. Alex Otti is the best thing that has happened to “God’s Own State� since 2014. Likewise, no one disputes the fact that since the creation of the state in 1991, Abia has never had an aspiring governor more prepared or as adequately equipped as Dr. Otti. Quite frankly, even Dr. Otti’s most virulent detractors concede, in secret that truth be told, the technocratturned-politician is a rare gift to our dear state. As a scholar, Dr. Otti reminds one of erudite Prof. Ali Mazrui of blessed memory; as an economist, he could safely pass for a hybrid of Dr. Chu Okongwu and Prof. Sam Aluko whilst as a visionary leader, his antecedents compellingly invite one to an imminent replay of Dr. Michael Okpara’s superlative era. But there is a cabal that perceive the coming of Dr. Otti, and rightly so, as the coming of the judgment day. So whatever it would take to stop the-man-whose-timehas-come from taking over Government House, Umuahia next year, is considered “affordable�. Bias apart, the cabal have a point; the mean men and women who constitute it have been part of government since 1999, in full charge of it since 2007, and all they can boast of is a legacy of rot that had, not too long ago, forced billionaire businessman Prince Arthur Eze to tell the leader of the gang in public that “Abia stinks�. They impoverished the people and brought their state to odium. Somehow Abia, under their watch, was

portrayed, unjustifiably, as a barren land, her diverse economic potential made to look like liabilities, strengths converted to weaknesses and worse still, the state treasury put under unending siege. So, when Dr. Otti stepped forward to challenge the status quo in 2014/2015, they deployed all they could muster to truncate his aspiration, Today, history has come full cycle and once more, Dr. Otti has thrown his hat into the ring. Going by the abysmal three years performance of Governor Okezie Ikpeazu who the gang leader foisted on Abians in 2015, the 2019 governorship race is naturally looking more like a walk in the park for Dr. Otti, because the reverberating verdict of the ordinary people of Abia State is that theirs is a classic case of “from frying pan to fire�, and they cannot wait to have their own pound of flesh which begins with Dr. Otti’s coronation on May 29, 2019, as Abia Chief Executive. And for the APGA family nationwide, Abia is going to be one of their low-hanging fruits. So, for the political profiteers who currently run the Abia shop, Dr. Otti must be stopped at all cost! In the past, they operated from a certain position of misappropriated strength having enjoyed the “proverbial� federal might, but the circumstances have since changed remarkably – and dramatically, too; hence, the desperation to shop for a bad name in order to hang the dog. After an excruciating yet fruitless search, they had settled for the feeble, lazy and puerile argument that since Abia North senatorial district did eight years as

governor, ditto Abia Central, and that since it is “the turn� of Abia South, Governor Ikpeazu should be allowed, even if he is busy writing the state’s epitaph, to complete eight years. Logic from the pit of hell! Okay even at that, is Dr. Otti not a full-fledged Ngwa man – and by extension an Abia South man? Yes, his ancestral home is Arochukwu, but here is a man whose grandfather lived, died and was buried in Isialangwa and his father same. The man’s impact on Ngwaland as a private person would any day, anytime dwarf the combined achievements – if any - of the gang already making bad salesmen of this wrong-headed advocacy. Please do not forget that Ngwa people just like their Abia brothers elsewhere are the ones bearing the brunt of inherited legacy of poor governance under Governor Okezie Ikpeazu. The tragedy of this attempt at criminalising Dr. Otti’s ancestral roots is that the good people of Ngwaland who are adherents of the “Onye Aghala Nwanne ya� creed know him as their brother, more than anything else as an illustrious Abian and are the ones insisting that 2019 would be the turn of visionary leadership which Dr. Otti epitomises. They are tired of being passed off, falsely, as a bunch of under-performers when they have an oven-hot cake like Dr. Otti they can proudly offer Abia State - for the lasting good of all. Chuks Akamadu, (Nko Abia) Umuahia

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T H I S D AY ˾ MONDAY OCTOBER 1, 2018

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T H I S D AY • MONDAY, OCOTBER 1, 2018

POLITICS

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

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

What a Close Shave Nseobong Okon-Ekong and Segun James write that despite the seeming blight which attended the supplementary governorship election in Osun State, it was a close call for both the candidates of the All Progressives Congress and the People’s Democratic Party

T

he outcome of the recent governorship election in Osun State has wide implications and outstanding lessons for the all parties involved. For the All Progressives (APC) and the People’s Democratic Party (PDP), the two main contenders for control of power in the state, it was a close shave. The PDP candidate, Senator Ademola Adeleke nearly had it, having won the highest number of votes in the first ballot. But it slipped out of his hand when the exercise was declared inconclusive election by the Independent National Electoral Commission (INEC). The electoral umpire saved the APC flag-bearer, Adegboyega Oyetola from imminent defeat with that singular pronouncement, giving him the opportunity to gird his loin once again. Osun was a testy period for leading candidates that contested for the governorship ticket of both the APC and the PDP. With the acrimony that attended the governorship selection of the two parties, it did not need a soothsayer to predict that the two parties will go through the election, managing all kinds of crises. Sensing that he might lose the primary to Adeleke, veteran politician and former deputy governor of the state, Senator Iyiola Omisore, exited the PDP with his loyalists to populate the Social Democratic Party (SDP). Apparently, Omisore was not happy to leave the PDP, he was forced to quit a party he had put in so much for and had a sense of entitlement to lead it in the state. Omisore’s popularity in the state was so much that many political pundits placed him second behind the APC’s Oyetola. In fact, not a few thought Omisore could spring a surprise win. It was, therefore, not much of an astonishment to those who had been following political development in Osun State that at the critical moment when his support for either Oyetola or Adeleke could be the decider in the supplementary election, Omisore chose to go with the APC against his former party the PDP. More than anything else, his decision was his pound of flesh painfully extracted from the PDP for the way the party denied him the opportunity to be its governorship candidate. Omisore was not the only governorship aspirant who haboured a grievance against the PDP. There was Dr. Akin Ogunbiyi, who alleged that he was robbed of victory during the PDP primary held on July 2. Ogunbiyi lost the primary by seven votes to Adeleke. Though, he refused to quit the PDP, he refused to plough his energy and resources into the party’s quest to win the Osun governorship contest. For the APC, Osun was the test case for the party’s adoption of direct primary, which allows every card carrying member of the party an opportunity to have a say in the choice of candidates going into an election. A couple of leading APC chiefs, particularly the former Secretary to the State Government, Alhaji Moshood Adeoti moved out of the party with his supporters. The differences among

INEC officials conducting the Osun election

the APC contestants for the governorship was so sharp that those who lost to Oyetola, the party’s eventual flag bearer bluntly refused to reconciled to him and the party, despite several entreaties. However, in many instances, the APC leadership adopted an arrogant posture, refusing to parley the aggrieved erstwhile members. Adeoti proved to be the APC’s nemesis in the election, by holding on to his stronghold of Iwo and garnering close to 50,000 votes, which if it had gone to the APC, would given the party victory in the first ballot. This was the most glaring example that the APC went into the Osun State governorship election as a divided house. Among his many ‘sins’, three years into his second term, Governor Rauf Aregbesola ran the state as a ‘sole administrator’. He refused to appoint commissioners and other key members of the state executive council. Since these appointees usually represent different power blocs, local government areas and ethnic groups, their inclusion in government usually serves to give the blocs or groups they represent a sense of belonging in the government of the day. By not leaving such appointment till it was rather late in the day, Aregbesola lost a huge chunk of good will. Of course, there is the well-known matter of staggered or delayed payment of salaries to civil servants. In a state where government employs over 70 per cent of the work force, interruption to the regular monthly pay to workers leads to a major setback in the populace, with far-reaching implications. Aregbesola was also accused of giving all the jobs to ‘Lagos people’, by which his accusers meant that he favoured more his friends and business associates who reside in Lagos. They complained that if these persons were indigenes of Osun who reside in Lagos, they would not mind, but to give a job that Osun indigenes are

qualified for and could handle to outsiders was something they could not stomach. However, sources close to the governor claimed that his watchword was excellence and the need to leave a lasting legacy. They attested that he had earlier given certain road construction jobs to Osun indigenes, but they were shoddily done or not done at all. Aregebesola himself was barely condoned, having been ‘imported’ from Lagos where he was an influential commissioner in the administration of the former governor of Lagos State and National Leader of the APC, Senator Bola Tinubu. Boastful and proud, Aregbesola is often quoted as saying that he is as large in Lagos as he is Osun. But, the fact that the governor lost some local governments to the PDP in his Ijesha homestead and had margin of his party’s win seriously narrowed in others lent credence to the assumption in some quarters that the governor was not in support of the party’s candidate, Oyetola and did not vigorously campaign for him. Oyetola was not Aregbesola’s candidate. Oyetola was allegedly imposed on the APC by Tinubu, though this is arguable. But there was a stiff resistance within the party, not only against the governor, but Tinubu, who is believed to be controlling the affairs of the state from his Bourdillon Road, Ikoyi-Lagos home. Oyetola was also hated because he was believed to be a relative of Tinubu. Tinubu’s growing infamy reached an annoying level in the heat of the politicking when he was reported saying that Oyetola was richer than Osun State and does not need the state’s money. As if to show Tinubu and Aregbesola that they had the will power to call their bluff, the people of Osun came out in their numbers to vote. The result of the first ballot was a rude awakening to the APC. Shocked beyond

ballot were Senator Ademola Ademola Adeleke of the PDP and Adegboyega Oyetola of the APC. Adeleke led with 353 votes • In the supplementary election, the critical support of the SDP candidate Omisore who came third in the first ballot was needed to sway the win in favour of either Adeleke or

Oyetola. Omisore supported Oyetola, thus helping the APC candidate to win • Oyetola polled 255,505 votes, while Adeleke of the PDP garnered 255,023 votes. • Adeleke earlier won the first ballot with 353 votes after polling 254,698 against Oyetola’s 254,345.

words that its candidate was trailing behind by 353 votes, they quickly rallied back and secured Omisore’s support in the supplementary election to secure an eventual victory. But the margin of votes was still very small compared to the supposed advantage usually credited to a ruling party. However, the PDP did not entirely have its nose bloodied in the contest. Perhaps, the party and its candidate were too surprised at how well it performed that when it came to making the final push to secure the vital win, it relaxed and allowed the APC the opportunity to strike a gainful deal with Omisore, while the PDP went to bed, rejoicing that it had already won. What the PDP should have known was that its initial win was a protest by the Osun people against the administration of Aregbesola and whatever it stood for. While the Osun election exposed the weakness of the smaller parties, it also showed how the enigma of one individual can turn around the fortunes of a less fancied political party. That was what Omisore’s entry into the SDP proved in Osun State. The party was struggling in Osun before Omisore moved in with supporters and gave the sleeping horse a shot in the arm. Revived and reformed, the SDP horse in Osun sprang into life and galloped far and close to the mark. Like with the June 12, 1993 presidential election when the word ‘annulment’ was introduced into Nigerian political lexicon, the September 22, 2018 governorship election in Osun has popularized the word ‘inconclusive’. Despite this seeming blight which attended the supplementary election, the INEC has been largely commended for conducting a good electoral process. Election observers also gave similar commendation to the security agents for keeping to the terms of their brief during the election.

QUICK FACTS • Forty eight political parties presented candidates for the Osun State governorship contest • The election was declared inconclusive by INEC after the first ballot and a supplementary election ordered in seven polling units • The two leading candidates, after the first

• Both the APC and the PDP were seriously fractured from crises emanating from their governorship primaries • There were four female governorship candidates, representing different parties in the election

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T H I S D AY • MONDAY, OCTOBER 1, 2018

POLITICS

Osun Governorship 2018: Winners, Losers and Those at Crossroads WINNERS ADEGBOYEGA OYETOLA Alhaji Adegboyega Oyetola, the APC governorship candidate, had snatched victory from the jaws of defeat. Though he lost when the result of the election was first announced, but a technical issue due to the narrowness of the vote margin between him and the PDP candidate, Senator Ademola Adeleke ensured a supplementary election was done which resulted in him winning the election with another narrow margin of 482 votes.

LOSERS

IYIOLA OMISORE Omisore, the rejected stone surprisingly became the deciding factor in the election. Omisore was forced to leave the PDP following disagreements on who should be the party’s candidate in the election. Omisore left the PDP to contest the election on the platform of the SDP. He came third in the election. When the supplementary election was called, majority of it was to take place in Omisore’s stronghold of Ile Ife. Like the beautiful bride, he was courted by both the APC and the PDP. He eventually pitched his tent with the APC, a situation which eventually ensured that the APC candidate won the election.

The PDP is probably the greatest loser in the election. A win for the party would have bolstered its confidence. The PDP desperately needed a victory in Osun to tell the people it is still a force to reckon with.

FEMI FANIKAYODE The outcome of the election proved former Aviation Minster, Femi Fani-Kayado has no political value on the home front. Fani-Kayode never came home to campaign for his party; instead, all his campaigns were done on Twitter and Facebook where he was almost roundly mocked for not contributing anything towards a victory for the PDP.

OTHER CANDIDATES There were 48 candidates in the Osun governorship election. This is the first pointer that all is not well in the polity in the state. At the end of the election, only four candidates made good impact while the remaining 44 a poor showing.

INEC The performance of the Independent National Electoral Commission (INEC), in the Osun election was almost superlative. For the first time since elections were conducted in the country, election materials arrived in all polling stations before the voters; and electoral officials were ready. Also, all the card readers worked perfectly. At the end of the election, no INEC official was accused of conniving. Although the supplementary election was strongly criticised, the earlier election held on Saturday September, 22nd, was judged as very well conducted.

APC With the election, the APC has again ensured that the South-west remains a stronghold of the progressives. With this victory, the party has shown that the geopolitical zone will once again, as it did in 2015, be the deciding factor in the 2019 election.

AT CROSSROADS GOVERNOR RAUF AREGBESOLA Ordinarily, Governor Rauf Aregbesola would have been the greatest loser in the election. The people blamed him for the poor performance of the APC. They accused him of having a disregard for the people, especially the workers. He practically took the people for granted. He neither mobilised his party men nor the people. His governing style and apparent distance from the people was beclouded by the believe that the people will always vote for the progressives. He was shocked when he lost not only his ward, his local government council and senatorial district to the opposition. But he was saved by the bell following the victory at the rerun. Will he remain in Osun or return to Lagos, where he is alleged to be behind the troubles confronting Governor Akinwunmi Ambode.

BOLA TINUBU The election cemented his position as the political leader of the South-west. He would have been the most humiliated if the APC and Oyetola had lost the election as it would have signaled the decline of his powers. Tinubu had to personally re-located to Osun for the supplementary election to ensure victory for the APC.

ADEMOLA ADELEKE It is a win-win for the dance loving Senator. He has proven that he is a factor to be reckoned with in the politics of the South-west. His performance in the election was a surprise to many. From an underdog, he has become a force to reckon with within a relatively short. He won the initial election but lost in the supplementary election.

SECURITY AGENCIES Security for the election was adequate and professionally handled, at least for the Saturday election. The security agencies would have gotten a pass mark for this but for their handling of the supplementary election in which they were roundly condemned by the media, election observers and some of the parties. They were accused of being partisan in an the election which they were supposed to impartial. However, there was division of labour between the Army, who mounted the road block and the police who were stationed at the polling stations and saddled with the protection of election officials and materials. Unlike in the past, the people were never intimidated and there was synergy between the security agencies including the Department of State Security.

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FEATURES

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

Nigeria @ 58: History, Challenges, Aspirations Chiemelie Ezeobi, Peace Obi, Peter Uzoho and Ayodeji Ake take a look at the journey of Nigerian at 58 from its independence to the numerous coup d'etats, the transition to democratic rule and what today's anniversary portends for the nation

Major General Johnson Thomas Aguiyi Ironsi (16th January 1966 to 29th July 1966)

Gen. Yakubu Gowon (the 1st of August 1966 to 29th July 1975)

Gen. Murtala Ramat Muhammed (the 29th July 1975 – the 13th Feb. 1976)

Gen. Olusegun Obasanjo (the 13th February 1976 – 1st October 1979)

Alhaji Shehu Shagari (the 1st October 1979 – 31st December 1983)

Maj. Gen. Muhammadu Buhari (the 31st December 1983 – 27th August 1985)

B

orn some 58 years ago, her birth was received with joy, high hopes and expectations. She was born into a family blessed with abundant resources both human and material. Welcome

to Nigeria. For Nigeria and Nigerians, October 1, of every year has been sacrosanct since 1960. The reason is not far-fetched. It was the day Nigerian gained its independence from Britain. The day has become a blueprint for subsequent independence celebrations. As tradition demands, the day usually starts with a national broadcast by the Head of State (as was obtainable under the military regime) or the president (under the democratic dispensation). This is afterwards followed by a march past by the armed forces, paramilitary institutions and students. Cultural activities are also observed.

Journey to Independence After decades of colonisation under the British government, Nigeria officially became an independent nation on October 1, 1960.

However, the path to the creation of the country, Nigeria was paved with the British government's formal annexation of Lagos in 1861. As an entity came up, Nigeria came into being on January 1, 1914 when the Southern and Northern protectorates were merged by Lord Frederick Lugard, the first Governor-General of amalgamated Nigeria. It was a marriage not many of the people were in support of. In 1953, Anthony Enahoro moved the motion for Nigeria's independence which was not granted until a follow-up motion S.L. Akintola and Remi Fani-Kayode in 1957 and 1958, respectively. In 1963, Nigeria became a republic, three years after it gained independence. On that fateful day, a teeming crowd found their way to the Tafawa Balewa Square, Onikan, Lagos in their cultural attires. Emotions ran high as the people waved the new green white and green flag. It was Independence Day. It all seemed surreal until Princess Alexandra of Kent, who represented Queen Elizabeth II of England, arrived amidst pomp and fanfare. She was in the company of Sir James Robertson, who was the then Governor-

General. Going down to business, Princess Alexandra handed over the letter to Prime Minister Tafawa Balewa, signaling proof that Britain had relinquished its sovereignty over to Nigeria. This was received by a tumultuous and thunderous cheer either by those watching the live proceedings or those watching from their television sets at home. At the stroke of midnight, the nation's green, white and green flag was hoisted accompanied by display of fireworks.

The Coups One would have thought that with the much clamoured for independence, the nation would only go on to become a better version of herself. The opposite was the case as the first coup took place six years after, leading to several other coups. These succession of coups sent the fortunes of Nigeria spiraling downwards. On January 15, 1966, the first ever coup was executed and it was a bloody affair. This coup d'etat by the Nigerian army truncated the country's nascent democracy and was

led by Chukwuma Kaduna Nzeogwuand Emmanuel Ifeajuna, who ousted the Prime Minister, Alhaji Sir Abubakar Tafawa Balewa. The first military junta headed by MajorGeneral Johnson Aguiyi-Ironsi took over power. The bloody coup claimed the lives of notable individuals like Sir. Ahmadu Bello, the Sarduana of Sokoto and Premier of Northern Nigeria; Chief S.I. Akintola, the Premier of Western Region; Balewa and Chief Festus Okotie-Eboh. This was one of the events that led to the Nigerian Civil War. Yet to recover from the January coup, another coup occurred and it lasted from July 28 to 30, 1966. It was staged by three young military officers from the Northern extraction. Popularly known as "Nigerian Counter-Coup of 1966", it was led by Chukwuma Kaduna Nzeogwu and led to the death of the Head of State, Major-General Johnson Aguiyi-Ironsi; the Military Governor, Western Region, Francis Adekunle Fajuyi and other military officers. Major-General Gowon was sworn-in as the military head of state. Eight years down the line, another set

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FEATURES THE INDEPENDENCE EDITION

Gen. Ibrahim Badamasi Babangida (the 27th August 1985 – the 26th August 1993)

Ernest Shonekan (the 26th August – 17th November 1993)

Gen. Sani Abacha (17th November 1993 8th June 1998)

Gen. Abdulsalami Abubakar (8th June 1998 – 29th May 1999)

Chief Olusegun Obasanjo (29th May 1999 – 29th May 2007)

Umaru Musa Yar’Adua ( 29th May 2007 – 5th May 2010)

Goodluck Jonathan (the 6th May 2010 - the 28th May 2015)

President Muhammdu Buhari ( the 29th May 2015 till date)

of soldiers stirred up the hornet's nest in 1975 and overthrew General Yakubu Gowonled government in a bloodless coup. The mastermind of the coup, General Murtala Muhammed took over power from Gowon the same July 1975. Gowon was reputed to have established a Supreme Military Council during his regime. On February 13, 1976, Mohammed was assassinated in an abortive coup by Lieutenant-Colonel Buka Suka Dimka's loyalist. Notably, the Dimka coup as it is called, claimed the lives of three senior military officers which included, the Head of State, Mohammed; Governor of Kwara State, Ibrahim Taiwo and his ADC to Muhammed, Lt. Akintunde Akinsehinwa. Records revealed that one civilian along with 38 military officers were executed. The civilian involved in the failed coup was a staff of Radio Nigeria, Lagos. General Olusegun Obasanjo who became the Head of State after Mohammed initiated the transition process that terminated military rule in 1979, when he peacefully handed power to a democratically elected civilian president. This ended the military regime and ushered Nigeria into her Second Republic. On December 31, 1983, the military in a coup reared its head again and overthrew Shehu Shagari-led democratic government. General Muhammadu Buhari led the coup and was appointed the Chairman of a new Supreme Military Council of Nigeria and Commander-in-Chief of the Armed Forces by the junta. He had only ruled for a year and eight months when General Ibrahim Babangida in a coup overthrew him. The August 27, 1985 coup popular known as "Palace Coup" was led by Babangida, who also appointed himself to the position of President of the Armed Forces Ruling Council of Nigeria. Upon ceasing power, Babangida promised to return the country to democratic rule. In 1986, Major-General Mamman Vasta-led a coup barely one year of Babangida's regime. In March of the same year, Vasta and 10 other military officers were tried and executed. On April 22, 1990, Gideon Okah and his loyalists staged an aborted coup in their bid to unseat the government of Ibrahim Babangida. It was described as one of the bloodies coup with the largest execution of coup plotters in the country's history. Babangida ruled for eight years, and temporarily handed over power to an interim head of state, Ernest

Shonekan. On October 2, 1993, Lieutenant-Colonel Abubakar Umar, an army Colonel and Commandant of the elite Amoured corps centre and school was alleged to have led an attempted coup d'etat, but the ninth coup was on November 17, 1993, when General Sani Abacha staged a successful palace coup and ousted Shonekan. Just like Babangida, Abacha appointed himself Chairman of the Provisional Ruling Council of Nigeria.

Undoubtedly, oil plays a vital role in Nigeria’s economy as energy resources gotten from it includes oil, gas, coal and water. Since its discovery, it has dominated the economy since the early 1970s and today, Nigeria is the largest oil producer in sub-Saharan Africa and since 1971 a member of OPEC, with an estimated production volume of 2.413 million barrel/day (2005). This makes it the world's sixth largest producer. Since 1960, Nigeria has reaped an estimated US$600 billion and more in oil revenue.

mass murders, suicide bombings, militancy, killer herdsmen, insurgency, armed robbery, car snatching, terrorism, abduction of school kids, piracy, pipeline vandalism and so fort, the list goes on. Given the huge budgetary allocation for security as approved by the National Assembly, the loss of lives and destruction of properties continually leaves a sour taste in the mouth of all. In 2014 alone, five Northern states had planned to spend N30.4billion on insecurity. The figure has tripled as at today. So the question which lingers in the mind of virtually all is; "Why does insecurity especially terrorism still thrive today with the huge funds allocated to fighting it? When the Buhari-led administration listed one of its key drivers as tackling insecurity it was received with mixed emotions. This was because insecurity had at that time, eaten deep into the fabrics of the society with millions of people displaced from their homes, especially in the North-east. Another issue that has bedeviled the nation is that of religious and inter-ethnic crises. Among the prominent one is the Southern-Kaduna crisis that resulted in many deaths. Also, the religious clashes in Taraba claimed many too. Communal clashes in Cross River, Ebonyi, Akwa Ibom and Anambra also resulted to deaths and wanton destruction of properties.

Transition to Democracy On June 8, 1998, death struck and snatched away Abacha. This brought General Abdulsalami Abubakar to power. Abubakar midwifed the transition of the country back to a democratic system. The successful conduct of the 1999 elections brought Obasanjo back to power for the second time but as civilian President. This ushered the country into her fourth republic. Obasanjo handed over power to Umaru Musa Yar'Adua, who held sway from 2007 to 2010. While in office, he fell ill repeatedly and later died in office. His then Vice President, Goodluck Jonathan , finished up his tenure for his principal and again ran for office on a fresh candidacy in 2011. He won and preceded to rule till 2015 when the incumbent President Muhammadu Buhari won him at the polls and became the second head of state under the military rule to become president under the democratic dispensation, after Obasanjo.

Days of Economic Boom In the days of yore, Nigeria's economy boomed. This was attributed to the yields from agriculture. The agricultural sector was the focus of interest during the 1990s, with food self-sufficiency the goal. In 1990, agriculture was the subject of a separate three-year development plan involving public and private spending targets concentrating on the family farmer. The program included price stabilisation and schemes to revitalise the palm oil, cocoa, and rubber subsectors. The Agricultural Development Projects continued through the decade, but implementation of goals was difficult. That was until the oil boom, which pushed agriculture to the back burner. In 1958, oil was discovered in Olobiri in the Niger Delta. That was the beginning of another era of boom until prices came crashing.

World Poverty Capital Yet, despite the era of boom, exactly 58 years later, this question resonates; is there anything to celebrate about this nation? Blessed with abundance of resources, her future looked so bright and promising. Her early years was so eventful. Everyone worked tirelessly and diligently to secure her fortune. Expectedly, she was crowned the giant of Africa. Her name rang a bell ; her name began to ring a bell and she flourished. Suddenly, her fortunes turned for the worse . At 58, Nigeria has maintained a consistent decline on almost all fronts, winning laurels for the wrong reasons. Recently, Nigeria was crowned the poverty champion of the world having emerged as the country with the highest number of poor people in the world, leapfrogging India. This was contained in the Brookings Institution’s data from the World Poverty Clock which showed that Nigeria now has over 87 million people, more than half of her population, living in extreme poverty. The report reads: “According to our projections, Nigeria has already overtaken India as the country with the largest number of extreme poor in early 2018, and the Democratic Republic of the Congo could soon take over the number two. “At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.�

Inherent Challenges As a nation, the challenges facing it are numerous but chief among them is insecurity. Ranging from kidnapping for ransom, to

Aspirations For all who want to see Nigeria thrive again, their aspirations are quite simple- provision of basic amenities, infrastructure and security. The emphasis on security is because there is a correlation between it and economic growth. A nation that battles with insecurity, will certainly have its fortunes decline as it's practically a turn-off for would be investors. Therefore, Nigeria must effectively tackle the problem of Boko Haram insurgency in the North-east, kidnappings, Niger Delta militancy and herdsmen attack in order to improve its economic growth and development. Healthwise, insecurity also has a negative impact as the displaced persons have limited access to adequate health care services. At 58, is there is still hope for Nigeria? The solution to this question can only be actualised if our leaders shun personal aggrandisement, corruption , nepotism, surround themselves with round pegs in rounds holes.

Happy birthday Nigeria!

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IMAGES

Vice President of the Federal Republic of Nigeria, Prof Yemi Osinbajo (SAN); anked by Managing Director, Prima Garnet Africa, Lolu Akinwunmi (right) and his wife, Mrs Josephine Akinwunmi, at the the launch of the book; Skin to Skin: The Prima Garnet Story,and announcement of the Lolu Akinwunmi Family Foundation, in Lagos... recently

L-R; Enterprise Agile Coach Accenture,Olatunde Olakunle; CEO, Agile Advisor Nigeria, Abiodun Osoba; and Website and CRM Consultant, Ady Dike during the press brieďŹ ng on the Agile conference for business agility in Lagos...recently

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President of the Senate and Peoples Democratic Party (PDP) Presidential aspirant, Dr. Abubakar Bukola Saraki, acknowledging cheers from supporters on arrival in Jigawa State...recently

L-R,Government and Business Relations Manager, ExxonMobil, Nigel Cookey-Gam; Director, Basketball Operations for Africa NBA, Franck Tradre; WNBA-NBA Africa Academy, Astou Ndiaye; Deputy Director, Secodery Education Board, FCT, Victoria George;former NBA Player , Olumide Ayedeji; Mrs Amadi Dorothy, Ministry of Health; former NBA Player, Jerome Williams and Country Director Africare, Dr Orode Doherty at the 5th Year Anniversary Celebration of Power Forward held in Abuja...recently Photo: Julius Atoi

L-R: Chairman, Nigerian Union of Journalist (NUJ), Lagos Branch, Mr. Qasim Akinreti;Managing Director/CEO, Nestle Food Nigeria Plc,Mr. Mauricio Alarcon;Trustee, DAME,Mr. Lanre Idowu; Programme Director, DAME, Mr. Kehinde Taiwo; and Manager, Corporate Communication/ Public Aairs, Nestle Food Nigeria Plc, Victoria Uwadoka, at the Nestle/DAME nutrition writers award signing ceremony in Lagos...recently PHOTO: ETOP UKUTT

L-R; The newly ordained Pastor Moses Kayode Adenowo of the Royal Chapel, London branch, Christ Healing Evangelical Church International (CHEC), being presented with the Ordination CertiďŹ cate by the Church’s Supreme Council member, Pastor (Mrs.) Akinireti Faboyede, at the ordination of the former in London, United Kingdom....recently

L-R: Chief Audit Executive, FBNQuest Merchant Bank, Bello Azeez; Chairman ACAEBIN, Yinka Tiamiyu; Head, Technology & Operations, FBNQuest Merchant Bank, Funke Feyisitan Ladimeji and 1st Vice Chairman, ACAEBIN, Uduak N. Udoh at the 40th Quarterly General Meeting of the Association of Chief Audit Executives of Bank in Nigeria hosted by FBNQuest Merchant Bank in Lagos...recently

T H I S D AY • MONDAY, OCTOBER 1 , 2018

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BUSINESSWORLD R A T E S

A S

MONEY MARKET OBB OVERNIGHT

A T

S E P T E M B E R

REPO 6.00 7.17

CALL 1-MONTH 3-MONTH

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

2 8 ,

S & P INDEX 7.50 9.75 11

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

2 0 1 8 EXCHANGE RATE

346.90% 0.45% -0.56% -2.06% 5.29%

N306.35/1US DOLLAR AS AT LAST FRIDAY

Quick Takes NRC to Rehabilitate Locomotive Fleet

The Nigerian Railway Corporation (NRC) has placed order for procurement of spare parts for the rehabilitation of locomotive engines that are awaiting repairs in its fleet. This announcement made by Lagos District Manager of the Corporation, Jerry Oche, came on the heel of complaints made by passengers of Lagos Mass Transit Train service over the frequent unscheduled movement of trains and brake down of few functional Locomotive engines at regular intervals. According to him, “We have awarded contract for supply of spare parts and as you know spare parts are not what you can buy off the shelve. You place order and wait for it to arrive. Once the spare parts arrive I can assure you that most of the engines awaiting repairs will be fixed and our service will be better.” Meanwhile, NRC in the second quarter of this year, made 584 trips with its Mass Transit Train service from Ijoko/Kajola to Iddo/ Apapa and vice-versa.

Agusto & Co. Affirms GDL’s Rating

BUSINESS PARTNERSHIP

L-R: Executive Director, Access Bank Plc/ Alternative Chairman, UP, Victor Etuokwu; MD/CEO, UP, Agada Apochi; MD/CEO, First City Monument Bank, Adam Nuru and GMD/CEO, ALML Group, John Adebanjo, at the launch of the American Express Card (AMEX) in Nigeria by UP held in Lagos…recently

Revocation of Skye Bank’s Licence, Inevitable, Analysts Say Nume Ekeghe The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, has described the recent revocation of the operating licence of the defunct Skye Bank and the assumption of the bank’s assets and liabilities by Polaris Bank Limited as “an inevitable route to resolving the bank’s solvency problem.” Speaking in a chat with THISDAY, Chukwu, said it was obvious that “no investor would want to buy a bank that has negative net asset value of close to N1trillion for whatever value and capitalise it only to use the proceeds of the

BANKING capitalisation to write-off the negative net-worth.” He added: “Given that the capital requirement for a national bank is only N25 billion, it would make sense for such investors to seek for a fresh banking licence instead of investing such amount to acquire a bank with challenged brand equity. “The option left for CBN aside from revoking the licence and transferring the assets and liabilities to AMCON through NDIC was to liquidate the bank but this would have lead to huge losses by depositors of Skyebank. “I believe that this route

adopted by CBN will make it possible for the successor bank, Polaris Bank Limited to be sold to investors in due course.” Chukwu, however, argued that it may be difficult to get an investor that would acquire the new bank for the value AMCON injected into the new financial institution. On its part, analysts at Moody’s Investor Service, one of the global rating agencies, welcomed the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) decision to revoke the operating licence of the former bank. Moody’s Vice President and Banking Analyst, Akintunde

Majekodunmi, explained that the move by the regulators would help limit likely systemic failure in the banking system. He added: “Taking away Skye Bank Plc’s licence and transferring its assets and liabilities to Polaris Bank, a newly created bridge bank, will limit the threat of contagion to Nigeria’s banking system from the failure of a Systemically Important Bank. “This shift is credit positive in that it will contain systemic risks for the Nigerian banking system as a whole.” Analysts at CSL Stockbrokers

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has said the surest way to achieve digital transformation is through the unbundling and restructuring of provision of financial services by relevant authorities. This, he said must be supported by government policies. Danbatta, who made the disclosure at the weekend, during the Vanguard Economic Forum Series, which held in Lagos with the theme: ‘Economy-Nigeria’s Emerging Digital Economy

ICT And The Role Of Financial Technology’, said since digital transformation does not occur in isolation, therefore supporting policies play an important role in guaranteeing conditions for it to thrive. Danbatta, who was represented by the Head, Academia Research Support Unit, Research and Development Department at NCC, Mr. Okoh Aihe, said the NCC would continue to ensure high level of quality of service, security assurance of networks, information and data protection, to enhance digital

transformation in Nigeria. While presenting the keynote paper at the forum, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, who was represented by the Director, Banking and Payment Systems Department at the CBN, Mr. Dipo Fatokun, said in order for digital transformation to further gain traction, banks must collaborate with fintechs as well as financial services regulator to regulate the risks posed by disruptive and innovative solutions from fintech players. Participants at the forum were however worried at the

Ecobank Partners Ikoyi Club

As part of the 2018 edition of ‘The Nigeria Cup’ golf tournament, Ecobank Nigeria is offering an all-expense paid trip to Achimota Golf Club in Ghana to 10 lucky winners in a week-long promo. The week-long annual golf tourney which kicked off on September 22, is organised by the Ikoyi Club 1938, to commemorate Nigeria’s Independence anniversary. The 2018 edition is expected to be bigger that that of past years, as it marks the 21st anniversary of the tournament. Group Head, Personal Banking, Ecobank Nigeria, Ms. Ayodele Osolake, who announced the offer, said Ecobank decided to partner Ikoyi Club to make the 21st anniversary edition of tournament more fun and even more interesting for golfers. “It is based on this that we have introduced the promo into this year’s edition. Participants (including members and spectators) are expected to open an Ecobank current account in the course of this tournament with a minimum balance of N50,000 and maintain same in their account for at least three months; 10 lucky winners stand a chance to win an all-expenses paid golfing trip to Ghana’s prestigious Achimota Golf Club.

FirstBank Supports Africa Investment Summit Continued on page 24

NCC: Unbundling Financial Services Key to Digital Transformation Emma Okonji

Agusto & Co. has affirmed the ‘BBB(IM)’ rating of Growth and Development Asset Management Limited (GDL) The rating expired on 14 June 2019. Growth and Development Asset Management Limited, previously known as Express Discount Asset Management Limited (EDAM), is a wholly owned subsidiary of GDL Holding Company. GDL provides a variety of financial services including discretionary and non-discretionary portfolio management to retail and institutional investors; as well as client advisory services for high net-worth individuals. “The rating is supported by the manager’s experienced and qualified decision-making committees, well established process for generation of research output and active monitoring of operational events and transactions.

slow pace of digital transformation in the country, while citing cases of the challenges Nigerians pass through with the unending SIM card registration, where Nigerians are subjected to providing the same personal data each time they buy and register a new SIM card. They also complained of the difficulties in providing the same personal data for various registrations like drivers’ licence, vehicle licence, biometric verification number (BVN) with banks, national identity cards with the National Identity Continued on page 24

As part of its financial inclusion and thought leadership drive, First Bank of Nigeria Limited, recently participated in the Africa Investment Summit convened by Guardian Newspapers, Financial Times of London, NEPAD Business Group, Africa Business Roundtable, Africa Matters and Capital 3 Limited. The event themed: “Bridging Africa’s Investment Gap” took place between 26th and 27th September 2018. “FirstBank, Nigeria’s premier bank and one of the most valuable banks in Africa has grown in influence overtime and its leading position has earned it recognition and a position of thought leader even beyond the shores of Africa,” a statement from the bank explained.

If the government does not sit up, we would be in trouble. We just exited recession and it will be very bad for the economy to slip back into recession

DG, WAIFEM, Prof. Akpan Ekpo

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T H I S D AY • MONDAY, OCTOBER 1 , 2018

BUSINESSWORLD REVOCATION OF SKYE BANK’S LICENCE, INEVITABLE, ANALYSTS SAY

EFInA Has Invested $18m in Promoting Financial Inclusion, Says Akerele Nume Ekeghe

Limited, noted that since 2016, Skye Bank had been under the close watch of the CBN after the central bank discovered some, unacceptable corporate governance lapses as well as the persistent failure of Skye Bank to meet minimum thresholds in critical prudential and adequacy ratios, which culminated in the bank’s permanent presence at the CBN Lending Window. Throwing its weight behind the intervention by the regulators, the Association of Senior Staff of Banks Insurance and Financial Institution (ASSBIFI) has appealed to staff of Polaris Bank Limited not to express any form of worry. The National President, ASSBIFI, Oyinkan Olasanoye, said the association had gone through the condition of service in the new bank and was comfortable with it, explaining that workers’ years of service in Skye Bank have been transferred to the new bank, saying “they are not starting afresh in Polaris Bank Limited.” NCC: UNBUNDLING FINANCIAL SERVICES KEY TO DIGITAL TRANSFORMATION Management Commission (NIMC), among others. According to the participants, government appeared very slow in driving the processes of digital transformation, since Nigeria has no central repository for data capturing and storage, which they argued, gave rise to different agencies of government collecting same data from the same people at different times, and subjecting Nigerians through rigorous processes of providing the same personal data to different agencies for different registration purposes. They were worried that the agencies that collect personal data, work in silos, hence the country is faced with the big challenge of data harmonisation, which they said, impedes growth of digital transformation. Responding to the worries of participants, the Managing Director/CEO, Galaxy Backbone, Mr. Yusuf Kazaure, said policy implementation would address the issue data harmonisation.

NEWS

As part of efforts to promote financial inclusion in Nigeria the Enhancing Financial Innovation & Access (EFInA) said it has so far invested about $18 million in grants to help advance financial inclusion and promote financial literary in Nigeria. This was disclosed by the chairman of EFInA’s board chairman, Mr.Segun Akerele, on the sidelines at the maiden edition of a capacity building programme for journalists that was organised by the organisation in Lagos, recently. He said: “About 41 million Nigerians are financially excluded with the bulk of it coming from the north-west, north-east and north-central one of our focus areas is the north. So, are going to target quite a lot of effort to the north, there will also be a focus on women as there is a huge gender gap when it comes to financial inclusion. “From the last dispensation i think we have spent a lot of money, almost $17 to $18 million so far through our grants. “The essence of the forum is to try and find out how we can engage with the media and other strategic partners to drive financial inclusion. “We are aware that financial inclusion is very important in Nigeria today. We have 41 million people that are excluded and we have a target of 12 per cent exclusion by 2020, but it is

important that we get all the stakeholders involved in driving this message.” According to Akerele, EFInA has been able to discover the obstacles that lead to financial exclusion. Some of these he listed to include education and infrastructure. “In fact, most of the

products that we are creating now are for urban areas. So, the first thing is to identify what they need in the rural areas and how to move the infrastructure there.” Also speaking, the Grant Manager at EFInA, Suzanne Adeoye, noted that irregular income, lack of employment

and long distance to financial access points are also barriers to ensuring financial inclusion, saying only available products and services targeted at low income earners would help boost financial inclusion. Adeoye, stressed that no organisation can drive financial inclusion alone. To this end,

she said EFInA would be working with the media to increase financial services awareness and literacy to the under banked. She therefore urged private sector operators as well as journalist to help harness technology and dissemination of credible information.

CAPACITY BUILDING

L-R: Enterprise Agile Coach Accenture, Olatunde Olakunle; CEO, Agile Advisor, Nigeria, Abiodun Osoba; Website and CRM Consultant, Ady Dike and Head, Development and Operations, Tunde Giwa, during a media briefing on business agility in Lagos…recently ABIODUN AJALA

FG Urged to Lift Suspension on Quarrying Activities

Firms Partner on LocalTV Channels

Kasim Sumaina in Abuja

Nosa Alekhuogie

The Quarrying Association of Nigeria has called on the federal government to as a matter of urgency, lift its recent suspension on quarrying activities in the country. The suspension, recall was imposed by government due to the earth tremor around Mpape and surrounding environments, in the nation’s capital, Abuja. The chairman of the association, Nasir Ibrahim, made the call during a courtsey visit to the Minister of Mines and Steel Development, Alhaji Abubakar Bawa Bwari, in Abuja. Ibrahim, noted that there was no relationship between the quarrying activities and the recent earth tremor experienced in the FCT. According to him, the suspension was tantamount

to government putting it’s budgeted development of the FCT on hold considering quarry inputs to the overall development projects. Responding, the Minister of Mines and Steel Development, Alhaji Abubakar Bawa Bwari, said the suspension would not be lifted until a report by the inter-ministerial committee set up to investigate the incident is completed and submitted. Bwari, said: “The suspension of the quarrying activities is not in our interest and not a decision that we wanted to affect you.” According to him, “We need to be sure of the cause of this earth quake that took place here in abuja because while carrying economic activities there is need to protect the people and the environment.” He added: “So far, preliminary investigation has shown

that it has nothing to do with your activities. However, we have not lifted suspension yet because there is an inter-ministerial committee that was set up that has not submitted it’s report yet. But I’m sure it will be submitted soon.” He however, acknowledged the importance of quarrying activities in revenue generation and assured the association that, there was no cause for alarm that the suspension will soon be lifted. On the issue of multiple taxation, in respect to mining activities especially by government agencies and area council, Bwari promised that the ministry is working hard to address the issue. He urged the association to increase its interaction and communication with the ministry to tackle the challenge

One of the world’s leading satellite operator, SES, has gone into a partnership with AfricaXP to launch a new bouquet called ‘Premium.free’ in Nigeria as well as West Africa. The bouquet, which comprises 13 compelling and high picture-quality channels is supplied by AfricaXP and delivered using SES satellites at 28.2 degrees East. AfricaXP is an independent African channel network, content distributor and producer, which owns and operates over 20 different themed channels supplied to major African broadcasters and African diaspora platforms worldwide. The SES team during the launch which was held in Lagos recently, revealed that local television broadcast audiences would now have access to 13

new free-to-air (FTA) channels delivered as a multi-channel bouquet branded ‘Premium.free.’ According to them, the new bouquet of FTA channels includes premium channels, which are custom-made for African viewers and blend premium African programming with top-flight international content across a diverse range of themes from sports to movies, telenovelas, factual, reality and lifestyle programming. The Chief Executive Officer, AfricaXP, Craig Kelly, while addressing newsman said: “By choosing to work with SES, Premium.free offers our channels full regional coverage for multinational language channels like Hausa. SES chose AfricaXP to supply channels because they wanted premium channels and we selected the content to appeal to African audiences.”

Group Business Editor

Air Peace to Commence Dubai/Sharjah Operations in November

Capital Market Editor

Chinedu Eze

AgriBusiness/Industry Editor

Nigeria’s largest domestic operator, Air Peace has announced that it would commence operations to Dubai and Sharjah in the United Arab Emirates, UAE by November this year. The airline which has acquired aircraft to operate the destination, said it would be its long-haul service before embarking on other international destinations. This was disclosed by the Chairman of the airline, Al-

Obinna Chima Goddy Egene Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

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

len Onyema in Lagos at the weekend. According to him, Air Peace has been designated on long-haul flight to London, Houston, Mumbai, Dubai, Sharjah, Guangzhou-China and Johannesburg by the federal government. Onyema, said the airline was expected to fly directly from Lagos-Paris, Lagos-Frankfurt, Lagos-Amsterdam , Milan, Abuja-Jeddah, Kano-Dubai, Enugu-London. The Air Peace boss said the airline was ready to compete with international carriers with

modern aircraft and efficient service and make Nigeria proud by giving Nigerian travellers what they yearn for, noting that Air Peace is an airline they can call their own with the best of services and pocket friendly airfares. He promised to be consistent on the route, assuring that Air Peace will not fall by the wayside like other airlines that have entered the route but did not survive though might not be a fault of theirs. Onyema emphasised that the airline is ready to fill the gap

that government was worried about, saying that was the reason the airline acquired enough aircraft. “We want to fill those gaps being occupied by international carriers coming to Nigeria, we want to represent this country proudly, Nigerians will be proud like Americans are proud of their indigenous airlines, flying the flag of America outside America proudly,” he said. He explained that a formidable airline out of the Middle East is presently interlining and code sharing

with Air Peace and currently integrating their system with the indigenous carrier. “When we drop you in Dubai or Sharjah, another airline picks you from there; maybe, you are going to Malaysia, they are going to about 36 cities in India, so people will buy Air Peace ticket if you are going to Malaysia, India, some other Gulf States, Indonesia and others. You buy Air Peace ticket, check-in your luggage, you get your luggage in Singapore, we take you there, we have signed an interlining and code-share”.

T H I S D AY • MONDAY, OCTOBER 1 , 2018

25

BUSINESSWORLD

MARKET REPORT

Stock Market Declines by 5.9% in September Goddy Egene The persistent bear run pushed the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down by 5.9 per cent in September as investors continued to watch activities in the political environment. The NSE ASI, which measures the aggregate value of the nation’s stock market, fell from 34,848.45 at the beginning of the month to 32,766.37 last Friday. Although the depreciation was an improvement compared with the 8.8 per cent drop recorded in the month of August, the performance would have been worse if not a growth recorded last week. After three weeks of decline, the market rebounded two weeks ago, which was sustained last week, thereby moderating the month-to-date and year-to-date decline to 5.9 per cent and 14.3 per cent in that order. According to analysts at Cordros Capital Limited, “Despite recent gains, we reiterate our negative outlook for the equities market in the short-to-medium term, amidst political concerns ahead of the 2019 elections, and absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.” Daily Performance The equities had opened the week on negative note last Monday as profit taking in Nigerian Breweries Plc, Union Bank of Nigeria Plc and Okomu Oil Palm Plc, drove the NSE ASI down by 0.27 per cent to 32,451.27. Similarly, market capitalisation shed N32.5 billion to close lower at N11.8 trillion, bringing the year-to-date decline to 15.1 per cent. Also, volume and value of trading fell compared to last Friday as investors traded 190.5 million shares valued at N3.3 billion. In all, 23 stocks depreciated compared with 13 that appreciated in value. Livestock Feeds Plc led the price losers, while Niger Insurance Plc led the price gainers. The NSE Banking Index recorded the highest sectoral growth. The index ended 0.2 per cent higher driven by continuing buy interest in Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa Plc. Gains by bellwether tickers lifted the market on Tuesday. Highest capitalised stock, Dangote Cement Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, FBN Holdings Plc are among the 26 stocks that drove the rebound. As a result, the index appreciated by 2.0 per cent to close at 33,114.44. Similarly, market capitalisation added N242 billion to close higher at 12.09 trillion. However, level of activity was mixed as volume traded rose 17.1 per cent to 222.9 million shares units while value traded declined 0.7 per cent to N3.3 billion. Zenith Bank (43.3 million shares), International Breweries Plc (37.0 million shares) and United Bank for Africa Plc (35.2 million shares) were the top traded stocks by volume while the top traded stocks by value are International Breweries (N1.1 billion), Zenith Bank (N923.6 million) and GTBank (N334.9 million). The price gainers’ chart was led by Nestle Nigeria Plc with 10 per cent, trailed by Neimeth International Pharmaceuticals Plc with 9.6 per cent. First Aluminium Plc and Veritas Kapital Assurance Plc chalked up 8.1 per cent and 7.6 per cent respectively. Other top price gainers included: WAPIC Insurance Plc (7.6 per cent); Nestle Nigeria Plc (6.7 per cent); International Breweries Plc (6.5 per cent); Vitafoam Nigeria Plc (6.0 per cent); Oando Plc (6.0 per cent) and NASCON Allied Industries Pl (5.9 per cent). Conversely, Livestock Feeds Plc led the price losers with 8.7 per cent, trailed by Japaul Oil & Maritime Services Plc with 8.3 per cent. Union Diagnostic and Clinical Services Plc shed 7.8 per cent. Other top price losers were: Presco Plc, Portland Paints (5.7 per cent); Total Nigeria Plc (5.1 per cent). Performance across sectors was largely positive as four out of the five indicators tracked closed higher. The NSE Consumer Goods Index led with 3.2 per cent, while the NSE Banking Index rose 1.5 per cent. In the

same vein, the NSE Insurance Index grew by 1.0 per cent, just as the NSE Industrial Goods Index climbed 0.7 per cent. On the contrary, the NSE Oil & Gas Index was the only decliner, shedding 0.2 per cent. The depreciation recorded in the share prices of companies such as Dangote Cement Plc, Flour Mills of Nigeria, Nigerian Breweries Plc pushed the market into the negative territory o Wednesday after rebounding on Tuesday. The index fell by 0.46 per cent to close lower at 32,963.27, while market capitalisation shed N55.2 billion to be at N12.0 trillion. “We attribute the losses recorded today to prevailing negative sentiment across all sectors asides the banking sector. Nonetheless, we expect a positive close to the market at the end of the week, as investors take advantage of the low prices across the various sectors in the market,” at Meristem Securities Limited said. However, amidst the bearish trading, the banking sector attracted positive sentiments

from investors which led to appreciation in five stocks. They are Zenith Bank Plc, Union Bank of Nigeria Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc that went up by 4.6 per cent, 3.9 per cent, 3.0 per cent, 1.3 per cent and 0.6 per cent in that order. Berger Paints Nigeria Plc led the price losers with 10 per cent, trailed by Prestige Assurance Plc with 9.8 per cent. Royal Exchange Assurance Plc shed 9.0 per cent. The bearish performance was extended the local bourse was extended to the second consecutive trading session as profit taking in Nestle and Union Bank pulled the benchmark index down 0.61 per cent. Activity level was, however, mixed as volume traded fell 10.4 per cent to 154.3 million shares while value traded rose 33.0 per cent to N2.7 billion. There was mild bargain hunting on Friday leading to the appreciation in stock prices making the bourse to close the week positively. Market Turnover

Despite recent gains, we reiterate our negative outlook for the equities market in the short-tomedium term, amidst political concerns ahead of the 2019 elections, and absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term

A total turnover of 924.546 million shares worth N14.194 billion in 14,119 deals were traded last week by investors, down from 1.370 billion shares valued at N19.503 billion that exchanged hands in 16,076 deals the previous week. But the Financial Services Industry led the activity chart with 745.188 million shares valued at N9.477 billion traded in 8,329 deals, thus contributing 80.6 per cent and 66.7 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 67.159 million shares worth N3.815 billion in 2,221 deals, the third place was Conglomerates Industry with a turnover of 49.297 million shares worth N135.395 million in 678 deals. Trading in the top three equities namely – Guaranty Trust Bank Plc, United Bank for Africa Plc and Fidelity Bank Plc accounted for 368.044 million shares worth N6.485 billion in 2,585 deals, contributing 39.8 per cent and 45.6 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 97,183 units of Exchange Traded Products (ETPs) valued at N1.511 million executed in four deals, compared with a total of 29,750 units valued at N449,662.50 that was transacted the preceding week in two deals. A total of 13,715 units of Federal Government Bonds valued at N13.242 million were traded last week in 49 deals compared with a total of 9,710 units valued at N9.587 million transacted two weeks in 19 deals. Price Gainers and Losers Meanwhile, 28 equities appreciated in price last week, lower than 50 in the previous week, while 41 equities depreciated in price, higher than 25 equities of the previous week. Niger Insurance Plc led the price gainers, chalking up 19.3 per cent, trailed by Veritas Kapital Assurance Plc with 15.3 per cent. UACN Property Development Company Plc chalked up 14.7 per cent, while First Aluminium Nigeria Plc and Stanbic IBTC Holdings Plc garnered 10.8 per cent and 9.5 per cent respectively. Other top price gainers for the week included: Linkage Assurance Plc (9.3 per cent); University Press Plc (7.3 per cent); Cement Company of Northern Nigeria Plc (6.7 per cent); Neimeth International Pharmaceuticals Plc (6.4 per cent) and Vitafoam Nigeria Plc (6.0 per cent). Conversely, Union Bank of Nigeria Plc led the price losers for the week, shedding 12.1 per cent, trailed by Union Diagnostic & Clinical Services Plc with 10.5 per cent. Livestock Feeds Plc shed 9.5 per cent, just as Unity Bank Plc and UAC of Nigeria Plc went down by 9.3 per cent apiece. Other top price losers were:NAHCO (9.1 per cent); Associated Bus Company Plc (9.0 per cent); Guinness Nigeria Plc (9.0 per cent);Berger Paints Nigeria Plc (8.7 per cent) and Japaul Oil and Maritime Services Plc (8.7 per cent).

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INTERVIEW

Onyema: FG Should Urgently Concession Airports to Investors Chairman and CEO of Air Peace, Allen Onyema said that there is urgent need for Nigeria to rebuild its airport facilities, saying the best option is to concession them to indigenous investors. He spoke to Chinedu Eze. Excerpts: What is your reaction to the announcement of the suspension of the planned national carrier by the federal government? I commend the federal government for retracing its steps on this particular project. This regime has proved that it has the interest of Nigerians at heart. The president has proved that he does not care about political correctness but the total wellbeing or the future of this country. It is not something you see every day for a government to take a decision and see that, that decision may not work in the best interest of the country and decide to retrace its steps. Not every government will do this maybe one of out of 100 governments. It is something very laudable. That decision has won millions of hearts for Mr. President because between since when the decision was made I have received calls from all over the world. The president’s rating because of this decision has shored up astronomically worldwide not just in Nigeria. Because in the aviation world, people have been calling us that they were surprised that Nigeria is going into something that every other country is running away from. So it is a very, very welcome development and I thank Mr. President and the government for rising up to the occasion and doing that which is right. The Minister of State, Aviation, Hadi Sirika said that the existing carriers are not able to fill the vacuum which a national carrier would have filled. What are the factors that you think militate against the activities of domestic airlines to fill the kind of gap he is talking about? Well, I read the minister’s statement in one of the dailies. I want to say that I have reservations on some of the things said there because I do not believe or I find it difficult that the minister may have said some of the things attributed to him. I have my reasons for saying so because I believe that the minister should promote his own, so some of the statements I read there, I don’t believe that he said such things. Especially as it concerns the growth of Air Peace, I don’t want to believe that any government will directly demonise or de-market private investment that provides thousands of jobs and touching millions of lives in a country. I don’t believe that government official will do that. There is this talk that domestic airlines are not doing well. Why are they not doing well? Why are so many private investors shying away from coming into this business? The owners of this business have succeeded in other businesses. This is not my first business. This is not the second or fourth business. I have done things for this country where many people failed. So why are domestic airlines failing? There must be a reason. And the reasons should be found at the door step of government’s policies which have not been changed over time. So, government’s policies are the reasons why Nigerian airlines are not working well. There is nothing more. It does not necessarily mean it is this government but government’s policies have being the bane of the growth of airlines in this country. We have been crying against excessive taxation. Air Peace is not up to four years old, the tax man has been knocking at my door every minute. In other countries, you are allowed a gestation period because you are providing hundreds of direct jobs, you are touching millions of lives. And airline business is not all that of a profitable venture but over here nobody is listening to us. Our challenges include unrestrained multiple taxation, lack of support to make domestic airlines competitive and policies that tend to favour airlines outside the country against our

Onyema

own. There is also poor airport infrastructure which is not helpful. Importation of aviation skyrockets the price of the product. Fuel cost supposed to be 40 per cent of airline’s operational cost, but in Nigeria it is about 70 per cent. The price you bought aviation fuel in the morning may not be the price you will buy it in the afternoon. Nigeria is a producer of crude oil yet we import aviation fuel. It is very expensive; it is more expensive in Nigerian than in countries that don’t produce aviation fuel. So these things will have to be looked into. National carrier is known for job creation. Is it not so? All Nigerian airlines create jobs. A national

We have been crying against excessive taxation. Air Peace is not up to four years old, the tax man has been knocking at my door every minute. In other countries, you are allowed a gestation period because you are providing hundreds of direct jobs, you are touching millions of lives. And airline business is not all that of a profitable venture but over here nobody is listening to us

carrier cannot just employ pilots. These pilots must go through training. Somebody who has passed out of school cannot be a captain overnight. And Nigerian airlines are trying their best, they should stop demonising us. We are doing what we can do under very, very excruciating circumstances. So when it comes to the issue of filing gap, we are gradually doing that, all we need is the support of government. There is also the belief that a national carrier will serve all the domestic routes? I went out of my way to acquire Embraer jets because I noticed that there are some destinations in the northern part of the country that are under served. If you put a Boeing in some of these places you will be flying near empty and that is not commercially viable. So because Air Peace wants to open up this part of the country we decided to go for six Embraer jets. It took almost six months before we got permit to be using our Embraer jets. Whose problem now is that? We want to plug the gaps. In fact, Air Peace has started announcing our upcoming new routes. Owerri-Yola, Enugu-Kano; we also want to do Yola-Kano, Yola-Kaduna. We want to do all these with our Embraer jets. The moment we start, others will join. Rome was not built in a day. The fact is that Nigerian airlines are trying to get it right but they are not getting the necessary support. On the international scene, it is a lie that Nigerian Airways was doing 1500 destination. And why are we always talking about Nigerian Airways? It was a failed project. Nigerian Airways was not a profitable venture. It was bleeding the government full time. While all these private airlines are buying their planes themselves, Nigerian Airways was buying their plane with government money. Nigeria Airways was established in August 1958 but until when it was closed down, the highest number of plane they had was about 36 for over four decades. They had only 30 or 40 planes and Nigerians are talking

about Nigeria Airways. Arik Air, Air Peace and others have now shown that they can do it if they are given the support. I am proud of the fact that we have acquired over 20 planes, I am very proud of it. And it shouldn’t be the prayer of anybody for us to fail. I expect that government officials should even come to us and look for ways to support us because we are serving the people and government officials exist for the people. Air Peace is not about Allen Onyema. It is about Nigeria; the hundreds of people directly employed by the airline and thousands that are indirectly employed. By that employment, Air Peace has taken many people out of the streets. If we didn’t employ those people, especially youths, you may not know what they will turn out to be in the society as unemployed Nigerians. So until government officials and civil servants begin to see private investors as partners we will never get it right in this country. We should begin to take decisions that transcend self interest; that is what Air Peace is doing. I wish to state that whatever we are doing today was planned from day one when we decided that we would go into airline business. We had a business plan and the banks will tell you that we are following that business plan. We had a business plan that on our fourth year we will start transiting to new planes. Listen to the speech made by Fidelity Bank Managing Director at the signing of the Boeing B737 MAX 8. He spoke about financial discipline. We planned our movement and we are following our plan to the letter. We are happy that all the banks in Nigeria are coming to support Air Peace. We are grateful to the bank. What is remaining now is government’s support. Nigerian airlines need government’s support. So when government officials say that Nigerian airlines are not doing well they will be discouraging Nigerian banks that are giving us support. Government statement should not deter our own banks. President Buhari has done so well for us by giving us free import duties, VAT waivers and all others. So we need other workers of government to look at our President and follow him. He has shown that he is a pan- Nigerian and that he loves this country. We are at the stage that we want to operate international destinations. The government has graciously designated Nigerian airlines. Government has given us China, US, London and others. But what support have we received? When you give airlines destinations to fly, they will now apply to those countries. Those countries do not give you the permit immediately; there are things that are needed. For example, China law says you must have three aircraft with their registration numbers. So it is not about telling them that you have three aircraft, you must produce them and they must see the aircraft. Anything short of three aircraft they will not give you permits to fly into their cities. Dubai has granted Air Peace rights, China has also granted Air Peace rights to fly into China. God willing we are starting in November. We brought in the first Boeing B777. We couldn’t have started operations with one aircraft. We needed more aircraft so that when we start we will not be stopped by technical challenges. I think that is the bane of Nigerian airlines and we want to avoid that mistake. What we need is encouraging statements from our government officials and from the people of Nigeria. We don’t need anything that will dampen our morale or scare us. We have planned our entry into the foreign scene and we are following it. By the time we start towards the end of

Continued on page 27

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MONDAY INTERVIEW

ONYEMA: FG SHOULD URGENTLY CONCESSION AIRPORTS TO INVESTORS this year, Nigerians will enjoy sustainable international flight operations and they will be paying the right prices. We have acquired four Boeing B777, which two of them have arrived Nigeria, the other two will soon arrive. I believe that we planned it well. We have already signed a firm order for Boeing 737 Max with banks paying for this. Those planes also will be deployed on some international routes too. It shows that Nigerian airlines are getting it right. We should not be compared with what happened in the days of the past, about Okada Air, Chanchangi Airlines or any other airline. We shouldn’t be compared that way; it means they are waiting for us to fail. And by the special grace of God, we are not going to fail. Our safety record is of international standard. We became a member of IATA Operational Safety Audit (IOSA) in the first two years of operation and we retained our IOSA certification, which is the international parameter to show that our operations are safe. Air Peace is a member of IATA. Government gave us West Coast routes, regional and international routes. We have started operating some of them. We have others we want to start but we are discouraged by high charges. We expect our government to wade into it and stop them from charging us highly because they are not paying the same high charges in Nigeria. But they do this in order to stop us from coming into their country. On the international end, we are discussing with other airlines for interlining and code share. This is because we don’t want to drop Nigerians in Dubai and end it there. We want to take them to their final destination with our code-share partners. So with Air peace you can fly to about 28 cities in India, Malaysia, and Singapore. Once we drop you in China or Dubai the other airlines pick you up. The same thing we are doing in Europe, we are negotiating with some airlines over there. So what we need is for government to continue advertising our own airlines so that these foreigners will key into them. We don’t need national carrier; government doesn’t need the headache anymore. Nigerian airlines will succeed, what we need is support. Let the government challenge us, let them give us the next three years and see where we will be. I am not speaking for only Air Peace; I am speaking for all the airlines. People are talking about having the airport given out in concession under Public, Private Partnership (PPP) arrangement and having a national carrier, which one is more urgent and more critical for the growth of the industry? First and foremost, I will still thank Mr. President for being courageous to suspend the planned national carrier. He has shown that he is a leader. It is not everyone that can do it. For taking this decision he has shown that the wellbeing of this country is his number one priority. He is not after political correctness because of elections. For him to take this kind of decision, when the public has been made to understand that this was the best thing even though countries are running away from it. It shows that he is a nationalist. Having said that, let me also say that you cannot build a house without foundation. Poor airport infrastructure is one of the things causing the underdevelopment of the industry. Airlines can never make ends meet with the state of our airports. It is impossible. Airlines can never also get on time departure 90 per cent of the time with the state of our airport infrastructure. So what government should channel its resources to be developing our airport infrastructure. However, government may not have the resources to do this. Look at Ghana, in three years Ghana has given itself a world class airport. The pictures of Ghana’ airport has gone viral. And people now start questioning the rationale behind the national carrier project even before now. Even if we have to set up national carrier it needs airports where it can be landing at various cities of the country. That foundation is not there. It will go the way of others except the government will muscle out other airlines by force or frustrate other airlines for it to succeed. That is the only way. And when you frustrate people to succeed you will never succeed too. So let us develop our airport infrastructure first, government should go into PPP. The airports must be concessioned with immedi-

Air Peace. We have shown capacity. So we have our plans.

Onyema

ate effect. I support federal government’s intentions to concession the airports. That is the way to go. Gatwick is not run by the British government, neither Heathrow, so the airports must be concessioned immediately. Anything other than that is an aberration. Civil servants can never run airports well. However, I don’t want people to lose their jobs. It has to be done in such a way that people do not lose their jobs. It has to be done in such a way that whoever is taking the concession will take the staff. Whatever he can take, he takes, others should be posted to other ministries of government where they are needed. In concessioning our airports, I want government to concession these airports to Nigerians and Nigerians alone. Nigeria is not Mozambique or Malawi neither is Nigeria the Republic of Benin or Burkina Faso or some other small countries, where they will invite foreign countries to concession the airport to them. That will ensure capital flight again. The rest of the future lives of this generation will be mortgaged to paying debts and we are also taking money out of the country. We have people that can do this in Nigeria. If they concession the airports let it be concessioned to only Nigerians citizens and Nigerian firms alone. People will come up, the moment government is going to hands off the airports people will come up, businessmen will team up and come together and pull their resources together, the banks also will come in because they are ready. Nigerians should be encouraged to take it up the management of the airports. They should not be given to foreigners. Nigerian businessmen and banks are powerful. One Nigerian businessman might even be richer than some of these African countries. Foreign concessionaires will mortgage the future of this country and the future of jobs in the country. What we need is to encourage indigenous participation and Nigerians and their banks will key in and develop these airports. If they doubt me let them give me one airport. Let me tell them the airport they will give me, if they give me I will attract the investment. I don’t have the money but I have the integrity to attract banks to help fund it and we will have a world class airport. I can even now attract foreign financial institutions to support the funding. After singing the firm order for 10 Boeing B737 MAX 8, so many banks and financial institutions all over the world are contacting us. They know Nigerian has the population and they also know that Nigeria is the destination. All we need to do is for

government to liberalise these things and hands off then you create millions of jobs and Buhari’s name will be written in gold for eternity because jobs will be everywhere. Forget oil, Nigeria is well positioned to become a hub for Africa. Airlines do not make hubs, good airports attract hubs. There is always this impression in government circles that without national carrier you cannot have a hub? It is a lie. Ghana doesn’t even have a good private airline. It is people like us and other airlines that are going there. They don’t have their own indigenous airline, the only one there is AWA (African World Airlines) with about eight aircraft. But everybody wants to use Ghana as a hub. Airlines don’t create hubs, if you have the best airline in the world, bring Delta to operate in Nigeria with the state of our airport infrastructure they will never create a hub here. It is good airports that attract hub, now everybody wants to fly through Ghana. Liberians have already started flying through Ghana to London. Some many countries are trying to fly through Ghana now. So it is not airline that will create hub. Again I still thank government for this relief. Nigerians feel relieved. You have not made further comments on your firm order of 737 Max, when are the aircraft start coming? And people are feeling that with 10 aircraft you have so many aircraft in your fleet, how are you going to operate them to maximise their utilisation looking at the market? First of all, I want to thank the American government and Nigerian government for providing also the enabling environment for Boeing to trust us. Our 10 aircraft will start coming very soon, by next year you will start seeing some B737 Max coming in. It is a firm order made with all the banks behind us and the planes will start coming in. The fear of having over 30 aircraft in my fleet should not create anxiety. We have already designated routes for all these planes. The planes are coming with in-flight entertainment. I want to fly Nigerians out of Kano to Dubai. I want to fly Nigerians out of Enugu to China and Dubai. I want to fly Nigerians out of Kano to Saudi Arabia; I want to criss-cross the entire length and breadth of Nigeria. That is what I want to do. And remember, as some of our older fleet are getting older we will be phasing them out. That is our business plan. That in our fourth year we will start acquiring new planes and that is what we are following. It shows a steady growth in

I want us to look at multi designation and how it is affecting domestic operations? You know that multi-designation is not good for domestic carriers. That is why we are begging government to review it so that domestic airlines can become competitive. Multi designation is a serious “sin” against our country. No country allows what is happening here. Now that the Nigerian airlines are growing, I expect that government should review some of those designations given to foreign airlines when Nigerian airlines were not there to occupy such positions. I do not see the reason or rationale behind a foreign airline doing operation into five destinations daily in Nigeria. It is not good. If they want to do that they should key in and get other Nigerian airlines to partner with them. That is how it is done. The Gulf States’ airlines were almost taking over America some years in the past. The American airlines cried to their government and their government came up with policies that made it impossible for the Gulf airlines to continue to have frees access to the US market. And that was why Gulf airlines started cutting their routes; they made them to cut the routes. This is because the airlines in America are providing jobs for their people while these ones were making money and taking back to their country. So the airlines in America refused to allow Gulf airlines to dominate them and their government listened to them and the rest is history. And that is why some of those airlines have packed their planes, downsizing and that’s why airlines like Air Peace were able to buy some planes. No country leaves its flank open in the name of competition. Who are you competing with? The jobs Air Peace alone has provided, we have about 3000 people working in Air Peace. You cannot compare indigenous airline with a foreign airline that has nothing at stake. These airlines have been coming to Nigeria since 1960, the number of staff they employed since 1960 put together is nowhere near even one 10th of what Air Peace has done in three years. So that is a pointer, we must protect our country. Government should review those destinations and cut them. We should realise that national carrier does not work everywhere. America with its economy and might in aviation does not have a national carrier. Britain does not have a national carrier. All the last vestiges of national carrier are winding up. Even Ethiopia Airlines that is much celebrated in Nigeria more than in their country is today asking for investors. And some of them are heavily indebted, is that what we want? That is why they are all scampering and asking for investors to come and take over most of these airlines. Air India for the past four years has been in the market but nobody wants to buy. South African Airways is seeking for investors. If there is a strong carrier out of Nigeria, I bet you it will affect adversely the fortunes of these foreign airlines. Even as it is now they are calling for investors, so why do you want to go into it? These foreign airlines should not be allowed to come in here to be doing domestic flights or originating international flights out of Nigeria. It does not in any way help this country. It doesn’t happen anywhere. Even the SAATM we are all talking about, it is not as if the Nigeria airlines are against it, we are not. We want to be part of it, but whatever we are doing here should be reciprocal. A situation where these airlines come to Nigeria and pay almost nothing, and when we land in their countries they slam us with heavy fees, making it impossible for us to continue should be resisted. Why have I not started Abidjan, it is not because I don’t have the aircraft, the aircraft is there but what did they do to us in other to discourage us? They don’t want competition for Air Cote d’lvoire and here we are opening our flanks for every country to come and ravage us. So government’s policy is indirectly encouraging this. So President Buhari should know this too which I know they will look into very soon.

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AWARDS

Adewale, Union Bank Executive Director Retires Union Bank of Nigeria (Union Bank) has announced the retirement of Mrs. Oyinkan Adewale, an Executive Director and Chief Financial Officer (CFO) of the bank since 2012. The bank disclosed this in a statement at the weekend. Its Chief Executive Officer, Mr. Emeka Emuwa, said the board, management and staff of Union Bank were very grateful for the transformational work Adewale did in rebuilding the bank’s finance function to effectively support its business objectives. “Union Bank has benefitted immensely from her experience and expertise, and her contributions have helped position the Bank for the future,” he said. Adewale, a veteran banker with 30 years of experience,

joined Union Bank following its acquisition by the private equity investor consortium, United Global Partners Limited in 2012. As CFO, she began the foundational work that led to developing and executing Union bank’s strategic objectives and transformation. Speaking on her retirement, Adewale said: “I am extremely proud to have been a part of Union Bank’s phenomenal turnaround over the past six years. “The challenge of leading a key piece of the transformation of this storied 100-year old institution has been one of the highlights of my career and I am confident that the bank is on solid footing as it enters into a new century of doing

business in Nigeria.” Prior to joining Union Bank, Adewale kicked off her banking career with Citibank, where she rose to the position of Executive Director and CFO for West Africa. She went on to

co-found SIAO, a leading indigenous accounting firm, and later became the pioneer Managing Director/Chief Operating Officer for Renaissance Capital in Nigeria. She also held other senior

management roles including Central Bank of Nigeria appointed Executive Director/CFO at Oceanic Bank and Group Head of MIS at Ecobank Transnational Incorporated.

“In line with Union Bank’s succession plan, Joe Mbulu, who was the Bank’s Transformation Director and Finance Business Manager, will succeed her as CFO,” the bank explained.

AIB Boss Elected Royal Aeronautical Society Fellow The Commissioner/Chief Executive Officer, Accident Investigation Bureau (AIB), Akin Olateru, has been elected a fellow of the Royal Aeronautical Society (RAeS) London; the longest established independent and impartial professional body in the world with members from all the aerospace disciplines. His election on June 5, 2018, was contained in a letter dated July 5, 2018 and signed by RAeS President, Rear Admiral Simon Henley and the Chief Executive, Simon Luxmoore. Olateru, is one of the few Africans to make up the 3,201 persons from across the globe that have been elected Fellow in the 152 years of RAeS’ existence. Established in 1866 and headquartered in London, the United Kingdom, the group is the world’s most prestigious aviation society; the only aviation professional body dedicated to the aerospace community (military and civil) and seeks to further the advancement of aeronautical art, science and engineering around the world. Since its creation, the body has admitted only 24,300 members and almost 300 corporate partners around the globe, reflecting its high and uncompromising operational standards and untainted integrity in its quest to remain at the forefront of developments in aerospace. It seeks to promote the highest professional standards in all aerospace disciplines, provide specialist information & act as a central forum for the exchange of ideas, while playing a leading role in influencing opinion on aerospace matters. The Queen of England is the patron of the group. In further recognition of his expertise and aptitude, Olateru has also been elected as a member of Chatham House (The Royal Institute of International Affairs), United Kingdom - an international affair think-tank and world-leading policy institute with a mission to help governments and societies build a sustainably secure, prosperous and just world. The institute analyses and promotes the understanding of major international issues

and current affairs. It is ranked as one of the most influential think-tanks in the world. In the University of Pennsylvania’s rankings (announced in January 2017) for their ‘Global Go To Think Tanks Report,’ the Chatham House was ranked the think tank of the year, and the second most influential in the world after the Brookings Institution, and the world’s most influential non-U.S. think tank. In November 2016, Chatham House was also named Prospect magazine’s Think-Tank of the Year, as well as the winner in the UK categories for International Affairs and Energy and Environment. Founded in 1920, Chatham House has 3,300 members based in over 75 countries. Its members and subscribers are drawn from the worlds of business, diplomacy, academia, politics, the media and civil society, and large numbers of students. Olateru’s election into Fellowship of the RAeS, came after the Society conducted very strict and rigorous due diligence bordering on records of his personal integrity, good conduct, and outstanding contributions to the aviation industry; so also, with his election into Chatham House. These are global testimonials and recognition of his achievements and professionalism that clearly highlight his zest to grow and strengthen the aviation sector. His experience and pedigree acquired in more than 30 years of versatile work exposure, crisscross’s the Aviation Industry in the UK, Europe and Nigeria, at hands-on operational, management and top executive levels. A globally recognised resourceful industry professional with vast Airline and Air Transport management expertise, he is an Aircraft Maintenance Engineer with Nigerian, UK and USA licenses: and began his career in engineering maintenance with Pan African Airlines and the Nigerian Police Air Wing from where he left Nigeria for further studies abroad.

CLOSING GONG CEREMONY

L-R: Head, Information Security, Nigerian Stock Exchange (NSE), Favor Femi-Oyewole; former President, Risk Management Association of Nigeria (RIMAN), Gregory Jobome; Head, Shared Services Division, NSE, Bola Adeeko; President, RIMAN, Magnus Nnoka and first Vice President, Kola Ajimoko, at the closing gong ceremony by RIMAN at the NSE in Lagos…recently ETOP UKUTT

Union Honours SAHCOL Ibrahim Appointed into Global Chairman Information and Democracy The Nigerian Union of Air Transport Employees (NUATE) has honoured the Chairman of the Board of Directors of the Skyway Aviation Handling Company Limited, SAHCOL, Dr. Taiwo Olayinka Afolabi with the ‘NUATE Philanthropic Award.’ The award was presented to him at the Union Quadrennial National Delegates Conference and Awards Ceremony, held in Delta State recently. The event had in attendance, eminent Nigerians, Labour and Chief Executive Officers in Private and Public Sector, and delegates to the conference. According to NUATE, Afolabi is an internationally renowned and labour friendly entrepreneur, hence his choice as the recipient of the award, to recognise his “immense contribution to the growth and development of transportation in Nigeria.” Reacting to the award, the Managing Director/CEO of SAHCOL, Basil Agboarumi, expressed appreciation to the leadership and membership of NUATE for deeming it fit to pick Afolabi for the award, stating that he’s deeply honoured to receive the award. Commenting on the Conference theme, ‘Public Private Partnership in Aviation, with Perspectives from three key stakeholders; investor, Labour, and Management,” Afolabi Stated that today’s workplace is in continuous

need of partnership of all stakeholders, reiterating that he has always partnered with Labour to create industrial peace and harmony for the purpose of business growth and development, hence will remain employees-centric in all business dealings. He promised to continue to make investments in Nigeria, particularly in the aviation industry, such as would help produce the great Nigeria of our dream. Afolabi, is the Chairman of the Board of Directors of Skyway Aviation handling company Limited. He is also the Group Executive Vice Chairman of the Sifax Group of Companies and currently the Honorary Consul of the Republic of Djibouti. He is a seasoned businessman, an erudite maritime consultant. As a result of his outstanding meritorious virtues and contribution towards the development of Nigerian economy, he was conferred with the prestigious honour of Member of the Order of the Niger (MON). SAHCOL’s impact in the Nigerian aviation ground handling sector since it was privatised and handed over to the SIFAX Group in 2009 is evidenced by its array of awards and recognitions received from 2009 till date in recognition of the Company’s strides and innovation in building a brand in line with global standards.

Commission A Nigerian, Professor Hauwa Ibrahim has been appointed into the Paris-based Global Information and Democracy Commission. According to a report by Arnaud Froger, the Head of the African Desk, Reporters Without Borders, the Global Information and Democracy Commission, which is co-chaired by Nobel Peace Laureate, Shirin Ebadi and Reporters Without Borders Secretary-General, Christophe Deloire, has Nobel Economics Laureates Joseph Stiglitz; Amartya Sen, Peruvian Novelist and Nobel Literature Laureate Mario Vargas Llosa as members. Other members of the Commission include, Mr. Abdou Diouf, former President of the Republic of Senegal; Francis Fukuyama, Political Scientist and Political Economist, Professor at Stanford University, USA; Marina Walker, Journalist and Deputy Director of the International Consortium of Investigative Journalists, USA; Mr. Can Dündar, Journalist, Columnist and Documentary Filmmaker and former Editor-in-Chief of the Centre-left independent newspaper Cumhuriyet, Turkey; Maria Ressa, Journalist and CEO of the Rappler news website in Philippines among other intellectuals and leading journalists. In a letter by the co-chair, Shirin Ebadi, the independent

panel was being created to address the political control of information in a globalised public space, the influence of private interests, and the growing power of corporate actors who escape democratic control and the undermining of quality journalism. “The Declaration’s function will be to state principles, define objectives for decision-makers and propose forms of governance,” the mission statement by the co-chair said. It must “constitute a point of reference that will mobilise all those who are committed to defending a free and pluralistic public space, which is essential for democracy.” Ebadi said the initiative’s ultimate goal was to garner international commitment by governments, private-sector companies, civil society representatives and the leaders of several democratic countries that would lead to a declaration and International Pledge on Information and Democracy. Ibrahim has been a Visiting Professor at Saint Louis University School of Law and Stonehill College. She is a World Fellow at Yale University, a Radcliffe fellow, and a fellow at both the Human Rights Program and the Islamic Legal Studies Program at Harvard University, USA.

T H I S D AY • MONDAY, OCTOBER 1 , 2018

29

BUSINESSWORLD

NEWS

FG Formulates Policies to Boost Apicultural Exports James Emejo in Abuja President Muhammadu Buhari has reiterated the commitment of the current administration to formulating new policies to drive the developmental processes for the apicultural sub-sector of the economy. He noted that the initiative will also support capacity building of beekeepers and processors in the country. Speaking during the opening of the ApiExpo Africa 2018, which was hosted by the country, he said the country is currently implementing the Apiculture Roadmap aimed at transforming the country to one of

the top players in the global apicultural sphere. He said, “Nigeria will continue to support the development of the Apiculture industry at all levels especially in the area of Bee Health to ensure our Bees are protected from harmful pesticides, diseases and pests; and also ensure timely formulation of required policies and enactment of necessary legislations.” Represented by Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, Buhari expressed optimism that the exhibition will thereafter, attract national and international investments into the beekeeping industry

and stimulate refined processes for sustainable growth through seamless collaboration between public and private sector players. He added that repositioning the sector will further increase food safety and food security through reduction of hungerrelated malnutrition to meet the 2030 zero hunger; UN & FAO target as well as maintain eco diversity balance through mitigation of global warming. Also speaking at the event, the Minister of Agriculture

and Rural Development, Chief Audu Ogbeh, said the theme of the exhibition, “Beekeeping Industry for Wealth Creation, Economic Diversification and Sustainable Development,” underscored the huge untapped potential inherent in the Beekeeping sub-sector. He said though the value of global business of the Apiculture industry was estimated at about $200 billion comprising honey production, beeswax and

other bee hive products and most importantly pollination, Africa’s share represented a “teaspoon of less than 10 percent despite her huge potential-Nigeria inclusive.” He said with the present downtime in the oil economy, the country is exploring diversification of her economy with agriculture as the frontline economic powerhouse, for growth of agro-allied industries and providers of jobs and income. The minister said the Bee-

keeping subsector had been identified as a low hanging fruit and a major driver in the green revolution taking place in Nigeria’s Agricultural sector. He said, “Most importantly, government recognises the role bees play in increasing yield per hectare of crops through pollination and its multiplier effects, including provision of jobs in pollination services as well as well-structured production of honey and other hives products.”

LBS, Stakeholders Explore Investment Opportunities in Entertainment Industry Raheem Akingbolu Stakeholders in Nigeria’s entertainment industry, led by the Lagos Business School (LBS), the advertising practitioners and film makers have come together to explore opportunities that will bring more investment to the industry they collectively agreed can help in tackling unemployment in the country. The occasion was the Lagos International Executive-MBA Week, themed, ‘playing to win in Africa’, Exploring Business Opportunities in Nigeria, aimed at fostering cultural immersion and expose participants to the culture, values and business environment in Nigeria and Africa at large Speaking on LBS intervention in the entertainment industry, Academic Director, International EMBA Week and Director MBA, Lagos Business School, Dr. Uchenna Uzo, said the focus this year was to celebrate the creative industry of Nigeria and to discuss the implications for Africa. “We have participants who came from other countries who know about Nollywood and the Nigerian music industry but who know very little about the business parts of it. “What we have done is to invite industry guests who can expose them to what it takes to invest in this industry and to export our productivity and creativity to other parts of Africa and the world,” Uzo said. While restating the facts that this is an industry that has very little funding from government and the private sector, yet has been able to build something that is rated as the second largest in the world, Uzo predicted that with time, more education, investment and the right infrastructure, Nigeria’s entertainment industry would be able to make wider impact and produce movies that can have a stronger appeal globally. “What it will take to elevate the industry, apart from funding, is to help build the educational infrastructure that will help the artiste and other people to come in. “Right

now, Nollywood is an all comers affair, where anybody can come in at any time without necessarily having the needed skills and abilities. “So, we need that kind of training and developing partnership with schools and institutions that are used to film making and productions. We have the raw talent; all they need is the help, support and the expertise to help them improve on their productivity,” Uzo added. Speaking on the music industry, the Chief Executive Office, X3M Group, Steve Babaeko, while explaining why government and other stakeholders needed to pay attention to the industry, said apart from farming, the creative industry is the second largest employer of labour in any the country. He added that the creative industry is also the biggest public relations tool which the government should explore and develop because of the potentials and catalysts for youth employment. According to him, if a big company like Nike can collaborate with an artist called Wizkid, released a jersey called ‘Starboy’, which sold out in less than ten minutes, then it is worth paying attention. “For every Wizkid you produce you are taking 50 to 100 young men off the street; the same thing for Davido, Tiwa Savage, Yemi Alade, and this is because when they roll, they don’t roll alone, they roll with stylists, makeup artistes, road managers, business managers. They roll with these full compliments. “Now we have an opportunity to create mass job but we are not taking advantage of the opportunity. The music and entertainment industry is the only industry that is not backed up by government funds, the banks or any investor group but it has taken Nigeria to the world”. He said Nigeria’s music industry is by far bigger than that of South Africa, but “because we do not have structures to actually evaluate it, South Africa on paper seemed to be bigger than that of Nigeria.”

BUSINESS EXPANSION

L-R: Chairman, Genesis Group, Ichie Nnaeto Orazulike; Executive Director, South, Aku Odinkemelu; Chief Executive Officer, Next Cash and Carry Shopping Mall, Ndibe Obi and Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo at the opening ceremony of Next Cash and Carry Shopping Mall in Port Harcourt, Rivers State …recently

NNPC Donates Solar Solution Access Bank Restates to Imo Handicap Centre Commitment to Innovation Amby Uneze in Owerri The Nigerian National Petroleum Corporation’s (NNPC) Total Upstream Limited has donated solar solutions to a handicap centre in Imo State, even as the company restated its commitment to contributing to the promotion of good environmental practices through the deployment of renewal energy in the country. The Managing Director/ Executive of Total Upstream Nigeria Limited, Mr. Terraz stated this at the inauguration of solar solution donated to the Don Guanella Centre for mentally and physically challenged children, managed and operated by the Congregation of Servants of Charity, Nnebukwu, in Oguta local government area of Imo state. Terraz said NNPC Total Upstream Nigeria Limited (TUPN) and its partners SAPETRO, CNOOC and PETROBRAS - were contributing to the realisation of the United Nation’s Sustainable Development Goals (SDGs) numbers three and seven, which accord to him lays strong emphasis on good health and well being as well as provision of cleaner,

affordable, reliable, sustainable and modern energy. He said: “In Total we are committed to a better energy and one of our cardinal CSR objectives is to promote environmental responsibility including access to clean and renewable energy, support the reduction of emissions, combat climate change and protect natural resources and bio-diversity.” Terraz, disclosed that each of five buildings in the centre was provided with solar power and run independently, adding that with the completion of the project, the institution would now depend less on diesel generators for its electrical needs, thereby reducing environmental pollution as well as operational cost which would leave more funds available to meet the other needs of the residents. The Group General Manager NAPIMS, Roland Ewubare who spoke through the Manager (Public Affairs Dept), Alhaji Jia’ Afaru Aliyu, stated that the Don Gaunella centre is the first beneficiary of the project with the completion and donation of the 45,582kw/H of electricity through the use of solar PV panels, inverters and batteries.

Emma Okonji Access Bank has restated its commitment to provide innovative, secure and convenient banking services to its customers, while promising customers that the bank will not relent in such commitment. The Chief Executive Officer of the bank, Herbert Wigwe, gave the assurance when he met with his Microsoft counterpart, Satya Nadella, in the United States, recently, to discuss issues and methods regarding how the bank could further leverage on technology to solidify banking security in the country. The meeting provided an extensive opportunity for the bank to further build on its current relationship with Microsoft, with discussion on how both companies could work together to revolutionise digital banking experience and create additional and new forms of value in Nigeria and Africa. Both CEOs, according to a statement, discussed the bank’s efforts to reform banking practices on the

continent, creating easy and secured banking experience for customers, including quick methods to address financial inclusion, especially through Access Bank’s existing structures that promote financial technology such as mobile banking, the African Fintech Foundry, among many others. Speaking on the meeting, Wigwe said: “This meeting is very strategic for Access Bank and could not have come at a better time. Right now, we are much focused on providing innovative solutions and leveraging technology across various platforms in our quest to open Africa to the world which is our five-year goal.” With its track record in innovative products such as the Access Africa, the crossborder transfer service, which is the fastest way to send and receive money across Africa seamlessly, PayDay Loan and the recently-launched Access WhatsApp Banking service, Access Bank has consistently provided customers with seamless banking services that have proven to be fast, affordable, and convenient, Wigwe said.

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BUSINESS/MONEYGUIDE

JTB Applauds NGF’s IGR Drive for States Olawale Ajimotokan in Abuja The Executive Secretary, Joint Tax Board (JTB), Oseni Elamah has hailed the Nigeria Governors’ Forum Secretariat contributions to the reinvention of tax administration in the country. He extolled the NGF on its role in spearheading enhanced revenue generation among states in the country at a two-day training on human resource management for states internal revenue services held at the Forum’s secretariat in Abuja recently. “I appreciate the NGF for ensuring the attainment of the lofty ideals of enhanced revenue generation in the country, especially given the need for states to explore alternative sources of funding under the reality of dwindling federal

allocations. “It was without much resistance that during the 137th meeting of the Board in 2017, the NGF was admitted into the Board, having an observer status,” Elamah said. He further acknowledged the role of the forum in reinventing itself to evolve services that would adequately and comprehensively re-position the respective revenue authorities in the country. He stressed that a number of initiatives and programmes had been designed and geared towards not only building capacity for professional and quality service delivery, but re-engineering the operational processes and institutional framework that would bring about a more sustainable outcome for enhanced growth in IGR. “It is heartening to note that

the NGF has been reinforcing the role of the JTB in this regard via the implementation of the States Internally Generated Revenue (IGR) Reform Initiative, an initiative that has as its primary objective, the constructive engagement of the State Chief Executives of selected states currently constrained in optimising their revenue generation and administration capacity is just one of such collaborations,” Elamah concluded. Earlier, while declaring the event open, the Director-General of the NGF, Mr. Asishana Okauru, urged the participants to take advantage of the offerings of the workshop to hone their skills. Participants at the event which takes care of the north central zone were from Nasarawa, Kwara, Kogi, Niger, Plateau, Benue and the FCT. L-R: Marketing Manager, Malta Guinness & APNADS, Omotola Bamigbaiye-Eletu; Emir of Zaria, Alhaji Idris Shehu and Head of Sales Division (North), Penny Vakkai, at the Durbar celebration in Zaria…recently

Sekibo: Heritage Bank Supporting Next Titans to Encourage Entrepreneurs Heritage Bank said its sponsorship of Nigeria’s entrepreneurial reality show, “The Next Titan’s,” was driven by its faith in the ability and willingness of young entrepreneur’s ability to contribute to Nigeria’s economic growth. Managing Director of Heritage Bank, Mr Ifie Sekibo, disclosed this while receiving a group of ‘Next Titan’ contestants on a courtesy visit to bank’s head office in Lagos, stressing that the bank has a strongly desire to see young men and women succeed in other areas other than what they study in school. The Next Titan is an entrepreneurial reality show headlined by Heritage Bank. It features a 10-week entrepreneurial reality TV show geared at igniting the entrepreneurial spirit of young Nigerians, which gives opportunity to young aspiring entrepreneurs to battle against one another for a grand prize of N5 million and a car to the winner. Sekibo said: “I am particularly impressed by what I have seen and what touched me most is

the diversity in your areas of competence. “But the intriguing part is that many of you are not actually doing what you studied in the university. For the fact that most of you are doing something different from what you study gives me hope for this country. “It gives me hope to the extent that it shows it is not about what you study but about your passion. Your desire to succeed gives me hope for this country. “One of the reasons why we chose as an organisation to support ‘The Next Titan’s’ is to see young men and women venture away from their seeming comfort zone after five years of a particular study at the university. “You abandon what you study and check what humanity needs and try to cover that gap for humanity by being the best in that field”, he stated. Speaking further, he said: “In succeeding, one needs to dare in life and some of us have dared in the past, so it is left for the youths to dare as well.

“One of the things I want to advise is not just getting to the Next Titan show, it is about what you can achieve because from what I have seen, there are huge opportunities, huge potentials in each of the contestants but you must all come together with your ideas if you want to change the world”. “I do not believe this is just any reality show, you must bear in mind that there is competition and there is cooperation. I want you to compete healthy, effectively because unhealthy rivalry will only kill your dreams.” Speaking on the rationale behind the establishment of Heritage Bank, Sekibo said, “If you know the history of this bank, then you will understand where I am coming from. “We bought a bank that was dead for 10 years; I can tell you that no bank anywhere in the world dies for 10 years and came back alive. Our dream was not limited to resuscitating the bank, but what is the future of the people whose monies were tied down for 10 years and could not get their monies.”

RMB Seeks Improved Awareness on Financial Inclusion The Chief Operating Officer of Rand Merchant Bank Nigeria (RMB), Mr. Funso Odukoya, has called for increased awareness on issues around financial inclusion in the country. Odukoya, spoke during a panel session at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN), with the theme: “Banks, Fintechs and Nigeria’s Financial Inclusion Journey,” held in Lagos, recently. “To achieve financial inclusion, we need to educate everyone. Let’s get the information out there and let’s bring people into the financial system. “We can achieve this by understanding our culture and by leveraging information to make sure everybody

understands what financial inclusion is about,” he said. Responding to a question on an allegation that banks don’t lend to fintechs because of competition, Odukoya said: “Banks carry out due diligence before they lend to any sector. You really must do the due diligence before you can lend to anybody. Banking is just understanding the risk.” But, he pointed out that in most countries where fintechs had developed, “you will discover that they are not really dependent on banks’ funding.” “There are venture capitalists and private equity companies that look into the value the start-up is bringing and they provide funds to those companies. “So, fintechs that are strug-

gling for funds, I would say is because they have no value to offer. If a fintech start-up has value, funding will seek such a firm out. “We have instances of young start-ups that are flooded with funding because they are bringing value to the table.” Continuing, he said: “But the relationship between the banks and the fintechs have to be collaborative. It mustn’t be we against them, it has to be all of us working together to achieve the ultimate goal of reaching out to everyone. “So, the goal is not for fintechs to overtake banks, or banks to overtake fintechs. The goal is to reach out to everyone and make financial services affordable and available to everyone.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA) 2018

Month

MARCH

Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

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

5,433,209.43

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

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 • Source - CBN

MANAGED FUNDS Month

MARCH

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55 • Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE AS AT, TUE, 25, SEPT , 2018 The price of OPEC basket of fifteen crudes stood at $80.44 a barrel on Tuesday, compared with $78.81 the previous day, according to OPEC Secretariat calculations.. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

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MARKET NEWS

NSE Harps on Protecting Stakeholders’ Information Assets Goddy Egene The Nigerian Stock Exchange (NSE) has said it takes a proactive approach to security because it recognises the importance of protecting its data and stakeholders’ information assets. Head, Information Security, NSE, Mrs. Favour FemiOyewole, stated while

reacting to NSE’s retention of the ISO 27001:2013 certification for its Information Security Management System (ISMS) for the third year consecutively. “NSE takes a proactive approach to security as we recognise the importance of protecting our data and stakeholders’ information assets. With our recertification,

our clients and stakeholders can be confident that we follow information security best practices in managing our risk exposure,” Femi-Oyewole said. According to her, “with our recertification, our clients and stakeholders can be confident that we follow information security best practices in managing our risk exposure.”

The re-certification followed a rigorous independent audit of NSE’s Information Security Management System (ISMS) by the British Standard Institute (BSI), to ensure that the principles of the International Organisation for Standardisation (ISO) on ISMS standard are being upheld at the exchange and controls are working as intended.

The Chief Executive Officer of NSE, Mr. Oscar Onyema said the management of the NSE was delighted to retain this ISO certification from the BSI. “It demonstrates our continual commitment to data protection and a clear indication of the robustness of our systems and processes in managing sensitive stakehold-

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

ers’ information. Since first attaining the ISO 27001:2013 certification in August 2015, we have continued to evolve and improve our security management processes to ensure that our information security controls remain safe and effective in light of emerging business needs and the changing security landscape,” he said.

21/09/2018

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) 235,762.97

TRADES

VOLUME

BEVERAGES--BREWERS/DISTILLERS S/N

8.15

1.88

107

61,521,437

273,595.37

8.00

2.56

153

66,144,880

653,047.07

20.80

0.73

287 547

82,467,991 210,134,308

TRADES

VOLUME

33

MARKET CAP(Nm) 308,699.52

MARKET CAP(Nm) DANGOTE CEMENT PLC 3,493,304.02 LAFARGE AFRICA PLC. 203,825.56

BUILDING MATERIALS

EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC

PRICE %CHANGE

MARKET CAP(Nm) 366,012.52

PRICE %CHANGE 8.60

1.18

PRICE %CHANGE 205.00 23.50

-2.38 3.30

PRICE %CHANGE 622.00

3.67

31 32

97

6,708,637

34

97

6,708,637

35

644

216,842,945

TRADES

VOLUME

37

38 71 109 109

762,363 1,188,066 1,950,429 1,950,429

38

TRADES

VOLUME

20

52,102

20

52,102

20 773

52,102 218,845,476

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

73,451.07

77.00

-

7

16,018

60,000.00

60.00

-

5 15

24,588 90,716

FISHING/HUNTING/ TRAPPING ELLAH LAKES PLC.

MARKET CAP(Nm) 511.20

PRICE %CHANGE

TRADES

LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC.

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

BUILDING CONSTRUCTION ARBICO PLC. INFRASTRUCTURE/ HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. ROADS NIG PLC.

MARKET CAP(Nm) 1,890.00

MARKET CAP(Nm) 1,085.39

PRICE %CHANGE 0.20

4.26

-

-

PRICE %CHANGE 0.63

-

VOLUME

3

50,110

11.80

6.31

58 105 105

994,441 9,775,168 9,775,168

TRADES

VOLUME

0 0

0 0

TRADES

VOLUME

33,000.00

25.00

-

16

63,923

165.00

6.60

-

0

0

16

63,923

24,014.43

TRADES 21

VOLUME 464,366

46

49 50 51 52 53 54 BANKING S/N 55 56 57 58 59 60 61 62 63 64 65 66 67

21

464,366

68

TRADES

VOLUME

-

0

0

69 70

-

0

0

72

1

200

73

1

200

38

528,489

TRADES

VOLUME

77

-

0 0

0 0

78

PRICE %CHANGE

TRADES

VOLUME

79

10

166,386

9.00

-

71

74 75 76

AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC

MARKET CAP(Nm) 954.53

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

MARKET CAP(Nm) 13,701.62

PRICE %CHANGE 0.20

1.75

-

1,513,686

1

77,035

1,158.30

6.50

-

0

0

49,014.61

18.50

-

10

15,261

3,676.41

13.45

-

MARKET CAP(Nm) 1,680.31 3,439.82

PERSONAL/HOUSEMARKET HOLD PRODUCTS CAP(Nm) P Z CUSSONS NIGERIA 53,601.44 PLC. UNILEVER NIGERIA 247,035.23 PLC.

MARKET CAP(Nm) 28,255.67

105,741

33,999.30

45.20

33

-

19

8,761,909

11,300.89

2.94

0.36

15,025

42

95.00

1.40

1,340.10

4

0.80

PRICE %CHANGE

11,102.28

48

1.26

MARKET CAP(Nm) 1,900.00

591,236

15,025

51,216.47

REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST

59

VOLUME

6,168 0

-

-0.50

4

12,650

1.70

20.00

TRADES

3 0

PRICE %CHANGE

263,050

82,007.59

47

-

MARKET CAP(Nm) 4,417.27

26

0 0

0.53 3.25

REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC

-

0 0

206.25 2,111.93

PRICE %CHANGE

14.70

DIAMOND BANK PLC ECOBANK TRANSNA330,291.92 TIONAL INCORPORATED FIDELITY BANK PLC 47,808.42 GUARANTY TRUST 1,021,261.92 BANK PLC. JAIZ BANK PLC 16,499.98 SKYE BANK PLC 10,687.83 STERLING BANK PLC. 41,746.11 UNION BANK NIG.PLC. 168,900.37 UNITY BANK PLC 11,221.76 WEMA BANK PLC. 21,987.45

VOLUME

MARKET CAP(Nm)

978,988

176,400.00

45

2

-

VOLUME

54

VOLUME

TRADES

4.79

TRADES

BANKING

-

PRICE %CHANGE

44 PERSONAL/HOUSEHOLD PRODUCTS CONSUMER GOODS FINANCIAL SERVICES

242.22

0.89

-

0

0

192,753.69

88.00

-

34

83,452

266,041.93

30.95

3.17

15

1,977,072

743,711.89

93.00

4.49

137

2,314,572

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

4,541,482

-

FOOD PRODUCTSMARKET -DIVERSIFIED CAP(Nm) CADBURY NIGERIA 16,997.73 PLC. NESTLE NIGERIA PLC. 1,109,718.75 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.

PRICE %CHANGE

196

7.40

S/N

0.41

MARKET CAP(Nm) 711.32

PRICE %CHANGE

TRADES

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

MARKET CAP(Nm) 37,000.00

MARKET CAP(Nm)

PRICE %CHANGE

0

0

183

3,439,256

TRADES

VOLUME

9.05

-3.72

37

440,004

1,400.00

1.41

41 78

283,140 723,144

PRICE %CHANGE

TRADES

VOLUME

22.10

-

2

4

3.30

-

13 15

256,992 256,996

PRICE %CHANGE

TRADES

VOLUME 554,946

13.50

8.00

36

43.00

-

23

146,468

59

701,414

531

9,662,292

PRICE %CHANGE

TRADES

VOLUME

1.22

-2.40

23

2,663,633

18.00

-2.70

29

262,758

1.65

-0.60

98

4,584,318

34.70

2.06

171

208,540,533

0.56 0.77 1.45 5.80 0.96 0.57

9.80 4.05 9.09 -5.00

22 47 16 22 12 83 523

12,152,086 2,931,537 3,478,535 83,314 409,599 21,152,134 256,258,447

PRICE %CHANGE

TRADES

VOLUME

4,117.00

0.20

-

0

0

5,613.47

0.81

-1.23

13

666,526

19,530.00

1.86

-9.71

32

1,113,730

2,100.00

0.30

-

2

16,650

15,040.48

1.45

-

3

12,615

2,945.90

0.20

-

5

575,650

2,411.47

0.53

-

0

0

1,913.74

0.50

-

0

0

1,964.80

0.32

-

0

0

487.95

0.38

-

0

0 322,800

2,270.26

0.31

-6.06

10

2,835.58

0.66

-

1

47,066

5,120.00

0.64

-

19

747,500

2,240.00

0.28

-

11

645,930

15,841.51 2,399.24

3.00 0.31

-2.91 -

9 4

260,651 9,292

2,023.23

0.53

-5.36

5

203,767

1,733.88

0.26

-

6

115,000

2,001.80

0.24

-

14

1,238,236

4,483.72

0.48

-

0

0

2,582.21

0.20

-

3

4,195,535

2,800.00

0.20

-

4

368,190

516.46

0.20

-

1

25,000

3,680.00

0.23

-

0

0

3,605.33

0.26

-

8

110,230

5,353.10

0.40

8.11

40

5,056,847

190

15,731,215

PRICE %CHANGE

TRADES

VOLUME

0

0

MARKET CAP(Nm) 11,799.67

2.58

-

˾ MONDAY, OCTOBER 1, 2018

62

Monday, October 1, 2018 ƵLJŝŶŐ /ŶƚĞƌĞƐƚ ŝŶ ŚĞĂƉ ƐƐĞƚƐ ƌŝǀĞƐ WŽƐŝƟǀĞ Performance

THISDAY AFRINVEST 40 INDEX

ĞƐƉŝƚĞ ƉƌŽĮƚ ƚĂŬŝŶŐ ŽŶ ϯ ŽĨ ϱ ƚƌĂĚŝŶŐ ĚĂLJƐ ƚŚŝƐ ǁĞĞŬ͕ ƚŚĞ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ůŽĐĂů ďŽƵƌƐĞ ĐůŽƐĞĚ ƉŽƐŝƟǀĞ ĂƐ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ĨƵŶĚĂŵĞŶƚĂůůLJ ƐŽƵŶĚ ƐƚŽĐŬƐ GUARANTY͕ ZENITH͕

Current Price

Ticker

^d E / ĚƌŽǀĞ ƚŚĞ ŝŶĚĞdž ŚŝŐŚĞƌ t-o-t͘ KŶ DŽŶĚĂLJ͕ ƐĞůůŽīƐ ŝŶ NIGERIAN BREWERIES ĂŶĚ UBN ůĞĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƚŽ ƐŚĞĚ ϮϳďƉƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ

ǁĂƐ ƵƉƚƵƌŶĞĚ ŽŶ dƵĞƐĚĂLJ ĂƐ ƐŝŐŶŝĮĐĂŶƚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ DANGCEM͕ NESTLE ĂŶĚ GUARANTY ďƵŽLJĞĚ ƚŚĞ ^/ ďLJ Ϯ͘Ϭй͘ KŶ tĞĚŶĞƐĚĂLJ ĂŶĚ dŚƵƌƐĚĂLJ͕ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ DANGCEM͕ NESTLE ĂŶĚ GUARANTY ĐƵŵƵůĂƟǀĞůLJ ĚƌĂŐŐĞĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ϭϬϳďƉƐ ůŽǁĞƌ͘ dŚĞƌĞ ǁĂƐ ŚŽǁĞǀĞƌ

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

1,357.52

0.06%

-12.0%

35.8%

19.6%

6.7%

5.9x

0.8x

6.3%

12.3%

1

Guaranty Trust Bank PLC

36.55

-0.4%

21.8%

-10.3%

-9.9%

35.8%

5.4%

5.6x

2.2x

7.4%

17.9%

2

Zenith Bank PLC

21.50

0.0%

12.4%

-16.1%

-17.1%

3.7x

0.9x

12.8%

27.3%

3

Nigerian Brew eries PLC

91.50

0.0%

7.0%

-32.2%

-32.2%

15.9%

7.3%

26.3x

4.3x

4.5%

3.8%

4

Nestle Nigeria PLC

1,400.00

-2.3%

8.2%

-10.0%

-10.0%

92.0%

23.0%

28.7x

24.9x

3.0%

3.5%

5

Dangote Cement PLC

6

FBN Holdings Plc

205.00

0.0%

6.3%

-10.9%

-10.9%

21.7%

9.9%

20.9x

4.9x

5.1%

4.8%

8.90

3.5%

6.3%

1.1%

1.3%

7.4%

0.9%

5.8x

0.5x

2.8%

17.1%

7

Access Bank PLC

8.15

0.6%

4.0%

-22.0%

-23.1%

13.3%

1.6%

3.7x

0.5x

7.9%

26.7%

8

United Bank for Africa PLC

8.40

1.2%

4.1%

-18.4%

-19.3%

16.2%

1.9%

3.7x

0.6x

10.1%

26.7%

17.90

-0.6%

3.9%

5.3%

10.0%

12.2%

1.0%

5.8x

0.7x

630.00

1.3%

3.5%

0.6%

0.6%

25.0%

14.6%

2.9x

0.7x

2.9%

34.5% 14.0%

9

Ecobank Transnational Inc

10

SEPLAT Petroleum Development C

17.3%

11

Stanbic IBTC Holdings PLC

46.00

6.2%

3.7%

10.8%

12.5%

35.4%

4.9%

7.1x

2.2x

2.2%

12

Unilever Nigeria PLC

45.00

0.0%

3.2%

9.8%

11.9%

20.4%

8.7%

24.9x

3.3x

1.1%

4.0%

ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ STANBIC ĂŶĚ FBNH͘ &ŽůůŽǁŝŶŐ ƚŚŝƐ͕ ƚŚĞ

13

Guinness Nigeria PLC

80.00

-7.1%

2.2%

-14.9%

-14.9%

10.3%

4.5%

23.8x

2.0x

2.3%

4.2%

14

Lafarge Africa PLC

22.20

ůŽĐĂů ďŽƵƌƐĞ ĐůŽƐĞĚ ƚŚĞ ǁĞĞŬ ŝŶ ƚŚĞ ŐƌĞĞŶ͕ ƵƉ Ϭ͘ϳй t-o-

-1.3%

0.9%

-50.5%

-50.5%

-54.0%

-10.1%

1.4x

6.8%

-40.6%

15

Fidelity Bank PLC

1.70

-1.7%

1.0%

-30.9%

-34.1%

10.4%

1.4%

1.3x

0.3x

6.5%

16

Oando PLC

5.00

-3.8%

1.2%

-16.5%

-16.5%

10.3%

1.5%

4.4x

0.3x

17

Dangote Sugar Refinery PLC

14.20

0.0%

0.9%

-29.0%

-30.3%

41.5%

18.1%

4.8x

1.7x

8.8%

20.8%

18

Okomu Oil Palm PLC

77.00

9.8%

1.4%

13.8%

13.8%

35.8%

26.6%

8.3x

2.7x

3.9%

12.1%

19

International Brew eries PLC

32.50

0.0%

0.5%

-40.4%

-40.9%

24.6%

7.4%

34.0x

7.7x

20

Flour Mills of Nigeria PLC

20.00

1.8%

0.5%

-31.0%

-31.0%

9.8%

2.9%

4.9x

0.6x

5.0%

20.3% 15.3%

ŵŝůĚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŽŶ &ƌŝĚĂLJ ĂƐ ǁĞ ƐĂǁ ƉƌŝĐĞ

t͕ ƐĞƩůŝŶŐ Ăƚ ϯϮ͕ϳϲϲ͘ϯϳ ƉŽŝŶƚƐ ǁŚŝůĞ zd ůŽƐƐ ǁŽƌƐĞŶĞĚ ƚŽ ϭϰ͘ϯй͘

ĐƟǀŝƚLJ ůĞǀĞů ǁĂƐ ŚŽǁĞǀĞƌ ŵŝdžĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĚĞĐůŝŶĞĚ Ϯϭ͘ϰй ƚŽ Eϭϴϰ͘ϵďŶ ǁŚŝůĞ ĂǀĞƌĂŐĞ ǀĂůƵĞ ŝŶĐŚĞĚ

ϲ͘ϱй ŚŝŐŚĞƌ ƚŽ EϮ͘ϴďŶ͘ GUARANTY ;ϭϮϬ͘ϭŵ ƵŶŝƚƐͿ UBA ;ϴϰ͘ϱŵ ƵŶŝƚƐͿ ĂŶĚ FIDELITY ;ϴϮ͘ϴŵ ƵŶŝƚƐͿ ǁĞƌĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁŚŝůĞ GUARANTY ;Eϰ͘ϯďŶͿ͕ ZENITH ;Eϭ͘ϲďŶͿ ĂŶĚ NESTLE ;Eϭ͘ϱďŶͿ ǁĞƌĞ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ďLJ ǀĂůƵĞ͘

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŶĞŐĂƟǀĞ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͕ ĚŽǁŶ ϭ͘ϰй ĨŽůůŽǁŝŶŐ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ WAPCO (-ϱ͘ϱйͿ ĂŶĚ BERGER (-ϴ͘ϳйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ &KZd ;-ϲ͘ϳйͿ͕ TOTAL (-ϯ͘ϱйͿ͕ NIGERIAN BREWERIES (-ϭ͘ϲйͿ ĂŶĚ GUINNESS (-ϵ͘ϭйͿ ĚƌĂŐŐĞĚ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ďLJ

Ϭ͘ϳй ĂŶĚ Ϭ͘ϱй͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ƌŽƐĞ Ϯ͘ϱй ĂŶĚ Ϭ͘ϵй ƌĞƐƉĞĐƟǀĞůLJ ĂƐ ŝŶǀĞƐƚŽƌƐ ďŽƵŐŚƚ ƉŽƐŝƟŽŶƐ ŝŶ GUARANTY ;нϱ͘ϯйͿ͕ ZENITH ;нϯ͘ϰйͿ͕ MANSARD ;нϰ͘ϴйͿ ĂŶĚ LINKASSURE ;нϵ͘ϰйͿ͘

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϳdž ĨƌŽŵ Ϯ͘Ϭdž ƌĞĐŽƌĚĞĚ ůĂƐƚ ǁĞĞŬ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ Ϯϳ ƐƚŽĐŬƐ ĐŽŵƉĂƌĞĚ ƚŽ ϰϬ ƐƚŽĐŬƐ

2.9%

21

Transnational Corp of Nigeria

1.27

0.0%

0.6%

-13.0%

-14.2%

12.9%

2.8%

6.5x

0.8x

1.6%

22

UAC of Nigeria PLC

10.70

-9.7%

0.4%

-36.7%

-36.7%

1.4%

0.6%

19.1x

0.5x

6.1%

23

Diamond Bank PLC

1.18

0.0%

0.5%

-21.3%

-24.8%

-7.2%

-0.9%

-20.4%

-20.4%

33.1%

6.9%

6.8x

2.1x

9.3%

12.7%

6.7%

1.0%

2.9x

0.2x

5.6%

34.2%

-10.0%

40.2%

16.0%

6.0x

2.1x

4.6%

16.6%

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

0.1x

183.00

0.0%

0.5%

1.78

0.0%

0.6%

175.20

0.0%

0.5%

20.05

0.0%

0.3%

-53.9%

-52.3%

29.7%

3.0%

12.55

-2.3%

0.3%

-39.1%

-40.7%

10.7%

5.0%

11.9x

1.2x

1.2%

9.10

-1.1%

0.3%

-41.9%

-41.7%

5.9%

2.2%

27.0x

1.5x

1.7%

3.7%

Presco PLC

56.55

0.0%

0.4%

-17.4%

-17.4%

3.5%

42.1%

31

NASCON Allied Industries PLC

18.50

-2.6%

0.4%

0.0%

-3.7%

5.0x

8.1%

11.4%

32

UPDC Real Estate Investment Tr

9.00

0.0%

0.3%

-10.0%

-10.0%

0.8x

7.8%

-10.0%

1.5x

2.4x 62.4%

33

Union Bank of Nigeria PLC

5.10

0.0%

0.3%

-34.6%

-32.1%

34

Julius Berger Nigeria PLC

23.90

-4.4%

0.3%

-14.6%

-14.6%

17.3%

20.6%

8.8x

8.1x

0.5x

6.6x

1.1x

4.3%

15.1%

3.9x

25.6%

35

Sterling Bank PLC

1.50

0.0%

0.4%

38.9%

32.7%

11.0%

1.1%

36

Dangote Flour Mills Plc

7.20

-1.4%

0.2%

-40.7%

-40.7%

0.0%

0.0%

12.3%

0.4x

1.3%

0.9x

2.8%

37

GlaxoSmithKline Consumer Niger

14.00

2.6%

0.2%

-35.2%

-35.2%

6.5%

3.6%

20.1x

2.0x

53.6%

5.0%

38

Chemical and Allied Products P

28.45

4.6%

0.2%

-16.3%

-20.3%

66.2%

30.2%

13.3x

8.9x

7.2%

7.5%

39

Beta Glass PLC

78.00

0.0%

0.2%

52.0%

52.0%

17.7%

11.5%

9.5x

1.6x

1.4%

10.6%

40

Transcorp Hotels Plc

6.75

0.0%

0.1%

-6.4%

-6.4%

6.0%

3.3%

15.4x

0.9x

1.8%

6.5%

T o 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 %

R OYA LEX

0.22

10.0%

F IR ST A LUM

0.44

10.0%

LIN KA SSUR E

0.70

9.4%

P R EST IGE

0.50

8.7%

LA WUN ION

0.65

WA P IC

T ic k er

Vo lum e

P ric e C hg %

F ID ELIT YB K

23.3

1.8%

GUA R A N T Y

16.8

-2.1%

UB A

16.2

-0.6%

A C C ESS

15.5

-0.6%

6.6%

Z EN IT H B A N K

11.4

0.5%

0.42

5.0%

ST ER LN B A N K

9.4

0.0%

C UST OD IA N

5.28

4.8%

D IA M ON D B N K

6.0

-0.8%

J A IZ B A N K

0.52

2.0%

FB NH

5.7

0.6%

F ID ELIT YB K

1.73

1.8%

UC A P

5.6

-4.1%

91.50

1.6%

T R A N SC OR P

3.9

0.0%

T ic k er

Value

P ric e C hg %

N EST LE

1273.9

-4.2%

NB T o p 10 Lo s e rs

-9.1%

PZ

12.85

-4.8%

1.40

-4.8%

1432.50

-4.2%

2.80

-4.1%

UB N

5.10

-3.8%

A IIC O

0.77

-3.7%

ŽƉƉŽƌƚƵŶŝƟĞƐ ƚŽ ďƵLJ ĐŚĞĂƉ ĂƐƐĞƚƐ ĞdžŝƐƚ ĨŽƌ ŝŶǀĞƐƚŽƌƐ ǁŝƚŚ

WEM A B A N K

0.55

-3.5%

ŵĞĚŝƵŵ ƚŽ ůŽŶŐ ƚĞƌŵ ŝŶǀĞƐƚŵĞŶƚ ŚŽƌŝnjŽŶƐ͘

M B EN EF IT

0.28

-3.4%

NB

28.9

1.6%

UN ION D A C

0.31

-3.1%

UN ILEVER

22.2

0.0%

ǁŝůů ƌĞŵĂŝŶ ŝŶ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ ǁĞ ďĞůŝĞǀĞ

¯NjÞŘɚsǣǼ ǢsOȖNjÞǼÞsǣ ĵÞŎÞǼs_ ʹNJN ˥˟ˢ ˢˠˤʺ ʹ ^s ĶÞض ōsŎEsNj Ÿ¯ ǼÌs ŗÞ¶sNjÞ Ř ǢǼŸOĨ rɮOÌ Ř¶sʺ

T ic k er

T o p 10 T ra de s by V a lue

P ric e C hg %

(-ϵ͘ϱйͿ ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͘ tĞ ĞdžƉĞĐƚ ǁĞĂŬ ƐĞŶƟŵĞŶƚƐ

8.4%

1.8%

0.30

ǁŚŝůĞ UBN (-ϭϮ͘ϭйͿ͕ UNIONDAC (-ϭϬ͘ϱйͿ ĂŶĚ LIVESTOCK

14.6%

-13.0%

P ric e

ĂŶĚ FIRSTALUM ;нϭϬ͘ϴйͿ ĂĚǀĂŶĐĞĚ ƚŚĞ ŵŽƐƚ ƚŚŝƐ ǁĞĞŬ

5.2% -73.3%

A B CTRA NS

ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ NIGERINS ;нϭϵ͘ϰйͿ͕ UACPROP ;нϭϰ͘ϳйͿ

79.9% 22.7%

H ON YF LOUR N EST LE UC A P

GUA R A N T Y

621.4

-2.1%

Z EN IT H B A N K

246.2

0.5%

UB A

134.9

-0.6%

A C C ESS

125.7

-0.6%

FB NH

49.2

0.6%

F ID ELIT YB K

39.3

1.8%

CCNN

29.7

-2.1%

ÝŘɚsǣǼŎsŘǼ NJsǣs NjOÌ

DNjŸĨsNj ¶s ɴŸ_sĠÞ rEŸ ʿ sEŸ˔ ¯NjÞŘɚsǣǼʳOŸŎ

NJŸEsNjǼ ŷŎŸǼȖŘ_s ʿ NjŸŎŸǼȖŘ_s˔ ¯NjÞŘɚsǣǼʳOŸŎ

DŸĶ ĠÞ ® ĠsŘɴŸ ʿ E¯ ĠsŘɴŸ˔ ¯NjÞŘɚsǣǼʳOŸŎ

ğŸĶŸŎÞ ŷ_ŸŘ¶Ì ŘNjŸ ʿ ĠŸ_ŸŘ¶Ì ŘNjŸ˔ ¯NjÞŘɚsǣǼʳOŸŎ

63

T H I S D AY Ëž Ëœ ͚˜ ͺ͸͚͜

MARKET NEWS

Wema Bank to Raise N20bn Bond, Gets Substantive MD/CEO Goddy Egene

Wema Bank Plc is set to raise up to N20 billion senior unsecured bond in Series 2 of its bond issuance progamme. The bank said on Friday that the new issuance followed a successful establishment of N50 billion Bond Issuance Programme. In a notification to the Nigerian Stock Exchange (NSE), the bank explained that the series 2 of the bond is to be issued for a tenor of

5-7 years and the target market is the institutional investors. It added that the proceeds of the bond are intended to boost its working capital and meets its financing needs. The bank had raised N6.2 billion in its first tranche of the N50 billion debt programme. The Chief Financial Officer of the bank, Mr. Tunde Mabawonku had last April hinted the plan to raise N20 billion from the bond market. He equally said the bank aimed to pay a dividend this

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

year for the first time in a decade, paving the way for an equity sale next year. “We would want to pay dividends first to existing shareholders before raising equity in early 2019. It could be a combination of rights issues and private placement,� Mabawonku had said. Meanwhile, the bank has confirmed Mr. Ademola Adebise as managing director/chief executive officer(MD/CEO) of the bank, effective October 1, while Mr.

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 2709-2018, unless otherwise stated.

Moruf Oseni has been named deputy managing director. Adebisi was appointed the acting MD/CEO in July when the former MD/CEO, Mr. Segun Oloketuyi proceeded on terminal leave in July 2018. He had been has been part of the bank’s executive management team since the transformation programme began in 2009 and has played a pivotal role in the execution of the strategic turnaround programme for the bank.

According to bank, “Adebise has over 28 years’ experience in the banking industry (inclusive of four years in management consulting), and has worked in various capacities in information technology, financial control & strategic planning, treasury, corporate banking, risk management and performance management.� On the other hand, the bank said since joining the Wema Bank board in 2012, Oseni had contributed

immensely to the growth of the bank’s retail business. Until his appointment, he was the Executive Director in charge of retail business and ALAT. Oseni brings a wealth of banking and non- banking experience to his new role. Before joining Wema Bank, Oseni was the CEO of MG Ineso Limited, a principal investment and financial advisory firm with interests in various sectors of the economy.

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 163.49 164.27 -7.97% Afrinvest Plutus Fund 100.00 100.00 11.00% Nigeria International Debt Fund 269.71 270.58 16.58% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balance Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 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 N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A 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 10.91% Paramount Equity Fund 11.64 11.94 4.99% Women's Investment Fund 102.06 104.66 1.41% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund N/A N/A N/A CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 11.83% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.33% 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 1,156.77 1,157.53 10.12% FBN Heritage Fund 140.04 140.97 0.66% FBN Money Market Fund 100.00 100.00 12.08% FBN Nigeria Eurobond (USD) Fund - Institutional $114.50 $114.77 3.86% FBN Nigeria Eurobond (USD) Fund - Retail $114.29 $114.56 3.78% FBN Nigeria Smart Beta Equity Fund 150.09 152.21 -5.68% 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 1.21 1.23 -6.29% Legacy Debt Fund 3.16 3.16 9.30% Legacy USD Bond Fund 1.01 1.01 1.26% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 11.72% Nigeria Entertainment Fund 104.63 105.12 4.41% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 1.00 1.00 11.41% Vantage Balanced Fund 2.14 2.16 1.31%

Vantage Guaranteed Income Fund 1.00 1.00 14.20% Kedari Investment Fund (KIF) 121.84 122.09 5.88% 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 2.80% Lotus Halal Fixed Income Fund 1,087.78 1,087.78 10.15% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.32 1.34 10.52% PACAM Fixed Income Fund 11.87 11.92 7.45% PACAM Money Market Fund 10.00 10.00 12.03% 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 127.45 127.92 -1.72% 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 N/A N/A N/A 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 2,255.87 2,270.44 2.70% Stanbic IBTC Bond Fund 185.62 185.62 6.61% Stanbic IBTC Ethical Fund 0.95 0.96 -5.45% Stanbic IBTC Guaranteed Investment Fund 242.11 242.15 12.20% Stanbic IBTC Iman Fund 161.71 163.48 -9.72% Stanbic IBTC Money Market Fund 100.00 100.00 11.69% Stanbic IBTC Nigerian Equity Fund 8,558.24 8,661.74 -10.02% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 5.66% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.16 1.17 -1.79% United Capital Bond Fund 1.55 1.55 8.28% United Capital Equity Fund 0.71 0.72 -6.20% United Capital Money Market Fund 1.00 1.00 11.80% United Capital Eurobond Fund 105.13 105.13 5.09% United Capital Wealth for Women Fund 1.07 1.07 2.83% 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 11.31 11.48 -6.80% Zenith Ethical Fund 12.23 12.34 -5.18% Zenith Income Fund 20.31 20.31 10.11% Zenith Money Market Fund 1.00 1.00 10.79%

REITS NAV Per Share

Yield / T-Rtn

N/A N/A N/A

N/A N/A N/A

Bid Price

Offer Price

Yield / T-Rtn

10.59 121.39 93.22

10.69 123.97 94.96

-10.65% -15.01% -14.67%

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

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

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

SPECIALIST FUNDS*

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.09 7.65 15.28 15.16 142.82

4.13 7.73 15.38 15.36 144.82

-13.56% -20.00% -12.49% -22.80% 6.18%

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.

64

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T H I S D AY ˾ ͯ˜ ͰͮͯͶ

T H I S D AY ˾ MONDAY OCTOBER 1, 2018

65

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T H I S D AY ˾ MONDAY OCTOBER 1, 2018

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71

MONDAY 0CT0BER 1, 2018 ˾ T H I S D AY

FOREIGN/DIPLOMATIC AFFAIRS

Hunt: Never Mistake British Politeness for British Weakness

Speech by UK Secretary of State for Foreign and Commonwealth Affairs, Jeremy Hunt, at this year’s Conservative party conference, which opened in Birmingham on September 30. The four-day conference ends on October 3.

G

ood afternoon conference and again welcome to Birmingham.

For the last six years you’ve heard me speak as Health Secretary, one of the more demanding jobs in Cabinet. However you decided not to let me off the hook by giving me the small matter of Brexit as Foreign Secretary where I support Dom Raab. Of course, in the NHS we would have banned all this talk of cakes, cherries and eating them as contributory factors to obesity… It’s Brexit I want to talk about today. …how we can make it work, how we will make it work – not on a wing and a prayer but whatever the outcome of the negotiations. …and what we need to do now to make that happen. But first let me tell you about my first few moments as Foreign Secretary. The truth is nothing quite prepares you. I walked up the Grand Staircase in the Foreign Office and looked at the pictures of my distinguished predecessors gazing down from the wall. One of the recent ones seemed to have forgotten to comb his blond hair. At the time I’d just become the longest serving Health Secretary. I looked up the shortest serving Foreign Secretary who was not actually John Major but Earl Temple who in 1783 was there for just four days. Now in my first four days I met Angela Merkel, who gave me a wry smile and said ‘congratulations… if that’s the right word.’ I had a manly handshake with President Trump. But I soon realised that meeting world leaders abroad is peanuts compared to the diplomacy needed at home when you call your Chinese wife Japanese. I’m very lucky to have a brilliant ministerial team so let me introduce the band. The wise and wily Sir Alan Duncan. The sane and sage Alastair Burt. The diplomatic and energetic Mark Field. Our principled defender of human rights Tariq Ahmad; our passionate advocate for Africa Harriett Baldwin and my brilliant PPS’s James Cartlidge and Vicky Ford. Every one of them stands up for British values and British people all over the world. And one of those British people is Nazanin Zaghari-Ratcliffe. Along with other British citizens, Nazanin has been languishing for no reason in an Iranian jail for over two years – agonisingly separated from her four- year-old daughter Gabriella and husband Richard. I too have a four- year-old daughter and I can’t imagine what they are going through. So let me repeat today to the Iranian government what I told their Foreign Minister last week: like Nazanin, you too have precious families. So whatever other disagreements we may have, for the sake of our common humanity it’s time to let her and the others come home. Those predecessors with their portraits on my wall helped shape our country over three centuries. But this century will be shaped by something much bigger than the decisions made by any foreign secretary. It will be shaped by a decision made by the British people – on 23 June 2016. It’s easy for others to misunderstand the Brexit vote. It was a decision to leave the European Union. But it was not a decision to pull up the drawbridge. Or recreate the empire. Or change our fundamental character as a gentle, generous and outward-looking people. In August I visited a number of EU countries, including Latvia. I laid a wreath at the Latvian Freedom Monument. I realised that 30 years ago that country was under Soviet occupation. Now, in a remarkable transformation, Latvia is a modern democracy, part of both NATO and the EU. And no European country did more to bring about that transformation than Britain. That wasn’t us being un-European or anticommunitaire. And nor will Brexit be either. Our friends in Europe need to understand that 52 per cent of the country aren’t rabid populists trying to build Fortress Britain. We fought for peace on our continent so none of us will ever turn our back on history. But nor, and I want to address our European friends directly now, should you.

CJeremy Hunt speaking at the Conservative conference, September 30, 2018. JEFF J MITCHELL/GETTY IMAGES. At the moment you seem to think the way to keep the club together is to punish a member who leaves. Not just with economic disruption. But even by breaking up the United Kingdom with a border down the Irish Sea. What happened to the confidence and ideals of the European dream? The EU was set up to protect freedom. It was the Soviet Union that stopped people leaving. The lesson from history is clear: if you turn the EU club into a prison, the desire to get out won’t diminish it will grow…and we won’t be the only prisoner that will want to escape… If you reject the hand of friendship offered by our Prime Minister…you turn your back on the partnership that has given Europe more security, more freedom and more opportunities than ever in history. …and a setback for the EU will become a wholly avoidable tragedy for Europe. We understand the EU wants to protect itself. But if the only way to deal with the UK leaving is to try to force its break up, as someone much more distinguished than me once said, the answer is ‘No No No.’ Punishing Britain for Brexit is dealing with the symptoms of the problem and not the cause, which is the failure of political elites across Europe – including people like me in Britain – to deal with people’s concerns about migration. That is the heart of the problem – and if you’re worried about the EU’s future that is also the solution. And let me say one more thing about these talks. Never mistake British politeness for British weakness. Because if you put a country like Britain in a corner, we don’t crumble. We fight. So as your friends of many years we say simply this: Brexit is not about whether you succeed or we succeed. Europe prospers when we both succeed and it’s time to change your approach. Staying the course when the going gets tough. Any student of history knows that’s more or less a definition of being British. But you do need to know where the course is set. What kind of country we want to be with our new-found independence. In my office there’s a bust of Churchill. Just think for a moment about the international order that he created. More democracies, more peace, more trade and more prosperity than ever before in history. Let me give you an example. When I was born in 1966, half of the world’s population lived in extreme poverty – that’s less than a dollar a day. Now it’s not half it’s just nine per cent of the people in the world. But that international order that’s been so successful is starting to fray. Free trade losing its lustre. Democracy in retreat. Globalisation a dirty word. At the same time countries like Russia walk across the borders of Ukraine and Georgia as if they didn’t exist. Whilst their puppets in Syria use chemical weapons to poison defenceless children. ˾ ÙØÞÓØßÏÎ ÙØ ÖÓØÏ

72

MONDAY, ͹˜ ͺ͸͹΀ ˾ T H I S D AY

NEWS

Banks Raise Credit Allocation to Corporates, CBN Survey Reveals Nume Ekeghe The Central Bank of Nigeria’s (CBN) Credit Condition Survey for the third quarter (Q3) has revealed that the overall availability of credit to the corporate sector increased in the period under review. The report, which was posted on the central bank’s website at the weekend, anticipated further increase in credit in Q4 2018. The CBN had revealed at the last Monetary Policy Committee (MPC) that credit to the private sector grew marginally by 0.81 per cent in August 2018, from a contraction of 0.13 per cent in July 2018. Credit to the private sector had increased year-on-year to N22.261 trillion as of July 2018. Continuing, the latest report stated that the increase recorded in Q3 was driven by changing sector-specific risks, favourable economic conditions, improved liquidity conditions, market share objectives and changing appetite for risk.

“Lenders reported that the prevailing commercial property prices negatively influenced credit availability of the commercial real estate sector in the current quarter. “However, lenders expect the prevailing commercial property prices to positively influence secured lending to public nonfinancial corporations (PNFCs) in the current quarter,” it added. Furthermore, the report showed that availability of credit increased for all business sizes in Q3 2018, just as lenders expected the same trend in the next quarter. “Spreads between bank rates and monetary policy rate (MPR) on approved new loan applications for all business sizes narrowed in Q3 2018 but were expected to widen for all business sizes in Q4 2018. “The proportion of loan applications approved for all business sizes increased in the current quarter and are expected to further increase in Q4 2018.

CBN Governor, Godwin Emefiele “Lenders required stronger loan covenants from all firm sized businesses in the current and next quarters. Fees/commissions on approved new loan applications fell for all firm sized businesses,” the report stated. According to the survey, all firms benefitted from an increase in maximum credit lines on approved new loan applications in the period under review. Similarly, it anticipated that

all firms would also benefit from an increase in maximum credit lines on approved new loan applications in Q4 2018. “More collateral requirements were demanded from all firm sizes on approved new loan application in Q3 2018. “Similarly, lenders will demand for more collateral from all firm sizes in the next quarter. “Demand for corporate lending from all business sizes increased in the current quarter and was expected to increase for all business sizes in the next quarter.” According to the report, demand for lending from medium PNFCs in Q3 2018 was higher in comparison with other loan types. The most significant factors that influenced demand for lending in the review quarter were the increase in inventory finance and capital investment, and they were expected to remain the main drivers in the next quarter, the report stated. In addition, it showed that

corporate loan performance as measured by the default rates improved for all sized business in the review quarter, except for small businesses. “Lenders also expect lower default rates on lending to all sized businesses in the next quarter, except for large PNFCs. “The average credit quality on newly arranged PNFCs borrowing facilities improved for both quarters. “Loan tenors on new corporate loans improved in Q3 2018 and were expected to improve further in the next quarter,” it added. The report noted that in the current quarter relative to the previous quarter, lenders reported an increase in the availability of secured credit to households. They noted that market share objectives and improving economic outlook were major factors behind the increase. Availability of secured credit was expected to increase in the next quarter, with market

share objectives and higher appetite for risk as the likely contributory factors. Also, lenders maintained the same credit scoring criteria in Q3 2018, and the proportion of loan applications approved in the quarter decreased. “Lenders expect to tighten the credit scoring criteria in the next quarter, yet still expect an increase in the proportion of approved households’ loan applications in Q4 2018. “The average credit quality on new secured lending improved in Q3 2018 and was expected to also improve in Q4 2018. “Lenders reported that the overall spreads on secured lending rates to households relative to MPR narrowed in Q3 2018 but was expected to remain unchanged in the next quarter. “Households demand for lending for house purchase decreased in Q3 2018 but was expected to increase in the next quarter,” it added.

Emmanuel who was the only governorship aspirant of the party scored 3,807 out of 3,830 delegates accredited. A faction of the PDP in Borno State elected Alhaji Mohammed Imam as its gubernatorial candidate for the 2019 election. He contested under the faction led by Zanna Gadama. Another faction of the party which has former Minister of State for Works under President Goodluck Jonathan, Alhaji Mohammed Wakil, as an aspirant and Dr. Kyari Abba Dikwa contesting for the ticket at next year’s gubernatorial election, had a parallel primary. The withdrawal of Dikwa created room for the emergence of Wakil, who just needed an affirmation at the primary. The crisis rocking the Rivers State chapter of the All Progressives Congress (APC) came to the fore as two factions of the party elected two different candidates to represent the party in the 2019 governorship election. While the faction loyal to Senator Magnus Abe elected him as the party's governorship candidate through direct primary, the faction loyal to Minister of Transportation, Chibuike Amaechi, elected Mr. Tonye Cole as its candidate through indirect primary. In the direct primary, Abe polled 144,929 votes to defeat Chief Dumo Lulu-Briggs who got 3,444 votes. Dr. Dawari George got 1,606 while Tonye Cole polled 882 votes. The result was announced by the Returning Officer, Hon. Chigbu Sam Eligwe. But another governorship primary of the APC held at Igboukwu Field, D-Line,

produced Cole as the winner. He polled 3,329 votes to defeat Dr. Dawari George who got 491 votes. Chief Dumo Lulu-Briggs got 38 votes, while Senator Magnus Abe got 1 vote. Meanwhile, the PDP unanimously elected Governor Nyesom Wike as its candidate for the 2019 governorship election. Wike, who was the sole aspirant, polled 3,345 votes from delegates from the 23 local government areas at the party's special delegates Congress

held at the Civic Centre, Port Harcourt. In Cross River State, it was confusion all the way as members of the APC struggled to hold the party’s governorship primary. While a faction of the party in the state which has Dr. Mathew Achigbe as chairman postponed the primaries to today, another faction of the party loyal to the Minister of Niger Delta Affairs, Pastor Usani Usani, who is a governorship aspirant went ahead with its own governorship

INCUMBENTS COAST TO VICTORY IN APC, PDP GOV PRIMARIES The APC had Governors Abdullahi Ganduje (Kano), Nasir el-Rufai (Kaduna), Abubakar Bagudu(Kebbi), Badaru Abubakar (Jigawa), Sani Bello (Niger), Solomon Lalong (Plateau) and Muhammed Abubakar (Bauchi) clinching their party’s ticket. It was, however, not clear what the situation was in Katsina and Benue States, where returning Governors Aminu Masari and Samuel Ortom respectively were yet to pick their tickets. Woes, violence and infractions, however, characterised the elections of the two major political parties. In many states, where the sitting governors were in their first tenure, they were given the privilege of an affirmation for a second term. In Plateau State, the APC governorship endorsement of incumbent Governor Lalong held, as the governorship primary of the PDP also held. The APC with 3,150 delegates endorsed Lalong, while the PDP delegates were to choose among the 13 governorship aspirants. The result was still being expected at press time. A former Deputy Governor of the Central Bank of Nigeria (CBN), Mr. Bayo Adelabu, and businessman, Mr. Seyi Makinde, won the gubernatorial tickets of the APC and the PDP respectively. The tension soaked process leading to Adelabu's emergence had over 30 aspirants within the ruling party until they were buckled down to eight recently. Among the finalists were a former Governor, Adebayo Alao-Akala; a Senior Advocate of Nigeria, Chief Niyi Akintola, a KPMG partner, Mr. Joseph Tegbe; two former commissioners, Prof. Azeez Adeduntan and Dr. Babalola Owolabi; a businessman, Dr.

Olusola Ayandele; and Minister of Communications, Alhaji Adebayo Shittu and Adelabu. In the PDP, oil magnate Makinde was the winner having polled 2, 772 to defeat former Senator Ayoade Adeseun who scored 21 votes, while 141 votes were voided. Adeseun had earlier protested and petitioned the screening committee over alleged irregularities in the delegates' list brought from the headquarters of the PDP in Abuja. The exercise in Gombe State became questionable as security agencies and top party officials conspired to prevent correspondents of national dailies and local reporters access to the venue of the gubernatorial primary of the APC. The public relations officer of the APC in the state, Madam Naomi Awar, decried the police action, saying that there was only a change in time for the commencement of the primaries from 3:00pm to 6:00pm. She, however, confirmed that there was an order that nobody should be allowed into the venue without instruction by the party. Confusion was the order of the day at the Banquet Hall, Government House, Ilorin venue of the governorship primary of the Kwara State chapter of the PDP last night following the disruption of the voting exercise by suspected hoodlums. The suspected hoodlums according to THISDAY checks allegedly revolted against the way the voting was being conducted at the venue. The development, however, led the state governor, Alhaji Abdulfatah Ahmed, some aspirants and other government officials to escape through the back door.

Party delegates at the primary took to their heels to avoid attack by the hoodlums who invaded the venue of the voting. Nine aspirants participated in the primary following the exit of the Speaker of the state house of assembly, Dr. Ali Ahmad from the contest. However, two governorship aspirants yesterday emerged as candidates in the state. They are, the son of the foremost industrialist, Chief Samuel Adedoyin and the candidate of Accord Party (AP), Mr. Ayorinde Adedoyin, and former State Correspondent of THISDAY Newspapers, Hon. Abdulwahab Omotose, (of a faction of the APC). Adedoyin emerged through a consensus arrangement, while Omotose won the primary election conducted by the factional group of his party. In Akwa Ibom, violence abated the primary in the APC, which was to be contested through the direct primary by four candidates including, Obong Nsima Ekere, Managing Director of Niger Delta Development Commission (NDDC), Barrister Dan Abia, former Managing Director of NDDC, Senator Akpan Udoedehe and Engr. Edet Efretuei. Meanwhile, members of the PDP in the state elected the State Governor, Mr. Udom Emmanuel, as the party gubernatorial candidate in the 2019 general elections. It was the first time since 1999 that any political party in the state allowed a governorship aspirant to go unopposed. Emmanuel from Eket Senatorial District of the state was elected during the delegate congress of the party held at the Uyo township stadium with delegates across the 31 local government areas of the state.

RELIEF AS LABOUR BOWS TO FG’S PRESSURE, SUSPENDS WARNING STRIKE to abate the strike and return to the negotiation table. Addressing a press conference in Abuja, the President of the Nigeria Labour Congress (NLC), Mr. Ayuba Wabba, said that government had formally invited organised labour unions to the tripartite meeting on minimum wage holding on Thursday. Wabba said the strike was suspended because labour had received a firm commitment from government to reconvene the committee between Thursday and Friday this week. He expressed optimism that the Thursday and Friday meeting would be the final session of the committee and

that a final report would be submitted to the president after the meeting. He said, "We invited you here today to inform you that we have received a firm and formal invitation to reconvened meeting of the tripartite committee scheduled for 4th and 5th October, 2018. We demand that this shall be the final session of the committee and that a final report will be submitted to Mr. President immediately. "In order to avail the committee the necessary conducive environment to hold this crucial meeting and conclude its work , organised labour has, after obtaining the mandate of their necessary organs, decided

to suspend the strike with effect from today (yesterday) Sunday September 30th, 2018". Labour had commenced a nationwide warning strike last Thursday to protest the delays in new minimum wage negotiations and what it described as the unilateral indefinite adjournment of the tripartite meeting by the federal government. The labour unions said their action was intended to get government to reconvene negotiations and conclude action on new national minimum wage. The workers' warning strike had caused the nation enormous economic loses and disrupted activities in public service sectors.

A P C A N D P D P G U B E R P R I M A R Y R E S U LT S STATE APC PDP GOVERNOR UDOM RESULT AWAITED AKWA IBOM EMMANUEL ABIA --OKEZIE IKPEAZU FACTIONS (MOHAMMED BORNO RESULT AWAITED IMAM AND MOHAMMED WAKIL) CROSS RIVER RESULT AWAITED GOVERNOR BEN AYADE DELTA RESULT AWAITED GOVERNOR IFEANYI OKOWA EBONYI RESULT AWAITED GOVERNOR DAVID UMAHI GOVERNOR IFEANYI ENUGU RESULT AWAITED UGWUANYI KADUNA GOVERNOR NASIR EL-RUFAI RSEULT AWAITED FACTION ABDULWAHAB KWARA RESULT AWAITED OMOTOSE NIGER GOVERNOR SANI BELLO ALHAJI UMAR NASKO FACTIONS (PRINCE ADELEKE OGUN POSTPONED SHITTU AND OLADIPUPO ADEBUTU OYO ADEBAYO ADELABU SEYI MAKINDE SIMON LALONG (INCUMBENT PLATEAU RESULT AWAITED GOVERNOR AFFIRMED) FACTIONS (SENATOR MAGNUS GOVERNOR NYESOM WIKE RIVERS ABE AND DR. TONYE COLE) SOKOTO RESULT AWAITED MANIRU DANIYA TARABA --DARIUS ISHAKU KANO ABDULLAHI GANDUJE --KEBBI ABUBAKAR BAGUDU --KATSINA AMINU BELLO MASARI ---

THE GLOVES ARE OFF, AMBODE SAYS SANWO-OLU’S ASPIRATION WILL ENDANGER BUHARI’S CHANCES pushed aside. “This is especially true for those who contributed so much to our development, whether as a business leader who has invested heavily in Lagos, the homeowner who struggles to pay his fair share of taxes or as someone employed in the hard work of keeping our streets and byways clean so that others may go about their daily tasks unimpeded. “I make no pretence that the master plan is perfect. It can always be fine-tuned. However, whenever a government departed from this plan without compelling reason, the state and its people have borne the painful consequence of the improper departure.” He said party members should vote in a manner that would

return Lagos to its better path, the one that promises a just chance for all to enjoy the fruits of our prosperity. Without mentioning the name of Ambode's main challenger, Sanwo-Olu, the APC leader said he was encouraged by the emergence of another candidate who, according to him, had served the state in senior positions in his administration, the Fashola administration and even in the current one. He said while possessing a wealth of experience and exposure, the candidate “is a young man endowed with superlative vision and commitment. Most importantly, he understands the importance of the blueprint for development. He esteems it as a reliable and well-conceived vehicle for the

future development of the state.”

Oshiomhole to Monitor the Primary As part of the efforts to ensure peaceful, free and fair conduct of the primary, the National Chairman of APC, Mr. Adams Oshiomhole, will be in the state to oversee the exercise. THISDAY gathered yesterday that Oshiomhole would be taking charge of affairs and is expected to meet with key stakeholders before the primary election begins. A reliable party source who did not want his name mentioned said, "Oshiomhole said he will be in Lagos to monitor the governorship primary election in order to ensure that the situation did not get out of hand."

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

Seven Feared Killed, Houses Destroyed as Fresh Violence Erupts in Jos APC, PDP hold primary elections amidst violence Unknown gunmen kill eight in Benue Seriki Adinoyi in Jos and George Okoh in Makurdi At least seven persons were killed and several houses burnt in a renewed violence which started yesterday in Tina Junction area of Jos, Plateau State. But in the midst of the violence, the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) continued their party primaries in the other parts of the state capital. This is coming as unknown gunmen on Saturday invaded Okpoga,the headquarters of Okpokwu Local Government Area of Benue State, killing eight persons. The Jos violence began when an Apostolic Church in the area was allegedly attacked during its Sunday service by some youths believed to have come from the Hausa community in Jos. The native youths soon mobilised for a reprisal leading to full-blown riot that escalated to other parts of the city, including Rikkos, Bauchi Ring Road, Students’ Village of the University of Jos, Faringada,

Katako, Dilimi and Cele Bridge near Tina Junction in Jos. Confirming the riot across the city, the Commander of the military Special Task Force (STF), Major General Augustine Agundu, made a live broadcast, on the local Plateau Radio Television Commission (PRTV). According to him, “Today has been one of those unfortunate moments. We have had a lot of unrests in a cross section of the town. I was with the youths in Jos North LGA yesterday - Laranto in specific, and we had heart-warming discussions and interactions. “But in a situation like this, certainly, some miscreants and some criminals might want to seize some undue advantage or opportunity to unleash mayhem to innocent citizens and this is what we are condemning since my mandate in this Plateau State is the restoration of peace, law and order and total civility within the society. “May I appeal to every good citizen of the state living both here in the state and outside the state, to urge the youth, the misguided ones to sheathe their swords and live in peace with

one another. “I am sure that every apparatus of government is working assiduously hard to ensure that normalcy returns and every person goes about his normal duties. “There is no need for us to lift up arms against one another. Every conflict in this world has a solution and the solution is understanding and perseverance. We should be our brother’s keepers and our sister’s keepers. There should be peaceful co-existence.” Agundu condemned the attacks urging the political leaders to warn their wards to eschew violence. On his part, the State Commissioner of Police, Mr. Undie Adie, in a statement he signed said, that “all the people in the affected areas are advised in their own interest to remain indoors. Persons found

loitering around will be arrested and dealt with according to the law. All patrol commanders have been given instructions to this effect.” Adie named the places affected as Dutse Uku, Students Village, Bauchi Ring Road, Angwan Rukuba and Bauchi Road. “Also affected are Tina Junction, TNG Junction. All persons living around these areas are advised to go back to their houses and remain indoors.” Meanwhile, sporadic gunshots have continued in these communities. Some visitors who were in transit from a wedding ceremony in Gombe, who did not know their road, ran into the riot and three of them were killed. Also, a 200 level Law student of the University of Jos was among those attacked

and killed. Meanwhile, in the midst of the ensuing violence, the APC and PDP continued their party primaries in the other part of the state capital. APC’s governorship endorsement of incumbent Governor Somon Lalong held and the governorship primaries of the PDP in Plateau State also held. The APC with 3,150 delegates were to endorse Lalong, while the PDP was to choose among the 13 governorship aspirants. The results of the primaries were still being expected as at press time. In a related development, unknown Gunmen on Saturday invaded Okpoga,the headquarters of Okpokwu LGA of Benue State, killing eight persons. The unknown gunmen, numbering about 10, invaded

the area and shot sparodically at any one at sight leading to the death of no fewer than eight persons, including Mr. Okoh Simon, an emergency ambulance service provider who lived at the city centre. According to a source, who spoke to THISDAY, the attack may have emanated from the neighboring Olô community in Edumoga district of the same local government who has been at cold war with the Okpoga people. According to the residents of the area who spoke to THISDAY at Ugwu-Okpoga in the early hours of yesterday, the two communities have been carrying out attack on each other for the past five years. “We have been in this cold war with the Edumoga people for the past five years.

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Buhari Returns from US, Accepts Alhassan’s Resignation Visits injured air force officers in hospital Omololu Ogunmade in Abuja President Muhammadu Buhari at the weekend accepted the resignation of Senator Aisha Jummai Alhassan as the Minister of Women Affairs and Social Development. The president returned to Nigeria yesterday after spending about a week in the United States where he participated in the debate by the United Nations General Assembly (UNGA). The President has also paid a get-well-quick visit to the two Nigerian Air Force officers involved in a crash last week, at the Defence Intelligence Agency Hospital in Abuja. Buhari, according to a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, quoted the president as saying he accepted the resignation of the former minister and thanked her for her services to the country. “I have received your letter offering your resignation as a Minister of the Federal Republic of Nigeria. I accept your resignation with immediate effect. “On behalf of the government and people of Nigeria, I thank you for your past services to the nation,” the president said. The statement added that the president directed Hajiya Aisha Abubakar, the Minister of State, Industry, Trade and Investment to immediately take charge of the Ministry of Women Affairs and Social Development. Meanwhile, President Buhari yesterday evening paid a get-wellquick visit to the two Nigerian Air Force officers involved in a

crash last week, at the Defence Intelligence Agency Hospital in Abuja. A statement by his Special Adviser, Media and Publicity, Mr. Femi Adesina, said at about 5.30 p.m, the president appeared in the hospital to encourage the injured officers. According to Adesina, Buhari rejoiced with Squadron Leader Batuba, and Flight Lieutenant Andy, giving glory to God for sparing their lives. He also said the president commiserated with the officers on the loss of their colleague, Squadron Leader Bello Babari and prayed God to give the family of the deceased the fortitude to bear the loss. Adesina also said the Chief of Medical Services at the hospital, Air Vice Marshal Saleh Shinkafi, assured the president that the medical condition of the officers was steady, adding that they were being kept for further rest and counseling as part of the rehabilitation process. The statement added: “The Chief of Air Staff, Air Marshal Sadique Abubakar, who was also on hand to receive the President, explained that the three pilots ejected successfully from their jets after the collision, while training for air parade to mark the country’s 58th Independence Anniversary, but the helmet of Babari flew open, and he suffered head injuries that turned fatal. “Among others that received the President at the hospital were his Chief of Staff, Alhaji Abba Kyari, and Chief of Defence Intelligence, Air Vice Marshal Mohammed Usman,” he said.

PRAYER FOR THE NATION...

L-R: Chief Justice of Nigeria, Justice Walter Onnoghen; his wife Nkoyo; former Head of State, Gen. Yakubu Gowon (rtd); and Vice President, Prof. Yemi Osinbajo, during the 58th independence day interdenominational church service held in Abuja...yesterday JULIUS ATOI

Convention: APC Mocks Saraki, Other PDP Presidential Aspirants for Bowing to Wike’s Threat Onyebuchi Ezigbo in Abuja The All Progressives Congress (APC) has taunted the Senate President, Dr. Bukola Saraki and other presidential aspirants on the platform of the Peoples Democratic Party (PDP) for allegedly bowing to the dictates of the Rivers State Governor, Mr. Nyesom Wike on the venue of the PDP’s national convention. In apparent bid to woo aggrieved opposition elements, APC said those with progressive ideologies should leave the PDP and join its fold where their voices would be heard. In a statement issued yesterday by the Acting National Publicity Secretary, Yekini Nabene, APC said Wike had “assumed the role of de- facto PDP national chairman, sole administrator, spokesman, organising secretary and BoT chairman”.

The ruling party said that it was a misnomer to refer to the PDP as a democratic party, adding that, “there is nothing democratic about its policies and practices”. “The PDP to all intents and purposes has become the theatre of the Rivers State Governor, Nyesom Wike. Since assuming office after the disputed 2015 Rivers governorship election, Wike has assumed the role of de-facto PDP national chairman, sole administration, spokesman, organising secretary and BoT Chairman. APC accused Wike of once imposing a national chairman on the PDP without a formal convention. It also talked about a leaked telephone conversation of Governor Wike threatening to kill INEC officials he had paid to rig the rivers rerun election in favour of the PDP.

APC said Wike threatened the Senate President, Bukola Saraki, other PDP presidential aspirants and leaders to ‘teach a bitter lesson’ if they ‘dared’ to oppose his decision to host the PDP National Convention in Port Harcourt, the Rivers State capital. “It is an open secret that Governor Wike’s insistence on Port Harcourt is to manipulate and influence his choice of presidential candidate from the crowd of PDP presidential aspirants, virtually all of whom stole the nation’s commonwealth in the recent past. “It is surprising that the PDP with its supposed seasoned politicians will sit by and allow Governor Wike use the PDP as his personal property, to determine who gets what, when and how, and where party conventions must be held. What happened to internal party democracy? Of course, this is an alien concept to

the PDP,” said APC. APC said it has ensured that its processes were inclusive and participatory. The party also said that the direct primary election method of electing party candidates introduced by Adams Oshiomhole-led APC national leadership is a demonstration of its drive to ensure that internal party democracy is adhered to. “This is a departure from the cash and carry system institutionalised by the PDP. “PDP members who genuinely believe in our progressive ideologies are encouraged to leave the sinking PDP and join the APC where their voices will be heard and decisions taken collectively. They should leave the Wike Autocratic Party (WAP) for the Rivers State Governor and his minions, bent on foisting their unpopular and undemocratic will on the majority,” it said.

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At 58, CEOs Rue Nigeria’s Economic Challenges, Lost Opportunities Obinna Chima and Chinedu Eze As Nigeria celebrates its 58 Independence Anniversary today, some chief executive officers (CEOs) in the country have decried the country’s lost opportunities. According to them, Nigeria in the last 58 years has not been able to fully realise its potential. They also lamented the fact that the economies of a lot of nations that got independence at the same time with Nigeria have continued to outperform Nigeria’s economy. Speaking in an interview with THISDAY, the CEO of Maxifund Investments and Securities Plc, Mr. Okechukwu Unegbu said: “If I look back to the time I was born and when I was growing up, Nigeria was better then, than now.” According to Unegbu, who

is a former bank CEO, then, “everything was based on merit and our leaders were committed to helping the society.” “If you compare Nigeria with other countries that Nigeria gained Independence same time with, you will find out that in Nigeria, ethnicity and nepotism have taken over and that has retarded the country’s growth. “The political terrain today does not give anyone hope and you cannot divorce the economy from the politics of the nation.” He stressed that the Nigerian economy requires economic managers that have the general interest of the populace in mind to realise its potential. “Despite all the negative things we face today, I still see this country as one of the best you can do business in the world. After 58 years, we must now start charting the proper direction for economic growth.

“We need to encourage a lot of Nigerians that have businesses, but don’t have the wherewithal to do it,” Unegbu said. On his part, the CEO Aero Contractors, Ado Sanusi, in assessing the performance of the aviation sector since 1960, said, “I think a lot have been achieved in perspective, but we have really moved forward and backwards.” According to Sanusi, in terms of infrastructure, the airports that were built in recent times were built by the states or private sector operators. “The federal government has not built any new airport for several years. What has been going on is that government has been renovating existing airports and even the airport that was built in Abuja by Julius Berger was not completed.

“The design was that the airport was to be extended by adding more facilities but this was not done and recently a new terminal was built there by the Chinese. “Nigeria does not have a formidable airline that can compete with international carriers; so, we have not achieved anything in that area. “In terms of regulating the industry, we have the best regulatory policies which we copied from the advanced nations, but we have not been able to implement these policies efficiently. So, the problem is implementation,” the Aero Contractor boss added. Also, a former bank Executive Director, Abdulrahman Yinusa, said Nigeria had misused several opportunities to grow its economy to where it ought

to be. “Opportunities keep coming and we keep missing them and that for me is the bane of our economic growth. “In Nigeria, you will see a government will start something beautiful and promising and down the line, we would abandon it. For example, look at a simple thing like the national identity card project, I have seen about three different identity card projects, all started and failed. “What is the big deal in having a national identity card? For most countries that is what they use for economic planning and policy formulation. Look at the Lagos-Ibadan expressway, after several years, we are still talking about that project. “If you look at our ports today, you will be wondering what kind of human beings

we are in this country. I am afraid for this country because even though I don’t expect us to achieve everything today, I don’t think we are in the right direction,” he said. Yinusa, stressed the need for the government to revisit all previous national plans and work towards its implementation. “Those going into government must be made to understand that their job is to implement the national plan on ground and not to create new ones,” he said. To the CEO of Financial Derivatives Company Limited, Bismarck Rewane, the Nigerian economy has continued to perform sub-optimally in the past 58 years. “We have lost our opportunities and we have defective leadership

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NAF Trains 90 Pilots, Boosts Air Fleet with 49 Planes, Helicopters in ThreeYears Kingsley Nwezeh in Abuja The Nigerian Air Force (NAF) said weekend it boosted its air fleet with 49 fighter planes and attack helicopters in the last three years. During the same period, the air force said it reactivated 15 helicopters and trained 90 pilots. Also, following the air crash in Abuja last Friday that led to the death of a pilot participating in an aerial display in preparation for Nigeria’s 58th independence celebrations, the Minister of Defence, Brigadier General Mansur Dan Ali (rtd), paid a courtesy call on the family of the deceased pilot. A statement issued by Air Force spokesman, Air Commodore Ibikunle Daramola in Abuja said “in terms of equipment disposition, the Chief of Air Staff disclosed that, with the support of the federal government, the NAF had acquired and inducted 18 brand new aircraft into the service, while also reactivating 13 others that were previously unserviceable; bringing to 31 the total number of aircraft that had

come into service in the last three years”. “NAF was also expecting the delivery of additional 6 brand new attack helicopters procured from Italy along with the 12 Super Tucano aircraft expected from the United States of America, which would significantly boost NAF’s aircraft holding by the end of 2020. “Such unprecedented acquisition of aircraft was last witnessed in the early 80s. He therefore thanked the President and Commander-in-Chief of the Armed Forces, President Muhammadu Buhari, as well as the National Assembly for their continued support to the service. “The CAS also highlighted that, in line with his capacity building initiatives, the service had embarked on massive training in all NAF specialties. L-R: Acting President of Trade Union Congress (TUC), Sunday Salako; President, Nigeria Labour Congress (NLC), Ayuba Wabba, and Deputy “For instance, the NAF had President , TUC, Augustine Etafo, during the press briefing to call off the warning strike in Abuja...yesterday JULIUS ATOI produced 90 pilots in the last 3 years and had trained many personnel in various fields of information communication technology and engineering, Emmanuel Addeh in Yenagoa local government areas had affected by the flooding with the state with immediate effect to both locally and abroad”, he said. been seriously affected by the representatives of the National enable the management to take Governor of Bayelsa State, Mr. flooding, especially in Ekeremor, Emergency Management Agency the students to their parents. He described the flood Seriake Dickson, yesterday Sagbama, Ogbia, Southern Ijaw (NEMA), members of the state security committee, the Police, as a major disaster which ordered the immediate closure of LGAs. The decision to shut down the Army, the Air Force, the had affected the state with all schools in the state to avoid loss of lives due to the current the schools came even as the Navy, the Nigerian Security thousands of people rendered homeless. governor raised the alarm and Civil Defence. flooding in the state. The governor also identified Dickson said that the severity The governor also set up a that over 70 per cent of the 18,212 in the second quarter of special committee to facilitate communities in the state is now of the flood made the State some public premises which 2017, respectively, representing prompt and effective response to submerged by the raging flood Executive Committee and the were not affected by the flood State Security Committee to take for immediate conversion to 371.21 per cent growth, YoY and the flood emergency in the state. in the country. 7.61 percent growth on quarterHe spoke when he took a a decision during their meetings temporary internally displaced A large number of on-quarter (QoQ) basis. communities in almost all the tour of communities severely on to close down all schools in camps in the state. According to the Rail Transportation Data (Q2 2018) released by the NBS, a total of Aliyu stressed that the group N435.97 million was generated Adedayo Akinwale in Abuja had also asked Obono-Obla and war against corruption. as revenue for passenger travel He said that with the recent would be left with no option than and members of the Special in the period under review A group, the Initiative for Integrity Investigative Panel, which he resignation of Mrs. Kemi Adeosun to mobilise its members and compared to N413.06 million and Good Leadership (IIGL) serves as chairman, to refund N17 as the Minister of Finance after well-meaning Nigerians for mass in the first quarter. has asked the Special Assistant million excess funds collected as she was found to have forged action to force him to resign after Likewise, a total sum of N159.08 to President Muhammadu Buhari honoraria for sittings. the NYSC Exemption Certificate, 30 days of this warning. He stated: “We have watched million was realised as revenue on Prosecution, Okoi Obono-Obla Its National President showing Obla the way out will from goods/cargo operation in to resign his appointment within Muhammed Aliyu, in a statement add enormous value to the carefully and patiently too, how since July this year the House Q2 compared to against N151.28 30 days or face mass action. yesterday in Abuja noted that government. million in the first quarter. According to him, his presence Committee report indicted Mr. The House of Representatives’ the continuous presence of the In 2017, total revenue generated Committee, which had indicted Presidential aide in the cabinet is making a mockery of the Obono-Obla of certificate forgery from rail transport passengers was him of forging his Senior School would erode the integrity of the government’s anti-corruption and he is still functioning within the cabinet. valued at N1.19 billion. Certificate Examination result, administration known for probity stance.

ALUTA CONTINUA...

Flooding: Dickson Orders Closure of All Schools in Bayelsa

Rail Passenger Traffic Dropped by 2.41%, Generated N595.05m in Q2 James Emejo in Abuja The total number of passengers who travelled by rail transportation dropped by -2.41 per cent to 730,289 passengers in the second quarter of the year (Q2) compared to 748,345 passengers recorded in the preceding quarter, the National Bureau of Statistics (NBS) has stated. Compared to the 596,792 passengers recorded in the second quarter of 2017, however, the rail passenger transport grew by 22.37 percent year-on-year (YoY). Similarly, a total of 85,816 tonnes of volume of goods/cargo travelled via the rail system in the second quarter as against 79,750 recorded in the first quarter and

CSO Gives Obla 30-day Ultimatum to Resign

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Independence Day: Buhari Launches Unity Photo Exhibition Today Adedayo Akinwale in Abuja President Muhammadu Buhari will today launch the first ever international photo exhibition to showcase Nigeria’s unity, which is part of activities marking the 58th independence day anniversary. The Special Assistant on Visual Communication and Personal Photographer to the Vice President, Miss Novo Isioro, at a media briefing in Abuja, said the launching of the unity photo exhibition by the President was aimed at showcasing the untold stories of Nigeria’s unity since 1960. She said the initiative tagged

ANISZA is an acronym derived from the first two letters of the three major indigenous Nigerian languages depicting unity – Anuko Onu (Igbo phrase for togetherness), Isokan (Yoruba word for unity) and Zaman Tare (Hausa phrase for (one tribe). Isioro explained that, “The first ever mobile gallery is aimed at addressing ethnic and religious agitations in the country. We have seen contestations among adherents of the various religious and ethnic groups in the country. There have been tensions that have been generated because of our differences. But I think that this diversity should be celebrated

and not be a problem.” She stressed that the idea was to use pictures to speak to the people to stop the agitations, the drama, the hate speeches, division and instead work together. She stated: “I just thought about this tendency towards disunity,

and as a visual artist, I understand how image tells the story more than words. So, I thought that we should use pictures to tell the stories of strength in diversity. “This is practically focused on young people. I realized that most people especially the young ones

really don’t understand our history. “We are collaborating with state governments and federal ministries to take this gallery to schools in their domain to get as many children as possible to benefit from the project. But we are also having an online platform that we will use to keep

the message alive. “But for October 1, we are inviting students from schools across the country. We plan to host the students for three days during which there will be a symposium, an exhibition and a mini-tour,” Isioro added.

Saraki SeeksVibrant Citizens’ Participation in Governance Ekweremadu harps on free, fair poll Deji Elumoye in Abuja The Senate President , Dr. Bukola Saraki, and Deputy Senate President, Senator Ike Ekweremadu, have congratulated Nigerians on the occasion of the nation’s 58th Independence Anniversary. While Saraki urged Nigerians to ensure a more vibrant, constructive and patriotic citizen participation in the governance of the country, Ekweremadu harped on free and fair general elections in 2019. Saraki, in an independence message issued by his Media Adviser , Yusuph Olaniyonu, noted that one of the key reasons for the non-realisation of the dreams of the founding fathers who fought for the nation’s independence from the colonial governement was because the citizens failed to seize control of the fortunes and future of the country while allowing sentiments to determine the choice of leaders and what national objectives should entail. “At this point when democracy has come to stay in Nigeria, all Nigerians should use the occasion of the 58th Independence Anniversary to redefine what should constitute the Nigerian

dream, rally round that dream, support leaders who are capable and competent to realize that dream. He urged Nigerians not to leave politics and political choices to politicians and manipulative elements who invoke only religious, ethnic and geo-political sentiments to impose leadership who are only supported for the purpose of serving the interests of those who put them in office. “Nigerians should re-dedicate themselves to the ideals of defining their personal interests in line with how it helps the realisation of national objectives. Our national objectives should simply be to build a united, peaceful, economically strong, internationally respected country, with robust military, well motivated work-force, ambitious youth and fulfilled citizens. On his part, Ekweremadu, said only free, fair, and credible elections could secure Nigeria’s democracy, and guarantee the much-needed good governance that would restore her to the pinnacle of glory. Ekweremadu described a rigged election as a “coup by other means” against the will of the people, adding that it should have no place in a democracy.

HEALTH IS WEALTH...

Chief Executive Officer of Gavi, the Vaccine Alliance, Dr. Seth Berkley (left), and Group Managing Director and Chairman, UBA Foundation, Mr. Kennedy Uzoka, during the announcement of the partnership agreement between the two institutions towards strengthening health systems and raise awareness of immunisation across Africa, starting in 2018 with Nigeria, held in Geneva...recently

Tambuwal: I will Facilitate Robust Debate on Restructuring To separate offices of accountant general, attorney general of the federation Peoples Democratic Party (PDP) presidential aspirant and Governor of Sokoto State, Aminu Waziri Tambuwal has pledged to devolve more powers to states and local governments if elected president come February 2019. He also promised to facilitate a robust debate on the quest for restructuring of the country by Nigerians because according to him, a president should always listen to the yearnings and aspirations of the people

he leads. Addressing PDP delegates in Makurdi Benue state on Saturday, Tambuwal said Nigeria operates a federal system of government which gives independence and autonomy to the federating units to enact laws by the state houses of assembly. The presidential aspirant assured that when elected president, “Nigerians will have a leader that will make them proud in the comity of nations, a leader that has the

credential of a tested bridgebuilder and one that will not take decisions shrouded in ethnic and religious bigotry. “From my experience and exposure and broad world view, and having visited and interacted with people in all the 360 federal constituencies, as Speaker, I have full understanding of the complexity of Nigeria’s unique diversity. And I know that our strength is in this our diversity. That is why we need a leader with the

Abe, Cole Emerge Factional APC Conoil Congratulates Nigeria at 58 Governorship Candidates in Rivers Conoil,Nigeria’stotalenergycompany made giant strides since it attained harmony at all times and also Ernest ChinwoinPortHarcourt The crisis rocking the Rivers State chapter of the All Progressives Congress (APC) came to the fore as two factions of the party elected two different candidates yesterday to represent the party in the 2019 governorship election. While the faction loyal to Senator Magnus Abe elected him as the party’s governorship candidate through direct primary, the faction loyal to Minister of Transportation, Chibuike Amaechi, elected Tonye Cole as its candidate through indirect primary. In the direct primary, Abe polled 144,929 votes to defeat Chief Dumo Lulu-Briggs who got 3,444 votes. Dr. Dawari George got 1,606 while Tonye Cole polled 882 votes. The result was announced by the Returning Officer, Hon. Chigbu Sam Eligwe.

Announcing the result in Port Harcourt, Eligwe, said Dr. Dawari George polled 1,606 votes; Chief Dumo Lulu-Briggs, 3,444, Senator Magnus Abe, 144,929 while Tonye Cole got 882 votes. In the indirect primary held at Igboukwu Field, D-Line, Tonye Cole emerged winner. He polled 3,329 votes to defeat Dr. Dawari George who got 491 votes. Chief Dumo Lulu-Briggs got 38 votes while Senator Magnus Abe got 1 vote. Lulu-Briggs had earlier called on the National Working Committee (NWC) of the party to postpone the gubernatorial primary because of anomalies in the process. He accused Amaechi of hijacking the party structures in the state in favour of his favoured aspirant, Tonye Cole while shutting others out of the exercise.

in a goodwill message to Nigerians on the occasion of the country’s 58th independence anniversary said there is a lot to celebrate as a country. The company enjoined Nigerians at home and abroad to celebrate one another for going the extra mile to make our nation remain one despite all odds. In a statement issued yesterday, the company noted that the country had

independence and shown resilience in the face of obstacles on its path to greatness. This determination, it said, must be celebrated. “Despite all odds”, the company added, “we have grown stronger as a people and as a country. And today, we should dare to celebrate that true winning spirit”. The major oil marketer urged Nigerians to strive for peace and

rededicate themselves towards achieving a more unified country in tandem with the vision of our founding fathers. The company also implored Nigerians to take a moment to reflect on what constitute impediments to the continuous growth of the nation and seek solutions to the problems. It enjoined Nigerians to see themselves as one, irrespective of religious, political

ability, understanding and willingness to unify this great nation and bring her to the path of peace and progress. Nigeria has never been this polarized along ethnic and religious lines and the time to end this polarization is now. This country belongs to all of us and everyone has the right to live and prosper in any part of the country without fear.We must say no to clannishness and reclaim our collective dignity once again,”Tambuwal said.

or tribal beliefs. According to the statement, “We see a brighter future for Nigeria. We beseech Nigerians to look inwards and work towards individual transformation and re-orientation, which will, in turn, lead to the transformation of the country”. The company wished all Nigerians a happy independence celebration.

SEVEN FEARED KILLED, HOUSES DESTROYED AS FRESH VIOLENCE ERUPTS IN JOS All efforts by security agents and other government officials to settle the rift have proved otherwise. The Olò people are very stubborn and wicked. They call themselves ‘Benue’s Niger Delta region,” Mr. Ogwuche Innocent, an Okpoga resident told THISDAY. As at the time of filing this report, it was not clear if anyone was arrested.

Bodies of those killed in the attack have been deposited at the Okpoga General Hospital mortuary for further investigation. Meanwhile the Benue State Police Command have confirmed the killings. A press statement signed by the command’s spokesman, DSP Moses Yamu, said gunshots were heard at a beer parlour

around Okpoga roundabout yesterday at about 9 p.m. “Our men swiftly mobilised to the scene and engaged the hoodlums in a gun duel which forced them to flee but however, six persons, including a police sergeant who was on mufti were killed in the beer parlour before the police arrived the scene”. He said preliminary investigation revealed that the

yet to be identified armed men were from Olo community, and were led by one “Mathew”. He said the state Police Commissioner, Ene Okon has ordered the Area Commander to relocate to that area, as teams of Operation Zenda, and Police Mobile Force have been drafted to the area to ensure that the culprits are identified and arrested.

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Buhari’s Aide Raises the Alarm over Threat to His Life in Kano Ibrahim Shuaibu in Kano The Senior Special Assistant to President Muhammadu Buhari on National Assembly Matters (House of Representatives) and senatorial aspirant for Kano South senatorial district, Alhaji Abdulrahman Kawu Sumaila yesterday raised the alarm over threat to his life by agents of his political opponent, Senator Kabiru Gaya. During an emergency press briefing held at NUJ Kano Press Centre yesterday, Kawu alleged that a former Chairman of Sumaila Local Government Area (LGA) and campaign Director of Senator Kabiru Gaya, Alhaji Abdulhamid Idris Rimi, led a group of unknown persons who stormed Sumaila ward and attempted to attack him, while he was addressing over 3000 All Progressives Congress (APC) supporters who had gathered for the direct governorship primaries of the party in the state. According to him, “I am at

the Press Centre to acquaint you on recent happenings in Sumaila town in Sumaila Local Government Area. “You are aware that APC in Kano is conducting direct primary elections across the state to endorse our leader, Dr. Abdullahi Umar Ganduje who has been adopted as the sole candidate of the party”. Kawu said already, three suspects have been arrested over the incident and are now in police custody. “However, today (Sunday) around 12 noon, when I visited my ward in Sumaila town to participate in the process of selecting the sole candidate of our party, the party leadership in the ward gave me an opportunity to address the party faithful numbering over 4,000. “I was telling them the process and the importance to make sure that we put our hands on deck to endorse Governor Ganduje and President Buhari and give maximum cooperation

to consolidate on their gains in the second term. “As I was speaking to them, a former chairman of Sumaila Local Government Area who happens to be the Campaign Director of my opponent, Senator Kabiru Gaya, approached me, asking me about the election materials and officials. “I told him that they just arrived and that was the reason why we were about to start our own. I told him that all the officials and materials are all here. “Immediately I finished answering his questions, I suspected some strange faces coming very close to me. “Some people, about eight of them approached me. I became suspicious because of the way they were behaving and I observed that they were not members of Sumaila community. I quickly put a call across to the Divisional Police Officer (DPO) because I perceived danger coming.

‘MultiChoice Talent Factory will Boost Movie Industry’ Director of Ajoche, a drama series currently airing on Africa Magic, James Omokwe, has described the MultiChoice Talent Factory Academy (MTFA) project, as one that would help the African movie industry attain a world-class status. Speaking in an interview in Lagos, Omokwe said the MTFA, a fully funded year-long training programme for young people desirous of making careers in the film and television industry, will create a new generation of professionals with top-tier skills and boost local content production. “I believe strongly in capacity building and for MultiChoice to take on the Talent Factory Academy initiative to educate and train professionals, that will bring value to the industry, it is

a great step in the right direction and I must commend MultiChoice for it,” he said. He added that the MTF is a major intervention in the African creative industry and that is a continuation of the company’s efforts to ensure that African movie makers and television professionals are skilled and able to create jobs. Speaking further, the expert pointed out that the investment the Pay TV Company is making towards entertainment is what is required for the industry to take a giant leap in Africa. “I believe the industry needs to invest in infrastructure and systems that will allow it grow organically and authentically. For African film, a major challenge

is a structured and systematic distribution channel that appeals to the African market. For example, we need affordable cinema chains that cater to everyday Nigerians and other African countries. “For TV, there is already an existing and working structure but TV stations across board need to improve on their production value to stand a sustainable chance in the current content market,” Omokwe said. While thanking the management of MultiChoice for giving him a platform to express himself, the expert emphasised that Africa Magic had given him the opportunity to fully establish himself as a series producer, director and executive producer.

Beneficiaries of FG’s Agrarian Revolution Laud Buhari The students of Agro-Marine Institute who are the beneficiaries of President Mohammed Buhari’s developmental stride in agriculture as well as other industries have applauded him for a job well done. The institute, is an innovation enterprise to equip the youths as well as serve working adults with vocational skills and knowledge to meet the increasing demand for skilled manpower in agricultural, marine and allied industries. The institute’s training centre is in Kirikiri Lighter Terminal Lagos and is to run training programmes consisting

of agricultural (fisheries and plantation) and marine related courses. Approvals have been given to the Institute by the relevant government agencies to run ND programme and other courses to boost agriculture and fishing businesses. The students opined that they would support the President’s second term bid in office in view of his achievements during his first tenure. Receiving the students, the founder and promoter of the institute, Hensmor Nigeria Limited also praised the

President for his anti-corruption crusade and informed the students that in view of the President’s achievement, all and sundry would support his next tenure bid. The Executive Chairman of Hensmor Group, Chief HH Omorodion lauded President Buhari for his foresight and determination to rebuild the country for this generation and generations yet unborn. He also praised governmental agencies like the Nigerian Ports Authority (NPA) and others for being in the vanguard of reforming the nation.

Ugwuanyi Hosts Osinbajo on Entrepreneurship Programme Governor Ifeanyi Ugwuanyi of Enugu State will on Tuesday (tomorrow) play host to Vice President Yemi Osinbajo, who will be visiting Enugu for the 19th edition of the National Micro, Small and Medium Enterprise (MSME) Clinic, billed to hold at the Michael Okpara, Square, Enugu. The National MSME Clinic is a brain-child of the Vice President’s Office in partnership with the Federal

Ministry of Industry, Trade and Commerce, and other federal ministries, departments and agencies (MDAs) responsible for business facilitation. It is aimed at providing solutions to various challenges affecting the growth and development of MSMEs, which account for 99 percent of businesses in the country, in order to accelerate their ease of doing businesses with the Federal Government’s regulatory agencies.

In a statement by the Special Adviser to the Enugu State Governor on SME and Investment Promotion, Mr. Anayo Agu, the state is ready and anxiously waiting to receive the Vice President for the “allimportant event”, which he said was germane to the efforts of the state government in promoting entrepreneurship, self-reliance, human capital empowerment and investment development, among others.

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Hoodlums Disrupt PDP Primary Election in Kwara Hammed Shittu in Ilorin It was a confusion galore at the venue of the governorship

primary of the Kwara State chapter of the Peoples Democratic Party(PDP) yesterday night following

Journalists Denied Access to Cover APC Primaries in Gombe Segun Awofadeji in Gombe Journalists were yesterday barred from covering the primaries of All Progressive Congress (APC) in Gombe State. There were indications that security agencies and top APC party officials may have conspired to bar journalists from national dailies and local reporters in the state from gaining access to the venue of the gubernatorial primaries of the party in the state. This gave rise to escalation of tension between reporters and policemen. When journalists arrived Gombe International Hotel, venue of the congress at about 3.30 p.m. yesterday, they were denied entry by well armed policemen who openly asked them to go back. One of the officers, an inspector of police pushed and pointed his gun at the secretary of the chapel, Mr. Williams Attah, who was trying to show him the accredited cards authorising journalists to cover the event. The policeman said they were under instruction not to allow anyone, including the media access to the venue. According to the officer, who was shouting on top of his voice, “You are not needed here, until when the elections are over you will be invited for briefing.”

When another correspondent asked them whether their action was a confirmation of the fears raised by some of the delegates and aspirants of alleged plans of conspiracy to manipulate the process, the policemen started shouting, saying the question he asked was offensive and they threatened to beat the reporters. Despite all explanation by the reporters on the need to allow them enter the venue to cover the event; the policemen and party officials insisted that they should leave. The whole episode happened under the watchful eyes of a deputy commissioner of police. When the leadership of the chapel contacted the public relations officer of the APC in the state, Madam Naomi Awar, to ascertain whether there was an instruction for journalists not to monitor the process, she denied it, saying that there was only change of time for the primaries. She however, confirmed that there was an order that nobody should be allowed into the venue without instruction by the party. THISDAY gathered that the adjustment of the time and the actions of the policemen raised fears in the camp of some of the aspirants who suspected foul play in the whole exercise.

the disruption of the voting exercise by some suspected hoodlums. The suspected hoodlums were said to be protesting against the way the voting was being conducted at the venue of the exercise. The venue of the primary was the Banquet Hall, Government House, Ilorin, the state capital. The development however, led the state Governor, Alhaji Abdulfatah Ahmed, some aspirants and other government officials to escape through the back door of the

venue of the election. Party delegates at the venue of the primary have to run from pillar to post so as to avoid being attacked by the suspected hoodlums who invaded the venue of the voting. About nine aspirants participated in the primary following the stepping down of the Speaker of the State House of Assembly, Dr. Ali Ahmad from the contest. THISDAY investigations revealed that, the voting was said to be going on smoothly

when some suspected hoodlums invaded the venue of the voting and disrupted the whole exercise. It was furtther gathered that, delegates from two local areas of the state had already cast their votes as at about 7.30 p.m. Attempts by the state Governor Abdulfatah Ahmed to pacify the suspected hoodlums proved abortive as they were disrupting the voting exercise. The presence of the men of the state police

command posted to the venue of the voting exercise could not stop the suspected hoodlums from destroying the ballot boxes. It was at this point that, the whole hall turned into a rowdy session, a development that prompted the delegates and party officials who were at the hall to run for safety of their lives. The venue of the voting exercise at Banquet Hall, Government House, Ilorin was deserted as at 9p.m when our correspondent left there last night.

INAUGURATION...

L-R: Governor-elect of Ekiti State, Dr. Kayode Fayemi; Chairman, All Progressives Congress (APC), National Convention Committee, Senator Abiola Ajimobi; National Organising Secretary, Hon. Emma Ibediro; Deputy National Chairman, Niyi Adebayo, and National Chairman, Adams Oshiomhole, during the inauguration of the party’s national convention committee in Abuja...recently JULIUS ATOI

Dependence on Oil,Technology Threatening Human Capital Militancy in Niger Delta Contained, Says Navy Goals, Say Experts Omolabake Fasogbon Experts have blamed Nigeria’s heavy dependence on crude oil and abuse of technology for human capital decline in the country. They noted that despite the clamour for the country to shift focus from oil as a major revenue source and depend on other growth factors to achieve real economy expansion ,not much had been done to justify the clamour. The experts insisted that in particular, the area of human capital has been cheated in terms of investment, an event which they said is not too good for the overall health of the country considering the symbiotic relationship in a nation’s workforce and its economies. According to them, technology, with its myriads of opportunities, continues to threaten manpower. Speaking at the 34th Annual Omolayole Management Lecture organised by AIESEC Alumni Nigeria , the Executive Chairman of Phillips Consulting, Mr. Folusho Phillips, reiterated the essence of skills, knowledge, and innovation in eradicating poverty, adding that a state of emergency be declared in the country’s education sector. The federal government had earlier in the year promised to

Kingsley Nwezeh in Abuja

declare an emergency in the sector by August 2018 but nothing has been heard till date. Phillips cautioned that with current global projections and emerging trends, it was critical that Nigeria urgently develop national offerings to be exported to the world. According to him, it is only achievable through an aggressive and sustainable capacity development plan driven by maximising education, health and technology. “As a matter of urgency, government needs to go back to its drawing board, declare a state of emergency in the education sector and make its blueprint public, otherwise, Nigeria risked being a failed state in the next five years.” “Our education is not balanced. From statistics, the North educates over 30% of its people while the south educates about 80 per cent. We must do more. Primary school enrolment has increased but participation is still low. We also must tap into technology to grow our nation. We are in the middle of a very violent disruption. It’s the fourth industrial revolution. Artificial Intelligence is almost here and technology is bubbling with news tricks and changes daily”. A management expert, Michael Omolayole , described human capital building as a life-time engagement that should be enhanced by interest and dedication of the people.

The Nigerian Navy said weekend it had contained militant activities in the oil- rich Niger Delta region. The military arm made the declaration as it expressed desire to handle prosecution of maritime-related cases. It said the lull in the activities of the militants was occasioned by sustained patrol of the sea and oil facilities in the region by the navy. Speaking at a media chat in Abuja, the Chief of Naval

Staff, Vice Admiral Ibok Ibas, said the state of preparedness of the navy, going by recent acquisitions of military hardware, and effective patrol of the sea, militancy in the region was no longer practicable. Speaking through the Director of Transformation Nigerian Navy, Rear Admiral Jason Gbassa, he said with the recent purchase of 300 patrol boats, surveillance equipment and recent operations involving over 10 navies from across the world, the navy was at its best to protect Nigeria’s territorial waters

and oil platforms. “Nigerian Navy as it is today by our acquisitions and state of preparedness; I don’t think that there is any militant or militant group that will dare the Navy. “There is no militant group that will issue a threat and carry it out. In the last three years, there has been no such threat. That was then, not now”, he said. On prosecution of cases, the Naval Director of Legal Services, Commodore JAS Malafa, said the Navy had successfully prosecuted cases bordering

on sea piracy, crude oil theft and oil bunkering through its prosecuting agency, the Nigerian Security and Civil Defence Corps, while it appeared in such cases as prosecution witness. “We have successfully prosecuted a lot of cases through the prosecuting agencies, Police, EFCC and NSCDC. “We are trying to prosecute but as it is, the Navy cannot prosecute for now. Civil Defence is prosecuting on our behalf while we appear as prosecution witness”, she said.

Nnamani Denies Plan to Dump PDP Christopher Isiguzo in Enugu Former Governor of Enugu State, Dr Chimaroke Nnamani, has dismissed insinuations in some quarters that he was planning to dump the People’s Democratic Party (PDP), for

another political party. In a statement personally signed by him and made available to journalists yesterday, the former governor said he remained a member of the PDP. He also disclosed that he has been duly cleared and

will be contesting in the PDP senatorial primaries on Tuesday, 2nd October, 2018 for the sole Enugu East senatorial district ticket. “I am honoured by the interest of all and varied political parties in my desire to serve in the Nigerian Senate,”

he said. While thanking the people of the state for their huge interest in him, Senator Nnamani solicited the support of party delegates, stakeholders and the good people of Enugu East Senatorial District, during the senatorial primaries.

AT 58, CEOS RUE NIGERIA’S ECONOMIC CHALLENGES, LOST OPPORTUNITIES and weak followers. “You can’t fix this in one day, we have to go back and deal with the structural issues in this country. What we have achieved so far is that we have moved from a command economy to a mixed

economy, but we have to move to a free market economy,” he said. On his part, the CEO Aglow Limited, an aviation consulting firm, Tayo Ojuri, the aviation industry in Nigeria is still at the infancy stage,

despite the 58 years Independence celebration. “There is lack of infrastructure, there is lack of enabling environment and the sector is wracked by policy summersault. The aviation industry is supposed

to be a catalyst to economic growth. “We have the geographical location; we have the population, so we need a quicker way of moving passenger and cargo to grow the economy,” he added.

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

Nigeria Can Host NBA Matches, Says Williams r As Power Forward season five ends Olawale Ajimotokan in Abuja

Former Chicago Bulls player, Jerome Williams has tasked Nigeria to explore the possibility of having NBA fixtures played in the country. Williams made the remarks in Abuja over the weekend during the closing ceremony of the fifth anniversary of Power Forward basketball clinic he co-hosted with Senegal female legend, Astou Ndiaye. Williams said it would be great to have some NBA fixtures in Nigeria considering the depth of basketball talents in Nigeria and the growing popularity of the game in Africa. “NBA matches are

always possible in Nigeria and I think that is what they need to do. They have done it in Mexico, Europe, China and Asia. Just as they have the Asia NBA games, they should also have the African games. I think it is something they should be able to put in their schedule in the preseason,� said Williams. He said basketball had grown in Africa over the years, with the hoop sport rivalling soccer, which remains the continent’s most popular sport. “ Soccer is always there in Africa which has produced some world class players. But i have played with one of the greatest basketball players from Africa- Hakeem Olajuwon. I also played

with Dikembe Mutombo in Georgetown and with most guys from Africa. More people in Nigeria should play basketball because it means so much for the country�. Williams, who was also in Nigeria last year, applauded ExxonMobil, Africare and NBA for doing enough to promote

basketball, saying there was better organisation and enthusiasm from the kids. The Government Relations Manager, ExxonMobil, Nigel Cookey-Gam, said ExxonMobil is committed to developing sustainable, long-term community assistance initiatives in Nigeria, such as “Power Forward.� He expressed thanks to other partners, the NBA,

WNBA and Africare for their contributions toward sustaining the program in Nigeria, adding the initiative teaches health literacy and life skills such as leadership, respect and personal responsibility through basketball and other programming to positively impact Nigerian secondary school students in Abuja. The Deputy Director Student Education Board,

FCTA, Victoria George said the Power Forward had become a model which had impacted on the student programme in the FCT. She called for the domestication of the programme and extension to the junior schools. Model Secondary School Maitama beat GSS Garki in the female final, while GSS Karu emerged the male champions after beating GSS Airport.

LAGOS OPEN TENNIS

Babalola Crashes Out in QualiďŹ ers Ageing Nigerian tennis star, Abdulmumin Babalola, was a major casualty in the first round of qualifiers at the ongoing Lagos Open Tennis International Championship following a 6-1, 6-2 loss to his compatriot, Emmanuel Idoko. Babalola, with nearly three decades of tennis experience, could not cope with the aggressive play of Idoko who wrapped up the match in just over an hour. “I was not in good shape but that is not an excuse because he (Idoko) played better,â€? he said after the match at the Lagos Lawn Tennis Club, Onikan. Babalola, the players’ representatives on the Nigeria Tennis Federation (NTF) board, however, promised to bounce back in the second week. On a weekend of mixed fortune for Nigerians, Taiwo Owolabi and Michael Michaal progressed with 6-0, 6-0 and 7-5, 6-3 wins over Gerard Codino of France and Sammy Miruiki of Kenya respectively. They are joined by Christian Paul, Olaniyi ibiwoye and Mohammed Mohammed who were drawn bye. But it was the end of the road for former national champion Henry Atseye as he was beaten 7-5, 6-2 by Sheil Kotecha of Kenya while Ridwan Morakinyo succumbed 6-4, 6-1 to Arnaud Sewanou of Benin. Paul Emmanuel also strolled to the next stage with a double bagel over Olisaemeka Okafor in an all-Nigeria affair. In the women’s singles, Patience Onebamhoin crised to a 6-3, 6-2 win over Ronke Akingbade while Osarieman Airhunmwunde advanced at the expense of Abiodun Oyegoke 6-2, 6-2. German

Jasmin Jebawy also moved to the next stage by beating Shufaa Changawa 6-3, 6-2 just as Olga Brodza of Poland edged Diana Mihail of Romania by the same scoreline. Meanwhile, the main draw of the two-phase 100,000 prize-money ITF tournament will serve off today with no fewer than six Nigerians expected to be in action. Tournament Coordinator, Prince Wale Oladunjoye, promised fans of highclass tennis due to the upgrading of the tournament. In another development, former Nigerian international, Austin Jay Jay Okocha was at the Lagos Lawn Tennis Club, Onikan to watch exciting matches at the ongoing Lagos Open Tennis Championship The former captain of the Super Eagles, who was received at the Lagos Lawn Tennis Club by the Tournament Director, Prince Wale Oladunjoye, applauded the organisation of the ITF circuit by the Local Organising Committee (LOC) headed by Chief Pius Akinyelure and urged Nigerians to come out to watch the best of tennis at the ongoing Lagos Open. Meanwhile, some Nigerians have been given wildcards to play in the main draws which start on Monday. Sylvester Emmanuel, Ireland-based Adebola Obasoto received wildcards in the men’s event, while Barakat Oyinlomo Quadre, Sarah Adegoke, Loveth Donatus and Americabased Adesuwa Osabuohen were given wildcards in the women’s category.

Team USA display their trophy after the ďŹ nal match 73-56 win against Australia in the FIBA Women Basketball tournament yesterday in Tenerife, Spain. The feat was the third consecutive time and 10th all time!

FIBA President, Muratore, Thumbs up D’Tigress at the W’Cup The steady progress of women’s basketball in Nigeria and the above moderate performance of Nigeria’s D’Tigress have not gone unnoticed by FIBA president, Horacio Muratore. In an interview granted to the official FIBA blog, fibabasketball, Muratore spoke among others, on the performance of Nigeria and Senegal, paying glowing tributes to the D’Tigress, especially. Hear him: “One of the best story lines of this Women’s World Cup without a doubt will be that Africa proved it has some very good teams in Nigeria and Senegal. “These are teams that can play

against anyone and I congratulate both of them for their campaigns. “Senegal had a historic win (against Latvia) and a great game against Spain (in Wednesday’s Quarter-Final Qualifications). They made the tournament hosts tremble a bit. It would have been amazing for both African teams to reach the Quarter-Finals. “Nigeria outplayed the USA – the reigning world champions – in the first half of Friday’s Quarter-Final and got wins over Turkey, Argentina and Greece. This is extremely positive for African basketball and for the sport in general�.

Danny Jordaan Fails in FIFA Seat Attempt South Africa’s Danny Jordaan has failed again in the bid to replace Ghana’s Kwesi Nyantakyi as Africa’s representative in the FIFA Council. The Ghanaian had in June resigned his position in the 37man FIFA Council after being accused of taking a prohibited cash gift of $65,000 in a bribery sting. He is under investigation by FIFA’s ethics committee. He was the chief organizer of the only World Cup, South Africa 2010, ever held in Africa. He lost to the relatively unknown Walter Nyamilandu of Malawi in the election at Sharm El Sheikh that capped the Extraordinary General Assembly of CAF. FIFA president, Gianni Infantino was in attendance. According to www. sportsvillagesquare.com, in

an election that went into two rounds, Nyamilandu, a former international for Malawi, eventually won with 35 votes as against Jordaan’s 18. The race had begun with five candidates. But before the first ballot, Elvis Chetty of Seychelles and Nick Mwendwa of Kenya withdrew, leaving three to contest. In the first round of voting, Nyamilandu had 23 votes while Tanzania’s Leodegar Tenga had 14 and Jordaan had 16. Since none fulfilled the requirement for the majority votes needed, there was a second round of voting between the top two as Tenga of Tanzania who came third in the first round had been eliminated. It was in the final vote that the Malawian prevailed.

Arsenal Boss, Emery Lauds Iwobi

Ronaldo Denies Rape Claim as ‘Fake News’

Arsenal FC head coach Unai Emery lauded Nigeria international Alex Iwobi following the team’s win over Watford on Saturday. The Gunners brushed aside Watford FC 2-0 in an English Premier League (EPL) match which was played at the Emirates Stadium in London. Iwobi was involved in the opening goal as his low cross was turned home by Watford defender Craig Cathcart, who scored an own goal. ‘’I wanted to win. My ideas were about how we could change,’’ Emery told the media at the post-match press conference.

Cristiano Ronaldo has dismissed as “fake news� accusations by a US woman who alleges she was raped by the Portuguese footballer in 2009. In an Instagram video, Ronaldo said: “They want to promote [themselves] by [using] my name. It’s normal.� Ronaldo’s lawyers say they will sue Germany’s Der Spiegel magazine, which originally reported the allegations. The magazine wrote that Kathryn Mayorga had claimed Ronaldo, 33, raped her in a hotel room in Las Vegas. Ms Mayorga, 34, is reported to have filed a rape report with Las Vegas police shortly after the

‘’We need players when in the match to be hungry to help the team. (Bernd) Leno is working every day for his moment, today he did that. ‘’And Danny (Welbeck) and Alex Iwobi helped us with their pushing moments and quality. I am very happy with the team,� the Spanish tactician said. ‘’He is working well every day. Three weeks ago he was outside the team because he had an injury. ‘’I am very happy with him because of his mentality. I want him to stay nearer the box to score and fining assists. This is the way for him.’’

alleged incident. In 2010, she reportedly reached an out-of-court settlement with Ronaldo involving a $375,000 (ÂŁ288,000) payment for agreeing never to go public with the allegations. Her lawyers are now seeking to declare the non-disclosure agreement void. In a statement, Ronaldo’s lawyer Christian Schertz said “the reporting in Spiegel is blatantly illegalâ€?. He added that he had been instructed to seek compensation for “moral damagesâ€? over “probably one of the most serious violations of personal rights in recent yearsâ€?, he commented.

Monday October 1, 2018

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MISSILE Ambode to Sanwo-Olu “He has been arrested for spending fake US dollars in an American night club. He lacks competency and health-wise, he has gone through mental rehabilitation” – Lagos State Governor Akinwunmi Ambode, castigating his All Progressives Congress (APC) governorship primary challenger, Jide Sanwo-Olu.

IJEOMANWOGWUGWU BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

Politicians on Cheap Drugs W

hat is it about Nigerian politicians that make them lose all sense of decorum in their public pronouncements and remonstrations? If it’s not Senator Bola Tinubu, the “Governor Emeritus” of Lagos State and a leader of the ruling All Progressives Congress (APC) boasting of his unexplained wealth exceeding that of his home state, Osun, it’s Governor Nyesom Wike of Rivers State threatening his colleagues in the main opposition Peoples Democratic Party (PDP) over their disenchantment with the choice of Port Harcourt for the presidential primary of the party slated for Friday this week. While Tinubu attempted to refute his own statement, despite video evidence to the contrary, Wike was purported to have apologised quietly to the PDP leadership after the public uproar over his crude remarks. But their attempts at swallowing back their own verbal diarrhea is beside the point. Like several politicians who have allowed the power of office and their ill-gotten wealth to overcome their sense of reasoning, they spew bile without a second thought for the implication of their vile statements. Indeed, the assault on our sensibilities by a lot of Nigerian politicians often brings to the fore the intoxicating effects of power and the perks of office. You see, power not only intoxicates, it can make one delusional and create an over bloated sense of self-worth. As my friends are often wont to say, “it’s like being on cheap drugs”. Wike, in particular, is one politician that never ceases to raise eyebrows. He is irredeemably aggressive, irascible, crude and gruff. According to him, his grouse with the PDP leadership over their lack of confidence in the choice of Port Harcourt, the Rivers State capital, for the party’s convention is that it would impact negatively on the state’s economy. He went on to warn that his government would not support what he termed “desperate” PDP presidential aspirants who are sabotaging the economy of the state by resisting the hosting of the presidential primary in Port Harcourt. He declared that there would be consequences if the party succumbs to pressure from “planted” presidential aspirants to move the party’s national convention away from Port Harcourt, promising that the Rivers people will teach the PDP a bitter lesson if it allows such persons to scuttle the hosting of the presidential primary in his state. But beneath Wike’s uncouth outburst was a grand design targeted at 2023 when he would have concluded his second term in office as the Rivers governor. His thinking was that if he could browbeat the large field of presidential aspirants in the PDP fold into holding the convention in Port Harcourt, he would effectively control the delegates that will handpick the Sokoto State governor, Aminu Tambuwal, his preferred candidate for the presidential ticket of the party, and Ekiti State governor, Ayodele Fayose, as the latter’s running mate. The purported plot is to impose a Tambuwal-Fayose ticket on the party in the hope that the pair would defeat President Muhammadu Buhari and his deputy, Prof. Yemi Osinbajo, at the polls in 2019 while Wike waits in the wings to step in as Tambuwal’s new running mate in 2023. From the foregoing, it is apparent that the Rivers governor has completely lost the plot. If he thinks that just because he allegedly diverted the funds of Rivers State to fund the party

Wike

and foisted a visionless national chairman on the PDP in the person of Uche Secondus, the party owes him, then he must be extremely delusional. There was a PDP before Wike, and there will be a PDP after Wike! If its founders and leaders are unaware of the importance of a strong opposition that can keep the ruling APC in check and cut it in its track, then we have a serious problem on our hands. Under Wike and his minion Secondus, PDP has proven to be rudderless, weak and directionless. It stood by while Ekiti and Osun States were taken from its grasp by a marauding, all conquering APC, with the collusion of the security agencies and the Independent National Electoral Commission (INEC). Aside the Senate President Bukola Saraki, who moved mountains to assist Senator Ademola Adeleke, the PDP governorship candidate in the Osun governorship election, Wike, Secondus and other leaders of the party sat back and watched ineffectively as their candidate was gobbled up. As Rome was burning, Wike was fiddling away in Port Harcourt, griping about the convention venue, and jumping through hoops to shoo-in Tambuwal and Fayose as the presidential and vice-presidential candidates respectively of the PDP. Leadership, if Wike must know, is not about issuing threats and bullying others into submission. Such tactics can only have limited results before a rebellion occurs. True leaders must get the buy-in of all members of the team, especially in a political party setting that is supposed to espouse democratic values. Wike’s remarks showed that he would not tolerate any dissenting opinion, even if they came from the party’s elders or leaders who started with the PDP from the outset. As it stands, PDP’s Wike has effectively disenfranchised the Southwest, a crucial swing geopolitical zone that can decide the outcome of the 2019 elections. Like a bull in a China shop, he first altered the zoning formula of the PDP by imposing his candidate as national chairman, much to the chagrin of stakeholders from the Southwest. He then went on to lose Ekiti, which was in the party’s grasp, and Osun by mismanaging critical past members such as Senator Iyiola Omisore who turned round to strike a deal with the APC long before the first ballot was cast in the governorship election in Osun State. And now, by attempting to foist a loud misfit such as Fayose, whose sphere of influence is limited to only Ekiti, Wike has

further shown that he completely misreads the Southwest and its people. If it is his intention to handpick a running mate for Tambuwal from the Southwest, then he must spread his dragnet to throw up a running mate who will command the respect of the Yoruba people, not one that will be dismissed as joke. Even if we were to buy Wike’s position that the economy of his state stands to benefit from hosting the convention of the PDP, one is tempted to ask what economy? In my estimation, the River State economy has continued to punch well below its weight under Wike. Like his predecessors in the Government House, Port Harcourt, Wike has thrived more on noise than on substance. Port Harcourt, the oil capital of Nigeria, remains underdeveloped and nothing more than a glorified township. Each time I visit the state, I leave with a deep sense of disappointment over the absence of infrastructure, the chaos on its roads, and the glaring poverty in the state. What is worse is that Wike has convinced himself into thinking that he is outperforming his peers in the area of governance. Having built a few township roads and cottage hospitals, he goes around with the sobriquet “Mr. Projects” and styles himself as the best thing that has ever happened to Rivers State since sliced bread. In recent weeks, the Rivers governor even went ahead to hail his state’s emergence as Nigeria’s top investment destination in the first half of 2018, on the basis of a report churned out by the Nigerian Investment Promotion Commission (NIPC). The report showed that a total of $45.74 billion was invested in 42 projects in nine states and the Federal Capital Territory (FCT), of which Rivers received 35 per cent of the total amount while Bayelsa and Lagos States received 26 per cent each. But what he failed to note was that the report indicated that the mining and quarrying sector accounted for 61 per cent of the total amount invested during the period, an indication that capital inflow was into the insular oil and gas sector over which Wike and the state government have no control. Besides, the proceeds derivable from such investments in Rivers State would

not accrue solely to state but to the three tiers of government. In contrast, the National Bureau of Statistics (NBS), the definitive body responsible for providing monthly, quarterly and annual data on the Nigerian economy, showed that River State in the first half of 2018 attracted a measly $524,903.68 as capital importation, far lower than smaller states such as Abia which got $1.267 billion during the same period, and the behemoths, Abuja and Lagos, which were respective recipients of $6.1 billion and $4.325 billion as capital importation in the first half of this year. I need not delve too deeply into Rivers State’s finances which at a glance show that it is over-reliant on allocations from the Federation Account for survival, its internally generated revenue has stagnated at an average of N85 billion over the last five years, while its debt service as a percentage of revenue continues to hamper with the ability of the state government to deliver the goods to its citizens. It is obvious that Wike needs to get his act together both as a leader of the PDP and governor of his state. He has spent an inordinate amount of time fighting the federal government at the centre, the APC in his state and his predecessor in office, Chibuike Amaechi who is no better that he is, while at the same time attempting to govern River State and retain a stranglehold over the PDP. In all departments, he has fallen short of expectations. As any juggler would attest, it is impossible to keep all the balls in the air for a prolonged period, as one or two of them will eventually come crashing down. If Wike must provide leadership to the PDP so that the party can provide a credible and effective challenge to the APC come 2019, he must be strategic, inclusive and unselfish. It is irrelevant that he is providing the funds that are keeping PDP afloat and therefore can keep dictating the tune. As pointed out earlier, a rebellion within the ranks of the PDP would blow up in his face, if care is not taken. Wike could also learn a thing or two from Tinubu whose so-called control over the Southwest continues to wane by the day.

Calling Tinubu’s Bluff Not that I think much of him, but Governor Akinwunmi Ambode of Lagos State made my day yesterday. He stopped begging Bola Ahmed Tinubu, a former governor of the state, who thinks he owns Lagos, by calling the latter’s bluff. Ambode made it known at a press conference yesterday that he intends to contest the governorship primary of the All Progressives Congress (APC) slated to take place in the state today. In so doing, he told Tinubu to bring it on. With a bit of providence and political guile, Ambode’s gamble may just pay off. If the socalled national leader of the APC was so certain that he could impose his new boy Babajide Sanwo-Olu on Nigeria’s commercial capital, there would have been no need to threaten to impeach Ambode should the governor refuse to drop his quest for a second term in office. The APC led by Tinubu in Lagos had initially insisted on conducting direct primaries to select its governorship candidate for the 2019 elections. Then the former governor

suddenly reversed himself at the weekend by ordering Ambode to withdraw from the contest to allow the APC to present Sanwo-Olu as the consensus candidate of the party in the state. Using his influence also, Tinubu got the party’s leadership at the centre to postpone the APC governorship primary by two days. If the entrenchment of democracy was at the heart of the choice for the direct primary, why the sudden need for a consensus candidate to contest the governorship election in Lagos next year? All these actions point to the uncertainty in Tinubu’s camp to supplant Ambode with Sanwo-Olu. The handwriting is very clear on the wall that Tinubu is no longer as invincible as he once was. The Lion of Bourdillon is aging and is losing his grip in a state over which he has held sway for almost two decades. Otherwise, there will be no need for the impeachment threat. Tinubu through Sanwo-Olu should go and test his popularity at the primary today. May the most popular man win.

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