Monday 8th October 2018

CBN to Accelerate Financial Inclusion with Rural Banks Hints at altering MTN fines

James Emejo with agency reports As part of efforts to promote financial inclusion and enhance

access to financial services for low income earners and the unbanked, the Central Bank of Nigeria (CBN) is proposing the establishment of Payment

Service Banks in rural areas across the country. This is coming as the apex bank says it may alter the amount it has ordered South

African telecoms firm, MTN to refund to Nigeria for illegally repatriating funds from the country. To this end, the CBN has

released the draft guidelines for the regulation of the proposed banks. A copy of the document was obtained on the CBN’s website

yesterday. A major difference between the proposed banks and the Continued on page 16

US Rate Hike to Push up FG’s Cost of Borrowing… Page 17 Monday 8 October, 2018 Vol 23. No 8573. Price: N250

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Duke, Ezekwesili, Moghalu, Durotoye, Olawepo, Others Emerge Presidential Candidates Deji Elumoye in Abuja No fewer than 20 other political parties apart from All Progressives Congress

(APC) and the Peoples Democratic Party (PDP) at the weekend elected their presidential candidates ahead of the February, 2019 general

elections. The presidential candidates were elected between Friday and Sunday during their parties special conventions

held in the Federal Capital Territory, FCT. Those elected to fly their respective parties' flag include former governor of Cross River

State, Mr. Donald Duke for Social Democratic Party (SDP); former Minister of Education, Mrs. Obi Ezekwesili, Allied Congress Party of Nigeria

(ACPN); ex- Deputy Governor of Central Bank of Nigeria, CBN, Prof. Kingsley Moghalu, Continued on page 17

I2 Years After, Atiku in Landslide Victory, Clinches PDP Presidential Ticket

Gives perspectives on how Nigeria will be restructured in first post-nomination interview with ARISE NEWS Channel Deji Elumoye, Adedayo Akinwale, Shola Oyeyipo in Abuja, Nseobong OkonEkong, Ernest Chinwo in Port Harcourt, Segun James, Chinedu Eze in Lagos, and Emmanuel Addeh in Yenagoa

It was sweet victory for former Vice President Atiku Abubakar as he edged out 11 other contestants yesterday to win the Peoples Democratic Party’s (PDP) presidential ticket that he had sort after since 2006. The party’s primary held in Port Harcourt on Saturday, the capital of Rivers State, was Atiku’s third attempt, having lost out in 2006 to late President Umaru Yar’Adua and 2010 to former President Goodluck Jonathan. It was an emphatic win for him obtaining 1, 532 of the 3, 221 votes at the colourful national convention that was brought to a close yesterday afternoon.

Moment after his victory, Atiku told ARISE NEWS, a sister broadcast station of THISDAY, that he would work to keep his electioneering pledge of restructuring Nigeria, saying it was a worthy legacy he intended to attain and leave for posterity. According to results announced by the Chairman of the PDP National Convention Planning Committee, Senator Ifeanyi Okowa, the governor of Delta State, Atiku's closest rival and Sokoto State Governor, Alhaji Aminu Waziri Tambuwal, polled 693 votes. He stated that Senate President Bukola Saraki polled 317 votes while the former Kano State Governor, Senator Rabiu Musa Kwankwaso, scored 158 votes. Okowa further announced that Gombe State Governor,

Continued on page 16

Buhari's Wife, Aisha, Hits APC, Bemoans VICTORY AT LAST… President, Dr. Bukola Saraki (left), and Peoples Democratic Party’s presidential flag bearer, Alhaji Atiku Abubakar, after Irregularities in Primaries … Page 16 Senate the PDP presidential primary in Port Harcourt…yesterday

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COMMENT

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

PRIVATISING THE REFINERIES Odilim Enwegbara canvasses the need to sell off the refineries

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rivate ownership of businesses is as old as human civilisation. No economy is great without an army of private business owners running it. Unlike state-owned enterprises, privately-owned businesses have optimal capital structure, high profitability, high productivity, management and investment efficiency, and above all, more growth oriented with high jobs. Most modern and efficient economies such as US, Japanese, German, UK, and recently Chinese are predominantly in private hands. The problem with state-owned firms starts with distortion of playing field in their favour. So pampered that the only way they can continue to remain in business is government subsidies and grant of monopoly in their sectors of operation. On page 824 of his famous book ‘The Wealth of Nation,’ Adam Smith the father of economics stated â€œâ€Ś When the crown lands had become private property, they would, in the course of a few years, become well improved and well cultivated.â€? Publicly owned businesses only emerged in western economic activities in the 19th century because private owners of businesses were abusing their business ownership through their exploitation of workers to the level of slavery and their efforts to dodge tax responsibilities along with dodging corporate social responsibilities. This became more pronounced immediately after Word War II, when capital became increasingly hard to come by across Europe for the production of the essential goods and services along with millions of unemployed that needed the none-existing jobs. So, state enterprises were established to provide jobs to millions even though that meant low productivity and government subsidies, especially the creation of state-owned utility companies to provide those services that at their true market costs would be priced out of the reach of majority of citizens. But after decades of running inefficient public sector economies across the postwar Europe, the huge cost of subsidising these state enterprises synonymous with corruption and cronyism, along with exaggerated cost transfers to the public and the accompanying huge deficit spending, privatising these state-owned enterprises became a matter of do- or-die in late 1970 and 1980s. And where privatisation could not happen, to avoid product price skyrocketing, and to stop the increasingly difficult to fill huge deficit holes, commercialisation became the next option across modern industrial economies of the world. During this same time, most western governments created powerful regulatory institutions, set up simply to ensure that private owners of businesses no longer engage in the race to the bottom, where they enjoy free ride, without having to take commensurate responsibility in the commonwealth. With these regulatory authorities, it became obvious that there was no more need for state run sector monopolies.

OF WHAT USE ARE THE NNPC REFINERIES WHEN WE HAVE TO IMPORT OVER 70% OF THE PRODUCTS THAT COULD EASILY BE REFINED AND DISTRIBUTED ACROSS THE COUNTRY AND SAVE THE BILLIONS OF DOLLARS IN IMPORT COSTS?

And as private owners of businesses were forced to provide better working environment and better pay for workers, along with tax responsibilities it became apparent that these same roles, once the main reason why state enterprises were created, had become less and less important hence state ownership of enterprises began to be unwarranted, and especially because globalisation meant corporate management efficiency, higher productivity, and possibly more taxes and corporate social responsibility. The Nigerian National Petroleum Corporation (NNPC), especially in its four refineries, is populated by politicians’ inexperienced cronies, whose only qualification for getting the top jobs is because they are friends and family members of politicians. Since it became synonymous with bloated cost of operations, over invoicing, sheer corruption through revenue transfer and diversion into private accounts, no right thinking politician has had the boldness to want to privatise them. But the question is for how long should NNPC be mere petroleum products importer, instead of refining them? In other words, of what use are the NNPC refineries when we have to import over 70% of the products that could easily be refined and distributed across the country and save the country billions of dollars in import costs, reduce pressure on foreign exchange reserve accounts as well as drastically reduce the current high pump price of the products? Atiku Abubakar knows that the permanent solution to these inherent problems is the sale of the refineries to competent hands with the technical know-how and the financial muscles. Above all, with the refines in private hands, they will receive huge investments for their turnaround maintenance, will become profitable, pay more taxes, employ more Nigerians and compete locally and internationally so that petroleum products from Nigeria could be exported to earn more foreign exchange for the country. Why the commercialisation of NNPC will not resolve the inherent inefficiencies and low productivity is because, so long as politicians are the ones to decide who gets the top jobs, the corporation will still suffer because politicians’ cronies when hired will still be there for what they and their senders can grab and not how to grow the company. Not even commercialisation will bring to an end the inherent sabotage of the refineries by the big boys involved in fuel importation who connive with the managers of the refineries to ensure that the refineries are not producing petroleum products to ensure that they are always imported with huge subsidies given to them as importers. We should not forget that commercialisation would equally amount to these refineries easily transferring their artificially created high costs of operations to the consumers who have no option or else they will threaten to go back to demanding government subsidising their day-to-day operations. Enwegbara is an Abuja based development economist

LAGOS TAXI-DRIVER MENTALITY AS A METAPHOR

We despise the little but regular, while waiting for the mega that might never come, writes Simbo Olorunfemi

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was at Ikeja City Mall in Lagos the other week. Done with the meeting, had to get a cab home. Phone was down, I couldn’t hail Uber. At the insistence of my friend, we had to approach the car-hire guys at the mall for a car. As one would expect with them, they were insistent on pricing themselves out of sense. We had to settle for one eventually. My friend, who was paying, didn’t have the kind of patience one has to exercise caught in such situations. On my way home, I engaged the driver in a conversation. How could he and his colleagues be this adamant about a non-competitive pricing model in the face of stiff competition and erosion of their clientele-base by Uber and Taxify? In response, he launched into songs of lamentation on behalf of Uber drivers. Told me how the Uber arrangement was not worth it for the drivers. His argument was that it only benefited the riders and not the drivers. He went on about how it simply does not make sense making multiple trips, bla, bla, bla. Bottom line, this Oga is of the school of IKĂŠkerĂŠ, OwĂł lĂĄ. He would rather wait for that one mega-trip than embark on regular multiple trips, while waiting for the mega, as the Uber model suggests. Easily, one forgets that the Lagos Taxi business model has not always been the way we have come to know it, for some time. Once, in this same Lagos, we had the Taxi drivers operate with the ride-sharing model, as it’s operational outside Lagos. The Lagos model might not have exactly been like the Ibadan or Abuja models, as we have it, but passengers were able to share a ride. That was then. Lagos Taxi drivers soon started flying empty around town, looking for the select few, not necessarily there, to pick up. As it seemed only ‘senior girls’ could afford them, Lagosians christened them ‘k-Aswó’. Then, Lagos Taxi Drivers took to setting up these parks all over town. Highly territorial, a colleague driving past dare not stop to pick a passenger around their parks, otherwise a war would ensue. A customer approaches them for

service, only to get an earful. The drivers now have their comfort-zones. They are ever too busy gisting or sometimes, playing Ludo, that coming in to ask for their service can be almost irritating for some of them. They pass you from one person to the other. They paint a gloomy picture of your destination, lining up a million justifications for some outrageous charge. Those ones at the Airport deserve a gold medal in luxury marketing, with a service priced higher not necessarily because it is of better quality but because a higher price is assumed to equate with quality . They are Professors in the school of I KĂŠkerĂŠ, OwĂł lĂĄ. It is a simple model really - one passenger pays for the hours of idling and gisting. Here comes Uber and the Taxi drivers are up in arms. I hear the ones at the airport often take it out, now, on the poor Uber drivers. They think the problem is with someone else. They do not see that there might just be a need to re-jig a model built around spending hours idling away, with the park decorated with their favourite cars, the one they named ‘big-fornothing’. It just has to be someone else’s fault. The same way Molue drivers took it out on LSTC buses, back in the day, thrashing some of, for hitting into their market, in the mistaken belief that mass transit transportation in Lagos will always revolve around them. Where are the Molues today? A social media version of this article resonated with many, who shared their experiences. Kay Lord recalls his experience last year, after dropping his cars for repairs at Ikeja, Lagos and needed to get back to the office. “I walked down in front of the Shrine again to call another Uber but I discovered my phone was flat dead. O gosh! I moved to the taxi park right there to take a taxi to my office on Toyin Street. I realized none of the taxi drivers were ready to take me to Toyin Street for less than N1,500. What? For goodness sake, I just took an air conditioned, neat car with a courteous driver to and from Maryland at N950 for each trip.

Here is a dilapidated and rickety taxi and the driver telling me it’s N1,500 or he’s not going. I then asked, you don’t have an air conditioner? Then, another driver responded, oga my car has an AC but it would be N2,000 to Toyin street. At that point, I was livid and I decided to hop into the one which asked for N1, 500. On our way, this conversation ensued: Me: Why do you people charge like this? I just took Uber to and from Maryland, it cost me N1, 900 but here you are taking me to Toyin which is nearer and you charged me N1, 500 in this ugly car of yours with springs piercing my bumbum. Driver: Uber met us here and they would soon leave and we would still remain here Me: Is that how to run a business? Why not try and be competitive in order to make sure they don’t take your customers away from you. Driver: Oga, leave matter. I said, they met us here and they would soon fizzle out and we would still be here... Me: Wait, I have seen your car parked on the same spot since morning and right in front of you there, I have patronised two Uber cars today with better services and at cheaper rate. They are making a good quick turn over per hour while you stay in one spot saying they would soon fizzle out? Driver: ‘Ogun lakaye’ (Yoruba god of thunder associated with anything made from metal) will soon get rid of them. Ise ogun la’nse, O de ma gbeja awon to fe gba onje lenu wa (We are working for Ogun and he would fight our battle from those who want to run us out of business). Me: Oga driver, I am stopping here. Here is your money. (I got down in front of my office thinking, why in the world did you enter into conversation with this man). Driver: Oga, eyin e mo wo o, won o to lo funwa...ase wa Ni t’ireke ( Oga, you just watch, they would soon leave the market for us). I was totally dumbfounded.� In the face of massive disruption in the transportation sector, which is even global in nature,

with the Taxi system feeling the heat, the Lagos Taxi Driver’s approach is to supplicate before Ogun, the god of iron, for solution. Someone says, most of the car parts, these days are made from aluminium, plastic and composite materials! Who knows, though? They might be also talking to the god of plastic! Lagos Taxi Drivers, especially the yellow ones, have refused to re-invent themselves, insisting on an out-dated model, not realising there has been a disruption on how the business is done. The Fashola reforms were largely resisted, with the Fashola cabs reminding one of what might have been the first leg in a chain of reforms. The same ride-sharing model ditched by the Lagos Taxi driver is what is catching up in parts of the world today. I know one or two Nigerians have also developed apps built around pushing the ride-share model. Abuja Airport drivers were smart enough to bring that model on-board, with two passengers sharing one car. But even at Abuja airport, the fear of Uber is the beginning of wisdom now. Nut Uber is not just about Taxis, it is a mind-set. One that has been (can be) applied to other sectors and how we see life and work. It is a philosophy and way of life. The Uber mentality is about using what you have to get by. It is about incremental income-generation, not hitting the jackpot on account of one ride, then go over to the next Mama-put joint to order s Bà bå’n Kånò, Pnm and Bkt soon after. It is about delayed gratification. It is about thinking outside the box – for everyone involved in the value-chain. Some of the drivers use the opportunity offered to sell other services they render to potential clients, who they otherwise might not have met, who they now have as captive audience. I have met quite a number who render all sorts of professional services, riding Uber, while they wait for other opportunities to click. Uber is about getting busy while waiting for that next call or that big job.

Olorunfemi works for Hoofbeatdotcom, a Nigerian Communications Consultancy and publishers of Africa Enterprise

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EDITORIAL

ALKALI AND OTHER MISSING PEOPLE The Alkali case has again drawn attention to the issue of missing people across the country

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here is Major General Idris Alkali (rtd)? Currently, an abandoned mining pit ďŹ lled with water is being dredged at Dura – Du District in Jos South Local Government Area of Plateau State to answer the question. We hope he is found alive. General Alkali, the immediate past Chief of Administration of the Nigerian Army, was reportedly on his way to Bauchi from Abuja when he vanished midway on 3rd September. The Nigerian Army quickly raised a search party to ďŹ nd the whereabouts of the missing senior ofďŹ cer. Acting on intelligence, the army narrowed its search to the pond to unravel the mystery. “The aim of the operation is to ďŹ nd the retired missing senior ofďŹ cer either dead or alive,â€? said Kayode Ogunsanya, Deputy Director, Army Public Relations in a statement last week. “This will enable his IF ANY HARM HAS family to re-unite COME TO THE GENERAL, with him if found alive or for the ALL THE CULPRITS family and Nigerian INVOLVED MUST BE Army to give him a FISHED OUT AND beďŹ ting burial if he is dead.â€? BROUGHT TO JUSTICE Interestingly, the search is paying off handsomely. On 29th September, the army reportedly found his black Toyota Corolla car, a customised white T-Shirt with Nigerian Army logo with the general’s name inscribed on it as well as a pair of canvass shoe belonging to the missing ofďŹ cer. Three days later, the search party pulled out two additional vehicles, a Toyota Hiace bus reportedly declared missing with the driver three months earlier and a Rover car declared missing with its occupants since 2013. How many missing people ended up in this water body? “It is a sad moment for any right thinking Nigeria to think that crime is being committed almost on a daily basis,â€? said Major General Augustine Agundu in apparent reference to the startling discoveries.

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While we commend the army authorities for their commitment to getting a closure to this notable case, they must be professional in dealing with the surrounding community to ensure their cooperation in order to get to the bottom of the unfolding mystery. If any harm has come to the general, all the culprits involved must be ďŹ shed out and brought to justice. Meanwhile, the Alkali case has again drawn attention to the issue of missing people across the country whose whereabouts remain unknown. Their families and friends are experiencing grief without closure because they do not have the resources to embark on the kind of search the military is doing for one of its own. The police are unreliable. James Olomo, a professor of Nuclear Physics at the Obafemi Awolowo University, Ile-Ife, for instance, has been missing since 18th October 2013. He simply disappeared between Calabar and Lagos. The family is still in tremendous grief. Unfortunately, the number of missing Nigerians is rising and bringing so much uncertainty and misery among their loved ones. Only in August the International Committee of the Red Cross (ICRC) reported that no fewer than 17,000 Nigerians were missing. The report attributed the unfortunate development to rampant conicts – incidents consequent on the Boko Haram insurgency and other sundry acts of violence in various parts of the country. More disturbing is that over 7,100 of the missing are children. For the affected families, living through the ordeal of having a relation missing can be a most traumatic experience, a major source of stress. The National Human Rights Commission (NHRC) in collaboration with some ministries, departments and agencies and civil society organisations, about two years, started the process for the establishment and management of missing persons’ database and how to bring closure to thousands of people who disappear without trace. But it is evident that they are not doing enough to help families to know the whereabouts of their loved ones.

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.

IMPROVING LOCAL RICE PRODUCTION IN NIGERIA

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ice, a staple food in most Nigerian homes has always enjoyed increased demand across the country. As a staple that is easy to cook, there is hardly a place around the country that this grain is not consumed. The wide acceptance of rice as a regular item on most families’ menu list is responsible for the huge amount of money that has over the years been expended on its importation. For instance, the country imported about 17 million tonnes of rice in the five years preceding the current Buhari administration. The intervention of players such as Olam into local rice farm in 2012 as a response to government support for local players did not yield any noticeable dividend. This is a farm of 4,500 hectares with mill, very close to Benue River and is equipped with silos that have capacity to store 228,000 tonnes of rice. Yet, the 50,000tonnes of rice grown by the company each year was a small fraction of Nigeria’s rice demand. Our reliance on importation of rice has been to the disadvantage of our local economy. Resources that could have been spent to boost capacity of agro-economy were channelled to the importation of rice which had lost its nutritional value due to years of preservation. In 2016, Nigeria rice importation stood at 2.3 million tonnes, with $5million averagely spent on each shipment. It is not by surprise then that Nigeria gradually worked her way into recession. The abundance of arable land without capacity in terms of finance, necessary infrastructure and agricultural technology to maximise the potential of farmers remains a serious setback to the growth of the industry. A once thriving

sector that has fed the nation was abandoned to the whims of importing over-processed products that add no value to our existence. Much agriculturally vibrant manpower that is supposed to be on the farm is in the city in search of menial/casual work while the few left on the field keep struggling to produce the quantity that is barely enough to feed their family members and immediate community. Consequently, so much energy and efforts are dissipated on farms without meaningful results. Sadly, the local governments all over the country whose responsibility is to provide agricultural tractors and other essential farm tools at lease to farmers are now depending solely on federal allocation for survival. The state of the nation’s economy which went into recession at the inception of the present administration became an eye opener which eventually made the federal government to challenge all major stakeholders into looking inward to diversifying the economy as a measure to reduce dependence on oil revenue. According to the Minister of Agriculture, Chief Audu Ogbeh, the culture of importing what could be locally produced has to stop. “Those who keep talking of imports either don’t mean Nigeria well or simply refused to recognize the fact that we can no longer afford the imports�. This was what, perhaps, ultimately informed the federal government’s decision to place a ban on the importation of rice while providing facilities for local production. Expectedly, the ban triggered the price of imported rice to about N20, 000 for a bag of 50kg. However, the situa-

tion is seen by critical stakeholders as an avenue to invest and innovate in the sector. Some of such stakeholders that frontally seized the opportunity are the Lagos and Kebbi State Governments who are exploring the economic diversification in agro-economy to enhance food security in the country. It is this innovative partnership that gave birth to the now popular Lake Rice which debut in 2016. This has, no doubt, been affording Lagos residents as well as those in neighbouring states the opportunity of getting quality rice at affordable price. The coming of Lake Rice eventually led to reduction in the price of imported rice. Packaged in different sizes of 50kg, 25kg, 12.5kg and 6kg, Lake Rice is really helping to give residents access to the staple commodity. The speculative buying or hoarding against festive period of Christmas, Eid-kabir, Eid-fitri have been rested as the state government has vowed to continue to put structures in place for the product’s availability, in and out of season. Today, Lake Rice has become a model for other states of the federation to emulate. The partnership has attracted direct/ indirect investments in the introduction of agricultural practice to maximize yields, mills to process harvest and silos to store products from wastage. The commitment of Lagos and Kebbi State Governments towards the sustenance of the initiative has become a litmus test of the capacity of the nation to provide food for her citizenry as well as engaging the unemployed through numerous agricultural value chains. t #PMBKJ 0EVNBEF .JOJTUSZ PG *OGPSNBUJPO 4USBUFHZ "MBVTB *LFKB

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Buhari's Wife, Aisha, Hits APC, Bemoans Irregularities in Primaries Shola Oyeyipo in Abuja The wife of President Muhammadu Buhari, Aisha, has regretted the ill-treatment of aspirants on the platform of her husband's party, the All Progressives Congress (APC), dissociating herself from what she referred to as unfairness. Aisha, in a comment she

tweeted at 8:11am yesterday, which attracted 5, 311 retweets, 5, 034 likes and 1, 064 comments as at 7pm, wondered how the degree of anomalies that occurred in the ruling party's could be perpetrated under the watch of its National Chairman, Mr. Adams Oshiomhole. Bemoaning the plight of aspirants across the country,

the Aisha tweeted, "It is disheartening to note that some aspirants used their hard earned money to purchase nomination forms, got screened, cleared and campaigned vigorously yet found their names omitted on Election Day. These forms were bought at exorbitant prices. "Many others contested and yet had their result delayed. Fully

knowing that automatic tickets have been given to other people." She said she was particularly disturbed that the APC, being a party whose cardinal principle was change and which was headed by a comrade-activist (Oshiomhole) whose main concern was for the common man would allow such level of impunity to take place.

"Given this development one will not hesitate than dissociate oneself from such unfairness, be neutral and speak for the voiceless," she said. According to her, it is best for Nigerians to resist such trend, saying, "It is important for the populace to rise against impunity and for voters to demand from aspirants to be

committed to the provision of basic amenities such as potable drinking water, basic health care ( primary health care centers), education within conducive and appropriate learning environments." Apparently urging Nigerians to seek alternatives to the unpleasantness under the APC, she advised, "Let us vote wisely!"

“The promoters of payment service banks shall be required to submit a formal application for the grant of a payment service bank licence addressed to the Governor of the CBN,” the CBN said. The guidelines also stipulate that they are expected to pay a non-refundable application fee of N500,000 in bank draft as well as a detailed business plan or feasibility report, among others. “Not later than six months after obtaining an Approvalin-Principle, the promoters of a proposed Payment Service Bank shall submit application for the grant of a final licence to the CBN,” it stated. The application is to be accompanied among other things, with a non-refundable licence fee of N2 million.

CBN, Mr. Godwin Emefiele, has said that the apex bank may alter the $8.134 billion fines imposed on MTN Nigeria for illegal repatriation of funds from the country. Reuters quoted Emefiele as saying this yesterday in London. “I don’t think it will be staying at $8.1 billion. This issue will be dealt with amicably and equitably,” he said. Emefiele said the central bank had received documents from MTN and four banks involved in the case. “The central bank will be examining these; then it will be escalated up to my level,” he said. He said he expected to get the results in a couple of weeks. The central bank filed a counter-claim on Friday to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money, according to MTN’s lawyer.

Emefiele also said Nigeria’s central bank would continue to intervene in the foreign exchange markets, adding that he believed in a stable exchange rate regime. Nigeria’s current stance of monetary tightening would continue, he said. The central bank had alleged in August that MTN and four banks, Standard Chartered Bank, Citibank, Stanbic IBTC Plc and Diamond Bank Plc, illegally repatriated the sum out from the country. MTN Nigeria thereafter went to court to challenge the directive of the CBN. In a suit at the Federal High Court, MTN Nigeria had prayed the court to restrain the CBN from taking further action in respect of the order.

CBN TO ACCELERATE FINANCIAL INCLUSION WITH RURAL BANKS defunct community banks is that the new rural banks would not be allowed to grant any form of loans, advances and guarantees. By the guidelines, they are expected to have a minimum capital base of N5 billion with capital adequacy ratio of 10 per cent or as may be prescribed by the CBN from time to time. The objective of the proposed institutions, it was gathered, is to enhance financial inclusion in rural areas by increasing access to deposit products, payment and remittance services to small businesses, low-income households and other entities through high-value transactions in a secured technology-driven environment. In terms of structure, the payment service banks are expected to operate mostly in rural areas and unbanked location, with not less than 50 per cent physical points in such areas.

In addition, they are expected to establish ATMs in some areas; be at liberty to operate through banking agents; use other channels, including electronic platforms to reach-out to its customers and establish coordinating centres in clusters of outlets to superintend and control the activities of various access points and banking agents. Also, the guidelines provide that these rural banks are expected to be technology-driven and are expected to conform to the best practices of data storage; security and integrity. According to the central bank, activities they are expected to undertake include, “Maintain savings accounts and accept deposits from individuals and small businesses, which shall be covered by the deposit insurance scheme. “They are to carry out payments and remittance (including inbound cross-border

personal remittances) services through various channels within Nigeria; issue debit and pre-paid cards and operate electronic purse.” These rural banks are also permitted to invest in federal government and CBN’s securities and carry out such other activities as may be prescribed by the central bank from time to time. On the other hand, the central bank listed the non-permissible items the banks shall not carry out to include, “grant any form of loans, advances and guarantees; trade in foreign exchange market; undertake any other transaction, which is not prescribed in the CBN Regulation on the Scope of Banking and Ancillary Matters, No. 3, 2010.” The banks are also required to use the words ‘Payment Service Banks,’ in their names to differentiate them from other financial institutions.

CBN May Alter MTN Fines Meanwhile, the Governor of

I2 YEARS AFTER, ATIKU IN LANDSLIDE VICTORY, CLINCHES PDP PRESIDENTIAL TICKET which ones you will have to current political structure for the Alhaji Ibrahim Dankwambo, got Restructuring, Says Atiku governments. 111 votes; former Jigawa State Governor, Alhaji Sule Lamido, got 96 votes and former Kaduna State Governor, Senator Ahmed Makarfi picked 74 votes. He also announced that a former Minister of Special Duties, Alhaji Kabiru Turaki, SAN, got 65 votes; former Sokoto State Governor, Alhaji Attahiru Bafarawa, polled 48 votes while former Senate President, Senator David Mark, got 35 votes. Also, former Plateau State Governor, Senator Jonah Jang, and founder of Baze University, Abuja, Dr. Datti Baba-Ahmed, got 19 and five votes respectively. The voided votes were 68.

I have Blueprint for

Speaking shortly after his nomination, Atiku told ARISE NEWS that he had the blueprint for the restructuring of the country if elected president of the country. He stated that his administration would devolve power from the centre to the states and the local government councils, to give them more responsibilities. He said it would not be necessary to set up another constitutional conference, adding that his administration would look at the constitution, as well as the concurrent and the exclusive lists and revert some of the responsibilities to the states and the local

He explained, “I don’t think it will be necessary to set up another constitutional conference. I have said this in many of the presentations. First of all, let us look at our legislative list in the Constitution, the concurrent and exclusive lists. I believe that it would be much easier to sit down with the states and the National Assembly and say, look at all the items on concurrent list and how they could be reverted to the states and local governments together with the resources budgeted for them so that you have less at the federal level. “Then you also have to look at the list of items that are in the exclusive list and know

devolve to the states and local governments.” Atiku said his administration would actualise restructuring in four years because what he needed was to have understanding with his predecessors and move on with the process. “On whether one could achieve this in one term of four years; once you have understanding with your predecessors you move on with it. I have the blue print for the restructuring and I will work with my predecessors to actualise it. I will be able to let you know the details in due course,” he said. He also said past leaders of the nation who evolved the

country were military leaders who devised a governance system that made it easy for them to govern Nigeria under military rule, but noted that for the country to move forward it had to be restructured. Atiku told ARISE NEWS, “You mentioned previous leaders; I want you to know that those previous leaders were all military heads of state. The current structure was brought about by the military because they believe in the unified system and centralized system of governance. This is quite understandable during the time they did it. “It is our responsibility Continued on page 17

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Atiku’s Many Shots at Presidency Adedayo Akinwale in Abuja Former Vice President Atiku Abubakar’s victory yesterday, clinching the Peoples Democratic Party (PDP) presidential ticket for 2019 general elections must have come as a huge milestone for him, having bid unsuccessfully for the flag at two previous times. And this landslide victory seems to be his brightest chance to fulfill his lifelong political ambition. But Atiku has been trying to be president as far back as 1992.

First Presidential Run His long-time presidential ambition dates back to 1992 during the botched Third Republic. In 1992, he contested the presidential primary of the Social Democratic Party (SDP), one of the two parties decreed into existence by military president, Gen. Ibrahim Babangida rtd., and came third in the primary behind late Chief Moshood Abiola. However, because Abiola, the winner, had won by only about 400 votes, a run-off was due. Atiku, however, stepped down for Abiola, asking his supporters to cast their votes for him, with an unwritten agreement that Abiola would announce Atiku as his running mate. Abiola won the SDP ticket but announced Alhaji Babagana Kingibe, the runner-up, as his running mate.

Second Presidential Run In his quest to fulfil his burning desire to rule the country, on 25th November 2006, Atiku announced that he would run for president, and on 20th December 2006, he was chosen as the presidential candidate of the Action Congress (AC). The Independent National Electoral Commission (INEC) on 14th March, 2007, released the final list of 24 aspirants for the April 21 presidential election. Atiku’s name was missing from the ballot. INEC issued a statement, stating that Atiku’s name was missing because he was on a list of persons indicted for corruption by a panel set up by the government. The former vice president heeaded to the courts on 16th March to have his disqualification overturned. The Supreme Court unanimously ruled on 16th April that INEC had no power to disqualify candidates. The ruling, therefore, allowed Atiku to contest the election. Though, official results revealed that Atiku came third with 2.8 million votes behind PDP candidate, Umaru Yar'Adua, and All Nigerians Peoples Party (ANPP) candidate, Gen. Muhammadu Buhari.

Third Presidential Run Following the 2007 elections, Atiku returned to the PDP. In October 2010, he announced his intention to contest for the presidency. On November 22nd, a Committee of Northern Elders selected

him as the Northern Consensus Candidate, over Babangida, former National Security Adviser, Gen. Aliyu Gusau, and Governor Bukola Saraki of Kwara State. In January 2011, Atiku contested for the Presidential ticket of his party alongside President Jonathan and Sarah Jibril, and lost the primary, garnering 805 votes to President Jonathan's 3,542.

Fourth Presidential Run The never say die Atiku again in 2015 gave a shot at the number one position by contesting the presidential primary of the All Progressives Congress (APC). The incumbent President, Mohammadu Buhari, polled 3,430 votes, Kwankwaso came second scoring 974 votes and while Atiku came third with 954 votes.

Fifth Presidential Run On November 24, 2017, Atiku was on the move again when he dumped the ruling APC for PDP. Prior to the Port Harcourt convention, the former vice president had alleged that the conspiracy of the political elite has been thwarting his presidential ambition. However, the Port Harcourt convention has proven that Atiku is a cat with nine lives. While Atiku appeared to be the most prepared, also having a network of friends across the divides, wider acceptability, his age initially appeared to be a stumbling block.

The keenly contested presidential primary saw a total of 3,274 delegates accredited. At the end of the voting exercise, 68 votes were voided, while former governor of Plateau state, Jonah Jang scored 19 votes, Prof. Datti Baba-Ahmed scored 5 votes, former Senate President, David Mark got 35 votes, former Minister of Special Duties, Kabiru Tanimu Turaki scored 65 votes, former governor of Jigawa state, Sule Lamido got 96 votes, former governor of Sokoto State, Attahiru Bafarawa scored 48 votes, Governor of Gombe state, Dr. Ibrahim Dankwambo got 111 votes, former PDP caretaker chairman, Ahmed Makarfi scored 74 votes, former governor of Kano State, Senator Rabiu Kwankwanso scored 158 votes, Senate President, Dr. Bukola Saraki scored 317 votes, Governor of Sokoto State, Aminu Tambuwal scored 693 votes, while Atiku scored 1,585.

About Atiku Born in November 25, 1946, Atiku served in the Nigeria Customs Service for 20 years, rising to the rank of Deputy Director, the then second highest position. He retired in April 1989 and went into full-time business and politics. In 1999, PDP’s presidential candidate, Chief Olusegun Obasanjo chose him as running mate whilst Atiku was the governor-elect of Adamawa State. He went on to serve as Vice President of Nigeria from 1999 to 2007.

MONDAY, ΀˜ ͺ͸͹΀ ˾ T H I S D AY

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NEWS

US Rate Hike to Push up FG’s Cost of Borrowing Obinna Chima

The federal government will have to take foreign loans at higher cost as it seeks to finance the 2018 budget, due to the interest rate hike in the United States. The Minister of Budget and National Planning, Senator Udoma Udo Udoma, had said the federal government would borrow N1.6 trillion to finance part of the N9.12 trillion 2018 budget. A significant portion of this amount was expected to come from foreign borrowing. The United States Federal Reserve last Wednesday raised interest rates again at the end of its Federal Open Market Committee (FOMC) meeting,

raising concerns of increased turmoil in emerging markets (EMs). Specifically, the Fed increased the target for the bank’s benchmark rate by 0.25 per cent to a range of two-2.25 per cent. Owing to this, the Head, Research and Strategy at FSDH Merchant Bank, Mr. Ayodele Akinwunmi, pointed out that more borrowings would compound the country’s debt situation. The Debt Management Office (DMO) had put the nation’s total debt stock (federal, FCT and states) at N22.38 trillion ($73.21 billion) as at June 30, 2018. The debt office had also revealed that the federal government has so far borrowed a total of

N410 billion locally to finance the 2018 budget. But Akinwunmi explained, “We have to be very careful because our debt is becoming very unsustainable. The fact is that as interest rate in the United States is going up, the yield on borrowing in the international market will be going up as well and then interest rate will then begin to go up. “It then means the government may not be able to borrow cheaper. So, it will be more expensive to borrow from the international market. “So, it is no longer fashionable to say you want to take more loans from external sources, the way it was about three years ago when interest rate was almost close to zero.

“So, new borrowings will attract higher cost which would not be good for the country. “We expect the FOMC will increase rate one more time this year, maybe in December. We estimate that they are going to increase rate three more times again, next year.” He disclosed that before the global meltdown, the US interest rate used to be as high as five per cent. “So, if we are 2.25 per cent now, that means we are half of where we used to be before the global meltdown. So, there is tendency that interest rate goes that level,” he added. However, the Africa Economist at Citibank, Mr. David Cowan, has advised the federal government to pursue

developmental policies. “The reality in Nigeria is that politics has taken centre stage and people are not willing to invest until the politics is over. There is an argument that too much attention is focused on Nigeria’s politics. “You can even predict that it is either the APC or PDP that is going to win the election and is there really a big difference in their policies? No. So, does it really matter? But from an external perspective, it matters because people are nervous and are not sure where all these would lead to. “What I told people is that this is a good time for people to sit down and think about policies in Nigeria. “I think the real growth we

would see in the Nigerian economy would be from the second half of next year,” he said. Cowan advised the government that once the elections are over, whoever emerges the president should focus on fixing the power sector. “Go back to the Egypt story where they have focused on power. We really need to fix power and build infrastructure in Nigeria. “It is not rocket science and there is nothing new about that. But from the look of things, nothing new is going to happen between now and the election. “That is the reality. We are stuck in this double-digit inflation and low growth,” he added.

honest," adding that it is the best primary ever conducted by any political party in the country. "I use this opportunity to congratulate Atiku who has been tipped to win the contest. I am appealing to other contestants to come together and work with him. Atiku has the ability and capacity to move Nigeria forward. He is the change that the people have been yearning for. I hope and pray the members of the PDP will unite and work together to take over the government,” he said. The Southern and Middle Belt Leaders Forum (SMBLF) also congratulated Atiku. The forum said his election came from a keenly contested primary in what was generally seen as a free and fair process "is a breath of fresh air to the democratic project in Nigeria. The forum in a statement by Mr. Yinka Odumakin, Southwest; Senator Bassey Henshaw, South-south; Prof. Chigozie Ogbu, South-east and Dr. Isuzu Dogo, Middle Belt, said, "It is never too early to remind

the presidential candidate of the clear commitment to the fundamental issue of restructuring he has made overtime and which the former Chairman of the Caretaker Committee of the party, Senator Makarfi adumbrated as a party agenda. “It is clear today that no amount of good governance programs can get Nigeria out of the woods without a proper structure that can restore Nigeria to productivity under federalism."

I2 YEARS AFTER, ATIKU IN LANDSLIDE VICTORY, CLINCHES PDP PRESIDENTIAL TICKET to leave Nigeria better than we found it for the younger generation of Nigerians coming up. This is very important to me. I will like to see them better than they are today. That is the driving force behind these struggles.” He acknowledged that the country has challenges ranging from unemployment, instability and economic downturn, which have weighed it down. To resolve these challenges, according to him, a new leadership with capacity and know-how is needed to resolve these issues and move the country forward. “Of course we have challenges; there is no doubt about that; so we would like to have a leadership that has the capacity that has the experience and the know-how to tackle the challenges that are so obvious now. We know them, the high rate of unemployment, economic downturn, recession, insecurity in the country. Cumulatively these have really affected peace and stability in the country and development. So you cannot close your eyes to all these challenges because you are self fulfilled,” he added. In his acceptance speech, he had thanked his fellow contestants for displaying a sense of unity, purpose and commitment and called for their support in the contest ahead, saying he could not press ahead alone. “I am ever ready to work with each and every one of them for the realisation of the victory of our party in the forthcoming elections. I cannot do it alone,” he said. Atiku paid tribute to former President Olusegun Obasanjo, Rivers State Governor Nyesom Wike and other PDP leaders,

describing the convention as a landmark event. According to him, “I would not have succeeded as a presidential candidate if President Olusegun Obasanjo had not made me his vice president. Under his tutelage, I learnt quite a lot. I wish to pay my personal tribute to him.” He said that he and PDP leaders cannot afford to fail Nigerians at this very moment, saying the party chairman and members of his party would not find him wanting.

Jonathan, Saraki ,Wike, Dickson, Clark, Congratulate Atiku Torrents of congratulatory messages poured in for Atiku yesterday. Former president, Dr. Goodluck Jonathan, who defeated Atiku in the 2010 primary, congratulated him, describing him as a man who had the capacity to take the country to greater heights. Jonathan said, “I congratulate His Excellency, Atiku Abubakar, Waziri Adamawa, and by the grace of God and the votes of Nigerians, the next President of the Federal Republic of Nigeria. Our party members have spoken and have nominated you as the candidate for the forthcoming presidential elections. I am convinced that you have all it takes to take Nigeria to greater heights and transform her into a hub for prosperity and happiness.” Saraki in a statement by his Special Adviser (Media and Publicity), Alhaji Yusuph Olaniyonu, also congratulated Atiku and commended the delegates to the convention as well as members of the

organizing committee, led by Okowa, for holding a convention in which a candidate was elected in a free, fair, transparent and rancour-free atmosphere. He said, "Our just concluded convention was a partisan event, which the country can show-case as an example that democracy has a future in Nigeria and that when we are determined we can elect our leaders without any manipulation, intimidation and violation of the law and democratic norms. "More importantly, let me congratulate the winner and new flag bearer of our party and all the fellow aspirants for running credible and mature campaigns and working all along to reassure millions of our fellow party members and other Nigerians that PDP will leave the convention venue more united and ready to work together to form the next government at the federal and other levels in a manner that we will unite the country, grow the economy, carry along all stakeholders, empower the youths and make government serve the people better.” Wike congratulated Atiku and in company with Akwa Ibom State counterpart, Mr. Udom Emmanuel, assured the candidate that he would continue to work for the success of the PDP. Bayelsa State Governor, Mr. Seriake Dickson, described Atiku as a leader with requisite experience and knowledge to tackle the challenges bedeviling the country. A statement by his Special Adviser on Media Relations, Mr. Fidelis Soriwei, quoted him as commending the other aspirants

for demonstrating the spirit of sportsmanship by accepting the verdict of the delegates. He said: “Let me congratulate the former Vice President and now the Presidential Candidate of our great party, (PDP), Alhaji Atiku Abubakar, for his resounding victory in a free, fair, transparent and credible primary election. “Let me also congratulate the National Chairman and all members of the National Working Committee of our party, and Dr Ifeanyi Okowa and his team for their hard work and the good job they have done. “We look forward to working, collaborating and supporting him in that onerous responsibility. As he rightly said, it's not a job left for him alone" Elder statesman and leader of the Niger Delta, Chief Edwin Clark, described Atiku as the change that Nigerians had been yearning for. Clark said he was happy at the election process that saw emergence of Atiku, which he described as "transparent and

Saraki, Kwankwaso, Dankwambo for Senate Meanwhile, THISDAY was reliably informed last night that Saraki, Kwankwaso and Dankwambo have been handed the Senate tickets of their districts by the party leadership as part of post convention peace building. Tambuwal too is being offered a return ticket to the Sokoto State Government House, a party source told THISDAY.

DUKE, EZEKWESILI, MOGHALU, DUROTOYE, OLAWEPO, OTHERS EMERGE PRESIDENTIAL CANDIDATES Young Progressive Party (YPP); former student activist and Publisher of Sahara Reporters, Mr. Omoyele Sowore, African Action Congress (AAC) and former deputy publicity secretary of the PDP, while Mr. Gbenga Olawepo-Hashim and Mr. Fela Durotoye are contesting the flag of the Alliance for New Nigeria (ANN). Others include Hon. Edozie Madu, Independent Democrat Party (ADP); We the People of Nigeria Party (WPNP) is

fielding Prof. Peter Nwangwu; Sustainable National Party (SNP) has Mr. Ahmed Bee Buhari; Abundant Nigeria Renewal Party (ANRP) elected Mr. Tope Fasua; while Kowa Party is fielding Mr. Ade Fagbenro Bryon. For National Interest Party (NIP) Ms. Eunice Atuejide is the candidate; YES PARTY has Alister Soyode; Dr Davidson Akhimien is for Grassroots Development Party of Nigeria (GDPN); All

Blending Party (ABP) elected Mr. Moses Shipi; while African Renaissance Party (ARP)'s candidate is Alhaji Yahaya Ndu. Others are Mr. Sunday Chukwu-Eguzolugo of Justice Must Prevail Party (JMPP); National Interest Party (NIP) has Mrs. Eunice Atuejide; Mega Party of Nigeria (MPN) is fielding Mr. Hamisu Santuraki; while Young Democratic Party (YDP) elected Mr. Fidelis Akhahomen as its presidential candidate.

CONGRATULATIONS...

FRIENDS AGAIN...

L-R: Former Ogun State Governor, Chief Gbenga Daniel; Peoples Democratic Party presidential candidate, Alhaji Atiku Abubakar; and Bayelsa State Governor, Mr. Seriake Dickson, during the PDP National Convention in Port Harcourt, Rivers State...yesterday

L-R: All Progressives Congress Lagos State governorship candidate, Mr. Babajide Sanwo-Olu; National Leader, Senator Bola Tinubu; and the state Governor, Mr. Akinwunmi Ambode, during the party's National Convention in Abuja...Saturday

18

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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

One Good Step Towards the Mark Nseobong Okon-Ekong and Ernest Chinwo write that the presidential primary of the People’s Democratic Party has set the stage for a testy duel in the 2019 general elections

National Convention of PDP in Port Harcourt

W

ith the successful hosting of the Special National Convention of the People’s Democratic Party (PDP) and the emergence of Alhaji Atiku Abubakar, Port Harcourt, Rivers State capital, has once again come to the rescue of the party. This time, it has also be said to hold Atiku’s magic wand by ending his string of electoral defeat. In May, 2016, when the PDP had its leadership crisis, it was at a national convention held in Port Harcourt that Senator Ahmed Makarfi was appointed to take over the leadership of the party from Senator Ali Modu Sheriff to set the pace for the reform and rebranding that placed the party in its path of recovery. Interestingly, then and also now, Rivers State Governor, Nyesom Wike, played a vital role in reshaping the fortunes of the party that was so battered and disillusioned after the electoral loss that ousted it from the leadership of the nation. Port Harcourt, and indeed Rivers state, was in the news again when the party chose the city as venue of its special elective national convention for the presidential primary ahead of the 2019 general elections. There were reports that there were moves to relocate the convention to another venue, an action Wike revisited, warning of consequences if the rumour became a reality. The party calmed frayed nerves and the convention finally kicked off in the Garden City on Sat-

urday, October 6 at the Adokiye Amasiemeka Stadium, with 3,274 accredited delegates. As expected, economic and other activities in Port Harcourt received a major boost as major players in the party stormed the city. All major hotels in the metropolis were fully booked with the influx of delegates and other visitors to the state on account of the convention while the capital city witnessed an increased traffic build up on the eve of the convention. Other commercial enterprises also experienced a boost in their businesses as visitors patronise them, perhaps lending credence to Wike’s reason for insisting the convention should not be taken away from the city.. An incident involving a tanker laden with diesel at the Garrison Junction along Aba Road did not help matters as it created additional traffic situation along the major road. But while the traders were smiling to the banks, Government House, Port Harcourt become a Mecca of sorts as presidential aspirants thronged to the palace to pay homage to the governor, who had become the Czar of the party. While preparations were at fever pitch, Wike, accused the All Progressives Congress (APC) of importing thugs to create a situation of insecurity in the state to scuttle the process. Addressing journalists in Port Harcourt on the eve of the convention, Wike said intelligence reports had revealed

that the APC was out to discredit the process by creating an atmosphere of insecurity in the state. “As at Thursday, APC brought hoodlums to create an atmosphere of insecurity in Rivers State. It is not a mere allegation. We have it on good authority,� he said. He, however assured delegates that despite the alleged plot, everything had been done to ensure that the National Convention was successful. The governor stressed that his interest was not in the outcome of the National Convention, but the economy of the state. He allayed fears that he had plans to interfere with the process, insisting that no single person would be able to influence the outcome of the convention. He said: “I have a right to vote as a delegate. But my influence is minimal. Those talking about this don’t have the facts. “Are you saying that as Governor of Rivers State, I will place a gun on the head of all delegates to vote a particular candidate? “I cannot compel all the 14 governors to vote a particular aspirant. You mean you can change the views and opinions of all the states?� he said. Meanwhile, Wike welcomed all delegates of the party to the state. In a statement signed by his Special Assistant on Electronic Media, Simeon Nwakaudu, he assured the delegates of a memorable stay in the state. He said: “The good people of Rivers

State are most delighted and honoured to play host to the distinguished National Delegates of our great party as we elect our presidential flagbearer this weekend and collectively work towards rescuing our nation from the brink of collapse. “As we gather for this all-important national convention, I assure all delegates of our great party of their security before, during and after the convention. Working with the security agencies and other stakeholders, we will ensure that your stay in Port Harcourt is memorable. “ It was indeed memorable both to the party and to the eventual candidate, Atiku Abubakar. Observers believe the primary has been the best organised and the process transparent, free and fair. That perhaps accounted for the agreement by all 12 aspirants to respect and accept the outcome of the primary, first time such commitment was coming from aspirants. But apart from the commitment to the outcome, all the aspirants had a chance to sell their candidacy to the delegates. Abubakar said, “This election is one of the most important in the history of this nation since the return of democracy in 1999. Four years ago, Nigerians voted for change. But today they are not happy with the kind of change they see. The economy is in recession; there is hunger, farmers are struggling, businesses are closing and there are job losses. We need

19

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PERSPECTIVE

Saraki

Atiku

Tambuwal

Secondus

jobs. I will work with you to restructure all infrastructure needed to grow our economy. With your support, we can fully get Nigeria working again. For Attahiru Bafarawa, “I am willing to serve, not to be served. I started politics since 1976 and have served this country in different capacities. I served as governor for eight years and did not collect salaries and did not live in government house. “I want to be a Nigerian president and not a sectional or religion president. I went round the country by road just to see things myself. We cannot develop the economy without good roads.� Ibrahim Dankwambo said, “Going round the country, I see that Nigerians looking for security, whether we should belong to one country or not, and food on their table. “The solution lies in the people PDP has trained since 1999 who can take up the challenge. I am one of those. I am offering myself for service and I have the qualifications, having read to Ph.D and worked with one of the best accounting firms, Central Bank and also become the Accountant General of the Federation, now governor and remained in the PDP when others ran away. At the age of 56, I’m not too young to run, and not too old to retire.� Senator Datti Ahmed said, “This convention is about our great party doing the right thing. It is about PDP proving to the world that it is reformed and positioned to lead the country.

QUICK FACTS:

r5IFSF XFSF BTQJSBOUT JO UIF PDP presidential primary r0WFS EFMFHBUFT GSPN UIF 36 states of the federation and the Federal Capital Territory voted at the election r*U XBT "MIBKJ "UJLV "CVCBkar ’s fifth to get the presidential

In real politics, if you stand for something there are things you cannot stand for. I stand for security and sanctity of life and that is why I cannot stand for wanton killings.... “The choice you make today will make the difference between war and peace; between progress and retrogression. I invite you to realise that 2019 election is ours for the taking if we make the right choice.� For Senator David Jonah Jang, “As a military officer, I fought in the Civil War. I was also a member of NADECO and fought for democracy. Having served also as a senator and also governor for eight years, I have the experience to lead this country. “Many left the PDP when it had challenges and when their new party failed, they returned. I am not discriminating but this opportunity should be given to those of us who remained to build and keep the party. I will push for restructuring. I will build good foundation for the youth. As a Middle Belter who is committed to the unity of this nation, please give me the chance.� Sen Rabiu Musa Kwakwanso, on his part, said, “We thought we have seen government before but now we have seen the worst government in Nigeria. To PDP National Chairman, please anytime you want to give an award, give it to Buhari for ensuring the success of PDP because of his bad governance. All those who left the PDP are now back to the fold. I have experience, having served in

ticket of the PDP r5XP TFSWJOH HPWFSOPST GPVS serving senators and five former governors were candidates in the election r5IF FMFDUJPO DPNNJUUFF XBT headed by Governor Ifeanyi Okowa of Delta State and Gov-

several levels and arms of government. Vote for a candidate who will not only ensure the success of the party but who can also run the government. We have seen the situation where people who cannot run a government. The result is bad economy, division between Christians and Moslems, and so on. I’m in the race to bring a government that will unite our people. We will do appropriate restructuring, work on the economy, reform institutions like the police etc.� According to Sule Lamido: “I have been with PDP through thick and thin. We have been able to build and rebrand the party and today it has become a beautiful damsel. Delegates should follow their conscience and do the right thing. I am the candidate.� Senator Ahmed Markarfi, “When we took over the leadership of PDP, nobody gave us a chance. But today, we are happy that we have brought back the party to be not just an effective opposition but a government in waiting. We (aspirants) all about restructuring. It is not a programme of any aspirant. It is an official stand of PDP. It is the policy of PDP that Nigeria should be restructured for the benefit of all. I was governor of a very difficult state: multi-ethnic, multi-religious. We governed well until the APC took over and crisis came.� Former Senate President, David Mark: “I’m the only aspirant that has a female as Director General of his campaign organisation. That is because I am gender friendly. I will unite this country across

ernor David Umuahia of Ebony State r"MIBKJ "UJLV "CVCBLBS XPO with 1532.votes-a margin of over 800 votes over his closest rival Governor Aminu Tambuwal r"LXB *CPN 4UBUF IBT UIF MBSHest number of delegates, while

ethnic and religious lines. Once there is unity, there will be peace: peace based on equity and justice. This country has never been so divided. I will reorganise and reappraise the security architecture of the nation so that it will be in line with modern trends. Having come from a security background, I have the experience and courage to tackle the security challenge facing the country. We have a blueprint that will turn around the economy in 730 days. It is do-able.� Senate President, Senator Bukola Saraki: “Today, this country is not only more divided, there is poverty everywhere and we must put an end to it. We must move away from the past. We must vote for who is capable to move the country forward. If you are looking for a 31st Century leader, a leader who will unite this country, I am the one. Let us vote for today and tomorrow. I will give a youth-driven government.� And so they all made their promises and expressed the commitment to abide by the decision of the delegates. Saraki redeemed that pledge when he said after the acceptance speech by Abubakar that all the former aspirants remained committed to their words. “Today is a great day for this party. It has shown we all believe that the interest of the country is more important than our individual interests. “We are here to work with you to bring success to our party because we all know this is what Nigerians are all yearning for,� he said.

the Ogun State contingent was the smallest r*U XBT SFWFBMFE UIBU QPQVMBS musician was a card carrying member of the PDP rUIF DPOWFOUJPO XBT IPTUFE CZ Governor Nyesom Woke of Rivers State

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FEATURES

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

Intensified Clamour for Leah Sharibu's Freedom

Shola Oyeyipo writes on the intensified clamour by Christian leaders across the divide, for the release of the remaining Dapchi schoolgirl, Leah Sharibu, who has been in captivity for 230 days

The protesters clamouring for Sharibu's release

T

he Katsina State Songhai Initiative is an agricultural scheme designed to alleviate poverty, tackle the problem of unemployment among youths in the state, and guarantee food security and self-sufficiency. The scheme, located at Makera village of Dutsin-Ma Local Government Area, was set up ministrations to teach and guide prospective farmers towards embracing agriculture as a business. "We have been abandoned. Nobody in government is telling us what is happening; we don’t know of any efforts being made for Leah’s release. It’s only our Christian and Muslim brothers living around us who have been comforting us over the situation that we found ourselves. There is no information from the federal or state government regarding Leah’s release. We are, however, hopeful that she will be released soon by the grace of God. We believe in God and Leah too is a firm believer in God and we know He will not abandon her.� Those were the broken words of Mr. Nathan Sharibu, the father of Leah Sharibu, the 15-year old school girl kidnapped in Dapchi, Yobe State in March 2018 along with 110 other girls. Sharibu freedom was denied by her abductors due to her refusal to denounce Christianity. Her father spoke to a national daily on the pains the family has gone through since the abduction. There is no doubt that since April 2014 when over 270 schoolgirls were kidnapped by the Boko Haram terrorists from Government Girls Secondary School in north-eastern town of Chibok, Borno State, part of which 163 were freed by the President Muhammadu Buhari administration three years after and the

110 schoolgirls aged between 11 and 19 years kidnapped by the sect from their school in Dapchi, Yobe State on February 19, 2018 and some were released 33 days after, none has elicited as much resentment by various groups in Nigeria as the case of Sharibu who was retained in captivity. As it stands today, the 113 remaining Chibok girls are still in captivity 1,637 days after, Sharibu has stayed 230 days while it's been 220 days for the remaining two health workers attached to the International Committee of Red Cross (ICRC), Alice L. Nggadah and Hauwa M. Liman, who were abducted from Rann.

The president stands a better chance to get votes from us (Christians) if he ensures the release of Leah Sharibu...We know what to do. We will be doing RSVP – Register, Select,Vote and Protect our votes. This literally means that people of Leah’s faith will shop for an alternative to the present leadership in the coming general election

The Abduction That fateful day, the school girls had gone about their daily activities unhampered until the terrorists struck. In one fell swoop, more than 100 schoolgirls were abducted in one of the most brazen attacks ever carried out by Boko Haram, after the Chibok saga. Given the huge outcry that followed, the federal government was compelled to negotiate for their release after the ransom demands had been met. Alas, out of the 110 schoolgirls abducted, 104 of the was initially released except Sharibu and five other girls who died. Prior to their release, the girls had spent four weeks in captivity. On why Sharibu was kept back, the other returned school girls said she refused to convert to Islam. The abduction initially resulted to a blame game between the military and the governor of the state, Ibrahim Gaidam. The governor had blamed soldiers for having allegedly withdrawn a military checkpoint from Dapchi just hours before the abduction. According to the governor, the withdrawal of soldiers was done without informing either the local police or the state government in advance. Although the army initially remained silent regarding this accusation, it was however forced to respond afterwards. In their response, the army claimed that it had withdrawn its forces from the town due to the absence of evidence of any Boko Haram activity in the general vicinity, and that at the time, it had formally handed over Dapchi's security to the police prior to its withdrawal. Meanwhile, once the news of their abduction was made public, the Federal Government deployed components of the Nigerian Airforce and other security agen-

cies to search for the missing schoolgirls. The next month, following negotiations by the government, majority of the abducted girls were put into trucks and dropped off in the middle of the town in nine vehicles.

Fresh Worries Recently, the clamour for her release intensified following a threat made by the sect that they would kill her off. Jolted by the news and fearing that the sect would make good their threat, a coalition of Christian bodies in Nigeria quickly went into action last week. They called on the President Buhari-led federal government to go beyond rhetoric and deploy everything within its powers to ensure Sharibu's release, seeing that she has remained in Boko Haram captivity about eight months after others abducted with her were released. Initially, the concern was over her protracted stay in the custody of her abductors, but the angst currently is beyond that. Boko Haram in September, threatened to kill Sharibu. Shocking enough, the threat came after the sect kidnapped and killed one of the health workers with the International Committee of Red Cross working in Kala-Balge, Borno State, Saifura Khorsa. She was a midwife. Nigeria’s foremost online newspaper, The Cable reported that the insurgents claimed they had contacted the government over captives in its stronghold, but did not get any response, stating that “We contacted the government through writing and also sent audio messages but the government has ignored us. So, here is a message of blood. The other nurse and midwife will be executed in a similar manner in one month, including

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FEATURES

Senior Pastor, Realm of Glory International Churches, and Convener, Catalyst for Global Peace and Justice, Pastor Abraham Sam Aiyedogbon

Leah Sharibu.�

Demands by Christian Leaders Championing the demand for her freedom, the group of Christian leaders, which included Christian Association of Nigeria (CAN); Catalyst for Global Peace and Justice (CPJ), a faith-based organisation; Pentecostal Federation of Nigeria (PFN), Every Nation Movement, Christian Lawyers Fellowship of Nigeria (CLASFON), and others, however had a slant to their demand. They warned that failure to secure Sharibu’s release would have negative impact on the president’s second term ambition. They subtly said Buhari stands to lose the support of Christians in the forthcoming presidential election if no concrete steps are taken to bring the girl back. In what was a combination of prayer sessions, protest and press conference, the concerned Christian leaders converged on the National Christian Centre, Abuja, to decisively press for the release of Sharibu and other persons abducted by the insurgents. The convener of CPJ, who is also the Senior Pastor, Realm of Glory International Churches, Pastor Abraham Sam Aiyedogbon was not alone in his demand. He had with him others such as the Federal Capital Territory (FCT) PFN Chairman, Reverend Isaac Komolafe; CAN Secretary, Dr. Michael Osamor; the Resident Pastor, Dominion Chapel International Church, Abuja, Archbishop John Praise; the General Overseer, Restoration Life Assembly International, Dr. Udochi Majesty Odikanwa, Pastor Toro Akintara and the representatives of the CAN and PFN presidents. They were all resolute in their demands that the young girl must not die simply because she stood for her Christian faith even in the face of an obvious threat to her life. An obviously concerned Aiyedogbon who was emphatic that “nobody should be voted for any longer if you will not make your voice known in this matter and you will not do something to change the equation. The president stands a better chance to get votes from us (Christians) if he ensures the release of Leah Sharibu.� According to him, in the event that Buhari fails to secure Leah’s release, the Christians would not sit back and fold their arms, adding that “we know what to do. We will be doing RSVP – Register,

Select, Vote and Protect our votes.� This literally means that people of Leah’s faith will shop for an alternative to the present leadership in the coming general election. "We therefore, call on the federal government to do all within its powers to ensure the immediate release of Dapchi school girl, Sharibu. It is bad enough that following the abduction of over 200 Chibok girls in 2014 by Boko Haram extremists and the opprobrium that it brought on the Jonathan administration then, the Buhari administration would allow the recurrence of that incident with the February 2018 kidnapping of Dapchi girl. “It is much worse that Sharibu was held back by her abductors on account of her heroic refusal to renounce her Christian faith when the government negotiated the release of the Dapchi girls. It is inexcusable that some eight months after her abduction, the federal government has not been able to secure Leah’s release.� Aiyedogbon said churches in over 70 countries around the world, in conjunction with CAN, the umbrella body of all Christians in Nigeria, were worried about the threat by Boko Haram terrorists to kill Sharibu and two others in their custody the same way they murdered

She is standing for all of us. She is the face of freedom; freedom of religion, movement, education and freedom to live. We demand her immediate release and we will continue to celebrate her. Leah Sharibu must not die

Leah Sharibu, 230 days in captivity

Suifura Khorsa, a health worker with the ICRC. Also speaking, Praise expressed the views that irrespective of religious leaning or tribal affiliation, it is condemnable that the blood of any child should be spilled. In his opinion, no monetary value can be too much to bring Sharibu back alive. He said: “We do not want bloodshed; either the blood of our daughter or any blood. We want life. We don’t want blood and we want to stand with Catalyst for Global Peace and Justice. There can be no time good to do this than now. Whatever it may take the federal government. It is worth billions. It is worth any amount. No more spilling of blood in our nation.� Advising the federal government, Odikanwa, who prayed that God should assist the national leadership to get freedom for the girl, noted that “it should not be considered whether she is a Christian or Muslim. You (President Buhari) will be scoring a goal when you release Leah, failure may score you low.� Komolafe who admonished the church for having laid back for too long over the matter, however expressed optimism that the collaboration between the Christian leaders would yield positive result. He described the CPJ initiative as “an opportunity for us as a church to do what God has said we should do. In the past, it seems we have been sleeping.� Like every one in the gathering, he was also clear about his position that “Sharibu must be released,� because “Nigeria belongs to all of us". There are three issues that can be deduced from the demands of the agitators. First is the inhuman treatment being meted to the young girl. That was underscored by every speaker. But putting it in perspective, lady preacher, Akintara, who drew inference from Yoruba adage that says ‘parents are better off with a dead child than a missing child,’ said: “It is agonising when one’s child is missing, because you don’t know what fate is befalling her. Her education and freedom have been stopped. “Now she is standing for all of us. She is the face of freedom; freedom of religion, freedom education, freedom of movement, freedom of education and freedom to live. We demand her immediate release and we will continue to celebrate her. Leah Sharibu must not die! The people that

are said to be weak and vulnerable are women. We are supposed to be protected. The men are supposed to protect us. Why is it that the girls that are meant to be protected that are being stolen?" The second aspect, though mentioned by each speaker, but more stressed by Osamor was that the church has taken possession of one of their own (Leah), adding that she is now a kind of representative of true believer, because as an innocent child she opted to stand up for God, an action some so-called Christian leaders may not be able to take if faced with similar circumstance. Therefore, Osamor said: “We want to thank God for Leah Sharibu who has stood as an ambassador of Christ. We want to tell her she is not alone. The church of God is with her. We are one, she should be released. The church of God will not be silent.� The third aspect, though it is not clear how they intend to achieve it, but the clergies did not mince words, they have tied Christian votes to the president’s effort to bring Leah back alive.

The President's Call Not oblivious of the consequences of the actions of the Christian leaders, the following day after their protest, Buhari put a call across to Rebecca (Leah’s mother) and assured her that his administration would do everything it would take to bring the innocent girl languishing in Boko Haram detention back home. For those in government circles, particularly during the administration of former president, Dr. Goodluck Jonathan, situations as this is traumatic. It is always a dilemma when there is public outcry and the government wishes to right the wrong but is unable to do it expeditiously. During his call to the girl’s mother, Buhari consoled the Sharibu family and assured the parents that the federal government would do all that can be done to ensure the safety and security of their daughter. As things stand now, it is expedient that government goes back to the negotiation table – inasmuch as negotiations brought back those abducted with her, Leah should not become a “political tool and puppet,� as Roseline, one of those who responded to the president’s call to Sharibu's parents put it.

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IMAGES

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

L-R: Sectary to the Party Hon.Adamu Idi, President Candidate of Reform Advancement Party (RAP) Dr. Israel Nonyrem; and acting Chairman, Reform Advancement Party (RAP) Grace Ishaku,during the National Covention of the party in Abuja....recently

L-R: Analyst, Financial Institutions Ratings Agusto&Co, Oluyomi Akinola; Senior Analyst, Financial Institution Ratings Agusto & Co, Ayokunle Olubunmi; Managing Director Agusto & Co, Vivien Shobo and Executive Director Agusto & Co Yinka Adelekan at the launch of Agusto & Co Consumer Digital Banking Satisfaction Index report in Lagos.. recently

L-R: Public Relations OďŹƒcer, Fatgbems Group, Abiodun Adewunmi, Executive Director, Adebayo Gbemisola presenting appreciation gift to a customer, Emmanuel Joshua at the Berger Retail Station during the 2018 Customer Service Week Activities and presentation of awards in Lagos...recently

L-R: Head Client Experience, Retail Clients, Standard Chartered Bank (SCB), Yetunde Obrimah; CIO, SCB, Rachael Asonibare; Head Investigation Unit, Lands Registry, Lagos State Lands Bureau, Saheed Omobolaji; Head Corporate Aairs, Brand & Marketing, SCB, Dayo Aderugbo; Managing Partner, Adebanke Adeola & Co, Adejoke Gbenro; GM, Lagos State Physical Planning Permit Authority, Osifuye Adesanya and Head Wealth Management, SCB, Simpa Adaba at the Standard Chartered Bank Mortgage Fair for clients in Lagos...recently

L-R: Key Distributor, Ibadan, Mrs. Olubunmi Adeniola; Sales Director, PZ Wilmar , Mr. Ipsit Chakrabarti; Permanent Secretary, Ministry of Education, Oyo, Dr. Adeyoola Theresa Olaitan; and Regional Sales Manager, South-West, Mr. Matanmi Abideen, at the oďŹƒcial trade launch of the Mamador and Devon King’s seasonings at Jogor Centre, Ibadan.... recently

L-R; Commercial Manager, Travelstart Nigeria, Bukky Akomolafe; Winner of Travelstart & Uber Snap & Share Competition, Osilama Ibrahim, and Senior Marketing Manager, Uber Sub Saharan Africa, Margaret Banasko, during the unveiling of the winner of the Travelstart &Uber Snap and Share competition in Lagos...recently

L-R: Head, Government Relations, Nigerian Breweries Plc., Mr Vivian Ikem; Corps Marshal/Chief Executive, Federal Road Safety Corps, Dr Boboye Oyeyemi; Managing Director/CEO, NB Plc., Mr Jordi Borrut Bell; and Corps Public OďŹƒcer, FRSC, Mr Bisi Kazeem, during a press conference to inaugurate the 2018 Don’t Drink and Drive campaign in Lagos‌recently PHOTO:SUNDAY ADIGUN

Senator Solomon Olamilekan Adeola[left]responding to cheers from his supporters after casting his vote in Alimosho. Local government area, Lagos...recently

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T H I S D AY Ëž Ëœ Íś, 2018

BUSINESSWORLD

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08024557078, 08152447875

Íł Ëœ Í° ÍŽ ÍŻ Íś MONEY MARKET OBB OVERNIGHT

REPO 22.50 % 20.86 %

CALL 1-MONTH 3-MONTH

21% 21 % 21.63%

S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

350.12% -0.03% 0.81%

S & P INDEX 1/4 TO DATE YEAR TO DATE

0.81% 6.26%

EXCHANGE RATE ͹͎ʹ˛Ͳ͎˚ͯ ̊ ̊

Quick Takes NBCC Partners MTN

GRADUATION CEREMONY

L-R: Group Head, Human Capital Management, Polaris Bank Limited, Taiwo Olupeka; Best Graduating Student (Stream 43), Chinonso Nwakaudu; Group Managing Director/CEO, Tokunbo Abiru and Best Graduating Student (Stream 44), Sandra Onachukwu, at the graduation ceremony of Polaris Business School in Ibadan‌recently

Firms Optimistic about Economic Growth, Survey Reveals Nume Ekeghe The Central Bank of Nigeria’s (CBN) Monthly Business Expectation Survey for September 2018, has revealed that business operators were optimistic about the growth in the macro economy last month, compared with the previous month. The report which was posted on the central bank’s website also revealed that firms anticipated that the naira would appreciate. In addition, they stated the business operators highlighted hindrances affecting the firms and businesses. The report showed that: “At 24.8 index points, respondents’ overall confidence index (CI) on the macro economy in September

ECONOMY 2018 was more optimistic when compared with the level of 21.5 index points recorded in August 2018. “The businesses outlook for October 2018 showed more confidence on the macro economy at 64.5 index points. “The optimism on the macro economy in the current month was driven by the opinion of respondents from services (16.2 points), industrial (6.0 points), wholesale/retail trade (1.9 points) and construction sectors (0.6 points), whereas the drivers of the optimism for next month were services (38.3 points), industrial (18.8 points), wholesale/retail trade

(4.9 points) and construction (2.5 points) sectors.� The positive outlook by businesses in September 2018, according to the report, were driven by businesses that were “neither import- nor exportoriented (17.8 points), both import- and export-oriented (3.6 points) import-oriented (2.8 points), and those that are export-related (0.6 points).� On financial condition and access to credit, it stated that respondents’ outlook on the volume of total order and business activity in September 2018 remained positive, as the index stood at 16 and 15.2 points, respectively when compared to 9.1 and 10 points, respectively recorded in the previous month.

Similarly, respondents’ outlook on financial conditions (working capital) and average capacity utilisation improved, as the indices stood at 11.6 and 18.3 index points, when compared with the 8.4 and 15.9 points, respectively recorded in August 2018. However, respondents were pessimistic on access to credit in the review month, with an index of -0.7 points. The report added: “The positive outlook in the volume of business activities (70.4 index points) and employment (24.4 index points) indicated a favourable business outlook in the next month. Continued on page 24

FG Assures Local Contractors, Professionals of Patronage Jonathan Eze The federal government has restated its determination to give preference to Nigerian professionals in all government projects in order to grow the economy. Besides, government has advised the private sector to invest in Research and Development (R and D) for manpower development so as to stimulate economic activities in the country. Speaking at the launch of Polyurethane Laboratory donated to University of Lagos by Vitafoam, the Minister of Science and Technology, Dr. Ogbonna Onu, said for the first time in the history of Nigeria, the federal government recently issued Executive Order Five which makes it mandatory for all government parastatals and agencies to patronise Made –in-Nigeria products without compromising standards. Onu, also announced the

ECONOMY decision to give priority to Nigerian Professionals either in the country or diaspora before considering an expatriate in award of contracts. He noted that it is only a project which there is no Nigerian professional that an expatriate can be engaged. Onu explained that the bane of Nigeria’s economy was overdependence on importation of goods which weakens currency, creates unemployment and consistently reduce the Gross Domestic Products (GDP). He lamented that Nigeria had over the years relied on income from commodity products, the prices of which are externally determined. “The federal government has issued Executive Order Five. Under this, government shall patronise locally made products. “But the products must be of

high standard. Preference shall be given to Nigerian professionals before an expatriate is considered for any project or contract. “This implies that operators in the private sector must invest in research and development in order to meet international standard. They should collaborate with the universities in manpower training,�Onu said. In his keynote address, the company’s Group Managing Director and Chief Executive Officer, Mr. Taiwo Adeniyi, explained that the donation of a Polyurethane Laboratory to the University of Lagos was in fulfilment of the promise made to the University authority by the Chairman of Vitafoam Nigeria Plc, Dr. Dele Makanjuola, at the 2016 Scientific Conference of the University where he initiated the need for such in Nigeria. “We make bold to say that the equipment in this polyurethane laboratory is at par with any similar laboratory anywhere in

the world. “The choice of polyurethane laboratory as a CSR project was not merely for Vitafoam’s interest in the polyurethane industry. “It was to honour and promote the efforts of Nigerian researchers and ensure their work is able to both compete well on the global stage and find relevance in industry. “Among the key government agencies and parastatals that will find use for the services of this polyurethane laboratory include the Standard Organisation of Nigeria (SON), the Nigerian Automotive Design and Development Council (NADDC) – though they are currently working on one that will serve for different types of auto parts. “Others are the Federal Ministry of Environment, the National Environmental and Enforcement Agency (NESREA), and the National Agency for Continued on page 24

The Nigeria British Chamber of Commerce (NBCC) in partnership with MTN Nigeria is set to host stakeholders within Nigeria and British business communities to a breakfast event with the theme: “Jobs,Technology, InfrastructureandtheWorkforceoftheFuture.â€?TheeventholdsonOctober 11, 2018 The monthly event of the Chamber seeks to bring stakeholders operating within the nation’s diverse economy to a forum discussing the future of work and how technology and infrastructural growth can enable that businesses continue to maximise investments in one of their greatest assets – an engaged workforce long into the future. The Head, Fintech and Innovation at Guaranty Trust Bank, is expected to speak on the future of work, how disruptive technologies are shaping the future of work, the major economic and technological forces driving the Nigerian economy and the opportunities and challenges ahead. “Stakeholders and participants at the forum are billed for a truly educative session as a panel led by cerebral minds within the Nigerian business space represented by PriceWaterhouseCoopers, Guaranty Trust Bank and MTN would be taking participants through an insightful session on the themed topic as it aectstheNigerianworkforceofthefuture. “Thepanelsessionwouldgive participantsatthebreakfastmeetinganopportunitytoshareinsights,ask questions and get answers from corporate leaders and industry experts withintheNigerianbusinesscommunityastheypreparefortheworkforce of the future,â€? a statement from the organisers explained. The Director General,NigeriaBritishChamberofCommerce,BunmiAfolabi,alsostated that “the breakfast session would provide an opportunity for key business leaders to engage, foster business relationships and proer advisory solutions to prevalent issues largely aecting the business community.â€?

FirstBank Promotes Financial Inclusion

First Bank of Nigeria Limited has announced a promotional campaign aimed at rewarding its youth segment customers for using their FirstBank XploreFirst Savings accounts whilst also encouraging savings habit. The promo which kicked o on October 1, 2018 is scheduled to run for six monthstoMarch30,2019.XploreFirstisaFirstBanksavingsaccountvariant designed speciďŹ cally for students between the age range of 18 – 29 years. AminimumamountofN1,000isrequiredtoopentheaccountandaccount holders are to maintain a minimum balance of N200 to run the account. To participate in the promo, XploreFirst customers are encouraged to save or maintain a minimum amount of N10, 000 in their accounts during the promo period to be eligible for the scholarship rae draw. Incremental deposits of N10,000 in the account entitles the account holder to multiple tickets for the rae draw. A total of 198 winners would emerge from the promo with 18 account holders (3 from each of the six geopolitical zones) beingrewardedwithscholarshipsofN150,000inagrandďŹ naleraedraw and N5,000 airtime as consolation prizes to 180 account holders (5 from each of the six geopolitical zones). According to the Group Head, Products & Marketing Support, Mr. Abiodun Famuyiwa, “FirstBank recognises the impactofahealthysavingscultureinpromotingďŹ nancialinclusionamongst individuals, especially the youth. “And with the saying, the youth are the leaders of tomorrow, we believe that with XploreFirst account, the youths are well positioned to take the lead in their ďŹ nancial activities through the exciting beneďŹ ts the account oers.

Truecaller Tackles Fake News

Truecaller has announced the launch of its instant messaging (IM) platform ‘Truecaller Chat.’With the aim to make communication safer to prevent fake news from circulating, the IM platform would allow users to report links, ensuring that fake news is not circulated unchecked by users. With social media’s rapid adoption globally, the menace of fake news has been on the rise. Even the President of Nigeria, Muhammadu Buhari, in his Independence Day speech, advised that information spread via social media should be scrutinised.“Truecaller has helped erode spam calls faced by users through Caller ID and also strengthened SMS inboxes by ďŹ ltering unwantedmessages.“Asasteptocurbthespreadoferroneousinformation, Truecaller, with help from its community, has launched this service as a shield against viral messages sent on its instant messaging platform. “Users will be able to mark website links as spam if they suspect them to have incorrect information, which will then help chatters make a more informed decision about what information is false. “With time,Truecaller also plans to apply machine learning and use the aggregated spam reports to predict any upcoming viral trends,â€? the global ďŹ rm stated.

“We are collaborating with every agency of government, the Ministry of Justice, judiciary and the Nigeria Police and those who abuse the naira would be punished�

Director, Corporate Communications, CBN,

Mr. Isaac Okorafor

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BUSINESSWORLD FIRMS OPTIMISTIC ABOUT ECONOMIC GROWTH, SURVEY REVEALS

“The employment outlook index by sector showed that the services sector (27.7 points) reported the highest prospects for creating jobs, followed by industrial (21.1 points), wholesale/retail trade (17.8 points), and construction sector (16.2 points). Furthermore, it added: “The analysis of businesses expansion plans by sector next month showed that the services sector indicates greater disposition for expansion with an index of 24 index points followed by construction and wholesale/ retail trade sectors with 18.5 and 16.7 index points 3.4.� However, in terms of business constraints, the survey stated the firms identified insufficient power supply (65.9 points), high interest rate (54.9 points), unfavourable economic climate (53.6 points), financial problems (51.6 points), unclear economic laws (47.1 points), unfavourable political climate (46.9 points), insufficient demand (44.5 points) and access to credit (40.4 points) as major factors constraining business activity in the current month. FG ASSURES LOCAL CONTRACTORS, PROFESSIONALS OF PATRONAGE

Food and Drugs Administration and Control (NAFDAC). “It is expected that this specialized laboratory will be run as a commercial enterprise to generate revenue to fund other projects within the University. “This polyurethane laboratory has a significant role to play in the federal government’s Nigeria Industrial Revolution Plan (NIRP), and recently the medium term Plan for Economic Recovery and Growth Plan (ERGP), said Adeniyi. He appealed to the federal government to continually evolve policies that engender ease of doing business in Nigeria in order to sustain enhance performance of the private sector. According to him, government should endeavour to patronise products of the company because they are highly competitive.

FG Warns Fake Seed Dealers as Floods Threaten Food Security James Emejo in Abuja The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has warned fake seed peddlers of consequences including jail terms as months of sustained flooding in parts of the country threatens national food security. The use of sub-standard seedlings by farmers have been identified as one of the constraints to achieving improved harvests. But, some farmers were also blamed for refusing to embrace good agricultural practices- rejecting approved and enhanced seedling which could boost farm produce. However, following the floods, the minister further warned that the country faced a shortage of rice next year unless relevant measures were taken to replant after the flooding incident. Speaking while inaugurating the National Agricultural Seeds Council (NASC)- Molecular Facility and the 2018 Seed Fair and Farmer’s field day, he noted that the flood which affected some major rice producing states such as Kebbi, Jigawa, Anambra and Kogi state could threaten rice production, causing a setback in the achievements recorded

Obinna Chima

so far. However, he said new varieties of rice were being produced at NASC which are flood tolerant. The minister said: “We hope to get the varieties which include

the Faro 66 and 67, into the field in large quantity for farmers to plant in the near future.� He, advised farmers to use water that recede from the flood to replant rice to avoid shortage

of the crop next year. Ogbeh added: “We are also hoping that as soon as the rain recede we encourage farmers again to replant so that the residual moisture in the soil

plus irrigation can give up another crop maybe by the end of December or early January otherwise we may be in serious trouble for millet, rice, maize and sorghum.�

DISCUSSING PENSION

L-R Managing Director, ARM Pensions, Mr. Wale Odutola; Head, Corporate Communications, PAL Pensions, Mrs. Sunmisola Mark-Okoma; Brand and Communications Manager, Oak Pensions, Mr. Rotimi Wusu; Executive Secretary, Pension Fund Operators Association of Nigeria(PenOp), Ms. Susan Oranye; Head, Corporate Communications, National Pension Commission, Mr. Peter Aghahowa and Managing Director, Diamond Pension Fund Custodian, Mr. Chinedu Ekeocha, at the 2018 media retreat organised by PenOp in Lagos‌recently

NCCVows to Protect Telecom Consumers Hammed Shittu in Ilorin The Executive Vice Chairman, Nigerian Communications Commission(NCC) Professor Umar Garba Dantatta has said the commission will continue to serve as a feedback mechanism for telecom consumers so as to avoid being exploited by service providers He also said the gesture would assist the service providers to provide quality services, value for money and to check unwholesome practices. Dantatta stated this at the weekend during 99th edition of

consumer outreach programme held in Ilorin, Kwara state capital with the theme: “Using Information and Education as Tools for Consumer Empowerment and Protection.� According to him, “the forum was organised to educate telecom consumers and other stakeholders in contemporary issues generating interest in the industry and also to serves as feedback mechanism.� He said “At the NCC, the Telecom consumers are the target beneficiaries of all our

activities which make them enjoy primary focus in terms of ensuring that they get good quality service, value for money spent, timely and fair redress of complaints and protection from unwholesome practices of some service providers.� Dantatta who was represented by the Director, Consumers Affairs Bureau, Mrs. Felicia Onwuegbu Chulam said the commission had decided to design the outreach so as to empower consumer through the provision of necessary information and education to

consumers. Dantatta noted that: “Through empowerment and education, telecom consumers are fortified with necessary tools to be protected from market exploitation and to make rational and informed decision when making choices of services. “Consumer information and education is identified by the NCC as one of the most effective mechanisms that provides and guarantees consumers empowerment and education. “It also serves as a proactive way of providing consumers from making wrong

choices and also protected the consumers from being exploited and against fraud.� He, therefore, urged consumers to be up and doing and always free to come out with their feelings about the service providers saying that, “it is their inalienable rights to inform the service providers and NCC during this kind of forum so as to bring the much desired results and to assist them to continue to enjoy the value for their money spent on the services being provided to them�.

NCAA Restores Certificate of International Aviation College, Ilorin Chinedu Eze

Group Business Editor

NEWS

The Nigerian Civil Aviation Authority (NCAA) has restored the Approved Training Organisation (ATO) certificate of the International Aviation College, Ilorin. The institute which made this known at the weekend, said the NCAA gave the approval for the restoration on October 3, 2018.

NCAA said it hinged its decision to restore the certificate on the closure of gaps discovered by the authority when it carried its audit of activities in the college that promoted the withdrawal of its operating certificate. The certificate is being restored because of the “closure of a good number of the findings by the management of the International Aviation College, Ilorin. “The remarkable

commitment demonstrated in closing the remaining findings as verified during the recent recertification audit of your college.� The NCAA’s letter, which was signed by the acting Director of Licencing on behalf of the Director General, however, expressed expectation that the college would “make every effort to close pending findings and notify the Authority as soon

as possible.� NCAA said the Approved Training Organisation Certificate was issued in accordance with the provisions of the Civil Aviation Act 2006 and it authorised the college to carry out training in the following areas: Private Pilot License Training (A), Commercial Pilot License Training (A), SingleEngine Rating Training (A), Multi-Engine Rating Training (A), Instrument Rating Training,

Private Pilot License Training (H), Commercial Pilot License Training (H), Single-Engine Rating Training (H) and Flight Dispatcher Training. The International Aviation College, Ilorin was established by the Kwara State Government to provide world class training that would enable Kwarans and others to “tap into extant opportunities in the aviation industry,� the college said.

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Group Moves to Boost Innovation, Productivity in Organisations

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

Emma Okonji Agile Practitioners of Nigeria, which offers a wide range of services and resources required to enhance innovation and productivity among all categories of organisations, is set to empower organisations in the country to become more profitable. Addressing the media in Lagos recently, Agile Advisor

Nigeria said it would empower businesses through its annual programmes that are dedicated to furthering agile principles and providing a venue for people and idea to flourish. The Chief Executive Officer (CEO), The Agile Advisor Nigeria, Mrs. Abiodun Osoba, who reiterated the commitment of her team to boost businesses in Nigeria, said this year’s conference is being hosted by

the Association of Agile Nigeria Practitioners of Nigeria, which was established in 2017. “The conference is an unparalleled opportunity to share your knowledge, expertise and experience on a truly international stage. “Last year, we were joined by nearly 100 executives, managers, software developers and researchers from over three countries, who gathered to

hear from recognised experts, authors, innovators, and practitioners who offer their unique insights,� Osoba said. The Annual Agile Nigeria Conference is dedicated to furthering Agile principles and providing a venue for people and ideas to flourish. The Agile Practitioners of Nigeria understands that Nigeria needs transformation in both the private and the

public sector. “The ability to quickly adapt is the lifeblood of modern enterprises, and our partnership with Agile professionals in Nigeria will complement our mission to help organisations innovate, improve productivity, and remain relevant in our rapidly changing world. Our membership will greatly benefit from this collaboration,� the organisers said.

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Ovia: Fintechs Can’t Take Over Banking Services Obinna Chima The founder of Zenith Bank Plc, Mr. Jim Ovia has stressed the need for banks and financial technology (fintech) companies to continue to collaborate and cooperate to deliver superior products and services to customers. Ovia, who said this in a presentation titled: “The Future of Financial Services in Nigeria,� he delivered at the 2018 Deloitte Alumni Event in Lagos, said the argument that fintechs would be so disruptive to take away services of the banks is not true “What they need is to cooperate and collaborate, that I called ‘co-competition.’ That is what we are going to see between now and the next five years. But beyond that, 2024 and 2030, there is going to be massive disruption and more things are going to happen,� he said. The Zenith Bank chairman pointed out that with improvement in technology, the demand for cash has reduced

significantly. “Nobody takes cash home anymore. Then arm robbers realised that there is no cash to steal, so they have stopped robbing people at home. “We are beginning to experience a revolution in the financial services industry. Today, fintech companies offer bespoke financial services to deliver products and services the way you want it. “Fintech companies have been designed to do lending, payments, disbursements, advertising services, investments, wealth management, etc. The only thing is that they don’t keep cash,� he said. He noted that with the revolution of modern banking, mobile banking and fintech services, “you don’t need bank branches.� “In Lagos, the number of bank branches is much higher than anywhere else in the country. In the future this might not be necessary, because we are now in a stage of financial revolution and financial inclu-

sion, where everybody can access to financial services through mobile banking. “The regulators in Nigeria, the Central Bank of Nigeria, National Insurance Commission and the Nigerian Communications Commission – are working together to give approval for mobile insurance. “That is a financial product. In the next 20 years, would jobs be lost? Not necessarily. Jobs would be re-invented. You are not going to lose jobs, but people are going to be re-trained. “We have our youths who are now being trained to write apps, algorithms and different kind of applications, that they couldn’t do three years ago. “So, more of them are being employed to do that. So, they are not losing jobs, but even creating more jobs with technology. “The adoption of this technology will drive a new way of doing things, leading to the creation of new products and services,� Ovia explained.

Atican Beach Estate Berths in Lekki The Marketing Director, Atican Beachview Estate, Mr. Ridwan Atiku, has disclosed that his firm, Atican Nigeria Limited, which started the construction of its pilot estate in 2015, has completed the first phase of the Atican Beachview Estate. Atiku, said the motivation for entering into the market was because many people had complained about the less attractive houses being showcased in the industry. “People are building, so we needed to build homes for people, not houses. What other real estate companies are doing mostly is to build houses, which they can’t live in. But, we build homes at Atican Nigeria Limited. So, that is why we entered into the property market,� Atiku explained in

a statement at the weekend. The Atican Beachview Estate is a serene estate built on 4.3 hectares and located within the Lekki Scheme II in Lagos. The offerings ranges from four bedroom fully detached house to three-bedroom terrace house. The four bedroom fully detached house are built on a space of 300 square meters (sqm). Its features include four large en-suite bedrooms, two living room, large kitchen space and store, among others. The four and five-bedroom semi-detached house option also has the features like the fully detached. “However, it boasts of a parking lots capacity for seven cars, as it sits on a land space of between 320 and 330sqm. Also is the four-bedroom duplex,

having the same features. “For those with smaller family size, Atican Beachview estate also provides quality homes in the form of three-bedroom terrace house, sitting on a land space of 180-200 sqm. “Ventilation is very key to us. Unlike other developers, we try not to use up all the space on the land. So, at least, if you have a 300sqm land, we only build on around 200 out of it and leave 100 for other essentials that would be on the land. That is what we mostly do,� the marketing manager explained Atiku explained that a home owner in the estate becomes an automatic member of the Atican Beach exclusive club, with free access to the facilities at the beach at any time; this comes at no extra cost.

WorldStage Holds 2018 Economic Summit All is set for the WorldStage Economic Summit 2018, with the theme: “New sources of economic strength to make the future happen.� The event is to hold in Lagos on October 23. In a statement by World Stage Limited, the organisers, the summit is expected to attract participation from the Presidency, National Assembly, banking, insurance, maritime, aviation, mining, agriculture sectors as well as others from the public sector. The summit is also expected to include the presentation of awards to institutions in recognition of their significant contributions to the Nigerian economy in the last one year. According to the President/ CEO, World Stage Limited, Mr Segun Adeleye, credit for economic growth and boom in the developed countries world

over the years had been linked to strategic identification and development of their economic strengths while government played the pivotal role of motivating the private sector with incentives to achieve the common goals in most cases. However, he said Nigeria has never at any particular period deliberately developed any area of her economic strength, rather, “it dumped the agriculture where it had comparative advantage when oil was discovered in the 1960(s) and since then economic development has been approached haphazardly. “Notwithstanding that Nigeria has never at any particular period intentionally developed any area of economic strength, the dynamic nature of global interest could be a blessing if the country can identify and

run with the right future to fast-track industrialisation, just as the telecommunications sector broke all record of growth in the last decade,� he said. In a global economy where tech companies like Microsoft, Google, Facebook are richer than all African countries put together, he said managers of the economy cannot continue to fake ignorance of the needful, that mineral resource will no longer be a major factor in future relevance and prosperity. “Conscious of the growing population of Nigeria with about 50 per cent youth unemployment rate as a wakeup call, the last two editions of the WorldStage Economic Summit (2016 and 2017) looked at Addressing the unemployment crisis in Nigeria; and Transforming Business and Economy Through Innovation respectively,� he said.

INSIDE BROAD STREET

I & E FXWindow Records Increased Inflow

Activity level in the investors and exporters’ (I & E) window improved last week as total turnover increased by 9.1 per cent to $1.2 billion, during the week, up from the $1.1 billion recorded the preceding week. Also, at the FMDQ OTC futures market, total subscriptions rose 2.9 per cent week-on-week to $4.4 billion, up from $4.3 billion recorded the preceding week. The highest increases were recorded in the MAR 2019, JAN 2019 and NOV 2018 instruments. Afrinvest Securities Limited disclosed these in a report at the weekend. But the nation’s currency depreciated marginally by six kobo to N363.83/US$1 at the I & E window. It, however, remained stable across all segments of the foreign exchange market, trading within the N361 – N363.85/ US$1 band in both the parallel market and I & E window. But the naira closed the week flat at N361/US$1 at the parallel market. “We expect the naira to remain stable across all segments of the market next week and in the near term, as the level of reserves can sustain Nigeria’s import bill for 20 months. “Consequently, we believe the CBN will maintain a defensive stance for the naira even as the polity heats up and capital reversals intensify,� they stated. Global oil prices continued an upward trend last week, on fears of oil supply shortages due to reduced US inventories and Iran sanctions, with the commodity reaching a 3-year high of about $86/ barrel. “Given that concerns around the impact of sanctions on Iran have heightened as commencement nears in November, we expect oil prices to remain supported around these levels over the near-term, even as we believe that reduced oil supplies will be partly offset by increasing exports from Saudi Arabia and Russia,� Afrinvest stated. Bond Market The activities in the Nigerian bond market were seemingly bullish during the week as yields pared across instruments, declining by nine basis points to 14.82 per cent. The buying activities were concentrated at the short and long tenor bonds, with yields on mid-tenor bonds advancing by four basis points. The development was attributed to the increased activities in the market to the level of liquidity, exacerbated by OMO repayments amounting to N539.2 billion over the past two weeks among other repayments. This has only started moderating given recent activities as the Central Bank of Nigeria (CBN)

held primary market auction and an open market operation during the week, selling instruments worth N133.5 billion and N553 billion respectively. In the Sub-Saharan Africa Sovereign Eurobond space, activities were bearish, as yields increased across instruments by two basis points. Similarly, the yields on Nigerian Sovereign bonds increased, breaking recent trend witnessed after the pressure resulting from weariness of emerging and frontier market contagion. Consequently, the average yield on Nigeria Sovereign bonds increased by 22 basis points to settle to average bond yield at 6.9 per cent across instruments. Analysts maintained that yields would pare further into the quarter, given expectations that demand should increase due to a combination of relative attractiveness compared to SSA peers and ‘flight to safety’ drive. The direction of activities in the trading for corporate Eurobonds mirrored the sovereign, as the average yield declined by 10 basis points, with the largest decline witnessed on the Guaranty Trust Bank 2018 Eurobond which was down 62 basis points. They anticipated that the trend would continue and be influenced by domestic flows, as investors seek stability prior to the general elections in 2019. Interbank Market Money market rates in the week responded to the dynamics in system liquidity as well as the successful primary market auction (PMA) and OMO auctions conducted last week to replace maturing equivalents. Consequently, average treasury bills rates trended lower to settle at 12.7 per cent, down nine basis points week-on-week. Last Wednesday, the CBN at the PMA issued; 91-day, 182-day and 364-day instruments at discount rates of 10.9 per cent, 12.1 per cent, and 13.3 per cent respectively, with the 182-day and 364-day instruments recording oversubscriptions of 1.8x and 3.7x. Also, the CBN last Thursday issued OMO instruments worth N553 billion which mopped up system liquidity, offsetting the OMO maturities of N278.3 billion on the same day. Significant subscription levels were observed on the longer tenor OMO instruments, with oversubscription recorded at 1.6times on the 364-day OMO instrument, compared with an undersubscription (0.8times) on the 182-day instrument. Consequent on the above, system liquidity became tightened at close of the week. Thus, the open buy back (OBB) and overnight rates trended higher. OBB and overnight rates opened the week at 4.8 per cent and 5.6 per cent- lower than the preceding Friday’s close of six per cent and 7.2 per cent- increasing further to 11.7 per cent and 12.6 per cent respectively by Thursday. By Friday, the OBB and overnight further increased to 20.9 per cent and 22.5 per cent respectively.

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Dozie: Banks’ Business Model No Longer Sustainable The Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie, in this interview says banks are likely to be out-innovated and lose their market share if they fail to partner with emerging businesses to deliver superior services to customers. He stresses the importance of partnership between telcos, fintechs and banks in order to continue to deepen banking penetration. Obinna Chima presents the excerpts: How did you feel about the recent Central Bank of Nigeria ďŹ ne on the bank with respect to MTN Nigeria? When you are in the battlefield, you expect injuries once in a while. And that was the way we saw it. We didn’t quite understand the basis. As an organisation, we always try to do things in line with corporate governance. We are always compliant. Basically, we didn’t understand the basis for the fine. We have responded to our regulator to look at it and look at the information again. The central bank has stated in one of their press releases that they have gathered more information and that they are looking at it. We have to continue moving, you can’t allow that to stop your operation. Fortunately, we have capacity to absorb that it does not affect the day-to-day running of our services to our customers. We would not allow that to distract us. How did your customers react to the news of the ďŹ ne? We have customers that are informed and we also have the ones that are going about trying to make their dreams come true in Nigeria. We have about 15 million customers. Those people don’t have the luxury of reading newspapers. We also have a relationship with MTN in terms of providing services that help transform people’s life. So, the development didn’t impact on the brand. People are now more informed and they can take informed decisions. In my opinion, our customers believe that this is an issue that has to be resolved and that their monies are safe. The Monetary Policy Committee at its last meeting raised some concern about the economy. What is your take on that and what do you think the government should be doing to avert another slide into recession? This is talking to all stakeholders in every sector of the economy: private sector, public sector, regulators even foreign investors as well. Of course, Nigeria is no longer isolated from activities in the global economy. Of course, with the increase in interest rate in the United States, it means there is going to be pressure to retain foreign investors in Nigeria, which we depend on. In terms of what we must do, firstly is that we must ensure there is stability - financial stability and stability in our oil production. But then, there is another thing - the rule of law, which is very key. We must ensure there is transparency and reduction in corruption. And that’s one of the reasons why Diamond Bank is really driven on digital. Digital means pure transparency and means audit trail. Imagine if Nigeria has invested in technology, look at Nigeria Interbank Settlement System payment platform, look at the Bank Verification Number, you can even look at the fact that people are using their mobile phones to drive their businesses and so on. You can see the potential. So those are the things we need to do. So, those are fundamentals. If there is transparency, trust, reduction in corruption, despite concerns of elections, people will still bring money in. Of course, people are still going to bring in money during election. So, it is about ensuring that there is stable environment for people to continue to do their business and money will keep coming in. KPMG’s recent 2018 customer survey rated Diamond Bank as one of the top ďŹ ve SME Customer Banks in Nigeria. Can you speak more on the bank’s focus on SMEs and what are its long-term plans for SMEs in the country? Yes, you are correct. That space is our major focus area for us in the bank, and we have deployed a lot of resources towards growing that SMEs space. We call it emerging business in Diamond Bank. And that’s because if you look at the economy, 70 per cent of impact in the economy is coming from small and medium

Dozie

scale enterprises (SMEs). So, we deploy a lot services. Now, we are on a growth trajectory. What do they require? Access to finance, access to market, capacity building, networking. And so, we have deliberately tried to ensure we meet those needs. And again, another challenge in that sector is lending which is why our collaboration with Women’s World Banking is what we are using now to make sure we meet the needs of companies and individuals in that sector. So, we are now using the cashflow lending type of proposition to attack that sector. What does this do for us? We are still having collateral, but they are more flexible. We have three focus areas we lend to - agriculture, education and health. So, if I come to your hospital and you don’t have collateral, you have equipment that I can use as collateral. If you are school, there are computers in the school and other things. Normally, the traditional kind of lending you will not use such things because those things you may feel you may not be able to realise. But what the cashflow does for you is we look at the pattern of your business and how your cash actually flows. So, we are deploying a lot of that strategy to make sure we give them financing. Then in terms of capacity building, because what you find out from SMEs is that they need knowledge on how to run their businesses. We have an alliance with Lagos Business School

We must ensure there is transparency and reduction in corruption. And that’s one of the reasons why Diamond Bank is really driven on digital. Digital means pure transparency and means audit trail

through their Enterprise Development Centre. And over the years, we have continued to train entrepreneurs, supporting them with education on how to run their businesses, giving them skills that we belief they require to run their businesses. Now, beyond that, what we used to do was also to go round and educate our SMEs. That’s part of our non-financial services. We educate them on ow to run their business. We have an SME zone in Diamond Bank where our customers can go and educate themselves on different things - human resources, financial management and all of that. We believe once we can spread the SMEs training all over the country, it would really give us the edge that we require to grow that sector of the economy. You talked about lending to that critical sector of the economy, but most SMEs have complained about accessing loans from banks as well as the high interest rate. How is Diamond Bank mitigating pains for the SMEs? They complain about collecting money from banks is because of security. Indeed, you have to be sure that whoever you giving money to would pay you back the money. Of course, if they don’t pay you back, your final way out is the security and many of them don’t have. This is why I explained what we are doing with Women World Banking to ease that challenge. So, we are lending based on your cashflow. The only challenge with that is that because we need to see the cash flows, it’s not available to new businesses. So, because I don’t know your pattern of payment. I don’t know how your customers pay you and how long it takes you to convert whatever products or services into cash. But if you are an SME and you are in a business, all I need is to take your cash register, look at your pattern of payment and lend you based on how your money comes to you. That challenge is being addressed by our cash flow lending. Can speak about your half year 2018 ďŹ nancial results that was released few weeks ago and what expansion plans the

bank has for the future? We have started transformation. What it means is that we are diversifying our portfolios. If you look at our portfolio today, you will find out that our assets are actually skewed towards oil and gas. With the slide in oil prices few years ago, it meant we had to reclassify and restructure some loans out there. One of things we’ve done even before I got here, was that we have started lending into retail space and focus more on corporate clients that had a value chain and are actually into retail business, like telecoms, manufacturing, like the Dangotes of this world. What that meant was that you will see that our asset portfolio has been dropping because we are not lending billions into that space anymore. We are now focusing on driving retail business, the SMEs. Up to June this year, we have done more lending to small businesses than we have done in the last three years together. That is the focus of the bank. If lending is small and the duration is much shorter, it means that every month people are paying back. Until we build that critical part which is what we are trying to build. How you judge us is the transaction income coming out of that and the people we are beginning to lend to and even the platform we are building so that we can have access to more people. So, we are trying to build a more sustainable business that is bullet proof to shocks in the macro-economy. If we have another shock to the country again, if the economy is shocked by one per cent, ours should be 0.2 per cent because we have diversified our business base. That is what we are trying to do. And we know that it’s workable because what you see is the final number which is oil and gas, non-performing loans. What you don’t see is the engine. In terms of liquidity, we have ovef N800 billion of retail deposits that is driving the lending portfolio. We want to diversify that so that we can actually access more people. We’ve also come out of West Africa. We don’t think there is enough opportunity there, we were just deploying capital that were not giving returns like we have in Nigeria. We have also sold our United Kingdom office. Because of the drop in foreign currency, trade businesses have dropped, so we’ve diversify from that. Those incomes we’ve made from trade business; we’ve now replaced it with retail type business. We can see that that is working. Our lending to retail space is not only growing, but NPLs from that segments are actually much lower because we have learnt from previous lending as well. And that is the whole idea. These have enabled us to manage our capital and we are pursuing a national licence, which will mean oour capital adequacy ratio will be much lower and we can now focus on improved profitability and leveraging on technology that we have invested in. You talked about transformation and my worry is you seem to be signing a lot partnership with foreign organisations. You made mention of MTN. How would shareholders beneďŹ t from majority of these? If you look at what is going on in the world today, you will find out that banks are under attack. This happens every day. People are beginning to either do those things themselves or people are coming into your space. If it is transferring dollars to Nigeria or lending, many people are doing it. The point is, what are you going to do as a bank? There is a capability that banks have that other people don’t have. For instance, Flour Mills said the other day that the want to issue their own commercial paper to raise N70 billion to refinance their loans. It means that your current business model may no longer be sustainable in the nearest future. We have this philosophy that says beyond banking, we have to do more for our customers. Now am CONTINUED ON PAGE 27

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DANBATTA: SELLING PRE-REGISTERED SIM CARDS ILLEGAL

I going to lend to all kind of persons or how can we partner to deliver the outcomes. That is because people don’t care about banking but outcome. They want to go to the movies, they want to make phones calls, they want to buy a house. So, if you want to talk to someone, you need to buy airtime. So, we decided to partner the telcos. So, the future for any business is the platform and you must do things to drive people to your platform. So for collaboration for a people business, you look at platform capable of delivering services. You look at the quality of your collaboration, number of people on the platform and the quality of partnership. So, we are in that business of partnering with people to ensure our platform is robust and we are able to do more for our customers. We belief that Nigeria has a huge population of men and women. We partner with the Women World Banking with a vision to get sizeable number of women globally financially included, we partner together Nigeria is a big market. To reach more people, we need technology to do that. There are many financial and non-financial partnerships that we are beginning to establish because we know that the future businesses is sharing and collaboration. But to do that will have a platform that technology driven and robust. So, no man is an island. If you are in business that is connected to the world, not connected for others to benefit maximally from, you cannot be a one stop shop for people. I want people to know that either through my mobile phone or myself they have a gateway, they don’t have to go to too many places. That is why we are on this journey. It is just like small businesses, nobody is going to give you money if you have not gotten yourself in a position to attract advisory services and how to position yourself in the market. People won’t give you money because they would say you won’t know how to deal with it because there is no market. For us, if we don’t build a platform people can connect wherever they are in the world. That is what we are building because that is what our customers demand. We are in mobile-driven economy. You talked about mobile economy. If you look at a country like Kenya, the Telcos are the ones driving mobile money. In Nigeria, you discover that it is mostly the banks that do that. What is Diamond Bank doing in respect of ďŹ nancial inclusion? Do you think

allow you to achieve what you have set out to achieve in that sector. So, the fintechs are very important. If you look at Diamond Bank, all our foray into financial inclusion has been through collaboration with fintechs. Telcos cannot provide full digital financial services without a bank. On our Beta proposition for example, what we found is that it is not about opening bank accounts, but about giving people incentives to save. As a bank, we are not going to open branches everywhere, MTN has branches everywhere. So, today, on our Diamond Y’ello, we have almost three million customers which we would not have ever had. We would have waited for when we open those branches to get to those places. But if you have an MTN line, you can open an account on your phone. What has also helped that Beta customers is the fact that MTN has agents as well that can go to the customers and pay them when they need. So, what you need to drive financial inclusion is technology. The telcos have it, while the banks have the expertise. So, what is needed is that collaboration.

Dozie

the banks or telcos should drive ďŹ nancial inclusion in the country or partnership would be the best one? It is definitely partnership and not about capability. You should also look at how telcos became the dominant financial player in the case of Kenya you sighted in terms of transfer payment. At a time, the banking industry was backward then in Kenya, and so the only people that could do anything then were the telcos. People also forget that government was also a major shareholder in Safaricom. So, they had the regulation that allowed it to happen. But in Nigeria, things are completely different. Our payment platform is

more advanced than even Kenya. Ours has been real time online a long time ago. It meant that there was no place for mobile money. Mobile money is a glorified transfer system. S, financial inclusion won’t work with bank alone because we are not going to go to many places. Telcos can never provide the sophistication. Banking is about trust, managing risk, convenience. So, the only way to be competitive is partnership. So, beyond the telcos, you need other people who have developed other business solutions in the world to be on the platform. Telcos cannot provide full digital services without banks. It is that partnership that will

CR2 Bags Banking Software Solution Award

Experts Harp on Retail Sector Growth

Nosa Alekhuogie

Emma Okonji

Banking software provider, CR2 has been conferred with the award of Excellence in Channel Banking Software Solutions, at the New Age Banking Summit 2018, held in Lagos recently. The company revealed this at a media briefing. Speaking at the conference, the Chief Commercial Officer, CR2, Kieran Kilcullen, said the annual summit, which is now in its eighth year was organised by UMS Conferences, a knowledgesharing forum of selected senior banking and technology experts who provide insights into the key trends and challenges of banking in the digital era, “which is widely considered as one of the most prestigious occasions on Africa’s fintech calendar.� He said: “CR2, has developed a strong market presence across Africa, and today enjoys significant growth in Nigeria, where two of the country’s biggest banks, (Diamond Bank and Access Bank) serve as its customers.� On his part, the Chief Executive Officer, CR2, Fintan Byrne, who accepted the award on behalf of the company said: “We are thrilled to receive this recognition. Our footprint across the African continent continues to grow significantly, largely due to our

award-winning technology, but also our knowledge and expertise of the shifting market dynamics in each local African. “With headquarters in Dublin, Ireland, CR2 has more than 100 retail banking customers in over 60 countries. The Managing Director, Global InfoSwift expressed his delight pertaining the award received. He said: “We believe that this relationship with CR2 has helped in the Nigerian market place because the government is passionate about local content. “There has been a lot of training and we would continue to train to ensure that we have local expertise. We are very excited about the award as CR2 is very committed to this market. “We encourage the idea of working with local partners and populating experience around our products in each market in which we do business.� Kilcullen further explained the need to constantly upgrade software and technology. He said, “ In the digital world, things change all the time, customers want to see new things; capabilities, transactions, new features, functions and therefore it is very important that you equip both customers and partners to be able to have those features and functions. We Specialise in enabling banks personalise the experience for each customer.�

Stakeholders in the Nigerian payment industry have said that solutions that guarantee immediate value for customers and merchants alike will drive growth and expansion in the retail sector of the economy, in line with global trends. Merchants were also encouraged to be positive in their approach towards the adoption of innovative payment solutions. These were the views by participants at the recently held third quarter 2018 edition of PoS Innovation Summit in Lagos, which was sponsored by Global Accelerex Limited and the Committee of e-Business Industry Heads (CeBIH). The summit with the theme: “Expanding Retail Merchants’ Possibilities�, focused on highlighting the various opportunities available to retail merchants for payment processing in light of the ingenious solutions being rolled-out almost on a daily basis. The keynote speaker and Executive Director, Operations and Technology, Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, Christabel Onyejekwe, revealed that growth trend for immediate value services exhibited a sharp growth trajectory from

2012 to 2017, indicating a clear market preference for services that offer immediate value to the beneficiary. She added that in 2017, PoS volumes were at 230 per cent, compared with what it was in 2016 volumes, while NIP recorded 241 per cent of the 2016 volumes. Speaking at the event, the Managing Director of Global Accelerex, Tunde Ogungbade restated the commitment of the company to use the summit as a platform to harness collective knowledge and effort that can birth innovation for the retail payment sector and the development of the industry. The Chief Executive Officer, TeamApt Limited, Tosin Eniolorunda, disclosed that opportunities to advance the retail business sector abound such as customer information systems, loyalty systems and embracement of emerging payment channels like fingerprint and voice. In attendance at the summit were representatives of commercial and microfinance banks, Payment Terminal Service Providers (PTSPs), regulators, licensed mobile money operators, merchants and other stakeholders in both the payment industry and retail business sector.

But if we are all moving into technology, we also need to look at the vulnerabilities, which is the question of cyber-attacks. What are the defense mechanism to ensure that customers are protected? You put your defenses round where your transactions are. Twenty years ago, if you go to a branch, you will see armored vehicles and lots of policemen, in order to protect the money. Today, a lot of those things are not necessary because people are doing their transactions electronically. So, cyber-security is very important to us at Diamond Bank. Not only do we have in-house security, we also outsource security as well because security involves experts. We have experts that keep checking our systems against vulnerabilities. Technology also gives security. For example, BVN is more secured than my signature. Anybody can forge my signature, but nobody can forge my BVN. So, we are making sure that we are building that trust on all our channels. We have even gone one step further by using robotics to ensure that the back office is moving at the same pace. So, working with Deliotte, we have automated one of the most complicated automated systems and our customers are enjoying successful transactions.

Micro Businesses in Enugu to Benefit from TraderMoni Initiative, Says Osinbajo Jonathan Eze At least 30,000 traders from Enugu State will benefit from the TraderMoni, an initiative of the federal government that was designed to further enhance entrepreneurial opportunities for the rural poor, Vice President, Prof Yemi Osinbajo has said in Enugu State. Also, the State Governor, Ifeanyi Ugwuanyi, who was at the event, announced that the state government has also deployed over 16,000 beneficiaries of the N-Power programme to schools, farms and other places where they are adding value to the economy. Osinbajo who spoke at the 19th Micro, Small and Medium Enterprises Clinics for Viable Enterprises (MSME Clinics), recently, highlighted the importance of small and medium scale businesses in poverty eradication and value creation, said the federal government was seeking to enhance the MarketMoni initiative by introducing the TraderMoni programme which specifically will target Nigerians at the bottom of the pyramid. The vice president, who said the MSME Clinics had been

designed to support small and medium businesses, noted that the programme had become an inspiring example of how government can make a difference in the lives of entrepreneurs by reducing regulatory bottlenecks and providing training and support systems necessary for business growth. He commended the creative energy of the Nigerian entrepreneurs and promised that the federal government would continue to create the favourable environment needed for entrepreneurs to thrive. In his address at the event, Ugwuanyi noted with delight the positive results the state had derived from its strategic partnership with the federal government in the area of employment generation, poverty eradication and the growth and development of small and medium businesses. He noted that Enugu State had been able to train more than 35,000 MSME owners and aspiring entrepreneurs through the State-owned Enterprise Development Institute with more than 7,000 others benefitting from Government Enterprise Empowerment Program (GEEP), otherwise called ‘MarketMoni’.

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Use Capital Market as Foundation to Drive Economic Growth, FG Urged Goddy Egene The two-day 22nd annual conference of the Chartered Institute of Stockbrokers (CIS) held last week in Lagos afforded leading policy makers, economic experts, analysts and financiers the platform to discuss and proffer ways to move the economy forward. They agreed that government needs to correct some in national economic policies and declared that the capital market must be used as the main driver of economic agenda. The noted that government should provide enabling environment to deepen domestic capital formation as well as incentives to encourage companies and Nigerians to participate in the domestic stock market. For instance, Statistician General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS),

Dr. Yemi Kale, said there is a symbiotic relationship between economic growth and capital market development. According to him, the government should provide incentives for broader participation in the stock market and deploy its policies to support the development of local institutional investors. He said a more efficient capital market would have positive effects on corporate performance and the overall economy through reduced costs of operations, domestic access to infrastructure financing, positive effect on aggregate supply, broad-based growth and improved liquidity. Kale, said while the Economic Recovery and Growth Plan (ERGP) is a prudent policy response for economic recovery and misalignments in the long run, there is need to ensure coherence, continuity, commitment and consistency

in government policies and implementation to ensure long-term sustainable growth and development. On his part, Chairman, Lafarge Africa Plc and Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun, said that Nigeria has several opportunities to use the markets to achieve all of its key objectives and lift its economy to sustained growth. He noted that capital markets, in the right hands, can be the ‘strategic weapon’ for sustainable growth as the capital markets can finance Nigeria’s infrastructure, housing, create jobs and alleviate poverty. According to him, all of Nigeria’s challenges, which represent significant opportunities, have capital markets solutions as the market can be used to finance and invest in developing physical and social infrastructure, housing and real estate.

“Infrastructure will ignite Nigeria’s agriculture and mining, transforming them into big export earners. Infrastructure attracts investments and it is these investments that create jobs. Infrastructure lifts living standards – education, health and these activities will in turn deepen capital markets and improve governance and increase transparency. Ultimately, all of Nigeria and its key stakeholders win,� Balogun said. He outlined that government should make policies that ensure that all government-owned companies issue bonds for financing and all government-assisted funding and intervention should be issued in bond or investment notes that can be listed on the stock market. Balogun added that government should make a policy that ensures that any company receiving government concessions or subsidies must issue

its initial public offering not later than three years. He urged government to privatise all major governmentowned assets and list such emergent companies on the stock market. Also speaking, Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, said that government should use the capital market to drive its infrastructural development. “The provision of infrastructure is key, but the financing should be driven by the private sector. There should be Public Private Partnership (PPP) in this key infrastructure so that government can pay more attention to the provision of enabling environment that will drive investment and production,� Ezeagu said. He urged the government to pay attention to policies that will transform the economy faster noting that

allowing the Securities and Exchange Commission (SEC), a key government agency that regulates the capital market, to be without substantive Director General and board does not indicate seriousness about the capital market. President, Chartered Institute of Stockbrokers (CIS), Mr. Adedapo Adekoje, said stockbrokers have a common agenda to ensure the development of a strong and robust economy, especially from the perspective of the financial services sector. According to him, despite the successes of the institute in its primary responsibility of training and certifying practitioners in the capital market, the Institute has always made it a cardinal responsibility to bring its rich intellectual resources to bear and serve as a strong advocacy platform to guide policy makers at all levels of government and the organised private sector.

Banks Celebrates Customer Service Week Commercial bank last week celebrate the Customer Service Week by reiterating their commitment to improve customer satisfaction. The Customer Service Week, which started 34 years ago, is a unique period when service organisations and global agencies extol the patronage and loyalty of their customers by introducing several unique and special activities to appreciate them. It is celebrated annually during the first full week in October and has grown into a global event, in which FCMB has always been involved over the years. For instance, First City Monument Bank (FCMB), with the theme: “Excellence Happens Here,� stated that it recognized that, “space where customers and service professionals come together; from the call center to the executive suite, from the loading dock to the home office, from behind the wheel to the front of a monitor. Where service happens is where Excellence Happens.� In a statement, FCMB said the celebration of this year ’s Customer Service Week was memorable going by the number of activities it carried out for her numerous customers. These, according to the bank included, visit to some customers by the management of the bank. For instance, FCMB said it visited and rewarded Alhaji Sanusi Umar, its oldest customer in terms of banking relationship (based in Bauchi State). He was said to have consistently banked with FCMB for over 26 years. Speaking during the visit, Umar said: “Over the years, FCMB has been excellent and impressed me in various aspects, especially prompt over the counter cheques’ payments, quick online transfers, efficient alternate channels and flexibility of the Bank’s products. I am proud to say that my wife, four children and five other relatives have accounts with

FCMB and they are very satisfied with the Bank.� Commenting on the Customer Service Week and while thanking the Bank’s customers, the Senior Vice President and Divisional Head Service Management and Technology, Mr. Oluwakayode Adigun, noted that FCMB would continue to focus on initiatives that will continually meet the needs and aspirations of her customers, as the bank understands clearly the power of the customers in her business and this is clearly reflected in the entire model for the Digital transformation of the bank which is customer lead. In a related development, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan restated the bank’s commitment to excellent service delivery to meet the needs and aspirations of its customers at all times. Flagging off the 2018 Customer Service Week at the Ikorodu branch of the bank, the Managing Director, described the week as a huge opportunity to thank and celebrate customers of the bank. He assured that the bank would remain committed to excellence in products and services delivery at all its touch points. “This is another moment to celebrate you. We will always celebrate you. You are the reason why we are in business. Excellent customer service is a vital part of our promise as a bank. For us, this is more than just providing answers. It’s helping customers even when they don’t know they need help. “It’s teaching them how to do more with our products. It starts with a smile and a friendly word, and finishes with sharing our expertise, even when it has nothing at all to do with our products. We are committed to bringing you superior customer service, whenever, wherever, and however you need it. Thank you for choosing Ecobank,� he noted

PROMOTING ENTREPRENUERSHIP

L-R: Founder/President of Guardian of The Nation International (GOTNI), Linus Okorie; Executive Chairman/Founder, Phillips Consulting Limited, Folusho Phillips and Managing Director/CEO, Heritage Bank, IďŹ e Sekibo, at the Heritage Bank Premiere of ‘The Next Titan Nigeria,’ Season 5 held in Lagos‌recentl

IGR: Youths Laud Ugwuanyi on Digital Revolution A group of youths in Enugu North Senatorial Zone of Enugu State has commended the Governor Ifeanyi Ugwuanyi for the digital approach adopted by his administration to improve on the Internally Generated Revenue (IGR) of the state. The group under the aegis of Osegbe Youths, said there has been a remarkable improvement on the monthly revenue generation in the state since the governor decided to introduce e-payment platforms covering all the local government areas in the state. The leader of the group, Mr Richard Eke, told newsmen in Nsukka that the positive impact of the digital revolution was that it has reduced the level of fraudulent practices earlier suffered in the collection of various taxes. Eke, said this has also helped the state government to add a lot of impetus in developmental efforts, adding that the governor had introduced various projects for the benefit of the people. He also disclosed that the group which membership is

drawn from communities in Enugu-Ezike, Igbo-eze North Local Government Area, will be ready to support Ugwuanyi’s re-election bid. According to him, such support would enable the governor complete other developmental projects and do more for the people. Describing Ugwuanyi as people-oriented leader, Eke said his group would be reaching out to other youths in different communities to collaborate in giving needed support to the governor for victory during the 2019 governorship election. He described the N2bn monthly IGR target of the administration for the year as commendable, saying it would not have been possible without the introduction of the e-payment platforms. The Commissioner for Finance and Economic Development, Eucharia Offor, had earlier in the year announced the upgrading of the Information and Communication Technology (ICT) infrastructure to bring all revenue generating Ministries, Departments and

Agencies (MDAs) into one platform. Offor said this will support a robust and transparent revenue administration to realise our IGR target of N2 billion monthly. The Finance Commissioner said the introduction of epayment system had assisted the state to check revenue leakages in the system. She said, “this is coupled with our determination to aggressively exploit other avenues of revenues generation that had been left untapped in the years past. “ The state’s IGR increased from N14 billion in 2016 to N18.41 billion as at September 2017, representing about 32 per cent increase. “This is the result of our adoption of the digitalised and automated e-payment mechanism and Treasury Single Account (TSA), which has helped in no small measure in plugging major avenues of revenue leakages�. The Director-General of the Career and Youth Development Initiative (CYDI),

Henry Ejiofor Asogwa had also commended Governor Ugwuanyi for his development programmes that have helped in job creation and poverty alleviation. Asogwa said Governor Ugwuanyi has in no small measure demonstrated that wealth creation, poverty eradication, employment generation, and sustainable economic growth and development are achieveable. He added, “Through guided entrepreneurship programmes, provision of soft loans in partnership with Micro Finance Banks (MFBs) as well as targeted capacity building, particularly for micro, small and medium enterprises, the government in three years has proven its commitment to the stimulation of economic activities in Enugu State. “This is in keeping with his administration’s commitment to embark on programmes that would develop and empower youths with entrepreneurial skills for wealth creation and self-sufficiency�.

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BUSINESS/MONEYGUIDE

Kolade Calls for Harmonisation of Corporate Governance Codes Judith Obaze Founder/Chairman, Society for Corporate Governance Nigeria (SCGN) Christopher Kolade has called for the harmonisation of codes of corporate governance in the country. This, he said would facilitate positive results for all stakeholders without constraining practitioners from achieving their respective objectives nor compromising overall corporate interest. Speaking at the annual conference of the SCGN, with the theme: “Towards sustainable development: The role of the Nigerian Code of Corporate Governance,� he said sustainable development within the context of corporate governance should meet today’s needs without compromising the issues of the future as every code requires articulation for growth to occur. Kolade, further added that whatever code that is developed to control human behaviour, must be flexible to withstand the test of time

when challenges arise and must recognise the interest of different people who operate within the context of the set codes. “Sustainable developments must not just meet the needs of today, but also seek to meet the needs of the future, as flexibility is important indicating that whatever codes that is adopted must allow the future to exercise an influence over it and when circumstances demand it must be flexible,� he said. He added: “As codes may be certain parameters or boundaries of behaviours must facilitate the achievement of outcomes. There is possibility for us to be guilty of operating unvested interest and when you are working from the platform of unvested interest the danger is that you make be make immediate outcome of people. The only way to achieve our different interest is only when the corporate interest survives.� In his keynote address the Chairman, Financial Reporting Council Nigeria, Mr. Adedotun

Sulaiman, represented by Mr. Daniel Asapokhai, highlighted the importance of having national code of governance to influence more sustainable industries, citing that the different airline operators that have collapsed as a result of weak governance. “The national codes provide new yardstick to grow the strength of Nigerian businesses and also a tools to ensure greater success to increasing government taxes, employment adding if proper understanding and application of Nigerian code will allow more foreign investment flow into our countries and help democratise,� he said. The Chairman, Technical Committee, The Nigerian Code of Corporate Governance, Mr. Muhammad Ahmad, said that the committee engaged various regulatory agencies to develop this codes which is not prescriptive but a principle based codes, this removes multiplicity of meeting various codes and standards thereby allowing evenly compliance.

Broad Street

MARKET INDICATORS

Union Bank Moves to Enhance Trade Finance Nume Ekeghe Union Bank of Nigeria Plc has unveiled a new and a first of its kind initiative called ‘Local Letter of Credit,’ which is a variant of the standard letter of credit adapted for use in domestic trade. Also, as part of efforts to provide tailored services to different sections of its customer base, the bank recently organised a trade finance conference for its corporate customers in Lagos. The newly introduced local letter of credit seamlessly bridges the payment gap between local buyers and suppliers, with Union Bank assuming the liability for payment to the seller. This, according to the bank, positions the buyer more favorably, providing them with greater leverage in commercial negotiations. Also, with the local letter of credit, customers are able to

obtain preferential conditions like extended payment days, thereby reducing working capital costs. Highlighting the critical role of trade to the growth of the economy, Head of Corporate and Investment Banking at Union Bank, Mr. Emeka Okonkwo, explained that the forum was organised at a period when corporate organisations need to be able to identify and exploit opportunities for growth. Speaking at the event, Okonkwo said: “The launch of our local letter of credit today is in line with our commitment to provide innovative and tailored solutions that meet the unique needs of our corporate customers. “At Union Bank, we remain focused on helping our customers identify and leverage sustainable ways to build their businesses as Nigeria navigates through the economic recovery process.� Also speaking at the event,

the Deputy Director, Trade & Exchange at the Central Bank of Nigeria (CBN) Dr. Ozeomena Nnaji, said: “We applaud the innovation of Union Bank with the introduction of the Local Letter of Credit which is one way of deepening the relationship with customers and promoting their businesses. “This initiative will also help the bank’s customers save costs and stay in business. We encourage other banks to follow suit in providing innovative solutions to help businesses grow.� Speakers at the event included the Head of Transaction Banking at Union Bank, Chidi Ileka and Head, Corporate Banking Group Specialised Unit, Sola Olubi. The conference highlighted Union Bank’s commitment to its customers across the country, providing them with the much- needed support they need to achieve their business and personal goals.

MONEY AND CREDIT STATISTICS 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)

The Group Managing Director/ CEO of Polaris Bank LTD., Mr. Tokunbo Abiru, has stressed the importance of staff training as the bedrock of a strong banking sector and for institutions. Abiru, made this known at the graduation ceremony of the first set of graduands from Polaris Business School, the bank’s training school in Ibadan, at the weekend. A statement from the bank quoted its CEO to have said: “We in the banking industry have to train our people properly and let them know the values that the sector stands for and also the kind of understanding that they must bring to bear when they are coming to the real world and the workplace, in particular.� Additionally, Abiru noted that: “The essence of today is about inculcating our values in the new set of graduates that we are bringing on board. “They have to buy into the

values of the institution and topmost on that is the need for them to place very high premium on ethics and what the bank and the larger financial sector stands for which is very strong corporate governance.� Addressing the new staff who came through the popular graduate trainee route, of the combined streams 43 and 44, of the Polaris Graduate Intensive Training (PGIT) respectively, the Polaris Bank boss, advised them to place very high premium on ethics and corporate governance as a major part of what shapes anybody’s career in an industry like the financial institution. “You have been trained to be professionals and leaders, who will make the difference in any area of the bank you are deployed to. You are undergoing today’s graduation not because we sought to do you a favour, but because you emerged successful from amongst thousands

of Nigerians that sat for the same examination�, he added. Earlier, Polaris Bank’s Head of Human Capital Management, Mr. Taiwo Olupeka, said the 61 of of the graduating staff were the successful among the over 20,000 applicants who sat for the bank’s recruitment test. Olupeka described them as the ‘pioneering set’ after a very rigorous and thorough exercise, charging them to do their best to make the bank the first and leading commercial bank in the country. The new employees who are fresh university graduates with diverse academic backgrounds completed an intensive 9-week basic banking training program at the school based in Ibadan. Sandra Onachukwu and Chinonso Nwakaudu emerged best graduating students of the two streams and they won the CEO prize respectively.

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 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

Polaris CEO Harps on Capacity Building

(MILLION NAIRA)

MARCH 2018

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

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OPEC DAILY BASKET PRICE AS AT THURSDAY OCTOBER 4, 2018

The price of OPEC basket of ďŹ fteen crudes stood at $84.09 a barrel on Thursday, compared with $83.64 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), ZaďŹ ro (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

Stock Market Opens October with 1.17% Decline on Continuing Bearish Trading Goddy Egene The Nigerian equities market began the month of October on a negative note after shedding 5.9 per cent in September on the back of continuing sell-offs across major tickers last week. Specifically, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) declined 1.17 per cent to close at 32,383.15, while market capitalisation went down by same margin to close lower at N11.822

trillion. All sessions of the week closed negatively with the bears dominated all major sectoral Indicators. The NSE Insurance Index led with a decline of 1.01 per cent, followed by the NSE Banking Index with a fall of 0.65 per cent. The NSE Industrial Goods Index went down by 0.35 per cent, while the NSE Consumer Goods Index shed 0.32 per cent. However, the NSE Oil & Gas Index gained 1.13 per cent. Apart from the index that

P R I C E S MAIN BOARD

F O R DEALS

declined, the volume and value of trading also dipped last week as investors traded 639.317 million shares worth N7.842 billion in 10,477, down from 924.546 million shares valued at N14.194 billion that exchanged in 14,119 deals the previous week. The Financial Services Industry led the activity chart with 517.865 million shares valued at N4.654 billion traded in 5,977 deals, thus contributing 81 per cent and 59.3 per cent to the total equity turnover

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

volume and value respectively. The Consumer Goods Industry followed with 54.733 million shares worth N2.526 billion in 1,703 deals. The third place was Conglomerates Industry with a turnover of 14.752 million shares worth N25.560 million in 452 deals. Trading in the top three equities namely – First City Monument Bank, Fidelity Bank Plc and Guaranty Trust Bank Plc, accounted for 267.466 million shares worth N2.592 billion in

T R A D E D MAIN BOARD

A S

1,733 deals, contributing 42 per cent and 33.05 per cent to the total equity turnover volume and value respectively. A total of 27 equities appreciated in price last week, lower than 28 in the previous week, while 32 equities depreciated in price, lower than 41 equities of the previous week. Cutix Plc led the price losers with 15.3 per cent, trailed by Forte Oil Plc with 10.2 per cent, while Japaul Oil & Maritime Services Plc chalked up 9.0 per cent.

O F

Conversely, Niger Insurance Plc led the price losers with 18.9 per cent, just as Law Union & Rock Insurance Plc shed 15.3 per cent. Commenting on the market outlook, analysts at Cordros Capital Limited said: “Our outlook for equities in the near-to-medium term is negative, and we guide investors to trade cautiously, amidst absence of a near term positive catalyst and political jitters ahead of the upcoming 2019 elections.

0 5 / 1 0 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

36

˾ MONDAY, OCTOBER 8, 2018

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T H I S D AY Ëž Ë&#x153; Î&#x20AC;Ë&#x153; ͺ͸͚͜

MARKET NEWS

NDIC: Bridge Bank Option for Skye Bank Saved Financial System from Contagious Risks Goddy Egene

The Nigeria Deposit Insurance Corporation (NDIC) has said the use of bridge bank option to resolve the crisis of the defunct Skye Bank Plc was the best way to curtail the spread of systemic risks that could endanger the financial system and lead to loss of jobs and investment. Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said the establishment of Polaris Bank was in line with the corporationâ&#x20AC;&#x2122;s core mandate of guaranteeing deposit and resolving bank failure and illiquidity. He outlined that while the

corporation has other bank failure resolution measures such as purchase and assumption, provision of liquidity support, assisted merger, take over and management of ailing banks, outright liquidation, the bridge bank option allows unhindered operations of the bank while continuing efforts to source for investors and address other fundamental issues. Ibrahim said: â&#x20AC;&#x153;Unlike the other failure resolution options such as outright liquidation which could result in delays in depositorsâ&#x20AC;&#x2122; access to their total funds, the bridge bank guarantees depositors uninterrupted operation of their accounts. The same benefits apply to the creditors of the

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

failing bank whose liabilities are assumed by the bridge bank. â&#x20AC;&#x153;On the whole, the Bridge bank ensures preservation and continuity of daily operations that were hitherto being undertaken by the failed bank throughout all its branches and guarantees all depositors immediate access to their deposits. It ensures that no jobs are lost in the resolution process. The adoption of the bridge bank as the resolution option of the defunct Skye Bank will save 6000 jobs and ensures continuity of banking services in the 300 branches of the defunct bank.â&#x20AC;? He said the stability of the banking system could not be over emphasised as the establishment of Polaris Bank Limited was done in the interest of depositors and

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 0310-2018, unless otherwise stated.

protection of the ex-employees of the failed bank by preserving their jobs. According to him, although the establishment of Polaris Bank Limited immediately before the revocation of the operating license of Skye bank may appear spontaneous to the uninformed, the processes leading to the establishment of the bridge bank was actually very thorough and exhaustive as provided for under Part VIII, Section 39 of the NDIC Act (2006) as amended. He noted that the key objectives of the bank failure resolution include maintaining public confidence, enhancing market discipline and minimising the use of tax payersâ&#x20AC;&#x2122;

funds as well as minimising disruption to the banking system among others. He pointed out that a bridge bank is incorporated by the NDIC to take-over the loans and advances, fixed assets, other assets, deposits and other liabilities of a failed or failing bank on and managed until the bridge bank is in such a state that it becomes viable to be sold to credible investors. However, where the bridge bank remains unviable after the stipulated period for its existence, the Deposit Insurer could resort to its liquidation. Ibrahim explained that the first step involves series of consultations between the NDIC and Central Bank of Nigeria (CBN) after

which the name and bridge bank is incorporated and registered with the Corporate Affairs Commission (CAC) as a limited liability company with the objective of assuming the deposits and other liabilities of the failing bank along with the acquisition of its assets. After incorporation, the CBN issues operating licence to the bridge bank to the enable it commence operations as a fully licenced bank. At the third stage, the NDIC transfers the entire assets and liabilities of the failing bank (i.e. Skye Bank Plc) to the bridge bank (i.e. Polaris Bank Limited) under a â&#x20AC;&#x2DC;Purchase and Assumptionâ&#x20AC;&#x2122; (P&A) Agreement executed between the NDIC and the Bridge bank.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 12.23% AIICO Balance Fund 2.18 2.19 -5.25% 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 10.71% Paramount Equity Fund 11.65 11.95 5.08% Women's Investment Fund 101.66 104.27 1.03% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 11.80% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 11.93% Coronation Balanced Fund 1.17 1.20 11.63% Coronation Fixed Income Fund 1.08 1.11 4.13% 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 11.49% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.28% 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 1,198.49 1,199.27 10.69% FBN Heritage Fund 139.89 140.81 0.66% FBN Money Market Fund 100.00 100.00 11.91% FBN Nigeria Eurobond (USD) Fund - Institutional 114.61 114.92 3.94% FBN Nigeria Eurobond (USD) Fund - Retail 114.40 114.72 3.86% FBN Nigeria Smart Beta Equity Fund 150.88 153.02 -5.21% 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 1.22 1.24 -5.59% Legacy Debt Fund 3.16 3.16 9.52% Legacy USD Bond Fund 1.01 1.01 1.35% 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 11.54% Nigeria Entertainment Fund 104.83 105.32 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 100.00 100.00 12.00% Vantage Balanced Fund 2.14 2.16 1.56%

Vantage Guaranteed Income Fund 1.00 1.00 14.20% Kedari Investment Fund (KIF) 122.19 122.44 6.18% 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 2.86% Lotus Halal Fixed Income Fund 1,092.91 1,092.91 10.63% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.53 11.64 -11.11% Meristem Money Market Fund 10.00 10.00 10.86% 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 11.15% PACAM Fixed Income Fund 11.90 11.94 7.74% PACAM Money Market Fund 10.00 10.00 12.00% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 127.29 127.81 -1.82% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.65 1.65 11.40% 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 2,257.48 2,272.03 2.77% Stanbic IBTC Bond Fund 186.44 186.44 7.08% Stanbic IBTC Ethical Fund 0.95 0.96 -5.45% Stanbic IBTC Guaranteed Investment Fund 242.50 242.54 12.38% Stanbic IBTC Iman Fund 161.33 163.12 -9.93% Stanbic IBTC Money Market Fund 100.00 100.00 11.33% Stanbic IBTC Nigerian Equity Fund 8,543.32 8,646.61 -10.17% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 5.79% 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 -2.06% United Capital Bond Fund 1.55 1.55 8.88% United Capital Equity Fund 0.69 0.70 -8.60% United Capital Money Market Fund 1.00 1.00 11.80% United Capital Eurobond Fund 105.28 105.28 5.22% United Capital Wealth for Women Fund 1.07 1.08 2.97% 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 11.36 11.54 -6.32% Zenith Ethical Fund 12.19 12.30 -5.49% Zenith Income Fund 20.36 20.36 10.36% Zenith Money Market Fund 1.00 1.00 10.77%

REITS NAV Per Share

Yield / T-Rtn

N/A 138.37 51.55

N/A 4.46% 1.42%

Bid Price

Offer Price

Yield / T-Rtn

10.51 121.30 92.34

10.61 123.87 94.07

-11.29% -15.08% -15.48%

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

4.13 7.44 15.15 15.14 143.68

4.17 7.52 15.25 15.34 145.68

-12.89% -22.20% -13.26% -22.93% 6.76%

NAV Per Share

Yield / T-Rtn

105.44

17.63%

FOR HNI & PROFESSIONAL INVESTORS ONLY

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

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CITYSTRINGS

Ă&#x153;Ă&#x2122;Ă&#x;Ă&#x161; Ă?Ă&#x2039;Ă&#x17E;Ă&#x;Ă&#x153;Ă?Ă? Ă&#x17D;Ă&#x201C;Ă&#x17E;Ă&#x2122;Ă&#x153;Ë? Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă? äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C; Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă?Ë&#x203A;Ă?äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;Ë&#x153; Í&#x2018;Í&#x2DC;Í&#x2018;Í&#x2019;Í&#x2018;Í&#x2013;Í&#x2019;Í&#x2018;Í&#x2022;Í&#x201D;Í&#x2018;

Okomu: Suffering in the Midst of Plenty Adibe Emenyonu, who just returned from the Okomu fishing community in Ovia South West Local Government Area of Edo State, captures the sheer neglect of a people blessed tremendously by Mother Nature, but forgotten by successive governments

T

he Okomu National Park, formerly Okomu Wildlife Sanctuary, is a forest block within the 1,082 square kilometre forest reserve in Ovia South West Local Government Area of Edo State. The park is about 60 kilometres Northwest of Benin City, capital of Edo State. From available records, the park holds a small fragment of the rich forest that once covered the region, and is the last habitat for many endangered species. It also holds a remnant of the Nigeria lowland forest that once formed a continuous 50 â&#x20AC;&#x201C; 100 kilometres wide belt from the Niger River to the Dahomey Gap in Benin Republic. Besides, the park is home to forest elephants, buffaloes, red River logs, chimpanzees, leopards, bush baby, putty nosed guenon, porcupine, pangolins, antelopes, and the rarest white throated monkey that attracts tourists to the area. At the southern flank of the national park is the Okomu Oil Palm Plc., a Federal Governmentowned firm established in 1976 as a pilot project aimed at rehabilitating oil palm production in Nigeria. At inception, the pilot project covered a survey area of 15,580 hectares out of which 12,500 hectares was planted with oil palm. The company was incorporated on December 3, 1979 as a limited liability company. As part of efforts to shore up its revenue base, the company acquired and installed a 1.5-tonne Fresh Fruit Bunches (FFB) /hour mill in 1985 to begin to process its FFB. Prior to the installation of the mill, the company derived its revenue from the sale of FFB. By December 31, 1989, 5,055 hectares of the estate had been planted. The company also began infrastructural developments on the estate at that period. The facilities included office blocks, workshops/stores, staff quarters, a petrol station, a powerhouse and a primary school for children of the companyâ&#x20AC;&#x2122;s staff members. Apart from the cultivation and processing of fresh fruits, the company is also into rubber tree cultivation and processing. It also attained the feat of being the only agricultural plantation company listed in the Nigerian Stock Exchange (NSE). On March 14, Edo State Governor Godwin Obaseki flagged off cultivation of the Okomu Oil Palm Companyâ&#x20AC;&#x2122;s new plantation Extension 2 with 11,416 HA plantation.

One of the wooden houses along the riverside

Antithesis

However, between the two firms â&#x20AC;&#x201C; Okomu National Park and Okomu Oil Palm Plc. â&#x20AC;&#x201C; lies a village to the southwest, separated from the coast by mangrove and swamps; a rain forest ecosystem that is the habitat of villages numbering about 29. Among these villages or settlements is the Okomu Community, a fishing village where the two notable corporate bodies derived their names. Ordinarily, given the rich resources surrounding it, Okomu as a community, should not lack modern facilities, such as good roads, healthcare amenities with adequate drugs, pipe-borne water etc. But the opposite is the case. In reality, the community is a shadow of itself, as it struggles to survive under a terrible lack of government presence. The houses are mainly made of thatch roofs because of the difficulties conveying building materials through the river by boat, which is the only smooth means of reaching the community. The only road network to the place is nothing to write home about. It is just an untarred road, which often goes from bad to worse because of the activities of heavy-duty vehicles involved in logging. The community school in the area not only looks dilapidated with broken ceilings and leaking roofs with little or no chairs and desk for learning, it only has two staff; a teacher and a headmaster. Same thing goes to the healthcare centre which was built by one of the past council chairmen, Mr. Christopher Adesotu. Even at that, the health facility is just a building crying for attention. The edifice built about the year 2000, looks dilapidated with no drugs and inadequate personnel to man the place, except a nurse who performs all functions of a medical personnel.

UnfulďŹ lled Election Promises

There is a gaping lack of presence of both the local and state governments in Okomu community. Politicians and government officials are said to visit the area only during elections, after which the people are forgotten until the next election. According to Sunday Ajele, a community leader from the area, "the only time the state and the local governments remember us is during the time of voting. The only primary school we have, has only one teacher, who incidentally is

One of the dilapidated classrooms the headmaster and class teacher. The community donates money amongst themselves on monthly basis to recruit teachers to teach pupils in the school. The health centre is almost collapsing, with only one nurse. She is the doctor, nurse, matron and the house keeper. Another issue is that the health center has no drugs to dispense."

Government Strategy

In December last year, when the community cried out over neglect by the state government, the Obaseki government said it was working out a broad-based strategy to bring development in all sections of the state according to their respective needs. Obaseki who spoke through his Special Adviser, Media and Communication Strategy, Crusoe Osagie, also pointed out that to realise this even development, the State Universal Basic Education Board (SUBEB) has embarked on numeration of a number of schools in the state with a view to know those that have schools and those who do not, in order to allocate schools to them. The governor said, "There is a broad base strategy to bring development to all sections of the state in terms of their needs. To achieve this, the State Universal Basic Education Board (SUBEB), has embarked on numeration of number of schools in the state, vis-Ă -vis to know those that have schools and those who do not have with a view to allocating school to them", adding that as soon as that is completed, those who do not have will certain smile." However, more than seven months after the promise, it appears the situation has remained the same as the people continue to lament government neglect. Churches in the community also suffer the same fate. The buildings are a further reflection of the poverty in the area due to the alleged lack and neglect of the community.

Friction Consequently, frequent friction had become a daily occurrence between the corporate organisations and the host community, Okomu, regarding fulfillment of their Corporate Social Responsibility (CSR). The pressure is particularly on Okomu Oil, whom the people had been in constant cold war with. It was this constant disagreements, as gathered, prompted authorities of the company to pay a visit to Okomu, apparently to foster unity. During the meeting, allegations of neglect and marginalisation resurfaced.

Demands

Presenting their grievances to the management of the oil company, the community said it wanted Okomu Oil to respect relevant international laws, including the Round Table on Sustainable Palm Oil (RSPO), Free, Prior and Informed Consent (FPIC), and the Environmental Impact Assessment (EIA). The people also said Okomu Oil should rebuild the houses of the four communities forcefully evicted and pay compensation for their lost property and provide them with alternative livelihood options. They also demanded that henceforth, the firm should respect the Fundamental Human and Environmental Rights of the people of Okomu Kingdom as enshrined in the Nigerian Constitution and extant International laws. Furthermore, they demanded that Okomu Oil should discard the purported MOU allegedly signed fraudulently on behalf of Markilolo village because it does not have the consent of the people, noting that the 6pm-6am martial curfew imposed on the people is not only too draconic, but should be called off immediately, adding that the company should extend or

expand no further since the host community has no other source of livelihood left, because the land is their future. These demands, they clarified, does not discountenance some of the good things they have gotten from the oil firm. On this, Ajele, the Fiyewei of Okomu Community said some of the projects include: three boreholes in Okomu town and Agbede, the town hall which is presently housing the JTF soldiers, donation of books to primary school pupils, the grading of the road, the bursary for three students, oil location, which has not been regular, and the public toilet under construction for over four years.

Okomu Oil Reacts

Responding, Managing Director, Okomu Oil Palm Plc, Mr. Graham Heffer, reflected on the partnership between the company and its host community, which he said dates back to 2007 when he became the MD. Admitting that the relationship had its ups and down, he expressed hope that it would blossom. Heffer noted that henceforth, the company would see how to develop its host communities, adding that Okomu Oil Palm is just a firm in business and not government, that has more resources for development. According to him, "We have other 29 communities to relate with. For the past six years, we have donated benches, books in schools, refurbished schools buildings in excess of N40 million. â&#x20AC;&#x153;Though this might not be enough, we however know that it has gone a long way to bring in development in the community. It is expected that the cold war between the host community and the company will be one that can bring mutual respect."

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CRIME&SECURITY CRIME SITUATION REPORTS

SECURITY TIPS (12) r .JOJNJTF ZPVS QSFEJDUBCMF QBUUFSOT r "EPQU B MPX QSPĂ MF JO ZPVS QFSTPOBM MJGF r #F BXBSF PG DVSSFOU UFSSPSJTU DSJNJOBM BDUJWJUJFT BOE BUUBDLT JO general. r 1VU EFGFOTJWF NFBTVSFT BSPVOE ZPVS IPNF T BOE XPSLQMBDF BOE know who to talk to if you are not. r .POJUPS QSBDUJDFT BEPQUFE CZ ZPVSTFMG ZPVS GBNJMZ BOE JNNFEJBUF staff for effective protection. r "CPWF BMM TFF ZPVS MPDBM QPMJDF PGĂ DFST BT JOWBMVBCMF QBSUOFST BOE dependable allies in the enhancement of your personal security and that of your family and community. Source: Nigerian Police Force Headquarters, Abuja

Boboye

PHONE NOS OF LAGOS COMMAND CP AND PRINCIPAL STAFF OFFICERS

Yomi-Soleye

FRSC to Impose StiďŹ&#x20AC;er Penalties on Road TraďŹ&#x192;c OďŹ&#x20AC;enders Stories by Rebecca Ejifoma The Federal Road Safety Commission (FRSC) has set plans in motion to impose stiffer penalties for road traffic offenders across board. The Corps Marshal, Oyeyemi Boboye, who made this disclosure, weekend , also lamented that the commission had lost 74 of its officials due to reckless acts of some drivers in the last 18 months. Speaking at the Haulage and Logistics Magazine Annual Conference and Exhibition (HULMACE) held in Lagos, Boboyewhowarnedthatthecommission would stop at nothing to bring killers of his personnel to justice, added that plans were already on for road traffic offenders to be meted stiffer punishment. He said: "In the last 18months I have lost about 74 lives. We will not stop at ensuring the prosecution of those errand drivers. It is my responsibility to ensure the safety of my personnel on the highway, so if you knock down my personnel and you are running away, I will go after you." On one of the root causes of accidents on the roads, Boboye said: "It was discovered during the last Sallah patrols that 30 per cent of articulated vehicle drivers do not see at night. It is the motor boys that drive them. "So, we conducted vision test on the highway and motor parks and we observed that 30 percent of the articulated vehicle drivers have vision problem and that is also contributing to the crashes. "We discovered during the interview session that they think if they use glasses, they will lose their jobs. Employers should be training their drivers and encourage them with glasses to enhance driving skills.

"We have observed and presented the report and we hope the employers will be able to address this. We have communicated this to the owners. When drivers have vision problem, they should go to optometrist who will refer them to optamlogist to correct their sights. "We are also talking to them on the need to have speed limit control on their vehicles. The price has come down to N15,000 so the noise about cost isn't valid anymore." Boboye said a great number of drivers do not know how to drive, blaming driving schools for not living up to expectation. He said: "We presently have 1,450 registered driving schools and over 500 were suspended due to malpractices and not following the process. This led to the commission suggesting to the 36 state governments to set up modern driving schools in order to checkmate some of these offences. "Traffic regulation provides that when a driver accumulates 10, 15 or 21 points, he's to be sent back to the driving school for re-training, but the present driving schools have not provided enough platforms for retraining those drivers for specific offences. "I am happy to have received positive responses from some state governments because it is another means of internally generated revenue for them." Earlier, the Managing Director of A&A Global Leasing Services, Mrs. Oluwaseye Yomi-Soleye appealed to government at all levels to rehabilitate roads, noting that the after effect of the bad roads cause elongated trips and cause untold hardships. She said: "This is a major challenge for haulers. We will like the Federal

Government to please look into this. We do not allow night driving in my company. As a matter of policy, all our drivers park once it's 7pm. I think the problem of lack of training is mostly with those unprofessional haulers on the streets. "We train our drivers regularly and do recertification. They have to go through these trainings before they can be allowed to enter the premises of our clients. We have standard trackers, speed limiters on all our vehicles to ensure compliance from our drivers. They are not to drive BCPWF LN IPVS "TJEF UIBU XF IBWF facilities to monitor their behaviours on the wheel." In his remark, the convener of the conference Alfred Okugbeni praised the government for taking steps to emplace intermodal transportation, adding that it was a sure way to reduce road traffic disasters. He said: "From what we see, the government is already talking about intermodal. In more developed environment, from the port, we use rail, and from the rail stations we use trucks, for distribution, so that is what we mean by intermodal transportation. "The first thing is to look at the law, regarding the rail transportation in Nigeria. I think it is in the exclusive list, something is being done in the National Assembly to address that because in a place like America, we have private companies owning rail tracks, that also helps private companies to have wagon that can be on these rail tracks. " So, instead of having a 100 trucks for example, we can have 10 wagons that pull the 100 coaches. They will do the same job. That is what is being proposed at the moment."

Serial Sodomist Arrested for Raping Minor

r...Denies another bail

The Lagos State Police Command weekend, finally arrested businessman and father of two, Emmanuel Ekeocha, 36, for allegedly raping an 11-year-old boy (names withheld). The suspect was finally arrested after being caught and released on four different occasions for carrying out the same act in his Ikotun residence. THISDAY can exclusively report that the married man and father of two, who owns a boutique in Lagos, is currently in police custody. Although Ekeocha has denied the allegations, the state Police Public Relations Officer, CSP Chike Oti, told THISDAY that they were waiting medical reports before going ahead

with prosecution. Oti said: â&#x20AC;&#x153;The division that transferred him to gender unit of the command said it was the fifth time Ekeocha was caught in the act. He denied the first four times he was accused.â&#x20AC;? According to Oti, the command was currently awaiting the medical results from Mirabel Centre to confirm the allegations, adding that the case may appear in court on Monday In another development, the Ogba Magistrate Court Lagos denied Suleiman Mohammed, 50, bail for allegedly raping a 13-year-old boy (names withheld) at his residence at Isale-Oja, area of Agege. The suspect, was said to have been

arrested after the survivor raised alarm that drew the attention of neighbours and residents. Upon interrogation, Mohammed admitted that he pleaded with the boy to allow him penetrate him anally as he gets sexual pleasure from sleeping with small boys. He however claimed that he released the youngster when he declined his offer. Although the suspect denied penetrating the boy, the survivor claimed that Mohammed, having stripped him naked and begged him for anal sex, abused him sexually. Despite Suleimanâ&#x20AC;&#x2122;s plea, the presiding Magistrate, Mr. Peter Nwaka, denied him bail.

1. CP Imohimi Edgal, Commissioner of Police, Lagos State 08033040870 2. DCP Ayuba Elkanah Nabuni Deputy Commissioner of Police Administration 08033422152 3. DCP Muhammed Ali Ari, Deputy Commissioner of Police Operations 08073666669 4.ACP Mohammed Danladi, Area Commander A, Lagos Island 08034080088 5. ACP Sani Sabo, Area Commander B Apapa 08038452224 6. ACP Godwin Eze, Area Commander C Surulere. 7. ACP Akinbayo Olasoji, Area Commander D Mushin 08037140083 8. ACP Yusuf Ajape, Area Commander E Festac 9. ACP Ibrahim Zungura, Area Commander F, Ikeja 08052058001 10. ACP Arumse, Area Commander G Ogba 08033464144 11. ACP Miller Dantawaye, Area Commander H, Ogudu 08036695572 12. ACP Felix Oben, Area Commander J Elemoro 08033320682 13. ACP Hope Okafor, Area Commander K Morogbo 08026279242 14. ACP Ishola Olarenwaju, Area Commander L Ilashe, 0810321160 15 ACP Toyin, Area Commander M Idimu 09093927982 16. ACP Mohammed, Area Commander N Ijede 07010070004 17. ACP Abdulsalam Gazali Alade, Area Commander P Alagbado 08033539984

Source: Lagos State Police Command

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T H I S D AY ˾ MONDAY OCTOBER 8, 2018

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T H I S D AY ˾ MONDAY OCTOBER 8, 2018

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MONDAY OCTOBER 8, 2018 ˾ T H I S D AY

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FOREIGN/DIPLOMATIC AFFAIRS

In Brief S/Korea Anticipates ‘Irreversible Progress’ from Second US/North Korea Summit

South Korean President Moon Jae-in told visiting US Secretary of State Mike Pompeo on Sunday in Seoul that his country expected “irreversible and decisive progress” on denuclearisation of the Korean Peninsula from talks between the US and North Korea, especially their second summit due to happen soon. Pompeo arrived Seoul from Pyongyang on the second leg of a three-day (October 6-8) four-nation visit to Japan, North Korea, South Korea, and China. He said he had a “productive” discussion with Kim Jong-un and reiterated America’s longstanding commitment to its alliances and partnerships in the region. Moon told Pompeo, “I would like to thank you deeply for visiting Pyongyang in the morning and coming straight to Seoul afterwards to share the outcome of your trip. And I dearly hope that your latest visit, as well as the upcoming U.S.-North Korea summit, which I hope will be happening soon, will make an irreversible and decisive progress in terms of complete denuclearisation on the Korean Peninsula as well as the peace process.”

Ethiopian Prime Minister Abiy Ahmed must unite his people

Photo credit: EPA-EFE/Stringer

How Ethnic Violence is Destabilising Ethiopia’s Reform Gains Yohannes Gedamu

T

here’s no doubt that Ethiopian Prime Minister Abiy Ahmed’s first five months in office have brought enormous change to the country. He’s also been hailed for shepherding Ethiopia to a historic peace agreement with neighbour Eritrea. Thanks to Abiy’s astounding short-term gains, Ethiopians both at home and abroad are feeling hopeful. But all is not well in Ethiopia. Ethnic tensions and violence are on the rise. Ethnic conflicts are not new, but the levels of violence being witnessed today are very disturbing. Ethiopia has more than 80 ethnic groups. Despite recent improvements, it also has a weak economy and an overwhelmingly poor citizenry. If Abiy wants to make a genuine attempt at real democracy he must do away with tribal politics and make stronger strides towards national unity. The renewed ethnic tension is unfolding on several fronts. Ethnic Amharas who were evicted and displaced from the Benshangul-Gumuz and Oromia regions are yet to receive government assistance. Most of the ethnic Oromos who were evicted in their hundreds of thousands from Ethiopia’s Somali region in 2017 remain displaced. The ethnic Somalis who were evicted from Oromia in retaliation are also still displaced. Ethnic Gedeos who were evicted from Oromia’s Guji areas are now living in appalling conditions in schools, closed factories and temporary camps. Hundreds of innocent

Ethiopians have died in the southern cities of Awassa and Sodo because of ethnic violence. And in the past two weeks alone, dozens of Ethiopians from the Gamo, Ghuraghe, and Dorze groups around the capital city, Addis Ababa, were targeted and killed by unidentified assailants. A rally that was organised in Addis Ababa to protest the killings was violently dispersed by police. The media reported that some residents were killed by government security forces. To understand the latest events, it’s necessary to look to Ethiopia’s history. Ethnic tensions have simmered – and often boiled over – for decades. Some of the earliest signs can be traced back to 1991, when former president Colonel Mengistu Hailemariam’s regime was removed from power. When his military regime was overthrown in 1991, a hastily organised coalition seized power in the capital. The coalition, known as the Ethiopian People’s Revolutionary Democratic Front, was made up of four ethnic parties: the Oromo Peoples’ Democratic Organisation, Amhara National Democratic Movement, Southern Ethiopian People’s Democratic Movement, and the Tigrayan People’s Liberation Front. Soon after the coalition came together, it introduced an ethnic federal system of governance to try and address historic ethnic grievances by giving Ethiopia’s different regions the chance to administer themselves. This federal system allowed regions to organise along tribal lines. It also led to the rise of ethnonationalist movements, which eventually weakened Ethiopia’s national unity. Ethnic intolerance grew and

gained momentum, and ethnic violence became a permanent fixture of Ethiopian politics. Ethnic groups have, over the past few decades of coalition rule, staked claims to territories administered by other tribes. Ethnic Amharas, for instance, have claimed ownership of the Wolqait and Raya territories in northwestern Ethiopia, leading to tensions with the Tigray region, which currently administers these areas. Violence has often erupted over the claim. Ethiopia’s Somali and Oromo communities have also seen their fair share of violence over ownership of ancestral and pastoral land. So, the issues of federal governance, negative ethnicity, and debates over land ownership have been a longstanding thorn in the Ethiopian leadership’s flesh. What remains to be seen is how Abiy’s administration will deal with it. Can the new premier resolve these issues and keep his reforms agenda on course? Despite Ethiopians’ optimism, the simple answer is no. And the reason is this: the ruling coalition is still a conglomeration of four ethno-nationalist parties. Despite Ahmed’s newly adopted reforms, which lean towards the rights of the individual and citizenship politics, the ruling coalition remains fixated on the group-rights agenda. This agenda has always privileged division over unity. The Oromo Democratic Party, for instance, still advocates a controversial idea known as Oromia’s Special Interest in Addis Ababa. The organisation is the most powerful party in the ruling coalition today. Its members have made a political and

constitutional claim to Addis Ababa because it is an enclave located in the State of Oromia. The city now doubles as the capital of Oromia despite the fact that less than 20% of its residents are ethnic Oromos. This has led to tensions between ethnic Oromos, who are the minority in Addis, and other ethnic groups like the Amhara, who are the overwhelming majority in the city. Such ethnic rivalries and conflicts are common in Africa. However, Ethiopia can be singled out for the manner in which these rivalries have played out. The ethnic federal arrangement has given ethnic parties and their politics the legal foundation to flourish. Unfortunately, when ethnic interests and ethnic politics become the modus operandi of the ruling coalition and opposition elites, the challenges to a country can quickly become insurmountable. Prime Minister Abiy must now take measures to reduce such conflicts and address ethnic tensions. Creating a framework whereby cultural, religious, and social organisations could utilise the rich social capital at their disposal would be crucial. Moreover, Abiy should not shy away from the possibility of constitutional change. This would allow for the articles that have entrenched ethnic divisions to be amended. Finally, Abiy’s administration should focus on building much-needed democratic institutions because a functioning democracy will solve most of Ethiopia’s problems. – Gedamu is Lecturer of Political Science, Georgia Gwinnett College, United States.

Khashoggi: Turkey Says Journalist Murdered in Saudi Consulate

Fears grew over missing Washington Post writer Jamal Khashoggi, after Turkish officials said they believed he had been murdered. Khashoggi, a Saudi national, went missing after visiting the Saudi consulate in Istanbul on Tuesday. A Turkish official told the BBC that initial investigations indicated he was murdered there. Saudi Arabia denied the accusations, saying it is “working to search for him”. The Washington Post said it would be a “monstrous and unfathomable act” if he had been killed. An official of Turkey’s ruling AK Party told broadcaster CNN Turk there was concrete evidence in the case, although none had yet been presented. Mr. Khashoggi went to the consulate on Tuesday to obtain a document certifying he had divorced his ex-wife, so that he could marry his Turkish fiancée, Hatice Cengiz.

Israeli PM’s Wife on Trial for ‘Fraudulent’ Use of State Funds

The wife of Israeli Prime Minister Benjamin Netanyahu went on trial for allegedly using state funds to fraudulently pay for hundreds of meals, part of a list of legal troubles facing the family. The trial of Sara Netanyahu, which started on Sunday, will be the latest chapter in a saga intensely scrutinised in Israel but dismissed by the Netanyahus as another “absurd” attempt to discredit the family. The premier himself faces possible charges in separate corruption investigations, leading to speculation that he may eventually be forced to step down. Sara was charged with fraud and breach of trust in June. Prosecutors accuse her of misusing state funds to pay for catered meals costing $100,000 by falsely declaring there were no cooks available at the premier’s official residence.

Cameroonian President Paul Biya Seeks 7th Term

Cameroon voted in presidential polls on Sunday amid fears of more violence in the country’s English-speaking regions, as the octogenarian leader, Paul Biya, sought a seventh term in office. A separatist uprising in the country’s two Anglophone regions - the NorthWest and South-West - is stretching Cameroon’s much-hyped unity to the limits. In October 2016, teachers and lawyers in Cameroon’s English-speaking regions took to the streets to protest at the imposition of French in schools and courts. But those protests soon took a political dimension, with thousands of English speakers taking to the streets.

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

Osinbajo Urges Nigerians to Reject Corrupt Practices, Tribalism Ambode seeks divine intervention Gboyega Akinsanmi As thousands of Nigerians convened at the headquarters of Deeper Life Bible Church (DLBC), Gbagada, Lagos, yesterday, the Vice President, Prof. Yemi Osinbajo, urged all the people of Nigeria “to refuse corruption which has eaten deep into the fabrics of the country.” Also, amid diverse challenges tearing Nigeria apart, Lagos State Governor, Mr. Akinwunmi Ambode, has urged religious leaders across the country to intensify for God’s intervention and restoration of hope in the future of Nigeria. The two leaders gave the admonition at an interdenominational service organised by the Lagos State Government to mark Nigeria’s 58th independence anniversary at the DLBC headquarters yesterday, canvassing the need for all countrymen to stand up against corrupt practices. The service, which was conducted by the General Superintendent of Deeper Christian Life Ministry (DCLM), Pastor William Kumuyi, was attended by the wife of the governor, Mrs. Bolanle Ambode; Chairman of Christian Association of Nigeria (CAN) in Lagos State, Apostle Alexander Bamgbola, among others. At the interdenominational service, Osinbajo, who spoke, on a subject: ‘Coming of Age,’ noted that Nigeria had come of age at 58 and that there were certain offensive things, which

all Nigerians must reject, one of which he said was corruption. The vice president explained diverse reasons all Nigerians should shun corrupt practices and obey God in all ramifications as conditions for repositioning for global reckoning. Apart from rejecting corruption, the vice president also urged all Nigerians to reject tribalism and ethnicity if the country would move forward among the comity of nations. He equally emphasised the need for all countrymen “to turn away from their wicked ways. On this note, we should reject evil and hate what God hates. As we reject that, we will pass through the Red Sea. “God is concerned about obedience of all those called by His name. We should turn from our wicked ways. Our nation has come of age; the destiny of our nation lies in our hands. God has redesigned the redemption of this country around his saints.” Osinbajo noted that the responsibility of coming of age “belongs to all children of God. As we have come of age as a country, destiny of Nigeria lies in the hands of the children of God. We must all turn from our old wicked ways.” In his message, Ambode urged religious leaders to see the period as a time to continue to preach hope, peace, unity, integrity and religious tolerance and intensify prayers for God’s intervention and restoration of hope in the future of Nigeria. He said he was optimistic that

Despite N1.8tn Bailout, 17 States Owe Workers’ Salaries, Pensions Ebere Nwoji Despite the whooping N1.8 trillion bailout fund distributed to state governments by the federal government to settle workers’ salaries and pension liabilities, about 17 states are said to be still owing workers’ salaries and pensioners’ entitlements. Some of the states involved in this regard are Osun, Abia, Benue, Bayelsa, Kwara, Imo, Ekiti, Oyo, Ondo, Zamfara and Kogi. According to a recent survey conducted by BudgIT, a civic organisation that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change, 12 states are yet to fully offset the amount owed to secondary school teachers while many states are threatening workers to keep the information away from public domain. The survey, said Osun State has been paying secondary school teachers above level 8 only a fraction of their salaries and entitlement for the last 30 months. “Cumulatively, Osun State is owing secondary school teachers above Grade Level 8 about 15 months’ salaries. Other states with outstanding liabilities to teachers include: Abia, Benue, Bayelsa, Kwara, Imo, Ekiti, Oyo,

Ondo, Zamfara. Kogi, for instance, is owing teachers about 13 months’ salaries, according to the response given by secondary school teachers during the survey”. According to budgIT’s survey result signed by its Head of Communications, Mr. Ayomide Faleye, health workers in the states are not immune from the ugly situation as midwives, whose responsibility includes attending to issues around pregnancy, child birth, postpartum, women’s sexual and reproductive health and newborn care, are also bugged down by the same issue as their state governments failed to pay their salaries and emolument as at when due. “Midwives were questioned during the survey across the 36 states. BudgIT discovered that 10 states are owing midwives salaries as at close of business on September 24, 2018,” the survey, said. On pension entitlements, the survey result said: “Delta, Imo, Abia, Osun, Plateau, Bayelsa, Ekiti and 11 other states owe pensioners entitlement ranging from 1 month to 36 months. Almost all pensioners expressed how unhappy they are, their dissatisfaction with the government and how hard it has been for them to survive despite years of hard work in the service.”

the best of Nigeria and Lagos State was yet to come, urging Nigerians to continue to pray, hope and work for a better future for all. “My brothers and sisters in the Lord, at this auspicious period in the history of our country, the Church and indeed everyone who believes in the efficacy of prayer have a responsibility and patriotic duty to pray for the well-being and progress of our country. I believe strongly that the best of our country and our state is yet to come. Let us continue to

pray, hope and work for a better future,” the governor said. As Nigeria prepares to go to the polls next year, Ambode said all hands must be on deck to sustain and deepen the process that would result in sustainable growth, peopleoriented development and good governance for the masses and the poor alike, Ambode, therefore, challenged all Nigerians “to eschew all tendencies that may aggravate the challenges being experienced at the moment.

“As we celebrate our 58 years independence anniversary, I urge us to remain steadfast and continue to uphold those values that have been passed down from our heroes who sacrificed so much to liberate us from the yokes of colonial rule. “Today’s occasion is also coming at a critical time in the history of our country when all hands must be on deck to sustain and deepen the process that will result in sustainable growth and good governance for our people. “We must all get involved and

work together to ensure that the potential of this country is fully realised for the benefit of everyone and future generations.” Specifically, he commended Kumuyi for his dedication and commitment shown towards the propagation of Christianity and the service of God over the years. The governor observed that the general superintendent had continued to impact the lives of many globally through inspirational teaching of the Word of God.

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WE PRESENT OUR CANDIDATE...

L-R: National Chairman, All Progressives Congress (APC), Adams Oshiomhole; President Muhammadu Buhari, and National Secretary, APC, Maimala Buni, as Buhari is declared the presidential candidate of APC during the party’s National Convention, at Eagle Square, Abuja PHOTO: GODWIN OMOIGUI ..recently

Presidency: Buhari Didn’t Authorise El-Rufai to Deal with Sani Omololu Ogunmade in Abuja The presidency at the weekend dissociated President Muhammadu Buhari from a letter currently in circulation, which alleges that the president had instructed Kaduna State Governor, Nasir el-Rufai, to deal with Senator Shehu Sani. The letter has alleged that

Buhari asked el-Rufai to punish Sani who represents Kaduna Central in the Senate for disloyalty. But Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement, absolved the president of the allegation. According to him, the president neither authorised the governor

or anyone else to “deal with traitors and disloyal members of APC, especially Senator Shehu Sani,” as claimed by the letter. He said, “We wish to confirm that the President is not aware of any such letter, let alone authorising anyone to deal with any party member. “Given President Buhari’s record, it is inconceivable that

he would usurp the role of the party leaders and instruct anyone to punish a party member. “In the light of above, we would like to appeal to the public, especially members of the press, to ignore false or unauthorised information intended to attribute to the President any action which is not in line with his character.”

APC Condemns PDP’s Protest at Police Headquarters Onyebuchi Ezigbo in Abuja The All Progressives Congress (APC) has condemned as irresponsible, shameful and reckless last week protest by the Peoples Democratic Party (PDP) led by its National Chairman, Prince Uche Secondus; Senate President, Dr. Bukola Saraki; PDP state governors, and high ranking PDP federal lawmakers. The ruling party accused the PDP of engaging hired thugs in a failed attempt to forcibly enter the police headquarters under the guise of a protest. In a statement issued by

the acting National Publicity Secretary of APC, Yekini Nabena, the party described PDP’s confrontation with the police as an attempt to copy APC leaders peaceful protests in Abuja, ahead of the 2015 elections, saying it was a low-budget imitation and terribly-acted script. “The shocking footage of PDP leaders backed by their hired thugs trying to forcibly break the police cordon is a new height of PDP’s rascality and penchant for violence,” it said. The ruling party said PDP

must restrain itself from its “usual retrogressive actions and antics which unnecessarily create tension in the polity.” It said PDP’s actions at the police headquarters could easily have led to injuries and loss of lives. APC said Nigerian electorate are more interested on how to bring the country out of the rubble PDP administrations left the country and refocus the country on the path of true progress and development. “As we enter the period of electioneering, we urge political parties, particularly the PDP

and its agents to stick to issuebased actions and campaigns. Violent actions, childish theatrics by tree-climbing and commonsense senators, falsehood and propaganda will not cut it for Nigerians. “Finally, we urge the Senate President and the Speaker, House of Representatives, Hon. Yakubu Dogara, to immediately vacate their usurped positions and allow for the reconvening of the National Assembly to attend to urgent and pressing national issues which require legislative attention at plenary,” it said.

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Kogi, Okowa, Obi Hail Atiku on His Victory, Congratulates PDP on Successful Convention Sylvester Idowu in Warri, Shola Oyeyipo in Lagos, Emmanuel Addeh in Yenagoa and Yekini Jimoh in Lokoja Governor Ifeanyi Okowa of Delta State has congratulated former Vice President, Alhaji Atiku Abubakar, on his victory in the presidential primary election of the Peoples Democratic Party (PDP). The people of Kogi State also yesterday trooped out in their thousands to celebrate the victory of Atiku as the presidential candidate of the PDP in the 2019 general election. A former Governor of Anambra State, Mr. Peter Obi, has also expressed delight with the emergence of Atiku as candidate of the PDP for the 2019 presidential election. Governor Okowa who extended his goodwill message to the former vice president in a statement issued yesterday by his Chief Press Secretary, Charles Aniagwu, in Asaba, said Atiku’s victory at the PDP presidential primary is a victory for the party and Nigerians, adding that he will defeat the ruling All Progressive Congress (APC) in 2019 election. He expressed optimism that

having won the party’s ticket, the former vice president would leverage on his track record as an entrepreneur and great employer of labour to grow the country’s economy. Okowa further applauded other aspirants who took part in the keenly-contested primary and urged them to uphold the values and philosophy of the PDP by coming together to support Atiku in the forthcoming general election, in a bid to ensure the PDP emerges victoriously. The governor noted that the PDP values internal democracy, describing the success of the primary election as another testament to the PDP’s democratic credentials. He also assured members of the party and Nigerians that the party would not rest until they return the country to the part of good governance, rule of law as well as security of lives and property. “Congratulations to Alhaji Atiku Abubakar on winning the PDP presidential ticket to contest the 2019 general election. I have no doubt that Alhaji Abubakar’s track record as an entrepreneur and great employer of labour will be replicated in growing

the country’s economy which will stand him in good stead in the elections. “I would also like to commend all the participants. I would like them to uphold the values and philosophy of the PDP by joining hands to support Alhaji Atiku in the forthcoming elections. “As a party, the PDP is serious about internal democracy in the party, and the success of the presidential primary, with 12 aspirants, further validates our party’s democratic credentials. “Let me assure our party men and Nigerians that we will continue to work hard to lead Nigeria to the next level of its development journey,” he said. He congratulated the National Chairman of the party, Prince Uche

Secondus, and members of the National Working Committee (NWC) as well as all other organs of the party on the success of the PDP national convention in Port Harcourt. Okowa also used the opportunity to appreciate members of the 2018 National Convention Planning Committee for their dedication to duty which led to the success of the convention. In a related development, a former Governor of Anambra State, Mr. Peter Obi, has expressed delight with the emergence of Atiku as candidate of the PDP for the 2019 presidential election. In a statement issued issued yesterday, Obi said Atiku’s victory shows the wishes and desires of most Nigerians.

He said what the PDP delegates did in Port Harcourt reflect what Nigerians want – free and transparent election. Obi said since all the candidates were eminently qualified, the victory of Abubakar showed his wide acceptance. He commended other contestants for putting up brave contest and conducting themselves in a befitting manner. Describing Nigeria as a nation that has derailed off the paths of development due to what he called cumulative leadership failure, Obi said he has confidence that Abubakar has all it takes to restore the glory of Nigeria. “Having personally followed him in the past six months, listened and interacted with

him on a number of issues negatively affecting our society, I observe in him a person who has the burning desire to leave a footprint in the sands of time,” he said. He called on Nigerians to offer the PDP candidate full support and thanked Nyesom Wike, governor of Rivers, for providing a conducive atmosphere for the convention. Meanwhile, the people of Kogi State yesterday trooped out in their thousands to celebrate the victory of Atiku, as the presidential candidate of the PDP. Our correspondent, who went to town immediately the result was announced, saw people in a joyous mood chanting ‘Atiku, Atiku our next President’.

APC Youths Set Akwa Ibom Police Station Ablaze over Imposition of Candidate Okon Bassey in Uyo The Divisional Police Station in Okobo Local Government Area (LGA) of Akwa Ibom State, and other property worth millions of naira in the locality have been destroyed by angry youths of the All Progressives Congress (APC), who were protesting the alleged imposition of candidate and hijacking of materials by the party officials in connivance with security agents. Sources said the youths that staged the protest walked in major streets of the Oron federal constituency at the weekend condemning the alleged moves by one of the party’s leaders, Senator Godswill Akpabio, to substitute the name of the winner of the federal constituency primaries with his preferred nominee. The protest that reportedly started at Uya Oro junction was, however, quelled by anti-riot policemen who prevented the rioters from further fomenting more crises. A philanthropist, Robinson Ebumoh, who reportedly won the primaries of the APC had his name missing on the list allegedly approved by the state chapter of the party, which carried the name of former state Commissioner for Culture, Victor Antai. The protesters carried placards with the inscriptions, ‘Akpabio Leave Oro Nation Alone’, among others, as the youths vowed to resist his imposition in the area. Antai, was said to have resigned from the Peoples Democratic Party (PDP) following his inability to pick the Eket senatorial district ticket of the party, and decided to defect with Senator Akpabio to the APC, with the intention of grabbing the senatorial ticket. However, Antai was to have

been disqualified from contesting the Senate race to pave the way for Senator Nelson Effiong to get the ticket unopposed for second term. Sources alleged that Akpabio smuggled his name as the candidate for the Oron federal constituency position, despite Antai not picking the form for the race. This development again re-ignited the age-long bickering between Oro people and Senator Akpabio who they accused of neglecting them for eight years when he held sway as governor of the state. The crises was said to have exploded in Okobo LGA, as the APC members stormed the Okopedi divisional station of the Nigeria Police to again register their annoyance over the alleged carting away of electoral materials meant for the House of Assembly primaries in the area. All the APC House of Assembly aspirants from Okobo had gathered at the Police station in anticipation of the arrival of election materials for the primary only to discover that both the materials, the DPO on whose custody the materials were kept and the state party official representing the chapter in the State Working Committee of the party had all disappeared. Reacting to the incident, an APC chieftain from Okobo, who refused to reveal his names, said the violence was just the beginning of more tragedy to come. He said when Akpabio ignited the Warsaw rhetoric, many APC chieftains who should have spoken against it were rejoicing, thinking they have found a new warlord, not knowing the APC is now being hunted by the ghost of those they killed.

CONGRATULATIONS

L-R: Secretary, African Democratic Congress (ADC), Ogun State, Bashorun Niyi Salako; Chairman, ADC, Ogun State, Dr. Gbolade Osinowo; Chairman, National Electoral Committee for Ogun State, Alhaji Fatai Akinbade and Ogun East senatorial candidate, Dr. Deji Ashiru, during the presentation of certificate of return to Ashiru, in Ogun State... recently

Protests in Rivers over APC’s Decision on Primaries Ernest Chinwo in Port Harcourt There were massive protests in some parts of Rivers State at the weekend over the recent decision of the National Working Committee (NWC) of the All Progressives Congress (APC) to recognise candidates elected through indirect primaries by the Hon. Ojukaye Flag-Amachree-led State Executive Committee (SEC) of the party in the State. The protesting APC members marched through streets of Bori, headquarters of Rivers South-East senatorial district, and Ahoada-Town, headquarters of Rivers West senatorial district of the state. Displaying placards with

various inscriptions, the protesters called on the NWC of the APC to recognise Senator Magnus Ngei Abe as the governorship candidate of the APC in the state as well as other candidates elected through direct primaries by the Prince Peter Odike-led faction. They also demanded compliance with the earlier directive of the National Executive Committee (NEC) of the party on the use of direct primaries for Rivers state APC. Addressing the protesters in Bori, an APC chieftain, Hon. Austin Nwakoh, said the decision of the NWC of the party contravenes the decision of the party’s NEC.

Nwakoh said: “NWC decision contravened the decision of the National Executive Committee (NEC), which is the highest decision making body of the party after delegates convention.” He stated that the NEC of the party directed that states with pending legal issues should go for direct primaries, stressing that they would use all legal means to make sure that the will of the people prevailed. The APC chieftain, who recounted the political marginalisation done to the people of Rivers South-East senatorial district for over 50 years, recalled how Abe was attacked with a rubber bullet Speaking also, a youth leader

in the area Bethel Oko-Jaja, said no candidate who is less than one month in the party would be accepted to become the party’s gubernatorial candidate. Oko-Jaja said: “No first-timer will be ordained a bishop in any Church, thus, the said candidate is less than a month in our party we all suffered to build.” A rights activist and a candidate who emerged from the direct primaries method, Kadilo Kabari said: “ Injustice anywhere is a threat to justice everywhere.” Abe had on Friday while addressing journalists, said he would appeal against the decision of the NWC to recognise Tonye Cole as the party’s governorship candidate.

Buhari Will Win More Votes in 2019, Says Ekere The gubernatorial candidate of the All Progressives Congress (APC) in Akwa Ibom State, Mr. Nsima Ekere, has predicted a much bigger victory for President Muhammadu Buhari in the 2019 presidential election than what he recorded in 2015. Speaking with journalists at

Eagle Square, Abuja, yesterday after the APC national convention in which Buhari’s nomination was affirmed, Ekere said from the results of the presidential primary in the 36 states, it was clear that Buhari would secure several more votes from across the country than what he scored

in 2015. He pointed out that the president’s popularity rating, as reflected in his huge votes in the presidential direct primary, has tremendously increased in all the 17 southern states from what it was three years ago, in addition to Buhari’s rock solid

support in the 19 Northern states. Ekere, who is the Managing Director of Niger Delta Development Commission (NDDC), said the president would sweep the polls in the nine Niger Delta states because of his deep interest in the development of the region.

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Southern, Middle Belt Leaders Task Atiku on Restructuring Shola Oyeyipo Leaders of Southern and Middle Belt regions of Nigeria have advised a former Vice President and presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, to remain committed to his promise to restructure Nigeria if given

the privilege to lead Nigeria. The leaders, under the umbrella of Southern and Middle Belt Leaders Forum, in a congratulatory message to the PDP and Atiku, jointly signed by Yinka Odumakin (South-west), Senator Bassey Henshaw (South-south), Prof. Chigozie Ogbu (South-east) and Dr. Isuwa Dogo (Middle

Killings: NAF Deploys Fighter Jets, Helicopter in Jos Kingsley Nwezeh in Abuja Following renewed killings in Jos, Plateau State, the Nigerian Air Force has deployed a fighter jet, helicopter and surveillance aircraft in the state. The deployment, it said, was in support of efforts aimed at quelling the crisis that erupted following the killing of 19 people by unknown gunmen the state. “The Nigerian Air Force (NAF) has deployed an EC-135 helicopter and an Intelligence Surveillance and Reconnaissance (ISR) aircraft along with an additional detachment of NAF regiment personnel to the state in support of efforts aimed at quelling the crisis that recently erupted in the

state and restoring normalcy. “The deployment of the ISR aircraft is expected to enhance intelligence gathering while the helicopter would conduct air support missions in close coordination with surface forces of Operation Safe Haven. “Meanwhile, NAF L-39 fighter aircraft, operating from Kano, have commenced armed reconnaissance missions over known flash points within the state. “Other NAF air assets are also available at other nearby airfields to provide additional support to hasten the process of restoring normalcy in the state,” a statement by Director of Public Relations and Information, NAF, Air Commodore Ibikunle Daramola, said.

Customs to Save N1.7tn in One Year with Technology Automation Emma Okonji The Assistant Comptroller General of the Nigerian Customs Service, Benjamin Terseer Aber, has said the deployment of technology solutions for the automation of services will save the federal government as much as N1.7 trillion annually. Aber who made the disclosure in Lagos at the weekend, while presenting a paper on the future of Customs services at the Oracle Impact Technology Summit organised by Oracle Technology Company, said with the deployment of Oracle solution for business automation, the agency has been able to generate over N140 billion in one month, precisely in the month of August 2018. According to Aber, Customs was generating less than N400 billion in one year as at 2005, before the deployment of the technology solutions from 2013. “In 2005, Customs generated less than N400 billion in one year, but since August this year, we generated N140 billion in one month, with the power of technology innovation deployed into customs services. We have since moved from manual documentation to automated documentation. We have deployed software solutions from Oracle that manages both the front-end and the back-end services of Customs,” Aber said. Giving details of how the technology automation works, Aber said “business automation remained key for us at Customs to enable us move away from manual processes of clearing

of goods. What we did was to introduce the Nigeria Integrated Customs Information System (NICIS 11) software application from Oracle to connect all government agencies on the same platform to enable us interface electronically with all other government agencies that are involved in controlling international trade transactions”. “When a clearing agent makes bank payment to Customs or to any of the government agencies and the bank uploads the payment on the NICIS 11 platform, we automatically see the payment derails online, and this has compelled all clearing agents that do clearing business with Customs to be transparent without trying to cut corners and shortchanging government. So the automation of Customs business through NICIS 11 solution that was developed specifically for Customs, has helped Customs save trillions of naira for government through clearance activities”, Aber said. According to him Customs also used another technology tool called Tax Identification Number (TIN). “Before deploying TIN, we were using social codes to identify companies that have paid their taxes, but we later realised that not all companies import goods and not all companies pay their taxes. So we partnered Federal Inland Revenue Service (FIRS), to develop TIN. Once a company registers with FIRS, it automatically gets TIN with which the company can transact business with Customs.

Belt), urged that the party and its candidate should not renege on the promise to restructure Nigeria. “It is never too early to remind the presidential candidate of the clear commitment to the fundamental issue of restructuring he has made overtime and which the former chairman of the caretaker committee of the party, Senator Ahmed Makarfi adumbrated as a party agenda. It is clear today that no amount of good governance programs can get Nigeria out of the woods without a proper structure

that can restore Nigeria to productivity under federalism,” the leaders said. Also giving kudos to other aspirants on the PDP platform who have agreed to work for the success of the party, the leaders stated that “The Southern and Middle Belt Leaders Forum congratulates Alhaji Atiku Abubakar on his emergence as the standard bearer of the PDP for the 2019 presidential election. According to them, “The election of Atiku from a keenly contested primary election in what is generally seen as a free

and fair process is a breath of fresh air to the democratic project in Nigeria which appeared threatened by manipulation of processes in intra-party conduct and general elections. “We must also salute all the aspirants for walking the talk of the promise they made to us in our interface with them individually and on the floor of the convention that they would rally round the winner since they know there can only be one standard bearer emerging from the contest. “For the PDP, they have shown that they have

learnt some useful lessons by organising the best and freest primary we have seen in this season. We enjoin the Independent National Electoral Commission (INEC) to take useful tips from the PDP Convention and know that our courts will not be filled with petitions nor would there be post-election violence if elections are transparently free, fair and credible.” The group expressed optimism that the country can look forward to a robust and healthy competition for the soul of Nigeria come February 2019.

PROMOTING COOKING GAS...

L-R: Executive Vice Chairman, Techno Oil Limited, Mrs. Nkechi Obi; Executive Director, Nigeria Pipeline Storage Company, Mrs. Betty Ugona; Director of Gas Resources, Federal Ministry of Petroleum Resources, Mrs. Esther Ifejika; SeniorTechnical Assistant on Gas and Downstream Infrastructure, Minister of State for Petroleum Resources, Mrs. Brenda Ataga, at the 31st World Liquefied Petroleum Congress (LPG) Conference held in Houston, Texas, United States...recently

Learn from PDP, Yakassai Tells INEC Shola Oyeyipo The Independent National Electoral Commission (INEC) has been advised to take a cue from the opposition Peoples Democratic Party (PDP) to give Nigerians acceptable general election come 2019. Making the call yesterday during a chat with THISDAY on the conclusion of party primaries in preparation for the 2019 general election, elder statesman and founding member of the

Arewa Consultative Forum (ACF), Alhaji Tanko Yakassai, commended the quality of the PDP primary that threw up former Vice President, Alhaji Atiku Abubakar as its candidate, and also canvassed for issuebased politics. Yakassai, who was a Liaison Officer to former President Shehu Shagari, said: “Let me start by congratulating the PDP for conducting free, fair and credible primary at their convention. So, also let

me congratulate the winner, Alhaji Atiku Abubakar, and I wish him success. “I think the outcome of the PDP convention is a challenge to the Independent National Electoral Commission (INEC), that if the party can be able to conduct free, fair, credible and transparent election, it is a challenge to INEC to ensure that the next election is conducted in an atmosphere of freedom and credibility and transparency so that everybody will accept the

outcome of the election. That is a very big development in Nigeria today,” he said. He therefore advised that: “Since the candidate of the APC and the PDP are now in the same region, coming from the same ethnic group and coming from the same religion, there should be no politics of ethnicity, religion or sectionalism. It should be based on issues. It is what they are going to do for the people.”

TCN Files N300m Counter Claims against Firm for Alleged Contract Default Chineme Okafor inAbuja The Transmission Company of Nigeria (TCN) at the weekend in Abuja disclosed that it has filed a N300 million counter claim in the law court against Cartlark International Limited for allegedly failing to repeatedly execute the transmission contract awarded to it in 2006. The TCN said the firm was in 2006 awarded the contract to build its Damaturu/Gombe 330/132kV transmission substation and line bay extension, and was adequately paid for the job. TCN however, said the firm

failed to complete the job within the agreed project time frame and subsequently took it (TCN) to court 12 years after it tried to retrieve the project from the firm. TCN’s Managing Director, Mr. Usman Gur Mohammed, told journalists at the sidelines of a dinner the company held for past senior management staff of defunct Power Holding Company of Nigeria (PHCN) that while Cartlark sued it, it subsequently filed a counter claims against it and was praying the court of law to grant it a compensation worth N300 million. He noted that the TCN had

however completed and energised the transmission substation after it retrieved it from Cartlark. Mohammed, who explained that the dinner was set up to get valuable advice from past senor staff of the PHCN on how best to implement its Transmission Rehabilitation and Expansion Programme (TREP), noted that it has equally stopped contract variations in which case project terms are altered mostly on occasions when contractors do not meet up with agreed timelines. “Those contracts actually have expired – contracts for supply and installation of 330kV substations

are supposed last for about 18 months – those contracts, particularly the one in Damaturu was awarded in 2006 which is about 12 years and has expired,” Mohammed said. He further stated: “We don’t cancel non-existent contracts, but write to tell them that the contracts have expired and we are not willing to extend them. The person (Cartlark) decided to go to court and we followed but we know there is no case because a court cannot force you to extend a contract that is non-existent, and that is the reason why the contractor is unruly.”

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TICAD 7: Nigeria, Other African Countries Meet to Set Agenda Iyobosa Uwugiaren in Tokyo African countries, including Nigeria, will today begin the Tokyo International Conference On Africa Development (TICAD) Ministerial Meeting in Tokyo, Japan. The meeting is jointly hosted by the Japanese Government with the United Nations, the United Nations Development Programme (UNDP), the World Bank and the African Union Commission (AUC) to set agenda for African development conference expected to hold next year in Yokohoma, Japan. At the ministerial meeting, the progress of initiatives announced in VI in Kenya, in 2016, will be reviewed and the discussions will be made towards the TICAD 7 to be held from August 28 to 30, 2019 in Yokohama, Japan. Minister Kono Taro of Japan is also expected to hold bilateral talks with ministers from African countries at the occasion to further strengthen ties with African countries. While side events such as business related events, jointly sponsored by the Ministry of Foreign Affairs, UNDP, Japan External Trade Organisation (JETRO)), Japan Africa · Business · Fair 2018 (hosted by Ministry

of Foreign Affairs), clean city platform (JICA, jointly sponsored by the Ministry of Foreign Affairs), Africa’s acceleration of development and open innovation (JICA, World Bank) co-organised for the promotion of rice development in Africa (JICA), Co-hosted by UNDP), civil society side event (citizen network for TICAD sponsored) are scheduled to be held. As part of the side events scheduled, the African Clean Cities Platform (ACCP) yesterday gave an overview of its activities. ACCP is a platform created in April 2017 with the initiatives of the Ministry of the Environment of Japan, the Japan International Cooperation Agency (JICA), the United Nations Environment Program (UNEP) and the United Nations Human Settlement Plan (UN-Habitat) and City of Yokohama, and currently with 62 cities in 34 countries in Africa participating, to share knowledge and promote the Sustainable Development Goals (SDGs) on waste management in Africa with the aim of African countries realising clean and healthy cities. Making a presentation yesterday, a senior staff of the United Nations Environment Programme (UNEP), Dr. Shunichi

Honda, said in spite of several efforts made by African countries to address waste management issues, economic growth and urbanisation have continued to compound the problems of waste management, adding that it is becoming more and more serious due to insufficient collection services and inappropriate disposal. Expressing serious concern over illegal dumping and burning of waste results, he said adverse effects on the environment and human health are huge, saying it could impede economic activities and cause infectious and waterborne diseases, especially in slum areas. Accusing African countries of not giving priority to the challenges, Dr. Honda said

that the policy priority of waste management is still low, adding that local governments do not have enough financial and human resources, as well as equipment and facilities, and their O&M capacity to manage the waste. He added that the urban population in Africa, is currently about 450 million people (40% of the total population), and is increasing, nothing that it is estimated to grow threefold by 2050, with a huge challenge for African countries to sustainably bear the cost of urban sanitation, since the average income is relatively low compared to urbanization in Asia. To respond to these issues, during TICAD VI in Kenya on August 28, 2016, the Japan

International Cooperation Agency (JICA) organised a seminar on waste management in Africa titled “Capacity Development to Achieve the SDGs on Waste Management: Toward Clean and Healthy Cities in Africa,” along with Nairobi City County (Kenya), the United Nations Environment Programme (UNEP), the United Nations Human Settlements Programme (UN-Habitat) and the Ministry of the Environment of Japan (MOEJ). About 180 participants from governments, including Nigeria and private sectors from nine African countries, reaffirmed the importance of appropriate waste management in African cities, shared good practices and lessons learned, while

proclaiming the promotion of further cooperation, such as establishing a platform among African countries and partner organisations for more knowledge sharing and networking. As a follow-up of TICAD VI in consideration of the resolution, MOEJ and JICA established “African Clean Cities Platform (ACCP),” and organised its Preparatory Meeting and a Knowledge-Sharing Seminar on “the Project for Promotion of Sustainable 3R Activities in Maputo” along with Maputo Municipality (Mozambique), Ministry of Land, Environment and Rural Development of Mozambique, the UNEP and the UN-Habitat between 25 and 27 April, 2017 in Maputo, Mozambique.

PDP Aspirant, 200 Others Defect to APDA in Jonathan’s Home Town Emmanuel Addeh in Yenagoa At least 200 kinsmen of former President Goodluck Jonathan in Ogbia, Bayelsa State, yesterday defected from the Peoples Democratic Party (PDP) to the Advanced Peoples Democratic Party Alliance (APDA). Led by Mr. Azibataman Johnbull, a lawyer, the defectors, who protested in Yenagoa, the state capital, lamented that an unpopular candidate and incumbent member of the Bayelsa State House of Assembly, Mietema Obodor, was imposed on them by godfathers in the council. According to them, their preferred candidate for Ogbia constituency 1, was unjustly rigged out of the House of Assembly primary election the PDP organised in Otuoke, Jonathan’s hometown. The aggrieved party members vowed to demystify ‘godfatherism’ in the local government by supporting their candidate, Johnbull, in APDA to defeat Obodor, whom they said is the candidate of the godfathers. Johnbull, who alleged that himself and his supporters were unfairly treated during Friday’s primary election of the PDP in Otuoke, said he would actualise his ambition in the new party. “The destiny of our people and their socio-political and economic prospects were again tied to the dictates, whims and caprices of godfathers, selected delegates some of whom are girls friends, biological brothers and sisters of the purported winner of the primaries. “The PDP fell into the grave error and lost an ample opportunity to free

our people from the gripe of these individuals and their godfathers. The party rather chose to entrust our flag to those, who had consistently worked to undermine our party and the restoration government of Governor Seriake Dickson. “The greatest crime of the governor was his decision to interface directly with majority of our people as against the age-long tradition of consulting a select few and their godfathers,” Johnbull said. He added: “in the buildup to the PDP primaries, they had boasted that the governor has no choice but to support them, else they would ensure the collapse of the PDP in Ogbia. They are PDP members during the day but belong to other political parties in the night. “Surprisingly, they turned the Government House to a begging plaza, prostrating and begging the governor to assist them secure a party ticket forgetting that they also have over 15,000 voters to beg for a second term. “The voices for change are getting louder and the people’s resolve in that respect is amazing. Whereas the spirits and souls of the majority of our people remain in the PDP, the platform to secure their future going forward has now changed. “That platform is APDA. APDA is a people-driven and focused political party totally committed to building a new peaceful Nigeria and working for its unity and progress. We shall defeat the candidate of the PDP at the general election and restore unity and dignity to our great constituency and the Ogbia Kingdom.”

TO WHOM HONOUR IS DUE...

L-R: Executive Director, Corporate and Investment Banking, Stanbic IBTC,Andrew Mashanda; Indomie Independence Day Awards (IIDA) Physical Bravery Category Winner, Victor Olayiwola; Executive Director, First Bank, Remi Oni and CEO, Multipro Consumer Product

Kwara PDP Berates APC over Violence in Guber Primaries Hammed Shittu in Ilorin The Peoples Democratic Party (PDP) in Kwara State yesterday berated the leadership of the All Progressives Congress (APC) in the state over series of violence that marred its Saturday’s governorship primaries. There was pandemonium in many parts of the state, particularly Ilorin, as political thugs attacked various wards where the APC primaries took place, shooting sporadically into the air and eventually disrupting the exercise. Journalists that covered the primaries were attacked by the

political thugs suspected to be APC members at Oko-Erin ward located at Ilorin Grammar School, Ilorin. Those affected were the correspondents of Channels TV, AIT, TVC and their cameramen. In a statement issued yesterday by the state Publicity Secretary of PDP, Mr. Tunde Ashaolu, the party noted that it was shameful that a party which prides itself as a ‘progressive party’ could not conduct a violence-free primaries. The statement read: “We received reports that hoodlums were moving from one polling unit to the other, shooting

sporadically and attacking those perceived to be opponents. These violent attacks have further exposed the violent tendencies of the APC. “Today’s events also show that APC is a party that breeds hoodlums, and further demonstrates its large-scale violence planned for 2019 general election in the state. We are certain that the peace-loving people of Kwara State will reject a violent party. “As a party, we call on security agencies to investigate this ugly development and arrest perpetrators to prevent further breach of peace and public order

in our state.” The PDP added that votebuying and systematic rigging were brazenly perpetuated during the APC governorship primaries, stressing that these have clearly shown how dubious and desperate the opposition politicians are to grab power. “We strongly believe that the high cost of nomination forms of the APC is responsible for the desperation and show of shame within the party. An individual who paid over N22.5 million to obtain a nomination form is bound to do everything possible no matter how untoward it is to get the party’s ticket.”

ANN Scribe to Petition IG over Alleged Signature Forgery The National Secretary of the Alliance for New Nigeria (ANN), Sahid Umar, has vowed to petition the Inspector-General of Police (IG) over alleged forging of his signature in the Certificate of Nomination allegedly issued to Fela Durotoye making him the presidential candidate of

the party. The party had claimed that the said certififate was fake and has called on Nigerians to disregard it. In a statement signed and issued yesterday by the National Publicity Secretary of the party, Akinloye Oyeniyi, the party said

it was aware that few elements within it had already congregated themselves into day-to-day runners of the party, usurping the functions of some organs of the party, especially the National Working Committee (NWC) and discharging them unilaterally with fake signatures; one of

which is the said certificate of return. “ANN thereby dissociates itself from all these elements’ actions especially the recent purported certificate in circulation due to signatures not regular with any of its national officers,” Oyeniyi said.

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For Buhari and Atiku, It’ll Be Eagle vs Eagle, Says Bakare The Convener of Save Nigeria Group, Pastor Tunde Bakare, yesterday congratulated Atiku Abubakar on his emergence as the Peoples Democratic Party (PDP) presidential candidate. According to Bakare, Atiku’s victory would make the 2019 election keen and interesting. Bakare, Senior Pastor, Latter Rain Assembly, spoke to journalists in Ikeja after making a speech on Nigeria’s 58th Independence anniversary in his church. The News Agency of

Nigeria reports that Atiku, a former vice-president, was declared winner at his party’s convention in Port-Harcourt early Sunday. He polled 1,532 votes to defeat his closest rival, Gov. Aminu Tambuwal of Sokoto State (693 votes) and Senate President, Dr. Bukola Saraki, among others, at the convention that started on Saturday. Bakare said the emergence of Atiku was a welcome development, as it meant that

the battle for the Presidency would be a tough contest between him and President Muhammadu Buhari. The SNG convener said both the President, who is the candidate of the All Progressives Congress, and Atiku were equal match and that Nigerians would decide between the two. “I congratulate Atiku; he makes the issue in 2019 more robust. “It is not going to be an Eaglet versus an Eagle, but

Nigerian Workers Will Smile Soon, Says FG The federal government yesterday said it would soon address the agitation for the upward review of the national minimum wage in a manner that will make workers and all Nigerians smile. The Secretary to the Government of the Federation, Mr. Boss Mustapha, made the promise in his remarks at the 22nd Choir Anniversary of the Christ Apostolic Church, Living Water DCC Headquarters, Abuja,

tagged “Bless the Lord, o my soul.” Mustapha, who was represented by the Permanent Secretary (General Services Office), Office of the SGF, Mr. Olusegun Adekunle, said the present administration was sensitive to the plight and wishes of the masses. He said by the time the issue of the minimum wage would have been adequately addressed, the entire nation would be better

for it. He said, “While this administration is determined to bring our nation to selfsufficiency and self-reliance, it is also sensitive to the plight and wishes of the Nigerian masses. “I assure Nigerians that the recent agitation for upward review in the national minimum wage will soon be addressed in such a way that not only Nigerian workers will smile, but the entire nation will be better for it.”

an Eagle versus Eagle: an old eagle versus new eagle and probably both of them old eagles. “I wish President Muhammadu Buhari the best in 2019. “He has the power of incumbency and he will do his best to win the election; but Atiku is not going to take ‘No’ for an answer when the two forces collide in the election,” he said. Bakare said Atiku, just like Buhari, has the experience, the exposure and the acceptance expected of the country’s president. He, however, pointed out that having those qualities alone would not translate into victory for him, as the electorate would decide the parameters on which to elect the next president. “I can’t say that Atiku will win or lose. You see, I am not advocating for him. Among all the aspirants who

contested the PDP ticket with him, he is perhaps the most cosmopolitan; he is a Wazobia man. “He was vice-president for eight years, and he inherited something from late Yar’Adua that he had held on to so effectively. “He has been a businessman with business acumen and he has the exposure. “But you see, that is not what qualifies you to win. A lot comes into play; so, again, I can not say whether he will win or lose,” Bakare said. Bakare said for the PDP to win the 2019 elections, it would need to demonstrate to the electorate that it has become a regenerated party and that it will have to “show repentance for the years of the locust they engineered.” He added that the opposition party must convince Nigerians that they would not return to corruption, which he said

was the way of life during PDP’s (16-year) rule, in order to win the confidence of the electorate. On the chances of APC, Bakare said though the government has been trying its best, it needs for them to do much more to win the next election. He said the country was facing a lot of challenges which the government needed to offer solutions to, in order to fast track pace of development. The cleric said that performance and policies, and not necessarily incumbency factor, would guarantee victory for the APC in 2019. The SNG Convener said his comments about the Buhari administration should not be interpreted to mean he was attacking the government, but he was just raising issues that needed attention. “I didn’t take any swipe at the administration of President Buhari.

Oyemade Wins APC Lagos Mainland Constituency Ticket Mary Nnah

Hon. Adetayo Adekintan Oyemade, has been declared winner of the All Progressives Congress (APC) State Assembly Primary election for Lagos Mainland Constituency II and returned elected as the candidate to fly the APC flag at the forthcoming Lagos State House of Assembly election. Consequently, Lagos Mainland and environs erupted in wild jubilation upon the declaration of the result

by the Returning Electoral Officer in Yaba, Lagos. It was expected to be a keenly contested battle between the lawmaker currently representing Lagos Mainland II Constituency in the Lagos State House of Assembly, Hon. Moshood Olanrewaju Oshun, Hon Adetayo Adekintan Oyemade popularly known as Mashara, and Mr. Sunday Sawyer. Oyemade recorded a landslide victory to defeat his closest challenger, Mr. Sunday

Sawyer, while the incumbent member representing the constituency, Hon. Oshun, came a very distant third. A highly elated Oyemade in a short address to his teeming supporters thanked them for their huge support and sacrifices. He promised to offer the Mainlanders quality representation while equally assuring to carry everyone along once he is elected eventually at the forthcoming general election

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El-Rufai, APC on Collision over Senatorial Candidate John Shiklam in Kaduna The National Secretariat of the All Progressives Congress (APC) and Kaduna State Governor, Nasir El-Rufai, may be on a collision course, following the controversy over the candidate for Kaduna central senatorial zone. The National Working Committee (NWC) of the party had granted automatic ticket to the incumbent Senator Shehu Sani, while excluding El-Rufai’s aide, Uba Sani, and three other aspirants from the contest. Sani’s automatic ticket was greeted by protest from Uba’s supporters in Kaduna. El-Rufai who had endorsed Uba Sani for the senatorial seat was also not happy with the decision of the NWC and met with President Muhammadu Buhari in Abuja over the issue

last week. Uba and three others were later purportedly cleared by the National Chairman of the APC, Adams Oshiomhole, paving way for primary elections which was held on Saturday at the Murtala Square, Kaduna. Shehu however shunned the election, insisting that he was the party’s sole candidate for the senatorial seat. In a statement, he also described the exercise as a “Kangaroo election” and directed his supporters and agents not to participate. Announcing the results of the controversial election, the returning officer, Prof. Eddie Floyd-Igbo, declared Uba as the winner with 2,088 votes, while Shehu got only 15 votes. However, the National Secretariat of the APC yesterday declared that Shehu remains its candidate for the senatorial

election in the senatorial zone. The acting National Publicity Secretary of the party, Yekini Nabena, according to agency reports, made the clarification yesterday in Abuja. Nabena was quoted as saying that Shehu is the

only senatorial candidate for the zone, duly recognised by the national body, declaring that El-Rufai cannot dictate to the party. The political enmity between the governor and Shehu took a different dimension when

the later who is the Senate Committee Chairman on foreign and local debts, allegedly influenced the rejection of a $340million World Bank loan granted to Kaduna State. El-Rufai had on several

occasions asked the people not to re-elect Shehu and two other senators from the state, Suleiman Hunkuyi (Kaduna North) and Danjuma Laah (Southern Kaduna), for the role they played in denying the state the loan.

Edo Primary Election Committee Cancels Akoko-Edo Results Declares Ihonvbere, Obahiagbon others as winners of N’Assembly PHOTOGRAPHY PRIZE AWARDS… L-R: The Olooni of Eti-Oni in Osun State, High Royal Majesty, Oba Dokun Thompson; TV presenter, Juliana Olayinka, and Chairman, INGO primaries UK and Initiator of Africa Town, London, Chief Uzo Owunne, during the award of Africa Media Works Photography Prize for Artists held in Adibe Emenyonu in Benin City The Edo State Primary Election Committee has cancelled results of the primary election of the All Progressive Congress (APC) in Akoko-Edo federal constituency The 10-man committee headed by Hajia Faridabad Suleiman Odangi said the cancellation was due to recorded violence which characterised the primary election. However, announcing the results of other National Assembly primary elections, she declared Patrick Obahiagbon the winner of Edo South senatorial

ticket with total votes of 90,140 to beat his opponent, Emokpae Erhabor. Odangi also declared that Prof. Julius Ihonvbere was the winner of Owan federal constituency primary election, just as Dennis Idahosa was said to have clinched the party ticket to represent Ovia federal constituency. Others, according to her, who won are Iyoha Osagbovo (Oredo), Joseph Ikpea (Esan North East/ Esan South East), Ehiozuwa Agbonnayima, (Ikpoba-Okha); Johnson Oghuma (Etssko) federal constituency among others.

Learn from Ambode, Don’t Dump APC, Buhari Tells Losers Omololu Ogunmade in Abuja President Muhammadu Buhari at the weekend in Abuja pleaded with members of the All Progressives Congress (APC) who lost at the party’s primaries to learn from Lagos State Governor, Akinwunmi Ambode, and remain in the party. Presidential spokesman, Malam Garba Shehu, in a statement, said the president advised Nigerian politicians to learn from Ambode whom he said “despite his loss didn’t abandon APC for another party because he was angry over the outcome of the gubernatorial primaries.’’ He said the president urged the party members to exhibit the spirit of sportsmanship by accepting the outcomes of the elections without bitterness or resentment. “In every competition, someone has to win and someone has to lose, but those who lost should not abandon the party or lose their enthusiasm for the advancement of the party,” the president said. He also quoted the president as saying, “the larger interest

of our party is greater than our individual ambitions, and we should therefore work together for its success, despite our losses.’’ Shehu further said Buhari admonished the losers that “in politics, we shouldn’t lose hope permanently because tomorrow could present another opportunity for us to contest again and win.’’ Furthermore, the statement said the president advised the losers “to always put the party first because we are in it together to serve the country, and I am always proud of our members who demonstrate sportsmanship and a good party spirit.” It also said the president enjoined the winners “to show grace in victory instead of mocking the losers, as such action is capable of destroying party unity and cohesion. The tent is large enough for us.” The statement added that Buhari also advised winners to “see their positions as a public trust instead of abusing their mandates to amass personal wealth at the expense of the ordinary voters who voted them into power.’’

London…recently

APC Aspirants Want Fresh Primary in Ondo James Sowole in Akure Dissatisfied with the process of choosing party’s candidates for the 2019 election, some House of Representatives and state House of Assembly aspirants on the platform of the All Progressives Congress (APC) in Ondo State have called on the national leadership of the party to conduct a fresh primary for Akoko North-East/ Akoko North-West federal constituency of the state. The aspirants, who are 13 in number, made the call against the statement credited to the state Chairman of the party, Mr. Ade Adetimehin, that a peaceful election was held in the federal constituency and the candidate had emerged last week. In a statement jointly signed

by the aggrieved aspirants yesterday, they demanded a fresh election for the real candidate of the party to emerge. “We the aspirants of the state House of Assembly and House of Representatives wish to categorically state that there was no primary election conducted in Akoko North-East/ Akoko NorthWest federal constituency and no candidates have emerged. “It is rather sad and unfortunate that the chairman of the party did not verify the authenticity of the statement before issuing it,” they stated. However, the party had insisted that it had conducted transparent and peaceful primaries across the state and had picked its national and state assembly standard bearers for the next elections.

According to the state Publicity Secretary of the party, Alex Kalejaye, the exercise was carried out with the full participation of the stakeholders and party members in line with the directives of the National Executive Committee (NEC) in Abuja. According to him, “We have conducted all the primaries across the senatorial districts-federal and state constituencies in the state. The primaries were peaceful, free and fair. So our candidates have emerged.” In another development, the former Speaker of the Ondo State House of Assembly, Victor Olabimtan, said he would not leave the party despite the imposition of candidates to stop his ambition.

Olabimtan, who is an APC aspirant for Ondo North senatorial district, stated this in a statement he signed after being allegedly denied opportunity to contest the senatorial ticket of the party. Olabimtan and some other aspirants were unable to contest the primary in Ondo North senatorial district following the automatic ticket given to the incumbent Senator, Ajayi Boroffice, by the NWC of the party. The former speaker alleged that the decision of the NWC prevented the people of the senatorial district to vote and choose their representatives . According to him, the crises rocking the party at the national and state levels were avoidable if all stakeholders in the party could be selfless.

Private Sector Investment Will Trigger Growth in Africa’s Health Sector, Says Report Preliminary findings uncovered in a special report presented at a high-level dialogue titled: ‘Health and financing in Africa’ has advocated private sector participation as a major requirement for the growth of African economy and improvement in health sector. The dialogue which assembled African heads of state, corporate CEOs and NGO leaders alongside United Nations General Assembly took place on September 27, 2018. A collaborative effort of GBCHealth, Aliko Dangote Foundation and the United Nations Economic Commission for Africa (ECA), the preliminary report revealed that neither government nor existing public-

private partnerships (PPPs) are effective enough, and that existing PPPs disproportionately focus on a small number of countries. Pointedly, the report proposed a new model, one in which PPPs prioritise around the most significant disease burden and broaden their scope to benefit the health of the continent, which is deemed critical to driving long-term economic growth in Africa. The report entitled: ‘Healthcare and Economic Growth in Africa’ will serve as the foundation of discussions at the Africa Business: Health Forum on February 12, 2019, and will be formally launched at the event in Addis Ababa on the margins of the

African Union summit. Also, the Africa Business Health forum will formally launch the African Business Coalition for Health, a joint initiative of GBCHealth and the Aliko Dangote Foundation. GBCHealth, accordingly, is aimed at unlocking synergies to help the private sector contribute more directly to meeting national and regional health goals in the context of SDG Agenda 2030 and Africa Agenda 2063, as well as provides a platform that can help realise more strategic and collaborative partnerships, “ultimately improving the standard of living, the quality of life and the overall health and well-being of all Africans. “Today’s dialogue was a

much-needed call-to-action for the African private sector as evidenced by the research. “The best way to move Africa forward is for businesses to step up in health care and take bold action. We must work together, across industries and with governments and communities to foster innovation and drive more strategic investments that benefit us collectively,” Chairman, Aliko Dangote Foundation, Alhaji Aliko Dangote said. Earlier, Aigboje AigImoukhuede, Founder and Chair, African Initiative for Governance and Co -Chair, GBCHealth, in his opening remarks had emphasised the group’s collective goal to identify solutions for health and finance in Africa.

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Ekiti Senatorial Aspirant to Sue Oshiomhole, APC’s NWC over Alleged Poll Fraud Victor Ogunje in Ado Ekiti In what appears like a showdown with Adams Oshiomole –led National Working Committee (NWC) of the All Progressives Congress (APC) over the alleged shoddy way it handled the senatorial primary in Ekiti North district of Ekiti State, an aspirant, Chief Kayode Otitoju has threatened legal action against the party if the candidate declared as winner , Senator Olubunmi Adetumbi, is recognised by the party. Adetumbi, who was said to have polled 21,763 votes in the direct primary, was declared the winner of the election conducted in Ekiti North by Dr. Ibrahim Sule-led APC Senatorial Primary Committee in the State, on Friday. Three House of Representatives aspirants from the district; Bimbo Daramola, Bunmi Ogunleye and Femi Ajayi, had on Saturday expressed similar protest, saying the election was allegedly manipulated by the committee sent from Abuja to conduct the primary, in cahoots with politicians and security agencies. Registering his protest at the APC party Secretariat in Ado Ekiti yesterday, the former Ekiti Information Commissioner, said there was no election in the five local government areas that constitute the district on that day, adding that the figures were concocted in Adetumbi’s favour using security agents as a cover. Otitoju, who hailed from Odo Oro in Ikole Local Government Area (LGA), demanded that the NWC should cancel the primary or in the alternative declares him the winner on account of his unblemished track records and having come from a council that has not produced a Senator since the advent of democracy in 1999. He explained how political thugs working for one of the

aspirants had allegedly slapped and manhandled him at the party Secretariat on Friday, while making spirited efforts to lodge a complaint before the committee. Otitoju called on the governor-elect, Dr. Kayode Fayemi to rein in those who have been hiding under his influence to perpetrate electoral heist in the party, in spite of the former Minister’s insistence that he had no anointed aspirant in the primary. “There are two options left for the party under this circumstance; it is either they order rerun of the primary by not recognising Senator Adetumbi or declare me the winner on personal recognition. “Out of the five local governments in Ekiti North, only Ikole has not produced a Senator since 1999 and this may be an opportunity to ensure political balancing, because there was nowhere in the 56 wards where election was held, it was brazenly concocted in Adetumbi’s favour and this can’t stand. “The electoral officers came to Ikole that day and when they heard that some people were shooting, they took cover at the Area Commander’s office and by the time normalcy returned around 4p.m., heavy rain started and the officers returned to Ado Ekiti. “When I saw that they were going, I gave them a hot chase to our Secretariat and I lodged a complaint with the Committee’s Chairman and the State Chairman of our party, Barrister Paul Omotoso. I was even slapped by a thug for daring to stay to confront the panel. Two journalists who tried to interview me were also beaten and their phones and hipad were smashed. “As an aspirant, I bought nomination form at the cost of N7 million at the party’s Secretariat in Abuja. 90 APC members across the five councils in our district signed

Tension Mounts in Niger APC over Nomination of Candidates Laleye Dipo in Minna Tension is mounting within the ranks of the All Progressives Congress (APC) in Niger State over the reported re-substitution of the National Assembly list from the three senatorial zones of the state. Some youths from the three zones yesterday protested the alleged action of the National Working Committee (NWC) of the party on the issue. The development is coming on the heels of the deadline given by the Independent National Electoral Commission (INEC) on the submission of names of candidates for next year’s general election. In the primary election held last week, all the three serving senators from the state lost to new comers, but the federal lawmakers cried foul and protested to Abuja where the list was reported to have been changed. One of the protesters, Malam Mohammed Alhassan, said they would not allow the mandate given to the candidates to be stolen from them. According to him, “We know those we voted. The National

Working Committee (NWC) does not have the right to change our decision; this is impunity that we complained about in the Peoples Democratic Party (PDP) before we left the party. “We know what to do and the party will see our true colour in the election proper.” His position was reechoed by speakers from the three other zones during the protest. Musa Ibn Mohammed, a chieftain of the party, specifically stated that “any attempt to turn the result of popular will of the people will be catastrophic for the party in the state by 2019.” In the primary election for Niger East, Mohammed Sani Musa was declared the winner in the result announced by the returning officer, Alhaji Saidu Akawu, at the party’s secretariat last Thursday. In Niger South the incumbent Mustapha Sani came out fourth as he polled 1, 824 while the winner, Alhaji Mohammed Bima Enagi got 24,415. In Niger North, the Senate spokesman, Senator Sabi Abdullahi, came third with 3, 481 to the winner, Alhaji Haliru Zakari Jikantoro, who polled 23,618 votes.

for me, including 56 ward chairmen. I was duly screened and cleared for the contest and I don’t think it was right to have been treated this way.

“I have made my demands, which were clearly stated and if the party goes ahead and recognises Senator Adetumbi with that fake results, I will

have no other choice than to go to court to seek redress. “The party’s guidelines stipulated that we should seek redress using party organs,

which I have done and the next stage will be going to court if the party leadership at the national fail to do what is just and right,” he explained.

IT’S NICE COMPETING WITH YOU…

Presidential aspirant of Social Democratic Party (SDP), Prof. Jerry Gana (left), and the winner of the SDP presidential primaries, Mr. Donald Duke, at the party’s National Convention and presidential primary election held in Abuja...yesterday PHOTO: JULIUS ATOI

Emmanuel Harnesses Maritime Potentials to Boost Akwa Ibom’s Economy Hamid Adedeji Governor Udom Emmanuel of Akwa Ibom State is harnessing the maritime potentials in the state to boost the state’s economy. The Akwa Ibom State Head of Civil Service, Mrs. Ekereobong Akpan, who stated this in a statement, added that when all the state’s investments in maritime fully take off; Akwa Ibom will take the centre stage in global maritime economy. According to the statement, the head of the state’s civil service stated this when the Zonal Vice President of the Maritime Workers Union, Ekong Atai, led other members of the team on a visit to her office recently. The head of civil service listed such investments in the maritime sector to include the Ibaka Deep Seaport project, Ibom Industrial City, Liberty Free Trade Zone, landing

jetties and other maritime transport facilities. She called on the people of the Akwa Ibom to key into this vision by investing and developing the needed manpower to enable them to benefit from this lucrative sector. She thanked the zonal maritime workers for their on-going advocacy for the sponsorship of manpower training of Akwa Ibom youths in the relevant skills to strategically equip and position them to benefit optimally from the empowerment opportunities in the maritime sector. She also encouraged Akwa Ibom entrepreneurs to take advantage of the strategic location of the state within the shoreline of the Atlantic Ocean and key into the investment opportunities this proximity offers. The head of civil service described the dearth of skilled

and certificated maritime workers in the state and assured that their proposal for the training of 250 Akwa Ibom youths on basic seafaring and retraining of experienced hands on higher skills to enable them acquire the status of able seamen (AB), officers on board, master mariners, chief engineers as well as captains of vessels would be forwarded to appropriate quarters for necessary action. She thanked them for the visit and wished them well in their various endeavours. Earlier, Atai, had informed the head of civil service that the Maritime Workers Union of Nigeria is an industrial union that caters for the welfare of the employees in the maritime sector. Atai stated that the union encourages high level of productivity and efficiency among its 6,000 members in the maritime industry. Atai lamented the shortage

of skilled manpower in the state to compete for the available employment opportunities and solicited the inclusion of training of youths in maritime-related skills in the empowerment programme of the state as well as the provision of safety kits and fishing accessories to indigenous artisans and water transport operators to enhance their productivity and give them a sense of belonging. The zonal vice president also requested for an office accommodation for the union. He used the forum to commend the achievements of the Governor Udomled administration in the areas of industrialisation, infrastructural development and labour-friendly disposition. He thanked the head of civil service and pledged the union’s support and cooperation to the present administration.

Ecobank Insists on Recovery of Honeywell’s Debt James Emejo in Abuja Ecobank Nigeria Limited has said it will strongly resist any attempt by the Honeywell Group to employ a “frivolous N72 billion” lawsuit to derail it from pursuing the recovery of monies owed and overdue for payment by the latter.

The media had recently been awashed with reports that Honeywell had filed a suit claiming damages in the sum of N72 billion against Ecobank following a controversial credit deal between both parties. Reacting to the purported court action against it, the bank, in a statement by its Chief Legal

Counsel, Adenike Laoye, a copy which was made available to THISDAY yesterday, said it remained unperturbed by the seeming intimidation by Honewell. It said:”Ecobank is unhindered by the continued attempts to coerce the public into believing that the Honeywell Group

has fully paid its overdue indebtedness. “It is noteworthy that Honeywell’s recent claim for damages was published and serialised in the news media even before the bank was served with the court papers, which clearly elicits the ‘motive’ of a party owing huge sums of money.

Abuja Set to Play Host to Power Safety Summit, Exhibition Preparations for the second edition of the Power Safety summit and exhibition has advanced, as stakeholders from across the world are set to gather in Abuja to appraise issues of Health, Safety and Environment

(HSE) in the power sector value chain. According to the organisers, the venue of the summit billed for October 23 and 24, 2018, is the International Conference Centre, Abuja.

The theme of the 2018 power summit and exhibition is ‘Vision Zero Incident in the Power Sector Value Chain’. Barring any hitch, Vice President Yemi Osinbajo is expected to declare the summit

and exhibition open. The organisers stated that during the talk-shop, participants would appraise and recommend the best global practices on how to mitigate incidences, accidents and fatalities in the power sector.

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Mimiko Emerges as ZLP Presidential Candidate The Zenith Labour Party (ZLP) yesterday elected former governor of Ondo State, Dr. Olusegun Mimiko, as its presidential candidate for the 2019 election. Mimiko was elected as a consensus candidate by members of the party in Abuja at its national convention. The presidential hopeful said that he would leverage on the party’s social democratic ideological orientation to convince Nigerians to work with him. According to him, with the

party’s pedigree and those of its leading lights, he will not have trouble convincing Nigerians why the party is the preferred option for them in the elections of 2019. “As a social democratic party, committed to the enduring principles of good governance, utilitarianism and a restructured federal system for Nigeria, ZLP is set to capture the imagination of Nigerians. “The party will lead the process of renewing the Republic. “I am resolutely committed

to a programme of restructuring the Nigerian federation. “This is with a view to affording every segment of the country the opportunity and privilege of development at its own pace. “This will be done in such a manner that the age long beauty in competitive development will be fully tapped,” he said. Mimiko said that he was persuaded beyond any doubt, that such restructuring would give vent to the spirit of Nigerians. He added that the spirit

of accomplishment, which had made stars of individual Nigerians all over the world, would be ignited again. Mimiko urged the members of the party not to be intimidated by the big parties, but concentrate on the size and weight of ZLP ideas. The former governor also called on the party to focus on the purity of its ideological commitment. “We must focus on our compassion for the weak and the poor in society. “We must focus on the clarity of vision and thought that we bring to the fore for

Nigerians, as we go into the elections,” he said. Mimiko said that it was with the confidence in the ability of Nigerians to make existential decision in the 2019 elections that he made a decision to serve. He stressed that he was out to disrupt settled assumptions, by focusing on our new ideological narratives that affected the people directly. The News Agency of Nigeria (NAN) reports that Mimiko governed Ondo State between 2009 and 2016 under the platform of the Labour Party

and Peoples Democratic Party (PDP), respectively. Mimiko had earlier declared his presidential ambition under the Labour Party but later defected to the ZLP. The Chief Returning Officer and the Chairman of the party, Dan Nwanyanwu, said the Mimiko fulfilled all the party’s requirements and obeyed the constitution of the party. Nwanyanwu reiterated the party’s support for Mimiko, adding that the ZLP will go all out to ensure victory for its presidential candidate.

Nwosu, Bindo Clinch APC Guber Tickets in Imo, Adamawa Okorocha wins senatorial ticket The son in-law of Imo State Governor, Mr. Uche Nwosu has clinched the gubernatorial ticket of All Progressives Congress (APC) for the 2019 general elections. The exercise was conducted yesterday in Owerri, the Imo State capital, and Nwosu polled a total of 269,524 votes to win the party’s ticket, according to the Chairman of the electoral panel, Ibrahim Agbabiaka. Former chairman of the electoral panel, Ahmed Gulak, in previous exercise had declared Hope Uzodimma, senator representing Imo West, winner after fleeing the state. Also in Adama State yesterday, Governor Jibrilla Bindo was declared winner of the APC governorship primary.

Chairman of the Electoral Committee, General Tijjani Ahmed, declared the results at 1.30 a.m. on Sunday. Bindo’s emergence as the party’s governorship candidate for Adamawa came amidst controversy as the duo of Mallam Nuhu Ribadu, former Chairman of the Economic and Financial Crimes Commission (EFCC) and Dr. Mahmood Halilu Modi, Aisha Buhari’s brother, rejected the electoral process. Meanwhile, Okorocha was declared winner of the ticket for the Imo West senatorial district. Okorocha polled 141,117 votes to defeat Uzodinma and Osita Izunaso, former national organising secretary of the APC, who got 1,359 and 24 votes respectively.

WELL DESERVED HONOUR...

L-R: Special guest, Dr. Christopher Kolade;2018 Leadership Award Winner, Commondore Okoh Ebitu Ukiwe (rtd); his wife, and the Senior Pastor, Trinity House, Pastor Ituah Ighodalo, at the Trinity House 2018 Honour Nigeria Award, held in Lagos... yesterday PHOTO: SUNDAY ADIGUN

Edo Residents Applaud OSINBAJO URGES NIGERIANS TO REJECT CORRUPT PRACTICES, TRIBALISM Obaseki’s New Tech-based Ambode, also, acknowledged thank you for the good works in furtherance to the efforts scheduled for rehabilitation to contributions of the church to you have done in the Gbagada of the church, embarked on further enhance road connectivity Revenue Collection Scheme the the state since its establishment, Community. Your holistic the construction of a network within the axis. Residents of Edo State have applauded Governor Godwin Obaseki’s approval for the deployment of tech-based revenue collection scheme to automate and boost Internally Generated Revenue (IGR) in the state. The residents including traders, commercial vehicle operators, business owners, among others, who spoke to journalists said that the use of technology-based revenue collection scheme will ease payment of taxes, levies and other charges paid to the government. The Chairman, Edo Internal Revenue Service, Mr. Igbinidu Inneh recently said that the technology-driven scheme will automate revenue collection process from data capture, profiling, assessment generation and notification to cashless settlement, adding it will make way for deployment of persons to serve as distributors, sub-distributors, retailers, and enumerators across the 192 wards in the state. It is expected to create 5,000 jobs within the state. A commercial vehicle operator in Benin City, Edo State capital, Ikponmwosa Daniel said the state government’s decision to automate revenue collection was a smart move, adding, “if I can use a card to pay my daily levies automatically, that

will help a lot.” Christian Okojie, a commercial vehicle operator who plies Benin-Auchi route, said, “Our governor has continued to bring appreciable changes in how things are done in the state. This technology-based revenue collection system will put a stop to multiple taxation.” “There are times we pay revenue here in the park in Benin City, but when we get to Auchi, the agents will ask you to pay same revenue which you have already paid in Benin City. From what I understand about the way the payment will be done, I believe this digital payment system will put a stop to the problem we drivers face,” he added. A trader in Uselu Market, who identified herself as Madam Elizabeth, praised governor Obaseki for the deployment of technology-based revenue collection scheme. “This will benefit us who are traders the most. All those revenue people who come here to harass us to pay our levies will reduce. Since it will require the use of the card for payment just like it is done with those Comrade Buses, it will be more convenient to pay the levies without anybody coming to harass you,” she said.

that that the Gbagada community had benefited immensely from their various corporate social responsibility projects initiated by the church. “I congratulate the Deeper Life Bible Church on this magnificent edifice you have put up here. I was unable to join you for the formal opening but I am very happy to worship in this sanctuary today as we celebrate another anniversary of our Independence. “As I congratulate you on this new Church building, I also

approach to religious activities has been demonstrated in your corporate social responsibility actions especially the construction of the Oduwole Bridge and a multi-level car park to ease traffic in this community. “You have demonstrated that the Church can play a lot of roles in nation building. Beyond the spiritual role of praying for the Government, the Church can also partner with the Government to make our communities a better place,” the governor said. He said his administration,

of six roads identified by the community development associations, including Aderemi Akeju Street, Okun Street, Femi Kuti Street, Brown Road, Adegbenro/Ganiyat Dawodu Street and Yetunde Brown Street. Ambode said the contract for the road, which was awarded in September 2017 was already 60 percent completed and is expected to be concluded by the end of the first quarter of 2019, while adding that adjoining road networks such as Diya Street and Ajayi Aina streets have been

“For us as government, we will continue to promote fairness, justice and everything that will make life more comfortable for our people,” he said. In a message he titled “Becoming a Man God uses Beyond his Generation,” Kumuyi said to be used of God for His higher purpose, everyone must be get the Saviour’s pardon, have strong persuasion, sound principles, strategic programmes, selfless perspectives, scriptural perception and sterling paradoxes.

Accolades as Educationist Launches Autobiography Emmanuel Otaru A retired educationist and diplomat, Mrs. Teresa Chukwuma, penultimate Wednesday, at the Nigerian Institute of International Affairs (NIIA) in Lagos, launched an autobiography, “Footprints & Milestones.” Published in 2018, the autobiography explores the life of one of Nigeria’s foremost educationist and first deputy permanent delegate of Nigeria to UNESCO in Paris. The Chairman of the occasion, Navy Captain George Alily (rtd), said, “Teresa never let a teachable moment to go

unutilised. She has touched and transformed the lives of many. She is a precursor of education and a standard bearer. She is a fearless warrior”. The reviewer of the book, Director, MTN Foundation, Mr. Dennis Okoro, paid glowing tributes to the author, saying, “ she pushed herself beyond professional boundaries, has nerve to solve any problems and situations she finds herself. Her autobiography can serve as a guide to future generations. She is a trail blazer”. On his part, Prof. Fabian Ajogwu, while presenting

the book, said, “the author is a teacher of teachers, and has impacted lives. She has lit so many candles, through her hard-work and humility, she finds herself on the world stage”. The author while giving the vote of thanks, said she was so overwhelmed, so glad and grateful to God for making it possible for her to write the book for people to learn from her experiences. “On her return from Paris in 1974 Teresa was appointed Foundation Principal of Federal Government College, Ijanikin, Lagos and by 1977, the Principal of Queen’s College,

Yaba, Lagos. “After a successful tenor in Queen’s College, Teresa was promoted Director of Education and posted to the Ministry headquarters, where she headed several departments spanning over 10 years. During this period the book “Footprints & Milestones” gives an elaborate and interesting account of Teresa’s active participation in various Board and Council meetings both in Nigeria and overseas. Teresa has travelled to more than 40 countries in her over 45 years of service to Nigeria and humanity”.

T H I S D AY ˾ MONDAY OCTOBER 8, 2018

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

Iwobi: Arsenal Fear Nobody in EPL Title ‘Marathon’ Duro Ikhazuagbe

After Arsenal decimated Fulham 5-1 in an English Premier League London derby yesterday and stretch their victories in their last nine games, Super Eagles forward, Alex Iwobi, insisted the Gunners are not afraid to play anyone in their quest for a silverware this season. Speaking to Arsenal’s official website yesterday, Iwobi said: “We’re not afraid to play anyone. We’re playing without fear, we want to be consistent and keep it going. “The team spirit is better. The confidence is definitely better. We analyse the games a bit more and we’re proving to the fans as well as ourselves that we’re able to compete for the title.” Iwobi who is enjoying his game under Emery despite initial fears that he may be surplus to requirement, insisted Arsenal should not be ruled out of “Well of course! But there’s a long way to go. It’s a marathon, so we just have to carry on being consistent,” stressed the Nigerian star. The 22-year-old forward said of his own form: “The manager has given me a lot of confidence, telling me that when I get the ball to just be positive. “Whenever I am called upon to play, I always try to give my best and make sure that I can impose myself on the

game,” observed Iwobi who is expected to arrive Eagles camp in Uyo today ahead of the AFCON 2019 qualifying clash with Libya this weekend at the Nest of Champions. Emery began his reign in north London with back-to-back defeats to Manchester City and Chelsea. But the Spaniard has now settled in, leading Arsenal within a shouting distance from the top runners Manchester City, Liverpool and Chelsea who are tied at the top on 20 points from eight matches. Arsenal is fourth on 18 points. The Gunners have been impressive on all fronts, staying in reckoning also in UEFA Europa League and Carabao Cup competitions. Yesterday, Alexandre Lacazette scored two impressive goals before substitute Aaron Ramsey added a third and Pierre-Emerick Aubameyang netted twice to complete the demolition of Fulham on Match Day-8 of the English Premier League. Emery was to later describe Ramsey as a “very important player” for the club after his goal of the season contender helped the Gunners thrash Fulham. A contract offer to Ramsey was withdrawn last month but the Wales midfielder showed his quality when he created and finished a stunning team move to help Arsenal to a ninth straight win in all competitions - their best run

Iwobi says Arsenal fear team in EPL title marathon

AITEO CUP

Kano Pillars Beat Enyimba to Book S’final Ticket Enyimba FC failed to shake off the hang over of the CAF Confederation Cup quarterfinal first leg defeat against Raja Casablanca of Morocco yesterday in Gombe as the People’s Elephant got knocked out of the AITEO Federation Cup. Kano Pillars qualified for the semi final with a 4-2 defeat of the Aba team. Despite leading the Sai Masu Gida with a Stephen Chukwudi’s opening goals in the 10th minute, old warhorse, Rabiu Ali, grabbed the equaliser nine minutes before the break. Home-based Eagles defender, Chris Madaki however shot Pillars into the lead in the 52nd minute while Ifeanyi Nweke

increased tally on the hour mark. Nyima Nwagua scored Pillars’ fourth of the game few minutes later. Sunday Adetunji made the scoreline more respectable for Enyimba when he reduced the deficit from the penalty spot late on. Kano Pillars will face Katsina United in the semifinal at the Agege Stadium ‘Soccer Temple’, Lagos on Wednesday. Katsina United edged out Kwara United 3-1 in the quarter-finals at the Agege Stadium last Wednesday. Former champions, Enugu Rangers and Nasarawa United will clash in the other semi-final at the Sani Abacha Stadium, Kano.

since April 2015. “For me it was very important for him to take confidence and

take that first goal,” said Emery. “He did not start in the first 11 today but when he was on

he scored within a minute and that gives confidence for both him and us.

“We are happy because I think this shows the commitment we have in training and the

L-R: Former Super Eagles forward, Victor Ikpeba; President, Nigeria Football Federation (NFF), Amaju Melvin Pinnick, and Chairman/CEO HS Media Group, Taye Ige at the finals of the 2018 Lagos SWAN Cup organised by the Lagos chapter of the Sports Writers Association of Nigeria in Lagos…at the weekend

Pinnick Supports Nigeria’s French, Indian Players Win Team to Amputees World Lagos Open First Leg Cup in Mexico President of the Nigeria Football Federation (NFF) Amaju Pinnick, at the weekend in Lagos donated N2.5million to assist Nigeria’s amputee football team participate in the Amputees Football World Cup scheduled to kick off in Mexico on October 24 through November. The money is for the team’s preparations and travel expenses, and a further $5,000 contribution for the upkeep of the players during the competition. Pinnick who was presented the team jersey shared some moments with the players. He said the gesture was to show that football is one family in which the physically challenged are an integral part. “Even though we are under different bodies, football is football, there is no difference. The team is going to represent Nigeria, that is what is important. “It is also gladdens my heart to see how football provides a window for our brothers to continue to pursue their dreams to achieve a place in the world sports. “It opens new opportunities and hope for all physically challenged people. I urge the team to remain focused and keep their spirit high. I plead with all Nigerians to support them as they support the Super Eagles,” stressed Pinnick who captained Family United

By Sports (FUBS) team which comprised several ex internationals like Victor Ikpeba, Godwin Okpara, Peter Rufai, Friday Ekpo, Friday Elaho against a Lagos SWAN team. The Nigeria Amputee team recently launched a public appeal for funding support to foot their bill to the World Cup following non-response to their requests for sponsorship from the Federal Ministry of Sports and Corporate Nigeria. They had failed to attend three previous editions of the World Cup to which they qualified, for lack of funds, and may possibly be suspended from the global competition for long years should they fail to attend for the fourth. The Nigeria amputee team requires about N40m to provide for flight tickets, pre-competition camping, procurement of standard amputee sports equipment, upkeep and other logistics for the delegation of 15 players and five officials. Nigeria, Ghana, Angola, Kenya and Liberia are representing Africa in the 24 countries competition. While the Nigerian team is still searching for funds and yet to go into camping, their Ghanaian counterparts have been on a training tour of the UK where they played the Arsenal FC Amputee squad last Sunday.

The first leg (Futures 4) of the Lagos Open 2018 ended at the weekend with Frenchman Tom Jomby and Indian girl, Pranjala Yadlapalli winning the men and women’s singles respectively. Jomby beat his compatriot Arthur Rinderiknech in the final match that ended 6-3,3-6,6-3, while Yadlapalli, tournament number 6 seed, who is ranked 395 in the world, upset the top seed Conny Perrin from Switzerland in 2-6,7-5,6-0 game at the Lagos Lawn Tennis Club, Onikan. The Swiss star is ranked 146. The Indian lady, who is in Lagos for the first time described her victory as a well fought win. She said she was happy that she could fight her way from the first round to the final in a tournament which standard is very high.

“I want to repeat this feat in the second week and I believe I can do it,” Yadlapalli said. To Perrin, who won the women’s singles winner on three occasions in 2015, 2016 and 2017, she was not disappointed that she failed to win the first leg, adding that she gets another chance in the second week. “I will continue the fight in the second week. I’m not under pressure being a former champion. I will take the match one after the other,” she said. Meanwhile, the second leg (Futures 5) of the Lagos Open Tennis has begun with the Main Draws serving off today with no fewer than 86 players comprise 45 men and 41 taking part in this leg. The players will be fighting for ranking points and the prize money of $50, 000 at stake.

CBN Financial Institution Football Tourney Starts Today A total of 24 teams will be jostling for the N2million star prize set aside for the winner of the 32nd edition of the annual Central Bank of Nigeria sponsored All Financial Institutions Football competition in collaboration with the Nigeria Football Federation (NFF), which kicks’ off today in four zones across the country. According to the Director, Corporate Communications of the Central Bank of Nigeria, Mr. Isaac Okorafor, the preliminary matches which kicks-off today, will be holding in Abakiliki, Ado Ekiti, Asaba and Lafia while the quarter-finals will come up on Saturday, October 13, 2018 at the same venue. The Semi-finals would be played in Ilorin, Kwara State on Tuesday, October 16, 2018 ahead of the grand finale holding on Saturday October

20, 2028 in Ibadan, the Oyo State Capital. Okorafor also hinted that the competition which serves as platform for the promotion of unity, harmony and peaceful co-existence among key players in Nigeria’s financial system, also has other prizes listed outside N2 million star prize. These include the N1.5 million for the runners-up, N1million for the third placed team while the fourth position finishers will smile home with N500,000 for their effort. Okorafor however charged all the participating teams to exhibit high level of sportsmanship both on and off the pitch in the course of the championship as the apex bank in conjunction with the NFF have invited a good number of Nigeria’s ex-internationals for the event.

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MONDAYSPORTS

John Terry Hangs Boots, Set for Coaching Role The former England and Chelsea captain, John Terry, has called it a day as a

player as he gets set to make his first moves into management by becoming

Thierry Henry’s assistant at Aston Villa. Sportsmail revealed

John Terry

yesterday that the Villa hierarchy are set to reveal their dream management line-up after the sacking of Steve Bruce. In a 20-year playing career Terry lifted the Premier League on five occasions as Chelsea captain and won the Champions League in 2012. He won 78 caps in a nine-year international career, and captained England 34 times between 2006 and 2012. In a statement on Instagram, the 37-year-old wrote: ‘After 23 incredible years as a footballer, I have decided now is the right time to retire from playing. ‘I have many people to thank. My wife and my two children, Georgie and Summer, for being my rocks throughout my career – I couldn’t have done it without you, I love you with all my heart. ‘I thank my parents, Sue and Ted, for the sacrifices they made for me as a boy, giving me the

best opportunity to fulfil my dream and become a professional footballer. My brother, Paul, for his help and advice throughout my career – and all my family and friends for their great support. ‘As a 14-year-old, I made my best and biggest decision: to sign for Chelsea Football Club. Words will never be enough to show how much everyone at the club means to me, particularly the fans. ‘Right from the outset they have given me total support, on and off the pitch, and I have a tremendous bond with them. We achieved so many great memories together and I couldn’t have succeeded without you. ‘To me, you are the best fans in the world. I hope I have done you all proud wearing the shirt and the armband. ‘I want to thank my amazing team-mates, coaches, managers and

backroom staff, who I was honoured to work with and learn from. They all guided me on my way to playing 717 games for the club I love, and it was a privilege to serve them as captain. ‘They also helped me achieve my boyhood dream of playing for and captaining England, of which I am immensely proud. ‘My club career and heart will always belong to Chelsea, but I am grateful for my loan spell at Nottingham Forest in 1999, which was invaluable for my development as a young player. ‘And I also want to say a huge thank you to Aston Villa for giving me the opportunity to play at such a big club and captain it throughout the 2017-18 season. It was a privilege to represent such a renowned football club with great fans. ‘I look forward to the next chapter in my life and the challenges ahead.’

EPL: Arsenal Hammer Fulham for Quadri, Abiodun Lift Fourth Portuguese Cup with Sporting Ninth Straight Win Arsenal manager Unai Emery said Aaron Ramsey is a “very important player” for the club after his goal of the season contender helped the Gunners thrash Fulham 5-1. Elsewhere later yesterday, Riyad Mahrez missed a late penalty as Liverpool and Manchester City fought out a goalless draw at Anfield. A contract offer to Ramsey was withdrawn last month but the Wales midfielder showed his quality when he created and finished a stunning team move to help Arsenal to a ninth straight win in all competitions - their best run since April 2015. “For me it was very important for him to take confidence and take that first goal,” said Emery. “He did not start in the first 11 today but when he was on he scored within a minute and that gives confidence for both him and us. “We are happy because I think this shows the commitment we have in training and the quality

and the understanding of our tactical position. “I think we are in the first competition in the world, and we must keep taking confidence.” Alexandre Lacazette scored two impressive goals before substitute Ramsey added a third and Pierre-Emerick Aubameyang netted twice. Frenchman Lacazette claimed the opening goal of the London derby at Craven Cottage when he spun on Nacho Monreal’s cutback before drilling the ball past Marcus Bettinelli. But Fulham drew level before the break as Luciano Vietto pounced on a loose pass by Monreal to thread the ball through to Andre Schurrle, who chipped over Gunners keeper Bernd Leno. Arsenal were a different side after the interval and Bettinelli called up by England this week - produced the save of the game to keep out a fierce strike from Hector Bellerin, moments before Lacazette added his second - an

early strike from long range which seemed to catch the Fulham keeper by surprise as it nestled in the bottom corner. Ramsey was introduced in the 67th minute - and the Welshman added a third just 39 seconds later as Arsenal moved from left to right with one-touch passing and neat headers, before Aubameyang cut the ball back for Ramsey to flick past Bettinelli. Aubameyang added a fourth when he swivelled on a low cross from Bellerin to side-foot the ball into the far corner, before the Gabon striker rounded off the scoring after a neat low finish to cap a thoroughly entertaining victory in the derby. A sixth consecutive Premier League victory for Arsenal moved Unai Emery’s men up to third in the table, a point behind Manchester City and Liverpool, who meet at Anfield later on Sunday. Fulham remain just above the relegation zone in 17th.

Aruna Quadri and Bode Abiodun were at their best at the weekend as they helped their club, Sporting defeat ADC Ponta do Pargo to win the Portuguese table tennis Super Cup, a fourth title in a row despite the absence of team’s Captain, Joao Monteiro. Having lost their opener in the European Table Tennis Union (ETTU) Champions League away to Borussia Dusseldorf, Sporting’s trio of Aruna Quadri, Diogo Carvalho and Bode Abiodun checkmated ADC Ponta do Pargo to retain the Portuguese Super Cup. Sporting were on the losing side away to Borussia Dusseldorf in the ETTU Champions opener but the Portuguese side lined up Quadri, Diogo Carvalho and Abiodun against ADC Ponta do Pargo in the encounter held at the Municipal Pavilion of Nespereira, in Cinfães.

It was a re-energised Quadri who started the onslaught for Sporting with a 3-1 (7-11, 11-1, 11-9, 11-9) bashing of Énio Mendes, Carvalho increased the lead for Sporting with a convincing 3-1 (9-11, 11-7, 11-8, 11-3) win over Sahed Idowu. Abiodun completed the rout for Sporting with a 3-0 (14-12, 11-5, 11-5) victory over Vítor Amorim. Being the fourth year in a row that Quadri and Abiodun will be lifting the trophy with Sporting and the Lisbon-based team continues to erase their own record having won the title for 13th time more than any team in Portugal. For Quadri, the win serves as a god preparation for this week’s ETTU Champions league tie at home to Czech Republic’s TTC Ostrava. “We are indeed looking forward to the Champions League match on October 11 at home and we hope that this

win will give us the needed motivation to do well against the visiting Czech side. “Despite losing the first match away to the defending champion, we are still hopeful that we can make it from the group but I must also admit that we missed the presence of our captain, Joao Monteiro who is yet to recover from the injury he copped before the start of the European Championships in Alicante, Spain. I am confidence that we can do well against the visitors when we clash this week in Lisbon,” Quadri said. Sitting at the bottom of Group A of the Champions League, which has defending champion – Germany’s Borussia Dusseldorf and former champion, France’s AS Pontoise Cergy, Sporting hopes to rediscover their form which saw them making it to the semifinal in their maiden outing in the lucrative league.

Lagos SWAN Honours Akinwunmi The Sports Writers’ Association of Nigeria, Lagos Chapter on Thursday honoured the 1st Vice President, Nigeria Football Federation, Seyi Akinwunmi on his re-election to the Glass House. Speaking at the epochmaking event held at the Lagos SWAN Secretariat, SWAN boss, Mr Debo Oshundun said the ceremony was aimed to honour and also to encourage Akinwunmi to sustain his efforts at changing the face of football in Nigeria. His words: “Barrister Akinwunmi is a man of many parts. He is a lover of children and has done so much to help Nigerian kids to realize their dreams. Though, he has not looked in this regard but we thought it wise to honour one of own in order for him to do more.

“Barrister has been a good ambassador of the state and it important to give honour to whom it is due. So, however on behalf of the most vibrant chapter of sport writing, the Lagos SWAN, we want appreciate you for all your good deeds for Nigerian football,” In his response, Akinwunmi thanked the Lagos SWAN executives led by Oshundun and the entire members of the association for the honour, said aiding Nigerian children was not aimed at getting commendations but to give the kids a future. “I was really shocked when the Lagos SWAN chairman informed me about this award. At first, I never thought it was going to be this big until Oshundun told me yesterday (Wednesday) to invite some of my friends.”

Ikeja Electric athletes and officials celebrating emerging champions of the 2018 Saharalympics competition organized by the Sahara Group for its staff from its various locations in Africa, Asia, Middle East and Europe at the Campos Mini Stadium, Lagos Island…recently

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Monday, October 8, 2018

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Price: N250

MISSILE Fagbenro-Byron to Buhari

“Buhari is going after corrupt individuals. It is typical of individuals who have very small knowledge on institutional causes. To fight corruption, you need to make the system works better. The father of corruption is impunity” – IKOWA Party presidential candidate, Sina Fagbenro-Byron, berating the President on his corruption fight, while challenging him and other presidential candidates for a debate on governance

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Beyond The Agricultural Value Chain In Nigeria

I

was privileged to give the dinner speech at the 59th Annual Conference of the Nigerian Economic Society in Abuja on September 27, 2018. I have taken the liberty to share excerpts of my presentation. The full paper is available on my website, www.alexotti.com The challenges of agriculture in Nigeria are not just about the problems of the macro and micro economy but also the misdirection of public policy. All too often, agriculture and farming are used interchangeably leading to a simplistic interpretation of the sector’s difficulties. This error is more than just a casual misuse of two words or a misapplication of concepts but a major cause of policy confusion. While farming is the act of planting seeds and growing food and cash crops or providing animal protein, agriculture on the other hand is the whole ecosystem of human economic interaction by which food and farm crops enter into a production system in exchange for monetary value. Agriculture, therefore, refers to a value chain that ultimately results in the exchange of money for produce and the subsequent impact of this exchange on the various economic agents involved in the production process. Not seeing agriculture from a perspective of wider economic and political interactions that lead to the exchange of value leads to faulty public policies that emerge from misdirected or inappropriate trends of thought.

Overview

The Nigerian population is presently growing at a thunderous 3% per annum. This means that the population would double in roughly twenty years from now, resulting in a population of about 350million people. The magnitude of the population growth will perhaps be of less significance than its direction and composition. The country’s population growth rate will make it the third most populous nation on the planet in a mere two and a half decades. This huge population must be fed; therefore suppliers of food items are strategically positioned to create product supply chains that have exponential potential for growth.While micro agricultural production has its uses as a social signaling mechanism, its effectiveness as a strategy to enhance national food production is dubious. Going forward, agriculture would require a relatively small group of farmers applying advanced farming techniques and technology to improve yield per hectare of arable land. The government’s current perspective of throwing more people into the sector is neither sustainable nor strategically sound; and indeed, it could be self-defeating. The more labour that is committed to fixed farm lands, the lower the marginal productivity per worker and the smaller the incomes per farm hands employed, thereby discouraging further labour supply. In the fullness of time, we will realize that what is needed to avert a full blown food crisis is a dedicated community of large scale farmers investing huge amounts of money in improved seed varieties and processing technology that increases yield per land cultivated. The local agricultural value chain needs to be stretched to include semi processed goods and advanced storage facilities and improved preservation techniques to even out the supply uncertainties associated with weather and other unpredictable processing conditions. While primary commodities have not done too well in global markets as prices continue to tumble, declining foreign exchange rates have prompted rising international demand for agricultural produce and could yield stronger incomes in the years ahead. Companies such as Okomu Oil and Presco (with a 16,900 hectare plantation) that produce Oil palm products for the local market (but export about 5% of its output) have seen sales rise by as much as 60% from the second quarter of 2016. Okomu’s profit before tax stood at N11.1b as at December 31, 2017 as against N5.9b in 2016. Similarly, Presco,

Minister of Agriculture, Audu Ogbeh improved its profit after tax from N21.7b in 2016 to N25.4b in 2017. Contemporary figures show that Nigeria’s agricultural sector over the last four years has experienced rising growth but within a declining band. For example, the agricultural sector grew by 3% in the first quarter of 2018 but dropped to 1.5% by the second quarter of the year. Indeed, heading into 2018 the agricultural sector made up over N550 billion of GDP but this has since fallen to about N355 billion by the first half of 2018. This is of major concern when it is realized that between 2009 and 2017 the government through the CBN’s Commercial Agricultural Credit Scheme (CACS) spent a thumping N551.18 billion (for 547 projects) without sustained growth. In 2017 alone, the government made provisions for N200billion in CACS of which N155billion had already been disbursed by February 2018. Poor agricultural performance relative to large fiscal outlays year-on-year reinforces the notion in business circles that subsidized lending to small scale and unstructured agricultural operations is inept, ineffective and grossly wasteful. The agricultural sector has remained primarily subsistence and this has limited growth opportunities. If Nigeria is to advance in agriculture and be a significant influence on the global stage, it must be prepared to nurture larger farm holdings with increased application of technology. While micro, small, medium-sized entities (MSMSE’s) will not disappear, it is, however, important to canvass the argument that a more efficient structure in the agricultural sector would be to have these smaller entities serve as out croppers to larger businesses. The larger farmer would secure bigger demand through access to larger markets, which feeds through the sectoral value chain by having these more efficient economic agents serve as off takers to smaller farm producers. The larger producer would be responsible for price discovery at a more competitive global rate, take charge of storage costs and provide some form of crop insurance by way of agreed forward pricing. This would indeed make agricultural financing more attractive to banks and other non-bank financiers, who would charge lower rates for safer agricultural risk assets. The agricultural ecosystem would be bootstrapped towards greater efficiency and effectiveness through larger operators buying up commodities from smaller farming entities. If these larger entities could be supported with storage facilities and an efficient domestic commodity market then agriculture as a proportion of GDP would be significantly higher than the recent 22% down from 36% in 2009 and 37% in 2008. Between 2014 and 2017 average contribution to GDP was in the region of 21% with a variance of 7.8%, notably in 2016 the contribution fell to a ten year low of 18.2% despite huge amounts of money channeled into the sector by way of Central Bank of Nigeria (CBN) preferred lending schemes.

The current system of funding small scale farming through single digit interest rate loans in an environment of double digit inflation (currently put at 11.26%) is a clear instance of economic subsidy for an activity in which the social and economic cost, can be considerably high. The fact that poor farmers are given loans at subsidized rates suggests that the government is subsidizing the most inefficient operators in the sector, who in turn, given the fact that they have access to cheap loans continue to operate at subsistence and inefficient levels of production with a high tendency to default on agreed repayment schedules. Larger farm holders, on the other hand, with more efficient operations are likely to face the ordeal of wringing out loans from the clamped fists of bankers who are more favourably disposed to risk- free lending to the federal government at coupon rates of between 12% and 14% per annum. Discrimination against bigger farmers discourages such operators from expansion and the application of increasingly advanced technology in the farmyard production process while at the same time encouraging smallholders to remain pint-sized and risky. The dilemma creates challenges that could be avoided if government’s fiscal policy sees beyond subsistence farming to a broader agric culture that deliberately links farmers together in a social arrangement that makes everybody better off.

Problems, Solutions and Prospects

The local agricultural sector is beset with a myriad of problems; the principal ones include, but are not limited to, Small and fractionalized land ownership, Poor yield per hectare, Poor farmer education and training, Poor seed variety, Poor storage capacity, poor transportation infrastructure, increasing rural-urban migration, Poor access to finance, Limited knowledge or use of emerging technology, Poor marketing, sales and distribution systems and Weak value chain development There are specific solutions to the problems enumerated above but the following are broader solutions with more radical outcomes: We believe agriculture as a means of promoting growth and development is overrated. Indeed, what spurred Europe and America out of a Malthusian population trap was not necessarily growth in agriculture, but improvement in technology and the rearrangement of agricultural management and ownership. The policy of encouraging more people into agriculture creates a situation where marginal productivity of labour and land declines The huge growth in Nigeria’s population prompts more than passing concern about economic and social sustainability. Nigeria’s population is estimated to be a motley 198 million people. If Nigeria does not ramp up the application of technology to agricultural production it will most certainly end up a basket case of economic and social failure. Rising population on the back of subsistence agricultural production is a surefire prescription for chaos. While we may believe that it is politically correct to pour truck loads of cash into rural agricultural practices and create a semblance of employment generation, the bitter truth is that the whole agricultural value chain needs to be overhauled. A number of actions need to be taken immediately: i) Farmers need to be organized into larger production units and large scale farmers need to be supported in acquiring heavy duty agricultural implements to improve output per hectare of land. Small farm holders will not be eliminated (this would amount to economic genocide!) but they will be expected to enter into a supply chain arrangement with larger farmers who would support them with finance, improved variety seedlings and extension support services ii)Agricultural storage needs to be given greater priority with government entering into a private

public partnership in building food storage silos iii)A commodity exchange needs to be created and made to effectively price farm goods forward. This allows for a more efficient pricing of agricultural products by allowing for a more resilient and reliable price discovery mechanism. iv)The wide gaps in agricultural production, processing, distribution and sales need to be filled. This can only be achieved if farmers are seen as only part of a more intricate process of agricultural development. The narrow perspective of agriculture as just farming has limited the sector’s ability of growing at a much faster pace. Here is an example of this change: Ghana is the largest exporter of cassava in the world but Nigeria is the largest producer, a fact that clearly shows that Nigeria has failed to take full advantage of its primary production by translating it into exportable products. This is basically a failure of policy. v)If Nigeria must grow its agricultural GDP in a meaningful way it must adopt a more strategic and long-term approach to the sector. What is needed is a structural transformation, which implies a root and branch reform. This would mean supporting complex production chains in the sector in commodities in which the country has some relative (or perhaps absolute) competitive advantage. Nigeria has immense prospects in turning the agricultural sector into the country’s major foreign exchange earner. The challenge is a framework that develops the value chain in a manner that allows the country sell agricultural produce at a quality and price the world sees as competitive.

Conclusion

It is my opinion that if Nigeria’s agricultural value chain at different levels must be made to serve the overriding best interest of the nation, the governance ethos of the country has to be reviewed to make agricultural production, storage, distribution and trade more efficient and effective. We must be prepared to make radical changes to the way the country and the agricultural sector is managed. Without this, we will ultimately find out that while we quibble about narrow political interests, the rest of the world will move on, leaving us to be global hewers of wood and drawers of water. Obviously, a bright new world has emerged and is accelerating rapidly. It is the world of Artificial Intelligence (AI), Large Data processing, Cyber-connectivity, Intelligent Engineering and Robotics. This development is not about tradable tradition but about the application of superior intellect to the evolving realities of a changing world. It is a poignant irony that while the rest of the world is safely engaged in these processes, our country is still locked in the conundrum of the struggle to achieve the most basic of human needs – food, clothing and shelter. The agricultural revolution took place in Europe hundreds of years ago. Meanwhile in Nigeria, we are still learning the basics. We must reinvent our society in order to manage our processes more effectively to serve our country and people better. Defining Agriculture effectively and leveraging on its multiple value chain can only be achieved sustainably within the context of a reformed and restructured Nigeria, with an over hauled national value system. A rebased value system which is underpinned by responsible and responsive leadership, that locates service to the people as the central purpose of leadership is what is required at this time. Some people, might be tempted to belittle the compelling urgency of this imperative. But, let me say, with every due respect, such people are wrong and their position, incurably defective. The truth is that Nigeria no longer has the luxury of time to keep making mistakes. The exploding demographic situation and dynamic complexities of the new world order, make it compulsory for Nigeria to either get her acts together or pay a steep price.

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