MONDAY 22ND OCTOBER 2019

FG, Oil Companies to Negotiate Arrears of PSC Obligations Ijaw youths hail Dickson, others over S’Court decision Davidson Iriekpen in Lagos and Emmanuel Addeh in Yenagoa The federal government and

international oil companies operating in the country are to calculate and negotiate arrears of contractual obligations to the latter and the benefitting

states, arising from last week’s decision of the Supreme Court over the sharing of crude oil proceeds whenever its price is above $20 per barrel, THISDAY

has learnt.

THISDAY has also gathered that the federal government opted for an out-of-court settlement in the suit filed

by three oil-producing states in the Niger Delta, on the interpretation of Section 16(1) of the Deep Offshore and Inland Basin PSC Act, because it knew

it had a bad case.

The Supreme Court in a landmark judgment last Continued on page 8

DMO: FG Resorted to Eurobond to Access Limitless Funds … Page 10 Monday 22 October, 2018 Vol 23. No 8587. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

UT H

& RE A S O

N

ENUGU 25°C-28°C

KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

Oshiomhole Fights Back, Says He Won’t Succumb to Antics of Critics APC govs storm Abuja tomorrow, collect signatures to remove party chairman

Onyebuchi Ezigbo in Abuja The National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomhole, has hit back at governors of the party that are reported to be moving against him, saying he would not succumb to their antics and impunity.

He said contrary to insinuations by some of them

and their allying stakeholders that he was out to liquidate the party, his mission was to galvanise the APC into a disciplined and cohesive platform ready to clinch victory at next year's general elections.

Oshiomhole’s fight back coincides with the intensification of efforts by governors to remove Continued on page 10

Labour to Embark on Indefinite Strike over Minimum Wage To hold nationwide mourning tomorrow Onyebuchi Ezigbo in Abuja The crisis over workers’ agitation for new national minimum wage has taken a new dimension with the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) threatening

to commence a nationwide strike from November 6, if the federal government fails to meet their demands.

Both the federal and state governments have said they are willing to negotiate a new Continued on page 8

Ex-CJN Kutigi Dies, Buhari, Atiku, Saraki, Others Mourn … Page 8

ROYAL SPLENDOUR… Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III (left), and Oba of Benin, Omo N’Oba N’Edo Uku Akpolokpolo, Eware II, during the second year anniversary of the Benin monarch’s coronation in Benin-City…yesterday

2

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

3

4

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

5

6

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

7

8

MONDAY, ͺͺ˜ ͺ͸͹΀ ˾ T H I S D AY

PAGE EIGHT

Ex-CJN Kutigi Dies, Buhari, Atiku, Saraki, Others Mourn Judiciary declares seven-day mourning

Omololu Ogunmade, Adedayo Akinwale in Abuja and Laleye Dipo in Minna

Former Chief Justice of Nigeria (CJN), Justice Idris Legbo Kutigi, yesterday died in a London hospital after a brief illness, his eldest son, Sani Kutigi has confirmed.

Sani confirmed the death in a telephone interview with THISDAY in Minna.

The late former CJN was 78 years old and left behind 18 children and over 40 grandchildren.

“We are making arrangements

to transport our father back for burial,” he said.

Sani, a former member of the House of Representatives, told THISDAY on phone from London, "We gave him the best medical treatment available but you know he was old so his time was up and he has to go.”

He said the exact date for the burial of the late jurist could not be immediately known because of the protocol involved with the movement of his remains.

Among those who expressed sadness over the demise of the former CJN yesterday were President Muhammadu

Buhari; former military president, General Ibrahim Babangida; former Vice President, Alhaji Atiku Abubakar; Senate President Bukola Saraki and a host of others.

Justice Kutigi was born on December 31, 1939 in Kutigi, Lavun Local Government Area of Niger State.

He began his early education in the town and later had his secondary education in Bida and Barewa College in Zaria.

He also graduated from Ahmadu Bello University, Zaria, after which he left for England, where he studied at the

School of Oriental and African Studies, University of London and Gibson and Weldon, before returning to attend the Nigerian Law School in Lagos.

Justice Kutigi served as the Attorney General and Commissioner for Justice in Niger State until 1976, when he was appointed high court judge.

He was on the bench in Niger for more than 10 years before his appointment as a judge of the Supreme Court in 1992.

After 10 years at the Supreme Court, based on the recommendation of the National

Judicial Council (NJC), former President Olusegun Obasanjo appointed him to the position of Chief Justice to succeed Justice Salihu Alfa Belgore, who retired on January 17, 2007.

He retired on December 30, 2009 and did the unusual by swearing in his successor, Justice Aloysius Iyorgyer Katsina-Alu, who died in July.

He did so because President Umaru Musa Yar’Adua was not in the country at the time, due to ill-health.

Many of those who knew him said the late CJN would be remembered for his high

sense of integrity, incisive judgments, reform-mindedness and immense contributions to national development.

After retirement, he was made the Chairman of the Constitutional Conference set up by the President Goodluck Jonathan administration in 2014.

a kill with the judgment, the federal government remains the major beneficiary of the ruling.

He contended that when oil price exceeded $20 per barrel, the successive ministers of petroleum failed to activate this agreement due to corruption and complicity of officials of government.

According to him, “The agreement was that when oil price exceeds $20 per barrel, the proceeds that will accrue to the federation shall be adjusted upwards. The law was made in 1993 and the language is ‘shall’ which means that it is compulsory. Since then, oil price has exceeded $100 per barrel but the ministers of petroleum never ever adjusted upwards the revenue that is due to the federal government under the PSC they executed with the oil companies. The oil companies failed to remit what they are supposed to remit due to corruption and complicity of some officials.

“If they had adjusted the revenue upwards, the 13 per cent derivation payable to the oil-producing states would have increased six times and the money to be shared by the federal, states and local governments would also have increased three times. So, the federal government and all the states were also short-changed.”

Another senior advocate, Chief Mike Ozekhome, called on the agencies in charge of federation accounts, including the Accountant General of the Federation, Minister of Finance, Minister of Petroleum Resources to calculate the arrears accruing

to the states and pay them accordingly.

Ozekhome who was one of the counsel to the plaintiffs, advised that the agencies should sit down with the lawyers of the plaintiffs and calculate how much the three states were supposed to receive at various times since 1993.

He equally advised the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to ensure that every aspect of the judgment is obeyed and implemented since it is the highest court in the country.

Buhari Condoles with the Family President Muhammadu Buhari yesterday condoled Continued on page 10

FG, OIL COMPANIES TO NEGOTIATE ARREARS OF PSC OBLIGATIONS Wednesday, had ordered the federal government to adjust its share of proceeds from the sale of crude oil whenever the price exceeds $20 per barrel.

The order, which was made in a ruling in a suit filed by the Attorneys-General of Rivers, Bayelsa and Akwa Ibom States, was a fallout of the terms of settlement between the Attorney General of the Federation (AGF) and the plaintiffs.

The seven-man panel of the apex court, which included the Chief Justice of Nigeria, Justice Walter Onnoghen, in a unanimous ruling, ordered that the 13 per cent derivation that is due to the oil producing states be paid upon recovery, in accordance with Section 162 of the 1999 Constitution (as amended).

The plaintiffs, the AttorneysGeneral of Akwa Ibom State, Mr Uwemedimo Nwoko; Bayelsa State, Mr. Wodu Kemasukde; and the Rivers State, Emmanuel Aguma (SAN), now deceased, had in November 2017 approached the court for an interpretation of Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contract Act in suit number SC964/2016 filed on their behalf by Mr. Lucius Nwosu (SAN).

The section requires the federal government to adjust the shares of the revenue accruable to the federation whenever the price of crude oil exceeds $20 per barrel.

The plaintiffs asked the court to determine whether there is a statutory obligation

imposed on the federal government pursuant to the section to adjust the share of the federal government in the additional revenue accruing under the various productions at any time the price of crude oil exceeds $20 per barrel.

However, the apex court in its ruling read by Justice John Inyang Okoro adopted the terms of amicable settlement between the AGF and the Attorneys-General of Rivers, Bayelsa and Akwa Ibom States as its judgment in the matter.

According to the terms of settlement signed by the three states and the AGF, the cost of recovery shall be netted off and payable from the gross recovered sum from time to time, prior to placement of net recoveries in the Federation Account.

But speaking to THISDAY yesterday, the lead counsel to the three states, Mr. Lucius Nwosu (SAN), said the settlement out-of-court was arrived at when the defendants knew that they would lose the case. They, therefore, opted to cut short the time to be wasted in the court.

He said, "The settlement out of court was invoked because when there is a dispute between the state governments and the federal government, it goes to the Supreme Court in its original jurisdiction, which will now sit as a trial court, no longer as an appellate court.

"And the rule is that if the defendants perceive that the case in court is true and correct,

he is at liberty, rather than go through the pain of defeat, to agree to settle out-of-court and pay whatever is required. And that is like seeing the truth and admitting it to be correct. That was how the settlement out of court came about. "When they looked at the case, they saw that it was straightforward."

The terms set by the apex court, he said, was for the parties to set up a committee to within a period of time, sit down and calculate the backlog of unpaid contractual obligations to the federal government and the benefitting states. He explained, "The terms are that they are going to put machinery in motion to go and recalculate and recover what had not been paid. And don't mind what some people are saying that it is in trillions of dollars because even if they are printing American dollars, when will they finish printing $1.4trillion?

"The minister of state said before the press that Nigeria lost $70 billion due to the non-implementation of that law.

"Everything is by negotiation. It is the federal government, not me that will negotiate. But when they were chewing, they should have known that they were taking what wasn't theirs.

"So, they can negotiate it downwards and then be asked to go and sin no more.

Of course, they might not pay once, that will be a killer. But they are very rich overseas.

"Most of the things they do here, if we did it to them, they won't mind asking you to

mortgage your entire country to them and you must sign that mortgage that this country now belongs to them, just like the Chinese are doing in Zambia now."

Nwosu asked the federal government to respect the decision of the Supreme Court, saying that since it is in charge of the coercive instrument of state, it should deploy them to respecting judgment of the highest court of the land.

He equally called on the international oil companies operating in the Niger Delta to obey Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contract Act. On the implication of the judgment, the learned silk disclosed that with the Supreme Court’s decision, more revenues would accrue to federal, states and local government councils across the country as the oil companies would increase remittances to the federation.

According to him, the court’s judgment would also increase the monies that accrue to the oil producing states under the 13 per cent derivation.

He further stated that by the terms of the Deep Offshore and Inland Basin Production Sharing Contract (PSC) signed by the Nigerian National Petroleum Corporation (NNPC) and oil companies in 1993, the revenue that accrues to the federation “shall” be adjusted upwards when oil price exceeds $20 per barrel.”

The SAN noted that contrary to the widely held belief that the Niger Delta states would make

Ijaw Youths Hail Dickson, Others Meanwhile, the Ijaw Youth Council (IYC) Worldwide yesterday hailed Governor Seriake Dickson of Bayelsa State and his colleagues from Rivers and Akwa Ibom States for taking the fight to restore lost revenues accruing to the Niger Delta States to the Supreme Court.

By the victory, the IYC noted that Dickson and his colleagues had risen above the norm in the battle to right the wrongs done to the oil-producing states of the region.

In a statement in Yenagoa, Secretary General of the IYC, Mr. Alfred Kemepado, described the victory as one for all Nigerians and not just the littoral states, which he said had been cheated in terms of sharing of revenues.

The IYC scribe described the 'fraud' of sharing oil revenues to states based on $20 per barrel, even when oil prices increased to about $120 per barrel as 'extremely insincere.'

LABOUR TO EMBARK ON INDEFINITE STRIKE OVER MINIMUM WAGE minimum wage but that the amount must be within what they can reasonably afford.

The federal government went further to labour to accept a proposal of N20,000 as a consensus figure.

But the NLC has accused the federal government of insincerity and mischief, saying that what was agreed on at the negotiations was N30,000.

As a warning shot, NLC said its members would hold nationwide rallies on Tuesday to show the workers’ outrage over the delay in approving a new minimum wage.

In a statement jointly signed by the President of the NLC, Mr. Ayuba Wabba, the President of the TUC, Mr. Bobboi Bala Kaigama, and President of the United Labour Congress (ULC), Mr. Joe Ajaero, the unions said the one day mourning would be

used to sensitise Nigerians on the plight of workers.

The statement said that the rallies would take place in all the states of the federation, including Abuja on Tuesday, October 30.

Labour also said it would hold a Joint Central Working Committee (CWC) meeting of all the Labour Centres in Nigeria on Friday to receive reports and make final preparations for the ultimate engagement with the federal government on the matter.

It said this would be the first time in recent times that such meeting would take place, adding, "This goes a long way to show the seriousness with which Nigerian workers and its leadership hold this matter."

The labour unions warned that if nothing was responsibly done by the federal government to meet their demands by

November 6, they would embark on a nation-wide strike to compel the government to show more sensitivity to the plight of Nigerians.

They said, "We urge all Nigerians and workers not to be discouraged as it has become obvious that this government does not care neither for the workers nor for the citizenry.

“It would always prefer the use of force to silence and subdue our cries of anguish rather than show feelings of brotherhood especially when our strength of logic and argument has overwhelmed their feeble attempts and propaganda. Let us today remember those who deny us and let us collectively demonstrate our position at next year’s polls."

While explaining the events that led to the last nation-wide

strike, which forced the federal government to return to the negotiation table, the unions regretted that renegotiation of a new national minimum wage had been subjected to delays since the expiration of the last one in 2016.

The unions expressed anger that the delays and foot-dragging were pointers that the government was not showing good faith on the new national minimum wage for Nigerian workers.

They accused the federal government of insincerity and of deliberately trying to create confusion and make the negotiations inconclusive as usual.

Labour said it was not true that it proposed N30,000 as the new national minimum wage, adding that was also not true that the committee did not agree on a figure

during its last sitting.

They said, "We accepted N30,000 as a compromise to demonstrate the willingness of Nigerian workers to make sacrifices towards nation building. Anything to the contrary no matter the quantum and character of the din or how well couched it may appear cannot be true.

"We believe that it has become necessary for the Organised Private Sector (OPS) as represented in the Tripartite Committee to speak up on this matter.

Keeping silent in the face of this apparent mischief does our nation no good.

“It can only help mischief, dishonesty and impunity to grow. At this time the OPS does not have any other choice but to rise to the occasion by telling Nigerians what transpired in the meeting," it said.

TOP GAINERS NGN NGN % VITAFOAM 0.13 3.46 9.8 INITIATES 0.05 0.61 8.9 PRESTIGE 0.04 0.56 7.6 LINKAGEASSURE 0.04 0.66 6.4 ACCESSBANK 0.50 8.30 6.4 TOP LOSERS NGN % FORTEOIL 2.05 20.15 9.2 SUNUASSURE 0.02 0.20 9.0 JOHNHOLT 0.04 0.40 9.0 TRANSEXPRESS 0.07 0.71 8.9 SOVREITRUST 0.02 0.21 8.9 HPE Nestle Nig Plc ₦1,400.00 Volume: 212.649 million shares Value: N1.457 billion Deals: 2,386 As at Friday 19 /10/18 See details on Page 35

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

9

10

MONDAY, ͺͺ˜ ͺ͸͹΀ ˾ T H I S D AY

NEWS

DMO: FG Resorted to Eurobond to Access Limitless Funds Obinna Chima The Debt Management Office (DMO) has explained that the federal government opted for Eurobond issuance in its foreign borrowings, instead of cheaper concessional loans from external development institutions, because it needs to access limitless funds.

Speaking in an interview with THISDAY, the Director General, DMO, Ms. Patience Oniha, explained that although concessional loans were cheaper, there was a limited amount of such debts the country could borrow.

The Senate last week approved the federal government’s plan to raise an additional $2.786 billion through Eurobond, to fund the 2018 budget.

The country had last year borrowed over $7 billion from the Eurobond market.

Already, the nation’s total debt stock (federal, FCT and states) had been put at N22.38 trillion ($73.21 billion) as at June 30, 2018.

But Oniha explained, “The concessional loans from the Africa Development Bank, the Islamic Development Bank, China-EXIM, India-EXIM, the German, French and Japanese agencies, are certainly cheaper.

“If you look at our website, you will see a breakdown of the figures, the amount and percentage. They are cheaper and you and I would jump at them because they are soft loans.

“But the reality is that it still has a limit. And institution would access you and tell you the maximum it can lend you.

What if you need more? So, what is the strategy?

“Everything you can take concessional from all of these agencies, take it and if you need beyond that what do you do? You then go and issue Eurobond.

“If concessional loans are limitless, meaning we can access any amount we want, then we won’t go to the Eurobond market or the commercial window as we call it.”

According to her, when Nigeria’s status was moved to a lower middle income country, the international development institutions felt the country had grown and as such stopped lending the country 100 per cent concessional loans.

“For example, if they want to give us $2 billion over three years, it means they would

spread it over three years and $1 billion would be concessional and the other $1 billion would be commercial. So, even that reclassification affected how much of concessional loans we could get,” she added.

The DMO boss insisted that the spike in the level of public debt in the past three years was as a result of the 50 per cent drop in government’s revenue occasioned by the slump in crude oil price, naira depreciation as well as the recession the economy went into in 2016.

“When you slipped into a recession, your revenue is only 50 per cent because all we have always had was oil revenue. So, that meant that the government needed to spend more in order to stimulate the economy, which is a function

of government irrespective of whether they are capitalist, communist or socialist.

“So, what I am saying essentially was that the deficit in the budget was bigger because revenues had dropped and secondly because government had to spend more money.

“And I think one of the things we shouldn’t forget is that the wages and personnel costs are fixed. So, if you match only your revenue to personnel cost for instance, you won’t be able to pay salaries.

“And the government took a wise decision that in a period of recession, they would not downsize to reduce the wage bill. So, that wage bill is fixed and your revenues couldn’t have sustained it, especially when the oil prices fell below $30 per barrel.”

In addition, she pointed out that in the past three years, in line with the DMO’s debt management strategy, the focus has been on achieving a 40 per cent target for foreign borrowing. “So, the debt management strategy the DMO has always had, one of the objectives is that the issue of domestic to external debts should be 60-40 per cent. So, we started borrowing externally.

“That strategy is what explains why you saw more external borrowing. The idea was to work towards that 40 per cent that we said we wanted to achieve to reduce debt service cost.

So, instead of borrowing domestic at 18 per cent from the domestic market, we started borrowing at eighth per cent externally,” she added.

the APC’s candidate in next year's governorship election due to the failure of his favoured candidate to pick the ticket, the APC Spokesman said it was mere speculation.

"The statement was allegedly released by his commissioner, not by him. Even if it was by him, it is still within what politics allows. The governor has a right to express his interest and as a leader in APC where there are issues, it can be resolved through the party mechanism and I am sure that the party will do that, there is nothing to worry about in this regard," he said.

However, it was learnt that the party employed tact in the handling of the matters that arose from the primaries, especially in the states where there were legal matters.

As part of the strategies to prevent possible backlash from the outcome of the primary election, the party had kept the list of candidates it submitted to INEC secret.

A source said the leadership of the party had to rally its legal team to advise it on the steps to be taken in dealing with the primary election crisis.

Apart from Zamfara, other states where the APC may have employed the consensus option include, Rivers, Cross River, Adamawa, Niger, Imo and Nasarawa.

In the case of Zamfara State, the source told THISDAY that the party relied on legal advice by the spokesman of the Muhammadu Buhari Campaign Organisation, Mr. Festus Keyamo (SAN), who was asked to draft a reply to the INEC's letter.

THISDAY gathered that what APC did to meet the INEC deadline had opened up a new crisis pitting the leadership against aggrieved aspirants and vested interests who felt short-changed.

Aggrieved aspirants have continued to storm the national secretariat of the APC with their supporters to vent their anger.

OSHIOMHOLE FIGHTS BACK, SAYS HE WON’T SUCCUMB TO ANTICS OF CRITICS him from office. THISDAY learnt last night that 15 of 21 governors of the party, being coordinated by one of them from the South-west, are collecting signatures to force a National Executive Committee (NEC) meeting that would unseat the national chairman.

The governors, multiple sources told THISDAY, would be converging on Abuja tomorrow to finalise their objective.

The party has also explained that it opted for consensus and made some hard choices in a desperate bid to meet the October 18 deadline set for submission of its candidates’ list for elections into the National Assembly.

In a statement yesterday by his Chief Press Secretary, Mr. Simon Ebegbulem, the APC national chairman said while the party would not surrender its functions, which are constitutionally circumscribed, to any other entities, it would always reach out to divergent tendencies and mediate the disparate political camps in the interest of party cohesion.

According to Oshiomhole, stakeholders should be assured that the party is in safe hands as it marches, sure-footedly, to victory in the 2019 general election.

In an apparent response to criticisms coming from some governors elected on APC's platform, Oshiomhole vowed that only the party, and not pseudo political empires in the states, had the power to superintend the primary elections for the nomination of its candidates in the general election.

He said, "To be clear, Oshiomhole did not become national chairman of the governing party to bring it down a notch from the pedestal of its 2015 electoral victory let alone to preside over its liquidation.

“Rather, his single-minded goal, from the outset of his declaration of interest in the position, was to deploy his capacity in helping to strengthen and reposition the party as a truly supreme and disciplined political entity.”

Oshiomhole who blamed those he referred to as "conservative elements" for spearheading a plot to pass a vote of no confidence against him, said their main grouse was his insistence on party supremacy and discipline.

He noted that before his emergence as chairman, the party was wallowing in impunity and

disrespect to laid down rules.

He said he knew from the onset that those who supported the status quo that he supplanted would not cave in easily but will fight back.

According to him, "Although, it might appear fortuitous to some persons that he became national chairman at the threshold of the 2019 general election, the truth is that there is no accident in predestination.

"We must appreciate the fact that it has pleased the Almighty God to place him in the saddle of APC-led leadership at this time for a purpose.”

Oshiomhole said the reforms he planned to bring about in the APC had begun to manifest in its vast flourish and ramifications, through instilling discipline, ensuring party supremacy, promoting due process, dealing with impunity and executive arrogance wherever they manifested to undermine intra-party electoral processes in the states.

"Again, we were not, in the least, deluded that the process of rebranding or rewriting the narrative of the four-year old party would be easy.

What we are witnessing in the APC today is Oshiomhole’s adroit management of the strains and pains that accompany the birth of a resuscitated governing party," he said.

Referring to the party's handling of the primary election crises, Oshiomhole said the message was very clear that the party and not pseudo political empires in the states had the power to superintend the primary elections for the nomination of the party’s candidates in the general election.

He said the leadership provided by the party in recent primary elections and the largescale integrity of the processes were developments that should hence serve as exemplars in the administration of parties.

Oshiomhole also responded to criticism by one of the presidential aspirants on the platform of the party, Alhaji Mumakai Unagha, who said the APC could not win under his leadership, describing it as cooked narratives from those who failed to impose their preferred candidates on the party during the nomination process.

He said, "The crime committed by Oshiomhole’s

leadership is its disdain for impunity and circumvention of due process perpetrated in some of the states at the pleasure of some influential stakeholders.

"These influential stakeholders, according to grapevine, have begun to mobilise to pass a no-confidence vote on the leadership of Oshiomhole, having failed to impose their preferred candidates on the party in the nomination process."

He said history would justify his efforts and that posterity would vindicate him as he and other party leaders moved to achieve the re-election of President Muhammadu Buhari in the presidential election scheduled for February 16, 2019.

He urged those who lost out in the party primaries to imbibe the spirit of sportsmanship, bolstered by the fact that his leadership was propelled more by its interest in propriety in which victory for the party could be grounded.

N’Assembly Primary Crisis Resolved by Consensus Meanwhile, the APC has stated that it opted for consensus and made some hard choices in a desperate bid to meet the October 18 deadline set for the submission of candidates’ list for the 2019 elections into the National Assembly.

The ruling party, which was faced with an almost intractable dispute in some of its state chapters over the outcome of the governorship and legislative primary elections, had to lay back the consensus option that appeared politically correct at the time.

The APC's National Publicity Secretary, Mallam Lanre Isa-Onilu, who spoke with THISDAY yesterday, explained that the party adopted consensus to resolve issues where there were dispute.

"In many cases where we had issues with our primary elections, and did not rely on the outcome of such primaries, we went through the process of consensus. That was replicated in many places,” he said.

“For the Zamfara State primary election crisis, he said that the party had to choose between the available options of direct, indirect and consensus to resolve the logjam.

According to the party’s spokesman, "No it is not about

resolution, the position of the party remains the same, that there was a primary election in Zamfara State. We mentioned the venue and the date.

“The issue is that there were crisis, even the INEC guidelines provide for the resolution of such crisis. It happened in other states, including other parties which also had issues with their primaries.”

He said there was no particular issue in Zamfara State, to warrant the special attention being given it.

He said there was primary election in Zamfara but the fact that the Independent National Electoral Commission (INEC) wrote that there were no primary election in the state stirred up issues.

"We have submitted names of candidates for the legislative seats in Zamfara State and for all other states," he maintained.

On the reported case where the Governor of Ogun State, Senator Ibikunle Amosun, threatened not to support

EX-CJN KUTIGI DIES, BUHARI, ATIKU, SARAKI, OTHERS MOURN with the family of former CJN, urging all who mourn the late jurist to honour his memory by working for a better and just society.

The president, according to his spokesman, Mr. Femi Adesina, also commiserated with members of the judiciary and legal profession, the government and people of Niger State on the demise of the eminent jurist.

Adesina said the president joined the family, the judiciary and legal profession in mourning the elder statesman whom he said would be long remembered and honoured for his visionary roles and contributions towards building a strong, independent and impartial judiciary, which is sine qua non for democracy to thrive.

IBB: I Received Tutelage under Kutigi Babangida, who said he received tutelage under Justice Kutigi, expressed regrets at the death of the jurist.

"I recall with nostalgia the early tutelage I received under him (Kutigi) at Government College Bida in the late 1950s," he said in a tribute signed on his behalf by his media office in Minna, the Niger State capital.

The former military president said the deceased was "consistently upright and

it was no surprise that he rose to become a very respected judicial officer and ultimately to the highest judicial office in Nigeria."

Similarly, Atiku said Kutigi’s death had robbed the country and the judiciary of one of the best legal minds whose contribution to democracy cannot be easily forgotten.

In a statement yesterday by his Media Aide, Mr. Paul Ibe, in Abuja, the presidential candidate of the Peoples Democratic Party (PDP) said Kutigi was a great justice, who avoided controversy throughout his judicial career, and that his commitment to law and justice and democracy would be remembered for years to come after his death.

On his part, Saraki expressed sadness over the death of Justice Kutigi, and described him as a honourable jurist who spent his life in the service of his country and humanity.

Saraki in a statement by his Special Adviser, Media and Publicity, Yusuph Olaniyonu, in Abuja, stated that the death of the jurist was a colossal loss, particularly coming at a time when his experience, dedication and knowledge were required in the service of the country.

He stated that Justice Kutigi would be remembered for his high sense of integrity, incisive judgments, reform-mindedness

and immense contributions to national development.

Niger State Governor, Alhaji Sani Bello, expressed shock over the demise of Justice Kutigi.

He described his death as a great loss to the country in general and Niger State in particular. In a statement signed by his Chief Press Secretary, Mr. Jibrin Ndace, the governor also eulogised the iconic legal giant, describing his contributions to the development of the justice system in the country "as immeasurable".

The Edo State Governor, Mr. Godwin Obaseki, also joined the mourners, saying the passing of Justice Kutigi was great loss to the nation.

In a statement, Obaseki described Justice Kutigi as a quintessential justice, who served Nigeria meritoriously, contributing his quota to the development of the judiciary and to the Nigerian project in more ways than one.

According to him, "I commiserate with late Justice Kutigi's family over the passing of the justice, whose contribution to Nigeria and his home state, Niger, are as remarkable as they are noble. He embodied the spirit of a true Nigerian, working to advance the rule of law and upholding justice."

Continued on page 50

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

ͯͯ

MONDAY OCTOBER 22, 2018 ˾ T H I S D AY

12

NEWS

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

Power Supply Threatened as DSS Allegedly Aids Seizure of TCN’s Facility

Chineme Okafor and Alex Enumah in Abuja Nationwide electricity supplies may witness another round of disruptions from the transmission end of the loop if an alleged takeover of the fibre optic infrastructure of the Transmission Company of Nigeria (TCN) by a private telecommunication firm-Phase 3, despite a subsisting court order over franchise tussle for the network, is allowed to stay, THISDAY has learnt.

The medium yesterday in Abuja gathered from a petition obtained from the Office of the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, that the operations of the TCN is looking likely to be impaired by a forced takeover of its fibre optic network by Phase 3 Telecom-a concessionaire it is presently in court with for allegedly failing to abide by the terms of a $40 million fibre optic network infrastructure deal they signed in March 2006.

The petition claimed that the Department of State Security (DSS) has helped the telecoms firm to take over and man the TCN’s fibre optic infrastructure against a court order.

It came at a time about 2187.7 megawatts (MW) of electricity could not be supplied to Nigerians on account of constraints specifically from the grid.

When contacted over the matter, the spokesperson of the DSS, Peter Afunanya, promised to get back to our correspondent but he did not respond to the allegation as at press time.

In the petition, the legal representatives of the TCN were reported to have informed the AGF that in the spirit of public private partnership (PPP), the TCN entered into a 15-year concession agreement with Phase 3 for the latter’s use of its fibre optic network infrastructure.

It equally explained that the agreement involved Phase

3 paying a concession fee of $40 million to the federal government through it for the right of access and use of the fibre optic network for the 15-year period, in addition to paying a 2.5 per cent royalty on its gross revenue from its use of the network among other charges.

However, the telecoms firm, TCN told Malami, paid only $3.5 million out of $40 million, and allegedly sub-concessioned the network to a third-party for periods longer than what it agreed with it. Based on these, the TCN said it opted to cancel the agreement, hence the court actions which the DSS reportedly ignored in its alleged connivance with the Phase 3 to gain access and take over its transmission facilities.

According to the petition, the DSS had despite a June 2018 Court of Appeal notice for a stay of execution on interlocutory injunctive orders granted Phase 3 by the High Court of the Federal Capital Territory (FCT) in May 2018, allegedly helped the telecom firm to take over the fibre optic infrastructure in TCN’s transmission substations located in Keffi, Nasarawa State; Suleja in Niger State and Katampe in Abuja.

It suggested the telecoms firm was on the verge of taking over others across the federation.

The three takeovers at the moment, the petition stated, were done on October 8, 2018, with men of the DSS who were reportedly heavily armed, chasing away TCN workers at the substations and equally threatening to shoot and kill any of them who dared to stop Phase 3 from repossessing the concession shelter of TCN’s fibre optics infrastructure.

Already, the TCN in the petition reported that in March 2018 when Phase 3 allegedly created unauthorised access points into its fibre optic networks during the pendency of the suit it instituted against

Jonathan Invites Buhari, Obasanjo, Atiku to His Book Launch Former President, Dr. Goodluck Jonathan, may have made good his promise to share his experience during the 2015 presidential elections with Nigerians as his new book entitled: ‘My Transition Hours’, is billed to be launched next month at the Transcorp Hilton Hotel, Abuja.

Details from the invitations letters being sent to guests by the book presentation committee indicated that President Muhammadu Buhari, Chief Olusegun Obasanjo and the presidential candidate of the Peoples Democratic Party (PDP) Alhaji Atiku Abubakar, are among the dignitaries expected to grace the ceremony where Jonathan will formally unveil the book on November 20, which is coincidentally President Jonathan’s birthday.

President Buhari will be the special guest of honour; Obasanjo will chair the event while Atiku has also been invited

by Jonathan as a special guest.

Other dignitaries invited to participate in the official presentation are the former Chief Justice of Nigeria (CJN), Justice Salihu Alfa Belgore, who will serve as the book reviewer; Gen. Theophilus Y. Danjuma (rtd), will play the role of chief book presenter while Bayelsa State Governor, Seriake Dickson, will be the chief host.

Many African heads of state, former leaders and numerous international personalities are also expected to grace the occasion, including President Alassane Ouattara of Cote d’Ivoire and former Ghanaian President, John Dramani Mahama.

A sample of the invitation letter signed by the Chairman of the Book Presentation Committee, Bashir Yuguda, stated that the book: ‘My Transition Hours’ “gives some insight into the 2015 presidential election and also reflects on some key decisions by the former president while in office.”

it for cancelling the $40 million concession deal, it recorded system collapses around its Olorunsogo and Ikeja West transmission zones. This, by implication, it suggested, meant the national grid was now at the risk of being compromised since it no longer has absolute control of its fibre optic infrastructure.

The fibre optic network, it explained, enables it to monitor and control the operations of the national power grid, especially with regards to the operations of the Supervisory Control and Data Acquisition (SCADA) system which helps it interface with the operators

in the grid.

While TCN was not available to comment on the petition which reportedly sought the intervention and clarification of Malami on alleged claims by the DSS that it was carrying out his (Malami) orders, THISDAY spoke to the Head of Corporate Communications of Phase 3, Morayo Nwabufo, who said the firm was in court with TCN and would not speak on the issues raised.

He said: “Thank you again for your call, and please be informed that there is a subsisting interlocutory injunction issued by FCT

High Court against TCN in this matter, and other court processes are going on in this regard. Phase 3 in honour of the courts is unable to give comments, as this matter is now before competent court of the land.”

Notwithstanding, a daily report of the operations of Nigeria’s electricity sector THISDAY obtained from the Advisory Power Team in the Office of the Vice President, Prof. Yemi Osinbajo, showed that while the country’s power supply witnessed a slight increase last Friday to 4115MW, it however could not supply

almost half of that (3,494MW) to the grid due to constraints which included gas and grid constraints.

The report indicated that grid constraints resulted to 2187.7MW not been generated and supplied, while the balance of 1305.8MW was occasioned by gas constraints-gas not available to generate power.

It noted that 10 gas power plants had issues of poor gas supply, while five of them were completely shut down on account of gas supply shortages.

The total amount of money the sector could not gain on account of these was N1.677 billion.

YOU ARE WELCOME, KABIYESI...

L-R: Alake of Egbaland and Chairman, Ogun State Council of Traditional Rulers, Oba Adedotun Aremu Gbadebo; Governor Ibikunle Amosun of Ogun State, and President Mohammadu Buhari , during the visit of Ogun State Elders to the President, in State House, Abuj…yesterday

Buhari to Visit Seme Border Tomorrow President Muhammadu Buhari and his Republic of Benin counterpart, Patrice Talon, will next Tuesday perform the official handover of the new Economic Community of West African States (ECOWAS) Border Posts at Seme-Krake and Neope-Akanu in Badagry,

Lagos.

In a statement issued yesterday, the Lagos State Government said all necessary arrangements to ensure hitch-free unveiling ceremony had been put in place, while President Buhari would be accompanied to the venue by

the state Governor, Akinwunmi Ambode.

According to the statement, the President would be received at the airport by the governor, while the duo would thereafter proceed to the venue.

“Already, all necessary security and logistic

arrangements have been firmed up by the state government in partnership with relevant federal government agencies.

“To this effect, the state government is soliciting the support and cooperation of the state residents throughout the visit,” the statement stated.

Kaduna Govt Imposes 24-hour Curfew IG deploys special intervention force Alex Enumah in Abuja and John Shiklam in Kaduna The Kaduna State Government yesterday imposed a 24-hour curfew on Kaduna city and its environs to avert breakdown of law and order.

This is coming as the Inspector General of Police (IG), Ibrahim Idris, has deployed a Police Special intervention Force, to be headed by the Assistant Inspector General of Police, Zone 7 Headquarters in charge of Kaduna State, Niger State and the FCT as part of efforts to contain the recent killings and destruction of property in Kasuwar Magani part of the state.

Meanwhile, Fresh violence erupted around 4 p.m yesterday

in Mararaban Rido and Sabon Tasha areas of the city leading to tension and apprehension as residents rushed back from shops, church activities and the markets to their homes.

The streets were empty as motorists and commercial vehicles deserted all major roads within the city.

This is however, as a result of last Thursday’s bloody clashes between Muslims and Christians in Kasuwan Magani community in Kajuru Local Government Area of the state. The state government in a statement by Samuel Aruwan, media aide to Governor Nasir el-Rufai, said a 24 hour curfew has been imposed on the state capital and environs.

According to the Force Public

Relations Officer, DCP Jimoh Moshood, the police would be on ground to enforce the curfew.

“The operations will cover the entire Kasuwar Magani and environs, and other flash/trouble spots in Kaduna State.

“The Police Special Intervention Forces will be working in synergy with the Kaduna State Police Command to ensure that total peace and normalcy are restored and sustained in Kasuwar Magani and environs”, he said.

Moshood added that in other to achieve its objectives the Special Force will be proactive and strict in the enforcement of its mandates, Police standard operations procedures and rules of engagement.

“The Force will ensure the

full enforcement of the curfew imposed on Kasuwar Magani and environs by the Kaduna State Government. The personnel of the Police special Intervention Force will carry out 24-hour surveillance and patrol, stop and search; continuous raids of identified criminal hideouts and black spots, with a view to arrest promptly trouble makers, their sponsors and nip in the bud any further attempt to cause violence and other criminality in the area.

“The deployment of the personnel will equally cover communities, towns, villages, vulnerable points, Government and private infrastructures and facilities in Kasuwar Magani, Kajuru Local Government Area (LGA) and environs”, he added.

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

ͯͱ

14

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

COMMENT

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

DATA PROTECTION REGIMES IN AFRICA The data protection framework remains largely inadequate, argues Comfort Yakubu

D

ata privacy as explained by Wikipedia ‘’is the relationship between the collection and dissemination of data, technology, the public expectation of privacy and the legal and political issues surrounding them.’’ It explains further that “privacy concerns exist wherever personally identifiable information or other sensitive information is collected, stored, used, and finally destroyed or deleted – in digital form or otherwise. Improper or non-existent disclosure control can be the root cause for privacy issues. After the Facebook Cambridge Analytical scandal, a lot of attention was drawn to data privacy and protection globally, increasing the level of awareness on data privacy issue.

The situation in Africa is a bit different where data protection framework remains inadequate. Kenya, for instance has an estimate of about 8.5 million people using Facebook on a monthly basis, yet has no meaningful data-protection laws.

In sub-Saharan Africa, about 123 million people are estimated to access social networks like Facebook monthly.

However, many Africans have little or no recourse if a data breach occurs because often regulatory safeguards don’t exist. Privacy groups believe African governments are deliberate on this issue because they have vested interest, hence the non-existent laws making it easy to use citizens’ data for their interest.

It is in the light of the above that experts have continuously lamented the danger of lack of adequate data protection, just as they call for reforms.

One of such experts, Tunji Olaopa, stated that “required policies and laws in place to address concerns such as data protection, intellectual property and patent, online security are virtually non-existent�.

Obi Ugochukwu in his reaction to the current legal framework on data privacy legislation noted that the data protection framework in Nigeria remains largely inadequate. The Cambridge Analytica scandal further exposed the dangers of inadequate data privacy legislation, as media reports revealed that Cambridge Analytica and its predecessor, SCL Elections, poten-

THE CAMBRIDGE ANALYTICAL SCANDAL SHOWS HOW MUCH A FOREIGN AGGRESSOR CAN ACHIEVE IN UNDERMINING NATIONAL SECURITY AND SUPPRESSING CITIZENS’ RIGHTS TO VOTE AND INDEPENDENTLY MAKE UP THEIR MINDS ABOUT VARIOUS POLITICAL ISSUES

tially manipulated the 2015 and 2007 Nigerian general elections using the data of Nigerians.

Careless data privacy laws could therefore endanger one of the most important ideals of the modern world democracy. The risks are therefore glaring. Inadequate data privacy legislation poses a plethora of unsavoury risks to individuals, organisations and countries alike.

Another expert, David Oluranti, explained that ‘’Aside Section 37 of the Nigerian Constitution (1999) which provides that “The privacy of citizens, their homes, correspondence, telephone conversations and telegraphic communications is hereby guaranteed and protected,� there is currently not one comprehensive data privacy or personal information protection law in Nigeria that sets out detailed provisions on the protection of the privacy of individuals and citizens.

This calls for the passing of a law dealing specifically with issues of data privacy and the protection of the Nigerian citizen’s private information and details of such required law have been made to the Nigerian legislature.

Industry specific regulations exist which are only applicable to a few limited industries like telecommunications and banking.’’ He added that the National Assembly needs to be proactive in passing an all-encompassing law that covers all aspects of data privacy and information technology. The Cyber Crimes Law currently in place does not address any form of breach of data privacy and all current regulations are confined to the space of particular industries.

The Cambridge analytical scandal shows how much a foreign aggressor can achieve in undermining national security and suppressing citizens’ rights to vote and independently make up their minds about various political issues. Nigeria is yet to pay serious attention to this issue and I fear, it’s only a matter of time we’ll begin to face consequences of this lack of concern.

Africa should as a matter of urgency should take privacy laws seriously to avert unforeseen consequence of poor data privacy legislation.

CBN AND ATM CARD MAINTENANCE CHARGE Boniface Chizea argues for a revisit of the entire tari structure

T

he Senate since its resumption from its long recess has assumed an unusual activist posture. It is as if the National Assembly, feeling guilty of the accusation that it is delinquent of its responsibilities, is on a mission to make amends and with the possibility of returning some shine to its reputation. And sure the people are deserving of this show of remorse as this eighth Senate has been assailed and its performance stunted due to the problems surrounding it, arising from the contestations regarding the selection of its principal officers to the attempt by political authorities to effect a change to the drama which arose from the attempt to embarrass its principal officers through arraignment before the Code of Conduct Tribunal to the accusation arising from the ownership of properties across the globe to rabid cross carpeting in a manner as to leave one asking the inevitable question regarding what drives political affiliations. And therefore these flurry of activities have since resulted into a number of bills being passed. But as the citizenry was struggling to catch its breath, news filtered out following the Senate session held on Wednesday, October 17, 2018 that the Senate has called on the Central Bank of Nigeria to suspend ATM maintenance charge.

In making this demand the Senate adopted a populist posture as the Senate leader, Senator Bala Ibn Na’ Allah intoned during discussions that, “It would not be out of place to institute a committee that will call on the CBN to tell us what these charges are about; the Senate should abolish charges if they can’t be verified�.

It is going to be interesting to gauge the reaction of CBN to this directive emanating from the Senate considering the fact that even though the National Assembly occupies a strategic, central and important position in the affairs of the country as a

recognised independent tier of government, the central bank does not report to it.

One should have thought that the Senate Committee on banking, insurance and other financial institutions was given a mandate to dialogue with the CBN to voice reservations about this particular charge requesting to be better enlightened.

But one will be running away from reality to claim not to have heard about this particular charge being criticised for want of obvious appreciation of what it is all about. But no doubt the central bank that has responsibility for the issuance of the approved tariff must have been sold on the rationale of this charge before it allowed it.

My take on this matter without any insider information is that what is the problem here might be the way the charge has been designated. The other fee which one has heard complaints often about is the charge which is imposed if you used third party ATM machines for transactions on more than three occasions in one month. So there is the need to seize this opportunity for a holistic revisit of the tariff structure to ensure that they could be defended as and when they are inevitably challenged.

The inevitable feeling which one is left with as this matter is being discussed is the need to reboot the image of the banks in the country. This image problem arises from the fact that the banks would seem to declare fat profits year- in -year out and yet the quality of their services as far as the banking public is concerned leaves much to be desired. From accusations made, the banks are not up and doing with regard to the need for them to deliberately embark on patriotic developmental roles. Banks are particularly accused of growing their loan book not caring about the real sectors of industry, manufacturing, agriculture and mining but are rather short term in their orientation being overly focused on the profit motive as they concentrate majorly

on trade finance and engage in other fee income generating lines of business.

Social media in replete of accounts of banks in other climes showing how some very prominent and successful businesses could not have been nurtured if the banks adopted the usual traditional approach of collateral based credit extension. But in defence of the banks it must be stated here that they are not allowed to book non collateral credits in an attempt to checkmate recklessness in lending which could undermine the stability of the financial sector. It is also correct, speaking for the banks to observe that the quality of service offered have considerably improved as the banks aggressively embraced technology to give a shot in the arm to the quality of the service they offer.

But it is obvious that the profits which banks have declared as often reported have generated some feeling of envy amongst a generality of the population. Hear Senator Emmanuel Bwacha: “Banks declare profits and you wonder where these profits are coming from. It is the sweat of the common man. Let us come up with a law that puts banks on their toes.� So we must ask ourselves if that is the correct mindset.

Would we prefer that the banks are making losses with their capital base eroded through loan loss resulting in instability of the financial system? It is good business management to make a profit; that is why investors bring their money. It is this profit that guarantees returns on invested capital, facilitates the growth of capital, sustains employment levels, makes the capital market active and robust and enables the banks to make returns to the treasury through the payment of due taxes and ultimately redound to grow the national economy. But we must admit here that what is of prime consideration is the need to operate with a win-win mindset ensuring that value is given to bank customers

and that no stakeholder is for any reasons short-changed.

It was clear that in the thinking of the Senate the CBN would seem to be overly protective of the interest of the banks at the expense of the customers. The resolution included the fact of the need to invite the Governor of the Central Bank to attend to explain why bank charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the bank. The Senate also in the same breadth invited the Consumer Protection Council to look into customer complaints. Yes it is correct to observe that the CBN as should be expected is primarily concerned with its immediate constituency, the banking sector. But it is also in the enlightened self-interest of all concerned that customers get good value for their money and thereby attracted to the banking sector so as to deepen the financial sector through enhanced financial inclusion which circumscribes the effectiveness of CBN policies. This explains why the CBN has a robust department whose sole responsibility is consumer protection through whose auspices many aggrieved customers have obtained satisfaction resulting often in refunds by banks to the customer where it was established that customers have been short-changed.

Therefore the CBN sees it as part of the requirement for a robust financial system the satisfaction of customers as they relate with the banks and therefore cannot be seen to be deliberately wanting to shortchange the customer in favour of the banks as no interest will be served by doing so. So the dialogue is welcome as we are assured that at the end the only possible outcome will to reassure all concerned and to catalyse an improvement of the banking system.

Dr. Chizea wrote from Lagos

15

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

EDITORIAL

HAUWA LIMAN AND OTHER CAPTIVES The government should do whatever it takes to bring the captives back home

T

he fate of the kidnapped Dapchi school girl, Leah Sharibu and the detained humanitarian aid worker, Alice Loksha has become worrisome following last Monday’s execution of Ms Hauwa Liman by the Islamic State West African Province (ISWAP). While we commiserate with the family of Liman who died in the course of serving the most vulnerable of our society, the pressure is now on the federal government to ensure that no harm befalls the remaining captives who have been declared slaves by the brutal insurgents.

It is good that President Muhammadu Buhari has reassured the parents of Sharibu and Loksha that no efforts would be spared to secure their release and bring them back home. But what the situation demands is concrete action, not empty words. Without their return and that of several other women in Boko Haram captivTHE FEDERAL ity, including the Chibok schoolgirls, GOVERNMENT MUST DEPLOY ALL NECESSARY the promise of the constitution that the RESOURCES, EQUIPMENT, welfare of Nigerians shall be the INTELLIGENCE AND primary purpose WHATEVER ELSE IT of government will WOULD TAKE TO FIND continue to ring hollow. Despite AND BRING THE GIRLS repeated promises, BACK HOME options for rescuing the women are very unclear in the face of ransom demands by the insurgents.

The current saga started on March 1 this year when three medical aid workers were abducted by ISWAP militants after a midnight invasion of Rahn community in Kala Balge local government area of Borno State. At the time of their abduction, the aid workers were staff of the United Nations Children’s Fund (UNICEF) and International Commission of the Red Cross (ICRC). Alice Loksha is the only aid worker that is still in the custody of the ISWAP insurgents

Letters to the Editor

T H I S DAY EDITOR

DEPUTY EDITOR

MANAGING DIRECTOR

DEPUTY MANAGING DIRECTOR

CHAIRMAN EDITORIAL BOARD

EDITOR NATION’S CAPITAL

MANAGING EDITOR

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN

GROUP EXECUTIVE DIRECTORS ˜

˜

˜ ˜

DIVISIONAL DIRECTORS

˜ ˜

DEPUTY DIVISIONAL DIRECTOR

SNR. ASSOCIATE DIRECTOR

ASSOCIATE DIRECTORS

˜ CONTROLLERS

˜

˜

DIRECTOR, PRINTING PRODUCTION

TO SEND EMAIL: ďŹ rst name.surname@thisdaylive.com

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.

OUT-OF-SCHOOL CHILDREN AND JIHADISTS

S

ome 13.2 million out-of-school children in Nigeria are vulnerable as they could easily be recruited into criminal gangs. I want to beg the federal, state and local governments to work hard so that the out- of-school children are not recruited

by Boko Haram, armed robbery and kidnapping gangs. Let us work hard to eliminate out- ofschool children in Nigeria.

About 69% of the out –of- school children in the north are exposed to the jihadists and threatened by various terror organisations. The situation is that an entire generation of children in the northeast is being robbed of their right to education, an essential ingredient for their future and for the development of the northeast region which for years has lagged behind other parts of the country. Without urgent action to address the lack of access to education, the lives of these children could become locked in unending cycles of poverty. Boko Haram is also a kidnapping group today. Boko Haram has kidnapped some of these out - of -school children and recruited them into the terror group.

For example, in Borno, one of the most affected states, schools at all levels were closed in 22 out of 27 local government areas for at least two years. Public secondary schools in the state capital, Maiduguri only reopened in February 2016 after internally displaced people who occupied most of the schools were relocated elsewhere.

Education could have grounded to a standstill even in relatively safe Maiduguri if it were not

while Sharibu, one of the 110 school girls abducted from Government Girls Secondary School in Dapchi, Yobe State in February had since remained in captivity of Boko Haram insurgents over her refusal to renounce her Christian faith.

However, the killing of Leman has generated outrage both at home and abroad with the federal government expressing shock. But whichever way one looks at it, what her death and the way it was carried out signposts is the growing lack of capacity by the federal government to tame the activities of the insurgents.

The terrorists had on several occasions given ultimatum for certain actions to be taken without which they would kill the abducted women and on every occasion they have carried out their heinous threat. Yet we are not aware if the warnings were indeed taken seriously or that efforts were indeed made to avert the tragedies that followed.

Much as the military needs to step up its ďŹ ght against insurgency in the country, it is also important for the federal government to provide the requisite equipment in its bid to ďŹ ght insecurity. From all indications, the authorities appear not in full control of the security challenge especially in the Northeast as we still have pockets of attack by the Boko Haram insurgents. However, the immediate concern of the government now should be how to secure the freedom of Loksha, Sharibu and others still being held by the insurgents.

What this administration must understand is that Nigerians desperately need the assurance that the federal government has the capacity to defend our territory and our people wherever they may choose to reside. And in a vibrant country such as ours, the issue of citizens in distress should always be on the front burner of public discourse. The federal government must therefore deploy all necessary resources, equipment, intelligence and whatever else it would take to ďŹ nd and bring the girls back home. We cannot afford to leave Loksha, Sharibu and others at the mercy of violent predators who hide under the guise of Islamic religion to perpetrate evil.

for some private schools that remained open when state authorities shut down public schools in March 2014.

As schools become targets, children are living and working on the streets — and the government isn’t doing much to protect them. The unceasing conflict in northeast has destroyed the institutions meant to protect children. Nearly half of the children aged between seven and 14 years are missing out on school.

Generations of children are paying a heavy price in northeast since 2010. The northeast remains in crisis despite millions of dollars being pumped into globally funded reconstruction efforts and protection for children.

As children are immersed in this public violence, they are also targeted by ISIS and Boko Haram members who lure them with various techniques. “Sometimes they make parties for children, so if you answer the right question they will give you a present or a mobile phone. They recruit a lot of young boys,� said one source.

ISIS and Boko Haram send some of its child recruits to military camps to train them on how to handle weapons and fight. Militants provide an incentive to poor families by offering to pay parents hundreds of dollars per month for each child they send, and some of the children are being slaughtered silently.

ISIS calls these children, who have been featured in many ISIS propaganda releases, “Cubs of the Caliphate.�

Inwalomhe Donald, Benin City

IN SUPPORT OF ZONING IN CROSS RIVER

I

wish to restate my commitment to work for the peace, progress and development of Cross River State and emphatically declares that it is well within my right and indeed I consider it my duty as a political and community leader in Cross River State to intervene at any time I feel that things are not going well in the state.

Indeed recent events within the political space in the state is cause for concern because if care is not taken the state could degenerate into a political war zone by one of the two major parties in the state.

The widely reported meeting that took place at my Calabar residence being one of such interventions.

It is my view that the power zoning formular in the state is the only guarantee that numerically challenged groups in the state have against political marginalisation.

I am therefore of the opinion that nothing should be done to upset the arrangement in the state.

I make no apologies for accepting my appointment as the official ambassador for the Cross River State Industrial Revolution initia-

tive.

The meeting in my residence was to brief leaders of the southern senatorial zone of the viability of the Ayade industrial development initiative.

Having been personally conducted on a tour of the project by Governor Ben Ayade, the senator is convinced that the initiative will fast track the development of the state and thus I invited the leaders in the zone to support the laudable initiative.

I also wish to state that we had no discussions about the deputy governorship ticket of the state and wishes to make it clear that I owe no one any explanations even if I did.

As a very busy individual, I do not need the office of deputy governor to impact positively on the fortunes of the state or to support the governor in the development of the state.

I am very comfortable using the political platform as a leader to advance my avowed desire to serve humanity.

Florence Ita-Giwa, Calabar

16

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

17

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

18

T H I S D AY Ëž Ëž ÍşÍşËœ ͺ͸͚΀

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

Too Little Too Late Vanessa Obioha and Ojo Maduekwe write that the overriding view in many quarters is that the federal government did not respond quick enough to save captives murdered by terrorists

Internally Displaced Persons

O

ne argument that is often pushed forward by the President Muhammadu Buhari administration in its claim to victory in the fight against terrorism is that the Boko Haram insurgents no longer occupy any Nigerian territory.

Indeed Boko Haram may have been scattered abroad by the military’s offensive and may no longer lay claim to any land to establish its caliphate but there’s no denying that the terrorists have found a way to occupy our consciousness - staging abductions of female students and execution of aid workers.

Last week all of Nigeria was thrown into despair when the Islamic State West Africa Province (ISWAP), a Boko Haram faction, executed a midwife working for the International Committee of the Red Cross, Hauwa Amina Liman.

In a video released by ISWAP, Ms Liman was forced to kneel with her hands tied inside a white hijab and shot at close range. Her killing followed the government’s failure to meet the terrorists demand before their deadline elapsed.

Ms Liman was one of two aid workers abducted on March 1 by the terrorists in an attack on the town of Rann, Borno State in which dozens were killed.

Among the casualties of that attack were Emmanuel Yawe Sonter and Ibrahim Lawan who worked for the International

Organization of Migration (IOM) and Dr. Izuogu Onyedikachi who worked with the United Nations Children’s Fund (UNICEF).

Observers think the government’s response to the rescue has so far lacked the urgency required in such a situation.

Suggesting that the Buhari administration reviews its approach, the Arewa Consultative Forum (ACF) said the government should no longer wait for deadlines before taking action to rescue the remaining captives.

In a statement by the #BringBackOurGirls (BBOG), the group said Ms Liman’s execution was “heart-breaking� and “an extreme shock which leaves us devastated by the deeply regrettable consequences of the government’s failure.�

Having twice failed to meet the terrorist’s deadline, observers doubt the federal government can rescue the remaining captives. They worry that the lazy approach employed by the Buhari administration that led to the death of Saifura Khursa and now Liman may pose a danger to Leah Sharibu and the other Chibok girls.

Also, there is the fear that the about 3,000 aid workers in the North-east, the majority of whom are Nigerians, are not safe, including the over 60,000 internally displaced persons, and millions in the entire subregion. This number of displaced persons is a stark reminder of the federal government’s failure

to protect those living in the region.

The UN humanitarian affairs office (OCHA) describes the humanitarian crisis in the Northeast as one of the most severe in the world today, with 7.7 million people in need of assistance for food, safe water, shelter and medical care.

While observers accuse the Buhari government of sluggishness and ineptitude in protecting the citizenry and the scores of aid workers in the North-east, state and national humanitarian agencies operating in the sub-region are failing in their responsibilities and sabotaging relief efforts through corruption.

In response to this, Internally Displaced Persons (IDPs) affected by the Boko Haram crisis and in different camps in states in the North-east sub-region have on several occasions protested government disregard to their plight.

There was a protest in March by hundreds of IDPs from Fufore and Malkohi camps in Adamawa state over lack of food. Some refugees interviewed said they were last fed in December 2017.

Both camps are managed by the National Emergency Management Agency (NEMA) and have about 3,000 IDPs. A second incident occurred in June when hundreds of IPDs at the Pompomari camp in Damaturu, Yobe state - comprised mostly of women and children - protested the lack of proper

sanitation in their camp.

On October 15, during a roundtable organised by the Civil Society Network on Migration and Development, a spokesperson of the IDPs in the Federal Capital Territory (FCT), Chakuch Lawan, accused government agencies of diverting allocations and donations meant for their upkeep.

Speaking at the gathering, another refugee, Elisha Ezikiel said, “When they were talking of relocating us, different agencies shared so many contracts among themselves. Some said they will make shirts for identification, others said they will make wrist bands. They have collected the money but we are still here.�

The scenario above shares semblance with the case of the sacked Secretary to the Government of the Federation, Babachir Lawal who was accused of mishandling N270 million meant for grass-cutting in the IDPs camp in the North-east.

Mr. Lawal is not the first public official to mishandle or divert aids meant for IDPs. In an investigative piece published by TheCable in October 2016, journalist Fisayo Soyombo chronicled how officials of the Borno State Emergency Management Agency (SEMA) re-bag and divert relief materials meant for IDPs. Few months to the 2015 elections, the terrorist group Boko Haram stormed the rustic town of Chibok and abducted over 200 schoolgirls. Their action evoked a massive outcry, protests from

19

Ëž Ëž ÍşÍşËœ ͺ͸͚΀

MONDAY DISCOURSE

Hawa

Buhari

international bodies, groups and concerned citizens. The initial reaction by the government in power then was that the inhumane act was a ploy by the opposition to undermine its efforts in providing security to the nation.

After much back and forth, negotiations and confrontations by the government and international agencies, some of the girls were rescued but never the same. The ones who returned unscathed told harrowing stories of how their classmates have been tortured, impregnated and forced into the dangerous lives of suicide bombers. The scars of their encounter in the hands of the History repeated itself a week ago when the splinter group of Boko Haram, Islamic State in West Africa (ISWA), murdered the aid worker from International Committee of the Red Cross (ICRC) Hauwa Liman who was abducted alongside her colleagues Alice Loksha and Saifura Hussaini Ahmed Khorsa at a military base in Rann, Borno State on March 1, few months to the 2019 elections.

Khorsa was executed by their captors in September. The women were health workers tending to the humanitarian needs of displaced persons fleeing the insurgency in the Northeast region.

Expectedly, her murder has drawn concern and outcry from many within and outside the country, with blames on the current administration for failing to secure the lives of citizens in a terrorism charged era.

While the Buhari-led administration did not exchange

blows with the opposition but expressed sympathy to the family, the question hanging on many lips is why didn’t they pay the requested ransom? ISWA had requested a ransom for the exchange of the lives of the abductees which the ICRC objected to for fear of encouraging kidnappers in other countries they work in. “We are a humanitarian organisation so we cannot enter into such kinds of negotiations. So we always ask for unconditional release. And that’s what we did.

That was the plea,� said Patricia Danzi, ICRC’s Regional Director for Africa.

The federal government on its part said it tried all its best to reach a common ground with the insurgents. But how do we evaluate the best efforts of the government?

In 2014 when the Chibok girls were abducted, The Guardian reported that the British Royal Air Force conducted Operation Turus in response to the abduction. However, a source involved with the Operation told the Observer that “The girls were located in the first few weeks of the RAF mission,� and that “We [RAF] offered to rescue them, but the Nigerian government declined, this was because it viewed the matter as a ‘national issue’ to be resolved by Nigerian intelligence and security services.

Amnesty International said it believes the Nigerian military had four hours’ advance warning of the kidnapping, but failed to send reinforcements to protect the school. The Nigeria’s armed forces later confirmed thjs but

claimed that their over-extended forces were unable to mobilize reinforcements.

Another reason given for the delay in action was that the security agencies were underfunded.

In Liman’s case, the federal government had seven months to take an action. The death of Khorsa should have been a wake-up call for the government to take drastic actions.

The snail like response to terrorism has been one of the setbacks of the fight against the insurgents. While this current administration have been active in their response by reclaiming some of the areas in the North East where the insurgents have mounted their flags, there seems to be a recent relapse.

What does the life of an average citizen matter to those in power?

This question is crucial in understanding how much does a life of a citizen cost in Nigeria?

Most Nigerians are living under harsh conditions due to bad governance. Areas with bad and inaccessible roads are death traps for most citizens plying them to get their daily bread. Unstable power supply have shut down businesses and investors who can’t survive, close down shops. Inadequate health facilities and lack of other basic infrastructure are some of the challenges an average citizen grapple with in their daily lives.

In addition, the rise of insurgency and religious/ethnic wars have torn families apart, leaving them with scars that are probably indelible.

The sad demise of Liman re-

minds us of how much those we put in power value our lives.

Just recently, the suspicious disappearance of the Saudi journalist, Jamal Khashoggi in the Saudi Arabia consul in Turkey sparked a global outcry.

Americans particularly whose President, Donald Trump has ties with the Crown Prince of the country, Mohammed bin Salman, mounted pressure on the leaders. The Turks on their part carried out an investigation which further validated their claim that the journalist was murdered inside the consul and was dismembered in order to hide evidence of their culpability.

With the kind of pressure mounted on the Saudi’s, they were forced to admit that the journalist was killed in the consul even of their version seemed fabricated.

This is the kind of pressure that should be mounted on the Nigerian government. Gone are the days when few days of protest will lead to a change in action. Nigerians must speak and hold those in power accountable for the security of lives. That responsibility should not be left to groups like the Bring Back Our Girls (BBOG) movement. We must ask, demand and ensure that the government know the value of our lives. “The news of Hauwa’s death has broken our hearts. We appealed for mercy and an end to such senseless murders. How can it be that two female health care workers were killed back-toback? Nothing can justify this.,� said Patricia Danzi, ICRC’s Regional Director for Africa.

QUICK FACTS: r1SFTJEFOU .VIBNNBEV #VIBSJ administration claim to victory in the fight against terrorism continues to be challenged by the activities of Boko Haram r5IF UFSSPSJTUT GSFRVFOUMZ TUBHF BCEVDtions of female students and execution of aid workers r5IF *TMBNJD 4UBUF 8FTU "GSJDB 1SPWJODF (ISWAP), a Boko Haram faction, executed a midwife working for the International Committee of the Red Cross, Hauwa Amina Liman

r)FS LJMMJOH GPMMPXFE UIF HPWFSOment’s failure to meet the terrorists demand before their deadline elapsed r-JNBO XBT POF PG UXP BJE XPSLFST abducted on March 1 by the terrorists in an attack on the town of Rann, Borno State in which dozens were killed.

Among the casualties of that attack were Emmanuel Yawe Sonter and Ibrahim Lawan who worked for the International Organization of Migration (IOM) and Dr. Izuogu Onyedikachi who worked with the United Nations Children’s Fund

(UNICEF) r0CTFSWFST UIJOL UIF HPWFSONFOU T SFsponse to the rescue lacked the urgency required in such a situation *The lazy approach employed by the Buhari administration which led to the death of Saifura Khursa and now Liman may pose a danger to Leah Sharibu and the other Chibok girls r5IFSF BSF GFBST UIBU UIF BCPVU aid workers in the North-east, the majority of whom are Nigerians, are not safe, including the over 60,000 internally

displaced persons, and millions in the entire sub-region r5IF 6/ IVNBOJUBSJBO BGGBJST PGĂ DF (OCHA) describes the humanitarian crisis in the North-east as one of the most severe in the world today, with 7.7 million people in need of assistance for food, safe water, shelter and medical rJEQT JO DBNQT BSF NBOBHFE CZ UIF National Emergency Management Agency (NEMA) routinely accuse of the agency misappropriation of funds and relief materials meant for their comfort

20

T H I S D AY Ëž Í°Í°Ëœ Í°ÍŽÍŻÍś

FEATURES

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

New Deal for Former Niger Delta Agitators With the completion of the Vocational Training Centre in Agadagba-Obon, Ondo State, the Amnesty Office has given fresh impetus to the training of ex-agitators in the Niger Delta. Ndubuisi Francis reports

Trainees with Dokubo

T

he Presidential Amnesty Programme (PAP) for former agitators in the Niger Delta appears clearly headed for a paradigm shift. Under the current Coordinator, Prof. Charles Dokubo, emphasis is shifting from training the beneficiaries after which they go back and start expecting N65, 000 monthly stipend, as is currently the case.

There is a new synergy between training and job placement for beneficiaries of the Amnesty Programme, and the ultimate beneficiaries will be the Niger Delta region in particular and the nation at large.

A New Dawn When he hosted a delegation of Ijaw Youth Council (YC) recently, Dokubo was excited as he spoke about the dawn of a new vision of peace and development in the Niger Delta through the expedited deployment of ex-agitators for training programmes that will lead to their sustainable employment.

He said: “For those of you who have been close to this programme, one thing that we will not toy with is training for the ex-agitators. I don’t just send people to train and all that.

Training and vocations should be linked to universities and institutions so as to achieve proper certification for the trainees.

"Like the one we want to open in Ondo State in the next two weeks, the Petroleum Training Institute, Effurrun, is going to be in charge of that training, because at the end of the training, the persons trained

must have certificates,� he told the IYC team led by its President, Mr. Oweilaemi Pereotubo.

His reference was to the Vocational (Oil & Gas) Training Centre in Agadagba-Obon, in Ese-Odo Local Government of Ondo State.

The centre, which is scheduled to take off in the next couple of days was one of the vocational training centres started, but abandoned at various stages in the past six years by previous PAP administrations.

Addressing Abandoned Vocational Centres Apart from Agadagba-Obon vocational centre, the other abandoned

One thing that we will not toy with is training for the ex-agitators.

I don’t just send people to train and all that. Training and vocations should be linked to universities and institutions so as to achieve proper certiďŹ cation for the trainees

vocational centres inherited by Dokubo on assumption of office a few months ago, are located in Kaiama, New Boro Town (Bayelsa State); Obuama, Harry’s Town (Rivers State); Gelegele (Edo State) and Bomadi (Delta State).

But Dokubo has aggressively pursued the completion of the vocational training centres on assumption of office as part of his drive to ensure the accelerated empowerment of ex-agitators.

He seemed to have particularly realised that the completion of the vocational centres is important as records presented to him on assumption of office indicated that out of 30,000 ex-agitators who dropped their arms and ammunition to embrace amnesty, 11,297 are still waiting to either undergo vocational training that will enable them to be self-employed or be deployed for formal education.

The realisation that speedy completion and activation of the vocational training centres will help fast-track the training and reintegration of already demobilised Niger Delta ex-agitators into civil society and help also aide the socio-economic development of the oil producing region. He also reckons that the speedy completion and activation of the vocational training centres would help reduce the huge costs currently being incurred by the Amnesty Office in the provision of vocational trainings for the beneficiaries in private facilities within and outside the country. “For me, I reckoned that the fastest way of achieving accelerated training for the several ex-agitators waiting to be trained and save costs at the

same time, is to speedily complete and promptly activate the five training centres currently under construction across five states in the Niger Delta.

The vocational training centres were started by my predecessors and I am determined to complete and put all of them to immediate use so as to save some money for the government", he said in a recent media chat.

Pioneer Training Centre Stakeholders in the Niger Delta are delighted that the completion, equipping and furnishing of the soon-to-be inaugurated Oil & Gas Training Centre in Agadagba-Obon, is an unassailable solid evidence that Dokubo is living up to his promise.

The Vice President, Prof Yemi Osinbajo is expected to commission the facility which is the Amnesty Programme’s pioneer training centre equipped with ultra-modern training equipment with capability to offer up-to-date basic training in oil and gas technology to ex-agitators.

Graduates of the training facility, Dokubo said, would easily secure jobs in the highly competitive oil and gas sector in the Niger Delta and beyond.

He has thrown his rich background in the academia to the mix by ensuring that a UK-based firm in conjunction with the Petroleum Training Institute (PTI) in Warri designed the requisite curriculum for the proper certification of the trainees of the Vocational Training Centre in Agadagba-Obon as approved by the National Business and Technical Examination Board (NABTEB).

21

T H I S D AY Ëž Í°Í°Ëœ Í°ÍŽÍŻÍś

FEATURES NABTEB was established in 1992 to domesticate craft level examinations which were hitherto conducted by City & Guilds, Pitman’s and Royal Society of Arts – all of the United Kingdom (UK). Dokubo has already hinted that a seasoned personality from the academia will head the new training facility as its rector.

He said: "It is a world class technical college that we now have in place in Agadagba-Obon and as such, we are going to secure the services of someone from the academia who will handle the day-to-day administration of the facility as the rector."

The Amnesty Office has already signed a Memoradum of Understanding (MoU) with PTI to handle the core training components of the vocational training centre.

The MoU will ensure the full training of the beneficiaries in specialised fields in the oil and gas industry, such as oil and gas drilling, instrumentation, mechanical technology, electrical technology and process technology.

According to Dokubo, "I want the training this facility will provide to be competitive and world class. Over the years, PTI has shown class in the training of personnel in basic skills in oil and gas sector. So, I am extremely excited that our training facility will very shortly rank among the best such facilities in this country and possibly in Africa."

Meanwhile, a team from the United Kingdom who supplied the training equipment in the centre is currently working with the team from PTI, Warri, to test-run the already installed training equipment.

The Amnesty Programme Coordinator equally hinted that the Amnesty Office has already screened about 200 beneficiaries of the new Oil and Gas Vocational Training Centre in the coming days.

Given that the hostel facility in the new training centre is yet to be completed, the Amnesty Office has since secured a private hostel and other accommodation facilities for the trainees and their trainers in Agadagba.

Besides, the Amnesty Office is also targeting the commissioning and full activation of the Vocational Training Centres in Kaiama in Bayelsa State and Bomadi in Delta State before the end of the year. “Kaiama has been equipped and we are currently furnishing the place. In another three weeks, maximum, the training centre in Kaiama should go on stream. The facility in Bomadi is at the verge of being equipped and furnished. Before the end of the year, we will also activate the Vocational Centre in Bomadi,� he assured.

Trainees

Computer Lab

Job Opportunities But one remarkable thing was his assurance that the trainees will be matched with job opportunities at the

Once we can create that synergy between training and work placement, I think we are going to sing a new song and dance a new dance, and that is what I am going to do. I believe everybody will like it.

I don’t want to train people and they will go back and be expecting N65, 000 stipend, like is currently the case

A new structure at the centre

end of their training in the centres.

According to him, the activation of the new vocational training centres is in tune with his determination not only to facilitate training for ex-agitators, but also to ensure that they are employed after their training.

He believes in the paradigm shift of; 'Trained to work, not trained to go and take stipends'. He said: "That is what I am trying to do, and I believe

Prof Quaker Dokubo

that in the next two or three months, they will see what I am trying to do for this office. Once we can create that synergy between training and work placement, I think we are going to sing a new song and dance a new dance, and that is what I am going to do. I believe everybody will like it. I don’t want to train people and they will go back and be expecting N65, 000 stipend, like is currently

the case."

He added that the Niger Delta and the nation will gain from the synergy between training and job placement for beneficiaries of the Amnesty Programme.

His philosophy about this is: “As you are trained and given a job, the benefit to society is that you also pay tax, and as you pay tax, it is also coming back to the community.�

22

IMAGES

T H I S D AY Ëž Í°Í°Ëœ Í°ÍŽÍŻÍś

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: Compliance OďŹƒcer ARM Pensions,Shola Akinola; Relationship Manager, ARM Pensions, Amarachi ChidozieAbanobi; Client/Retiree, Amachree Iyeriton;, Customer Experience Supervisor, South East, ARM Pensions, Asikiya Macs-Omieye and a Client, Desmond Isah during ARM Pensions Client/Retiree’s Forum in Port Harcourt...recently

L-R: (Standing) External Communication Coordinator, Abule Egba, Business Unit, lkeja Eletric, Mrs ljeoma Ezeohsah; Commercial Manager, Mr. Wale Oyeleye; Managing Director, XT Monitor Ltd, Mr. Kayode Adeoti; Brand & Events Supervisor, Mrs Adebimpe Akinola; Sitting, a patient, Pastor Ebenezer Ademulegun being examined

by Head of US Mission Group, Dr. Trisha Harris during the four day free medical outreah by lkeja Electric for its customers in partnership with XT Monitor in Lagos...recently PHOTO: ABIODUN AJALA

L-R: Partner, Jackson, Etti & Edu, Taiwo Adeshina; Managing Partner, Jackson, Etti & Edu, Koye Edu; Presiding Judge, National Industrial Court, Lagos Division, Justice Benedict Kanyip; Assistant Director, Lagos State Internal Revenue Service, Igho Orienru; and Partner, Jackson, Etti & Edu, Asamah Kadiri, during a seminar organised by Jackson, Etti and Edu and immigration ďŹ rm Fragomen in Ikoyi, Lagos...recently

L-R: Brand Manager, Lifebuoy, UNILEVER Nigeria plc, Mr Lanre Odupe; wife of the Senate president/Founder of the Well being foundation Africa, Her Excellency Mrs Toyin Saraki; Category Manager Skin Cleansing, UNILEVER Nigeria plc, Osato Evbuomwan; Brand Ambassador, Lifebuoy, Omawumi Megbele; Head Teacher Command Children school Ikeja, Mrs Anugwelem UR and students of the school at the Lifebuoy Global Handwashing Day celebration. in Lagos...recently

L-R: Pastor, Foursquare Gospel Church, Reverend Karounwi Ogunjobi; Volunteer and Doctor, Rev. (Dr) Damilola Lewis; Administrative Director, Divine Missions HC, Ololade Bamigbola; Vice President, Community Projects, Divine Missions HC, Adebowale Alabi; Volunteer and Pharmacist, Oluwaseyi Ogunlade and Director of Community Projects, Divine Missions HC, Busayo Afuye during the Divine Missions HC Medical outreach in Oganla community, Ibadan...recently

L-R: Managing Director/CEO, Synergitrust Digital Marketing Limited, Olmuyiwa Ojo; Chairman, Mr. Okey Ogunjiofor; Guest, Mr Sesan Kuti; his wife Yetunde Kuti and Director Synergitrust Digital marketing, Tunde Meshioye, during the unveiling of Synergitrust Digital marketing in Lagos...recently

L-R: Founder of Activate Success International Foundation, Love Idoko; Head, Youth Segment, First City Monument Bank (FCMB), Mr. Michael Nwoseh; Member, Lagos State House of Assembly, Hon. Desmond Elliot; one of the winners of the FCMB supported Youth Entrepreneurship and Empowerment Programme (YEEP), Oluwatobi Oladejo and General Manager, Operations, Africa Independent Television, Namure Edoimioya, during the presentation of grants to winners of the programme in Abuja...recently

23

T H I S D AY ˞ ˜ ͰͰ, 2018

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

A T

REPO 13.33 % 12.67%

CALL 1-MONTH 3-MONTH

12.50% 13.50% 13.58%

O C T O B E R S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

350.58% 0.01% 0.94%

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08024557078, 08152447875

1 9 , 2 0 1 8 S & P INDEX 1/4 TO DATE YEAR TO DATE

0.94% 6.41%

EXCHANGE RATE N306.50/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Sterling Bank Supports Arts

COURTESY VISIT

R-L: Head, Food and Beverages Segment, Corporate Banking, Union Bank, Morenike Olabisi; Group Managing Director, Dangote Group, Olakunle Alake; Head, Corporate Banking, Union Bank, Emeka Okonkwo; and Group Treasurer, Dangote Group, Alhaji Mustapha Ibrahim, during the bank’s visit to Dangote Group as part of activities to mark the 2018 Customer Service Week in Lagos ‌recently

CBN, NCC Join Forces against Electronic Fraud Nume Ekeghe The Director, Banking and Payment System Department, Central Bank of Nigeria, Mr. Dipo Fatokun, has disclosed that measures taken by the central bank in recent times have resulted to a reduction in the amount of electronic fraud in the country.

Fatokun, who also doubles as the Chairman of the Nigerian Electronic Fraud Forum (NeFF) said this on the sidelines of meeting by the group in Lagos at the weekend.

According to him, since the last report which showed a rise in electronic frauds in the country, there has been a drastic reduction in incidence of fraud in the country.

He also said the CBN was collaborating with telecommunication companies and

ECONOMY the Nigerian Communications Commission (NCC), to further help curb electronic and identity theft.

Fatokun explained: “Fortunately, although globally the level of electronic fraud has been increasing, but in Nigeria, it has been decreasing. “The trend has been coming down essentially because of the steps we have taken. Before now, we have issued many circulars that have addressed the issue of electronic fraud and that is why in Nigeria, it has been coming down.�

He however added: “But that does not mean that it has been totally eliminated. But we want to ensure that confidence and trust in the payment system is not reduced due to fraud and we are thankful for these

successes. “Also another measure we are taking is that we are working with the NCC and the telcos, so that when fraudsters steal other people’s identity by taking their SIM either by swapping or cloning the SIM, they would not have access to the bank accounts of such customers.�

Also, he said the NeFF Steering Committee strongly believes awareness and sensitisation remains key to avoid being prey to fraudsters.

He added: “The primary thing is to educate the bank customers so that when people send text messages, emails or phone calls claiming to be officials from a bank they would recognise it as fraud. “We believe that when people are well educated, they would stop falling victim to

fraudsters. The most important one is sensitisation, because when you are aware, you would not fall victim. “The steering committee of the NEFF has decided to launch a social media campaign that would be used to sensitise and educate people and it would come in attractive forms so that both the young and the old can be reached. “We believe that with social media, we would reach a large number of people and the message would be conveyed in a better way than using other means.� he said.

The CBN recently rolled out a new set of penalties for organisations that flout its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Continued on page 24

Nigeria-Norway Trade Volume Hits N10.80 Trillion Eromosele Abiodun The Norwegian Ambassador to Nigeria Jens-Peter Kjemrud, has estimated that the value of trade between Nigeria and Norway has reached $30 billion (N10.80 trillion).

Kjemprud, stated this while speaking at a stakeholders’ meeting to present and promote the investment opportunities and incentives in Norway for prospective Nigerian investors.

He added that Nigeria is Norway’s biggest trading partner on the African continent, adding that there is a huge potential to do more.

While calling on the Nigerian government to do more in the area of insecurity, he said the government could attract investors buy given investors tax incentives.

ECONOMY He said the proposal by the Nigerian Senate to impose heavy tax on solar power equipment would not help the situation. “You need to have renewable energy take root in this country, you need to have the incentive not disincentives. The sector needs to be well regulated, organised and you have to attract investors. “There is still a huge hydro power potential in Nigeria; we seem to be forgetting about that. We also have solar and wind power but the wind power cannot thrive because of insecurity. “You cannot have wind power in the Gulf of Guinea if have pirates threatening ships.

So it is about incentives and providing security. “This is why we brought some of the most important business actors-team Norway, innovation Norway, Nigerian Norwegian Chambers of Commerce, our new Consul General and the embassy to get together as strong as possible to show what can be done in trade between both countries.

On what aspect of the Nigerian economy Norwegian investors are looking at, he said they are currently looking at the oil and gas industry and also renewable energy.

He added, “As you have heard here today, we have focused a lot on the energy sector, if Nigeria is going to improve in the manufacturing sector, the country need to have stable and cheap power supply.

“If not, the manufacturing sector will not be competitive in the current market. We are one of the biggest players in global maritime activity and we have told our Nigerian partners that technology is the future and Nigeria has to be prepared for it. “There is technology here which is been utilised but there is a need to take it to the entire sector and for government to support it.�

The Chairman Nigerian Norwegian Chambers of Commerce (NNCC), Chijieke Igwe, called on Nigeria to learn from Norway who has been able to grow businesses despite their very tough environment.

He said the chamber was trying its best to tap into Continued on page 24

Sterling Bank Plc, has thrown its weight behind the sixth edition of the Ake Arts & Books Festival scheduled to hold from October 25 to 28, 2018, in Lagos. The annual literary, cultural and arts event which had previously held in Abeokuta, Ogun State for the past ďŹ ve editions would feature panel discussions, book chats, art exhibitions, interviews, school visits, ďŹ lm & documentary screenings, a stage play, a musical concert and a night of poetry performance. Book-lovers and visitors will also have access to a range of aordable books at the Ake Festival Bookstore. Commenting on the partnership, the Chief Marketing OďŹƒcer of Sterling Bank, Mr. Dapo Martins, said the Ake Arts & Books Festival would showcase the best of contemporary African literature, poetry, music, art, ďŹ lm and theatre. “Our decision to support this year’s edition of Ake Festival is borne from our commitment to develop, promote and celebrate creativity on the African continent at Sterling Bank.This is also in line with Ake Festival’s goal to promote and celebrate creativity across dierent genres in Africa,â€? Martins said. The Ake Arts and Book Festival was founded in 2013 by best-selling author, Lola Shoneyin. According to her, she wanted a place where intellectuals and thinkers can come together and talk about African issues on African soil. Although it has featured new and established writers from across the world, Ake Festival has promoted African arts and literature in addition to reverberating performances from indigenous talent.

Osinbajo for Entrepreneurship Forum

The Vice President, Prof. Yemi Osinbajo, will lead other national and international dignitaries to declare open the ďŹ fth edition of a four-day entrepreneurshipcapacity-buildingsummitstartingonThursday,October 25, 2018 in Abuja, the Federal Capital Territory. Tagged: “The Kingdom Summit,â€? the event whose Lagos edition would start the following day, Friday and end on Sunday, October 28, is an annual non-denominational international marketplace economics and leadership conference which seeks to promote the understanding of God’s principles for the marketplace. This year’s summit has as its theme: “Empowering the Next Generation of Entrepreneurs.â€? Speaking on the activities lined up for the summit, the Director General of the Budget OďŹƒce of the Federation, Ben Akabueze, said that the VP’s remarks would be complemented by incisive thoughts of at least 20 speakers. According to him, the various speakers, who would deal with key aspects and issues that are critical to improving the performance of Nigeria’s real sector, include Brett Johnson who is President of the Institute for Innovation, Integration & Impact, a Silicon Valley Think-Tank. “This year’s summit is particularly important in view of the need to build young entrepreneurs with strong penchant for corporate governance principles that will give new direction to our eorts to achieve inclusive growth and sustainable development of our economy,â€? Akabueze said. “We are happy that the best brains in entrepreneurship development and skills acquisition have accepted to speak and discuss with participants at this all-important conference,â€? he added.

Tecno Mobile Wins Award

Tecno mobile has been recognised at the second edition of the Nigeria Tech Innovation and Telecoms Award (NTITA). The NTITA is focused on acknowledging the contribution of leading technology brands and innovators in Africa. TECNO Mobile carted away two of the most prominent tech awards: The Most Popular Smartphone Brand of the year and Smartphone of the Year. According to a statement signed and made available to THISDAY by the Public Relation and Strategic Partnership Manager, TECNO mobile, Jesse Oguntimehin, Tecno won those two categories for its innovation, immense contribution to the tech space on the continent, its popularity amongst smartphone users, its excellenceandleadershipstatusintheindustry,andtheundyingdedication to mobile technological advancement in Africa. The statement said: “TECNO’s camera-centric CAMON Series, which pack a powerful punch, were crowned the smartphone of the year based on the incredible sales and popularity of the device, combined with its incredible technology, design and user experience. “The nomination and awards left everyone in admiration as the brand had dominated the same categories at the awards in 2017. The awards are also a reection of our commitment to quality and price sensitivity.â€?

“June was when the budget was approved and Sukuk is a project that was also approved in the budget. We will float it; we have made significant progress; we will issue it this year. So, in terms of Sukuk, from the feelers we have got from investors and the public, it is a product the people want to associate with�

DG, Debt Management OďŹƒce

Patience Oniha

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

24

BUSINESSWORLD CBN, NCC JOIN FORCES AGAINST ELECTRONIC FRAUD

rules. The central bank had stated this in a circular titled: Anti-Money Laundering and Combating the Financing of Terrorism (administrative sanctions) regulations, 2018.�

The new regime stipulates fines on banks, their directors and other key officials for money laundering infractions.

The circular was developed by the CBN in collaboration with the Office of the AttorneyGeneral of the Federation (OAGF).

According to the CBN, banks and board members or chief compliance officers will all be sanctioned for 31 out of the 48 money laundering infractions listed in the new regime.

For each of the 31 infractions, the new regime stipulates minimum fines ranging from N500,000 to N1.2 million on board members or chief compliance officers or the internal auditor, and fines ranging from N1 million to N20 million on the offending bank.

NIGERIA-NORWAY TRADE VOLUME HITS N10.80 TRILLION

Norway’s resilience, discipline and find a way to have that reflect on Nigeria.

Speaking on how the federal government can reduce freight cost for shippers, the Chief Executive Officer of Marine Platforms and Consul General of Norway, Taofik Adgbite, said the way out was for the government to allow private sector players in the industry. “The market is there but we do not have the capacity. There are foreign monies wanting to participate in that space like the Norwegian export finance but they require government guaranty and local companies to put in equity. “The Nigerian Maritime Administration and Safety Agency (NIMASA) is currently pushing on the Cabotage Vessel Financing Fund (CVFF), which can be a guaranty for local ship owners to start building ship capacity. Until we have tonnage, the sector will be dominated by the foreign players.�

NEWS

Oyinloye: N5.5trn Spent on Infrastructure in FourYears Peter Uzoho The Managing Director/Chief Executive of The Infrastructure Bank, Mr. Adekunle Oyinloye, has put the amount spent on infrastructure in the country between 2014 and 2017 at N5.5 trillon ($11.5 billion).

Oyinloye, made the disclosure in Lagos at the annual dinner of the Association of Professional Women Bankers (APWB), with the theme: “Funding Infrastructure Development in an Emerging Economy,� that took place at the weekend.

He said the figure which fell below an average of $25 billion projected annually by the National Integrated Infrastructure Master Plan (NIIMP), was grossly inadequate, saying that would not lead to the development of the country.

According to him, the short term plan of NIIMP which covers a five-year period had postulated an investment of about $127 billion over the five-year period, to bridge the infrastructure deficit of the country.

Oyinloye said: “However, only about N5.5 trillion which is roughly about $11.5 billion between 2014 and 2017, has been spent on infrastructure.

N1.1trillion in 2014, N0.6 trillion in 2015, N1.75 trillion in 2016, and N2.24 trillion in 2017; and that’s in budget, not in releases.

“And these are budgeted for capital projects in the last four years and they fall very grossly below projections. So the sheer size of funding required to meet the infrastructure deficit and the current economic climate of the country is indicative of the reality that indeed, on-budget government funding sources have become grossly inadequate

to bridge the infrastructure deficit. “It implies that the traditional method of delivering capital infrastructure projects favoured by the public sector has to make way for alternative, innovative infrastructure delivery methods that are agile, flexible, robust, integrated towards the fasttrack economic stability-fired

infrastructure construction and maintenance.�

He added: “The NIIMP rightly advocate the blend of funding sources; some of which are non-traditional, such as Public Private Partnership (PPP), and Private Finance Initiative (PFIs) as a viable alternative to addressing the funding shortfalls between

the fiscal appropriation and infrastructure financing deficit.�

In his brief remarks, the Chairman of the occasion and President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uche Olowu, commended the women bankers for their efforts in mentoring and guiding women in the profession.

THIS IS OUR SCORECARD

L-R: Director, Royal Exchange Assurance, Rabiu Muhammed Gwarzo; Group General Manager, Legal Secretariat and Compliance, Ms Stella I. Ezeuko and Chairman, Mr. Kenny Ezenwani Odogwu, during the 49th Annual General Meeting of the company in Lagos... recently yomiakinyele

Customs Intercepts Container with Soup from China Eromosele Abiodun The Nigeria Customs Service (NCS) has announced that it intercepted a container loaded with imported soup (Stew) and some other edible items worth N27,960,000 from China.

The container, which was sighted from one of the ports in Lagos, was arrested by the Comptroller General of Customs’ strike force team as a result of information provided by the Customs Intelligent Unit (CIU) of the Service.

Addressing newsmen in Lagos while showcasing some

of the items the NCS seized between September 19 and October 18, 2018, the Deputy Comptroller and National Coordinator, Comptroller General Strike Force, Mr. Abdullahi Kirawa said the system has degenerated to the level that Nigerians are now importing stew into the country.

He bemoaned the pots of stew and other items imported, which could not be identified as a result of Chinese Language written on their packs, could pose serious dangers into human health.

According to him, “Nigerians are hardworking people knowing for our marvellous delicacies. How can someone be importing stew into the country? The stew carefully conceived inside the container.

I will advise that Nigerians should ignore concentricism and embrace ethnocentrism. “Our quest for foreign goods and items must be discouraged and we must work hard to embrace and patronise home made goods including our delicious stew that are prepared from our homes and not engage in this type of business.

“This type of soup poses dangers to public health, to economy and of course the employment to our teeming youths. If stew would be imported, then what else are we going to do? So this is something we need to reflect on.�

However, he said some other packed items that look like mushroom was already deteriorating in the container, saying this shows the dangers it would pose into human health when ingested or consumed.�

On how to checkmate the menace of unhealthy importa-

tion of goods into the country, he said; “this call for all hands and all Nigerians that this type of importation of goods must be discouraged. One of the things to use to solve this problem is public sensitization on the dangers of smuggling.

Therefore, you and I must work hard to ensure that we spread this news to all nooks and crannies of this country for people to be aware that these are some of the things that pose dangers to their health and must be stopped.

Then it must be totally be condemned.�

FG Urged to Chart Direction for Digital Economy Emma Okonji

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

The federal government has been advised to as a matter of necessity, develop policy direction for Nigeria that will enhance the country’s chances of attaining digital economy status.

Experts emphasised the need to create a clear policy direction for Nigeria’s digital economy to facilitate effective cybersecurity practice. According to the security company, in today’s digitised world, cybersecurity has become a vital component of enterprise risks solution, helping organisations to deliver their bottom-line. The Chief Operating Officer of Academy Halogen, Dr. Wale Adeagbo stressed the importance of a strong cybersecurity policy direction at the opening of a policy development session hosted at the Lagos campus of the institution.

Tagged: “Digitising Nigeria: A Meeting of Town and Gown,� the cyber security policy confab was a joint initiative of Academy Halogen and the ICT-Driven Knowledge Park of the Obafemi Awolowo University, OAU. The Vice-Chancellor of Obafemi Awolowo University, Professor Eyitope Ogunbodede, noted that OAU now has a sustainable policy of engaging with the community and organisations within the industry towards producing graduates who are both academically sound and industry savvy.

Ogunbodede, further gave assurance that the cyber security learning session was a product of thoughtfulness between OAU and Academy Halogen for the good of Nigeria. “This is an initiative we are driving together for the benefit of the entire country.

The purpose is not about

making money, the purpose is to contribute effectively towards digitising Nigeria in the area of cyber security,�

Ogunbodede said.

In his presentation on competencies and requirements in addressing cybersecurity, a Micro-electronics and Medical Robotic Engineering expert, Prof. Ndubuisi Ekekwe, added his perspective to the cyber security discussion and the need for a robust digital policy direction. “The world is made up of numbers. Everything we do as humans is about numbers. We can reduce frictions in business by deploying right technology.

Companies are moving from the physical to the digital realm. “Digitising Nigeria will bring about a new nexus of opportunities. Our nation will only be bounded by the limitation of the mind�, Ekekwe said.

The Vice-Chairman, Troyka

Group, Mr. Jimi Awosika in a presentation tagged: “Business and the need for safety in an open world,� observed that we now live in an open world full of risks, which requires security and intelligence to survive. “On the part of business and society is the requirement for appreciation of the present danger of the open world and the need to invest not only in these services but more so the propagation of the knowledge that the open world presents for as they say, the panacea for the spread of any communicable disease conditions is knowledge,� Awosika said.

Also, in a presentation titled: “Enterprise Risk in Cyber, Director General, Association of Enterprise Risk Management Professionals (AERMP), Mr. Olayinka Odutola, who represented the Association’s President, Mrs. Taiwo Ige, noted that cybersecurity is an enter-

prise risk management issue and not just an information technology issue.

The Co-centre Leader, OAU ICT Driven Knowledge Park, Professor Ganiyu Aderounmu, noted that the institution was already bridging knowledge gap between the academic and the industry through collaboration with many corporate big players in the ICT and allied sectors for industrial knowledge transfer to graduates. “At OAU, the ICT-Driven Knowledge Centre is already blocking the leakage of students lacking practical and industry experience. We have a lot of partners. “We are partnering with Academy Halogen to further enhance our growing collaboration in the area of cybersecurity.

We are committed to stimulating creativity and excellence in research and innovation in ICT,� Aderounmu explained.

25

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

Stock Market Sustains Positive Momentum as Corporate Earnings Trickle In Goddy Egene The Nigerian equities market sustained its positive momentum for the second consecutive week as investors responded favourably to third quarter (Q3) corporate earnings released by some listed companies.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated 1.19 per cent to close at 32,841.69, while market capitalisation ended higher at N11.99 trillion.

The growth was better than the 0.23 per cent recorded the previous week.

With the positive close last week, the month-to-date appreciation stood at 0.23 per cent, while year-to-date decline has moderated to 14.12 per cent.

Three of the five sessions were bullish with trading in Dangote Cement Plc mostly dictating the market direction.

During the week, the NSE Insurance and NSE Banking indices closed positive, while the NSE Consumer Goods, NSE Industrial Goods, and NSE Oil & Gas indices ended with losses.

Commenting on the market performance, analysts at Cordros Capital Limited said: “Our outlook for equities in the short to medium term remain conservative, amidst brewing political concerns, and the absence of a one-off positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.�

Daily performance When trading resumed last Monday, sell pressure in bellwethers such as Nigerian Breweries Plc, Unilever Nigeria Plc, FBN Holdings Plc and Lafarge Africa Plc led to a bearish trading in the first day week. As a result, the NSE ASI fell 0.14 per cent to close at 32,413.00, while market capitalisation shed N15.9 billion to be at N11.8 trillion. According to analysts at Meristem Stockbrokers Limited, “the sentiment in the market was mixed today. Some of the gains in the consumer goods sector were offset by losses on heavily weighted stocks like Nigerian Breweries Plc, Guinness Nigeria Plc , amidst selling pressure on many banking tickers.�

In all, on Monday, a total of 17 stocks declined led by Fidson Healthcare Plc led the price losers with 10 per cent. WAPIC Insurance Plc trailed with 9.0 per cent, just as UACN Property Development Company Plc followed with 8.0 per cent. Lafarge Africa Plc and Unilever Nigeria Plc shed 6.5 per cent and 5.2 per cent respectively.

On the positive side, AXA Mansard Insurance Plc, led the price gainers with 10 per cent, trailed by Forte Oil Plc with 9.8 per cent. NASCON Allied Industries Plc chalked up 7.5 per cent, while NPF Microfinance Bank Plc and Livestock Feeds Plc chalked up 5.8 per cent and 5.2 per cent in that order.

Meanwhile, activity level waned as volume and value traded fell 43.7 per cent and 57.1 per cent to 91.4 million shares units and N960.9 million respectively. The top traded stocks by volume were UBA (14.6 million shares), FCMB Group Plc (11.9 million shares) and Fidelity Bank Plc (6.9 million shares) while GTBank (N216.9 million), Guinness Nigeria (N143.8 million) and International Breweries Plc (N130.3 million) led by value.

However, performance across sectors was positive as three of five indices closed in the green. The NSE Insurance Index and NSE Oil & Gas Index indices rose 1.4 per cent and 0.9 per cent respectively following buying interest in AXA Mansard, Forte Oil Plc and OANDO Plc. Similarly, price appreciation in GTBank and Zenith Bank drove the NSE Banking Index 0.7 per cent higher. On the flip side, the NSE Industrial Index and NSE Consumer Goods Index indices declined,

shedding 1.9 per cent and 0.7 per cent respectively.

The market rebounded on Tuesday as recovery in share prices of bellwether tickers lifted the NSE ASI by 0.95 per cent to close at 32,722.18. Notably, gains by Dangote Cement Plc, Nigerian Breweries Plc, Unilever Nigeria Plc and Zenith Bank Plc propelled the positive close.

Also, the volume of trading soared by 624 per cent as investors traded 662.021 million valued at N5.312 billion, up from 91.4 million shares worth N960.9 million the first day of the week.

According market operators, there

were further selloffs on banking tickers as investors continued to book profit. “These was however offset by the recovery by the heavily weighted stocks in the consumer goods sector and Dangote Cement, which gained 2.50 per cent,� they said.

However, UACN Property Development Plc led the price gainers with 9.9 per cent, trailed by Cutix Plc with 9.7 per cent. Unilever Nigeria Plc and FBN Holdings Plc garnered 5.5 per cent and 3.3 per cent apiece. Cadbury Nigeria Plc, Nigerian Breweries Plc and Dangote Cement Plc chalked up 3.1 per cent, 3.1 per cent and 2.5 per cent in that order.

Conversely, Beta Glass Plc led the bears, shedding 10 per cent, trailed

by Julius Berger Nigeria Plc with 9.8 per cent. Niger Insurance Plc shed 9.0 per cent, just as Japaul Oil & Maritime Services Plc and Universal Insurance Plc went down by 8.7 per cent each.

An analysis of the activity chart showed that GTBank recorded the highest trading in volume terms with 41.8 million shares, followed by Fidelity Bank Plc (20.3 million shares0 and Zenith Bank Plc (17.3 million shares), while Seplat (N2.2 billion), GTBank (N1.5 billion) and Dangote Cement (N0.4 billion) led in value terms.

Meanwhile, three out of five sec-

tors closed positively, led by the NSE Consumer Goods Index with 1.2 per cent. This followed buying interest in Nigerian Breweries Plc and Unilever Nigeria Plc. Similarly, price appreciation in Dangote Cement Plc, Zenith Bank Plc, UBA and Union Bank of Nigeria Plc drove the NSE Industrial Goods Index and NSE Banking Index by 0.2 per cent and 0.1 per cent higher respectively.

Conversely, the NSE Oil & Gas Index and NSE Insurance Index declined 1.3 per cent and 0.5 per cent respectively.

Again, the market shed weight on Wednesday as investors booked profit in Dangote Cement Plc, Zenith Bank Plc and Nigerian Breweries Plc among others. Consequently, the NSE ASI declined 0.87 per cent to close at 32, 437.35, while market capitalisation settled at N11.8 trillion. Activity level moved in tandem with the broader index, as volume and value traded fell 63.3 per cent and 31.1 per cent to 240.8 million shares and N3.7 billion respectively.

However, buy interest in Dangote Cement Plc led to a recovery in the market on Thursday as it gained 0.70 per cent to close at 32,664.63.

Ex-Dangote Cement, the market would have closed in the bear’s territory on that day. The bulls maintained their control of the market on Friday to close the week with a gain of 1.19 per cent.

Market Turnover Meanwhile, market turnover improved significantly as investors traded 1.380 billion shares worth N15.149 billion in 13,478 deals, up from 915.856 million shares valued at N9.835 billion that exchanged hands the previous week in 14,033 deals.

The Financial Services Industry led the activity chart with 1.237 billion shares valued at N9.725 billion traded in 7,404 deals, thus contributing 89.62 per cent and 64.19 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 62.505 million shares worth N1.689 billion in 2,560 deals. The third place was Oil and Gas Industry with a turnover of 26.341 million shares worth 2.447 billion in 1,213 deals.

Trading in the top three equities namely – Sunu Assurances Nigeria Plc, Zenith Bank Plc and Guaranty Trust Bank Plc accounted for 772.902 million shares worth N7.841 billion in 2,050 deals, contributing 55.99 per cent and 51.76 per cent to the total equity turnover volume and value respectively.

Price Gainers and Losers Meanwhile, 20 equities appreciated in price last week, lower than 29 in the previous week, while 42 equities depreciated in price, higher than 40 of the previous week. Prestige Assurance Plc led the price gainers with 12 per cent, trailed by AXA Mansard Plc with 10 per cent. The Initiates Plc followed with 8.9 per cent, while Continental Reinsurance Plc appreciated by 6.6 per cent. African Prudential Plc and Dangote Cement Plc chalked up 5.0 per cent each. Other top price gainers included: Access Bank Plc, Champion Breweries Plc (3.7 per cent apiece).

Cadbury Nigeria Plc and Zenith Bank Plc (3.1 per cent each).

Conversely, Cutix Plc led the price losers with 42.8 per cent, trailed by Niger Insurance Plc with 15.1 per cent.

Universal Insurance Plc and Japaul Oil & Gas Plc shed 13.0 per cent and 12.5 per cent respectively.

Other top price losers were: Sovereign Trust Insurance Plc (12.5 per cent); Pharma Deko Plc (11.5 per cent); Beta Glass Plc, Fidson Healthcare Plc(10 per cent each); Julius Berger Nigeria Plc (9.8 per cent0 and C & I Leasing Plc (9.6 per cent).

26

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

Bello: We Must Reduce Level of Informal Trade in Nigeria The Managing Director of the Nigerian Export-Import Bank (NEXIM), Mr. Abubakar Abba Bello, in this interview on the sidelines of the just concluded International Monetary Fund/World Bank Meetings in Bali, Indonesia, spoke about various initiatives by the bank to drive activities in the non-oil sector in order to enhance the country’s revenue. Bello, also spoke about the importance of his role as the chairman of G-NEXID, a group of export, import banks and development institutions across the world.

Obinna Chima presents the excerpts: Nigeria is currently the Chairman of the Association Export-Import Banks; a position you occupy. What is the implication of this appointment?

Firstly, it is not an association, it is a group of export, import banks and development institutions. It is called G-NEXID. It was set up in 2011 and the main purpose was to facilitate trade investment within the South-south cooperation. Now what we found out was that the founding fathers, which was driven by the India-EXIM Bank and Afreximbank was that when South- south cooperation countries in organisations like the World Trade Organisation and the likes meet, we don’t have a voice. Why? That was because the size of our trade is very small compared to the developed countries. So, the group was set up to bring the south-south countries together so that they would have a bigger voice. That was the first purpose.

The second one is to be able to facilitate trade between the south-south countries.

At the meeting in Bali, Afreximbank president said in the 1990s, Nigeria for instance or Africa as a whole, total trade with south-south countries was about 17 per cent of global total trade.

But certain initiatives that have been taken has seen the growth rise, such that today, the south-south is the biggest trading partner of Africa and it is about 54 per cent today. Even for oil, although NEXIM Bank doesn’t deal with oil, you will notice that India is the biggest buyer of Nigeria’s oil. Of course we all know the story of China. Now, this south -south trade is even now more driven by India and China. So, the group in its little way has also facilitated trade within south-south. Who are the members of G-NEXID? The biggest economies that are in G-NEXID or EXIM banks that are in G-NEXID, China is one of us, but they hardly participate. But India, Brazil, currently Indonesia has joined us. But we have most of the other African countries as part of the G-NEXID network. Nigeria didn’t just get the presidency. The presidency was given to Nigeria even before I came. But almost immediately after the presidency was given to Nigeria, my predecessor, Mr Robert Orya, held it for just a brief period. So when he left, there was like a hiatus. We had somebody attending the meeting and so when I came in, I just took over. I probably have less than eight months left as the president. I have held it now for close to a year and a half. It is usually for a period of two years. So, that is basically what the G-NEXID does.

Can you take us through some activities in the bank since you assumed ofďŹ ce?

In the first instance when I resumed, I did not find NEXIM in the state where I could meet the press and start making statements. We found a lot of things. I do not like saying how bad it was when we got into the bank, but we found it in a bad state. Our loan portfolio was in a state of mess. The loans were not performing.

So, the first thing we did when we came in was to try and acculturise the bank. We got the staff to start seeing themselves as professional bankers and not civil service employees because NEXIM is a bank. Aside from being a bank, it is an international organisation. We belong to so many international affiliations that professionalism becomes very key. We can’t keep relying on government to fund us. Most EXIM bank have lines between themselves. We get lines from other multilateral institutions. And one of the key keys things they look at, apart from your financials, is how professional that institution run. So, we set out a strategy, we had to go back to the drawing board, reworked our strategy and then set out deliverables for ourselves on what needs to be done. I’d say

Bello

since we came in, it has been quite successful.

Another thing we found out was that the bank was almost insolvent when we came in, so we couldn’t even lend. We had two approaches to get liquidity into the bank. One was to go on a massive recovery drive. Some of the loans that were given, though the objectives were good, but a lot of them were given without proper procedures and proper collaterisation. It was like they were in a hurry to just give loans, maybe they were under pressure from government, I don’t know. So, we had to do a lot of works to recover the ones we know are not working, restructure the ones we think are noble enough and commercially viable and those that we thought

When I resumed, I did not ďŹ nd NEXIM in the state where I could meet the press and start making statements. We found a lot of things. I do not like saying how bad it was when we got into the bank, but we found it in a bad state.

Our loan portfolio was in a state of mess.

The loans were not performing

had some fraudulent motives, we handed them over to a presidential panel that is called SPIB for recovery. But concurrently with that, we set out to also get funding for the bank, which was successful. We got the Central Bank of Nigeria (CBN) to re-introduce the intervention for export which is the N500 billion line and secondly, the central bank also refunded the bank with N50 billion, which is what we call the export development fund. Since then, we have been engaged because in all honesty, when we first came, we looked at the total customer, there was no significant exporter from Nigeria that was being funded by NEXIM. CBN, every quarter publishes a list of the top 100 exporters in Nigeria. We looked at our books and found out only two are Nigerians, and even the two was at the bottom of the top 100. So, for us, while we want to support SMEs to grow into major exporters, we looked at it, what are the low hanging fruits? Don’t forget that we took over when the country was in recession and there was this drive to diversify sources of foreign exchange revenue. So for us, the low hanging fruit was for us to look at ways of expanding the businesses of exporters that are already in it. The risk of non-performance would have been mitigated because they know how export is done. That is majorly what we have been doing. So, we looked at the top 100 and decided to support them. But concurrently, one of the pillars of our strategy is that we should encourage processing. We still should not be taking primary products into the global market. That is why we are susceptible to international shock of prices which by the way, as producers of those raw materials, we have no control over. The President of Africa Development Bank likes saying Africa, West Africa specifically, produces 75 per cent of

global cocoa, with Cote d’Ivoire, Ghana, Nigeria and Cameroon, but we only control less than two per cent of global cocoa market which is from beans and chocolate. Current global market size is about $137 billion. What it means is that Africa does less than $3 or $4 billion from that size. How? It is because at primary production level, we have no control over price. You can have your cocoa and they will just tell you we are not buying and there is nothing you can do. It stays on the high sea for some time and starts becoming spoilt.

So, we are at the mercy of global traders. So, what we have put as one of our fundamental objectives is to encourage processing. Another one I like giving example of is shear nuts, where again, we are one of the world’s largest producers. But prior to last year, there was no processing plant in Nigeria. The only processing that was done was by micro enterprises that do it in the traditional way. But guess what happens to Nigeria’s shear, people come in from Ghana and India, buy up the shear and take it to Ghana for processing because they have three processing plants. In fact, it doesn’t register as trade in Nigeria because it is bought in little quantities. So, now we have gotten a one processing plant.

That is the one at Ikene. We have done about three exports of shear butter already. There are two other plants we are working on.

Niger State is the largest producer of shear nuts and there are two plants we are trying to set up in the state. We are trying to resuscitate some of the cocoa plants. Most of them have had their own issues, largely managementrelated. But we think a lot of them have learnt their lessons. We would get better value if we process cocoa, at least into butter in the first instance. Now, what we are doing right now is, before we get the processing plants back to life, we will finance the trade of primary products. If you recall, when we had the meeting with the CBN governor, the governor said he would give a window of two years for those that are doing raw cocoa, raw cashew and raw sesame, to set up processing plants.

If you recall, there is an acronym – PAVE Produce, Add value and Export, and that is our focus now. Like cocoa, total processing capacity that is working in Nigeria now is like 165 tonnes and we produce between 200 and 250 tonnes. But there is installed capacity well above 65,000 tonnes only that it is not working. So, gradually, we are trying to bring them up. For instance, for Multitrex, we are working assiduously with the Asset Management Corporation of Nigeria, to see how we can revive it. That plant alone can process 65,000 tonnes. So, immediately it is revived, it would double the processing capacity of cocoa. Incidentally, most of the cocoa plants were financed by NEXIM at some point. So, a lot have been privatised, some were government owned, some owned by the south western states, but we need to upscale and retool them to get them to production. Other things we are doing that is key to diversification is the development of solid minerals. Now, we know there are solid minerals in Nigeria, but apart from policy, there is also the problem of logistics. For instance, we are aware that Nigeria is losing somewhere between a billion dollars of trade opportunity from Ghana for our coal because Ghanaian power plants are powered by coal. Our coal is one of the best in the world, but the problem is getting it to Ghana. And if we use trucking, by the time it gets to Ghana, it will become uncompetitive.

Another example is Itakpe iron ore, it has orders of close to a million tonnes of iron ore Continued on page 27

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

27

BELLO: WE MUST REDUCE LEVEL OF INFORMAL TRADE IN NIGERIA for China, but transporting it is a major problem. Just to tell you how large that is, one million tonnes is 35,000 trailers. So, 35,000 trailers would be a major challenge. So, what are we doing in all of these? Part of our mandate as a bank is also export or trade facilitation, not necessarily financing only. So, one of the things we are doing is to create the logistics and infrastructure to get some of the solid minerals, especially to the ports. We are talking first of all, with the Inland Water Ways.

In fact, we have reached agreement with them to give us the inland ports which incidentally are all near where the solid minerals for coal and iron ore are and also the railways.

You know how the current administration has resuscitated a rail lines that most of us didn’t even know existed, which is from Itakpe to Warri. Now, it is working but we need it to carry cargo. And to carry that cargo, it can’t go to Warri port because the draft of Warri port is just for meters. Now you can’t dredge it again because there are pipelines underneath.

So, that railway line terminated about 23 kilometres from Warri. So, we are talking to some companies to extend it, not to Warri but to Burutu, which is a deep sea port. Now, the concessionaire is also our customer, we are working together to ensure that we can get than rail line which is about 50 kilometres, because you can only do that logistics by rail.

So, we are going to do the port which will help. The River Niger is being dredged. So, it is going hand-in-hand with another initiative that we are promoting which is the sea link initiative where we are going to put vessels along West and Central Africa ports to facilitate the intra-Africa trade. So, from different angles, despite the limited resources we have, we are trying to make an impact on Nigerian trade of non-oil commodities. And so far so good, I think sea link before the end of the year we would achieve that. We keep shifting the date, our target was before the end of third quarter but we have shifted it to end of year. We have signed all the papers, we have the vessel owns, so, the major problem with sea link in the past was that we tried to run it as a company where shareholders will invest. But there has been some inertia because there is nothing on ground. You are inviting people to come and invest in nothing, that they cannot see physically. So, when we came in, we knew that a lot of vessels were idle. So, we advised that th vessel owners bring their vessels into sea link. We are going to run it as a pilot in the gulf of Guinea between Nigeria, Cameroon and the other smaller countries. Let investors see it working. We need badges for inland water ways. So, we already have interest where twelve badges have been committed. We have three or four different vessel owners who have indicated interest in bringing their vessels.

If you remember, another problem that caused Eko Marine’s failure was that there was no cargo to do West Africa. Now, what we have done in conjunction with the Manufacturers Association of Nigeria’s export group, was that we set up special purpose vehicle called Nexport trade, where Nexport trade will be the importer of Nigerian products. Nexport trade will be like a ware house that exists in Nigeria, Ghana, Togo, Liberia and so on. So, the Nexport trade from those countries will be making direct orders for Nigerian goods.

They too, their problem was that there was no logistics arrangement. For example, in Liberia, Indomie is one of their best foods. So, Nexport did a sample trade of Indomie to Liberia. The number of containers were about four. As they opened the containers, because of the huge demand, it got finished. Now, to restock will take six weeks. Why? Because you have to tranship to Europe and bring it back to Liberia, simply because there is no route. So, same for close-up. If you go to Ouagadougou, you will see close-up, but not the original close-up.

They say they make it in China. Why because those are the luxury products for them. PZ does not have the capacity to supply those markets. But when it is done formally, PZ, Flour Mills, even Dangote can take advantage of that opportunity. We had a meeting with Dangote about one month ago about ceiling.

They can’t wait for us to start. Now, cargo has been secured through Nexport trade. Infact, Afeximbank heard about Nexport trade and

done by foreign companies, marketing, trade, we are nowhere. And I am happy some other initiative is happening on commodities exchange for Nigeria, which is also very key because that is where the trading of these commodities happens. We need to put our acts together and tie up all loose ends to get more value for all we are doing.

Bello

they have almost taken it from us because they are trying to drive intra-Africa trade and they have seen it as a model that they want to replicate across Africa.

First thing we need to do is to reduce informal trade. Nigeria’s informal trade is about three to six times depending on the statistics you take, more than the formal trade. Some put the figure at $18 bilion, some are saying about $12 billion.

Nigeria’s non-oil export hovers around $3 to $4 billion. So, once you are able to formalise that trade, we get the benefit for it as a country and even as individuals that engage and companies that engage in that trade and of course foreign currency will immediately shoot out. Then, the final one I think is very key is that the Economic Recovery and Growth Plan (ERGP) has identified its strategic plot for diversification.

Between NEXIM, the Nigeria Export Promotion Council and the Nigeria Incentive-based Risk Sharing System for Lending (NIRSAL), we’ve taken the liberty to expand it to 12 because we brought in other commodities that we think have the capacity to contribute significantly.

These include ginger, leather products and so on. So, the NEPC has under the zero-oil plan an initiative they call one state, one product. It is a fantastic initiative. But what was missing was finance. So under our export development fund, we have dedicated N1 billion per state to drive the one-state, one-product initiative.

We are working closely with NEPC to actualise that initiative. When we got the fuding, the farming season for this season that just came in had already passed. Now, we are working with NIRSAL, NEPC and the state government. Not directly the state government. What we want the state governments to do is things like land, agric extension and clustering farmers under a cooperative association. Typically, it is just

In Nigeria we do not have the expertise for vessel ďŹ nancing. It is totally a new area for us.

Now, I won’t discount that we won’t do it, but if the prospect is big and commercially viable, from our own layman’s analysis, there is nothing that says we cannot get that expertise on today

to replicate the Anchor Borrowers’ Programm, but specifically for export commodities. And we are trying to encourage also, that states that fall under the same climatic belt, should choose same commodity. If we have seven north-west states for instance all growing sesame which grows around that area, we have N7 billion for sesame. With N7 billion, we can put processing centres around. As you produce, you process and we would have an aggregator that would now take the export. Essentially, what we are doing is that in the drive to create employment, get MSMEs integrated into formal economy, we are going down to the micro level which is the farmers, to start production, the SMSEs take over in processing and also the traditional exporters will take over from there. Of course the farmer will get better value for his products because there would be an agreed price that would be taken, not what speculators do. We will guarantee price and off-take. Even for the states, the activities it will create helps both the economy, reduces unemployment. We have seen the effect that Anchor Borrowers Programme has on Kebbi state for instance. There are more people going for Hajj which tells you that they have money.

So, poverty alleviation at the same time and then create employment. We are hoping that we can start with the dry season for some states. We have reached agreement with several states like Katsina, Kaduna, Kano, Edo, Ondo, Cross River, Delta and a couple of others. We haven’t gotten to the point of signing MoUs but discussions have gone very far.

What has been NEXIM’s intervention in the maritime sector since you assumed ofďŹ ce?

In Maritime sector, I told you about the sea link project. Again, aside from that, there is a discussion we are having with NIMASA together with some ship owners, being led

by NIMASA. But I am aware there have been talks about special facility for that sector?

They actually went to the central bank to get an intervention specifically for maritime, but the central bank now directed them to us. So, we are already in discussions with them. Vessel finance, for me, is not what I would ordinarily do. Honestly, that is because in Nigeria we do not have the expertise for vessel financing. It is totally a new area for us. Now, I won’t discount that we won’t do it, but if the prospect is big and commercially viable, from our own layman’s analysis, there is nothing that says we cannot get that expertise on today. Because it is very key for us to have Nigerian flag-flying vessels. When I gave you the example of coco where we have less than three per cent of global cocoa trade, it involves even the price of freight. As soon as they deliver cocoa to the port here, we are out.

Freight is done by foreign vessels, processing is

When you said that earlier, when you came in, you realised that most of the exporters NEXIM was ďŹ nancing, the indigenous exporters were just two, can you shed more light on that?

What was driving the previous administration was the processing aspect. They focused more on processing than trade. By objective, as we were set up by the Act, we are just a trading bank. So, what should happen is that producers of exportable goods of Nigeria produce, maybe through the Bank of Industry or commercial banks, then we now finance the trading internationally. By objective, that is our mandate. But even the mandate of the bank supports it because if you are facilitating export, it means everything. So, given that some of our producers are not getting the kind of financing they should get to move from primary production to processing, we now had to align our strategy to ensure that we also finance processing for export. They tried to do that, but for me, maybe it was lack of expertise or carelessness. Like I told you with maritime, project finance expertise is different from normal lending. If you don’t have it, what would normally happen sometimes is that you will go into a project that due to cost over run or time extension, you start getting into trouble. Both the promoter and the bank don’t have that expertise. So, for us, what we meant was that there were lots of investment or lending into processing to the detriment of trade. In fact, when we looked at our books, almost 90 per cent of our lending was project finanacing which in banking is like suicide.

We met the bank insolvent. If you put money in five year loans, nothing comes back until after five year. If you put all your money in processing and project finance, you run into trouble with liquidity. So that was the situation we found the bank in. Again, we touched a lot of things in the strategy. One of the things is that we now had limits, sectoral limits, loan type limits, that would make us at least liquid at any given time. Infact, we made it that at any given time, 10 per cent of our total liquidity or portfolio must be in liquid form. We can just put it in treasury bills for instance. We are a development bank, not like commercial banks that must keep cash reserve requirement (CRR) of 22.5 per cent. We now said 10 per cent, run our operations, ensure that we are liquid at any given time. Again, because we want to do processing and the hazards of processing, not as bad debts, but investing in long-term projects, we have now opened discussions with other EXIM banks especially in Afreximbank, that has already given us an in-principle offer of $150 million.

Largely, $100 million is for project finance and $50 million for trade. You see, the platform of G-NEXID, also gives us the opportunity to now talk to others. The recent one that we did in Bali, was that we had already signed an MoU withIndonesia EXIM sometimes like six months ago but it was not operationalised.

One of the immediate objective of Indonesia is to expand their trade into Africa and they are doing several things to do that. First investments into Africa into certain sectors that they are strong in and even in support of their MSMEs, they are trying to put Indonesia on Jumia, so that you can click and just buy stuff from Indonesia, all in a bid to just expand their market in Africa. But what we are discussing with them right now is investment into solid minerals and manufacturing which Indonesia EXIM has indicated interest to finance through us in Nigeria. In fact, at this meeting, I was introducedto some of the promoters already in Nigeria actually. I will expand the discussion when I get back to Nigeria. Saudi has also in principle, given us an offer through Saudi Export Promotion. So, we are opening up NEXIM for international financing, largely to support our industries and production in Nigeria. So, things are happening, of course it will take a while for it to start manifesting.

28

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

Hope Rising for Former Nigeria Airways Workers Chinedu Eze writes on move by the federal government to settle the entitlements of former workers of the defunct national carrier, Nigeria Airways Uncertainty, anger and pain have remained the lot of former workers of the defunct Nigeria Airways Limited (NAL) who lost their jobs in 2003 when the federal government stopped the operations of the national carrier. It was finally pronounced dead in 2004 with its liquidation.

Since then the clamour for the payment of severance package started. First, the foreign workers of the defunct airline were taken care of but government, even after selling the assets of the company did not see the urgency of also compensating the ex-workers of the national carrier in Nigeria.

The clamour continued, as many of the workers of the defunct airline were losing their lives to sickness and death.

Government’s insensitivity to the suffering of these workers shocked the labour unions in the aviation industry who joined hand to campaign and push that government should do the right thing by paying off the NAL staff who had put all their youthful days and skill to serve government through the national carrier.

VeriďŹ cation However, the federal government through the Ministry of Finance recently announced that half of the N45 billion, representing N22.5 billion would be disbursed to the former workers soon, while the balance would also be disbursed to them at a later date.

According to the President Initiative on Continuous Audit (PICA), a department in the Ministry of Finance, 1,000 beneficiaries were supposed to be verified nationwide daily with 50 per cent of them, representing 500 coming from Lagos alone.

One of the beneficiaries and the President, Aviation Union Grand Alliance (AUGA), Lookman Animashaun, described the verification exercise as smooth last Monday. However, he noted that power outage occasioned by road accident along the Lagos airport link road, which destroyed electric cables that supply electricity to the Skyway Catering Limited, venue of the verification exercise, slowed activities and affected the early commencement of the exercise in Lagos.

Animashaun explained that nationwide, a total number of 5,969 ex-workers of the airline would benefit from the exercise while a bulk of them would come from Lagos.

He commended President Muhammadu Buhari and the Minister of Finance, Mrs. Zainab Ahmed for commencing the process.

He appealed to the government to disburse the balance of N22.5 billion as promised, saying that this would go a long way in addressing the challenges of the ex-workers who served the nation at the peak of their life. “The process started today (last Monday), but because of small logistics problem as regards power, we were not able to finish up with the number that was earmarked for today. We will continue with where we stopped on Tuesday. “So far, we have done 250 people and we will continue tomorrow (last Tuesday). We were expected to do 1,000 retirees today in Lagos, Enugu and Kano and Lagos is expected to process the 50 per cent of the number because Lagos is the major centre. “In all, we are expecting 5,969 beneficiaries; the Minister of Finance has assured us that the balance would be paid within the next six months, we believe the Minister and Mr. President that the sum would be paid even before then. “So far so good, the organisation has been nice and we would have gone far if not for the power problem we had at the initial time,� Animaseun said.

Also, Deputy Director, PICA, Mr. John Waitono who is coordinating the exercise in Lagos, said the agency had gone far with the exercise in Lagos.

He explained that several stages would be required to be fulfilled before the beneficiaries would eventually be paid electronically.

He stated that the exercise would be rounded up in Lagos last Friday, while the payment would commence almost immediately through electrical payment. “We have gone far with the exercise. We had challenges at the beginning of the exercise especially with capturing because the light was interrupted and the issue of the server, too, but, they have all been resolved. “When you come first, you check your name

on the list, you will now go for identification and then, clearing. After that, you are given a form to fill and they will check your documents if they appear as advertised in the papers. If this was in positive, you then go for capturing. “We are expected to round up the programme

by Friday and after then, the sum would be sent to their accounts for payment. You know we are in a cashless environment. Those at the Ministry would pay them after their clearance. Their bank details would be on the biometrics; passport would be captured. Then, we will generate payment voucher to the Accountant General of the Federation. “For everyone that is cleared, the officials would sign. We have representatives of The Independent Corrupt Practices Commission (ICPC), Economic and Financial Crimes Commission (EFCC), Auditor General and Ministry of Finance would sign the form for confirmation. Those are the ones that the sums would be sent to. Quality control of the Inspector General of Police would check and do data cleaning. Any of the group that has been cleared would be paid,� he said.

A senior aircraft engineer with the defunct airline, Mr. Frank Osch, expressed happiness with the commencement of the exercise; the same with former Senior Personnel Officer, Nigeria Airways, Mr. Felix Agbagwu, who also commended the government for the payment despite various failed promises.

Prosecution The federal government while making the payment to ex-NAL workers has vowed to punish those that ran down the national carrier that held so much hope in Africa before its demise.

Nationwide, a total number of 5,969 exworkers of the airline would beneďŹ t from the exercise while a bulk of them would come from Lagos

Government has already constituted panel to probe how the fortunes of rested airline nosedived.

The Buhari administration said it was set to initiate the prosecution of persons indicted in the Justice Obiora Nwazota Judicial Commission of Inquiry White Paper. The panel was set up to find out why the airline collapsed and other issues that happened in the sector at the time.

Indications showed that government is looking into how to recover huge sums of money from individuals, organisations and agencies that mismanaged the airline.

The Justice Obiora Nwazota, who served as chairman of the Judicial Commission of Inquiry, said the panel submitted its white paper to government in 2002. A source said government may constitute a team to initiate a probe into how the fortunes of the rested airline dwindled before it went under.

President Muhammadu Buhari has indicated interest in the white paper on the Report of the Judicial Commission of Inquiry for the investigation of the management of Nigeria Airways Limited, 1983 – 1999. “The white paper indicted some high profile Individuals and organisations/agencies from whom various sums running into billions of naira were to be recovered. “The panel was mandated to look into the financial position and financial management of Nigeria Airways and to examine all books of account and records to ascertain their compliance with appropriate regulations,� disclosed inside industry source.

The panel was to investigate the application of funds, including budgetary allocations, special grants, loans for specific projects and proceeds from the sale of its product and services as well as verify, evaluate, ascertain the authentic level of indebtedness between 1983 and 1999.

Confirming the development, Animashaun, said though the workers and pensioners were excited about the approval for payment of their severance benefits, they want Buhari to ask questions on how the airline was ruined.

He said the President should go beyond asking questions but insist on the implementation of the recommendations in the White Paper released by the Justice Obiora Nwazota Judicial Commission of Inquiry.

Animashaun said looking into the recommendations of the White Paper could not be more timely than now, when the Justice Nwazota is still alive to give credence to the contents of the document.

He said ex-Airways workers would want Buhari to push for the prosecution of politically exposed

persons who were indicted in the White Paper, but hid themselves in the political landscape, untouched.

Punitive Measures “Though we thank President Muhammadu Buhari for approving the release of our severance benefits, we learnt the President has started asking questions on what led to the collapse of the former national carrier. Beyond asking questions, Buhari must ensure government goes back to the white paper and institute a commission of inquiry, more so that Justice Obiora Nwazota is still alive. “Every recommendation in the white paper should be implemented to the letter and the names of persons indicted in the report should be prosecuted. It is only when government does this that the wounds inflicted on the psyche of former workers of the rested national carrier would heal�, Animaseun said.

Industry stakeholder and CEO of Centurion Security, Group Captain John Ojikutu (rtd) said that President Buhari was determined to probe those that destroyed Nigeria Airways. “Buhari did not just ask questions about what destroyed the Nigeria Airways; he spoke about probe early this year, in February. It is those politically exposed persons that started the talk of Air Nigeria in place of Nigeria Airways in 1992/93, Virgin Nigeria, and even now, the not too transparent Nigeria Air. But it will be difficult,�

Ojikutu said.

Stress While the beneficiaries of the severance payment commend the federal government, they noted that the process of verification is ridden with hiccups.

THISDAY spoke to industry stakeholder, Chris Aligbe on Wednesday who is a beneficiary and he said that the verification is slow because of inadequate equipment and personnel. “I am sitting at the verification centre and waiting to be verified. Things are not going the way they should. There is inadequate equipment and personnel are not enough. We commend the federal government for making this possible, however,� Aligbe said.

Prelude to the establishment of Nigeria Airways Limited, Nigeria had started getting regular flights from the British Overseas Airways Corporation (BOAC) and in 1958 Nigeria’s national carrier was established.

NAL held sway until it was liquidated in 2003 but before then the industry was deregulated which opened the market for private investors to establish commercial airlines.

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

Í°Í·

30

T H I S D AY Ëž Ëœ Í°Í°Ëœ Í°ÍŽÍŻÍś

Beyond Compliance: Curbing the Culture of Board Impunity Segun Caulcrick The dust is yet to settle over the recent announcement of the takeover of Skye Bank

by Polaris Bank, a new bridge bank that was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

The stories of insider non-performing loans bring to focus again the urgent need to address the ethical squalor at the highest level of most of our banking institutions before it compromises the financial system with the reverberating consequence for the economy.

It would seem that there was a widespread violation of director’s ethical code of conduct if ever there was any at the defunct Skye Bank.

Information being unveiled paint a picture of a revolving table of unsecured Non -Performing Loans (NPL) dished out to directors and related companies. Such shady practices have come to light before – remember the defunct Oceanic Bank and Intercontinental Bank, among others. The outcome as on previous occasions was a massive loss of shareholder investment, diminution brand value, tarnished image of the directors and ruined careers.

The debts were taken over at a high cost to the nation. The Asset Management Corporation of Nigeria (AMCON) is yet to fully recover the NPLs it took onboard from the previous round of rescued banks.

Among the core values of Skye Bank were ‘Integrity and Trust.’ These obviously did not apply to the board. This attitude is typical of the mindset of people on most boards - the issue of organisation culture belongs to HR or at best management and definitely not a board concern.

Perhaps the integration of Skye’s corporate values ethics into the board’s activities and decisions could have helped. It might have awakened the conscience of the directors against their subconscious avaricious instincts.

Many high profile corporate failures and reputation damage across the world have often been traced to unhealthy corporate cultures. The failure of Enron and Oceanic Bank; the reputation damage of Cadbury Nigeria and recent Volkswagen, Uber, OXFAM and KPMG (South Africa) scandals could be traced to the culture of the organisations.

The outcome was often substantial loss of

EmeďŹ ele

shareholder value, brand value depletion, reputation loss, regulatory sanctions and prosecution of individual directors. Pervasive toxic cultures don’t happen overnight, they start out small. An unhealthy culture, left unchecked, will fail at some point.

The UK Corporate Governance Code ascribes to boards, the responsibility for setting the company’s values and standards.

The preface to the Code states: “One of the key roles for the board includes establishing the culture, values and ethics of the company. It is important that the board sets the correct “tone from the top�. The directors should lead by example and ensure that good standards of behaviour permeate throughout all levels of the organisation. This will help prevent misconduct, unethical practices and support the delivery of long-term success.�

The Nigerian Code of Corporate Governance exposure draft expects Boards Charter of responsibilities to include “establishing and maintaining the company’s values and

standards (including an ethical culture) as well as demonstrating the right tone at the top. The Central Bank of Nigeria (CBN) new Code of Corporate Governance stipulates that bank directors with non-performing loans (NPLs) are to either quit or be sacked.

In the case of Skye Bank the Board did set a tone at the top but it was the wrong standard. With such example at the top, one wonders if the executive team was not involved in the saga of unsecured insider loans.

A change of mindset and capacity enhancement may be required for the boards of Nigerian owned financial institutions to adequately perform the expected culture oversight role within the emerging governance codes. Are the boards equipped to assess the culture, integrate values into their policies and practices and influence the right tone in the organisation through the CEO and the executive team?

How much of the lightly secured or unsecured facilities at our financial institu-

‘Technology Will Drive Nigeria’s Growth’

Quickteller to Ease International Trade

Emma Okonji

Quickteller, an e-commerce platform of Interswitch Group, has announced the launch of the Quickteller Global Mall.

The new service was developed in furtherance of the company’s commitment toward enhancing easy and better service delivery.

Now customers can shop directly from over 100 international stores, including: Amazon, Zara, eBay and Macy’s, and pay in Naira. A statement from the company explained that the service was created to offer enduring guarantee for businesses to reliably cater to its esteemed customers’ needs while providing solutions that make daily life transactions easier and more convenient.

The Quickteller Global Mall affords international business people the opportunity of having their goods shipped, cleared and safely delivered; all through one platform. Group Head, Digital Payments, Digital Payments, Products & Marketing Management at Interswitch, Adetayo Teluwo, was quoted to have explained that the product was borne out of need to cater to the needs of teeming customers of the company and has also been tested and proven to be reliable.

He said: “This product was borne

The Managing Director, Africa Operations of Inlaks, Femi Adeoti, has said that technology which is a major force in the innovation value chain will, continue to drive growth to attain national and global relevance for Nigeria, if fully embraced.

Adeoti, who was a guest speaker at the series on financial technology event organised recently by the Vanguard Media recently, further highlighted that mobile payments technology, was one of the ways innovation is paving the way for economic prosperity. He noted that mobile money was becoming increasingly significant, especially in the context of developing economies where many low-income households and microenterprises do not have ready access to financial services. “The biometrics process in banking institutions took Know Your Customers (KYC) beyond the bank branches, equipping them to provide safer payments, transfers, simplified banking and fraud reduction,� he said.

According to him the Shared Agent Network (SAN), a programme of the Bankers

Committee and the Central Bank of Nigeria (CBN), which enables financial inclusion, “is made possible through the use of mobile and digital payments platforms.�

Adeoti, also gave an instance of the Treasury Single Account (TSA), a public accounting system powered by technology, which links various government accounts with the view of ensuring that all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the CBN. This, he said had enabled regular and effective monitoring of government cash resources, helping the federal government gain a stronger hold on its finances and reduce fraud ultimately. He therefore noted that, “If a country has a fragmented system for handling government revenues through the banking system, it is a critical public financial management weakness that needs to be addressed.�

Speaking further on the use of technology in driving financial inclusion in the country, Adeoti, explained that the CBN had granted an approval-in-principle to Inlaks to operate as a super-agent to enhance financial inclusion strategy in Nigeria.

out of a rigorous series of surveys, user interviews and user testing which we have piloted with a couple of Quickteller’s most loyal users, and they share our excitement at this innovation.�

The e-commerce platform allows users to purchase a wide variety of goods and services including household items, electronic devices, furniture, mobile devices, laptops, books, cars and so on, from the UK and the USA within a period of 10 to 15days, thus reducing delivery cost and time in business transactions. The service also includes custom clearance and doorstep item delivery. “The beauty about the service is that the customer does not need to bother about changing currencies or looking for forex. “All payments are done in naira. How convenient is this? I will say, very, meaning this is something every business person should take advantage of,� Teluwo added. Quickteller is an electronic platform that gives users easy and convenient access to a wide range of services such as purchase of airtime, Internet Broadband, Airline tickets, payment of toll fares (e-tag), electricity bills, DSTV subscription renewal, betting and funds transfer.

tions are for directors, top executives and their associates. Are the regulators eagle eyed enough to fish out and report such facilities before they become toxic? Will the regulators be transparent enough to sanction, name and shame unethical directors so it becomes a deterrence?

A central bank recent report indicated that “the economic recession showed that the financial industry still harbors weaknesses in governance, as seen in insider non-performing loans, unreported losses, huge exit packages for directors, over-domineering executive management, contravention of regulatory/prudential guidelines and lending limits, poorly appraised credits,� Will our financial institutions stand up to rigorous stress test?

The tone of the exposure draft of the Nigerian Code of Corporate Governance does to deter boards from a regime of self-service of unethical facilities. The Code adopts a principle-based philosophy rather than a rigid rule-based approach. The principles are set as minimum standards to which companies are encouraged to comply. While this philosophy may be appropriate for a society with a culture of self-regulation, it would seem out of place in Nigeria where our individual conscience and ethical compass are weak. At our stage of consciousness as a people, we are probably better-off with a governance code that demands mandatory compliance with judicial consequences.

The effective execution of the boards mandate with respect to the profitability and sustainability of organisations is invariably impacted by the corporate culture. Beyond compliance with statutory codes, boards are expected to set the right tone at the top and perform an oversight function in ensuring the executive embeds a culture aligned with the mission and strategy of the organisation.

Building the board’s capacity to perform this culture oversight role coupled with regulatory deterrence for unethical conducts should help to stem the incidents of impunity of banks directors with respect to non-performing insider loans. This would go a long way in reducing the risk of the breakdown of the financial system.

Caulcrick, the co-founder and Executive Director of the Foundation for Value Transformation can be reached via jto. caulcrick@gmail.com

NPA to Partner Navy to Safeguard Nigeria’s Territorial Waters Eromosele Abiodun The Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman has reiterated the determination of the management of the authority to collaborate with all stakeholders responsible for safeguarding the nation’s territorial waters within budgetary limitation. She gave the assurance in Lagos recently, while exchanging view with the new Flag Officer Commanding (FOC) of the Western Naval Command RealAdmiral Obed Habila Ngalabak who paid her a courtesy visit in her office.

The NPA boss stressed the need for the Nigerian Navy to partner with the NPA in

securing the nation’s waterway, within their jurisdiction considering the history of their evolution and their peculiar areas of operation.

Bala-Usman, assured the FOC that all issues he brought to her attention through a Memorandum of Understanding (MOU), to be submitted to her office and deliberation at the meeting, especially the renovation and rehabilitation of the Takwa Bay would be considered appropriately.

Earlier in his address, Real Admiral Ngalabak informed the NPA Managing Director of the need of all concerned to assist the Navy to take a holistic reconstruction of the Takwa Bay as it is facing the challenge of erosion.

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

ͱͯ

32

T H I S D AY Ëž Í°Í°, 2018

BUSINESS/MONEYGUIDE

CBN Sets N6bn Minimum Capital Requirement for Mortgage Guarantee Companies James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË The Central Bank of Nigeria (CBN) has set the minimum capital requirement of N6 billion for the operation of Mortgage Guarantee Companies (MGC) in the country.

In an exposure draft posted on its website, it pointed out that the licencing of MGC would deepen the mortgage banking sub-sector, through increased market access to mortgage finance and sharing of credit risk with mortgage lending institutions by issuing guarantees to reduce or replace equity contribution that would otherwise disqualify mortgagors from accessing mortgage as required by the uniform underwriting standards.

According to the central

bank, the proposed regulation was aimed at ensuring that MGCs when licenced operate in a safe and sound manner on internationally acceptable principle, standards and good practice in mortgage guarantee.

The regulation, among other things, stipulates the basic requirements for the MGC’s principal line of business of guaranteeing mortgages for lenders based on the security of residential mortgage assets and sets the capital requirements including minimum paid-up capital as well as permissible investments and liquidity requirements. Essentially, the regulation bars the MGCs from acceptance of demand, savings and time deposits or any other type of deposits as well as from financ-

ing real estate construction or management of pension funds/ schemes.

It is also prevented from granting consumer, commercial or mortgage loans among other restrictions. On the other hand, the MGC is expected to engage in full or partial guaranteeing of residential mortgage loans; invest in government securities and other approved investments and assume ownership of residential property in the event a lender is unable to dispose of a foreclosed property-provided that such holding shall not exceed 20 percent of its shareholders’ fund unimpaired by losses without the Bank’s prior written approval.

The MGC is further allowed to issue bonds and notes to fund its operations among other activities.

Sekibo Urges Diaspora Nigerians to Seek Information on Domestic Investments The Managing Director/CEO of Heritage Bank, Mr. Ifie Sekibo, has advised Nigerians in the diaspora to seek appropriate information in order to take advantage of the investment opportunities in the nation’s economy.

Speaking in Atlanta, United States, during a 3-day conference organised by the Chartered Institute of Bankers of Nigeria (CIBN), USA Branch and cosponsored by Heritage Bank, tagged: “Atlanta 2018: Investing at Home,� Sekibo urged Nigerians living in diaspora to invest at home and make their motherland grow economically.

According to him, “The reason why we are here is to encourage Nigerians in the diaspora to invest in Nigeria and this is particularly important because of recent times, we have had upsurge of remittance flows from diaspora to Nigeria and the figures have continued to grow. “What are they deploying

this money into, how are they investing it, there is need for us to interact with them and know where they put the money, give them a roadmap of what is available, show them what we have in our country that is obtainable and where they could invest the money. “We are not just calling them to come and invest, but to know what is there to invest in and how you invest. Who do you partner to do these investments and the information you require to do the investments?�

Speaking on the risk factors involved in investing at home, Sekibo said Nigerians living in diaspora need information about how and where to invest their monies. “Concerning the risk factor, you just don’t give money to somebody to invest for you. You need adequate information, you need facts and there is need to know the kind of structures available and the regulations. “Also, they need to know the

boundaries and on what basis they are doing this investment.

All this information is required and that is why we are we are here as a bank to give Nigerians in Diaspora all this information. “Our mission in this 3-day conference is to tell them yes there are regulations, yes there are opportunities they can get involved in back home but how do you go about them? “We have had many people in diaspora complain about their family members swindling them of their monies, that is not to say it is all family members that are bad. “We have also had some family members doing good job in investing monies for their families abroad and most times.

We are now in a technology age where you can go online and get whatever information you want. “There is what we call Nigerian Investors Promotion Council, their website has all the necessary information which you can tap from,� he stated.

First Bank Pledges to Partner Fintechs Ugo Aliogo First Bank of Nigeria Limited has restated its desire to continue to partner financial technology companies (fintechs) in the country to improve its technology banking.

Speaking at the 2018 First Bank of Nigeria, 3-day Fintech Summit with the theme: ‘The future of banking – the role of AI and big data,� the Chairman, First Bank of Nigeria, Mrs. Ibunkun Awosika, stated that the bank had been reinvented.

Awosika, noted that there was need to create a future that would be sustainable.

Earlier in his remarks, the

Managing Director, FBN, Dr. Adeshola Adeduntan, noted that the FirstBank Fintech Summit commenced with a two-day hackathon on Artificial Intelligence (AI) and Big data at the FirstBank Digital Lab. He stated that the aim of the event was to come up with new ways to apply artificial intelligence to banking operations and practices. Adeduntan who was represented at the event by the Deputy Managing Director, FBN, Gbenga Shobo, added that to remain competitive, banks must make the most of the disruptive change.

The FBN MD explained that presently, some actors use the

new technology so enthusiastically that it’s hard to keep up, whilst others are still channelling too much investment in old systems. “But technologies like artificial intelligence and big data technology need to become part and parcel of our business models across the board,� noted Adeduntan.

Continuing, Awosika added: “There is need to create a bridge that links what you know and what we know together to create a new door for the future that is what we are building. It is about creating the right room where all these things are done by the right generation of people.

Investment Conference to Hold in Lagos Nume Ekeghe The Vice Chairman & Managing Director at Morgan Stanley, United States of America, Ms. Carla Harris and the Minister of Industry, Trade & Investment Mr. Okechukwu Enelamah, among other local and internationals speakers have been confirmed for the CFA Society Nigeria Investment Conference A statement from the group

stated that the major issue to be discussed would be Nigeria’s attractiveness to global investors which has dipped in recent times The conference is slated to hold in Lagos between 8th and 9th November 2018, with the theme, ‘Let’s Measure Up.’ Others lineup include the President & CEO CFA Institute Paul Smith, the Chairman, First Bank of Nigeria, Mrs. Ibukun Awosika, the Managing Director,

EMEA, CFA Institute, Mr. Gary Baker and President, CFA Society Nigeria and Conference Host Mr. Banji Fehintola, among others.

The CFA Society Nigeria is an affiliate of CFA Institute. CFA Society Nigeria seeks to promote the highest standards of investment practice in Nigeria and to provide a vibrant community in which its members and other key players in the investment industry can interact and grow.

L-R: Managing Director/CEO of Heritage Bank, Mr IďŹ e Sekibo, receiving the award of an Honourary Fellow from the President, Chartered Institute of Bankers (CIBN), Dr. Uche Olowu, at the just concluded CIBN conference in Atlanta, United States of America‌recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2018 Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

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

5,433,209.43

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

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE AS AT THURSDAY OCTOBER 18, 2018

The price of OPEC basket of ďŹ fteen crudes stood at $78.25 a barrel on Thursday, compared with $79.50 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

33

T H I S D AY Ëž Í°Í°Ëœ Í°ÍŽÍŻÍś

MARKET NEWS

Wema Bank Grows Nine Months ProďŹ t by 72% to N2.6 Billion Goddy Egene Wema Bank Plc has posted improved bottom-line for the nine months ended September 30, 2018, helped by a significant growth in trading income.

The results released last Friday showed net interest income of N15.349 billion, up from N11.976 billion in the corresponding period of 2017. Net fee and commission income fell slightly from N5.551 billion to N5.421 billion in 2018.

However, trading income soared from 166 per cent to N4.276 billion, from N1.603 billion.

This boosted the operating income to N25.448 billion, compared with N20.068 billion. But personnel expenses rose from N7.844 billion to N8.564billion, while other expenses jumped from N8.644 billion to N11.864 billion.

Hence, Wema Bank Plc ended the nine months with profit before tax of N3.057 billion, showing an increase of 69 per cent above

P R I C E S MAIN BOARD

F O R

DEALS

the N1.799 billion recorded in 2017. Similarly, profit after tax rose 72 per cent to N2.644 billion, compared with N1.529 billion in the corresponding period of 2017.

The lender recorded earnings per shares of 9.2 kobo, up from 5.3 kobo in 2017. Wema Bank Plc recently disclosed that it planned to raise up to N20 billion senior unsecured bond in Series 2 of its bond issuance progamme.

According to the bank, the new issuance followed a successful

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

establishment of N50 billion Bond Issuance Programme.

It explained that the series 2 of the bond is to be issued for a tenor of 5-7 years and the target market is the institutional investors. It added that the proceeds of the bond are intended to boost its working capital and meets its financing needs. The bank had raised N6.2 billion in its first tranche of the N50 billion debt programme. Also, the bank recently confirmed Mr. Ademola

T R A D E D MAIN BOARD

A S

Adebise as managing director/ chief executive officer(MD/CEO), effective October 1, while Mr. Moruf Oseni has been named deputy managing director.

Adebisi was appointed the acting MD/CEO in July when the former MD/CEO, Mr. Segun Oloketuyi proceeded on terminal leave in July 2018. He has been part of the bank’s executive management team since the transformation programme began in 2009 and has played a

O F

pivotal role in the execution of the strategic turnaround programme for the bank.

According to bank, “Adebise has over 28 years’ experience in the banking industry (inclusive of four years in management consulting), and has worked in various capacities in information technology, financial control & strategic planning, treasury, corporate banking, risk management and performance management.�

1 9 / 1 0 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

Ëž MONDAY, OCTOBER 22, 2018

34

Monday, October 22, 2018

2018 Banking Sector Report: An Economic Agenda for a New Government Nigerian Banking Sector in 2017/18

enacted strategies to manage the growth of impaired

ĆšÄžĆŒĹľÍ• Ĺ?Ĺ?ǀĞŜ ƚŚĞ ĞdžƉĞÄ?ƚĂĆ&#x;ŽŜ ŽĨ ĹľĹ˝ÄšÄžĆŒÄ‚Ć&#x;ŽŜ Ĺ?Ĺś Ĺ?ĆŒĹ˝Ç ĆšĹš

Industry Remains Resilient Despite Economic

assets – ĞůŽŜĹ?Ä‚Ć&#x;ŽŜ ŽĨ ĆšÄžĹśĹ˝ĆŒĆ? Ä¨Ĺ˝ĆŒ Ć‰ĆŒĹ˝Ä?ůĞž ůŽĂŜĆ? ĂŜĚ

from both funded and non funded sources.

Ä‚Ĺ?Ĺ?ĆŒÄžĆ?Ć?Ĺ?ǀĞ ĆŒÄžĹľÄžÄšĹ?Ä‚Ć&#x;Ĺ˝ĹśÍ˜ EĹ˝ĆšÇ Ĺ?ƚŚĆ?ƚĂŜĚĹ?ĹśĹ?Í• Ĺ?ŜĚƾĆ?ĆšĆŒÇ‡

Ď°Í˜ /ĹśÄ?ĆŒÄžÄ‚Ć?ĞĚ >ĞǀĞů ŽĨ ŽůůĂÄ?Ĺ˝ĆŒÄ‚Ć&#x;ŽŜĆ?

Woes The banking sector proceeded into 2017, on the back of successive years of growth in revenues and earnings.

tĹ?ƚŚ ÄžÄ?ŽŜŽžĹ?Ä? Ä?ŽŜĚĹ?Ć&#x;ŽŜĆ? ÄšÄžĆšÄžĆŒĹ?Ĺ˝ĆŒÄ‚Ć&#x;ĹśĹ?Í• ƚŚĞ ĞdžƉĞÄ?ƚĂĆ&#x;ŽŜ was that the industry was entering a low growth phase when strong return on equity (ROE) performances of the past would fade away. However, the industry remained ĆŒÄžĆ?Ĺ?ĹŻĹ?ĞŜƚ Ĺ?Ĺś ƚŚĞ ĨĂÄ?Äž ŽĨ Ć?Ĺ?Ĺ?ĹśĹ?ÄŽÄ?ĂŜƚ Ć‰ĆŒÄžĆ?Ć?ĆľĆŒÄž Ä‚Ć? ƚŚĞ EĹ?Ĺ?ÄžĆŒĹ?Ä‚Ĺś economy entered a downturn. In fact, ROE rose as ĆŒÄžÇ€ÄžĹśĆľÄžĆ? ĂŜĚ Ć‰ĆŒĹ˝ÄŽĆšĆ? Ä‚Ä?Ä?ÄžĹŻÄžĆŒÄ‚ĆšÄžÄšÍ• Ç ĹšĹ?ĹŻÄž Ä?ĂŜŏĆ?Í› Ä?ĂƉĹ?ƚĂůĹ?njĂĆ&#x;ŽŜ Ç Ä‚Ć? Ć?ĆšĆŒĹ˝ĹśĹ?ÄžĆŒ – average capital adequacy increased to 20.0% in 2017 from 18.4% in 2016. Also, price to book value was on the rise just as loan to

credit impairment charges reduced given the levels of provisions taken in the prior year.

Ä?ĂŜŏĆ? ĂŜĚ ƚĞůĞÄ?ŽžžƾŜĹ?Ä?Ä‚Ć&#x;ŽŜĆ? Ä?ŽžƉĂŜĹ?ÄžĆ? Ĺ˝Ç€ÄžĆŒ ƚŚĞ

The resilience of the sector in the year allayed long ĆšÄžĆŒĹľ Ä¨ÄžÄ‚ĆŒĆ? Ä‚Ä?Žƾƚ ƚŚĞ Ĺ?ŜĚƾĆ?ĆšĆŒÇ‡Í• Ç ĹšĹ?Ä?Ĺš Ĺ?Ĺś Ä?ŽŜŊƾŜÄ?Ć&#x;ŽŜ Ç Ĺ?ƚŚ ƚŚĞ ĞdžĹ?Ćš Ä¨ĆŒĹ˝Ĺľ ĆŒÄžÄ?ÄžĆ?Ć?Ĺ?ŽŜ Ĺ?Ĺś Yώ͗ώϏϭϳ͕ ÄšĆŒĹ˝Ç€Äž investments

in

the

sector,

dĹšÄžĆŒÄž ŚĂĆ? Ä?ĞĞŜ Ä‚ ĆšĆŒÄžĹśÄš ŽĨ Ä?ŽůůĂÄ?Ĺ˝ĆŒÄ‚Ć&#x;ŽŜĆ? Ä?ÄžĆšÇ ÄžÄžĹś

with

the

market

Ä?ĂƉĹ?ƚĂůĹ?njĂĆ&#x;ŽŜ ŽĨ ƚŚĞ Ć?ÄžÄ?ĆšĹ˝ĆŒÍ›s banks growing by 87.8% Y o z ƚŽ EĎ°Í˜ĎŽĆšĹś Ĺ?Ĺś ĎŽĎŹĎ­Ďł Ä¨ĆŒĹ˝Ĺľ EĎŽÍ˜ĎŽĆšĹś Ĺ?Ĺś ƚŚĞ Ć‰ĆŒÄžÄ?ĞĚĹ?ĹśĹ? Ç‡ÄžÄ‚ĆŒÍ˜ Ć? ƚŚĞ ůĂŜĚĆ?Ä?ĂƉĞ Ä?ĹŻÄžÄ‚ĆŒĆ? ĂŜĚ ƚŚĞ Ä?Ĺ˝ĆľĹśĆšĆŒÇ‡ Ä?ŽŜĆ&#x;ŜƾĞĆ? Ĺ?ĆšĆ? Ć?ĹŻĹ˝Ç Í• Ć?ĆšĆľĆŠÄžĆŒĹ?ĹśĹ? ƉĂÄ?Äž ŽĨ ĆŒÄžÄ?Ĺ˝Ç€ÄžĆŒÇ‡Í• ĹśÄžÇ ĹšÄžÄ‚ÄšÇ Ĺ?ŜĚĆ? emerge, and banks will need to embark on a ĨƾŜĚĂžĞŜƚĂů ĆšĆŒÄ‚ĹśĆ?Ä¨Ĺ˝ĆŒĹľÄ‚Ć&#x;ŽŜ ƚŽ Ć‰ĆŒĹ˝ĆšÄžÄ?Ćš ƚŚĞĹ?ĆŒ Ä?Ä‚ĹŻÄ‚ĹśÄ?Äž Ć?ŚĞĞƚĆ? ĂŜĚ Ä?LJ ĞdžƚĞŜĆ?Ĺ?ŽŜ͕ Ä¨ĆľĆšĆľĆŒÄž Ĺ?ĆŒĹ˝Ç ĆšĹš

ƉĂĆ?Ćš ĚĞÄ?ĂĚĞ͕ Ć?ĆľÄ?Ĺš Ä‚Ć? Ĺ?ĂžŽŜĚ ĂŜŏ ĂŜĚ DdEÍ• Ç Ĺ?ƚŚ ÍžDiamond YÍ›ello accountÍ&#x;͕͛ Ä‚Ĺ?žĞĚ Ä‚Ćš ÄšĆŒĹ?Ç€Ĺ?ĹśĹ? ĎŜĂŜÄ?Ĺ?Ä‚ĹŻ Ĺ?ĹśÄ?ĹŻĆľĆ?Ĺ?ŽŜ ĂŜĚ Ä?ŽŽĆ?Ć&#x;ĹśĹ? Ä?ŽƚŚ Ä?ĆľĆ?Ĺ?ŜĞĆ?Ć?ÄžĆ?͘ tÄž ĞdžƉĞÄ?Ćš ĆŒÄžĹśÄžÇ ÄžÄš Ç€ÄžĆŒÇ€Äž Ä¨Ĺ˝ĆŒ Ć?ĆľÄ?Ĺš Ä?ŽůůĂÄ?Ĺ˝ĆŒÄ‚Ć&#x;ŽŜĆ? Ĺ˝Ç€ÄžĆŒ ƚŚĞ žĞĚĹ?ƾž ĆšÄžĆŒĹľÍ• Ç Ĺ?ƚŚ &Ĺ?ĹśdÄžÄ?Ĺš ÄŽĆŒĹľĆ?͘ dŚĞ Ć‰Ä‚ĆŒĆšĹśÄžĆŒĆ?ĹšĹ?ƉĆ? Ç Ĺ˝ĆľĹŻÄš Ä?Äž Ć?LJžÄ?Ĺ?Ĺ˝Ć&#x;Ä?Í• Ä‚ĹŻĹŻĹ˝Ç Ĺ?ĹśĹ? Ä?ĂŜŏĆ? ƚŽ ĆľĆ&#x;ĹŻĹ?Ć?Äž ĚĂƚĂ ĂŜĚ ĂŜĂůLJĆ&#x;Ä?Ć? ƚŽ ĞŜŚĂŜÄ?Äž ĆŒĹ?Ć?ĹŹ Ä‚Ć?Ć?ÄžĆ?Ć?žĞŜƚ ĂŜĚ ÄšĆŒĹ?ǀĞ ĆŒÄžÇ€ÄžĹśĆľÄž Ĺ?ĆŒĹ˝Ç ĆšĹšÍ˜ /Ĺś ĂĚĚĹ?Ć&#x;ŽŜ͕ Ĺ˝ĆšĹšÄžĆŒ Ä?ŚĂŜŜĞůĆ? Ć?ĆľÄ?Ĺš Ä‚Ć? h^^ services have gained prominence, with banks such as 'd ĂŜĚ &Ĺ?ĆŒĆ?Ćš ĂŜŏ ŚĂǀĹ?ĹśĹ? Ĺ˝Ç€ÄžĆŒ ĎŻ ĹľĹ?ĹŻĹŻĹ?ŽŜ Ä?ĆľĆ?ĆšĹ˝ĹľÄžĆŒĆ? ŽŜ ƚŚĞĹ?ĆŒ ĆŒÄžĆ?ƉĞÄ?Ć&#x;ǀĞ Ć‰ĹŻÄ‚ĆžĹ˝ĆŒĹľĆ? ĞĂÄ?ĹšÍ˜ tÄž ŜŽƚĞ ƚŚĂƚ

ĚĞƉŽĆ?Ĺ?Ćš ĆŒÄ‚Ć&#x;Ĺ˝Ć? Ć?ƚĂLJ ĆšÄžĆšĹšÄžĆŒÄžÄš ĚƾĞ ƚŽ ĆŒĹ?Ć?ĹŹ Ä‚Ç€ÄžĆŒĆ?Ĺ?ŽŜ ĂŜĚ ĹšĹ?Ĺ?Ĺš Following our review of the performance of the

improved access to the internet through free data

Ĺ?ŜĚƾĆ?ĆšĆŒÇ‡ Ä‚Ć? Ç ÄžĹŻĹŻ Ä‚Ć? ƉŽƚĞŜĆ&#x;Ä‚ĹŻ ĆŒĹ?Ć?ĹŹĆ? Ç ĹšĹ?Ä?Ĺš Ä?ŽƾůĚ Ç ÄžĹ?Ĺ?Ĺš ŽŜ

plans provided by Google and Facebook will help to

growth of the industry, we present our outlook on the

ĚĞĞƉĞŜ ƚŚĞ ĂĚŽƉĆ&#x;ŽŜ ŽĨ ÄšĹ?Ĺ?Ĺ?ƚĂů Ä?ĂŜŏĹ?ĹśĹ? ĂŜĚ Ć‰ĆŒĹ˝ĹľĆ‰Ćš

industry below:

ĹľĹ˝ĆŒÄž Ĺ?ŜǀĞĆ?ƚžĞŜƚ Ĺ?Ĺś Ä?ĂƉĂÄ?Ĺ?ƚLJ Ä¨Ĺ˝ĆŒ Ć?ÄžĆŒÇ€Ĺ?Ä?Äž Ĺ˝ÄŤÄžĆŒĹ?ĹśĹ?Ć? Ä¨ĆŒĹ˝Ĺľ

1. Asset Quality Pressure

banks.

high and system liquidity low – Ä?LJ Ä?ŽŜĚƾÄ?Ć&#x;ĹśĹ? Ć‰ÄžĆŒĆ?Ĺ?Ć?ƚĞŜƚ

'Ĺ?ǀĞŜ ƚŚĞ Ĺ?žƉůĞžĞŜƚĂĆ&#x;ŽŜ ŽĨ /&Z^ Ͼ͕ Ç Äž ĞdžƉĞÄ?Ćš

5. D ZZ hĆ&#x;ĹŻĹ?njĂĆ&#x;ŽŜ tĹ?ĹŻĹŻ ZĞžĂĹ?Ĺś tĞĂŏ

ŽƉĞŜ ĹľÄ‚ĆŒĹŹÄžĆš Ĺ˝Ć‰ÄžĆŒÄ‚Ć&#x;ŽŜĆ?Í• ĂůŽŜĹ? Ç Ĺ?ƚŚ Ĺ?ĆšĆ? ĹśĹ˝ĆŒĹľÄ‚ĹŻĹŻÇ‡

Ć‰ĆŒÄžĆ?Ć?ĆľĆŒÄž ƚŽ Ä?Äž ÄžÇ†ÄžĆŒĆšÄžÄš ŽŜ Ä?ĆŒÄžÄšĹ?Ćš Ĺ?žƉĂĹ?ĆŒĹľÄžĹśĆšĆ? ĂŜĚ EW>Ć?Í–

dŚĞ EÍ• Ĺ?Ĺś Ĺ?ĆšĆ? ůĂƚĞĆ?Ćš ĂƊĞžƉƚ ƚŽ Ĺ?ĹśÄ?ĆŒÄžÄ‚Ć?Äž Ä?ĆŒÄžÄšĹ?Ćš Ä‚Ä?Ä?ÄžĆ?Ć?

Ć?Ä?ŚĞĚƾůĞĚ Ä‚ĆľÄ?Ć&#x;ŽŜĆ?͘ ŽŜĆ?ĞƋƾĞŜƚůLJ͕ Ä‚Ćš ƚŚĞ Ć?ĆšÄ‚ĆŒĆš ŽĨ ƚŚĞ

this is directly related to the new method of

Ä¨Ĺ˝ĆŒ ƚŚĞ ĆŒÄžÄ‚ĹŻ Ć?ÄžÄ?ĆšĹ˝ĆŒÍ• Ĺ?ĹśĆšĆŒĹ˝ÄšĆľÄ?ĞĚ ƚŚĞ ZĞĂů ^ÄžÄ?ĆšĹ˝ĆŒ ^ĆľĆ‰Ć‰Ĺ˝ĆŒĆš

year, banks were able to lock in high yield investments –

Ĺ?žƉĂĹ?ĆŒĹľÄžĹśĆš ĆŒÄžÄ?Ĺ˝Ĺ?ĹśĹ?Ć&#x;Ĺ˝ĹśÍ˜

&Ä‚Ä?Ĺ?ĹŻĹ?ƚLJ ÍžZ^^&Ϳ͕ Ç ĹšĹ?Ä?Ĺš Ç Ĺ˝ĆľĹŻÄš Ä‚ĹŻĹŻĹ˝Ç Ä?ĂŜŏĆ? ƚŽ Ä‚Ä?Ä?ÄžĆ?Ć?

which crowded out private sector borrowing – while in

tĹšĹ?ĹŻÄž ƚŚĞ ĆŒĹ?Ć?ĹŹ ŽĨ ƚŚĞ Ĺ˝Ĺ?ĹŻ Θ Ĺ?Ä‚Ć? Ć?ÄžÄ?ĆšĹ˝ĆŒ ŚĂĆ? Ć?Ĺ˝ĹľÄžÇ ĹšÄ‚Ćš

ĆŒÄžĆ?ĆšĆŒĹ?Ä?ƚĞĚ ĚĞƉŽĆ?Ĺ?ĆšĆ? ŚĞůĚ Ç Ĺ?ƚŚ ƚŚĞ ĂŜŏ Ä‚Ć? Ä?Ä‚Ć?Ĺš ĆŒÄžĆ?ÄžĆŒÇ€ÄžĆ?

ƚŚĞ ĹŻÄ‚ĆŠÄžĆŒ Ć‰Ä‚ĆŒĆš ŽĨ ƚŚĞ Ç‡ÄžÄ‚ĆŒ ĹľÄ‚ĆŒĹŹÄžĆš ǀŽůĂĆ&#x;ĹŻĹ?ƚLJ Ä‚ĹŻĹŻĹ˝Ç ÄžÄš Ć?ŽžĞ

dissipated with the ascent of crude oil prices, there are

– Ä?Ä‚Ć?Ĺš ĆŒÄžĆ?ÄžĆŒÇ€Äž ĆŒÄ‚Ć&#x;Ĺ˝ Ä¨Ĺ˝ĆŒ Ä?Ĺ˝ĹľĹľÄžĆŒÄ?Ĺ?Ä‚ĹŻ Ä?ĂŜŏĆ? Ĺ?Ć? ĎŽĎŽÍ˜ĎąĐšÍ˜

Ĺ˝Ć‰ÄžĆŒÄ‚ĆšĹ˝ĆŒĆ? ƚŽ ĆŒÄžÄ?Ĺ˝ĆŒÄš Ć?ĆľÄ?Ć?ƚĂŜĆ&#x;Ä‚ĹŻ ĆšĆŒÄ‚ÄšĹ?ĹśĹ? Ĺ?Ä‚Ĺ?ĹśĆ?͘

Ć?Ć&#x;ĹŻĹŻ ĆŒĹ?Ć?ĹŹĆ? ŽŜ ƚŚĞ ĹšĹ˝ĆŒĹ?ÇŒĹ˝Ĺś Ä¨Ĺ˝ĆŒ ƚŚĞ Ä?ĂŜŏĹ?ĹśĹ? Ć?ÄžÄ?ĆšĹ˝ĆŒ Ć?ĆľÄ?Ĺš Ä‚Ć?

dĹšĹ?Ć? Ĺ?Ć? ŜŽƚ ƚŚĞ ÄŽĆŒĆ?Ćš Ĺ?ĆšÄžĆŒÄ‚Ć&#x;ŽŜ ŽĨ ƚŚĹ?Ć? Ĺ?ĹśĹ?Ć&#x;Ä‚Ć&#x;ǀĞ – a similar

dŚĞ Ĺ?žƉĂÄ?Ćš ŽĨ ƚŚĞĆ?Äž ĨĂÄ?ĆšĹ˝ĆŒĆ? Ä‚ĹŻĹŻĹ˝Ç ÄžÄš Ä?ĂŜŏĆ? ƚŽ ŽčĆ?Ğƚ

ƚŚĞ Ć‰Ĺ˝Ç ÄžĆŒ Ć?ÄžÄ?ĆšĹ˝ĆŒÍ• Ç ĹšĹ?Ä?Ĺš Ä?ŽŜĆ&#x;ŜƾĞĆ? ƚŽ Ä?Äž ƉůĂĹ?ƾĞĚ Ä?LJ

Ĺ?ĹśĹ?Ć&#x;Ä‚Ć&#x;ǀĞ Ç Ä‚Ć? Ĺ?ĹśĆ?Ć&#x;ƚƾƚĞĚ Ĺ?Ĺś :Ä‚ĹśĆľÄ‚ĆŒÇ‡ ώϏϭϲ͕ Ä‚ĹŒÄžĆŒ ƚŚĞ DW

ĆŒÄžÄšĆľÄ?ĞĚ &y ĆŒÄžÇ€Ä‚ĹŻĆľÄ‚Ć&#x;ŽŜ Ĺ?Ä‚Ĺ?ĹśĆ?Í• Ç ĹšĹ?Ä?Ĺš ŚĂĚ Ä?ƾŽLJĞĚ ƚŚĞ

ĹŻĹ?Ć‹ĆľĹ?ÄšĹ?ƚLJ Ä?ŽŜÄ?ÄžĆŒĹśĆ? Ä‚Ć? Ç ÄžĹŻĹŻ Ä‚Ć? Ĺ?ŜĞĸÄ?Ĺ?ĞŜÄ?Ĺ?ÄžĆ? Ä‚Ä?ĆŒĹ˝Ć?Ć? ƚŚĞ

ÍžĹ?Ĺś Ĺ?ĆšĆ? ϭϏϰƚŚ žĞĞĆ&#x;ĹśĹ? ŚĞůĚ Ĺ?Ĺś EŽǀĞžÄ?ÄžĆŒ ώϏϭϹͿ ĆŒÄžÄšĆľÄ?ĞĚ

performance of 2016, and only marginally impacted in

value chain. Given that banks have now adopted the

ƚŚĞ ZZ Ä?LJ ϹϏϏÄ?ƉĆ? ÍžÄ¨ĆŒĹ˝Ĺľ ĎŽĎąÍ˜ĎŹĐš ƚŽ ĎŽĎŹÍ˜ĎŹĐšÍż ÄžÇ†Ć‰ĆŒÄžĆ?Ć?ůLJ Ä¨Ĺ˝ĆŒ

ώϏϭϳ – given the stability in the FX market witnessed

> žŽĚĞů͕ Ç Äž ĞdžƉĞÄ?Ćš Ć‰ĆŒĹ˝Ç€Ĺ?Ć?Ĺ?ŽŜĆ? Ä¨Ĺ˝ĆŒ ĞdžƉŽĆ?ĆľĆŒÄžĆ? ƚŽ ƚŚĞĆ?Äž

the increased liquidity to be channelled to real sector

Ć?Ĺ?ĹśÄ?Äž ƚŚĞ Ĺ?ĹśĆ?Ć&#x;ƚƾĆ&#x;ŽŜ ŽĨ ƚŚĞ /ŜǀĞĆ?ĆšĹ˝ĆŒĆ?Í› Θ Ç†Ć‰Ĺ˝ĆŒĆšÄžĆŒĆ? Íž/Θ Íż &y

high ĆŒĹ?Ć?ĹŹ Ć?ÄžÄ?ĆšĹ˝ĆŒĆ? ƚŽ Ć?ĆľĆŒĹ?Äž Ä‚Ć? Ç ÄžĹŻĹŻ Ä‚Ć? Ĺ?ĹśÄ?ĆŒÄžÄ‚Ć?ĞĚ EW>Ć?͘

ÄšÄžÇ€ÄžĹŻĹ˝Ć‰ĹľÄžĹśĆšÍ˜ dŚĂƚ Ĺ?ĆšÄžĆŒÄ‚Ć&#x;ŽŜ ĨĂĹ?ůĞĚ ƚŽ Ä‚ÄšÄšĆŒÄžĆ?Ć? Ĺ?ĆšĆ?

tĹ?ĹśÄšĹ˝Ç Ĺ?Ĺś Ć‰ĆŒĹ?ĹŻ ĎŽĎŹĎ­ĎłÍ˜ dĹšĹ?Ć? ÄšĆŒĹ˝Ç€Äž Ĺ?ĹśÄ?ŽžĞ Ĺ?ÄžĹśÄžĆŒÄ‚Ć&#x;ŽŜ ĂŜĚ

ĎŽÍ˜ ĂƉĹ?ƚĂů ĆľÄŤÄžĆŒĆ? DĂLJ ÄžĆšÄžĆŒĹ?Ĺ˝ĆŒÄ‚ĆšÄž

Ĺ˝Ä?ĹŠÄžÄ?Ć&#x;ǀĞĆ?Í• ĂŜĚ ƚŚĞ ZZ Ç Ä‚Ć? Ć?ĆľÄ?Ć?ĞƋƾĞŜƚůLJ Ĺ?ĹśÄ?ĆŒÄžÄ‚Ć?ĞĚ ƚŽ

tÄž ĞdžƉĞÄ?Ćš ƚŚĞ Ĺ?žƉůĞžĞŜƚĂĆ&#x;ŽŜ ŽĨ /&Z^ Ďľ ƚŽ ĆŒÄžĆ?ƾůƚ Ĺ?Ĺś

ƚŚĞ Ä?ĆľĆŒĆŒÄžĹśĆš ĹŻÄžÇ€ÄžĹŻÍ˜ tĹšĹ?ĹŻÄž ƚŚĹ?Ć? Ĺ?ĹśĹ?Ć&#x;Ä‚Ć&#x;ǀĞ Ĺ?Ć? ĹľĹ˝ĆŒÄž ĚĞƚĂĹ?ůĞĚ

ÄšĹ˝Ç ĹśÇ Ä‚ĆŒÄš Ć‰ĆŒÄžĆ?Ć?ĆľĆŒÄž ŽŜ Ä?ĂƉĹ?ƚĂů Ä?ĆľÄŤÄžĆŒĆ? Ä‚Ä?ĆŒĹ˝Ć?Ć? Ä?ĂŜŏĆ? Ĺ?Ĺś

Ĺ?Ĺś ƚŚĞ Ć?ƉĞÄ?Ĺ?ÄŽÄ?Ä‚Ć&#x;ŽŜĆ? ŽĨ ĹšĹ˝Ç ĆšĹšÄž ĨƾŜĚĆ? Ä‚ĆŒÄž ƚŽ Ä?Äž ĆľĆ&#x;ĹŻĹ?Ć?ĞĚ͕

the sector. While the impact will be more pronounced

the same issues remain – these are high risk sectors

on banks with weaker regulatory risk reserves and Tier

Ç ĹšĹ?Ä?Ĺš ƉŽĆ?Äž Ć?Ĺ?Ĺ?ĹśĹ?ÄŽÄ?ĂŜƚ Ä?ĆŒÄžÄšĹ?Ćš ĆŒĹ?Ć?ĹŹ ƚŽ Ä?ĂŜŏĆ?͘ ,ĞŜÄ?Ğ͕ Ĺ?Ĺś

Ď­ Ä?ĂƉĹ?ƚĂů ůĞǀĞůĆ?Í• ƚŚĞ Ĺ?žƉĂÄ?Ćš Ć?ŚŽƾůĚ Ć?Ć&#x;ĹŻĹŻ ĆŒÄžĆ?ƾůƚ Ĺ?Ĺś ÄžĹ?ĆšĹšÄžĆŒ Ä‚

Ĺ˝ĆľĆŒ ŽƉĹ?ĹśĹ?ŽŜ͕ ĆľĆ&#x;ĹŻĹ?Ć?Ä‚Ć&#x;ŽŜ Ĺ?Ć? ƾŜůĹ?ŏĞůLJ ƚŽ Ä?Äž Ć?Ĺ?Ĺ?ĹśĹ?ÄŽÄ?Ä‚ĹśĆšÍ˜

LJĹ?ĞůĚĹ?ĹśĹ? Ä‚ĹŻĆšÄžĆŒĹśÄ‚Ć&#x;ǀĞ Ĺ?ŜǀĞĆ?ƚžĞŜƚĆ?Í– Ä‚ĹŻĹŻ ŽĨ Ç ĹšĹ?Ä?Ĺš Ä‚ĆŒÄž Ć?Ĺ?Ĺ?ŜĂůĆ? of a resilient sector with ample room for growth. dŚĞ ĎŜĂŜÄ?Ĺ?Ä‚ĹŻ Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž ŽĨ ƚŚĞ Ć?ÄžÄ?ĆšĹ˝ĆŒ Ç Ä‚Ć? ÄšĆŒĹ?ǀĞŜ Ä?LJ ƚŚĞ Ć&#x;Ĺ?Śƚ ĹľĹ˝ĹśÄžĆšÄ‚ĆŒÇ‡ ƉŽůĹ?Ä?LJ Ć?ƚĂŜÄ?Äž ŽĨ ƚŚĞ EÍ• Ç ĹšĹ?Ä?Ĺš Ç Ĺ?ƚŚ Ĺ?ĆšĆ? overarching responsibility for price stability, kept rates

Ć?Ğƚ ƚŚĞ Ĺ?ŜĚƾĆ?ĆšĆŒÇ‡ ŽŜ Ä‚ ƉĂÄ?Äž Ä¨Ĺ˝ĆŒ Ć?ĆšĆŒĹ˝ĹśĹ? Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž ĆŒÄžĹŻÄ‚Ć&#x;ǀĞ ƚŽ ĎŽĎŹĎ­Ď˛Í˜ ŽŜĆ?ĞƋƾĞŜƚůLJ͕ ƚŚĞ Ä‚Ĺ?Ĺ?ĆŒÄžĹ?ĂƚĞ Ĺ?ĆŒĹ˝Ć?Ć? ÄžÄ‚ĆŒĹśĹ?ĹśĹ?Ć? ÍžÄ¨Ĺ˝ĆŒ the banks within our coverage: 15, of which 13 had ƉƾÄ?ĹŻĹ?Ć?ŚĞĚ ĆŒÄžĆ?ƾůƚĆ?Ϳ͕ Ĺ?ĆŒÄžÇ Ä?LJ Ď­ĎłÍ˜Ď­Đš Ĺ?Ĺś &z͗ώϏϭϳ͕ ĆŒÄžĹŻÄ‚Ć&#x;ǀĞ ƚŽ Ď­Ď˛Í˜Ď°Đš Ĺ?Ĺś &z͗ώϏϭϲ͕ Ç ĹšĹ?ĹŻÄž Ć‰ĆŒĹ˝ÄŽĆš before ƚĂdž ĂŜĚ Ć‰ĆŒĹ˝ÄŽĆš Ä‚ĹŒÄžĆŒ ƚĂdž Ĺ?ĹśÄ?ĆŒÄžÄ‚Ć?ĞĚ Ä?LJ Ď°ĎŽÍ˜ĎŽĐš ĂŜĚ ĎąĎ°Í˜Ď´Đš ĆŒÄžĆ?ƉĞÄ?Ć&#x;ǀĞůLJ z o Y, over the same period. ,Ĺ˝Ç ÄžÇ€ÄžĆŒÍ• Ä?Ä‚Ć?ĞĚ ŽŜ ÄžĆ?Ć&#x;žĂƚĞĆ? Ç Ĺ?ƚŚĹ?Ĺś Ä¨ĆŒĹ?ŜǀĞĆ?ƚ͛s coverage,

ĹśÄžÇ Ä?Žƾƚ ŽĨ ĚĞÄ?Ćš ĆŒÄ‚Ĺ?Ć?Ĺ?ĹśĹ? Ĺ˝ĆŒ Ĺ?ĹśÄ?ĆŒÄžÄ‚Ć?ĞĚ ĆŒÄžĆšÄžĹśĆ&#x;ŽŜ ŽĨ Ć‰ĆŒĹ˝ÄŽĆšĆ? ƚŽ Ä?ŽŽĆ?Ćš dĹ?ÄžĆŒ 1 capital by FY:2018.

3. Weaker Gross Earnings Growth

despite improving macroeconomic fundamentals, asset

quality deteriorated further in 2017, with industry non Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľĹ?ĹśĹ? ůŽĂŜĆ? ÍžEW>Íż Ĺ?ĹśÄ?ĆŒÄžÄ‚Ć?Ĺ?ĹśĹ? ƚŽ ĎľÍ˜ĎŻĐšÍ• ĞǀĞŜ Ä‚Ć? Ä?ĂŜŏĆ?

% -)+ +*,& % " &

tÄž ĞdžƉĞÄ?Ćš ƚŚĞ ĚŽƾÄ?ĹŻÄž digit growth recorded by the

sector over the past few years to taper over the near

# ' ( ! $

' ( ! $

# ' # ( ! $

' ( ! $

35

T H I S D AY Ëž Ëœ ÍşÍşËœ ͺ͸͚͜

MARKET NEWS

Vetiva Fund Managers Foresees Further Advances in Bond Yields Goddy Egene

Vetiva Fund Managers Limited recently reviewed the Nigerian Sovereign bond space and the performance of the Vetiva S&P Nigerian Sovereign Bond Exchange Traded Fund (VS&P Bond ETF) for the quarter ended September 30, 2018.

According to The Vetiva Chief Economist, Mr. Michael Famoroti, activity in the primary market was largely bearish in the third quarter with yields rising 103

basis point (bps) across the yield curve in the period. “This was as a result of heightened uncertainty causing investors to play more heavily on the shorter-end of the yield curve and the increased rate of interest rate hikes by the United States Federal Reserve—even as global trade remains in limbo,� he said.

But speaking on the outlook for the rest of the year, Famoroti said that going into fourth quarter(Q4) ’2018, they

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

anticipate further yield advances (another 100 bps uptick). “We also expect bond supply to stay flattish, while noting the intention of the federal government to issue $2.8 billion in Eurobonds, which, due to the rising Fed rates, would come with a significant increase in external borrowing costs,� he said.

Meanwhile, Head, Investments, Vetiva Fund Managers Limited, Mrs. Oyelade Eigbe, has said the VS&P Bond

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 1810-2018, unless otherwise stated.

ETF is an optimised bond ETF that replicates, to the best extent possible, the price and yield performance of the FGN Bond securities constituting the FMDQ/S&P Nigerian Sovereign Bond Index.

According to her, the ETF has returned 4.81 per cent year-todate as at 30th September 2018. “The performance was driven majorly by the bearish sentiments witnessed in the bond space during the quarter,� Eigbe said.

She attributed the upward shift

to three major factors, which are: three out of ten monetary policy committee members voting to hike interest rates; expected rise in domestic inflation; and a hike in U.S. base interest rate in late September. “The Vetiva S&P Nigerian Sovereign Bond ETF is a Bond ETF issued by Vetiva Fund Managers Limited. The ETF seeks to track the S&P Nigerian Sovereign Bond Index.

By owning units in the ETF, an investor obtains market exposure

to the most liquid and actively traded FGN Bond Securities.

Investors can purchase units of the VS&P Bond ETF on the floor of the Nigerian Stock Exchange through any broker,� she explained.

Vetiva Fund Managers Limited is a wholly owned subsidiary of Vetiva Capital Management Limited and is registered with the Securities & Exchange Commission to carry on business as a fund/ portfolio manager.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.83 0.84 0.89% ACAP Income Funds 0.62 0.62 5.98% 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 12.14% AIICO Balanced Fund 2.20 2.21 -4.39% 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 134.78 135.73 -11.15% AXA Mansard Money Market Fund 1.00 1.00 11.95% 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 10.83% Paramount Equity Fund 11.60 11.90 4.63% Women's Investment Fund 102.20 104.82 1.56% 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 11.96% 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 11.24% Coronation Balanced Fund 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 11.73% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.19% 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 1,165.32 1,166.06 11.09% FBN Heritage Fund 140.87 141.81 0.66% FBN Money Market Fund 100.00 100.00 11.98% FBN Nigeria Eurobond (USD) Fund - Institutional $114.87 $115.1 4.19% FBN Nigeria Eurobond (USD) Fund - Retail $114.64 $114.87 4.09% FBN Nigeria Smart Beta Equity Fund 150.60 152.73 -5.38% 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 N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,998.36 3,028.14 0.43% Coral Income Fund 2,728.49 2,728.49 11.46% 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 11.57% Nigeria Entertainment Fund 105.60 105.70 5.09% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 11.91% Vantage Balanced Fund 2.13 2.16 1.18%

Vantage Guaranteed Income Fund 1.00 1.00 14.25% Kedari Investment Fund (KIF) 122.43 122.67 6.39% 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 1.19 1.21 3.74% Lotus Halal Fixed Income Fund 1,070.91 1,070.91 11.05% 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 11.47 11.57 -11.57% Meristem Money Market Fund 10.00 10.00 11.48% 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 1.33 1.35 11.43% PACAM Fixed Income Fund 11.94 11.99 8.12% PACAM Money Market Fund 10.00 10.00 12.13% 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 128.01 128.55 -1.26% 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 1.66 1.66 11.79% 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 2,262.41 2,276.92 2.99% Stanbic IBTC Bond Fund 187.17 187.17 7.49% Stanbic IBTC Ethical Fund 0.94 0.95 -6.44% Stanbic IBTC Guaranteed Investment Fund 243.34 243.38 12.76% Stanbic IBTC Iman Fund 161.43 163.23 -9.87% Stanbic IBTC Money Market Fund 100.00 100.00 11.48% Stanbic IBTC Nigerian Equity Fund 8,533.98 8,637.95 -10.27% Stanbic IBTC Dollar Fund (USD) 1.09 1.09 6.02% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.17 1.17 -1.59% United Capital Bond Fund 1.56 1.56 9.50% United Capital Equity Fund 0.69 0.71 -8.23% United Capital Money Market Fund 1.00 1.00 11.80% United Capital Eurobond Fund 105.20 105.20 5.15% United Capital Wealth for Women Fund 1.07 1.08 3.16% 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 11.23 11.40 -7.40% Zenith Ethical Fund 12.21 12.32 -5.55% Zenith Income Fund 20.44 20.44 11.33% Zenith Money Market Fund 1.00 1.00 11.61%

REITS NAV Per Share

Yield / T-Rtn

9.00 138.53 51.55

-20.11% 4.58% 1.42%

Bid Price

Offer Price

Yield / T-Rtn

10.62 121.41 92.77

10.72 123.98 94.51

-10.36% -15.00% -15.08%

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

4.10 7.48 15.24 14.94 144.01

4.14 7.56 15.34 15.14 146.01

-13.41% -21.79% -12.77% -23.91% 6.98%

NAV Per Share

Yield / T-Rtn

105.44

17.63%

FOR HNI & PROFESSIONAL INVESTORS ONLY

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

36

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

37

38

T H I S D AY Ëž Í°Í°Ëœ Í°ÍŽÍŻÍś

CITYSTRINGS

ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͖͕͔͑͑͒͑͒͑͑͘

Reforming the Federal Special Anti Robbery Squad Chiemelie Ezeobi writes that the recent collaboration between the Nigeria Police and the German Foreign Office, which churned out 135 operatives of the Federal Special Anti Robbery Squad, is expected to reform the unit across board

I

n the last few months, the news have been riddled with complaints about the unprofessionalismo of the Special Anti Robbery Squad (SARS). From stories of brutality to recklessness, assaults, extortion, extra judicial killing, the SARS operatives gained the notoriety of one week, multiple troubles.

Many industry watchers blamed the despotic nature of the recent SARS on their deviation from their core derivatives; fighting kidnapping and armed robbery. When it was established, the secret behind the successes of the then SARS was its faceless mode of operation as they operated in plain clothes and used plain vehicles. They did not carry guns, thus giving them the element of surprise, yet they were fully ready at all times.

Immediate Restructuring

Troubled by the incessant reports and the flagrant disregard for constituted authority, the presidency decided to step in. Vice President Yemi Osinbajo, immediately directed the police to overhaul and restructure the unit.

Acting on the directive, the Inspector General of Police, Ibrahim Idris, did overhaul the squad and changed it to the Federal Special Anti-Robbery Squad (FSARS).

He also gave assurance that the FSARS will henceforth conform to democratic laws in providing services to all Nigerians irrespective of the their status and background. Part of the restructuring was plans for periodic training programme on human rights and handling cases, medical and psychological screening. Furthermore, a new standard operational guideline and procedure and code of conduct was created for all FSARS personnel to ensure that their operations is in strict adherence to the rule of law and constitutionally guaranteed rights of citizens has been unveiled and being enforced in totality.

The reformation of the unit also saw the centralisation of FSARS with a commissioner of police overseeing its affair, while it handles strictly anti-robbery and kidnapping cases.

New Rules of Engagement

In recent times, there has been sensitisation across board for officers and men of the unit on the new standard operational guidelines and procedures, and code of conduct for all FSARS personnel. Part of the new rules of engagement stipulates that no FSARS personnel is allowed to interfere in any civil matter, neither are they allowed to interfere in cyber crime.

Also, no FSARS personnel is allowed to conduct a stop and search exercise unless there is a distress call from victims or members of the public and they are not allowed to be involved in commercial matters (debt recovery, landlord vs tenant issues).

They are also not allowed to interfere in any social /relationship cases ( marital matters, boyfriend / girlfriend relationship), neither are they allowed to escort Very Important Persons (VIP’s).

The rule further stipulates that they are strictly for armed robbery and kidnapping cases. They must appear in their police uniform with full identification pending the launch of new FSARS uniform with identity name tag by the Inspector General of Police.

The police went further to provide contacts for the public in case they are harassed. The contacts include that of the DIG, Department of Operations: 08037025670; IGP X-SQUAD 0902 690 0729, 08078662130, 08174041000 – CALLS, 0903 227 8905 – SMS, 0903 562 1377 – whatsapp and email: integrityxsquad@gmail.com

Nationwide Human Rights Desks

Still on SARS Reform, the police set up Human Rights desks in 36 states of the country including the Federal Capital Territory. According to the Commissioner of Police in charge of FSARS, Haliru Gwandu, the human rights desk officers have been mandated to receive complaints from the public on rights abuses by operatives of the special squad, adding that the complaints would be treated with despatch by the Force Headquarters.

Gwandu had urged members of the public who have any complain in the past or present of the violation of their rights by any SARS personnel anywhere in the country to report via the designated channels for investigation.

According to him, the new FSARS personnel would strictly adhere to the rule of law in all operations. “

Collaborative Training

One of the recent efforts to enhance professionalism and ensure personnel of the unit act in line with International best practices, the IG in collaboration with the German government had organised a two-weeks training for personnel of the unit across the federation. Hence, the training focused on how not to violate Human Rights as FSARS personnel deliver on their new mandate.

Speaking at the inauguration of the training held at Police College in Ikeja on a certain Monday, the IG said the training was a holistic approach to

Personnel of FSARS enhance the performance of 135 personnel comprising of commanders, team leaders and foot soldiers of FSARS, which was in accordance with the recent presidential directive.

In his opening speech, the IG who was represented by the Deputy Inspector General of Police(DIG) in charge of Training, DIG Emmanuel Inyang said, “ Let me remind you that SARS was initially established to take charge of specific functions pertaining to crime prevention and control as well as to secure life and property, but their direct contact with members of the public has brought conflict, friction and perceived human rights abuses and the inherent compalints arising from the performance of their duties. “The need by the present leadership to reposition the FSARS through capacity building calls for training and retraining of the officers and men.

Therefore, there is no doubt whatsoever that this training will provide the necessary platform for all the partocipants, particularly the foot soldiers of SARS to understand the necessity of imbibing Human rights at tgeir duty posts and stations and therefore be able to identify problem areas and consequently advance possible solutions to such problems whenever they come across them. “This effort by the police managment and GIZ Police Programme on Human Right in restructuring the FSARS will certainly be of immense benefit to the Nigeria Police Force that has been statutorily and constitutionally saddled with the responsibility of protecting the rights of every Nigerian. FSARS personnel will be re-equipped with the essential knowleged of human rights, proactive policing, collation of intelligence and the provision of a pragmatic approach to investigate activities and support to police stations."

Idris however warned that erring officers who do not embrace the fundamental human rights principles will continue to receive commensurate punishment, while those who are diligent can expect to be handsomely rewarded.

The GIZ Deputy Project Manager, Pol8ce Project Africa in Nigeria, Hartmut Zander said the German Governement had to step in to assist in the training of FSARS personnel due to some cases of the voilation of human rights in the discharge of their duties.

In his remark, Zander said, “ Around 135 police officers, among them officers from over 36 states are going to be trained by internal police trainers as well as external resource persons in relevant human rights principals, which apply to different police interventions. By combining theoretical knowledge and standards, with practical aspects of human rights-centred police work, the training covers a broad range of related topics such as principles for the use of force and firearms, investigations arrest and detention."

Speaking on the level of compliance with the new reform in FSARS, Commissioner of Police, FSARS, CP Hilaru Gwandu said FSARS across the federation were complying with the new directive. He said, “ For the purpose of reforms and to enhance competence and professionalism, a standard operational procedure(SOP) was designed

Photo credit: Google to guide the operations of the reformed FSARS. For now, there is no problem as the number of litigations have reduced. Our personnel have shown that they are ready for the change."

Graduation

Two weeks later, like all things that have a beginning, the end of the training came as the collaborative effort between the police and German government saw the churning out of 135 reformed FSARS operatives.

Speaking at the closing ceremony at the Police College Ikeja, Lagos, the IG said the intensive training was a holistic approach to enhance the performance of the participants comprising commanders, team leaders and foot soldiers of FSARS. Idris, who was again represented DIG Emmanuel Inyang, noted that the during the two-weeks intensive course, they were exposed to issues bordering on human rights.

He said the police officers were trained on gender and child rights, use of force and fire arms including the procedures of use of force, patrols and anti-crime patrols stop and search and management of Critical Incidence.

Others topics treated include building contacts and communications with members of the public, police arrest, humane detentions investigations, and torture and prosecutions.

He said: "We would strive to ensure that this exercise is sustained by entrenching the training materials into our training institutions. That way, new trainees and others on development or refresher course would also have the opportunity of learning and re-learning what you have been taught here over these days."

Earlier in his speech, the German General Consular to Nigeria, Dr. Stefan Traumann, said the learning and re-learning on the principles and tenets of Human Rights is key for policing, adding that it has been well received in Germany.

Stressing that it should be sustained, he said learning is necessary for the police to remain innovative and at par with delivering excellent service as officers of the NPF, to both their employers and members of the public.

He said: "The Foreign Office through the Police Programme Africa believes that safety and security are necessary pre-condition for development and social inclusion. Thus, as you would have been told; this capacity building training was tailored to achieve the following: mainstreaming of human rights training, adaptation of best practices into the NPF Human Rights training resource materials and their operational decision making process. Enhancing your individual and collective knowledge on human rights and good police practice and also supporting the NPF ongoing reform initiatives aimed at fostering good police practice."

He added, "as you may know, this training is part of our other efforts through PPA in collaboration with the NPF since 2016 in the review of select training curricula to international standards, such as human rights, criminal investigation. Provision of basic teaching aids and small scale infrastructural

renovation for training institutions – including chairs, desk, office equipment, beddings and mattresses.

"Other capacity building trainings like the modern Investigative and Criminal Investigation Trainings held at Police College Kaduna, the Crime Scene Management training including basic Crime Scene Management equipment kits for trained CSIs held at Police College Lagos, Louis Edet House in Abuja and Police College Kaduna state and the Advanced Detective course held at Police Staff College, Jos. "We hope to continue to support the NPF in the aforementioned direction. Already, the German Government, through the AA – Foreign Mistry – has begun looking into the possibility of extending the project into a new phase.

So, based on this, we call on you to reciprocate the gesture through ensuring that lessons learnt here; and other project interventions are not only put to use effectively and ultimately for the common good of all; but to also well begin the process of institutionalising some of the new standards that might emanate from this training."

Also speaking, the Project Manager, GIZ Police Programme Africa, Nigeria, Mr. Hartmut Zander said Germany has been supporting the development of police structures around Africa since 2008 with the GIZ Police Programme Africa, which is funded by the German Federal Foreign Office and implemented by GIZ. He said the GIZ Police Programme Africa started implementation in Nigeria in 2016 with a threefold objective which includes the review of NPF training curricula on thematic areas such as human rights and criminal investigation to include international standards and transparency measures, including conducting trainings based on the newly developed standards; He said: "Secondly is the strengthening processes and procedures for criminal investigation; and thirdly, community engagement and the strengthening of collaboration between NPF and the Nigeria Immigration Service at the North Western border region of Nigeria.

"Human Rights Training State security institutions who are custodians of human rights are obliged to act and react on the basis of given laws by maintaining principles of human rights such as proportionality, legality, accountability and necessity. " The Rule of Law and Human Rights compliance are prerequisites for civil society development.

Therefore, as part of a series of human rights trainings conducted, this measure is a specialised training for the FSARS which covered topics such as arrest and detention, gender and human rights, torture and use of force, amongst other issues."

But even with the training, there are still pockets of FSARS brutality, which then behooves on the police to set up a watchdog to monitor their field officers. These recent pockets of brutality has insinuated in some quarters that the reformatory process kickstarted by the force headquarters is only cosmetic and has not addressed the root cause of the crisis.

39

T H I S D AY Ëž Í°Í°Ëœ Í°ÍŽÍŻÍś

CRIME&SECURITY

Counter Terrorism: Airforce Wings Another Combat Pilot Stories by Rebecca Ejifoma The counter terrorism operations in the North-east recently received a boost with the winging of another combat pilot, Flying Officer Salihu Ibrahim Usman, by the Nigerian Air Force (NAF).

Usman was winged after the completion of his Basic Fighter Introduction Course in the United States of America (USA).

According to the Director of Public Relations and Information (DOPRI), Air Commodore Ibikunle Daramola, the recent investiture, which took place at the Chief of the Air Staff’s (CAS) Conference Room, Headquarters (HQ) NAF, has brought to 91 the total number of pilots winged within the past three years.

He said this is besides the 67 NAF officers who are currently undergoing flying training in various flying institutions both within and outside the country, adding that it is expected that by this time next year, the total number of new pilots would reach an unprecedented 158 in just four years.

Daramola said among the 67 student pilots, is the first female NAF student fighter pilot, who is currently undergoing Specialised Undergraduate Pilot Training (SUPT) in the USA, as well as another female student pilot, who is undergoing helicopter training in South Africa to become the first female helicopter pilot in the NAF. Speaking during the winging ceremony, the Chief of Air Staff (CAS), Air Marshal Sadique Abubakar, expressed delight while receiving the pilot back from the USA. While congratulating him for his outstanding performances during the SUPT and Basic Fighter Introduction Courses, CAS said the officer's exceptional results on the various courses came as no surprise given his pedigree in emerging best graduating NAF

Cadet in his course at the Nigerian Defence Academy (NDA) and also performing extremely well during the Initial Officer Training (IOT) Course at the Royal Air Force College, Cranwell United Kingdom (UK).

He noted that these were, no doubt, evidences of the officer’s hard work, dedication and determination to succeed.

While urging the officer to sustain this level of commitment to duty, the CAS remarked that the young pilot was returning to the country at a time when the NAF, with the kind support of the Federal Government, was about to receive additional combat platforms in the shape of the A-29 Super Tucano and JF-17 Thunder Multi-Role Fighter.

He remarked that these new platforms would improve NAF’s ability to more effectively respond to national security imperatives.

Abubakar therefore advised the young officer to apply his newly acquired knowledge and skills to add value to the counter terrorism

operations in the North-east, as well as ongoing operations in other parts of the country with a view to contributing his quota to the successes so far recorded.

The newly winged pilot was admitted into the NDA in August 2010 as a member of 62nd Regular Combatant Course, where he obtained a degree in Electrical and Electronics Engineering.

As the best Air Force Cadet in his course, he was nominated for IOT Course, at the Royal Air Force College, Cranwell UK after which he was commissioned into the NAF as a Pilot Officer.

Thereafter, Usman was nominated for the SUPT, where he earned the United States Air Force Silver Wing and upon its successful with outstanding performance, the USAF found him worthy of recommendation for the Basic Fighter Introduction Course.

He has a total of 265 flying hours on the Cessna 172, T-6A and T-38C aircraft types.

CRIME SITUATION REPORTS

SECURITY TIPS (PART 18) r "WPJE XBMLJOH BMPOF QBSUJDVMBSMZ JO UIF EBSL *G ZPV NVTU XBML alone at night, use well-lit streets with as much vehicle traffic as possible and walk near the curb. r ,FFQ ZPVS NPOFZ TFQBSBUF GSPN ZPVS QVSTF PS CBH BT UIFZ XJMM allow you to hand over your cash without sacrificing your credit cards, identification and personal papers/cards. r *G ZPV NVTU DBSSZ B QVSTF DMVUDI JU UJHIUMZ VOEFS ZPVS BSN BOE OPU loosely hung from your shoulder. r 4DBO UIF BSFB BIFBE BT ZPV XBML *G ZPV PCTFSWF TVTQJDJPVT QFSTPO or vehicles, change direction and walk to a place of safety. r 8BML CSJTLMZ BOE DPOĂ EFOUMZ r"GUFS EBSL BWPJE QVCMJD QBSLT WBDBOU MPUT BOE BSFBT XJUI FYDFTTJWF trees and bushes Source: Nigeria Police Force Public Relations Department

REPORT FSARS UNPROFESSIONALISM TO: * DIG, Department of Operations: 08037025670 *IGP X-SQUAD: 0902 690 0729, 08078662130, 08174041000 *SMS 0903 227 8905 *WHATSAPP - 0903 562 1377 *Email: integrityxsquad@gmail.com Source: Police Force Headquarters

CONTACTS OF LAGOS CP, OFFICERS The Chief of Air Sta, Air Marshal Sadique Abubakar with Flying OfďŹ cer Usman

1. CP Imohimi Edgal, Commissioner of Police, Lagos State 08033040870 2. DCP Ayuba Elkanah Nabuni Deputy Commissioner of Police

Gunmen Attack Innoson’s Counsel in Lagos Prof. McCarthy Mbadugha, the counsel to the Chief Executive Officer, Innoson Nigeria Limited, Mr. Innocent Chukwuma, was attacked in his office in Lagos.

The counsel, who is said to be receiving treatment after the butchering he received from his assailants, was attacked in his office despite the presence of security.

A source who spoke on anonymity said the two assailants had invaded Mbadugha's office at Lekki Phase 1 when he went to arrange documents for some cases he had outside Lagos this week.

He was said to have entered his premises at about 3.15pm and was attended to by a staff of the private outfit that provides security to his office.

He had barely settled down when the first assailant stormed into his office and threatened to shoot him with a gun.

Although Mbadugha had offered the assailant money and promised to cooperate, the assailant still attempted to shoot him three times but the gun did not discharge.

The assailant then called out to his accomplice, who was standing outside the room, to come and complete the job.

The second assailant resorted to using matchets and daggers to stab their target, who began to shout loudly for help and tried to fight them off to

no avail.

He bled profusely as he sustained wounds on the abdomen and multiple lacerations on his right hand, head, and back.

Leaving him for dead, the duo attempted to escape with their victim's laptop bag but Mbadugha was said to have managed to get out of the office building to begged onlookers for help.

When one of the residents who drove up to the area learnt what happened, he said he saw two young men running out of the street.

He quickly went in hot pursuit of them and with the help of neighbours and the estate security, they apprehended one of them- the first assailant who shot at Mbadugha.

They also recovered the victim's apple laptop, IPhone 6s, a bag containing his cheque books and other documents.

The assailant was taken to Maroko Police Station and has since been subsequently transferred to the Federal Special Anti Robbery Squad (FSARS), Ikeja, Lagos.

According to the victim, the sponsors and perpetrators of the attack must be brought to book, adding that the matter must also not be swept under the carpet.

When contacted, the state Police Public Relations Officer, debunked claims that it was a case of hired assassins as was touted.

He said: "From our investigations,

he was not beaten by hired assassins like they claimed, rather it was some security guards he hired but did not pay his salary, that beat him up."

Countering the police's claim, the victim was said to have entered a contract with Strong City Security Services Nig Ltd to secure his law firm at an agreed monthly fees.

Stressing that he pays to the company, which inturn pays to the security guards posted to his firm, he said he had never had recourse to pay the guards directly.

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 18. CSP Chike Oti, Police Public Relations Officer (PPRO), 07065246927

Mbadugha

SOURCE: Lagos State Police Command

40

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

Ͳͯ

42

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

43

44

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

45

46

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

47

MONDAY OCTOBER 22, 2018 ˾ T H I S D AY

48

FOREIGN/DIPLOMATIC AFFAIRS

UK, France and Germany Challenge Saudi over Khashoggi Murder The UK, France and Germany have denounced writer Jamal Khashoggi’s killing, demanding urgent clarification from Saudi

Arabia over his death.

A joint statement said the explanation that Mr Khashoggi died after a “fist fight” in the

Migrant Crisis: Libya Opposes EU Plan Libya’s foreign minister says his country opposes a European Union plan to set up assessment centres for migrants outside the EU. The plan was drawn up by EU leaders in June as Italy called for more controls on migration.

But Mohamed al-Taher Siala told an Austrian newspaper that all North African countries reject the idea.

Instead, he said, Libya was working with its southern neighbours to reinforce their common borders.

Mr Siala is foreign minister for Libya’s UN-backed Government of National Accord (GNA). The GNA is nominally in power in the capital, Tripoli, but rival political factions and militias occupy much of the rest of the country.

Libya has been mired in political chaos since Nato-backed forces overthrew long-serving ruler Col Muammar Gaddafi in 2011.

In June, the EU proposed “regional disembarkation platforms” in North Africa, where the UN and other agencies could screen those who have a genuine claim to asylum in Europe.

Those not eligible would be offered help to resettle in their home countries.

The plan was to break the business model of peoplesmuggling gangs by processing refugees and migrants outside the EU. The move followed complaints from Italy, which has long been the main arrival point for

boatloads of migrants from African countries fleeing poverty and violence.

According to the United Nations, more than 1,700 migrants have died trying to cross to Europe in 2018.

“All North African countries reject this proposal - Tunisia, Algeria, Morocco and Libya, as well,” Mr Siala told the Austrian newspaper Die Presse.

He estimated that about 30,000 illegal migrants were being detained in centres in Libya.

He said his government was working with the EU to return migrants to their home countries, but added: “Unfortunately, some of these countries - many west African countries - refuse to take them back.”

Mr Siala said Libya was trying to improve security along its southern border by striking agreements with Chad, Niger and Sudan.

He said the EU could also help protect that border by providing technical support such as patrol vehicles, “drones, helicopters and perhaps a few light weapons”.

Meanwhile, EU and Arab League leaders have said they are to hold talks in Egypt in February, with illegal migration expected to be high on the agenda.

The League includes Egypt, Libya, Tunisia, Algeria and Morocco as well as countries in the Middle East and the Gulf. =Correspondents say part of the EU strategy is to boost development in sub-Saharan Africa to ease the conditions that often drive migration.

consulate in Istanbul needed “to be backed by facts to be considered credible.”

President Donald Trump earlier said he was “not satisfied” with the account.

And Turkey’s president on Sunday vowed to reveal the truth about the death.

Recep Tayyip Erdogan said he would make a statement on the matter in parliament on Tuesday.

“We are looking for justice here and this will be revealed in all its naked truth,” he told a rally in Istanbul.

Khashoggi entered the consulate on 2 October to sort out divorce papers. Saudi Arabia initially said he had left shortly afterwards but has now admitted he died inside the building.

The UK, France and Germany expressed shock at the death, saying: “Nothing can justify this killing and we condemn it in the strongest possible terms.”

They said they noted the Saudi explanation, but added: “There remains an urgent need for clarification

of exactly what happened... beyond the hypotheses that have been raised so far in the Saudi investigation, which need to be backed by facts to be considered credible.”

The nations said they would not make a judgement until further explanation had been detailed.

They said: “We therefore ask for the investigation to be carried out thoroughly until responsibilities are clearly established and that there is proper accountability and due process for any crimes committed.”

Last Saturday, Trump said: “I’m not satisfied until we find the answer.”

But the US president said that, although sanctions were a possibility, halting an arms deal would “hurt us more than it would hurt them”.

US Treasury Secretary Steven Mnuchin repeated that on Sunday, saying talk of sanctions was “premature”.

Canadian Foreign Minister Chrystia Freeland said the Saudi “explanations offered to date lack consistency and

credibility” while Australian PM Scott Morrison said: “This cannot stand. This will not do.”

Amnesty International has called the Saudi explanation a whitewash of “an appalling assassination”.

The Washington Post, which published articles by Khashoggi, said the Saudi government had “shamefully and repeatedly offered one lie after another”.

Saudi Arabia’s Foreign Minister Adel al-Jubeir spoke to Fox News on Sunday.

He suggested individuals had attempted to cover up the killing to his government and that it did not know the details.

“The individuals who did this did this outside the scope of their authority. There obviously was a tremendous mistake made, and what compounded the mistake was the attempt to try to cover up,” Jubeir said.

He added: “We want to make sure that those who are responsible are punished.”

Mr Jubeir also said: “We don’t know where the body is.”

So far Saudi Arabia says

it has arrested 18 people, sacked two aides of Crown Prince Mohammed bin Salman and set up a body, under his leadership, to reform the intelligence agency.

Yes, from a number of regional neighbours.

On Sunday, Kuwait was the latest ally to praise King Salman for his handling of the case, saying it showed “the kingdom’s keenness and commitment to establish the truth and its respect for legal principles to bring to account those behind this regretful event”.

Egypt, Bahrain and the United Arab Emirates have been among those reflecting similar praise.

Saudi media on Sunday echoed this. The al-Riyadh newspaper reported a “wide welcome” of the government’s “justice and firmness”.

Turkey on Saturday said it would release all the details and that it would not allow a cover up.

Erdogan’s planned statement will be eagerly anticipated.

Taiwan Train Derailment in Yilan County Kills at Least 18 At least 18 people have been killed and 170 injured in a passenger train derailment in north-east Taiwan.

Railway authorities say they are investigating the accident, which happened in Yilan County at about 16:50 local time (08:50 GMT) on Sunday.

A total of 366 people were on the train travelling between Taipei and the eastern county of Taitung when all eight of its carriages derailed.

The authorities now say they have freed everyone from the wreckage.

The Puyuma Express 6432 service reportedly came off the tracks close to Xinma station, near the town of Su’ao about 70km (43 miles) from Taipei.

The deputy chief of the Taiwan Railways Administration, Lu Chiehshen, told a news conference on Sunday that the train was only six years old and had been in “pretty good condition” before the accident.

It is not immediately clear what caused the train to derail, but witnesses told local media they heard a loud noise then sparks and

smoke.

Emergency medical responders and firefighters are helping the injured and the defence ministry says it has sent 120 soldiers to help with rescue efforts.

Witnesses reported having to break windows to escape the carriages, and dozens of injured have been transported to local hospitals.

An AFP news agency reporter at the scene said more bodies were being removed from the damaged carriages at about 20:00 local time (12:00 GMT) on Sunday night.

Reports say an American citizen was lightly injured in the accident. Photographs from the scene show seats upended, with parts of the railway tracks twisted through carriage windows in places.

Taiwan’s leader, Tsai Ingwen, described the accident as a “major tragedy” on Twitter.

“My thoughts are with all the victims and their families,” she added.

Taiwan has an extensive train network and more than half a million passengers travel on the system every day.

Remains of the train in which at least 18 persons died and 170 others injured after it derailed in north-east Taiwan….yesterday

Trump Says US to Exit Nuclear Pact with Russia US President, Donald Trump, has said Washington will withdraw from a landmark Cold War-era treaty that eliminated nuclear missiles from Europe, triggering a warning of retaliatory measures from Moscow.

The Intermediate-Range Nuclear Forces Treaty, negotiated by then-President Ronald Reagan and Soviet leader Mikhail Gorbachev in 1987, required elimination of land-based shortrange and intermediate-range nuclear and conventional missiles by both countries.

“Russia has not, unfortunately, honored the agreement so we’re going to terminate the agreement and we’re going to pull out,” Trump told reporters on Saturday after a rally in Nevada.

Russian Deputy Foreign Minister Sergei Ryabkov said yesterday that a unilateral US

withdrawal would be “very dangerous” and lead to a “military-technical” retaliation.

Gorbachev, now a frail 87-yearold, said it would be a mistake for Washington to quit the treaty, and that it would undermine work he and US counterparts did to end the Cold War Arms race.

“Do they really not understand in Washington what this could lead to?” Interfax news agency quoted Gorbachev as saying.

A Kremlin spokesman said Russian President Vladimir Putin would seek answers about the planned withdrawal when he meets John Bolton, Trump’s national security adviser, for scheduled talks in Moscow this week.

US authorities believe Moscow is developing and has deployed a ground-launched system in breach of the INF treaty that

could allow it to launch a nuclear strike on Europe at short notice.

Russia has consistently denied any such violation.

The arms control accord bans land-based medium-range nuclear missiles capable of hitting Europe or Alaska.

It ended a Cold War-era crisis, when the Soviet Union installed nearly 400 nuclear warheads pointed at western Europe. The US had responded by stationing Pershing and Cruise missiles in Europe.

Ryabkov, in comments reported by RIA news agency, said if the US withdrew, Russia would have no choice but to retaliate, including taking unspecified measures of a “military-technical nature.”

“But we would rather things did not get that far,” RIA quoted him as saying.

TASS news agency quoted him as saying withdrawal “would be a very dangerous step,” and it was Washington and not Moscow that was failing to comply with the treaty.

He said the Trump administration was using the treaty in an attempt to blackmail the Kremlin, putting global security at risk. “…We will, of course, accept no ultimatums or blackmail methods,” Interfax quoted him as saying.

British defense minister Gavin Williamson, in comments reported by the Financial Times, said London stood “resolute” behind Washington over the issue, and that the Kremlin was making a mockery of the agreement.

However, another NATO member, Germany, voiced misgivings.

MONDAY OCTOBER 22, 2018 ˾ T H I S D AY

49

NEWSEXTRA

Samsung Built Integration Yard as Contractor, Not Investor, Says LADOL Ugo Aliogo The counsel to the Lagos Deep Offshore Logistics Base (LADOL) and Senior Advocate of Nigeria (SAN), Prof. Fidelis Odita, has stated that Samsung Heavy Industries (SHI) built the fabrication and integration yard at the LADOL free zone as a contractor to Total and other owners of Oil Mining Lease (OML) 130, and not as an investor.

Odita said in a statement yesterday that Samsung built the yard exactly the same way it built the Egina Floating Production Storage Offloading (FPSO) vessel.

“Samsung is not an investor in the Egina FPSO anymore than it is an investor in the LADOL fabrication and integration yard which was built as part of the FPSO package contract. It is wrong for Samsung to go about pretending that it invested its own $300 million in building the fabrication and integration yard at LADOL. It did not invest. It is a contractor, not an investor,” Odita said.

Odita also gave reasons why LADOL terminated SHI-MCI Fze’s sublease on Septmeber 5, 2018.

“First, unremedied and material breaches of sublease covenant. Second, denial of its landlord’s title by inter alia asking the Nigerian Ports Authority (NPA), the head lessor, to carve out a portion of GRML’s leased land and grant a direct lease in favour of SHI MCI FZE, so that SHI MCI FZE could deal directly with all government regulators without needing to go through GRML or the Zone Management,” he explained.

The third reason, according to the senior lawyer, was SHI MCI FZE’s anticipatory breach of the sublease agreement.

“Although its sublease provided for an upward only rent review, SHI MCI FZE wrote to GRML and numerous government agencies informing them that on the expiry of its current sublease in June 2019 it would unilaterally reduce its rent

from $70 per sq metre to US$5 per square metre – a reduction of more than 90 per cent! GRML regarded the renunciation of the upward only rent review as an anticipatory breach of the sublease contract which it accepted and immediately terminated the sublease as it is entitled to do as a matter of law. It did not need to wait and see whether in June 2019 SHI MCI FZE would recant and pay the reserved rent or insist on paying $5 per square metre. It was entitled to accept SHI MCI FZE’s anticipatory breach and accelerate the termination of the sublease,” the lawyer added.

Speaking on the issue of operating licence, Odita stated that SHI-MCI FZE’s annual operating licence expired on July 29, 2018 and terminated by effluxion of time.

He argued that in order to renew its operating licence, SHI MCI FZE was required to fulfil the requirements of Regulation 41 of the LADOL Free Zone Regulations 2016, which provides “three cumulative conditions – payment of licence fee; provision of all information, documents and returns requested by Zone Management; payment of all outstanding amounts and fees due to Zone Management”.

According to him, SHIMCI FZE did not satisfy the conditions of Regulation 41.

He accused SHI-MCI Fze of placing itself above Nigerian law and free zone regulations.

Referring to the notice of contempt proceedings which Samsung issued against certain directors of the LADOL Zone Management in THISDAY of September 19, 2018, Odita stated that Samsung “appears to labour under the misunderstanding that the Federal High Court’s order of 14 August 2018 requiring the parties to maintain the “status quo” means that time will stop to run on its operating licence or any extension thereof or that the duration of the licence is frozen or somewhat suspended or held in abeyance”.

“That is not so. The Federal High Court did not issue any

The National Emergency Management Agency (NEMA) yesterday said 12 farmers were killed and 1,300 others displaced in separate attacks coordinated by the Boko Haram insurgents in Borno State.

NEMA’s North-east Zonal Coordinator, Bashir Garga, made the disclosure in a statement in Maiduguri, the Borno State capital.

Garba said the insurgents hacked 12 farmers to death, while working on their fields on Saturday afternoon at Kalle village, 17 kilometres away from Maiduguri. “They used machetes to kill their victims who were working on their farms; as confirmed by members of the Civilian Joint Task Force (CJTF).

“So far, we recovered 12 dead bodies from the fields and nearby bush.

“Three persons were injured in the raids. The insurgents had guns, but did not use them so

time the court asked the parties to maintain the status quo on 14 August 2018, SHI MCI FZE’s annual operating licence had expired and the status quo was that it had no annual licence, while the two-month

extension had a couple of weeks to expire. The position remains that Samsung has no operating licence.

Notwithstanding the expiry of the operating licence the Zone Management has continued to allow access

to the LADOL Free Zone to facilitate the work being done offshore on the Egina FPSO by Samsung and Total because of the strategic national importance of the Egina FPSO project,” he added.

BOOK PRESENTATION...

L-R: The Author, Lanre Arogundade; Chief Press Secretary to the Lagos State Governor, Habib Aruna; Senior Special Assistant to the Governor of Osun State on Media, Femi Mode Siyanbola; Dr. Bola Akiode; Kunle Ajibade; Adeyinka Olumide; Deputy Managing Director of THISDAY Newspaper, Kayode Komolafe, and Benson Idonijeh, during public presentation of the book ‘Fela: Yesterday Message As Today’s Reality,’ by Lanre Arogundade in Lagos...recently PHOTO: YOMI AKINYELE

Lai Mohammed is High Priest of Fake News, Says Atiku Campaign Organisation Adedayo Akinwale in Abuja

The Atiku Presidential Campaign Organisation (APCO) has described the Minister of Information, Alhaji Lai Muhammed, as the “high priest of the All Progressive Congress (APC) cult of liars.”

This may not be unconnected to a recent report allegedly authored by the minister where he stated that the international media had queried the emergence of Atiku over suspicious source of wealth.

In the said report, Mohammed was quoted to have said at a lecture in the Royal Institute for International Affairs (Chatham House) with the topic: ‘Nigeria’s National Unity: Towards Participation and Shared Values’ that “we do as not to attract the attention not need to do anything extra of troops in the nearby Molai because we have delivered on village,” he said.

Garga said that the Boko Haram insurgents stepped up attacks on farmers and loggers in recent years because they accuse Deborah Orji them of passing information to the military.

The Civil Liberties Organisation The coordinator disclosed (CLO) has called on the leaders further that one person was of the All Progressives Congress killed and 1,300 others displaced (APC), especially President when the insurgents sacked Muhammadu Buhari to three communities on Saturday urgently call the Chairman of night in Jere Local Government the party, Adams Oshiomhole Area of the state. He listed the and members of his National affected communities to include Working Committee (NWC) to Dala-Malari, Fuguri, and Femari. order and refrain from meddling He called on the people to be in the election of candidates in vigilant and report suspicious Zamfara State and allow the movements and persons to state APC conduct its own security agents. affairs.

“Attacks on soft targets is the In a statement yesterday hallmark of the insurgents’ due by the President of CLO, Igho to increased military clampdown Akeregha, the group urged the that has curtailed their activities. Independent National Electoral “Humanitarian partners were Commission (INEC) not to being mobilised to cater for the disenfranchise eligible voters victims as soon as possible,” in Zamfara State for no fault he added. of theirs in the 2019 general

12 Farmers Killed, 1,300 Displaced in Boko Haram Attacks, Says NEMA Michael Olugbode in Maiduguri

order stopping time from running on Samsung’s operating licence or suspending its two week unexpired duration from expiring, nor did grounds exist upon which such an order could have been made. In fact by the

all our promises and Nigerians are quite happy and satisfied with the government.”

APCO in a statement yesterday said the true position of things was that ever since the emergence of Alhaji Atiku Abubakar as the candidate of the Peoples Democratic Party (PDP), the international media has been agog with praise for Atiku and hope for a new dawn in Nigeria.

The statement added: “How anyone would take the word of a confirmed liar, Lai Mohammed, for the gospel truth is beyond us.

“How the minister of information of a government that has turned Nigeria into the world headquarters for extreme poverty can say that is beyond imagination. Is Mohammed claiming that his party promised and delivered

poverty and Nigerians are satisfied with this world record poverty?

“If Mohammed can lie openly at Chatham House in front of the international press and diplomatic corps, is it a big thing for him to lie about his accounts with the international media?”

APCO said Reuters praised Atiku as having long enjoyed support from the business elite in Nigeria’s commercial capital, Lagos, for his conservativecapitalist ideals.

It added that not one single international newspaper, magazine, TV station or website has had anything negative to say about Atiku’s emergence, saying: “Such lie only exists in the fallacious imagination of Mohammed.”

APCO said on the contrary, international media and even

reputable global financial institutions had predicted doom for Nigeria should President Muhammadu Buhari be re-elected.

According to one of the world’s largest banks, HSBC, “a second term for Buhari however raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”

On its own part, The Economist wrote off the Buhari administration as a failure, saying: “The 2019 elections will be a close contest between the ruling APC and the PDP. We expect the PDP presidential candidate to win.”

Don’t Disenfranchise Zamfara Electorate, CLO Tells INEC elections.

According to the CLO, “political leaders in the APC, especially President Buhari must step forward and call erring officials in his party to order irrespective of their positions.

If this is not done, it would be a great injustice to the APC supporters in Zamfara State who are now grappling with the threat of being excluded from participating in the 2019 election because some people have vested interests. If the threat

by INEC is allowed to stand, the CLO believes this will be a huge setback for many Nigerians who are fighting hard to entrench a virile and robust democratic culture in the country”.

“As a civil society organisation, we do not wish to take side by commending

or condemning any party in the lingering dispute over what happened but we are greatly concerned about the decision to disenfranchise hundreds of thousands of eligible voters in Zamfara State in 2019 over no fault of theirs,” the CLO said.

The organisation maintained that participation in an election is a constitutional responsibility of every eligible citizen, including the people of Zamfara State noting that “it is their right to vote and be voted for in any election and it would amount to great injustice and infringement on their constitutional rights if they are deprived of voting in 2019 because of the greed and interference by some individuals in and outside the state.

The foremost human rights group cautioned Oshiomhole

and his APC’s National Working Committee (NWC) and other vested external interests to steer clear of the internal politics of Zamfara State and allow only the political decisions and choices of the people in the state to count.

The CLO noted that the business of which candidate gets what in the lists that would be used for the 2019 general elections in the state is a matter to be decided by only Zamfarans.

“We are appealing to INEC, the National headquarters of the APC and the judiciary to do the needful by resolving this crisis in the interest of the people of Zamfara state.

APC Zamfara State should be allowed to conduct its own business of deciding who vote and is voted for since it is their business to do so.

MONDAY OCTOBER 22, 2018 ˾ T H I S D AY

50

NEWSEXTRA

Atiku Will Give SGF Slot to South West, Says Daniel Tasks Amosun on Ogun West governorship bid Femi Ogbonnikan in Abeokuta The Director-General of Atiku Abubakar Campaign Organisation, Gbenga Daniel, has stated that the position of the Secretary to the Government of the Federation (SGF) has been reserved for the South-West if

Atiku wins the presidency.

The former Ogun State governor has also urged the incumbent governor, Senator Ibikunle Amosun, to do away with personal ego, if he is truly interested in ensuring that an Ogun West candidate emerges his successor in the run up to the 2019 general elections

INEC to Publish Candidates’ List for Presidential, N’Assembly Jan 17

Daniel, a former governor of Ogun State, revealed this yesterday at an interactive session with journalists at his Maryland, Lagos home yesterday Lagos.

The News Agency of Nigeria recalls that the Peoples Democratic Party had initially zoned its national chairmanship to the South-West, but later picked Uche Secondus from the South-South.

Also, Atiku’s running mate, Mr. Peter Obi, hails from the South-East.

“We need to understand that the (presidential) candidate has control over who becomes his running mate during the election and who becomes the SGF if he wins.

“The decisions on major offices are being given serious consideration and no zone or region will be marginalised.

“The offices of Senate President and Speaker of the House of Reps will be decided after the polls and based on what plays out

in both houses.

“Aside from the major slots, I think what is paramount to the people of the South-West is the restructuring of the country, which Atiku is very serious about.

“So, the issue for the SouthWest is not personality or slot issue per say, because personalities come and go, but restructuring Nigeria is significant and more symbolic than zoned offices,” Daniel said.

Meanwhile, Daniel has urged

the incumbent governor, Senator Ibikunle Amosun, to do away with personal ego, if he is truly interested in ensuring that an Ogun West candidate emerges his successor in the run up to the 2019 general elections.

Daniel added that if Amosun wants a Yewa man to be his successor, he shouldn’t allow two candidates to emerge, at a time, so that the votes at the general elections would not be shared between them.

ECOWAS pledges support for 2019 polls Adedayo Akinwale in Abuja The Independent National Electoral Commission (INEC) has said that it will publish the list of nominated candidates for the presidential and governorship candidates on January 17, 2019.

The electoral body had made good its threats last week by refusing to extend the date for the submission of the list of nominated candidates by registered political parties.

The Chief Press Secretary to INEC Chairman, Mr. Rotimi Oyekanmi, said the commission is strictly following the timetable ahead of the 2019 general election.

He said: “The commission is strictly following the timetable and schedule of activities for the 2019 general election. Accordingly, the list of nominated candidates will be published as follows: “Presidential and National Assembly, January 17, 2019; governorship and state House of Assembly, January 31, 2019.”

Meanwhile, INEC in a statement yesterday by Oyekanmi said 89 out of the 91 registered political parties would field candidates for various positions in the next year general election.

INEC Chairman Mahmood Yakubu, disclosed this while playing host to a delegation of Economic Community of West African States (ECOWAS) led

by General Francis Behanzin, who paid him a courtesy visit at the commission’s

headquarters in Abuja.

He observed that conducting general election in Nigeria could be likened to conducting an election for the whole of ECOWAS. Yakubu identified finance as the major challenge facing ECOWAS Network of Electoral Commissions (ECONEC), stressing that each member country is expected to pay $5,000 per annum.

He was of the opinion that ECONEC would still require some support from ECOWAS. The INEC chairman said he leant that ECOWAS had promised to support ECONEC with $1 million, while expressing hope that Behanzi’s visit would fast track it.

Earlier, Behanzi expressed gratitude to the chairman for his contributions to the improvement of the electoral process and sustenance of democracy across the West African sub-region.

He said the purpose of the visit was to, among other things, find out about INEC preparation for the 2019 general election and the challenges it was facing in view of Nigeria’s large voter population of over 80 million.

Behanzi described Nigeria as “a very big country”, pledging financial support for the conduct of the elections.

He also informed the INEC chairman that ECOWAS would send 200 observers for the elections.

AAAN to Hold Cocktail for Women in Advertising The Association of Advertising Agencies of Nigeria (AAAN) and the Committee on Women in Advertising is set to hold its maiden edition of Women in Advertisng Annual Cocktail.

One of the objectives of the event is to transform female practitioners across Marketing Communications (Marcoms) industry into outstanding leaders, who can contribute broadly to their firm’s success.

The event will also create a platform to interact and provide professional guidance to female practitioners.

The President of the Association, Mr. Ikechi Odigbo, noted that the association values the distinct nature of women and their unique ability to influence, strengthen and elevate the advertising practice.

He stated that the association will continue to facilitate

and promote equality and opportunity for women in the industry.

According to the Chairman of the Committee on Women in Advertising, Mrs. Tope Jemerigbe, the event will further encourage networking and growth with the involvement of women across level.

The Cocktail themed “Growing Female Chief Executives” will hold on October 25 at The Regent Luxury Suites, GRA, Ikeja.

Speakers at the event include, Managing Director, Multichoice Nigeria, Mr. John Ugbe; Senior Commercial Manager, Pagatech Limited, Miss Oseyi Etomi; Managing Director/CEO, DKK & Associates, Mrs. Tope Jemerigbe, while Mrs. Tola Obi, COO, Centrespread Grey, will be the moderator of the event.

THANKSGIVING MASS...

L-R: Ekiti State Governor, Dr. Kayode Fayemi; his wife, Erelu Bisi Fayemi; Deputy Governor, Otunba Bisi Egbeyemi, and his wife, Margaret Egbeyemi; during the thanksgiving mass for the new administration at the St Patrick’s Catholic Cathedral, Ado-Ekiti…yesterday

House to Oppose Sale of Ajaokuta Steel Company Shola Oyeyipo The purported renewed move by the federal government to sell the Ajaokuta Steel Company will be met with a stiff resistance by Nigerian lawmakers, particularly members of the House of Representatives, who are already spoiling for a showdown over the proposal.

The Kogi State Governor, Alhaji Yahaya Bello, who at the weekend led a delegation to Vice President Yemi Osinbajo to confirm the veracity of the reported planned sale of the national asset, told journalists that the government has no plan to sell it.

The Central Bank of Nigeria

(CBN) Governor, Mr. Godwin Emefiele, had said the company is up for sale to raise more money to implement the country’s 2018 deficit-based budget.

He made the declaration when addressing the Nigerian delegation at the just concluded International Monetary Fund/ World Bank Group meetings in Bali, Indonesia, saying more national asset, including the steel company, will soon be sold.

When contacted to react to the latest news on the proposal to sell the company, one of the arrowheads of the lawmakers opposed to the sales, Hon. Uzoma Nkem-Abonta, member representing Ukwa West/East

federal constituency of Abia State, said such plan cannot see the light of the day.

According to him, “The federal government cannot sell the Ajaokuta Steel Company.

There are existing bills preventing such move, so I don’t think they will be thinking along the line of selling Ajaokuta steel.”

In a similar development, sources close to the Leader of the House of Representatives, Hon. Femi Gbajabiamila, told THISDAY that his is already working on a document to be tendered on the floor of the House to foreclose the proposal if it is in the offing.

Recall that on March 1, 2018, the House of Representatives

passed a vote of no confidence in the duo of the former Minister of Mines and Steel Development and now Ekiti State Governor, Dr. Kayode Fayemi, and the Minister of State for Mines and Steel Development, Mr. Abubakar Bawa-Bwari, for refusing to appear before the House to address the lawmakers on the state of AjaokutaSteel Company.

The House of Representatives subsequently adopted two bills seeking to prevent the concession of Ajaokuta Steel Company and to ensure its completion.

With each sponsored by 301 lawmakers, the bills were introduced for first reading on March 21.

EX-CJN KUTIGI DIES, BUHARI, ATIKU, SARAKI, OTHERS MOURN Delta State Governor, Dr. Ifeanyi Okowa, commiserated with the government and people of Niger State as well as the family of Justice Kutigi over his passage.

A statement issued yesterday in Asaba by the Chief Press Secretary to Governor Okowa, Mr. Charles Aniagwu, said the governor noted that Justice Kutigi contributed immensely to Nigeria’s growth and the development of the judiciary.

“I am deeply saddened by the demise of Justice Kutigi, former Chief Justice Nigeria, who served Nigeria diligently and meritoriously even as he left a legacy of discipline,

brilliance and selflessness for the younger jurists to emulate,” he said PDP: Kutigi’s Demise is a Huge Loss to the Nation and Judiciary The PDP expressed sadness over the demise of Justice Kutigi, describing it as a huge loss to the nation and the judiciary.

In a statement by the party’s National Publicity Secretary of the party, Mr. Kola Ologbondiyan, PDP described Kutigi as an outstanding administrator; a fearless, impartial and firm judicial officer, who upheld justice and the law in all his

assignments at the bench.

The PDP said it’s griefstricken that this noble Nigerian left the stage at the time his wealth of experience is needed the most.

Onnoghen Declares Seven Days Mourning Meanwhile, the judiciary has declared seven days mourning, to honour the former CJN. The CJN, Justice Walter Onnoghen, yesterday directed that the Nigerian National Flag in the premises of the Supreme Court, the CJN’s official residence in the Three Arms Zone of Abuja, all judiciary institutions including the National Judicial Council

(NJC), the National Judicial Institute (NJI), the Federal Judicial Service Commission (FJSC), as well as all Courts of Records in the country, should be flown at half-mast for a duration of seven days.

Similarly, the CJN instructed the Chief Registrar of the Supreme Court to open condolence registers at both foyers of the court to enable Justices of the court and other well-wishers pay their last respects to the deceased jurist.

In a statement signed by his media aide, Mr. Awassam Bassey, Justice Onnoghen, said he received the news of the demise of the erstwhile CJN with sadness.

51

MONDAY OCTOBER 22, 2018 , 2018 ˾ T H I S D AY

NEWSEXTRA

Babalola Slams FG for Flouting UNESCO’s Directive on Education Funding Victor Ogunje in Ado Ekiti

A legal luminary and university administrator, Chief Afe Babalola (SAN), has condemned the federal government for allegedly ignoring the directives given by United Nations Education and Socio-Cultural Organisation (UNESCO) that 26 percent of the budgetary allocation should go to the funding of education.

Babalola, who identified funding as the greatest scourge devouring the country’s education sector, said many of the states, including the federal government, budgeted as low as seven percent for the sector, which he described as pivotal to the develop of the country.

Speaking during the 6th convocation ceremony of his university, Afe Babalola University, Ado Ekiti (ABUAD), the legal icon advised that the federal government should set up a centralised body to conduct unified examinations for all undergraduates of the university, saying such remains the best way to inject standardisation into the system.

At the event, the President, African Development Bank (AfDB) and former Minister of Finance, Dr. Akinwumi Adesina, and the Chief Executive Officer

of Channels Television, Mr. John Momoh, bagged prestigious Honourary Doctorate of the university.

Babalola disclosed that the two eminent Nigerians were rewarded based on their sterling contributions to the development of the country, particularly the youth population.

The university also graduated a total of 1,042 graduates with 72 bagging first class honour degrees from different departments.

He regretted that Nigeria has one of the most poorly funded universities globally, stating that this necessitated the low ranking of the country’s citadels of learning accorded in webometrics rating.

“The quality of education is most desirable but is also an expensive enterprise. It is no more news that education sector is in crisis due to poor funding. Whereas UNESCO recommended that at least 26 percent of the national budget should be dedicated to education, Nigeria budgets less than seven per cent “I urge the federal government to revisit the moribund education bank to enable students access loans at reduced rates to finance their education and also to start their own businesses after

graduation.

“This is the surest way to put an end to rising unemployment particularly for graduates after leaving universities,” he said.

Babalola also appealed to the federal government to establish

an airport in Ado Ekiti as well reconstruct Ado-Ijan-Ikare road for easy access to the university.

“The federal road leading to this university, the Ado-Ikare road, is in bad condition, of course there is no rail line and there is also no

airport here. With the provision of these two amenities in Ekiti State, Nigerians will benefit from the 400-bed multi system hospital which has latest equipment here in this university,” he said.

Responding on behalf of the

honourees, the former Finance Minister, Adesina, noted that the future of Africa didn’t depend on population and natural resources, but how best they can use the available resources to convert their visions to reality.

Lagos Intensifies Road HEARTY CHEERS...

Rehabilitation Across Metropolis 69 Vice President Yemi Osinbajo (left), and the celebrant, Dr. Alex Izinyon, at the 69th birthday celebration of Izinyon held at the Elohim Christian Deborah Orji The Lagos State Government yesterday said concerted efforts were on to rehabilitate failed portions of highways and roads across the metropolis, with a pledge to aggressively fix potholes in coming days.

The State’s Commissioner for Works and Infrastructure, Mr. Ade Akinsanya, in a statement, said though many roads across the state had been fixed in the last few weeks, the state government would nonetheless scale up efforts to ensure that all dilapidated sections of roads across the State were rehabilitated to bring comfort to residents and motorists.

Already, Akinsanya said roads in strategic areas across the state, including Ikorodu, Itokin, Lekki, Ojota, Lawanson Road, Ogunlana Drive, Abraham Adesanya, among others have been fixed with motorists and commuters experiencing less travel time by driving smoothly on the roads.

According to the commissioner, “massive road rehabilitation across the state has already been embarked upon and we

like to assure the public that all road corridors across the State will be touched by the various rehabilitation gangs who have been deployed to all nooks and crannies of the State.

“At the moment, areas already covered include Lekki –Expressway by Abijo and Abraham Adesanya roundabout carried out by Hi-tech Construction; Ojota, Ketu and Mile 12 sections of the Ikorodu road have been attended to, while work is also on-going on Ijede-Ewu-Elepe road in Ikorodu, amongst others.

“More importantly, the various failed portions on the Lagos Badagry Expressway are also being attended to presently.

These include the Iyana Isashi Junction, Iyana Era, Agbara and Ijanikin,” Akinsanya said.

The commissioner, who further said that all the other failed portions on the highway and roads across the State would be attended to in the coming week, specifically thanked motorists and road users for their patience and abiding faith in the ability of the State Government to bring succor and comfort to them.

Bayelsa PDP’s Stakeholders Accuse Party Leaders of Antiparty Activities Emmanuel Addeh in Yenagoa Trouble is currently brewing in the Bayelsa State chapter of the Peoples Democratic Party (PDP) as stakeholders weekend accused top party leaders in Ogbia, ex-President Goodluck Jonathan’s Local Government Area (LGA), of anti-party activities.

The stakeholders under the auspices of the Ogbia PDP Renaissance (OPR), said George Turnah; Chairman of the State Environmental Sanitation Authority, Chief

Robert Enogha, House of Assembly member, Mitema Obodor, among others had bought forms for aggrieved PDP members to contest under the platforms of other political parties.

The concerned PDP loyalists said they were raising the alarm in the interest of the party ahead of the 2019 general elections, so as not to play into the hands of the opposition in the state and called on former President Goodluck Jonathan to caution the alleged dissidents.

Global Centre, Abuja ...yesterday

Shehu Sani to Join Another Party Tomorrow Deji Elumoye in Abuja A member of the National Assembly, Senator Shehu Sani, who resigned from the ruling All Progressives Congress (APC) last Saturday may join another political party on Tuesday.

Sani, representing Kaduna Central in the upper legislative chamber, gave an indication to this effect on his Facebook page

yesterday.

The senator, who has been having a running battle with Governor Nasir El-Rufai of Kaduna State, wrote on his Facebook page: “This is to thank all my supporters and friends for the show of solidarity and assurances of support over my decision to exit the APC. “I assure you that in the next two days, you will be informed

of my new party, and be rest assured I will contest in the upcoming elections Insha Allah.”

Sani, who is the Chairman of the Senate Committee on Foreign Loans and Debts, may announce his defection to another party at the Senate plenary on Tuesday.

He is also expected to write formally to the leadership of the Senate about his latest political

move.

Sources told THISDAY that Sani may join the Peoples Redemption Party (PRP) as he was said to have met at the weekend in Kaduna with officials of the party in the state.

Sani had on Saturday announced his resignation from APC in a one-page letter he wrote to the party leadership in the state.

Stay Away If Rivers is Unsafe, RSG Tells Amaechi Martins Ifijeh Rivers State Government has called on the Minister of Transport, Rotimi Amaechi to stay away from Port Harcourt if he feels the state is unsafe.

Reacting to a statement by the minister during a thanksgiving church service in honour of the All Progressives Congress (APC) Gubernatorial Candidate, Tonye Cole yesterday in Port Harcourt that Rivers State was unsafe, the state Commissioner for Information and Communications, Emma Okah, said Amaechi should show his anger by hosting his party activities, church programmes, and birthday parties outside the state.

He said normal people no

longer take the minister serious because he lives in bitterness.

Okah saud: “Evidence abound to show that the government and the security agencies are doing their best to secure lives and properties in Rivers State, and only a deluded or mischievous mind denies this fact.

“In normal climes, a former governor and a serving minister qualifies to be a statesman, but the case of Amaechi is a harvest of shame as he maliciously discredits everything the state does to develop and provide security for the people,” he said.

According to him, Amaechi needs to know that any failure of security under democracy where the governor has played his role was an indictment on the Nigeria

Police and the security agencies who are under the control of the federal government, adding that Amaechi should ask the heads of security agencies he posts to the state why there were lapses, if any.

Okah said the government will not join him in the journey to perdition by condemning the hard working security agencies.

He said instead of Amaechi to empathise with those who sadly, lost their loved ones, he was spitting on the graves of the deceased and mocking them because he knows he was seeking political mileage with the blood of the innocent and has not supported the state to fight crime since he became a Minister.

“Rather than allow security

agencies to do their work unhindered, Amaechi has continued to politicise the security architecture to achieve only political ends since his stooge lost the guber elections in 2015.

“He must explain to Nigerians why security challenges still exist in all states of the country. Are those governors also not doing enough or should that also not be the reason they and the president should lose elections? Okah asked.

He accused the federal government of not able to address security challenges in Nigeria despite their superior war chest, resources and imprimatur.

He also called on Amaechi to explain why over 12 million Nigerians have lost their jobs since 2015.

14 Former PDP Chapter Chairmen Declare for APC in Akwa Ibom A major political realignment took place in Akwa Ibom State at the weekend when 14 former chapter Chairmen of the Peoples Democratic Party (PDP) declared their support for the All Progressives Congress (APC).

Speaking on behalf of the former leaders of the PDP at the grassroots, former PDP chapter chairman of Uruan, Pastor Benedict Effiong, said:

“After a careful assessment of all the candidates running for the office of governor of the state, we have all come as a group to declare our support for the APC and Obong Nsima Ekere because the APC governorship candidate is the only one who is capable of leading the state to its destined place in the nation.”

Effiong said the remaining former chapter chairmen have

already agreed to move to the APC and would soon declare their support publicly too. “With this development today,” Pastor Effiong said, “PDP is dead in the state.”

The mass defection, which took place in the residence of Mr Umana Okon Umana in Uyo on Saturday was witnessed by Umana, Managing Director of the Oil and Gas Free Zones

Authority; Obong Nsima Ekere, governorship candidate of the APC in Akwa Ibom State for the 2019 election; Senator Ita Enang, Senior Special Assistant to the President on the National Assembly Affairs (Senate); Bishop Samuel Akpan, APC political chieftain and leader of the party in Onna, home local government of the PDP incumbent governor of the state.

52

MONDAY OCTOBER 22, 2018 ˾ T H I S D AY

NEWSEXTRA

Stop Misusing My Name, Okonjo-Iweala Tells Politicians A former Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has cautioned politicians to stop misusing her name to further their partisan political objectives.

Her media adviser, Mr.

Paul C Nwabuikwu, said in a statement yesterday that in spite of several rebuttals and clarifications he issued over the past months, some groups and individuals were still misusing the former minister’s name to further partisan political

Ikeja Obaship Tussle: Group Cautions against Fresh Selection Process Kayode Fasua Prominent leaders of Ikeja community in Lagos State, have raised the alarm over “a fresh plot” to subvert the four-year-old recommendation of the town’s kingmakers on the choice of the new Olu of Ikeja.

The leaders, under the aegis of Gbobaniyi Royal Association of Ikejaland, in a statement, expressed concern that the recommendation of Ikeja Body of Kingmakers headed by the late former deputy governor of Lagos State, Alhaji Rafiu Jafojo, was about to be set aside for a new selection process.

The Gbobaniyi Royal Association of Ikejaland is the apex advisory body in the community’s royal circles.

Expressing the concern in a statement by its President, Chief Babatunde Alaran, and Secretary, Mr. Olugbenga Soremi, the association stated that the Jafojo five-man body of kingmakers had unanimously endorsed Alhaji Samsondeen Adeleye, as the next monarch of Ikeja, and had duly notified the Ikeja local council since December 2014.

Ikeja has been without a traditional ruler since October 2014, when the last Olu of Ikeja, Oba Rauf Matemi, Amore 1, joined his ancestors.

While urging the Ikeja stakeholders, especially the All Progressives Congress (APC) National Leader, Chief Bola Tinubu, to wade in and ensure

that the right thing is done, the association described a new selection process as “unjust and disrespectful to the spirits of the late Jafojo and one other kingmaker who have passed on.”

“Our contention is that, it is not proper that once a chicken died during labour, its un-hatched egg should be thrown away.

“The mere fact that Jafojo and another of the kingmakers are dead does not make their judgment unsound.

“During the selection process, all the princes were screened, subjected to traditional rites and were inquired of before the Ifa oracle; only Samsondeen Adeleye emerged tops.

“His name was thus forwarded to the Ikeja Local Government, which later informed the kingmakers that it had forwarded the name to the appropriate authorities in the state.

“And all we are expecting now is the final approval from the state government; only to get feelers that some contenders are now emerging afresh and are pulling political strings to achieve their aim,” the association complained.

It, therefore, urged the chairman of Ikeja Local Government, Alhaji Mojeed Balogun, “not to allow schemers influence his office, as we know the chairman to be an upright man, who is personally unhappy that Ikeja is yet to have a traditional ruler.

IBHS to Organise 80th Anniversary The Ibadan Boys’ High School (IBHS) would mark its 80th anniversary beginning with Thanksgiving Service at the Cathedral of James The Great, Oke-Bola, Ibadan, Oyo State.

According to a statement made available to THISDAY by the Chairman, Publicity/ Publications Committee of the Anniversary, Mr. Kayode Awobadejo, the Thanksgiving Service would followed by a road show by members of the IBHS Old Boys’ Association from the Church to the old Odeon Cinema to the School Premises where a career talk for the current Students would begin at 2p.m.

The statement explained that also on the October 25, there would be a medical outreach at the School Premises for the neighbouring community by medical practitioners among the old boys; unveiling of the bus of the founder, late

Chief Timothy Lajide Oyesina, the Are Onibon of Ibadan; a drama presentation and Jumat Service at the Ansar Ud Deen Mosque, Ososami, Oke Ado, Ibadan, Oyo State.

The Statement said: “The grand finale will be held on October 27, with the inauguration of the projects undertaken by the old boys, including a new sick bay, E Library, paved driveway, and new gate/gate house and perimeter fence; social for current students, staff (teaching and non-teaching) old boys and Parent Teachers’ Association (PTA); launch of a commemorative magazine and awards’ presentation and fund-raising. Old Students are expected from around Nigeria and abroad while one of the founding Principals, Obi of Ogwashi Uku, Prof.

Chukwuka Okonjo, has indicated his attendance.”

objectives.

“We would like to alert Nigerians that this unfortunate practice has increased significantly in this political season.This misuse of the minister’s name comes in many forms. There are fake newspaper articles published under her name; fake quotations canvassing certain views which are falsely attributed to her. Even fake

audios in which someone pretends to be the former finance minister have been going round. Most of these are typically disseminated on WhatsApp and other forms of social media,” Nwabuikwu explained.

“In one recent example, a video of the minister was cleverly edited, leaving out crucial information and context to give a totally false

impression. These shenanigans are designed to give the impression that she supports one particular political interest or position or the other. We urge Nigerians to ignore these mischievous antics by political peddlers of fiction.

“Okonjo-Iweala is very capable of speaking for herself if and when she wants to and does not need the help of anyone to do that.

“In this political season of forged and fake news, we urge the media and the public to crosscheck the authenticity of any quotations, articles, audios and videos attributed to Dr Okonjo-Iweala before giving them credence or going public with them. If it does not come directly from Dr Okonjo-Iweala’s twitter account then kindly discount it,” Nwabuikwu added.

PROMOTING LOCAL CONTENT...

L-R: General Manager, Contracting and Procurement, Shell Petroleum Development Company (SPDC), Anthony Elis; Director, Monitoring and Evaluation, Nigeria Content Development and Monitoring Board, Tunde Adelana; Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo), Bayo Ojulari; Manager Project, Gas Division, National Petroleum Investment Management Services, Jubril Lawal; and the Vice Chairman, Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, at the 2018 SNEPCo Nigerian Content Exhibition in Lagos… recently.

Akwa Ibom APC’s Aspirants Back Party’s Candidates Aspirants who failed to get the nomination of the All Progressives’ Congress (APC) in Akwa Ibom State in the just-concluded primaries have resolved to support the party’s candidates in all the elections in 2019.

They made the resolution during a reconciliation meeting convened by the state APC leadership at the campaign grounds of its gubernatorial Candidate, Mr. Nsima Ekere, in Uyo on Saturday.

In a motion moved by a former House of Assembly aspirant in Uyo State Constituency, Mr. Aniekan Udosen, seconded by his Okobo State Constituency

counterpart, Mr. Emmanuel Isangedoho, and put to vote by the Senior Special Assistant to the President on National Assembly (Senate) Matters, Senator Ita Enang, the aspirants, who turned out en masse for the meeting, unanimously resolved to work for the success of the party’s Presidential, Gubernatorial, National Assembly and House of Assembly candidates.

Addressing the aspirants, Ekere assured them of accommodation in the incoming APC administration in the state.

His words: “Nobody will be left out. We will ensure that all of you will be part of the next government in 2019. Your

contributions to the making of the next government will not be forgotten.”

Ekere went spiritual, advising the aspirants to realize that, by not getting the party’s tickets, God had something else in store for them.

“No one can take away what God had destined for you. It may not work today. If God intended that you will be in the Senate, House of Representatives and House of Assembly, you will definitely be there. Just know that what you consider failure today is only a temporary setback.

God will definitely take you to where He planned for you.”

Ekere commended many

of the aspirants for already calling meetings to turn in their supporters to the party’s candidates.

He lauded the aspirants for popularising the APC in Akwa Ibom through their mobilization and enlightenment campaigns before the primaries and promised that his campaign organization will be expanded to integrate them to continue their grassroots’ mobilization for the party.

Ekere, who is the Managing Director of Niger Delta Development Commission (NDDC), said victory for the APC in the state was certain because “God has changed the story of APC in Akwa Ibom.”

Ita-Giwa: Why I am Supporting Current Zoning Formula in Cross River State Jonathan Eze Former Presidential Adviser on National Assembly Matter, Senator Florence Ita-Giwa, has urged leaders and stakeholders in Cross River State not to alter the current zoning arrangement in the state by allowing Governor Ben Ayade to run for another term so that another zone can produce the next governor in 2023.

The Bakassi leader stated this at the weekend in reaction to a reported meeting held at her Calabar residence, arguing that the power zoning formula in the state is the only guarantee the numerically challenged groups in the state have against political marginalisation.

She also rallied support for

the industrial revolution initiative of the governor, affirming that having been personally taken round the projects, she is convinced that it is the surest path to develop the state and make it economically viable.

The statement read: “I wish to restate my commitment to work for the peace, progress and development of Cross River State and emphatically declares that it is well within my right, and indeed I consider it my duty as a political and community leader in the state to intervene at any time I feel that things are not going on well in the state.

“Indeed, recent events within the political space in the state is a cause for concern because if care is not taken, the state

could degenerate into a political war by one of the two major parties in the state.

“It is my view that the power zoning formula in the state is the only guarantee that numerically challenged groups in the state have against political marginalisation.

“I am therefore of the opinion that nothing should be done to upset the arrangement in the state. I make no apologies for accepting my appointment as the official ambassador for the Cross River State Industrial Revolution initiative.

“The meeting in my residence was to brief leaders of the southern senatorial zone of the viability of the Ayade industrial development initiative. Having been personally conducted on

a tour of the project by the governor, I am convinced that the initiative will fast-track the development of the state, and thus I invited the leaders in the zone to support the laudable initiative.

“I also wish to state that we had no discussions about the deputy governorship ticket of the state, and wish to make it clear that I owe no one any explanations even if I did.

“As a very busy individual, I do not need the office of the deputy governor to impact positively on the fortunes of the state or to support the governor in the development of the state.

I am very comfortable using the political platform as a leader to advance my avowed desire to serve humanity.”

MONDAY OCTOBER 22, 2018 ˾ T H I S D AY

53

NEWSEXTRA

Obaseki, Obi Mourn Ex-CJN, Kutigi The Edo State Governor, Mr. Godwin Obaseki and a former governor of Anambra State, Mr. Peter Obi, have mourned the passing of ex-Chief Justice of Nigeria (CJN), Justice Idris Kutigi, whose death in a London Hospital.

In a statement, Obaseki described Justice Kutigi, who died at age 78, as a quintessential justice, who served Nigeria meritoriously, contributing his quota to the development of the judiciary and to the Nigerian project in

more ways than one.

According to him, “I commiserate with late Justice Kutigi’s family over the passing of the Justice, whose contribution to Nigeria and his home state, Niger, are as remarkable as they are noble.

He embodied the spirit of a true

Nigerian, working to advance the rule of law and upholding justice.”

Obaseki condoled with Kutigi’s immediate family, praying that God will grant them the fortitude to bear the irreparable loss, adding, “he will be missed dearly by his

immediate family, the Kutigi community in Lavun Local Government Area of Niger State and Nigerians.

“I also condole with the state government and people of Niger over the loss of their illustrious son, whose attainment is worthy of emulation by all and sundry.”

In his reaction, Obi who is the Vice Presidential candidate of the (PDP) described late Justice Idiris Kutigi as a consummate jurist, and appealed to younger generation to emulate his courage, faithfulness to the cause of justice and abiding faith in the country.

Kanu Vows Not to Return to Court Accuses army of killing 28 IPOB members Chinedu Eze The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has vowed that he would not return to the Federal High Court in Abuja where he was standing trial for treason.

Kanu who made this known in a broadcast via Radio Biafra and monitored in Lagos, accused the Nigerian Army of killing 28 people when soldiers invaded his father’s house in September 2017.

He also added that the court was unable to protect him when officers and men of the Nigerian army laid siege in his compound with alleged plan to wipe out his entire family.

He said that he did not deliberately refused to appear before the court but was forced to do so because the court could not protect him.

Kanu vowed that he would not return to court, describing the court as kangaroo arrangement.

The IPOP leader who disappeared on September 14, 2017 said he was evacuated from his compound but did not name who evacuated him.

He said that Biafra when realised would develop intelligence with the capacity of Israeli’s MOSSAD to avenge the death of 28 people killed by the Nigerian army in his compound.

Kanu who said he was solidly behind the former Governor of Ekiti State, Ayo Fayose who is currently being detained by the Economic and Financial Crimes Commission (EFCC), said the judge who asked his sureties to produce him should have asked

the army why they invaded his residence.

“Nigerian court is a Kangaroo court. I did not jump bail; I left because the court failed to protect me. I shall not be honouring the court. I cannot be tried by a court I do not recognise,” he said.

Kanu said that his people wanted a referendum for the Biafran State.

“I have missed you for 13 months. I pray for all of you seven times every day. There should be a moment of silence for the 28 persons who sacrificed their lives that we might live.

Fulani killers sent killers to my compound to kill my entire family. I sustained a severe injury and 28 men fell,” he added..

Kanu said he was speaking from the holy land of Israel and promised to return home.

He narrated how he and his family members escaped what he described as assault, promising that the “efficiency of the MOSSAD” would be replicated in the IPOB intelligence to avenge the blood of IPOB family members that fell and boasted that no mortal can kill him.

“I will come back to Biafra land. I was evacuated from my compound. I and all Biafrans stand with Gov. Fayose at this dark hour of persecution. My unavailability was not voluntary but was forced upon me. The notion that I jumped bail is a fallacy, a lie, and a deceit. I’m not afraid of them and can never be. They’re the ones afraid of me and IPOB. I am a Biafran, and I hold British citizenship,” he said.

Group Rallies Support for Buhari’s Re-election Ugo Aliogo A group known as Savers Empowerment Ambassadors Initiatives (SEAI) has resolved to support the re-election bid of President Muhamadu Buhari in the 2019 general election.

Speaking at the inauguration of zonal coordinators for re-election of President Muhammadu Buhari, the National Chairman of SEAI, Mr. Frank Ezike, noted that as a Non-Governmental Organisation (NGO), they are impressed with Buhari’s gallant fight against corruption which he said has bedeviled this country.

He also stated that corruption has hampered the socio-economic and political development of the country and lauded his zeal to redeem the image of the country.

Ezike explained that in a bid to support the re-election of Buhari, they are inaugurating their zonal coordinators to empower them in order to reach out to the states, local government areas, wards, and the grassroots within their zonal districts.

The SEAI national chairman further noted that the newly inaugurated coordinators have been chosen because of their integrity and commitment in achieving goals.

He added that state coordinators on the other hands were urged that all hands must be on deck to ensure Buhari is re-elected in 2019.

According to him, “The aim of this inauguration is to have faithful foot soldiers in the area of interest, aggregation as well as deepening the ideas. The idea of the SEAI initiative represents in its support of Buhari quest to be re-elected in 2019 is to enable him continue the positive democratic score card his administration has achieved in the last 41 months of the All Progressives Congress (APC) government.

“President Buhari had deepened the concept of development within these 41 months of his political leadership. Therefore, as a non-partisan group, we are standing behind Buhari, and for every Nigerian, the message should be ‘I Stand For Buhari’.

CONGRATULATIONS...

L-R: Guest speaker and Minister of Power, Works and Housing, Mr. Babatunde Fashola; life patron of Nigeria-South Africa Chamber of Commerce, Mr. Oba Otudeko, and President Nigeria Chamber of Commerce and CEO Phillips Consulting, Mr. Foluso Phillips, at the Nigeria Chamber of Commerce breakfast meeting held in Lagos...yesterday PHOTO: MUBO PETERS

Dankwambo Resisted APC’s Pressure to Defect, Says Aide Kayode Fasua Gombe State Governor, Ibrahim Dankwambo, came under intense pressure to defect to the ruling All Progressives Congress (APC) in the aftermath of the Peoples Democratic Party (PDP) presidential primary that produced former Vice President, Atiku Abubakar, a close aide of the governor has revealed.

The governor’s Senior Special Assistant on Press Affairs, Mr. Junaid Usman Abubakar, in a chat with THISDAY yesterday, said different APC emissaries approached his boss with a view to making him defect but that they forgot “who the man Dankwambo is.”

Already, Dankwambo, who lost out along with 10 other contestants in the bid to pick

the PDP presidential ticket, has secured the party’s senatorial ticket for Gombe North district.

The party’s senatorial candidate, Mr. Usman Ribadu, in relinquishing the ticket to him, said Dankwambo, was better than him.

Incidentally, Ribadu is a commissioner in the governor’s cabinet.

Speaking on why his boss shunned “juicy offers” from the APC and chose to remain a PDP member, Abubakar said, “They simply did not know who the man Dankwambo is.

“He is a loyal party member who believes in team spirit and who sees politics as sport and not a do or die affair.

“It is true that a lot of people from the APC came to persuade him to shift camp but he wasted no time in telling them his mind, that he is a loyal party man, who will not

leave the party simply because of his inability to secure the presidential ticket.”

Appraising the presidential primary held in Port Harcourt, Rivers State, where Atiku emerged winner, Abubakar noted that the former VP was able to win because he is a politician and that his boss is more of a technocrat.

“On that day, the core politicians had their way and we had to accept the outcome of the primary like good sport men, and from there, we have moved on.

“The truth is that Governor Dankwambo is 70 per cent technocrat and 30 per cent politician. He has all it takes to fix Nigeria, but we abide by the verdict of the delegates of our great party, and we are ready to do our best in building the party,” Abubakar said.

He, meanwhile, debunked

speculations that Ribadu was coerced into submitting his senatorial ticket, saying that he willingly gave it to Dankwambo whom the exsenatorial candidate affirmed as “a better candidate”.

“The truth is that, it is too early for Dankwambo to retire from politics, as his people still want more contributions from him.

“Here is a man who is, indeed, a genius. Despite that Gombe collects the second lowest monthly allocation from the federation accounts; the governor was able to construct 1,750 kilometres of roads in both urban and rural areas.

“Also, he was able to build 600 blocks of classrooms in various public schools and set up six tertiary institutions, which include a University of Science and Technology,” Abubakar commended.

Activist Lori-Ogbebor Charges Electorate to Vote Wisely in 2019 Sunday Okobi Lagos businesswoman and fiery rights activist, Chief Rita Lori-Ogbebor, has charged Nigerians to depart from the old order by voting the right people into office in the 2019 general election.

The prominent hotelier while ddressing a press conference in Lagos, alleged that most of the candidates standing for the forthcoming election were sponsored by those whom she claimed created the hardship in the land and were hell bent on milking the down-trodden Nigerians further using their ‘stooges’ as conduit pipes.

The Itsekiri, Delta State-born woman leader stated that she

was particularly disturbed by happenings in her home state where she alleged the two dominant parties-the ruling Peoples Democratic Party (PDP) and the opposition All Progressives Congress (APC)were engage in “selection to further impoverish the people” whose activities she regretted caused the rife ‘poverty’ in the land.

Meanwhile, Lori-Ogbebor has alerted Nigerians and the government that because of activism and stance on the betterment of the lives of her people, her life is now in danger as threats are coming from different quarters.

She told journalists that “I have called you today to let

the world know that my life is being threatened because I talk and shall continue to talk as an elder states woman in this country. I have contributed to the economy of this nation for over forty years. I am a leader of my people.

“Today these political leaders are at it again because they want to control Delta State. They are in both APC and PDP. Soon they will be playing godfathers to both sides. About few days ago, I reported a case of selection and manipulation by certain parties.

“Let me say here that the case of open selection was one which I have never known before but I now know that

all the parties are involved in this manipulation and selection.

There is heavy trading in money without shame and the fear of God. Where do we go from here? When is the common man going to have a voice in our country?”

The businesswomen added that “I fear it is not going to happen and this will lead to war. It is a shame that the two major parties have no ideology distinct from each other. This leaves a clear road for them to move into each other’s camps to cross over especially when they are looking for a party that is likely to win, who can give them cover for the corrupt, fraudulent and dishonest acts that they have done.”

54

T H I S D AY ˾ ͰͰ˜ ͰͮͯͶ

55

T H I S D AY ˾ MONDAY OCTOBER 22, 2018

MONDAYSPORTS

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

Women’s AFCON: Super Falcons Draw S’Africa, Zambia, Kenya Duro Ikhazuagbe

Nigeria’s Super Falcons who are defending champions of the Women’s Africa Cup of Nations have been drawn with South Africa, Zambia and Kenya in Group B of the 2018 edition scheduled to hold next month in Ghana.

Falcons will begin the defence of the trophy they won in Cameroon next month in Cape Coast.

In the Draw conducted at the Movenpick Ambassador Hotel in Accra last night, the host country Ghana was paired along with Cameroon, Algeria and Mali in Group A. The 2018 AWCON Draw was done on Sunday in Accra.

Both Nigeria and Ghana were the top seeds at the draw ceremony conducted by CAF’s Deputy Secretary General, Anthony Baffoe and a host of former Black Queens players including Adjoa Bayor and Memunatu Sulemana.

The final tournament is scheduled for the Ghanaian cities of Accra and Cape Coast from 17 November to 1 December 2018. The top three finishers will qualify

to represent Africa at the FIFA Women’s World Cup France 2018.

Before the Draw, Zambia had planed to set up training camp in Nigeria and were in the process of arranging friendlies with some top Nigerian female teams in the Nigerian Women’s Football League.

Meanwhile, the Super Falcons star, Asisat Oshoala and her teammates retained the Chinese Women Super League title at the weekend.

Oshoala starred as her Dalian Quanjian side retained the Chinese Women Super League title after a 0-0 draw with Jiangsu Suning Dalian Sports Center, Liaoning on Saturday.

Prior to the encounter, the champions needed a draw, while their second-placed visitors, who have Malawian Tabitha Chawinga in their books, were chasing a win to close the gap with the hosts.

On the match day, both sides were impressive with a fair share of chances in the desperate battle to claim the diadem, the hosts held their nerve to avoid a home defeat.

After the stalemate, Dalian now have 32 points

Aiteo Cup Final: Ugwuanyi Seeks Prayers, Support for Enugu Rangers FC As the Enugu Rangers International Football Club battles Kano Pillars of Kano State in this year’s NFF/ AITEO Federation Cup final in Asaba, Delta State capital on Wednesday, Gov. Ifeanyi Ugwuanyi of Enugu State has called on all enthusiastic fans of Rangers and indeed the Igbo nation, to offer special prayers for the club’s victory at the tournament.

Gov. Ugwuanyi also appealed to residents of Enugu State and the entire South East geo-political zone, including traders in Onitsha, Enugu, Aba, Asaba, and others, to come out en masse at the Stephen Keshi Stadium, Asaba, to cheer the Flying Antelopes to victory.

The governor noted that Enugu Rangers is not just an iconic football club, but also a national brand and one of the oldest clubs in Nigeria that has remained in the competition, and has equally continued to receive the admiration of its staunch supporters across the

country, stressing that “Rangers FC belongs to all of us”.

Gov. Ugwuanyi pointed out that it was because of God’s grace and the people’s unceasing prayers, goodwill and support that Enugu Rangers FC, under his administration, won the 2015/2016 Nigeria Professional Football League (NPFL) trophy after 32 years, stating that the club’s victory on Wednesday will be another milestone achievement.

He therefore, charged the club’s management, technical crew and players to tackle the game with all sense of commitment and dedication so that they will win the trophy which has eluded the team in the past two decades, saying: “As you go out there, remember what Enugu Rangers represent and do us proud. Enugu State is in the hands of God!”

- four above Jiangsu on 28 to officially emerge as the Chinese women’s topflight league champions with a game to spare.

The former Arsenal Ladies

contributed ten goals this season to help Dalian to a title win and also make a huge statement for 2018 Africa Women’s Cup of Nations in Ghana.

And the reigning African Women’s Player of the Year, has taken to social media to celebrate her back-to-back league title success in China.

Having emerged 2018

champions, Oshoala and Dalian would wrap up their league campaign against third-placed Changchun in a dead rubber encounter on October 27, 2018.

Super Falcons have been drawn with South Africa, Zambia and Kenya at the Draw ceremony of 2018 Women’s Africa Cup of Nations which held last night in Accra, Ghana

First Bank Defeats SEC to I Can Fix Abuja, Lagos Lift CBN Cup National Stadiums in Two Months, Says Monimichelle First Bank of Nigeria Football Mr. Emefiele who was Club of Lagos at the weekend represented by the Controller of Nigeria’s leading sports facilities construction outfit, Monimichelle, has offered to fix the main-bowl pitches of the Abuja and Lagos National Stadiums in two months.

Chief Executive Officer of the company, Ebi Egbe, who spoke at the weekend in Lagos said his desire is to partner federal and state governments in the bid to realize this vision of eradicating bad pitches in the country.

“The vision of Monimichelle as a corporate body is to eradicate bad pitches not only in Nigeria but Africa. I m prepared to partner the federal government and state governments in a bid to realize this vision. The biggest challenge facing football in Africa is bad playing surfaces. Once, we can get that aspect right, African teams would begin to rule the world because we have got the talents,” observed the stadium facility expert.

He insisted that if given the opportunity to fix the two national stadiums, he has the capacity to deliver the jobs in two months.

“If given, the opportunity, I can fix both the Abuja and Lagos National stadiums in two months,” Egbe boasted.

The Bayelsa-born FIFA licensed match agent said his heart bleeds over the sorry state of both the Abuja and Lagos National stadiums, insisting that it won’t cost much to bring the two arenas back to life and end the present nomadic movement of Super Eagles round the country.

“Nigeria is probably the only country in the world, where the national team has no permanent home. It’s painful to see the NFF searching for a place where the Eagles would play any time we have a home game.

“Monimichelle can bring all that to an end if we are given the opportunity to fix the Abuja and Lagos National stadiums. The job we did in Aba, Yenagoa, Katsina and Makurdi are there for anybody to verify. We don’t compromise on quality and what we lay are the latest geo-tech pitches that are certified by FIFA. “Our pitches are like natural grass turfs that are well manicured with coconut fiber and cock. The ball behaviour on our pitches is superb and unlike rubber pitches, our turfs are user friendly and cool,” Egbe stressed.

emerged champions of the 32nd edition of the Central Bank of Nigeria sponsored All Nigeria Financial Institutions Football competition To emerge champion, FBN defeated Securities and Exchange Commissions (SEC) FC of Abuja 4-2 to cart home the giant trophy and the N2million star prize.

SEC Abuja got N1.5m and the runners-up trophy for their efforts.

The final match played at the Lekan Salami Stadium in Ibadan, was watched by who-is-who in Nigeria football administration and a some ex- Internationals including former midfielder, Mutiu Adepoju.

The epic final ended 1-1 at regulation time before dragging into penalty shootout which FBN won.

Speaking at the occasion, the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, commended all the teams that participated in this year’s edition and stressed that the championship was one of the foremost and oldest corporate responsibility functions of the CBN

the Ibadan branch of the CBN, Mrs. Ajuma Modojemu, reiterated the apex bank’s commitment in making positive contributions toward the promotion and development of football in the country.

The CBN Governor lauded the increase in the number of financial institutions that registered for this year’s competition and urge other institutions yet to register to do so in order to be captured in next year’s edition of the championship.

Emefiele thanked the Oyo State government for making the Lekan Salami Stadium available for the exercise and the Nigeria Football Federation (NFF) for mobilizing the teams and ensuring a hitch-free exercise.

He also gave kudos to the media for their support at all time and fans for their conducts throughout the championship.

Meanwhile, Azabe Zinariya MFB FC defeated Balogun Fulani MFB FC 6-2 to win the third placed match and claimed the N1million at stake for the 2nd runners--up while Balogun Fulani was given N500,000 as consolation prize for the 4th position.

Gumel Hails NOC Patrons ahead of Investiture Tomorrow

NWFL, LaLiga Lay Foundation for Collaboration to Boost Women’s Football

President of the Nigeria Olympic Committee (NOC), Habu Gumel, has described tomorrow’s investiture of new patrons for the Olympic movement as a sure way of bringing light into Nigerian sports.

Tomorrow at the Elegushi’s Palace in Ikate, off Lekki-Epe Expressway, the Executive and Board of the NOC will unveil new Patrons for the NOC. Those to be honoured include the National Leader of the ruling All Progressives Alliance (APC)

LaLiga and the Nigerian Women Football League (NWFL) recently held a preliminary meeting with the aim of initiating collaboration between both entities.

The meeting, which took place at the LaLiga headquarters in Madrid, was attended by Head of LaLiga women’s football, Pedro Malabia; Chairperson of the NWFL, Aisha Falode; Commercial and Corporate Strategy Director of the NWFL, Timothy Timisire; and Director of the LaLiga office in Nigeria, Javier del Rio. The meeting was a follow up to the agreement

and one-time Governor of Lagos State, Asiwaju Bola Ahmed Tinubu; His Royal Majesty, Oba S. A. Elegushi; Former Governor of Delta State, Dr Emmanuel Uduaghan; Mrs Kofoworola Adejoke Nwokedi and Sir Marc Wabara. ‘’These are heavyweights who have accepted to be Patrons of the NOC. They, no doubt, are going to bring their wealth of experience to support Nigerian sports.

“We’re concerned about the

welfare of the Nigerian athletes who toil day and night to bring glory unto our fatherland.

“We want the best for them.

And for you to achieve that, you must have support, moral and financial to equip them to go higher’’, Gumel who is also an Executive member of International Olympic Committee (IOC), observed the NOC chief.

After tomorrow’s investiture, there will be another ceremony for those in the northern part of the country on November 1 in Abuja.

both parties signed last February.

According to Falode, the principal aim of the meeting was to gain a better understanding of how LaLiga is developing women’s football in Spain, as well as to learn about the development and future of the women’s competition in Nigeria.

Other issues on the agenda included the discussion of aspects related to initiatives targeted at raising visibility, marketing strategies and economic growth targets.

Delegates from the NWFL also expressed a special interest

in understanding the structures of the Liga Iberdrola clubs, for which Pablo Mantilla, director of the Valencia Foundation, and Marina Gassent, coordinator of the women’s section of Valencia CF were also present in the meeting.

The agreement, signed in February, outlines the intention of promoting women’s football in both countries through the exchange of marketing intelligence and strategies and the implementation of actions devised to boost visibility and awareness.

Monday October 22, 2018

TR

UT H

& RE A S O

N

Price: N250

MISSILE Shehu Sani to APC “I had joined the APC and remained with it against all odds in the belief that it will constitute a veritable platform for the realisation of those democratic ideals which I hold very dear, that honour and integrity will be the ultimate ethos of the patty and, most importantly, that internal party democracy will always be the norm.”

– Senator representing Kaduna Central senatorial district, Shehu Sani, expressing his frustration with the APC

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

It’s Still The Economy, Stupid “A really hungry person does not twice walk past food offered as sacrifice to the gods’ – Old African Proverb ‘Economy is not important or unimportant, it simply IS’ - Andrej Chudožilov (Prague-based Modern Day Philosopher) One of the most memorable legacies of the Presidential Campaigns of 1992 in the United States of America is a now-famous slogan, coined by James Carville, Bill Clinton’s political strategist. ‘The Economy, Stupid’ was the galvanising cry that helped usher President Clinton into the White House against seemingly all odds. Since then, the slogan has acquired global acceptance and is now usually rendered as, ‘It’s the Economy, Stupid’.

By way of explanation, the 41st US President, George H.W. Bush had been a very popular President, in the wake of his invasion of Iraq in 1991. The American public’s approval rating of his administration had reached an all-time high of 90%. However, by the summer of the following year, his approval rating plunged to as low as 64% as recession loomed. The young challenger from Arkansas, Governor Bill Clinton, had put together a brilliant team to run his campaign and Mr. Carville was part of the cutting edge of that team. He quickly identified the adverse impact the dwindling fortunes of the American economy had on the populace and latched on to it as the campaign theme. Needless to say that it was what helped sweep George Bush Senior out of office in favour of then largely unknown Bill Clinton.

While it must be said that the result was possible through the creative use of media and marketing, it is clear that issues of food, clothing, shelter and school fees, remain the basic primordial factors that control the emotion of societies, the Nigerian society very much included. It is only when these basic needs are met that people can begin to consider the finer points of ‘civilised society’.

Karl Marx would refer to it extensively as ‘Economic Determinism’. As a Nigerian popular musician would sing, ‘It’s all about Benjamin’! Benjamin is a colloquial name for the US Dollar. In the recent times, one Nigerian politician has aptly described it as “stomach infrastructure”.

Since the beginning of this year, two major issues have dominated Nigeria’s own public scene, namely security and politics. The news media have been daily dominated by accounts of insecurity in their various forms all across the Nigerian landscape. From Boko Haram insurgency in the North East and the inevitable displacement of millions of the populace, to the nebulous Zamfara clashes that result in massive destruction of lives and property.

The Middle Belt has had its own tale of woes, suffering and death. In many other parts of the country, it would appear that kidnapping, violent robberies and homicides have become a daily occurrence.

In politics, this year has been a watershed in the domain of political drama in Nigeria.

With the impending general elections early next year, the dozens of registered political parties in the country have witnessed intense activities. Alignments and realignments have

Ministry of Finance, Zainab Ahmed

become the order of the day. In the run up to the Primaries which by the way, are yet to be fully concluded in so many of the parties, defections, betrayals, electoral malfeasances and violence, have become common features.

In addition to the unsavoury developments I have described above, there are clear signs of general despondency and spike in many of the social ills that plague any failing society.

Young people are leaving the country illegally in droves in search of better life, many of them meeting very dastardly consequences along the way. Crime is growing and poverty is on the rise with Nigeria overtaking India as the poverty Capital of the world.

In spite of these developments, there is the curious growth of interest among the developed economies in the Nigerian market.

In quick succession, the Western countries, Asia, Russia and China have practically been tripping over each other either visiting the country or inviting Nigeria’s top officials to visit them in their countries. Even more curiously is the fact that lately, those who visited simply touched Abuja, the nation’s capital just to say ‘hi’ to the President and fulfil all righteousness and the next minute they zoom off to Lagos to spend the night, sign deals and even dance Afrobeat? Macron was quick to seize on his days here in Nigeria to come visiting and dancing. Theresa May gave Abuja some minutes and immediately flew down to meet the young and energetic Lagos State Governor, Akinwunmi Ambode and his equally young and energetic constituents.

Angela Merkel also did her own cameo appearance in tow. Surprised? Well, nothing happens by chance.

I myself have since given this much thought to this phenomenon and the more I do so, the more I come to believe that the words of Carville are true, it is really the economy that is most important in this game of governance and daily pursuits. Moreover, after considering the on-going events in today’s Nigeria, I am further convinced that the statement rings true. In fact, it is still the economy, stupid!.

You may have noticed that the common thread in all the visits by the international dignitaries was emphasis on economy and trade. Wherever there is money to be made, the entrepreneur nations will seek it out and go there. More surprises; many of these business and political leaders had little time for politics

and they went straight to Lagos after a few minutes with Abuja, where apparently there is nothing much for them. They all put Lagos on the top of their agenda – Macron, Bill Gates, Zuckerberg, Theresa May and so on. In spite of all the huff and puff in the media about growth and development in my own part of the country, not much interest has been shown by these international entities. On a sad note, the Eastern axis of the country is not in the picture at all. None of them has even thought of visiting any city in the East.

The last major event of that magnitude was when the World Bank President visited Ariaria market clusters in Aba, Abia State and stayed a couple of days there. That was several years ago. I remember having a chat with the then Minister of Finance and Coordinating Minister of the Economy, Dr. Mrs Ngozi Okonjo Iweala after that visit. She shared with me the embarrassing question the World Bank President put to her. According to her, the visitor who may have been in the same car with her asked, “I can understand that the people here are poor, but must poverty and filth go together?” I am not sure that he won’t ask the same question if he were to repeat that visit today. Since it is the economy that rules, it says a lot about where we stand in the scheme of things and the kind of conversation we should be having particularly as we approach another election year. We must also pay more attention to the economy as we try to resolve the leadership question that has been the bane of this country at all levels as the great Novelist and Statesman the late Professor Chinua Achebe wrote in his famous book, “The trouble with Nigeria”.

It’s the economy stupid!

From the global perspective, there is the new stance of these countries which can simply be explained by the sudden rise in Nationalism across the world. It is more euphemistically described as ‘Bilateralism’.

The phenomenon has been given fresh and huge boost by the rise of Trump and his ‘America First’ mantra. By the way, yours truly is still waiting to sue him for plagiarism, when he leaves office, having copied without acknowledgment, my Abia First mantra used for my governorship campaign between 2014 and 2015. Several other right wing leaders have been elected across the world while pro-right groups have found their voices in countries like Germany, Brazil, France, Holland and Hungary. The growing influx of migrants as they seek better fortunes for themselves and their loved ones has also helped fuel this and it has led to rising intolerance for migrants in many countries. It has also resulted in a spike in religious and ethnic crises in Europe. The emerging feeling of bilateralism has led to a breakdown in global trade and security agreements. NAFTA, Iran Nuclear Deal, Kyoto Climate Deal, NATO, among others have become casualties in a hitherto multilateral world.

Finally there is Brexit, which is causing a complete redefinition of global markets in a way not witnessed since the Bretton Woods arrangements saw the creation of the multilateral agencies and the initiation of the Marshall Plan and the evolution of the European common market and union.

Britain is resigning its fate to a hard Brexit

in which it will exit the European Union without any soft landing. It will have no deals from her erstwhile European siblings and even Ireland will pursue her own economic fortunes with the rest of Europe.

In response, Britain is looking further afield for economic partners and markets. It has turned on the charm offensive on its old Commonwealth markets. It has appointed a young and charming Prince William to be head of the Commonwealth and when Megan and Prince Harry wedded, every effort was made to emphasise the diversity of the ‘British Empire’. Apart from the performances by several non-British artistes, the wedding gown of the bride was adorned with flowers from all the Commonwealth countries. I hope this was not lost on freed British colonies.

The ultimate objective of governance is to generate the greatest amount of good to the greatest majority. This is attained when there is good governance and baseline evidence of good governance is the peace and security of the environment, which will lead to the tackling of economic challenges. This is why it is important for us to take the issue of economic development seriously and ensure that we create the ambient environment that will attract meaningful trade and investment.

We must repair our economy, improve security, infrastructure and ensure policy consistency, and we can be sure the investments will come.

Where we don’t do these, no amount of foreign trips by our leaders to attract investment or sloganeering will do it.

In all the dynamics of trade and investment, it is important to bear in mind that Africa is the last frontier. The West is losing ground to China and India in Asia. In fact, when it comes to Information Technology, India has not only become a power house, but is now the world leader. Korea is now an enigma and it may be the worst nightmare for a United Korea in which South Korea brings modern technology and North Korea brings nuclear and military power, any wonder about the face off between Donal Trump and Kin Jung Un? Russia is asserting greater presence in the Middle East and the oil wells of Middle and Near East are up for grabs.

The Talibans are on the rise in Pakistan and Afghanistan. China fully well knows this and is running all over Africa to seek out business.

Its ambitious ‘Belt and Road Initiative’ is fast turning into a reality and the West has come to this realisation with great alarm and countering responses. Where do we stand in all this as a people and to know that we must be part of it or we will lose out in the emerging global economy that will see huge transformation in economic fortunes of those that take advantage of it. The sad reality is that with our apparent unpreparedness before the dinner, Africa may end up being part of the menu as the prepared parts of the world place their orders on the dinner table.

Must we stay and watch these opportunities frittered away? The answer is no! We need good governance and this can only come when we choose the right leaders to lead and drive change at all levels. Otherwise, we will continue to tell the story of our missed opportunities. I am sure we have began to sound like a broken record, but that is because the disc is yet to be mended!

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085, 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com