Kachikwu: Nigeria’s Oil Output Hits 2.2mbpd Early 2019 Crude oil rebounds to $73 over Russia, Saudi output cut talks Ejiofor Alike in Lagos and Chineme Okafor in Abuja with agency report Nigeria’s oil production is set for a timely boost, climbing
to around 2.2 million barrels per day (mbd) by early 2019 with the start-up of the giant 200,000 barrels per day (bd) Egina field, the Minister of State for Petroleum Resources,
Dr. Ibe Kachikwu, has said. This is coming as crude oil rebounded to $73 per barrel yesterday after falling to its lowest since August, supported by a report that Russia and
Saudi Arabia are discussing oil output cuts in 2019. Speaking on Tuesday in an interview with S&P Global Platts on the side-lines of the Africa Oil Week conference
in Cape Town, South Africa, Kachikwu acknowledged that there have been delays in the planned revamp of the four petroleum refineries owned by the Nigerian National
Petroleum Corporation (NNPC) in Kaduna, Warri and Port Harcourt. He said he was hopeful that Continued on page 6
CBN Warns on Emerging Threats in Banking System‌ Page 8 Thursday 8 November, 2018 Vol 23. No 8604. 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
ENUGU 25°C-28°C
N
KANO 27°C-33°C
LAGOS 24C-27°C
PORT HARCOURT 20°C-30°C
Trouble Ahead as FG Says Buhari Yet to Decide on Minimum Wage Labour: Agreement not subject to review States seek power to legislate on pay cheque Atiku tasks president to keep promise to workers Omololu Ogunmade, Onyebuchi Ezigbo and Adedayo Akinwale in Abuja Relief felt by Nigerians following the agreement among organised labour, organised private sector and the federal government over the new minimum wage dispute, which averted
last Tuesday’s scheduled nationwide strike might turn to despair as the federal government said yesterday that President Muhammadu Buhari was yet to accept the recommendation of the National Minimum Wage Committee, which recommended N30,000 as Continued on page 6
US Institute Denies Predicting Victory for Buhari in 2019
Adedayo Akinwale in Abuja
The United States Institute of Peace (USIP) has disowned reports predicting victory for President Muhammadu Buhari in the 2019 general elections. The US institute said the reports were erroneous, adding that it remained a non-partisan institute. It also noted that its only
interest in elections was that of preventing violence not on the outcome. USIP in a statement on its website on Tuesday with the caption: “Correcting a Media Error: USIP Makes No Prediction on Nigerian Election,� pointed out that its 20-page report on risk to Continued on page 8
Polls Budget: Senate Makes U-Turn, Approves Virement from MDAs' Appropriation... Page 6
THE DUKE AND THE PRINCE... L-R: Chairman/Editor-in-Chief, THISDAY Newspapers/ARISE News Network, Prince Nduka Obaigbena; Supermodel Naomi Campbell; and Prince of Wales, Prince Charles, during a reception for the Prince of Wales in Lagos‌ yesterday
:((. '$<6 25 :((.(1'6
<285 %$1. ,6 $/:$<6 21
2XU DOWHUQDWH FKDQQHOV UHPDLQ DFFHVVLEOH DQ\ZKHUH DQ\WLPH
*R&DVKOHVV
&$5'6 02%,/( %$1.,1* 21/,1( %$1.,1*
2
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
3
4
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
5
6
THURSDAY, ΀˜ ͺ͸͚΀ Ëž T H I S D AY
PAGE SIX
Polls Budget: Senate Makes U-Turn, Approves Virement from MDAs’ Appropriation Deji Elumoye in Abuja The Senate yesterday rescinded its earlier decision to fund the N242.245 billion 2019 general elections budget from the Service Wide Vote. The upper legislative chamber had on October 16 while considering the report of its Appropriation Committee headed by Senator Danjuma Goje (Gombe Central) given an approval for the N242.245 billion 2019 polls budget to be funded from the Service Wide Votes. Three weeks after, Goje and 18 other senators at Senate plenary yesterday sponsored another motion
entitled 'Rescission and Reconsideration of the Senate Approval of Virement/ Supplementary Budget for Independent National Electoral Commission and Security Agencies for The Conduct of the 2019 General Elections' to rescind Senate's earlier decision on mode of funding 2019 general polls. Goje in moving the motion drew the attention of the Senate to the fact that due to some obvious and imminent issues of national socioeconomic importance, the earlier approved virement/ supplementary request cannot be implemented. The Senate, thereafter,
rescinded and reconsidered its October 16 approval of the request as contained in resolution (S/RS/027/04/8) in line with Order 53(6) of its Standing Order. Order 53(6) of the Senate Standing Orders states, "It shall be out of order to attempt to reconsider any specific question upon which the Senate has come to a conclusion during the current session except upon a substantive motion for rescission." The upper chamber of the National Assembly in approving N242.245 billion for INEC (N189.007bn) and five other agencies
namely Office of the National Security Adviser (N9.481bn); Department of State Security (N10.213bn); NSCDC (N3.573bn); Nigeria Police Force (N27.341bn) and Nigeria Immigration Service (N2.628bn) for the conduct of the 2019 general polls, emphasised that the fund will be sourced from 2018 Appropriation of 30 federal Ministries, Departments and Agencies ( MDAs) and Service Wide Vote (Special Intervention Programme). While the 30 MDAs will fund the 2019 polls to the tune of N121.122 billion, the remaining N121.122 billion will be sourced from the Special
Intervention Programme of the Service Wide Vote. A breakdown of the MDAs funding include Power, Works and HousingN25.52bn; Water Resources, N12.95bn; Agriculture and Rural Development, N11.05bn; Budget and National Planning, N8.84bn; Communication Technology, N828.50m; Defence, N2.63bn; Education-N10.23bn; EnvironmentN2.006bn; Federal Capital Territory Administration-N1.508bn; Foreign Affairs-N1.73bn; Health, N8.059bn; ICPC, N157.08m; Information and Culture, N1.88bn; Interior, N1.67bn and National Human
Rights Commission, N170.43m. Others are Justice, N557.93m; Labour and Employment, N2.72bn; Mines and Steel Development, N461.39m; Niger Delta Affairs, N1.19bn; Office of National Security Adviser, N1.12bn; Office of the Head of Service, N38.74m; Office of the SGF, N6.73bn; Petroleum Resources, N20.94m; Presidency, N1.24bn; Public Complaints Commission, N48.17m; Science and Technology, N7.46bn; Industry, Trade and Investment, N7.08 bn; Transportation, N2.28bn; Women Affairs, N319.69m and Youth and Sports Development, N522.76m.
increase, THISDAY has learnt. THISDAY gathered that with the proposed new minimum wage for Nigerian workers, the governors have intensified efforts at seeking ways of shoring up internally generated revenues through taxes and other income earning ventures. The governors, it was learnt, are also demanding for reforms to give states more powers to legislate on minimum wage. Speaking yesterday at the National Internally Generated Revenue (IGRR) Peer Learning event in Abuja, the Governor of the Kwara State, Alhaji Abdulfatah Ahmed, said the current situation in the country calls for sub-nationals to increase the revenue generating capacities, stressing that it is clear that the new minimum wage is coming with an added responsibility and that the current revenue profile was not likely to carry it on as such. "I think that in as much as we are looking at the minimum wage issue, which of course we feel is imperative at this time, it
should also be looked at alongside the capacities to generate revenue," he said. He said the peer review platform is an opportunity to explore how best practices can be benchmarked across all states with a view to increasing their capacity to generate revenue. On the internally generated revenue of his state, the governor disclosed that his state had achieved growth in its average monthly Internally Generated Revenue (IGR) from N600 million in 2015 to N2.2 billion at the first quarter of 2018. Ahmed said that the state was in 2014 confronted by difficult economic challenges on account of significant drop in generated revenue and development in the global economy which impacted its revenue negatively. He said that in that year, the defunct Kwara State Board of Internal Revenue (BIR) was averaging about N600 million, which was incapable of augmenting allocations to pay salaries or fund the state infrastructure.
OPEC and other forecasters have indicated that the global market could see a 2019 supply surplus as demand slows. Reuters reported that a ministerial committee of some OPEC members and allies, including Russia and Saudi Arabia, is due to meet on Sunday in Abu Dhabi to discuss the market and outlook for 2019. Any return to limiting supply would follow a June decision by the OPEC-led group to relax output curbs in place since 2017, after pressure from U.S. President Donald Trump to cool prices and make up for losses from Iran. Supply from countries such as Saudi Arabia has
risen sharply since June. In addition, having initially talked of cutting Iranian oil shipments to zero, Washington gave waivers to eight customers, raising the prospect of more Iranian oil in the market than expected.
TROUBLE AHEAD AS FG SAYS BUHARI YET TO DECIDE ON MINIMUM WAGE the nation’s least pay cheque. Minister of Information and Culture, Alhaji Lai Mohammed, stated the government’s position while speaking to State House correspondents in Abuja, explaining that the committee’s report submitted to the president on Tuesday was a recommendation that would still have to be considered by the president for final decision. "I think it (N30,000) was a recommendation. Mr. President will consider it and will make his views known in due course,� he said. Mohammed’s comment immediately put the nation on edge as organised labour, which said the agreement was immutable, threatened a resumption of hostility even as the Peoples Democratic Party’s (PDP) presidential candidate, Alhaji Atiku Abubakar, urged Buhari to fulfill his promise of granting a fresh minimum wage to workers. The committee had following the meeting held on Monday adopted and recommended N30,000 as the new minimum wage
to the president. Buhari while receiving the report said he was committed to giving the workers a new minimum wage. He also promised to send a bill to the National Assembly on the new minimum wage. But indications that the federal government might have been under pressure not to endorse the recommendation emerged yesterday when an anonymous statement credited to the presidency first appeared in a national daily, saying Buhari did not endorse N30,000 as widely reported. This was given a fillip by Mohammed while answering questions from journalists in the Presidential Villa after the weekly Federal Executive Council (FEC) meeting in the State House. Mohammed had said that Buhari had received the recommendation, adding that he would consequently consider and take a decision on it. He said, "I think it (N30,000) was a recommendation. Mr. President will consider it and
will make his views known in due course,� he said. Asked further to make his comment clearer, Mohammed said, “I said a recommendation was submitted. Mr. President will get back to the committee after he has studied the recommendation.� The minister was also asked on whether the revenue sharing formula would be reviewed to enhance the states' ability to pay. Responding, he said, “Once again, like I said, a recommendation has been made and in responding to the recommendation, all these views will be taken into consideration.� Responding to the government, the organised labour warned it not to precipitate crisis as workers would not accept any attempt to alter the N30,000 proposed new minimum wage. The Nigerian Labour Congress (NLC) General Secretary, Mr. Peter Essom, who spoke to THISDAY on telephone last night, said organised labour would insist on the sanctity of the agreement at the tripartite
negotiations, which settled for N30,000. He said, "The committee has recommended N30,000 and we as labour stand by that recommendation. The mandate we have from our people is that the N30,000 is even a very serious compromise that we had to make, taking all things into consideration and that we will not accept anything below that N30,000. "So the recommendation of the committee is N30,000 and we expect the president to do the needful and transmit that to the National Assembly for legislation. If any attempt is made to start tinkering with that figure, which is already a major compromise we will not be receptive to it and that will, not likely to be conducive to industrial peace."
States Seek Power to Legislate on Pay Cheque Meanwhile, state governments have started to explore more revenue sources to deal with the impending pay
Continued on page 8
KACHIKWU: NIGERIA’S OIL OUTPUT HITS 2.2MBPD EARLY 2019 the federal government would unveil details of the overhaul of the refineries by the end of this year, after which work could commence by early 2019. “Egina should come into production in December or may be January‌Hopefully, that should lift us closer to 2.15 million-2.2 million by the start of next year barring any unforeseen shutdowns,â€? said Kachikwu in the interview THISDAY obtained in Abuja. While the country has reportedly not seen any major new oil projects in the last five years, the $16 billion Egina deep-water project by Total is seen to be pivotal to Nigeria’s production increment plans. The project is at the moment the biggest oil and gas investment in Nigeria and will boost the country’s crude production by over 10 per cent. Kachikwu, however, said foreign investment in the country’s oil industry had improved and was “reasonably good.â€? He further noted that production could rise by a further 200,000 to 400,000bpd over the next few years, “if we get the right sort of financial
investments that are required.� According to him, “longer term it (the target) is around 2.5mbd and I think you could see it creep up to 3mbd in the next eight to 10 years.� The minister said the Bonga Southwest and Zabazaba projects were the two upstream investments that could propel oil production further. In April, records from the NNPC indicated Nigeria’s oil output was around 1.8mbd of oil and condensate. The country’s output slumped to around 1.1mbd in 2016 due to attacks on its key oil infrastructure in the oil-rich Niger Delta. But Kachikwu said in the interview that oil output was just below 2mbd with crude accounting for around 1.6mbd and condensate comprising some 400,000bpd. On the refineries’ revamp, he said, “before the end of the year, we should see a sign-off and actually physical construction and works could start early-2019,� while acknowledging that the process had been beset by delays. The NNPC had two weeks
ago stated that it was in talks with prospective financiers to carry out the repair of the refineries in an attempt to substantially increase local supply of petroleum products and as well end importation of same. The refineries revamp plan involves securing financiers’ money to fund the refineries’ repairs, with the investors reimbursed through the off-take of refined products from the plants. The minister equally spoke on the oil market rebalancing efforts of the Organisation of Petroleum Exporting Countries (OPEC) ahead of their December meeting in Vienna. He said he did not think the OPEC and its allies would change their current output strategy despite recent suggestions they may need to tweak the policy. “I do not think there is a need for any action unless we fully know the impact from Iran. I think there is too much of an alarm. My advice to OPEC is always to be careful of these alarms...I do not believe a big change will be taken at the next meeting.�
Kachikwu said OPEC was very comfortable with oil prices nearer to $70 per barrel, despite the sharp drop in prices from above $80 per barrel a few weeks ago.
Oil Price Rebounds to $73 P/B Meanwhile, oil rebounded to $73 per barrel yesterday after falling to its lowest since August, supported by a report that Russia and Saudi Arabia are discussing oil output cuts in 2019. Russia’s TASS news agency, citing an unnamed source, reported that the two countries, the biggest producers in an OPEC-led alliance that has been limiting supply since 2017, have started bilateral talks on the issue. Brent crude, the global benchmark, rose 91 cents to $73.04 a barrel after hitting $71.18 on Tuesday, its lowest since August 16. US crude rose 58 cents to $62.79. While Iranian oil exports are expected to fall because of US sanctions that took effect on Monday, reports from
CORRIGENDUM In the story, ‘Billionaire Businessman, Sunny Odogwu, Passes at 87,’ of our Wednesday, November 7, 2018 edition, Chief Sunny Odogwu was erroneously referred to as the brother-in-law of former military President, General Ibrahim Babangida (rtd). We sincerely apologise for the mix-up and regret the embarrassment. - Editor
TOP GAINERS NGN NGN % NIGERINSURE 0.02 0.22 10 NPFMFB 0.13 1.48 9.6 FIDSON 0.40 4.90 8.8 UNIONDAC 0.02 0.27 8.0 LASACO 0.02 0.29 7.4 TOP LOSERS NGN % AIICO 0.07 0.64 9.8 LAFARGE 1.70 15.70 9.7 MUTUALBENEFITS 0.02 0.25 7.4 JAIZBANK 0.03 0.46 6.1 NEMINSURE 0.14 2.48 5.3 HPE Nestle Nig Plc â‚Ś1,430.00 Volume: 450.139 million shares Value: N9.398 billion Deals: 2,858 As at yesterday 07 /11/18 See details on Page 41
7
THISDAYt THURSDAY NOVEMBER 8, 2018
)UHH )XHO )ULGD\
/LWUHV
%X\ )XHO ZLWK \RXU )LUVW%DQN 9HUYH &DUG DQG JHW H[WUD OLWUHV WRS XS %X\ D PLQLPXP RI 1 ZRUWK RI IXHO WR HQMR\ H[WUD OLWUHV RQO\ ZKHQ \RX SD\ ZLWK \RXU )LUVW%DQN 9HUYH &DUG DW WKH IROORZLQJ 2DQGR )LOOLQJ 6WDWLRQV LQ /DJRV $ODSHUH +HUEHUW 0DFDXOD\ 0DU\ODQG /DZDQVRQ /HNNL 6WLOOZDWHUV $ZRORZR %\ )LUH 6HUYLFH 2MRGX $JHJH %\H 3DVV 0DULQD $SDSD 'XPS 3URPR UXQV RQ )ULGD\V RQO\ DP Ù SP IURP 2FWREHU 'HFHPEHU 2ĎHU YDOLG ZKLOH VWRFN ODVWV
(QMR\ SURPSW LVVXDQFH RI \RXU )LUVW%DQN 9HUYH FDUG WRGD\ DW )LUVW%DQN EUDQFKHV QDWLRQZLGH
),567%$1. ,6 $1 )%1 +2/',1*6 &203$1< $ /,67(' 0(0%(5 2) 7+( 1,*(5,$1 672&. (;&+$1*( 35(0,80 %2$5'
8
THURSDAY, ΀˜ ͺ͸͚΀ Ëž T H I S D AY
NEWS
CBN Warns on Emerging Threats in Banking System Industry’s capital adequacy ratio drops Obinna Chima The Central Bank of Nigeria (CBN) has warned commercial banks to guard against emerging risks in the financial system, saying the sector’s resilience appears to be receding. The Deputy Governor, Corporate Service Department of the bank, Mr. Edward Adamu, stated this in a statement at the September 2018 Monetary Policy Committee (MPC) meeting obtained yesterday. He also noted the rising non-performing loans (NPLs) ratio in the sector, which he said was driven essentially by oil sector exposures. Equally of concern to Adamu was the decline in capital market indices. The ongoing interest rate normalisation in some advanced economies, which has resulted to reversal of capital flows, has been a concern to policy makers in Nigeria. Continuing, Adamu said, “There is no gain saying that monetary policy cannot mitigate all of the current risks to economic stability. However, it remains the proximate tool for achieving price stability. “The deceleration in
inflation and stability in the naira exchange rate in over a year have been mainly as a result of the tight monetary policy stance. “This is why the urge to further tighten the policy stance given the extant risks to price stability continues to be strong.� Also, another MPC member, Mr. Adeola Adenikinju, expressed concern over the lack of fiscal buffer in the midst of high oil price, the high debt service revenue ratio, unpredictability in the release of capital votes as well as the continuous fall in the Nigerian Stock Exchange (NSE) All-Share Index. “Furthermore, the reducing level of foreign reserves, due partly to efforts aimed at stabilising the naira exchange rate, may affect the opportunity to maintain robust foreign reserves at a time of high oil price. “It is not by coincidence that external reserves declined from a height of US$47.43 billion end- April 2108 to US$43.91 billion on September 20, 2018. “I am also not unmindful of cloud of uncertainties that continues to hang over the economy which would require careful manoeuvring of the fiscal authorities,� he added.
CBN Governor, Godwin EmeďŹ ele These, according to him, include, the persistent farmers-herders’ clashes, effects of flooding on agriculture, trade and services, clamour by labour for increase in minimum wage rate, anticipated election spending, release of capital budget in a manner that may affect liquidity in the economy and significant cash grants currently being injected into
the economy for economic empowerment. On her part, the Deputy Governor, Financial System Stability, CBN, Mrs. Aishah Ahmad, revealed that the NPLs ratio in the industry which had earlier declined in June 2018 rose marginally in August 2018, amidst moderated return on assets and equity. “Whilst Bank Staff offered
further insights into the rise in NPLs due to the implementation of the new IFRS 9 provisions, which requires significant increases in expected loss provisions, there is clearly a need to further incentivise the banking system to support the required boost in economic activities. “The rise in NPLs partly reflected in the observed decline in new credit – a concern the CBN has continuously highlighted in view of its implications for real sector growth. “On the whole, the banking system remains resilient and the CBN is committed to providing the needed impetus to drive the sector’s contribution to overall economic performance,� she added. Another MPC member, Dahiru Hassam Balami, disclosed that banking sector’s Capital Adequacy Ratio (CAR) fell from 12.08 per cent in June, to 10.79 per cent in August 2018. This, according to him was below the prudential requirement of 10 per cent and 15 per cent for banks with national authorisation and international authorisation, respectively. He said, “The Nigerian
banking sector registered a low CAR when compared with her pairs like Turkey, South Africa and Malaysia. On the other hand, the asset based soundness indicators showed that the NPLs ratio had risen from 12.45 per cent in June 2018 to a high of 14.7 per cent higher than the maximum five per cent prudential requirement, compared to Turkey, South Africa and Malaysia with 2.8 per cent, 3.1 per cent and 1.6 per cent respectively. “The high NPL ratio may not be unconnected with poor credit administration of the Deposit Money Banks (DMBs) as well as high interest rate in the economy. “Again macroeconomic challenges affecting the obligor’s cash flow particularly in the oil sector where credit concentration is high may also have been responsible for the high NPLs ratio. The good news is that about 82 per cent loan loss provision has been made in the books as at August 2018. “The liquidity ratio on the other hand has marginally increased from 46.09 per cent in June to a high of 46.68 per cent in August as against a minimum of 30 per cent as required by the prudential requirement.�
Adesina: I’m Ashamed of Nigeria’s 4,500MW of Power The President of the African Development Bank (AfDB), Akinwumi Adesina, has said it is unacceptable for Nigeria to be delivering 4,500 megawatts of electricity. Speaking on the sidelines of the Africa Investment Forum ongoing in Sandton, South Africa, the former Minister of Agriculture
said he was ashamed of the country’s power generation. “My own perspective in everything that I do is that my philosophy of development is simple; if I am not ashamed of something I don’t change it. But if I am ashamed of something, I’d change it,� he told CNBC Africa. “I don’t think it is
acceptable that Nigeria is hovering in 4,500 megawatts space. No. Nigeria ought to be in 40,000 megawatts space. That is what we should be talking about.� Adeshina, according to The Cable, said the AfDB has invested over $200 million in driving power generation and transmission in Nigeria.
“I think that we as a bank are strongly supportive, we’ve been investing in Nigeria for quite some time, we have been working with the minister of power right now,� he said. “We are working with them on the Transmission Company of Nigeria (TCN), in which we have invested over $200 million to help to
improve the transmission line. “We’ve supported Nigeria Bulk Electricity Trading company because they had issues in terms of liquidity and we provided $200 million to help them unblock some of those things “We are also going to be investing in solar. With the
minister of power, we are looking at something in the Jigawa area, which would be about 1,000 megawatts. “We are also investing in other types of renewable energy, on the small scale�. The federal government of Nigeria has said it would be generating 9,000 megawatts of electricity by December 2018.
(PDP), Atiku, called Buhari to keep the promise he made to the organised labour to pay a new minimum wage. Atiku said the call became necessary following a statement from the presidency denying Buhari’s earlier pledge to pay the new minimum wage of N30,000 agreed with the organised labour. The candidate, also a former vice president, in a statement yesterday by his campaign organisation said that the approbation and reprobation was characteristic of the Buhari administration and was evidence of the lack of leadership at the very top that was putting the economy in peril. Atiku stressed that both Buhari and Vice President Osinbajo, despite living
and feeding at the public expense, collect a hardship allowance of 50 per cent of their annual salary. But that the long suffering Nigerian workers, who were the main sufferers of the hardship caused by the incompetence of the administration, did not have any hardship allowance and were expected to live on the unlivable minimum wage of the Buhari government. Atiku added that a government was only as reliable as its word and if its word was not reliable then nothing else about the government would be stable, saying that was why Nigeria suffered from a recession under this administration and was right now at risk of another recession. He noted, “At the risk of repeating ourselves, we urge the Buhari administration to
note that Nigerian workers are the goose that lays the golden eggs that top members of this government are enjoying to the detriment of those laying the eggs. “It is a testament to how badly we have treated our workforce over the last three years that Nigeria was officially declared the world headquarters for extreme poverty by the World Poverty Clock and the World Economic Forum. “We can only change this by paying our workers a living wage as opposed to the starvation wages now paid to them by the Buhari administration.� Atiku therefore called on Buhari to keep faith with the agreement his government freely reached with labour and affirm the new minimum wage.
that, in the interviews, ‘some respondents' discussed their own views of Nigerian public perceptions about an election outcome. “A Nigerian news account misreported this passage as a USIP prediction of the outcome, and other Nigerian news organizations repeated the error.� USIP reportedly said
despite misgivings by many Nigerians about the performance of the President Muhammadu administration, the president is most unlikely to lose the 2019 election. USIP was established by Congress in 1984 as an independent institution devoted to the non-violent prevention and mitigation of deadly conflict abroad.
It operates on the ground in some of the world’s most dangerous places to provide training, guidance, resources and analysis for those working to prevent or reduce violent conflict. USIP works in 51 countries facing warfare and extremism, from Iraq and Afghanistan to Burma and Nigeria.
TROUBLE AHEAD AS FG SAYS BUHARI YET TO DECIDE ON MINIMUM WAGE Governor of Kaduna State, Malam Nasir el-Rufai, said he did not agree that national minimum wage should be under the federation, adding that most of the laws bequeathed to the country by the military had no bearing with the present realities and needed to be changed. He also said the Act governing the Personal Income Tax should be reordered to give states powers to legislate on it. "Just like for instance, I do not agree that national minimum wage should be under the federation; I think minimum wage should be done by each state according to the level of income. If you look at the 1963 Constitution, minimum wage was not in the exclusive list; it was added during the military rule," he said.
The governor said that some laws that were enacted during the military rule needed to be reviewed. On internally generated revenues, El-Rufai said the state had grown its monthly generated revenue from N11.8 billion in 2015 to N26.5billion in 2017. He said the state had so far collected N24.5 billion as at the end of October, 2018. El-Rufai listed some of the steps taken to increase the state’s IGR were to establish a tax code, update and consolidate the state tax laws from 1914 to date, as well as engaging consultants’ service to reform the state tax agency. The Governor of Edo State, Mr. Godwin Obaseki, who made a presentation on ‘Mobilising Domestic Financing for Development,’
said his state had increased its monthly IGR from N600million to N2.4 billion currently earned. Obaseki said what the state did was to engage revenue agents, consolidate collection into a single account and to use technology to drive both assessment and collections. He said that plan of the state was to grow its IGR by 50 per cent by the year. “Hopefully within the next three months we will have doubled our IGR from its current N2 billion per month to about N44.5 billion per month.’’
Atiku Tasks President to Keep Promise to Workers In a related development, the presidential candidate of the Peoples Democratic Party
US INSTITUTE DENIES PREDICTING VICTORY FOR BUHARI IN 2019 a peaceful election in Nigeria, predicted victory for Buhari was false. It stated, “A few Nigerian newspapers reported erroneously this week that the U.S. Institute of Peace has made a prediction about the possible outcome of Nigeria’s 2019 presidential election. “USIP never makes predictions about election
outcomes and has not done so in this case. The Institute’s work on elections is confined to helping nations avoid electoral violence. “The erroneous news accounts misrepresent USIP’s recent 20-page report on the risks to a peaceful 2019 election in Nigeria. “This study is based on interviews across the country
with more than 200 Nigerian re s p o n d e n t s — e l e c t i o n administrators, political party representatives, security officials, civil society and youth groups, the media, traditional and religious leaders, prominent community figures, business people, academics and others. “The USIP report noted
THURSDAY NOVEMBER 8, 2018 ˾ T H I S D AY
9
NEWS
Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Buhari: We Are Trying to Organise Nigeria After Mind-boggling Mismanagement Omololu Ogunmade in Abuja President Muhammadu Buhari onTuesday night in Abuja said his government was trying to organise the country after what he described as mindboggling mismanagement by the previous administrations. According to Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, Buhari made the remarks
while receiving a group from the South-east under the aegis of “One on One Nigeria” in the State House. The statement added that the president also remarked that whereas bountiful resources were available to the country from 1999 to 2004, they were frittered away, leaving the infrastructure in deficit. It also said the president added that if they had
Again, Gunmen Abduct Four Catholic Priests in Delta
managed the country well, the Peoples Democratic Party (PDP) wouldn’t have been in opposition today. “We are trying to organise the country. The extent of mismanagement we met when we came was mind-boggling,” Buhari has said. “Many times, I have spoken about the tremendous resources available to us between 1999 and 2014, and how it was frittered. If only they had used just 25 per cent of it on infrastructure; road, rail, power, Nigerians would
mind their own businesses, and not bother about whoever was in power. “The casualty figure on our roads daily is simply scandalous. No wonder they are in opposition now, despite all the power they thought they had.” According to Adesina, the group, led by one Chief Chido Obidiegwu, said it had keenly observed the strides of the Buhari administration nationwide, particularly in the South-east, “and it is now payback time.”
He quoted him as saying, “We have seen the work being done on the long-abandoned Second Niger Bridge, roads are being constructed in many parts of the region, and we believe there is every reason to support you for a second term.” He also said Obidiegwu described Buhari as the “grandfather of war against indiscipline and corruption, nightmare of insurgents, Mr Food Security, consolation to pensioners, and Mr Frugality,” promising to mobilise South-
easterners to massively vote for him, insisting that “one good turn would then deserve another in 2023.” Adesina also said the group promised to mobilise youth groups, women, artisans, traders and religious groups to massively vote for Buhari, claiming that it had all it takes – “courage, drive, verve and vitality” to do so. “Seven men and two women represented One on One Nigeria during the visit,” the statement added.
Kogi speaker’s brother, wife, others kidnapped George Okoh in Makurdi and Yekini Jimoh in Lokoja Four Catholic priests were reportedly kidnapped yesterday by unknown gunmen who ambushed them between Agbor and Umutu in Delta State. This is coming as 18 persons, including the brother of the Kogi State Speaker, Hon. Matthew Kolawole, and his wife have been kidnapped along OshokoshokoObajana-Kabba road by some suspected kidnappers. A colleague of the abducted priests in the Catholic Diocese of Issele-Uku informed journalists that the priests were on their way to Uheille in Ekpoma, Edo State, for an alumni meeting when the hoodlums abducted them. A Catholic priest in the area, who would not want his name published, gave the names of the victims as Fathers Victor Adigboluja, Anthony Otegbola, Joseph Idiaye and Obadjere Emmanuel. While soliciting that prayers should be intensified for God to continue to protect the clergy from every seen and unseen evil, he said the suspected kidnappers were yet to make contact with the church. He nevertheless noted that the Catholic Church as a policy does not encourage payment of ransom to free kidnapped victims. The priest further expressed worries that clergy has become endangered specie as innocent and harmless priests and nuns have become ready targets for criminals. The Police Public Relations Officer of the Delta State Police Command, Mr. Andrew Aniamaka (DSP), who confirmed the reported kidnap in Asaba yesterday, could not give further details. The police command spokesman, however, said it was not yet clear whether the actual kidnapping took place in Delta State or at Urhonigbe in neighbouring Edo State, noting that the command was poised to unravel the circumstances of the growing incidence of kidnapping in the state with a view to bring the perpetrators to book. Several catholic priests and reverend sisters have been kidnapped in recent time in different parts of the state with the criminals demand huge sum of money as ransom. Meanwhile, Governor Samuel Ortom of Benue State has condemned the kidnap of the four Catholic priests by suspected armed herdsmen. The governor in a statement signed by his Press Secretary, Mr. Terver Akase, described the
abduction of the Reverend Fathers as barbaric, dehumanising and shameful. He wonders why armed herdsmen have chosen to make harmless clergymen targets of attacks, stressing that the motive of the perpetrators is clearly beyond mere grazing of cattle. Ortom said the people of Benue State are still mourning the killing of two Catholic Priests and 17 worshippers by herdsmen in Mbalom, Gwer East Local Government Area of the state, earlier this year. He therefore urged security agencies to act swiftly and ensure the release of the kidnapped priests in Delta State. In a related development, 18 persons, including the brother of the Kogi State Speaker, Hon. Matthew Kolawole, and his wife have been kidnapped along OshokoshokoObajana-Kabba road by some suspected kidnappers. THISDAY reliably gathered yesterday that the victims were seized in different operations in the course of the day. Mr. Tunji Solomon, who said he narrowly escaped from the kidnappers disclosed to our correspondent that some couples who were kidnapped were freed after paying N400,000 to the kidnappers. The source also said a Pastor of the Redeemed Christian Church of God who was picked up on Monday paid N200,000 while another female victim paid N200,000 to buy her freedom. Most of the kidnaps took place at the diversion after Oshokoshoko and other yet to be completed portions of the 35 kilometer road. Meanwhile, the Speaker of Kogi State House of Assembly, has confirmed the kidnap of his brother, wife and two others on Kabba-Oshokoshoko road in the state. Kolawole, who disclosed this during the house plenary sitting, said the yet-to-be-identified hoodlums appeared in Army and Police uniforms and later demanded ransom. The speaker, while drawing the attention of the state government and security agencies to the rampant kidnapping which has resurfaced in the state noted that the incident happened on Monday. Kolawole, who brought this to the fore in a motion of urgent public importance which was read by Oluwatoyin Lawal (PDP Yagba West), called on security agencies to quickly swing into action in rescuing the victims from their abductors.
SOLIDARITY VISIT...
Former President Goodluck Jonathan (right), and Deputy Senate President, Ike Ekweremadu, during a solidarity visit to the deputy Senate president in Abuja...yesterday
FG Drops Black MariaVehicles for Green Maria Omololu Ogunmade in Abuja The Federal Executive Council (FEC) yesterday in Abuja resolved to replace Black Maria vehicles for the conveyance of prisoners with Green Maria. Briefing journalists in the State House after the weekly FEC meeting, Interior Minister, Abdulraman Danbazzau, said the council approved his memorandum to henceforth purchase Green Maria as against Black Maria. He said the decision was meant to reflect the fresh initiative not to see prisons as places of vengeance
and punishment but rehabilitation centres. Against this background, Dambazzau said FEC approved N1.5billion for the purchase of 116 Green Maria vehicles, adding that buying such a large number of vehicles had become necessary in view of the shortage of vehicles for prison operations at the moment. “The third aspect is the Nigerian Prisons. That also has to do with procurement of operational and Green Maria vehicles not Black Maria. We just changed the name to reflect the current thinking on rehabilitation and treatment of
inmates. “We are procuring 116 vehicles... which will cost N1, 584, 64,560. Because of lack of logistics, the vehicles that have contributed in the past are still not enough to take inmates and those awaiting trials to court,” he said. The minister also said the council approved N3.952 billion for the procurement of fire-fighting trucks. According to him, when this administration came on board in 2015, there was only one rickety fire-fighting truck in Abuja. “So we embarked, as part of the security sector reform efforts, to reduce the loss and also
curtail the incidence of fire. We embarked on the procurement of fire-fighting trucks, water tankers among others,” he added According to him, in 2016, 21 firefighting vehicles, including water tankers, were purchased while in 2017, 22 other firefighting trucks were procured. “Thegovernmentisdoingeverything possible to ensure that the fire incidents are contained and also controlled. “These fire trucks are being distributed accordingly. We identified areas that have the fire hazards and of course, we are just starting this and we will continue this effort,” he added.
N’Assembly Transmits Amended Electoral Bill to Buhari The National Assembly has transmitted the Electoral Act (amendment) Bill to President Muhammadu Buhari. The president had on three
previous occasions withheld his assent to the controversial bill, which has provisions to improve on the country’s electoral process ahead of the 2019 general
elections. However, the National Assembly a few weeks ago passed another bill. THISDAY gathered that the
new bill was forwarded to Buhari yesterday. “The bill has been transmitted”, said a source close to Clerk of the national Assembly.
ECOWAS Earmarks $46,000 for Proposed Single Currency James Emejo in Abuja The Economic Community of West African States (ECOWAS) Commission will commit $46,000 to launch a competition to determine a suitable name and logo for the proposed single currency for the region.
The quest is open to all citizens of ECOWAS member state regardless of their residence as well as legal persons established in an ECOWAS member state in line with its laws. According to a circular from ECOWAS to this effect, three best proposals will each be selected for the name and logo.
All entries/ proposal are to be submitted by November 20. Accordingly, all proposals for currency name shall not be based on the name of a person, ethnic group or contain expressions directly linked with a religion, country or national institution among others.
On the other hand, the logo shall among other things, symbolise unity and shared cultural and historical values of ECOWAS. The first prize for all categories includes $10,000 and $8,000 for the second prize, as well as $5,000 for the third prize.
10
THURSDAY NOVEMBER 8, 2018 ˾ T H I S D AY
NEWSEXTRA
DSS Parades Six Suspects over Murder of Kaduna Traditional Ruler John Shiklam in Kaduna Six people have been arrested by the Kaduna State command of the State Security Services (SSS) in connection with the recent abduction and killing of the traditional ruler of the Adara people, the Agom Adara, Maiwada Raphael Galadima. The late traditional ruler was abducted with his wife in the wake of the Kasuwan Magani clashes on October 19 while traveling from Kaduna to Kachia, his domain. Though his wife was later released, the kidnappers killed
the traditional ruler after a N10 million ransom was said to have been paid to them. Parading the suspects yesterday in Kaduna, the SSS Director, Mahmud Ningi, said six out of the 20 suspects were picked up. Ningi said the command has mounted a manhunt for the remaining 14 suspects across the country. He said the SSS was keeping track of the activities of the criminals during the negotiation for ransom, but could not effect arrest because the safety of the victim was paramount.
“Immediately after the Galadima’s body was discovered, we tracked and arrested six members of the syndicate at different locations in the state. “During preliminary interrogation, they made confessional statements about their involvement in the crime,” the SSS director said. He gave the names of the suspects arrested as: Adamu Sani, 36; Adamu Saidu, 25, who was identified as a marked Boko Haram member; Aminu Isya, 20, and Yusuf Bello, 32.
Others, according to Ningi, are Dahiru Muhammad Bello, 28, and Mohammed Aminu, who is said to be the syndicate arms supplier and who led the operatives of the SSS to his accomplices in Jos, Plateau State, where eight locally made guns were recovered. Ningi said the Service would ensure proper prosecution of the suspects, adding that efforts were being made to arrest other members of the gang. Meanwhile the Kaduna State Government has commended
security agents for arresting the suspected killers of the traditional ruler. The state government in a statement by Samuel Aruwan, spokesman to the state Governor, Nasir el-Rufai, described the arrest as a breakthrough, and called for thorough investigations and diligent prosecution of the suspects. “The Kaduna State Government welcomes the arrest of suspects in the kidnap and murder of Agom Adara, Dr. Galadima.
“The government commends the security agencies for this breakthrough, and urges that all agencies must do their best to conclude investigations, arraign the suspects before a competent court and ensure that justice is done. “Diligent prosecution of criminal suspects is vital to the social order, and we assure the victims that they will get justice as a signal to criminals the inevitability of punishment,” the statement said.
Nigeria will Overcome Insecurity Problems, Sultan Assures The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has called on Nigerians to engage in dialogue as lasting solution to the country’s socio-economic problems. The Sultan made the call yesterday in Abuja at the presentation of a book, ‘How a Congress of Baboons Made a General’ in honour of a former Chief of Defence Staff, Lt.Gen. Martin Luther Agwai (rtd). The book is written by Rebecca Agwai, Gen. Agwai’s daughter. The Sultan, who noted that Nigeria was faced with myriad of problems, was however, optimistic that the country would overcome its challenges. “We know we have problems, but I am sure that Nigeria will overcome its insecurity problems, “ he said. Presenting the book, Abubakar said, “we shall overcome”. “Let us not give up; there is hope; there are good people still struggling to put things together to bring us together in a forum such as this. “Let’s continue talking to ourselves. We should never get tired of dialogue. “Let’s not get tired of telling ourselves the truth, because as we all know, the truth shall set us free.” “We must look at who we were so many years ago and who we are now and what we want to be in the future,“ the monarch said.
The Chairman of the occasion, Alhaji Bashir Tofa, described Agwai as a patriotic Nigerian who ensured peace and integrity of the country, especially as a military officer. Tofa also lauded the author of the Book, describing her as “a true jewel.” On his part, the Book reviewer, Mr. Richard Umar, member, Editorial Board of the Guardian newspaper, said the book contained four parts, including Agwai’s childhood and the influences that shaped early development among others. In an interview with journalists at the occasion, Agwai said “we must agree that we have insecurity is a challenge and must put heads together to solve the problem to ensure peace and development. He also called on Nigerians to develop a new vision for the development for the country, adding that “we must learn to forgive one another so that Nigeria can move forward. “ NAN reports that representatives of Service Chiefs, former Inspector-General of Police, Mr. Solomon Arase among other important dignitaries attended the event. Highpoint of the event was a symposium, tagged, “Security, Peace and Leadership as Catalysts for National Development”, in honour of Agwai who turned 70 years.
Again, Court Denies El-Zakyzaky Bail The leader of the Islamic Movement in Nigeria (IMN), Ibrahim El-Zakzaky, and his wife will remain in custody as a Kaduna State High Court has refused to grant them bail. The presiding judge, Justice Gideon Kurada, denied the bail application on the grounds that El-Zakzaky did not attach a medical report to it. El-Zakzaky is facing trial over allegations of culpable homicide, unlawful assembly, and disruption of public peace, among others. The case was subsequently adjourned to January 22, 2019. The Shi’ites’ leader has been in the custody of the Department of State Service (DSS) since December 2015. There was heavy security
presence around the court premises during the hearing. The Kaduna State Police Public Relations Officer, Yakubu Sabo, had earlier said a ban on all forms of processions in the state was still in force. Last week, El-Zakzaky’s followers marched into the streets of Abuja to protest the continued detention of their leader. The protest resulted in a face-off with security operatives, with many Shi’ites killed and several injured. In 2016, El-Zakzaky was granted bail by a federal high court in Abuja. Gabriel Kolawole, the presiding judge, had ordered his immediate and unconditional release, however, he remained in the custody of the DSS.
HONOUR FOR MERITORIOUS SERVICE…
L-R: President, Nigerian Stock Exchange (NSE), Abimbola Ogunbanjo; son of the late pioneer Director General of NSE, Ikponmwosa Alile; wife of the late pioneer Director General of NSE, Apostle Pat Nohuma Alile, and Chief Executive Officer, NSE, Oscar Onyema, at the commendation service for late Apostle Hayford Alile, held at NSE in Lagos… yesterday ETOP UKUTT
BPE Offers SAHCO’s Shares for Sale Ndubuisi Francis in Abuja The Bureau of Public Enterprises (BPE) has disclosed that the public offer of 406,074,000 ordinary shares of Skyway Aviation Handling Company (SAHCO) Plc will open on November 12, 2018, to December 19, 2018. Speaking in Lagos, the BPE Director General, Mr. Alex Okoh, said it was a great milestone for the Bureau and the privatisation programme in Nigeria, urging the investing public to take advantage of the offer. The BPE facilitated the first Initial Public Offer (IPO) in four years with the public offering of SAHCO Plc for the sale of 406,074,000 ordinary shares. Okoh said the shares being offered for sale would be allotted
on the basis of equality between the 360 federal constituencies in Nigeria and the Federal Capital Territory (FCT), advising the prospective investors to consult their stockbrokers and financial advisers for subscription. In a statement by BPE’s Head of Public Communication, Amina Tukur Othman, the BPE chief executive said the move was in fulfillment of the Nigerian Stock Exchange (NSE) commitment towards deepening the country’s capital market through the provisions of opportunities for investment on the floor of the NSE. Okoh reiterated the commitment of the National Council on Privatisation (NCP) to ensuring that “privatisation transactions, especially reforms geared towards economic recovery for a buoyant
Nigerian economy, are done in line with international best practices. He added that the present administration was poised to partnering the Nigerian public and international investors in order to explore the opportunities available in the country’s capital market. According to him, SAHCO Plc (formerly Skyway Aviation Handling Company LimitedSAHCOL) was incorporated in March 1996 as a 100 per cent fully-owned federal government enterprise but was privatised and handed over to the core-investor (SIFAX Group) on December 23, 2009, after being carved out of the liquidated Nigeria Airways Limited. Okoh added that the company is 100 per cent owned by the
SIFAX Group, stressing that SAHCO is one of the success stories of privatisation in Nigeria, and pledged the determination of the present administration to ensure that all privatised enterprises are run efficiently and for the benefit of all Nigerians. Also speaking, Chairman of SIFAX Group, Dr. Taiwo Afolabi, said the company has grown from 21 per cent to 40 per cent since take over in 2009 with 100 per cent growth in revenue. He enjoined the public to take advantage of the public offer, adding that 41 per cent of the shares on sale will go to the investing public while 10 per cent was reserved for staff of the company as statutorily required by the privatisation Act.
IG Dismisses Drunken Lagos Policeman Rebecca Ejifoma Following the order of the Inspector-General of Police, Ibrahim Idris, the Lagos State Commissioner of Police, Imohimi Edgal, has dismissed the police officer, Inspector Kadima Useni with appointment number 176219, found drunk at Akowonjo Dopemu area of Lagos. This order came after the attention of the IG was been
drawn to the video of a Lagos policeman who got drunk at Akowonjo, Dopemu area of Lagos state. Hence, he directed Edgal to fish out the erring policeman for appropriate disciplinary action. The policeman was said to have been intoxicated after gulping a large quantity of alcoholic beverage. The state police spokesman, CSP Chike Oti, said the officer was located and apprehended yesterday at
Police Mobile Force Squadron 22 Base, Ikeja, where he served by the Command Provost. During interrogation, the officer affirmed that he was the one in the video. “He was, therefore, tried in orderly room and summarily dismissed to serve as a deterrent to others”, Oti added. To prevent reoccurrence of this type of incident, the CP has directed the officer in charge of
the Command Provost Section to embark on tour of all police formations and barracks within the state with a view to identifying and shutting all beer parlours within the police community. The CP further warned against offering policemen alcoholic drinks while on duty by members of the public. Edgal said, “henceforth, any policeman found drunk on duty will be visited with similar punishment.”
11
THURSDAY NOVEMBER 8, 2018 ˾ T H I S D AY
NEWSEXTRA
Invasion of Ekweremadu’s House, Not Burglary, South-east Govs Insist Christopher Isiguzo in Enugu The South East Governors’ Forum has condemned last Tuesday’s reported ‘attempted assassination’ of the Deputy Senate President, Ike Ekweremadu, and some members of his family, insisting that the government must ensure that nothing happens to the lawmaker. The forum also rejected what they described as the “hasty conclusion” by the police that the attack was a case of “burglary.” The Forum’s Director General, Prof Simon Uchenna Ortuanya, told journalist in Enugu yesterday that there was need for a thorough investigation on the matter and for the culprits to be brought to book. While maintaining that the hoodlums targeted the life of Ekweremadu and not to burgle his home as was announced by the police, the forum wondered why they insisted on the deputy Senate president’s son taking them to his father’s bedroom, adding that the careful and methodical execution of the plot points to something more sinister than burglary. According to the governors,
Ekweremadu was not only a worthy son of Igbo land but a true Nigerian and a global citizen having held position of Speaker of ECOWAS Parliament for more than four years, adding that his attempted assassination has cast a dark shadow on the state of security of lives and property in Nigeria. Meanwhile, the Governors’ Forum, for the umpteenth time, raised the alarm over the safety of air travelers who use the Akanu Ibiam International Airport Enugu, warning that the airport was not safe for human and flights operations, and therefore demanded urgent intervention of the federal government. They urged the federal government to deal with the infrastructural decay at the airport, explaining that its parlous state was a disaster waiting to happen. “We restate that the airport is not safe as there are no runway lights; the tarmac is bumpy with potholes while one of the buildings destroyed by storm for over two years has become an eyesore. The cargo section of the airport is not functional. “It is indeed a shame that as
economically robust as Southeast region is, it does not have an airport that can land all categories of aircraft. The federal government should please come to our aid,” they said. The governors also appealed to the federal government to take seriously the issue of the second Niger Bridge. According to them, the Niger Bridge which arguably is the gateway to the eastern part of the country with business hubs of Onitsha, Nnewi and Aba among others has become a political chess board in the hands of politicians seeking Igbo votes. “We have become aware that it was only in July 2018 that the contract for the second Niger Bridge project was signed in spite of the fact that the first foundation laying ceremony was undertaken in 2013. We pray that this will not be another lip service to realisation of second Niger Bridge. We earnestly appeal to the federal government to assist the Southeast region by ensuring that the second Niger Bridge is completed,” the governors requested.
Prince Charles Wants UK, Nigerian Maritime Security Cooperation Deepened Chiemelie Ezeobi The Nigerian Navy (NN) yesterday received Prince Charles of Wales as part of efforts to deepen the dividends of maritime security cooperation between the United Kingdom and Nigeria. The visit was quite symbolic given that the NN was an off shoot of Britain’s Royal Navy before Nigerian gained independence. The Prince of Wales who arrived at the jetty of the Naval Dockyard Limited in Victoria Island, Lagos, at about 1:46 p.m. was received by the Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas. After mounting the podium, the Nigerian navy Ceremonial Guard presented the salute before playing one stanza of the UK National Anthem. He immediately boarded Nigerian Navy Ship (NNS) EKULU, where the Commanding Officer, Commander Andrew Zidon, received him alongside the Flag Officer Commanding, Western Naval Command,
Rear Admiral Habila Ngalabak, and other senior officers who paid compliments too. After he was escorted to the quarterdeck and ascended to the Flying Bridge, he was received onboard and saluted by all before the vessel set sail. While at sea, the heir apparent to the British throne received a brief overview of UK defence in Nigeria and the gains of the NN in securing the country’s vast maritime domain. As he began sailing the area of responsibility (AOR), the objective of the visit was thus achieved. He was afterwards escorted to the wardroom by Zidon and invited to sign the ship visitors book before he bid farewell and disembarked. Charles however paused to receive a hearty three cheers from the ship company before departing with his team. According to information provided by the Director Navy Information Officer, Commodore Ayo Olugbode, the objectives of the visit was
to highlight and demonstrate to the prince the UK maritime contribution to defence engagement in Nigeria and the importance of Lagos Harbour to the Nigerian economy. He said: “Another objective of his visit was to strengthen relations with the Nigerian navy by visiting NNS EKULU and meeting the Chief of Naval Staff and other personnel. “The visit was also an opportunity to raise the profile of UK-Nigerian maritime security cooperation.” Ibas, while speaking with journalists after the departure of Prince Charles, said the visit was an encouragement for the navy, adding that it would also show the participation of the royal navy on our waters. According to the Chief of Naval Staff, “The Nigerian Navy is an offshoot of the Royal Navy and he was also here to see by himself the progress being made through the cooperative support the royal navy has been giving Nigeria.”
Over 26,000 Cameroonian refugees in Nigeria, Says NCFRMI Michael Olugbode inMaiduguri Over 26,000 Cameroonian have been officially registered as refugees in Nigeria, the National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI) has said. Speaking to our correspondent on phone, the spokeswoman of the Nigerian refugee agency,
NCFRMI, Halima Abdullahi said as at the end of September 2018, 26,000 refugees were officially registered by both her agency and the United Nations High Commissioner for Refugees (UNHCR) She said the number is growing daily as a result of the crisis in the Central African country, noting that most of the refugees from Cameroon are camped in Cross River, Benue
and Taraba states. Abdullahi said the Nigerian Government through the NCFRMI is working in collaboration with UNHCR to provide international protection for the population such as recognizing them as refugees. She also said the agency equally provide care and maintenance assistance; shelter; means of identification and medical care.
12
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
13
14
T H I S D AY Ëž Ëœ ÍśËœ Í°ÍŽÍŻÍś
COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
AFRICAST AT CELEBRATION
The authorities in broadcasting could do more, writes Okello Oculi
“
I was not a witch!’’, was a triumphant exclamation by Mrs Stela Awani as she savoured the fact that it was one of her trainees in Radio Broadcasting, Mallam Modibbo Ishaq Kawo - the current boss of the National Broadcasting Corporation (NBC) – who was putting her on the pedestal to be celebrated as a most distinguished voice-trainer in the history of news broadcasting on Radio Nigeria. She was recalling the rigorous regime she served to her students in searching for excellence. The occasion was a closing dinner for marking the end of “Africast 2018’’, which was first held in Abuja in 1996 as an invention of the Nigerian Television Authority (NTA). It recalled excellence of radio and television broadcasters in Nigeria to exhibitors of new equipment; participants from other African countries; new generation broadcasters, and “Elder-Celebrants’’ themselves as captained by a briskly- walking 85 years -old Mr. Ron Mgbatogu. . The elders were clearly thrilled that their talents – some going back 30 years ago – were being noted and given public acclaim. While they cheered each other, it was evident that the younger generation could not share in their rupture presumably because there have been either deliberate or unintended silence over the records of ‘broadcast heroes past’. To younger Nigerian broadcasters and foreign participants, names of Reverend Bayo Awaala, Hajiya Hauwa Jinadu, Hajiya Maryam Bewel were as unfamiliar as singer Bob Marley’s favourite Jamaican goat Peppersoup. Current broadcast practice must include heavy doses of products of these ancestors. Dr Abdulkareem Mohammed - founder of “Kano Indigenous Languages of African Film Market and Festival)’’ and CEO of “Moving Image Ltd’’ had earlier on NTA’s “Good Morning Nigeria’’ programme, accused NTA of committing the “Criminal act’’ of taking “eye balls of Nigerians’’ away from local television screens, notably: “Cockcrow At Dawn’’ by patronising foreign imports like ‘’The Rich Also Cry’’ from Mexico. Because the Mexican import was highly subsidised, it was cheaper to broadcast. These cheaper foreign programmes make television executives lazy and unenthusiastic about fighting for bigger budgets for funding productions of “local contents’’ to serve their viewers. A harsher critic claimed that his managers and their bosses preferred purchasing ornate furniture for their offices than paying artists well and producing good programmes: including travel to make creative documentaries. Moreover, a loss of respect and care grew for tapes containing programmes already telecast or broadcast. At the most scandalous range, tapes and cassettes were either wiped out and replaced with new material or left to rot in the rain and stores. At the same “Good Morning Nigeria’’ programme, Mr Rees from London likened “digital’’ channels to a single pipeline carrying water
NBC SHOULD VIGOROUSLY MOBILISE BANKS, INDUSTRIES, AND EXPORTERS TO PUT UP CAPITAL FOR USING THESE TALENTS FOR WAGING THE DIGITAL WAR BY PRODUCING QUALITY LOCAL CONTENTS
and the same pipe being widened 20 times. If the volume of water remains the same, pressure will be severely depleted. With Nigeria acquiring 200 digital channels, it is absolutely vital that “local content’’ must be produced to fill the vastly increased capacity for access to audiences. Failure to do so opens wide gates for outsiders to erode national values and wreck cultural sovereignty. That danger was why digital broadcasting was “imposed on countries that lack resources for producing their own local contents’’, he asserted. With regard to Mexico’s programmes - pioneered by “The Rich Also Cry’’- their casts consisting only of Caucasian male and female actors, promote the big lie that there are NO peoples of African ancestry in her population. In fact there are Afro-Mexicans in every province. With its record of rebels who fled from slavery and successfully defended their territory on the coast of the Pacific Ocean, Vera Cruz Province has over four million African-Mexicans who have never mixed their genes with Spanish-Mexicans. With a foreign policy that gives priority to the welfare of the African Diaspora, NBC has challenges in domesticating hostile foreign programmes; as well as producing and exporting programmes for promoting the dignity, social justice, and human resource development of the African Diaspora in the Americas and Asia-Pacific geographies. With the coming of digital broadcasting also comes the imperative to compete with exporters of foreign-produced programmes. The elders honoured at Africast 2018 reported turning to consultancy work; producing commercial jingles, and, in a rare case, owning a radio station. NBC should vigorously mobilise banks, industries, and exporters to put up capital for using these talents for waging the digital war by producing quality local contents. Alhaji Danladi Bako, a former Director General of NBC, joined a chorus of angry rebukes by these elders about rampant decay in standards in broadcasting: ranging from incoherent diction, shoddy productions to lack of capacity to present news with the power to captivate the attention of audiences like “telling a story’’. There was clearly here a loud case for NBC to facilitate radio and television stories to “return to roots’’ by engaging the “Mohicans’’ - with their pride and dedication to excellence. Excellence was often sharpened through training at the BBC; and intensive local “Mentoring by Senior Staff’’. These roads are apparently no longer open for young broadcasters to take. It is remarkable that despite these sojourns abroad, these elders evolved a native “Nigerian English for Broadcasting’’. The current struggles on air to assume a “civilised accent’’ tells all that it is “Not Yet Uhuru’’. The elders of broadcasting must Arise and infuse NBC and youths with their 7 a.m. to Midnight dedication to excellence.
FAREWELL, HAYFORD ALILE Peter O. Obaseki pays tribute to Hayford Alile, former Director General of the Nigerian Stock Exchange
H
ayford Alile was a scion of the legendary Chief Ogbeide Uyo (Inneh) expansive dynasty of the Benin Empire and he became an “uncle� to the many branches of that illustrious dynasty, including: Oviawe, Eghobamien/Ogbomo, Agho/Obaseki, Alile/Eguavoen, Amadasun, Omoregie, Obayuwana, to name a few. He actively looked out for focused, talented and well-behaved members of the extended family, mentored them and provided access to his rich corporate network. This was not a narrow trait, it extended to his maternal family, to Benin professionals, to the members of Saint Joseph Chosen Church of God, his in-laws and all others, irrespective of tribe or religion. He was a humble, honest, humane person; a giver without limit and a well-wisher to all. He was indeed, the quintessential gentleman. He was the obvious chairman on the occasion of our marriage in 1990; he offered pre-marriage counselling, attended all events, always with his lovely wife, aunty Pat; supported financially and intimately followed up on us subsequently. He readily provided guidance and counselling. I checked all my professional decisions with him and he was always very happy to celebrate successes. In 1993, when I became a manager in a bank, it was to him, before anyone else, that I took my first official car. He blessed it and felt very happy. He said that he wants many more of such visits from me and others in our extended family. He was large hearted and acted as sponsor or chairman, along with his wife, for very many weddings and other social functions, consistent with him being a rare gem and a role model. He told me that there is a spark of genius in our lineage, I agreed: he was perfect proof of this. He started school, at the Holy Cross Primary School, Benin City. He attended Loyola College in Ibadan, setting a hard to break academic record,
including A1 in all subjects. His sound character showed through at that early stage. He became a senior prefect from form 1, being a pioneer student in the class of 34. In form Two, he was found trust worthy and given the task to grade the papers of those taking the common entrance examination into the school. After his final examination, set to go home and await his results, the school’s management stopped him and offered him a job as a teacher of Chemistry, Physics and Mathematics. He was also made a House Master. This is recorded as his first paid job, the beginning of an illuminating and illustrious career. He earned scholarship into the secondary school, at Loyola College, Ibadan, from the Benin Divisional Council. He also, earned scholarship as a state scholar, emerging fifth in the whole country, under a scheme reserved for the top 10 in the entrance examination, into the University of Ibadan. It was in the United States, specifically, Howard University, Washington DC and Rutgers University, New Jersey, that he laid a solid foundation and honed his investment management skills. He was on the Deans Honours List. After various academic and practical experiences in the United States, he returned to Nigeria. Nigeria was lucky to have in him a cognate and strong track-record with smart intellect, vast exposure, experience, focused drive, and above all, character, to pioneer the Nigerian Stock Exchange, which was then small in scope and narrowly called the Lagos Stock Exchange, from 1976 to 1978. He broadened it, gave it international dimension and it was re-named the Nigerian Stock Exchange. He led the reinvigorated Exchange for 20 years, until his retirement in 1999. He provided world-class leadership, contributed to the development and deepening of the Capital Markets. In particular, equity investment as a distinct asset class, became widely used and entrenched by households and institutions in Nigeria. This era, also saw the transformation of the nascent
organised private sector, building on the indigenisation programme of the federal government. He subsequently attracted huge foreign portfolio inflows into the market. He encouraged capacity building and set the ethical standards required of a transparent market. During his tenure, the core of the existing Stock Broking Houses in Nigeria emerged and developed an enviable culture. He spruced up this sub-section of the financial system into a standard, comparable in prestige to other existing professions. He attracted very high profile and accomplished individuals into the council of the exchange including Chief MKO Abiola, Chief Bayo Kuku, and more recently, current captains of industry like Alhaji Aliko Dangote. There was no arrogance or smugness in him, despite his uncommon intellect; he got on amicably with council chairmen and members as well as operators or dealing members, cutting across tribes and religions, building long-term, life-long, relationships, in the process. It was to the stockbroking community that he gave his plum and prime. The other side of Uncle was his deep spiritual dimension. He was faithful and fervent. There was always this hard-core, even radical, spiritual conviction, but wrapped up in a calm and gentle physical expression. The evidence of it is that he was never ruffled, agitated or anxious but always at peace and harmonious. His dear, departed parents, embraced Christianity, not half-heartedly, but surrendered all, and beat a new part different from the mainstream in their own time and locality. This took courage and faith. Uncle is the first of four children from this nuclear, monogamous family, from Benin. He rose steadily within the hierarchy of the church and attained the rank of world-wide Leader and Spiritual Head. It was to work in the Lord’s Vineyard, not business, not wealth accumulation, not politics, that he turned to, full throttle, after retirement as Director General of the Nigerian Stock Exchange. As a vent for
his humanist nature, he set up a foundation, The Hayford Alile Foundation (THAF), geared towards alleviating the economic needs of the less privileged through education among others. He was a shining light of the core elites of Benin, although predominantly based in Lagos and a global citizen. He was in touch with the affairs of Edo State and advised many governments that administered the state, from the military era to date. He also, in their time, advised such elders and high net worth Benin individuals like Chief F. Edo-Osagie, Chief Anofi Guobadia and Chief A. Y. Eke, to name the obvious. Our Father, Oba Erediauwa, conferred on him along with Dr S. O. Ogbemudia, Dr Abel Guobadia and others, recognition, as pioneers in the list of Benin Achievers. He straddled corporate Nigeria like a colossus, and sat on the boards of several bluechip companies. He served as Trustee/Treasurer, Lagos State Education Endowment Fund, director of the Central Bank of Nigeria and was on various panels and committees of the federal government. He spent over half of his life building institutions, the Exchange and the Church; it was a huge credit to his depth of character that he remained consistently unblemished to the end. Through THAF, he has defined how his memory should be kept aloft; he served humanity as one of the finest technocrats and did the work of God. He loved Nigeria, believed in its potential and prayed for its progress and unity. I commiserate with his very closely knit nuclear family, his amiable wife, Mrs Pat Alile, his adorable children, his younger brother and sisters; Dr Clement Alile, Mrs Gloria Konyeshi, and Mrs Clara Aibangbee. At 80, it seems like clock-work, full cycle. He conquered, leaving behind a beautiful family and rich legacies in academics, corporate career and spiritual leadership; but still, a very painful parting blow: clearly, Heaven’s gain. Obaseki is the Chief Operating OfďŹ cer, FCMB Group Plc
15
T H I S D AY THURSDAY, NOVEMBER 8, 2018
EDITORIAL NUC PRESCRIPTION FOR RANDY LECTURERS The NUC is right: randy lecturers should be shamed
T
he recent call by the National Universities Commission (NUC) to ViceChancellors of universities to publish the names of lecturers found wanting over allegations of sexual harassment of their students is one that we wholeheartedly endorse. Such naming and shaming, we believe, will go a long way to curb what has become a serious epidemic on most Nigerian campuses. The call was made by the NUC Executive Secretary, Abubakar Rasheed, whose position contrasts with the controversial claim by one of his predecessors, Prof. Peter Okebukola, that the admission of academically weak students was responsible for the menace. While no statement can be stronger than the one made by Rasheed on the need to ensure that lecturers who abuse their powers on campus would no longer have a field day, we condemn the seeming rationalisation by Okebukola. “All those girls who run after those lecturers or can be harassed by lecturers are those who are academically weak. Even, if the lecturer does not want to get engaged with them sexually, the girls will offer them their bodies”, said Okebukola. As we have IT IS DEPRESSING THAT repeatedly stated, THE CAMPUSES OF while demanding sexual gratification OUR INSTITUTIONS for marks from OF HIGHER LEARNING students may be a CONSIDERED AS more blatant maniSAFE HAVENS FOR festation of the moral THE ACQUISITION OF decadence that has KNOWLEDGE AND afflicted the nation in recent years, there INCULCATION OF should be no excuse CHARACTER HAVE for such irresponsible BEEN TAKEN OVER BY behaviour from those PREDATORS who are paid to teach our children. Yet, for years, this social malaise had straddled our tertiary institutions, threatening the future of many female students who are usually held to ransom by ignominious randy lecturers. In several cases, many of these female students have had their
Letters to the Editor
academic carrier extended, and sometimes truncated, because of their refusal to succumb to such demand for sex. Ordinarily, the internal rules and regulations of the tertiary institutions would have been sufficient to rein in these sexual abusers. Unfortunately, the malaise is so endemic that even those at the highest level of most institutions are believed to be neck deep in the unwholesome practice of demanding sexual gratifications for marks. In several instances, heads of departments to whom students report the harassment; and members of panels to which the reports were referred for investigation, were themselves involved in the abuse. That then explains why for years, gangs of sexual abusers who acted as though above the law have been allowed to operate freely on the campuses of most institutions of learning in Nigeria.
I T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR DAVIDSON IRIEKPEN MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE
T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com
TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.
ECONOMIC MODEL IN BAD SHAPE
L
ife up here in northern Nigeria, especially at this pre-elections time can be frustrating indeed if you wake up each morning and come across folks who would not see progress from a positive macroeconomic point-of-view but would rather have their preferred candidate continue as president even if a bag of rice still hovers at around N19000, a long shot from a low of about N8000 under the PDP era. The vendor I buy my newspapers from went so far to exclaim in utter exasperation, “Oga, those people supporting Buhari, see as their shoes don shop finish because no money for country.” This brings us to the heart of the present discourse. I must first begin by admitting that I am a CNN, BBC, Fox, etc., news channels addict if you present me with an opportunity and a downtime, especially when I am cooped up in my hotel room in one of my numerous travels to Zaria. What I have learnt from these news outlets’ business news segments is that the economic wellbeing of nations, and indeed the physiological wellbeing of its citizens, are measured by the activities of big-investment directionlocators like the banking giants in the shape of BNP Paribas, UBS, HSBC, etc., because these are the facilitators of economic growth. However, when investment banks like UBS and HSBC begin to exit a country then the economic prospects are dire over there, and this is what is happening right now in Nigeria. Nigerians
t is indeed very depressing that the campuses of our institutions of higher learning ordinarily considered as sane and safe havens for the acquisition of knowledge and inculcation of character have been taken over by predators who are paid to impart knowledge. In a recent case at the Obafemi Awolowo University, Ile-Ife, a professor was caught on audio negotiating marks for sex with a post-graduate student. But beyond the dismissal of the randy professor, it is time for the National Assembly to revisit the “Sexual Harassment in Tertiary Education Institution: Prohibition Bill, 2016” which was passed by the Senate in 2016 but still awaits the concurrence of the House of Representatives. Although the Academic Staff Union of Universities (ASUU) stood in opposition to the bill at the time, we consider it important as it prescribes a five-year jail term for lecturers convicted of sexual harassment of their male or female students. In the alternative, anyone found guilty of the offence is liable to a fine of N5 million. The bill also protects innocent lecturers by prescribing suspension or expulsion for any student who is found by a court of law for false accusation. But we endorse the call by the NUC. Those who abuse their powers to corrupt students have no business on campus.
must be bold to tell President Muhammadu Buhari and his APC apparatchiks that there is nothing like a workable “Arab economy” or “oil-money economy” that is based solely on selling crude oil and then divvying up the proceeds to “loyal” folks who side with the president whilst paying huge chunks to others to do annual religious pilgrimages so they continue to “pray” for Nigeria to sell more crude. This is simply primary school-level economic thinking! Now, the lack of enabling environments and the resort to veiled threats, heavy taxation, and spurious fines that have put the likes of MTN, UBS, and HSBC on edge and have caused some to exit the Nigerian market should begin to cause great consternation as we prepare to elect a new president next year. It is a private sectordriven economy that can create jobs and lift Nigerians out of poverty. The command-and-control, centralised, Arewa-controlled, NNPC-centred, NPA-centred, Customs-centred, economy that President Buhari adores so much would only assure the population of a “rai ka dade” and “talakawa” class-structure and the perpetuation of stagnation like we have come to know it. Nigerians must not be afraid to ask to change the existing order if it is not working. And it sure is not working, like was recently noted by the United States Institute for Peace (USIP). Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State
THE SIGNIFICANCE OF PARTY AGENT TRAINING
P
arty agent training is critical in taming electoral fraud masterminded by the Independent National Electoral Commission (INEC) and other perpetrators of election fraud. Perpetrators of electoral fraud work in collaboration with political parties, security agents and INEC officials using cooked figures. The above view is consistent with the Nation’s newspaper report of the presidency affirmation that the era of awarding fraudulent votes to favourites’ political aspirants is gone. But how true is this affirmation in the recently concluded Osun State election and Ekiti State election and its recent warning restraining the US, UK and European Union from interfering with 2019 general election? The party agent holds the key to ensuring free and credible election across every level of electoral position in Nigeria. To clean Nigeria’s electoral process from election fraud, we must hold unto party agent strategy. Party agent strategy as last resort for gaining victory amidst election fraud is not a respecter of any political parties, whether PDP, APC, SDP, ANRP or ADC. It is the hope of political aspirant without Godfather that desires to govern with clear objectives of bringing economic prosperity to his people. Party agent strategy is effective in winning election with a less attractive party and without the selling of your soul to fraternity group. It is the pathway to ensure righteous gain in political relevance in a politicised society like Nigeria. Therefore, it is time the righteous arise to political position using party agent strategy. As we prepare to elect new leaders into different leadership positions in the forthcoming election in 2019, it is expedient political parties pay attention to party agent training. It is proper education of party agent that can help to tame election rigging and fraud in a complex society such as Nigeria. To this end, political parties must initiate party agent training programmes so as to protect their vote jealously. More importantly, we are expectant of a credible, free and non-violent election from INEC and the presidency. Pedro Ukokobili, Lagos
16
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
17
18
T H I S D AY ˾ THURSDAY NOVEMBER 8, 2018
POLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com (08114495324 SMS ONLY)
PERSONALITY INTERVIEW
‘We Have Enough Specialised Skills to Develop Nigeria’ Chief Peter Ameh, presidential candidate of the Progressive People’s Alliance (PPA) and National Chairman of the Inter-Party Advisory Council (IPAC) fields questions from Udora Orizu on the security crises currently bedeviling the country. He insists that the existing security system can be empowered to effectively carry out its constitutional functions As your party’s presidential candidate, how do hope to handle the security crises that’s currently bedeviling the country? I think it’s a very simple issue. One of the things we have failed to do is to empower the Nigerian police to carry out its constitutional functions properly. The Nigerian police has the capacity to carry out these functions without the interference of the Nigerian military. The military is trained to handle external aggression against the country. They don’t know much about civil engagement. We are prepared to do what we call community policing. It’s going to assist because the police is of the community. They are going to be residents of that community. There will still be federal police that handles certain across-theborder-crime. The state police is going to help in curbing this current level of violence that we experience. We are also going to give the royal fathers a very statutory right, through passing a legislation that will assist them and give them that opportunity to be able to say what they see. As it is now, the traditional institutions are so weak that if they say anything that doesn’t go in line with the wishes and interest of the state governor, they could be removed. One of those key things is to strengthen traditional institutions and then create state police that will enhance the capacity of crime management at local level. What are the chances of your party in the 2019 election, having in mind your party’s resources and spread? Resources is a huge thing in election. What we are trying to do is sell ourselves to the populace. When Buhari, Obasanjo and co were governing this country in 1983 and so on, I know how little I was, but now I’m here. I have done a lot of things and yet we are still in the same space with this same group of people. As a young man, I think that our education, experience and our youthfulness should recommend us to Nigerians; so we can break the barrier of continuous recycling of leaders. Insecurity and violence has been on the rise for some time, what is responsible and how can it be checked? Poverty is a major part it, uneven distribution of resources, lack of proper management of our resources. Naturally, the resources are scarce and with people jostling to have a share of these resources, it brings friction and this friction brings about conflict from one place to the other. When we are in conflict, what we should do is to make sure that the resources that are meant for taking care of the people are provided and are used judiciously for the benefit of our societies and populace. Infrastructure should be put in place, they should build an economy where the interest and job creation should be at the forefront, because an idle mind is a devil’s workshop. A lot of our people are not working, we must start to bring energy back to the system so that our people can create jobs, so that no one will be idle. Apart from that, Nigeria has done so well in maintaining peace within the African sub-region, apart from the civil war we had between 1967 and 1970, we have peace with ourselves. I think that the best option is for us to come together, look at the security and economic architecture and redefine it in such a way that it will accommodate the
IN THE MIRROR:
*Two-term Secretary General, Inter-Party Advisory Council of Nigeria (IPAC) tasked with coordinating the interparty activities of 25 political parties and the running the day-to-day affair of the council *National Chairman, Progressives People’s Alliance from 2013 till date, presiding over administration and financial accounting of all 36 state chapters of the party, including FCT.
tax should be expanded and given more time so they can bring everybody into the tax net. By next year, if you have 50 million people paying tax, there will be enough money. Most countries that don’t have oil like the United Kingdom are 90 percent dependent on tax and they are surviving so we must look at how they are doing it and also try to plant it in our system so that it can work. On the consensus candidate for the Coalition of United Political Parties (CUPP), how willing are you to back whoever emerges as the consensus candidate? I’m willing because they are going to back me if I emerge. There’s no need for all of us to line up for the contest and at the end of the day, we all lose. What we are going to do is to make sure that we have commitment and support one of our own. I have put myself forward as the CUPP consensus candidate. There are a lot of other parties contesting for it, Geff Ojinika of C4C, Atiku Abubakar and so on. We will see how it goes.
Ameh interest of those coming out from universities, secondary schools, polytechnics so that they can get jobs. Crime may still be there, but the current level of decay in our system will be reduced to the barest minimum. What is your take on the assertion that Nigeria’s problem is more of ethnicity and religion than corruption? Ethnicity, religion and nepotism are our major problem. People don’t look at whether the person is competent to be in charge. Does this person have the prerequisite knowledge to be in charge of this parastatal or ministry? It causes a lot of problems. When you go to a ministry, you discover that almost everybody working there are his people. How do we move up? How do we get them to do the work? How do we take away the bureaucratic bottlenecks that are in the ministries? These are the fundamentals that we should look at and also look at the ease of doing business in Nigeria. Oby Ezekwesili brought the issue of due process in our contracting system, it assisted a lot. We must look at ease of doing business, procedure for running contracts, execution and monitoring and then look at how nepotism in the system can be removed. There are countries in the world that don’t even practice religion and they are moving forward. Do you think the Judiciary has been supportive in the war against corruption? The judiciary has worked according to the law. Nigerians make mistakes saying the judiciary is not supportive enough. There are three equal arms of government, the judiciary, legislature and the executive. The only thing that makes the executive more powerful is because they have the military under its control. I know the judiciary is working in accordance with the law and they are doing a lot of work to improve the society.
*Member, seven-man steering committee on political party-civil society forum and member National Peace Committee *Member, Governing Council Federal Polytechnic of Oil Gas, Bonny Island, Rivers State *National Secretary, Progressives People’s Alliance (2011-2013), presiding over administration and financial accounting of all 36
Some people have expressed discontent on the 2019 budget proposal, they believe the N8.6 trillion budgeted is too small given the size of our population, what’s your take? I think what they are worried about is the size of our GDP. We could even do 17 trillion naira, that’s why I talk about putting structure in place, to curtail waste. My problem has never been about the volume of the budget, my problem has always been about cash backing for the budget. Because if the budget itself is N15 trillion and the performance is 30 per cent, what’s the essence of a budget that cannot come to reality? If there is no cash backing, it becomes useless. We have N8.6 trillion, by the end of next year, if you will you find that the budget performance ratio is about 35 to 40 percent. When we even get 70 percent performance and there is enough cash backing, we will do better. I know Nigeria can do better than the current N8.6 trillion. However, with what we are doing and intend to do, let there be enough performance so that it can impact directly on the live of the masses who are meant to benefit from government. The Minister of Finance Zainab Ahmed recently said the Federal Government may not be able to fund the 2019 budget unless some national assets are sold, how do you react to this? They should not sell. The oil price is considerably very good. The Nigeria Customs is generating revenue. We should look inward, rather than continue to sell the national assets. I have always believed in government, public partnership. If you are going to sell anything, it should also be for capital expenditure. We can’t continue to sell without knowing what to do with the money. There’s a way around this thing. Let’s look at other sources of revenue. Look at the tax system. How many people are within our tax net? That’s why I’m suggesting the amnesty programme for
state chapters of the Party *National Organising Secretary, Progressives People’s Alliance (2010-2011), revived the party structure, galvanising old members and recruiting new members *State Chairman, Progressives People’s Alliance, FCT Chapter (2009-2011)
What do you have to say about the rumours that IPAC is currently divided? We are not divided, we just hold different opinions. There’s no way 91 political parties can have the same opinion about how things can be done. With differences in opinion, there must be different drives for interest. As a leader, I’m doing all the best I can. It’s a one-year tenure and not for a lifetime. In the next 10 months, we will conduct election for a new executive. People must put their personal interest behind and make sure that the group interest is superior to all interest. On the minimum wage, the governors have offered N22,500 but organised labour is insisting on N30,000. What do you think should be done? The workers are the engine room of this country and I think N30,000 is not too much. We need to cut down cost. We can do things like Peter Obi did in Anambra. There’s a way government can cut down cost and also help the workers to have a living wage and not just minimum wage. A bag of rice is even more than the minimum wage of N18,000 right now. Add to that, school fees, transportation and feeding. We don’t have social intervention schemes like free medical care, free school fees, N30,000 Naira is something I encourage the government to look into; so workers can have a living wage rather than depending on minimum wage. What is your vision of a good society and what measures would you take to make our country closely aligned to that vision? The good society is an egalitarian society. A society where there is equality and equity in distribution of wealth. And rights of citizens are well protected. A society where a civil servant can take a housing loan, pay for 30 years without feeling it. A society where people who don’t have money can walk into the hospital and get treated because they are booked in the system for them to pay gradually like an insurance scheme. That’s the kind of society that we envisage. We have enough specialised skills to develop this country. All we need is a leader that must unite everyone in less than four years.
*State Secretary, Progressives People’s Alliance, FCT Chapter (2007-2008) *Lead Consultant for a women based NGO located in Area 11, Abuja whose sole aim is women empowerment *Journalist and Businessman
19
T H I S D AY ˾ THURSDAY NOVEMBER 8, 2018
POLITICS
‘If I Don’t Run, Our People Will Boycott the 2019 Elections’ The All Progressives Congress candidate for the Ndokwa/Ukwuani Federal Constituency, Delta State, Mr. Paul Odili, a former Manager of Communications to former Governor Emmanuel Uduaghan justifies his current political aspiration in this interaction with Ugo Aliogo How has it been as a politician? Politics is service to humanity. Since I accepted to serve Delta in 2007, it has been a deep learning curve. I joined government as a technocrat, burning with the zeal to be a positive influence on the thinking of colleagues and the people. My hunger was to influence policy and drive development—that fire is still therre. In doing that I learnt that it demands a give and take. You have to understand the act of negotiation, you have to know how to lobby. It is the life blood of getting things done. As a politician you have to present a perspective to the people and you have to persuade them to your side of thinking and from that build followership and support base. You may then want to be given the chance by offering yourself to the people to vote for you, to bring to reality what you have been telling them. You want your people to accept that you can selflessly advance and defend their interests. In my view your ability to serve selflessly is what makes you a good politician. I want to show that I am a good politician.
Odili
You were Communication Adviser to former Governor Emmanuel Uduaghan for eight years. How did you use your position to impact on Deltans? Governor Uduaghan was willing to listen and accept suggestions. When we came on board we knew Delta had a message and image problem. Militancy, kidnapping, pipeline vandalisation and we’re rife. The state needed to be put together. How you do that is to communicate sincerity, trust and inclusiveness. That administration had a vision which needed to be implemented. Delta needed to be rebranded, especially if you needed investors
and investments. The administration vision’s was first christened three-point agenda of peace and security, infrastructure and human capital development. There was clarity of purpose, but unless you sell it, Deltans might not work with you and ensure that what you are proposing has inherent benefits. If Deltans were hesitant, outsiders won’t even touch you. For the message to get across, we simply had to engage with the people. We used every available tool of public communication to advance our agenda. Townhall meetings, direct phone lines, short message service (SMS) that allowed Deltans
to directly communicate with the governor and other top government functionaries and we made sure there was constant exchange of information. All these came before the advent of social media. We created and hosted local and international events, conferences and seminars. We knew that if you want many successful Delta entrepreneurs and business leaders to be part of the Delta story you have to craft the right message and you have to create an important platform for meeting of minds. We evolved our vision from three-point agenda to Delta Beyond Oil, which I crafted. As our message developed, many Deltans and other Nigerians began to take notice and they began to identify with the Delta story because we were telling it in a compelling way. You can recall that at regular intervals major national and international events were happening in Delta state. Some of these events were not funded by government but simply the initiative of those involved while some events happened with government as co-host at minimal cost and that is because our partners wanted to be part of the Delta story. We were also engaging with the international community. We understood that climate change was a big issue, so we cleverly affiliated with international organisations, like R20, UNIDO and UNDP. Through these engagements, the Delta story was told internationally. We had twin city agreements with Pennsylvania, California and cities. You know I was the Climate Change/Green Economy Project Lead. I led Delta delegations in some of these talks and I anchored and drove these initiatives. Had it been sustained, we would have seen physical manifestation of these initiatives in terms of investments, capacity building, skill transfer and employment generation. From
experience, I know serious investments don’t just happen. There is a process which includes building a relationship and it takes time but we were very close before our tenure expired. You are running for the Ndokwa/ Ukwuani Federal Constituency on the platform of the APC. What informed your decision to run? Poor representation by the person we had mistakenly sent to represent us. His scorecard has been abysmal to say the least. We would have been better off not sending anybody to Abuja. At least, we could say we did not send anyone. We deserve far better than what we have received. By running, I want to show that we can do better and that we can change the story and situation on the ground. If you tour Ndokwa/Ukwuani federal constituency you will weep. There is complete absence of federal government in the area. We are an oil and gas producing area, yet we cannot attract federal presence. And every day we hear tall tales by our representative. The reality is that our people have woken up. They are tired of deceit, of selfishness, of incompetence, of lies. The people want a change. The truth is that if I were not running, and if no one bothered to come out, our people are so fed up they would have boycotted that election. We would have gone on record as boycotting a general election. This is no joke. I am serious. It is that bad. I am here to win and to show that it can actually be done. APC has a manifesto and I am going to make sure that our people benefit from it. We are going to bring federal presence in terms of infrastructure, economic and social programme. We are going to Abuja to tell our story and to give quality representation.
‘In Imo, There is Distrust Against the State Government’ The Imo State All Progressives Grand Alliance governorship candidate, Senator Ifeanyi Araraume told Ogheneuvede Ohwovoriole that if he wins the election, the state will regain its lost glory You emerged winner of the APGA governorship primary election in Imo state. What next? Like every contest, you have winners and losers. But the most important thing is to unite the party -- by talking to all those who contested the primary with you and lost. We are talking to them that APGA is one big formidable family. All of us must work together. The size of government is very large and everyone will find some accommodation. People will work from the local government level up to the national level. We have the local government that will take some people; others may be interested in doing business with government. There is a lot . The most important thing now is to unite everybody and make APGA a formidable machine to win the election in 2019. In the next week few weeks, we will be done with that. We have been doing things at our own level. The party, at the national level has also set up a national reconciliation committee headed by our vice presidential candidate, Chief Jerry Chukwueke. Our talks are yielding results. Many of them are happy. You know my running mate also aspired to be governor. He is from Owerri zone and he is now my running mate. That shows you the level of reconciliation we have done. They are all doing this because they know that APGA is a party that parades what it takes to deal with post-Rochas Okoroacha Imo and to manage the state. To manage a state, you need a lot of skills, sometimes, unusual skills. It takes just more than your qualifications. In the post-Rochas Imo, you will need to do a lot to manage the issues. You will need to bring our people together. Government has actually divided our people. We need to do a lot to prepare our people for the task ahead. Are you not bothered about the emergence of a group in APGA, which appointed Ike Ibe as its own consensus candidate? You don’t appoint a consensus candidate after a primary election. The party guidelines on the conduct of primary elections are clear. Even before the primary election, if you meet and appoint someone, the person still has to go through the process of
Araraume election as set out by the party. The person still has to stand for a ‘’Yes’’ or ‘’No’’ vote. The Electoral panel will still come to observe and ratify it and then send the report to the party. What they have done was outside the party guideline. It is a nullity. It has no foundation in law. Former Imo state governor Ikedi Ohakim wrote a widely published article recently, alleging that the APGA primary was for the highest bidder. How do you reconcile with some people who seem implacable with the outcome? I won’t like to join issues with Ohakim. In any case, I am not the National Chairman of APGA. However, if the ticket was for the highest bidder, he would have been the highest bidder. He was a former governor and nobody would have bided higher than him. He was governor in Imo for four years and is still in a position to outbid others. Unfortunately, the APGA ticket was not for sale. Those who voted had seen all of us. Ohakim was given opportunity to lead Imo State for four years and the people saw him perform. The delegates to the APGA primary election were all adults, when Ohakim was governor. They saw him as
governor. In any case, this is not the first primary he has gone through, since he left the Imo State Government House. The question is: how did he fare in previous primary elections he contested? Did he win those ones? There are others who have not had the opportunity. I am sure the delegates, in their wisdom, decided to try another person. I think he ought to be kind enough to support the outcome of the primaries. In any case, we hear he is now in Accord Party. I don’t believe that; but that is what is being said. Ohakim is my brother. I think that the best he should do is to support a brother who is now the candidate. He should support this cause. I have spoken with him. We know that the leadership of APGA is not corrupt. However, I think that with time, things will fall in shape. Time heals wounds. We all should work together and make sure that APGA is successful in the 2019 election in Imo State. What do you think are the most challenging issues in the governance of Imo State? For me, the most challenging aspect is to get our people back. There is high distrust among the people and against the state government. Our people are like a conquered people. The task is to bring them back to the level they were before and restore their confidence. It will take some time; but I am sure that our victory has begun to address that. In the issue of governance, the starting point is to create policies that will give the people hope. If you look at Imo critically, for instance, the education sector, you will find that nothing is working. The education sector has collapsed. From the primary education level up to the tertiary level, our education has collapsed. We need to get back and rebuild confidence. We need to train and retrain the teachers, boost their morale and pay them living wages. What is happening now is that when you go to our schools, you find that our teachers have become traders. They go to school, carrying buckets containing confectioneries and soft drinks for sale. Some trade in second-hand clothes. Also, the dilapidation of infrastructure is an issue. Even the schools where these kids are
learning are not even good for learning. We need to tackle these and address them immediately. Look also at our local government system. It is dead. As I speak to you, no local government in Imo State gets their allocation. None; so, you need to work on that; reassure the people and rebuild their confidence; make sure that each local government gets what is due to it and also work with it. I will ensure that each local government chairman resides within the local government. It boosts confidence of the people. What obtains today is that no one sees a local government chairman because he is never in his office. They come around once or twice in a month and disappear. They come when there is money to pay salary and that is it. Some don’t even go to office. So, how does the local government area develop when the chief executive of the council does not even live in the area even when they have official residences? Again, if you look at our traditional institution in Imo state, you will find that it has been destroyed and reduced to nothing. By the last count, we have more than 600 autonomous communities and our Ezes have been reduced to nothing. They are made to come to the stadium for match past, like students, when a dignitary visits the state. That is not done anywhere in the world. So, to restore the dignity of the traditional institution, and bring back the respect that they used to have, has to happen. But, more importantly, is the issue of good governance. There is urgent need to recover Imo and bring it back. Imo is derailed. To bring Imo back is a task that must be done; and to do that, you need a formidable team. Luckily, we have a very vibrant crop of young people who are ready to work. All you need to do is to bring them together, engage them and they will do the work. Imo used to be one of the best states in terms of education, sanitation, hospitability- the state used to be number one. But it has gone down. These are challenges that we will tackle as soon as we take over. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
20
T H I S D AY Ëž Ëœ ÍśËœ Í°ÍŽÍŻÍś
FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 08152252325
Empowering Young Budding Entrepreneurs Sunday Ehigiator writes that the crux of the recently held 2018 Tony Elumelu Foundation Entrepreneurship Forum, the fourth of its series, was targeted at empowering young budding entrepreneurs
U
ndoubtedly, the importance of entrepreneurship cannot be understated. This was again re-emphasised at the recently held Tony Elumelu Foundation (TEF) Entrepreneurship Forum, a gathering of over 5,000 African youths in Lagos. The 2018 entrepreneurship forum, the largest gathering of young African entrepreneurs, and the launch of TEF Connect, the world’s largest digital platform for African Entrepreneurs, was organised by The Tony Elumelu Foundation in Lagos on a certain Thursday. The Entrepreneurship Forum The renowned entrepreneurship forum, event which is the largest gathering of African entrepreneurs in the world, is a unique opportunity for bringing together young business talent, creating dynamic networks and transmitting the message to policymakers that a vibrant and responsible private sector will deliver economic transformation. Now in its fourth year, the forum marked the graduation of the 2018 cohort of the TEF Entrepreneurship Programme, following a rigorous nine-month period of training, mentorship and funding, which brought the total number of beneficiaries of the programme to 4,470, with over 300,000 applications received to date. Since its inception, the TEF has empowered African entrepreneurs across the continent with a 5,000 dollars non-refundable seed grant, a bespoke training programme designed specifically for the African environment and access to a dedicated group of mentors, significantly contributing to economic growth, job creation and revenue generation. TEF Connect For this year, one of the highlights was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurshipecosystem across Africa and beyond, including entrepreneurs, investors and the broader business community on one platform, connecting them digitally with three vital elements for success – capital, market and business tools. Africa is riding a wave of rapid technological driven change in payment systems, education, agriculture and infrastructure and TEFConnect fulfills a critical role in linking entrepreneurs across the continent. Commencing with a series of goodwill messages from key stakeholders in the investment, governmental and development communities, the event featured a pitching competition, panel discussions, as well as a vibrant interactive session between His Excellency, President Nana Akufo-Addo and the entrepreneurs, moderated by TEF Founder, Tony O. Elumelu. It also featured a session on the role of the private sector in the economic development of Africa with Dr. Awele Elumelu, TEF Trustee, Founder, Avon Medical and Gavi Champion for Immunisation in Africa; moderated by CNNMoney Africa
Africa’s future is in African hands. Our foundation and its unique approach of training, mentoring and funding has proven that entrepreneurship is the key to unlocking economic transformation of our continent
Founder, The Tony Elumelu Foundation (TEF), Mr. Tony Elumelu (left)and the President, Republic of Ghana, Dr. Nana Akufo-Addo, at the TEF Entrepreneurship Forum 2018
L-R: Governor, Kebbi State, Senator Abubakar Atiku Bagudu; Trustee, Tony Elumelu Foundation (TEF) and CEO, Avon Medicals, Dr. Awele Elumelu; Business Information Specialist, TEF, Mr Folarin Aiyegbusi; Founder, The Tony Elumelu Foundation, Mr. Tony Elumelu; President, Republic of Ghana, Dr, Nana Akufo-Addo; and Governor of Bauchi State, Alhaji Mohammed Abdulahi Abubakar, at the event
Correspondent, Eleni Giokos. Parminder Vir, CEO, Tony Elumelu Foundation also unveiled the TEF Impact Documentary, featuring success stories of the Tony Elumeluu Entrepreneurs. The forum was attended by key players in the private and public sector including Governor, Kebbi State, Senator Abubakar Atiku Bagudu; Governor of Bauchi State, Alhaji Mohammed Abdulahi Abubakar; President, Lagos Chamber of Commerce and Industry, Nike Akande; Former Governor, Cross River State, HE Donald Duke and Former Governor of Anambra State, HE Peter Obi, among others.
The Founder's Commitment For the founder, Elumelu, the reason for keeping faith annually is not far-fetched. According to him, entrepreneurship is the key to unlocking economic development on our continent. Speaking to the 5,000 African entrepreneurs, private and public sector leaders and the broader entrepreneurship ecosystem, who convened in Lagos on a certain Thursday for TEF, he reiterated his commitment to championing Africa’s economic development by supporting and training a new generation of entrepreneurs, whose successes can transform the continent,
delivering opportunity, job creation and social impact. He said: "Africa’s future is in African hands. Our foundation and its unique approach of training, mentoring and funding has proven that entrepreneurship is the key to unlocking economic transformation of our continent. "I believe so strongly that success can be democratised and if we can match ambition to opportunities, this extraordinary generation can achieve anything. With TEFConnect, we have created a tool, that provides a digital platform to host ideas, champion success and demonstrate Africans ability to use the most advanced technologies to take charge
21
T H I S D AY Ëž Ëœ ÍśËœ Í°ÍŽÍŻÍś
INTERVIEW
Nigeria Risks Having a Future Generation Prone to Drug Abuse- NSCDC Boss The ban on the use of illicit drugs by the federal government in order to curb its menace seems to have encouraged more users to fashion out other creative ways of engaging in the use of the substances undetected. The Commandant General of the Nigeria Security and Civil Defence Corps, Muhammadu GanaAbdullahi, in this exclusive interview with Kuni Tyessi, expressed fears for the nation's future generation, amongst other sundry issues. Excerpts:
T
here has been rumours that your organisation has been recruiting secretly and promotions have been lopsided. How true is this? The Nigeria Security and Civil Defence Corps (NSCDC) has been on integrated payment for personnel civil structure since June last year. So for that, we cannot employ even one person. We cannot add even a single name to the payroll without consulting the Federal Ministry of Finance. So how can we recruit? Those spreading the rumours and cresting speculations are just fraudsters going about duping innocent Nigerians because they know that the youths are desperately looking for jobs. It's unfortunate. I have said it loud and clear that we are not recruiting and we cannot recruit now. If we are going to recruit, we will make use of the media so that Nigerians will be aware. Civil defence is not recruiting and we have not recruited since 2015. What has your organisation been able to do to secure the country in terms of natural and man-made resources? We have saved Nigeria from a lot of damages with arrests that we have made. We have destroyed over 600 illegal refineries in the South-south from 2015 till date. Look at what happened in Abia State. We warned them. My commandant called me and I said, go and warn them. Go to their traditional rulers and chiefs. Go to their LGA chairmen. Advise them and that area should be cordoned. Some of our brothers were there with them and within a twinkle of an eye, they all lost their lives and this is unfortunate. What do you have to say about the prevailing use of Illict drugs among youths today? We have a challenge in the North. It is not about washing dirty linen in public, but the need to call a spade a spade. There's a saying which states that if you spare the rod, you spoil the child. We have a cancer that is eating deep into our system in the North today. If care is not taken, there will be no future generation at all. What is this cancer? It is the issue of drugs- codeine, tramadol, etc. It is so serious today in the North. When you go to the upper North, you will discover that housewives, the mothers, the first point of socialisation that our children have, the custodians of our homes
The issue of drug abuse has caused a lot of damage, resulting to deaths and even the highly placed have not been spared. Unfortunately, some of these people are educated and even have foreign certiďŹ cates
The Commandant General of the Nigeria Security and Civil Defence Corps, Muhammadu Gana Abdullahi
are into the consumption of these drugs, because when you are a mother, you are a mother to the husband and children too. Unfortunately, a high number of them are into the consumption of these illegal drugs. Housewives in the North today welcome their friends with the drugs. Almost every household in the north, even in a nuclear family has the case of drug abuse. How can this be addressed and where is the future? If you have children, you have inheritors and descendants that are expected to make you proud. As a journalist, you have the opportunity of saying just a word and this can go all out to affect millions. If this is not done, I don't want to say anything but
I am sorry. It's like we don't have a future. Are there areas you have been able to detect as illicit drug points within the FCT? Today, if you go to Wuse 2, there is popular shopping plaza. Just park your car and watch and you will see the kind of young ladies that come to buy drugs and they are mostly from the North. They are mostly dressed in hijabs. The issue of drug abuse has caused a lot of damage, resulting to deaths and even the highly placed have not been spared. Unfortunately, some of these people are educated and even have foreign certificates Its prevalence seems to be more in the North, why is this so?
It is a national problem but it is more in the North. Let me go back to my study in Sociology. I was in Holland and I asked the chief of civil defence the secret behind what I saw after going to their prisons and discovered that they are so big and well furnished and yet there are hardly inmates. They were beautifully equipped and I said to myself that if this were to be in Nigeria, it would have been filled to capacity because of the luxury available. I asked how they were able to achieve such a feat and he explained that when Indian hemp was banned, the intake and use went up to as high as 70 per cent. But when they liberalised it, its use and consumption dropped by five per cent. By human nature, if you tell someone, don't do this, you have to look for a way of explaining to him the pros and con's in an explicit manner, such that he will understand. But if you simply say: don't do this, they will be curious to know why. The human mind is naturally inquisitive. Apart from that, in the North, especially the Muslim part, when one takes alcohol, the pungent smell is usually perceived and detected and people will conclude that such a person is a drunkard. The stigma is there. But if they take substances that can go undetected, then they feel they are good to go and at liberty to take as much as they want. If not, tell me; what time will an Igbo man who will go the shop for his business have to take drugs in the mornings? But the worse is that housewives in the North are not helping matters. The abuse of drugs by women is more painful because once they are into it, it simply means that our children are also into it and this is most unfortunate.
EMPOWERING YOUNG BUDDING ENTREPRENEURS of their economic destinies.� Ghana President's Call Ghanaian president in his speech , underlined the importance of galvanising the broad entrepreneurship eco-system, calling on public sector representatives to encourage, support and replicate the work of the Tony Elumelu Foundation in their respective regions. Speaking on the importance of putting
the right policies in place, he said: “Nothing is changed or developed on its own. People must get up, speak, have discussions and change the dialogue." About TEF Established in 2010, the Tony ELumelu Foundation (TEF) is the leading philanthropy in Africa championing Entrepreneurship and Entrepreneurs across the continent. The foundation’s long-term investment
in empowering African entrepreneurs is emblematic of Tony Elumelu’s philosophy of Africapitalism, which positions Africa’s private sector and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent. In 2015, TEF consolidated its various programmes and initiatives and made investing in Africa’s next generation of entrepreneurs and business leaders a priority. The future of the Tony Elumelu Foundation centers
on the provision of structured, robust, and multifaceted support to entrepreneurs around Africa through the Tony Elumelu Foundation Entrepreneurship programme. The vision for the foundation is to unlock the obstacles that Africa’s entrepreneurs face as they grow their start-ups into small to medium enterprises (SMEs), their SMEs into national growth companies, and their national growth companies into African multinationals.
22
IMAGES
T H I S D AY Ëž Ëœ ÍśËœ 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×
R-L; Senator Cliord Ordia;; President of the Senate, Dr. Abubakar Bukola Saraki; Mr. Tony Anenih jr., Deputy Senate President, Senator Ike Ekweremadu and Senator Matthew Uroghide during a condolence visit to the family of late Chief Anthony (Tony) Anenih, in Abuja,...recently
L-R: Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle; Special Assistant to Deputy Governor, EP, Central Bank of Nigeria, Dr. Adamgbe Emmanuel Terlumun; Senior Sales Manager, GFC Media Group, Mr. Cedric Turbet; and Head, Debt Capital Markets, Stanbic IBTC Capital Limited, Mr. Kobby Bentsi-Enchill; at the 2018 Bonds, Loans and Sukuk Nigeria BrieďŹ ng sponsored by Stanbic IBTC in Lagos...recently.
L-R: Lead Consultant, Tiwa Medubi; Managing Consultant, Uche Ajene and Lead Consultant, Anurika Azubuike, all of Quadrant MSL, duing a media hangout in Lagos‌recently
L-R; CEO, Morgan Omoitan & Abe Engineering Company/Trustee of COPE , Engr. Dapo Abe ; CEO, COPE; Ebunola Anozie; Directorate Head, Lagos Business, Polaris Bank, Segun Opeke; and CEO, Development Initiative Network &COPE Trustee, Dr. .Bola Fajemirokun; during the 2018 celebration of Breast Cancer Survivors event at Sheraton, Ikeja, Lagos.. .recently
L-R; Agric Regional Coordinator, Corporate Banking of First City Monument Bank (FCMB), Mr. Samson Aiyepada; Divisional Head, Agric Business of the Bank, Mr. Kudzai Gumunyu; a Director of Agri-Finance (AgriFin) and Principal, G.M Ibru & Company, Mr. Goodie Ibru, OON; his wife, Mrs. Emuobo Ibru; another Director of AgriFin, Mr. Ufuoma Ibru and Chief Executive OďŹƒcer, LAM Agro Consult, Mr. Abolade Agbola, during the AgriFin Conference sponsored by FCMB held in Lagos...recently
L-R: Lead Consultant, Tiwa Medubi; Managing Consultant, Uche Ajene and Lead Consultant, Anurika Azubuike, all of Quadrant MSL, duing a media hangout in Lagos‌recently
L-R: Oyo State Governor, Senator Abiola Ajimobi; Chairman, Senate Committee on Environment, Senator Oluremi Tinubu; and a member of the committee, Senator Foster Ogola; during a visit to the governor as part of the committee’s oversight function to the state, at the Governor’s OďŹƒce, Ibadan..recently. L-R: Oyo State Governor, Senator Abiola
23
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
BUSINESSWORLD
Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08024557078, 08152447875
ÍŻ Í´ Ëœ Í° ÍŽ ÍŻ Íś MONEY MARKET OBB OVERNIGHT
REPO ͰͲ˛ͯͲ Ϲ Ͱʹ˛ͳ͎ Ϲ
CALL 1-MONTH
ͰͰ˛ͳ͎Ϲ ͯ͜˛Ͳ͹ Ϲ
S & P INDEX INDEX INDEX LEVEL 1-DAY
S&P ͹Ͳ͡˛͎͡Ϲ ͎˛͎ͲϹ
1/4 TO DATE YEAR TO DATE
EXCHANGE RATE ͎˛;ͳϹ ʹ˛Ͱ͎Ϲ
͹͎ʹ˛ͳ͎˚ͯ ̊ ̊
Quick Takes Nnamani Wins Canadian Award
Ă’Ă? ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž Ă‹Ă˜ĂŽ Ă’Ă“Ă?Ă? âĂ?Ă?Ă&#x;ÞÓà Ă? ĘŠĂ?Ă?Ăœ Ă™Ă? Ă?ĂŽĂ‹Ă–Ă–Ă“Ă™Ă˜ Ù××Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă“Ă—Ă“ĂžĂ?ĂŽËœ Ă•Ă?Ă?Ă’Ă&#x;Ă•ĂĄĂ&#x; Ă˜Ă‹Ă—Ă‹Ă˜Ă“ Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă‹ĂĄĂ‹ĂœĂŽĂ?ĂŽ ÞÒĂ? Í°ÍŽÍŻÍś Ă˜ĂžĂ?ĂœĂšĂœĂ“Ă?Ă? ĂĄĂ‹ĂœĂŽ ĂŒĂŁ Ă™ĂœĂ™Ă˜ĂžĂ™ Ă‹Ă˜Ă‹ĂŽĂ‹ ĂŒĂ‹Ă?Ă?ĂŽ ĂœĂ‹Ă˜Ă?Ă?Ă™ĂœĂ—Ă‹ĂžĂ“Ă™Ă˜
Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ?Ë› ĂœĂ?Ă?Ă?Ă˜ĂžĂ?ĂŽ ĂŒĂŁ Ă“Ă–Ă Ă?ĂœĂžĂœĂ&#x;Ă?Ăž Ă?ĂŽĂ“Ă‹ Ă‹Ă˜ĂŽ Ă?ĂœĂ™Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă?Ă–Ă?Ă Ă“Ă?Ă“Ă™Ă˜Ëœ ÞÒĂ? Ă‹Ă˜Ă˜Ă&#x;Ă‹Ă– Ă‹ĂĄĂ‹ĂœĂŽ Ă?Ă?Ă?Ă•Ă? ÞÙ Ă“ĂŽĂ?Ă˜ĂžĂ“Ă?ĂŁ Ă‹Ă˜ĂŽ ĂœĂ?Ă?Ă™Ă‘Ă˜Ă“Ă?Ă? ĂŽĂ?Ă?Ă?ĂœĂ Ă“Ă˜Ă‘ Ă“Ă˜ĂŽĂ“Ă Ă“ĂŽĂ&#x;Ă‹Ă–Ă?Ëœ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă?Ă?Ă?Ëœ Ă‹Ă˜ĂŽ Ă‹Ă‘Ă?Ă˜Ă?Ă“Ă?Ă? ÞÒËÞ Ă—Ă‹Ă•Ă? ĂšĂœĂ™Ă?Ă™Ă&#x;Ă˜ĂŽ ĂŽĂ“ĘĽĂ?ĂœĂ?Ă˜Ă?Ă?Ă? Ă“Ă˜ Ă?Ă™Ă?Ă“Ă?Þã˛ Ă“Ă˜Ă?Ă? Í°ÍŽÍŽÍ˛Ëœ ÞÒĂ? ĂšĂœĂ™Ă‘ĂœĂ‹Ă— Ă’Ă‹Ă? Ă’Ă™Ă˜Ă™Ă&#x;ĂœĂ?ĂŽ Ă‹Ă˜ĂŽ Ă?Ă?Ă–Ă?ĂŒĂœĂ‹ĂžĂ?ĂŽ Ă˜Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă‹Ă˜ĂŽ Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă‹Ă?Ă’Ă“Ă?Ă Ă?ĂœĂ?Ë› Ă’Ă? Ă“Ă˜Ă“ĂžĂ“Ă‹ĂžĂ“Ă Ă? ĂĄĂ‹Ă? Ă?Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’Ă?ĂŽ ÞÙ ĂœĂ?ĘŽĂ?Ă?Ăž ÞÒĂ? ĂŒĂ?Ă?Ăž Ă™Ă? Ă?ĂœĂ“Ă?Ă‹Ă˜ ĂšĂ?ÙÚÖĂ? ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’Ă™Ă&#x;Ăž ÞÒĂ? ĂĄĂ™ĂœĂ–ĂŽËœ ĂœĂ?Ă‘Ă‹ĂœĂŽĂ–Ă?Ă?Ă? Ă™Ă? ĂĄĂ’Ă?ĂœĂ? ÞÒĂ?ĂŁ Ă–Ă“Ă Ă?Ë› Ăž Ă–Ă“Ă˜Ă•Ă? ÞÒĂ? Ă“Ă‹Ă?ĂšĂ™ĂœĂ‹ ÞÙ ÞÒĂ? Ă?Ă™Ă˜ĂžĂ“Ă˜Ă?Ă˜ĂžËœ ÞÙ Ă?Ă˜Ă?Ă&#x;ĂœĂ? ÞÒĂ? Ă’Ă‹ĂœĂ—Ă™Ă˜ĂŁ Ă‹Ă˜ĂŽ ĂšĂœĂ™Ă?ĂšĂ?ĂœĂ“ĂžĂŁ Ă™Ă? ĂšĂ?ÙÚÖĂ? Ă™Ă? Ă?ĂœĂ“Ă?Ă‹Ă˜ ĂŽĂ?Ă?Ă?Ă?Ă˜Ăž Ă‹Ă˜ĂŽ ÞÒĂ? Ă?Ù××Ă&#x;Ă˜Ă“ĂžĂ“Ă?Ă? Ă“Ă˜ ĂĄĂ’Ă“Ă?Ă’ ÞÒĂ?ĂŁ ĂœĂ?Ă?Ă“ĂŽĂ?Ë› Ă˜Ă‹Ă—Ă‹Ă˜Ă“ ĂĄĂ‹Ă? Ă’Ă™Ă˜Ă™Ă&#x;ĂœĂ?ĂŽ Ă?Ă™Ăœ Ă’Ă“Ă? ÚÙĂ?ÓÞÓà Ă? Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ“Ă™Ă˜Ă? ÞÙ Ă’Ă&#x;Ă—Ă‹Ă˜Ă“ĂžĂŁ Ă“Ă˜ ÞÒĂ? Ă‹ĂœĂ?Ă‹ Ă™Ă? Ëœ Ă?Ă–Ă?Ă?Ù××Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ Ă‹Ă˜ĂŽ ÞÒĂ? Ă˜Ă‘Ă“Ă˜Ă?Ă?ĂœĂ“Ă˜Ă‘ ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ë› ĂšĂ‹ĂœĂž Ă?ĂœĂ™Ă— Ă’Ă“Ă? ĂšĂœĂ™Ă—Ă™ĂžĂ“Ă™Ă˜ Ă™Ă? Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă?Ă™Ă˜Ă˜Ă?Ă?ÞÓà ÓÞã Ă‹Ă˜ĂŽ Ă–Ă™Ă?Ă‹Ă– Ă?Ă™Ă˜ĂžĂ?Ă˜Ăž ĂŽĂ?Ă Ă?ÖÙÚ×Ă?Ă˜ĂžËœ Ă’Ă“Ă? ĂĄĂ™ĂœĂ•Ă? Ă?Ă™Ăœ Ă™Ă?Ă“Ă˜Ă‘ Ă?ĂœĂ™Ă?ÚËĂ?Ă? Ă“Ă˜ ĂœĂ?ĂĄ ĂžĂ‹ĂžĂ“Ă™Ă˜ Ă?Ă?Ă“Ă‘Ă˜Ă? Ă&#x;Ă˜ĂŽĂ?Ăœ ÞÒĂ? Ă™Ă“Ă˜Ăž ĂžĂœĂ“Ă Ă? Ă™ĂœĂ?Ă? ĂœĂ™Ă”Ă?Ă?Þ˞ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? Ă’Ă“Ă? ĂĄĂ™ĂœĂ• Ă“Ă˜ ĂŽĂ?Ă?Ă“Ă‘Ă˜Ă“Ă˜Ă‘ Ă‹Ă˜ Ă—ĂŒĂ“Ă–Ă“Ă?Ă‹Ă– Ă?ĂžĂœĂ‹Ă?Ăž Ă?Ă?Ă’Ă‹Ă˜Ă“Ă?Ă— Ă?Ă™Ăœ ÞÒĂ? Ă‹Ă ĂŁ Ă‹Ă–Ă–Ă“Ă?ÞÓĂ? Ă“Ă?Ă?Ă“Ă–Ă? Ă?Ă&#x;ĂŒĚ‹ Ă“Ă Ă“Ă?Ă“Ă™Ă˜ ĂĄĂ‹Ă? Ă–Ă“Ă?ĂžĂ?ĂŽ ĂŽĂ&#x;ĂœĂ“Ă˜Ă‘ Ă’Ă“Ă? Ă?Ă“ĂžĂ‹ĂžĂ“Ă™Ă˜ Ă‹Ăž ÞÒĂ? ĂšĂœĂ?Ă?Ă?Ă˜ĂžĂ‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă‹ĂĄĂ‹ĂœĂŽ Ă‹Ăž ÞÒĂ? Ă™ĂŁĂ‹Ă–ĂžĂ™Ă˜ Ă?Ă˜ĂžĂ?Ăœ Ă“Ă˜ Ă™ĂœĂ™Ă˜ĂžĂ™ Ă‹Ă˜Ă‹ĂŽĂ‹Ëœ ĂœĂ?Ă?Ă?Ă˜ĂžĂ–ĂŁË›
NEPAC Holds Lecture, Awards
WOMEN IN BUSINESS
President, Healthcare Federation of Nigeria and Board Member, ACT Foundation, Clare Omatseye; Winner of the 2018 ACT Foundation Impact Investment Award and CEO, Genuine Health Africa, Oluwakemi Olawoye; former Minister of Industry, Dr Nike Akande and CEO, ACT Foundation, Osayi Alile at the WIMBIZ annual conference held in Lagos‌recently
GSMA Warns against 5G Risk, Seeks Govts’ Support for Spectrum Emma Okonji The GSMA, the global body for all telecoms operators has warned against the looming threats to 5G network rollout across countries. The warning was due to the availability of limited spectrum that would drive 5G rollout. To the end, the GSMA has called on various governments across the globe to as a matter of urgency, support mobile industry spectrum needs. In its Public Policy Position on 5G Spectrum, which was released recently, the organisation said the successful rollout of ultra-fast 5G services relies on more timely access to the right amount and type of spectrum. As the race to launch 5G
TELECOM services intensifies, the GSMA highlighted the need for governments, regulators and the mobile industry to work together to deliver widespread coverage, and deliver the full potential of 5G for everyone. According to the GSMA, governments around the world have started to auction spectrum for 5G networks, but variations in how much spectrum has been assigned, the onerous conditions imposed, and the cost of access to that spectrum, means the speed, reach and quality of 5G services could vary dramatically between countries. Early adopters would be the first to realise the significant
benefits of 5G from fibre-like mobile broadband speeds and smarter cities to autonomous cars and digitised factories, and stand to reap important socio-economic benefits including GDP growth. The GSMA intelligence forecasts that there would be 1.3 billion 5G connections by 2025, but this would be dependent on operators gaining access to sufficient spectrum. Head of sub-Saharan Africa at GSMA, Akinwale Goodluck, said: “Operators urgently need more spectrum to deliver the endless array of services that mobile broadband will enable. “More spectrum has to be made available for 4G networks, and our 5G future depends heavily on the decisions
governments will make as we head into WRC-19. “Without strong government support to allocate and assign sufficient spectrum to next generation mobile services, it will be impossible to achieve the scale that will make mobile broadband affordable and accessible for everyone. “There is a real opportunity for innovation, but this hinges on governments focusing on making enough spectrum available, not maximising auction revenues for short term gains.� The ‘GSMA Public Policy Position on 5G Spectrum’ outlined several key considerations for governments and regulators to include: 5G needs wider Continued on page 24
Ă’Ă? Ă—Ă‹Ă“ĂŽĂ?Ă˜ Ă?ĂŽĂ“ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă—Ă“Ă˜Ă?Ă˜Ăž Ă?ĂœĂ?Ă™Ă˜Ă‹Ă–Ă“ĂžĂ“Ă?Ă? Ă‹Ă˜ĂŽ Ă™ĂœĂšĂ™ĂœĂ‹ĂžĂ?Ă? ĂĄĂ‹ĂœĂŽĂ? Ě™ Ěš ĂĄĂ“Ă–Ă– ÒÙÖÎ ÞÙÎËã Ă“Ă˜ Ă‹Ă‘Ă™Ă?Ë› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ÞÙ Ă‹ Ă?ÞËÞĂ?Ă—Ă?Ă˜Ăž Ă?Ă“Ă‘Ă˜Ă?ĂŽ ĂŒĂŁ ÞÒĂ? Ă?Ă’Ă‹Ă“ĂœĂ—Ă‹Ă˜ Ă™Ă? ÞÒĂ? Ă‹ĂĄĂ‹ĂœĂŽĂ? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă“Ă˜Ă‘ Ă?Ù××ÓʾĂ?Ă?Ëœ ĂœË› Ă‹Ă˜ĂœĂ? Ă–Ă‹ĂŒĂ“Ëœ ÞÒĂ? Ă?Ă Ă?Ă˜Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ÞÙ ĂœĂ?Ă?Ă™Ă‘Ă˜Ă“Ă?Ă? ĂšĂ?ĂœĂ?Ă™Ă˜Ă? Ă‹Ă˜ĂŽ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? ĂĄĂ’Ă™ Ă’Ă‹Ă Ă? Ă—Ă‹ĂŽĂ? Ă™Ă&#x;ĂžĂ?ĂžĂ‹Ă˜ĂŽĂ“Ă˜Ă‘ Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ“Ă™Ă˜Ă? Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă?ÚÒĂ?ĂœĂ?Ă? Ă™Ă? Ă?Ă˜ĂŽĂ?Ă‹Ă Ă™Ă&#x;Ăœ Ă‹Ă˜ĂŽ ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂšĂœĂ?Ă?Ă?ĂŽĂ?ĂŽ ĂŒĂŁ Ă‹ Ă–Ă?Ă?ĂžĂ&#x;ĂœĂ? Ă‹Ă? ĂšĂ‹ĂœĂž Ă™Ă? Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ“Ă™Ă˜ ÞÙ ÞÒĂ? ĂšĂœĂ™Ă?Ă?Ă?Ă? Ă™Ă? Ă˜Ă‹ĂžĂ“Ă™Ă˜Ě‹ĂŒĂ&#x;Ă“Ă–ĂŽĂ“Ă˜Ă‘Ë› ËŤ Ă’Ă? Ă?ÒÙÓĂ?Ă? Ă™Ă? ÞÒĂ? Ă‹ĂĄĂ‹ĂœĂŽĂ?Ă?Ă? ĂĄĂ‹Ă? Ă—Ă‹ĂŽĂ? Ă‹Ę°Ă?Ăœ Ă‹ ĂœĂ“Ă‘Ă™ĂœĂ™Ă&#x;Ă? Ă‹Ă˜ĂŽ Ă—Ă?ÞÓĂ?Ă&#x;Ă–Ă™Ă&#x;Ă? Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?ĂœĂ‹ĂžĂ“Ă™Ă˜ ĂŒĂŁ ÞÒĂ? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă“Ă˜Ă‘ Ă?Ù××ÓʾĂ?Ă? Ă‹Ă˜ĂŽ ÞÒĂ? Ă—Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ă™Ă? ĂĄĂ‹ĂœĂŽĂ?ËœËŹ ÞÒĂ? Ă?ÞËÞĂ?Ă—Ă?Ă˜Ăž Ă‹ĂŽĂŽĂ?ĂŽË›
Ăž Ă‹Ă–Ă?Ă™ Ă˜Ă™ĂžĂ?ĂŽ ÞÒËÞ Ă“Ă˜Ă“Ă?ĂžĂ?Ăœ Ă™Ă? Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁËœ ĂœĂ‹ĂŽĂ? Ă‹Ă˜ĂŽ Ă“Ă˜Ă Ă?Ă?Þ×Ă?Ă˜ĂžËœ Ăœ Ă•Ă?Ă?Ă’Ă&#x;Ă•ĂĄĂ&#x; Ă˜Ă‹Ă–Ă?Ă—Ă‹Ă’Ëœ Ă“Ă˜Ă“Ă?ĂžĂ?Ăœ Ă™Ă? ÙåĂ?ĂœËœ Ă™ĂœĂ•Ă? Ă‹Ă˜ĂŽ Ă™Ă&#x;Ă?Ă“Ă˜Ă‘Ëœ Ă‹ĂŒĂ‹ĂžĂ&#x;Ă˜ĂŽĂ? Ă‹Ă?Ă’Ă™Ă–Ă‹Ëœ Ă‹Ă˜Ă‹Ă‘Ă“Ă˜Ă‘ Ă“ĂœĂ?Ă?ĂžĂ™ĂœËœ Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă™ĂœĂžĂ? Ă&#x;ĂžĂ’Ă™ĂœĂ“ĂžĂŁËœ ĂœĂ? ËÎÓäË Ă‹Ă–Ă‹ Ă?Ă—Ă‹Ă˜Ëœ Ă‹ ĂœĂ?ĂšĂœĂ?Ă?Ă?Ă˜ĂžĂ‹ĂžĂ“Ă Ă? Ă™Ă? ÞÒĂ? Ă?Ă˜ĂžĂœĂ‹Ă– Ă‹Ă˜Ă• Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹Ëœ Ùà Ă?ĂœĂ˜Ă™Ăœ Ă‹Ă˜ĂŽ ĂšĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž Ëœ Ă˜Ă“ĂžĂ?ĂŽ Ă‹ĂŒĂ™Ă&#x;Ăœ Ă™Ă˜Ă‘ĂœĂ?Ă?Ă?Ëœ Ă™Ă—ĂœĂ‹ĂŽĂ? Ă™Ă? ÔËĂ?ĂœĂ™ Ă‹ĂœĂ? Ă‹Ă—Ă™Ă˜Ă‘ ÞÒĂ? ĂŽĂ“Ă‘Ă˜Ă“ĂžĂ‹ĂœĂ“Ă?Ă? ĂĄĂ’Ă™ Ă’Ă‹Ă Ă? Ă?Ă™Ă˜Ę¨ĂœĂ—Ă?ĂŽ ÞÒĂ?Ă“Ăœ Ă‹ĘľĂ?Ă˜ĂŽĂ‹Ă˜Ă?Ă? Ă‹Ăž ÞÒĂ? ĂĄĂ‹ĂœĂŽĂ?Ë› Ă’Ă? Ă&#x;Ă?Ă?Ăž ĂšĂ?Ă‹Ă•Ă?ĂœËœ ĂœĂ™Ă?Ă?Ă?Ă?Ă™Ăœ Ă•ĂšĂ‹Ă˜ ÕÚÙ Ă™Ă? ÞÒĂ? Ă?Ă?Ăž Ă?ĂœĂ“Ă?Ă‹Ă˜
Ă˜Ă?ÞÓÞĂ&#x;ĂžĂ? Ă™Ă? Ă“Ă˜Ă‹Ă˜Ă?Ă“Ă‹Ă– Ă‹Ă˜ĂŽ Ă?Ă™Ă˜Ă™Ă—Ă“Ă? Ă‹Ă˜Ă‹Ă‘Ă?Ă—Ă?Ă˜Ăž Ě™ Ěš ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŽĂ?Ă–Ă“Ă Ă?Ăœ Ă‹ ÞËÖÕ Ă™Ă˜ ÞÒĂ? ÞÙÚÓĂ?Ë? ËŤ Ă“Ă Ă?ĂœĂ?ÓʨĂ?Ă‹ĂžĂ“Ă™Ă˜ ĚŽ ËÞÒ ÞÙ Ă?Ă™Ă˜Ă™Ă—Ă“Ă? Ă?Ă?Ùà Ă?ĂœĂŁ Ă‹Ă˜ĂŽ ĂœĂ™ĂĄĂžĂ’Ë›ËŹ
Nissan to Build Plant in Ghana
Ă‹ĂšĂ‹Ă˜Ă?Ă?Ă? Ă‹Ă&#x;ÞÙ×ËÕĂ?Ăœ Ă“Ă?Ă?Ă‹Ă˜ Ă?Ă“Ă‘Ă˜Ă?ĂŽ Ă‹ ĂšĂœĂ?Ă–Ă“Ă—Ă“Ă˜Ă‹ĂœĂŁ ĂŽĂ?Ă‹Ă– åÓÞÒ Ă’Ă‹Ă˜Ă‹ Ă™Ă˜ Ă&#x;Ă?Ă?ĂŽĂ‹ĂŁ ÞÙ Ă?Ă?Ăž Ă&#x;Ăš Ă‹Ă˜ Ă‹Ă?Ă?Ă?Ă—ĂŒĂ–ĂŁ ĂšĂ–Ă‹Ă˜Ăž Ă“Ă˜ ÞÒĂ? Ă?Ă?Ăž Ă?ĂœĂ“Ă?Ă‹Ă˜ Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁËœ Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ ÙʊĂ?Ă“Ă‹Ă–Ă? Ă‹Ă˜ĂŽ ÞÒĂ? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă?Ă‹Ă“ĂŽË› Ă“Ă?Ă?Ă‹Ă˜ Ă“Ă? ÞÒĂ? ĂŒĂ“Ă‘Ă‘Ă?Ă?Ăž Ă?Ă‹Ăœ Ă?Ă?Ă–Ă–Ă?Ăœ Ă“Ă˜ Ă’Ă‹Ă˜Ă‹ åÓÞÒ Ă‹ ͹Ͱ ĂšĂ?ĂœĂ?Ă?Ă˜Ăž Ă—Ă‹ĂœĂ•Ă?Ăž Ă?Ă’Ă‹ĂœĂ? Ă‹Ă˜ĂŽ ÞÒĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ ĂšĂ–Ă‹Ă˜Ă? ÞÙ Ă—Ă‹Ă•Ă? ÞÒĂ? Ă?Ă™Ă&#x;Ă˜ĂžĂœĂŁ Ă“ĂžĂ? Ă?Ă‹Ă–Ă?Ă? Ă’Ă&#x;ĂŒ Ă“Ă˜ Ă?Ă?Ăž Ă?ĂœĂ“Ă?Ă‹Ë› Ăž Ă‹Ă–ĂœĂ?Ă‹ĂŽĂŁ Ă’Ă‹Ă? Ă‹ ĂšĂ–Ă‹Ă˜Ăž Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹Ë› ËŤ Ă? Ă?Ă?Ă? Ă’Ă‹Ă˜Ă‹ Ă‹Ă? ÞÒĂ? Ă‘Ă‹ĂžĂ?ĂĄĂ‹ĂŁ ÞÙ Ă?Ă?Ăž Ă?ĂœĂ“Ă?˲˛˛ ĂĄĂ? ĂĄĂ“Ă–Ă– Ă‘ĂœĂ™ĂĄ Ă™Ă&#x;Ăœ ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă? ĂšĂœĂ?Ă?Ă?Ă˜Ă?Ă? Ă“Ă˜ ÞÒĂ? ĂœĂ?Ă‘Ă“Ă™Ă˜ Ă‹Ă˜ĂŽ ÓÞ˪Ă? Ă?Ă™Ăœ ÞÒĂ? Ă–Ă™Ă˜Ă‘ ĂžĂ?ĂœĂ—ËœËŹ Ă“Ă?Ă?Ă‹Ă˜ËŞĂ? Ă‹Ă˜Ă‹Ă‘Ă“Ă˜Ă‘ Ă“ĂœĂ?Ă?ĂžĂ™Ăœ Ă?Ă™Ăœ Ă?ĂœĂ“Ă?Ă‹Ëœ Ă“Ă•Ă? ÒÓÞʨĂ?Ă–ĂŽËœ ĂĄĂ‹Ă? Ă›Ă&#x;ÙÞĂ?ĂŽ ĂŒĂŁ Ă?Ă&#x;ĂžĂ?ĂœĂ? ÞÙ Ă’Ă‹Ă Ă? ÞÙÖÎ ĂœĂ?ĂšĂ™ĂœĂžĂ?ĂœĂ? Ă‹Ę°Ă?Ăœ Ă?Ă“Ă‘Ă˜Ă“Ă˜Ă‘ Ă‹ Ă—Ă?Ă—Ă™ĂœĂ‹Ă˜ĂŽĂ&#x;Ă— Ă™Ă? Ă&#x;Ă˜ĂŽĂ?ĂœĂ?ĂžĂ‹Ă˜ĂŽĂ“Ă˜Ă‘ åÓÞÒ Ă’Ă‹Ă˜Ă‹ËŞĂ? ĂžĂœĂ‹ĂŽĂ? Ă—Ă“Ă˜Ă“Ă?ĂžĂœĂŁË› Ă? ĂŽĂ“ĂŽ Ă˜Ă™Ăž ĂšĂœĂ™Ă Ă“ĂŽĂ? Ă?Ă&#x;ĂœĂžĂ’Ă?Ăœ ĂŽĂ?ÞËÓÖĂ?Ëœ Ă?Ă‹ĂŁĂ“Ă˜Ă‘ Ă™Ă˜Ă–ĂŁ ÞÒËÞ ÞÒĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁËŞĂ? ĂšĂ–Ă‹Ă˜Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă’Ă“Ă˜Ă‘Ă? Ă™Ă˜ Ă‹ Ă˜Ă‹ĂžĂ“Ă™Ă˜Ă‹Ă– Ă‹Ă&#x;ÞÙ ÚÙÖÓĂ?ĂŁ ÞÒËÞ ÞÒĂ? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž Ă“Ă? Ă?âÚĂ?Ă?ĂžĂ?ĂŽ ÞÙ Ă–Ă‹Ă&#x;Ă˜Ă?Ă’ ĂŒĂŁ ÞÒĂ? Ă?Ă˜ĂŽ Ă™Ă? ÞÒĂ? ĂŁĂ?Ă‹ĂœË› Ă’Ă‹Ă˜Ă‹ËŞĂ? ĂœĂ‹ĂŽĂ? Ă—Ă“Ă˜Ă“Ă?ĂžĂ?Ăœ Ă–Ă‹Ă˜ ĂĄĂ‹ĂŽĂĄĂ™ ĂŁĂ?ĂœĂ?Ă—Ă‹Ă˜ĂžĂ?Ă˜ Ă?Ă‹Ă“ĂŽ ÞÒĂ? ÑÙà Ă?ĂœĂ˜Ă—Ă?Ă˜Ăž ĂĄĂ‹Ă? Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?ĂœĂ“Ă˜Ă‘ Ă“Ă˜Ă?Ă?Ă˜ĂžĂ“Ă Ă?Ă? Ă?Ă™Ăœ Ă“Ă?Ă?Ă‹Ă˜ Ă“Ă˜ Ă™ĂœĂŽĂ?Ăœ ÞÙ Ă?ĂœĂ?Ă‹ĂžĂ? Ă‹ ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă? Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜Ăž ÞÒËÞ ĂĄĂ™Ă&#x;Ă–ĂŽ ËÖÖÙå ÞÒĂ? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ ÞÙ Ă?Ă˘ĂšĂ‹Ă˜ĂŽ Ă“ĂžĂ? ĂšĂœĂ?Ă?Ă?Ă˜Ă?Ă?Ë› Ă?ĂœĂ—Ă‹Ă˜ Ă?Ă‹ĂœĂ—Ă‹Ă•Ă?Ăœ ÙÖÕĂ?ĂĄĂ‹Ă‘Ă?Ă˜ Ă‹Ă˜ĂŽ Ă’Ă“Ă˜Ă‹ËŞĂ? Ă“Ă˜Ă™ĂžĂœĂ&#x;Ă• Ă’Ă‹Ă Ă? Ă‹Ă–Ă?Ă™ Ă?Ă“Ă‘Ă˜Ă?ĂŽ ĂšĂœĂ?Ă–Ă“Ă—Ă“Ă˜Ă‹ĂœĂŁ ĂŽĂ?Ă‹Ă–Ă? ÞÙ ĂŒĂ&#x;Ă“Ă–ĂŽ ĂšĂ–Ă‹Ă˜ĂžĂ? Ă“Ă˜ Ă’Ă‹Ă˜Ă‹Ë›
GE Seals Deal to Boost Port Harcourt ReďŹ nery Chris Uba GE’s Power Services has disclosed that it signed a multi-year service agreement (MYA) with GEL Utility Limited (GELUL), a joint subsidiary of Engro Corporation of Pakistan and Genesis Power and Energy Solutions. The deal was to support power generation requirements of the Nigerian National Petroleum Corporation’s wholly owned subsidiary- the Port Harcourt Refining Company in Nigeria. The 12-year MYA includes the provision of parts, spares, repairs and services over two major inspection cycles for three units of GE’s TM2500 aeroderivative gas turbines earlier installed at the
ECONOMY plant site in March 2015. The agreement is expected to strengthen uninterrupted power supply to the Port Harcourt Refining Company; improve plant efficiency and help ensure long-term, reliable operation of the facility’s GE’s TM2500 aeroderivative gas turbines; refinery currently has capacity to produce up to 210,000bpd. “As an integrated energy company with a constant focus on commitment for greater efficiency in our investments and reduction of our costs without compromising the safety and production goals of our customers, we have been
working with GE for several years to ensure optimum performance of the power generation assets installed at our various plants,� the Chairman, Genesis Energy Holding, Akinwole Omoboriowo. “We are pleased with this unique transaction experience with GE, which will help our esteemed customer, the Nigerian National Petroleum Corporation, to accomplish the scheduled outages of our assets at the Port Harcourt Refining Company, while also increasing significantly our savings in maintenance throughout the duration of the agreement�. GE’s Power Services offering would feature the expanded capabilities on GE’s TM2500 fast power solution assets installed
at the plant. GE’s TM2500 aeroderivative gas turbines enable governments, utilities, and businesses around the world to fulfil their generation requirements within days. “Sustaining gas turbine performance in these present times of ever-shrinking budgets can be a difficult challenge. As oil prices are a determinant of the country’s growth pattern; this service agreement is crucial to help improve power supply for the constant production of one of the nation’s leading facilities,� the Executive Sales Director for GE Power Services, Sub-Saharan Africa, Narendra Asnani said. Continued on page 24
“New technologies like Connected Factory, Internet of Things (IoTs), Cloud-based technology, are all driving new business growth and we will continue to offer such opportunities to our clients� Managing Director, BCX Nigeria,
Mr. Ayo Adegboye
24
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
GSMA WARNS AGAINST 5G RISK, SEEKS GOVTS’ SUPPORT FOR SPECTRUM frequency bands to support higher speeds and larger amounts of traffic. Regulators that make available 80-100 MHz of spectrum per operator in prime 5G mid-bands, such as 3.5 GHz and around 1 GHz per operator in vital millimeter wave bands above 24 GHz, will best support the very fastest 5G services. The report also said 5G needs spectrum within three key frequency ranges to deliver widespread coverage and support all use cases such as sub-1GHz spectrum to extend high-speed 5G mobile broadband coverage across urban, suburban and rural areas and to help support Internet of Things (IoT) services; Spectrum from 1-6 GHz to offer a good mix of coverage and capacity for 5G services; Spectrum above 6 GHz for 5G services such as ultra-high-speed mobile broadband. According to Goodluck; “Governments and regulators have a major role to play in ensuring that consumers get the full benefits from mobile broadband. “It is critical for currently available spectrum to be assigned quickly, and at the right price, so we can connect more people to better services. “Once spectrum is allocated to mobile at WRC, licensing that spectrum at a national level, as history has shown, can take up to 10 years. Therefore, it is essential that governments take the right action now.� GE SEALS DEAL TO BOOST PORT HARCOURT REFINERY “I’m therefore very proud we’ll be able to provide the right tailored services solutions to help reduce GELUL’s operational and maintenance costs, while providing operational and technical support for the next twelve years.� The state-owned refinery which specialises in the refining of crude oil into petroleum products would have an optimal supply of the power it needs to run its plant reliably and efficiently. GE‘s TM2500 fast power solution represents some of the most reliable distributed power units available.
Group Business Editor
‘Risk Management Strategies Will Address Financial Fraud’ Stories by Emma Okonji Participants at a one-day financial fraud conference organised by the E-Payment Providers Association of Nigeria (E-PPAN) in Lagos recently have stressed that strategic management strategies deployed by financial institutions would go a long way in addressing financial fraud across banks. The keynote speaker at the conference, Mr. Agada Apochi, who is the Managing Director and Chief Executive of Unified Payment Services Limited, said the Nigerian financial industry was the least hit among global communities by financial hackers as a result of security layers and authentication processes in all financial transactions across all banks in the country, coupled with the 100 per cent compliance ratio on Chip and Pin debit and credit cards imposed by the Central Bank of Nigeria. He, however, said there were still cases of high level insider fraud within the banks and that banks must not relent in their efforts to fight against financial fraud. Apochi said banks must begin to evolve with the speed of Financial Technology (FinTech) players, who he said, were fast at developing financial solutions that are driving the financial sector. “Banks must generate data, analyse data and handle it in such a way that the information from data will help them in understanding and addressing customers’ needs.
“They must also pay attention to risk management in order to boost customers’ confidence,� he added. The Risk Services Manager, West Africa, VISA, Mr. Lawal Aribidesi Olumuyiwa, said financial fraud still existed within banks and that 70 per cent of cyberattacks occur within regions, especially with ‘Cash-out Attacks’. He described ‘Cash-out Attacks as organised attacks sponsored by group of people from specific countries who
launch malware into financial networks, to corrupt the system and defraud bank customers of huge sum of money, using debit card produced by the banks to carry out the financial fraud. He warned banks to be sensitive to observe when there is a surge in the demand of their debit cards, which he said was a red flag alert for banks to be suspicious and become more vigilant against attacks. Olumuyiwa, was however worried that most banks, even though they are Payment Card
Industry Data Security Standard (PCIDSS) complaint, they still do not know when they suffer from financial loss through cyberattacks. He advised all PCIDSS complaint banks to always meet up with its 12 standard requirements in order to mitigate financial risks. He said VISA has tools through which it detects electronic attacks on banks and sends reports to banks to always be on the red alert. He listed some strategies in mitigating
electronic fraud to include data protection, devaluation of data, harnessing of data and customer empowerment. Head, Payment System Policy and Oversight Division at the Central Bank of Nigeria (CBN), Mr. Musa Jimoh, who represented CBN Governor, Mr. Godwin Emefiele, said, CBN would continue to put measures in place to protect bank customers from getting defrauded and to enable banks mitigate financial risk at its early stage or before it even occurs.
OVERSIGHT FUNCTION
R-L: Chairman of House of Representatives Committee on Banking and Currency, Hon. Jones Onyereri; Managing Director/ Chief Executive OďŹƒcer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru and Vice Chairman, House of Representatives Committee on Banking and Currency, Hon. Salisu Ningi, when the committee visited AMCON as part of its oversight function in Abuja‌recently
Experts Foresee Technology Impact on Tax Administration Citing a new study conducted by Deloitte on tax administration in Nigeria, experts have said technology will play a significant role on tax administration in the next five years. In view of that, they urged the Federal Inland Revenue Service (FIRS) to carry out more digitalbased reforms. Head, International Tax, FIRS, Matthew Gbonjubola, noted that some progress had been made through digitalising significant aspect of tax administration in Nigeria. For instance, primary tax legislations are being reviewed to have a single tax administration law. He said the FIRS had also
commenced the publishing of country-by-country regulation report as well as other tax guidelines that had helped to ease the problem of clarity around tax administration in the country. According to him, “We are modernising and introducing technology in tax reforms to plug revenue leakages.� However, some stakeholders believe the tax regulator is not doing enough to reduce the challenges companies face with regards to compliance. Hence, automating every step in the tax process could go a long way in removing the bottlenecks. Automation is also seen as the way forward for companies that
intend to efficiently plug every leakage. Also, the Partner and West Africa Tax Leader at Deloitte, Yomi Olugbenro, said: “With the increasing regulatory environment, penalties are going to be a given, hence, companies cannot be looking at making money and allowing leakages. “They need to leverage technology because that is the only way you can be accurate and avoid time wasting.� The Digital Leader, Africa Tax and Legal at Deloitte, Mark Freer, highlighted five digital trends that would define the future of tax and the legal profession. “There is big data as organisa-
tions and authorities begin to critically analyse the data in their possession and to leverage the insights for better tax services. “Second, is the process automation which requires robotic automation and integration of financial and other systems. “Third is decision making, as artificial intelligence in integrated in compliance and consulting capabilities.� The fourth trend, according to him, was democratisation of knowledge, saying more people are gaining access to large information as result of the different new channels that now exist. The fifth trend, Freer highlighted, was open networks which
speak to talent sourcing, crowd problem-solving and sharing ecosystems. “Tax teams are no longer entirely based on traditional or full-time employees. “However, crowdsourcing or open talent models in the tax and legal market seem further off when compared to the use of IT graphic design and finance,� Freer said. Olugbenro further explained that the chief tax officer should be part of the conversation of tax reforms at the highest level, insisting that it is important that conversation also get more strategic, beyond just filing tax returns.
ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ Capital Market Editor
ÙÎÎã Ă‘Ă?Ă˜Ă? AgriBusiness/Industry Editor
Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ äĂ? Comms/e-Business Editor
Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent
Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents
Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) Reporters
Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)
NCS: ICT Solutions Will Address Nigeria’s Security Challenges The Nigeria Computer Society (NCS), the umbrella body for all practicing computer professionals in Nigeria has said adopting the right policies will help address the country’s insecurity challenges. The NCS insisted that full deployment of Information and Communications Technology (ICT) solutions would go a long way in addressing security issues in the country. President of NCS, Prof. Adesola Aderounmu who restated NCS
commitment in addressing Nigeria’s challenges, said NCS had over the years released several ideas and policies to government that would help reshape the Nigerian economy, but expressed his dissatisfaction over the unwillingness of government to implement some of the ideas. He blamed this on lack of government political will power to do the needful. Aderounmu spoke at a press conference in Lagos to announce the preparation for the commemo-
ration of NCS 40th anniversary. “Over the past 40 years, NCS has been the primary agent behind the amazing and rapid increase in Information Technology (IT) deployment in Nigeria. “With regard to achieving sustainable development through IT, NCS has been the advocacy champion behind local content development, Cashless and Fintech, IT in Government, IT for National Security, use of IT for productivity in all spheres of life, IT Education and
so many others that are changing Nigerian society dramatically,� Aderounmu said. According to him, part of the 40th anniversary celebration would be the special recognition awards for past Presidents of NCS and Computer Professionals Registration Council of Nigeria (CPN); past Provosts of NCS; past Registrars and Executive Secretaries of CPN and NCS respectively; the first registered member of NCS with registration number (MRN
00001) and the fortieth registered member of NCS with registration number MRN 00040, as well as corporate organisations that have been supportive of the activities of NCS during the years in different categories. The Chairman, Publicity Committee at NCS, Mr. Femi Williams, said the special recognition would be held during the NCS 2018 National Information Technology Merit Awards (NITMA), which comes up November 16.
25
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
Unending Adjustment in TSA Tariff Emma Okonji writes on the implication of the continued adjustment of the tariff for the Treasury Single Account, which is capable of dampening innovation in the country The federal government, last week, announced its intention to further adjust the tariff rate for Treasury Single Account (TSA), from its current one per cent that is accruable to the banks that are implementing TSA and the Financial Technology (FinTech) player that developed Remita, a payment gateway technology solution that is driving TSA. The frequent adjustment in TSA tariff by the federal government is becoming worrisome to some stakeholders as well as players in the telecoms industry that are currently pushing for the reversal of Nigeria’s bank-led cashless economy to telco-led, which is the practice in some regions. The continued adjustment in the TSA tariff, according to them, was either an indication of government’s insincerity in fighting financial corruption and leakage in the system. This, they further argued, could be an indication that the government was yet to see the huge benefits that Remita, the technology solution from SystemSpecs, one of the numerous FinTech players in the country’s financial industry space, has brought to the county’s financial transaction table.
FG’s Position The federal government, last week shocked Nigerians again, when it introduced a new TSA tariff regime effective November 1, where the service charge of all payments made to government agencies will be borne by the payer. The federal government had explained that service charge on all payment to its Ministries, Departments and Agencies (MDAs) would be borne by the payer. A statement released from the office of the Accountant General of the Federation (AGF), Ahmed Idris, which was the outcome of a stakeholders’ sensitisation forum on TSA had said: “In line with the global best practices and amidst dwindling revenues, the federal government has approved a new TSA tariff model which mandates that the service charge on payment to its Ministries, Departments and Agencies (MDAs) from November 1, 2018 would be borne by the payer.� Under the new model, according to information emanating from the office the AGF, all funds collection into the TSA would require payers to bear the transaction cost, as against the initial plan where the federal government takes responsibility for the payment of transaction cost on TSA. The new model would therefore replace the previous one wherein the merchant—in this case, the federal government—bore the charges on all transactions to the service providers on behalf of payers. In the previous tariff regime, the federal government is owing the technology service providers and the participating deposit money banks up to two years in service charge, a situation that has compelled SystemSpecs, the technology solution provider, to threaten to withdraw the technology solution and stop rending technical services support to TSA, if government fails to remit its service charge.
TSA Agreement Deal The federal government had long discovered that there were huge financial leakages in the government circle, where government has over 20,000 accounts from its over 1,000 MDAs, scattered across various banks, with each of the accounts having huge money deposits that the federal government cannot readily account for. Worried by the situation, and in a bid to address financial leakages in government MDAs, the former administration, under the leadership of President Goodluck Jonathan, in 2012, commenced the pilot TSA scheme using a unified structure of accounting for 217 MDAs for accountability and transparency in public fund management. In August 2015, the initiative was fully implemented and covered over 1000 MDAs after a presidential directive from the present administration of President Muhammadu Buhari. At commencement, all players on the TSA account implementation, including all commercial banks, SystemSpecs and the Central Bank of Nigeria (CBN), agreed that a fee of five per cent of funds collected is payable. But on seeing the huge volume from five per cent service charge after the initial transaction was carried out, government reversed the service charge from five per cent to one per cent and asked SystemSpecs to refund the five per cent service charge already collected, which the technology company refunded without hesitation. The one per cent agreement was reached after SystemSpecs suggested 1.5 per cent and the banks
insisted on five per cent as service charge for TSA transactions, but the federal government decided to fix one per cent, which the parties involved later agreed to. While SystemSpecs is the technology company that developed the payment app called Remita, that is currently driving TSA in Nigeria, the banks are using Remita to implement TSA among MDAs of government, as directed by government. The payment app is a single online platform that manages financial payments and it is capable of blocking all financial leakages in the government circle.
The New Twist The new arrangement, according to some experts, is worrisome because government has not paid the service charges also known as the transaction cost in the last two years. Government had only paid once in 2016, and since then had refused to make further payments even though the implementation of TSA is ongoing, and saving government huge sum of money that would have gone down the drains as financial leakages. Worried by the new twist from government, indications emerged this week that the service providers and the participating banks are threatening to withdraw their services and halt the TSA implementation process. Reacting to the new plans of government over who bears the service charge, the President, Institute of Software Practitioners of Nigeria (ISPON), the umbrella body where SystemSpecs operates from, Dr. Yele Okeremi, said: “If government is trying to
The new model would therefore replace the previous one wherein the merchant—in this case, the federal government—bore the charges on all transactions to the service providers on behalf of payers
shift the responsibility of payment of service charge to those that initiate the transfer to TSA account, then government must be ready to go the extra mile of providing different alternative channels for the payment of TSA, to enable the payers have the opportunity to choose among the available payment channels, based on the service charges on those channels.� Okeremi, who gave an analogy of how bank customers who initiate online transactions, bear the transaction cost, and how merchants bear the transaction cost for all financial transactions on Point of Sales (PoS) terminals, said government has the right to use any cost model for TSA transaction, were either government or the initiator of the TSA transaction pays the service charge. But he insisted that if government decides to shift payment of transaction cost to the payer, then government must be ready to provide different alternative channels for payment of TSA, where service charges will vary from one channel to another. He, however, called on government to pay the 22 months outstanding service charge to SystemSpecs and the banks, and live up to expectations in its crusade in driving ‘Ease of Doing Business’ in Nigeria. A reliable source in the Federal Ministry of Finance, who spoke with THISDAY on the issue, said the major reason the federal government approved a new TSA tariff model was to ensure that the debts no longer accumulate. But industry stakeholders have argued that the position of government was wrong since the money collected through the process of TSA was meant for government. They said it is left for government to take responsibility of the payment of service charges and release the money without further delay. Under the terms of the service which was agreed after some controversies, SystemSpecs is entitled to one per cent of each in-bound transaction and up to N5, 000 for each out-bound transaction. The firm was last paid in 2016, while as of December 2017 the total outstanding against SystemSpecs was in excess of N10 billion for out-bound services. According to the source, “The service provider used to get one per cent on each transaction on that platform, which was re-negotiated to one per cent, but a maximum amount of N5, 000. Then there was a disagreement on the effective date of the difference. “But they eventually agreed with the date proposed by the federal government and for 22 months after that agreement was reached, they have not been paid and the debt has been accumulating. For now, the government’s indebtedness is in excess of N10 billion and the service providers have threatened to withdraw their services and halt implementation of TSA.�
BeneďŹ ts of TSA Despite the fact that TSA is saving about N40 billion monthly for the federal government, according to
statistics from the office of the Accountant General of the Federation, the federal government seems not to appreciate the benefits of Remita to TSA, hence its unending adjustments on tariff and its refusal to pay the accumulated service charges in the last 22 months. Before the full implementation of TSA in 2016, the federal government had over one thousand MDAs and each had several bank accounts, with millions and billions of naira, sitting with the banks. At that time, some MDAs that needed money to execute some projects, usually go to the banks to borrow money belonging to other MDAs from the banks and pay back with lots of interest. The federal government, when in need of money, would sell treasury bills to the banks, and the banks would pay for the treasury bills from the MDAs money belonging to government, but sitting with the banks. Government will later return the money to banks with huge interest rate of 15 per cent. So it was a game of government going to the banks to borrow money belonging to government and paying back the money with high interest rates. Through the platform, government has been able to get accurate financial data for better decision making, some stakeholders explained. According to them, financial forgery in the system was high and uncontrolled before the implementation of the initiative. What the Remita system does is to give receipt for every payment made into the TSA account. They explained that before the implementation of the solution, government had several thousands of accounts through their MDAs and because government do not have idea of all the bank accounts, some of the monies that were not spent at the end of the year, go into the hands of individuals within the MDAs unaccounted for, and government was losing huge money to the faulty system whose accounting system was shrouded in secrecy. “Before the implementation of TSA, some MDAs were using one receipt to make claims of several projects that were not executed, thus defrauding government of huge amount of money. There are number of cases that are under the investigation of the Economic and Financial Crimes Commission (EFCC), where MDAs use a single receipt from a project that had been completed in the past, to make several claims for new projects that were not carried out in the first place, and they do this to defraud government,� the stakeholders said. They further said: “Government contractors will lift oil at a cost of over N100 million from a particular oil depot and use same receipt to lift oil from another deport, and they do this over and over again without the government knowing or in connivance with insiders who will pretend not to know that the same receipt had been used to lift oil in other depots. “But Remita acknowledges once a receipt is used and stop its reuse.�
26
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
Nwosu: Adoption of Digital Archiving Technology Still Low in Nigeria The Chief Executive Officer, Secured Records Management Solutions Limited, Dr. Sam Nwosu, in this interview with Emma Okonji, speaks on the importance of digital archiving as evolving technology and the need for Nigerian businesses to adopt the technology for digital transformation. Excerpts: Digital document management is an evolving technology that is helping businesses to archive their data and reposition their businesses. How well have Nigerian businesses adopted the evolving technology? The adoption rate for overall document management and electronic document management system (EDMS) is low, though growing. While the public sector is playing catch up, the growth in the private sector is encouraging as businesses realise the tremendous benefits of digital transformation as an enabler to better decision-making, enhancing productivity, ensuring business continuity, and achieving cost reduction without negatively impacting their quality of service and delivery.
We recommend that every company seek the knowledge of experts like us to manage their documents to fend off potentials for disaster, plan for quick recovery when a disaster occurs, and ensure business continuity. How does digital archiving helps in protecting sensitive materials of organisations? This question underscores the critical need for organisations to embark on proper document management practice. We often refer to the process of digitisation, indexing, storing either on cloud or on premise, and retrieval of documents as digital insurance. This implies that your data is now fully secured and can be recovered intact when needed. Vital documents need to be protected from unauthorized access or disclosure and should be treated with caution and discretion. Records management, including offsite storage and shredding of paper documents make it easy for any business to secure sensitive data. There is a myth that it is expensive to outsource the services and therefore cheaper to maintain them in-house. On the contrary, I can assure you that with us, it would cost your organization just a tiny fraction of what it would cost you to run the practice in-house, be it digitization, data capture, automated workflow, or offsite storage.
How will organisations achieve proper document management, using data, records, documents and information? At SRMS, we approach the concept of document management from a horizontal perspective, meaning that we do not see any difference between and among data, records, documents, and information. From that perspective, we designed our solutions in four categories, namely traditional document management, which consists of digital conversion of paper documents, physical (off-site) storage, and data capture; process automation, which comprises enterprise content management, software and applications development, systems integration, and Internet of Things sensors development; information security, focusing on cyber security and penetration testing; and IT consulting. The need for a one-stop shop is that as the traction for digital economy grows, all seven layers of open system interconnection (OSI) will become more vulnerable to cyber security attacks. As a provider of end-to-end document management solutions, SRMS is favorably disposed to offering preventive measures as well as being able to provide recovery when unexpected incidents occur. How will organisations in the 21st Century, apply IoTs, Big Data and Machine Learning skills in digital document management? The trending technology buzz word for most organisations in the 21st Century is “digital transformation� which totally affects the way businesses are ran. Today, most businesses leverage on the data that they have gathered overtime to make informed business decisions and this data could also be used as an input to product formulation. Internet of Things (IoTs), Big Data, and Machine Learning (ML) are the technologies used for collecting data from electronic devices using sensors, managing huge amounts of data and analysing and predicting collected data respectively. They all have a major role to play in collecting, storing and analysing data. These skills, when properly applied have brought about a paradigm shift from the traditional electronic document management to the invention of intelligent content management (ICM), which now supports unstructured data. What solutions does Secured Records Management Solutions Limited have for proper digital data management in Nigeria? Digital document management in Nigeria isn’t industry agnostic. Each industry has different document management requirements, and also, budgets. At Secured Records Management Solutions Limited, we first engage our clients as consultants to understand their requirement before suggesting a best fit technology for their use. In our years of doing business, we have been privileged to work with tools like M-files, Laserfische, ABBYY and SharePoint, just to mention a few. We bridge the gap between the business strategy and the technology, which would aid digital document management. What level of value will document management bring to organisations? Our solutions are designed to provide significant value to organisations, private and public alike. Our key value propositions include: cost reduction, which is generally derived from compression algorithm and space economics; enhanced productivity and operational efficiency, which is achieved through workflow and process automation; business continuity, which ensures uninterruptible business when disaster occurs; and compliance with the law by opting to use our ultra-modern off-site storage facility, equipped with fire suppressant system, humidity control system, and other security fittings to ensure compliance during document retention period. Human error in business, most times negatively affect business growth. How will digital data management help organisations to remove human error in business? There is no doubt that businesses suffer significant
Nwosu
losses due to human errors. We have a solution that allows businesses to extract data from any type of document, including hand-written and convert them into business-ready data. For example, we have helped the Pension Management industry to eliminate manual data entry and invariably, reduced their customer on-boarding time by over 80 per cent. In addition, we provide solutions that automate process workflow to reduce or eliminate human interventions. Automated workflow is a technology solution that programs all the process involved in the workflow by eliminating most of the human intervention requirements. In the process of document archiving, there is need for mapping of document for ease of
The use of data capture as an integral part of document management solutions can help to eliminate manual entry, streamline business processes, allow scaling, enhance collaboration within and outside the ecosystem, and support cross-functional activities and business innovation through big data analytics, machine learning, and artiďŹ cial intelligence
tracing and sorting out document. How do you manage digital document mapping? As part of our value proposition to help customers enhance their productivity, and leveraging on our business model of providing end-to-end document management, we are favorably disposed to achieving digital document mapping. We have developed a mapping algorithm as an option, which can be activated during conversion of paper documents into digital imagery. The mapping algorithm allows us to link digitised documents to standard storage boxes for ease of identification and retrieval. For example, when a client logs into its EDMS to search for a particular document and there is a need to retrieve the original document from the physical storage, the client would see the exact box where that document is kept. How can data capture automation help in digital archiving of documents? As we enter the world of digital economy and as many organisations embrace digital transformation, the need for data capture automation, using intelligent character recognition (ICR) increases. To achieve digitalisation, one must work in a digitized environment. For example, our ICR technology by ABBYY can be used as an enabler to extract information for form transfer documents and send them to any automation engine to execute the request. ABBYY ICR technology are used to achieve significant turnaround time in form processing such as e-mandate forms and also able to do automatic indexing and archiving of processed documents, which reduces paper generation significantly. How will digital archiving address business innovation and continuity? The use of data capture as an integral part of document management solutions can help to eliminate manual entry, streamline business processes, allow scaling, enhance collaboration within and outside the ecosystem, and support cross-functional activities and business innovation through big data analytics, machine learning, and artificial intelligence. Business innovation drives operational efficiency, which requires a drastic reduction in manual activities. Business innovation is not mere optimization of practices, but requires the understanding of the uniqueness of content management layers in an organisation.
What is the difference between on-premise storage and off-site storage in physical archiving? Would you recommend that an organisation build its own physical warehouse or outsource it to physical archiving companies like Secured Records? On-premise document storage is usually the provision of a space within or outside the organisation’s office for storage of paper documents. On the contrary, off-site storage, also known as outsourcing, is the provision of such services by an outside vendor like SRMS. SRMS offers confidential, secure (fire-proof, floodproof, and tamper-proof), climate controlled storage facility, where physical documents are systematically and methodicallystored in archival boxes and placed on storage racks or cabinets with external labels, QR-codes for easy identification and retrieval. Using modern computer inventory system, we keep meticulous records of all boxes or files in storage, as well as items retrieved, delivered or returned while keeping track of where everything is for customers. Our complete pick-up and delivery service ensures that we can pick-up or deliver your archival documents to you anywhere in the country. We have done several cost benefit analyses for some of our clients who proposed building their own Warehouses. After the analyses, it became obvious in most cases that it is not cost effective to tie down such huge capital, which could have been invested in other financial derivatives with high yield. Building a warehouse that meets international standard with all necessary fittings for internal use is capital intensive, and in fact, not necessary. By outsourcing to experts like us, we take off the burden of building and operating of document storage facilities so that organisations can focus on running their core businesses. So, I recommend outsourcing to SRMS with no reservations. In government agencies, there are lots of paper work still going on. How will Secure Records help government embrace digital archiving? We are working closely with various government arms on this and striving to implement same across government parastatals and agencies. We have recently completed several projects, including content management, process management optimisation, and digitization with electronic document management system (EDMS) for various government agencies. While the efforts continue, I must say that a more aggressive stance is needed, perhaps, an executive mandate to implore all government agencies to embark on our digital insurance programme to convert all paper records into digital format with provision for electronic retrieval. Workflow Automation as an integral component of our end-to-end document management solutions replaces manual, repetitive and error-prone tasks with automated processes that, when combined with data analysis and integrated with core systems, free government agencies from bloated processes that perpetuate inefficiency and cost. Integrating records management with information resources is needed across all corridors of government. With proper records management practice, various government agencies can realise significant cost reduction in running government operations, improve response time, achieve accuracy, attain operational efficiency, and encourage uprightness. Continued on page 28
27
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
Ě“
Glo Extends 4G LTE Coverage to 36 States, 208 Schools Stories by Emma Okonji In a bid to offer Nigerians realtime internet connectivity, Globacom has extended its 4G LTE service to cover more locations across the country, with its footprint extending to all the 36 states of the country and over 200 tertiary institutions. The feat, Globacom said, underscored its status as the network with the widest LTE coverage in the country as no other operator has such an extensive coverage of the service. The national operator had in October, 2016, become
the first network in Nigeria to roll out the 4G LTE service. It also became the first to launch a nationwide 4G LTE network, offering instant efficient broadband internet to millions of Nigerians at speeds that are several times faster than the 3G network. The 700MHz band gives Glo 4G better coverage and penetration, Globacom explained. “The radio propagation property of the 700MHz band enables Globacom 4G signal to travel the farthest, giving the largest coverage for any site. In effect, any city where Glo LTE is present,
it covers the widest area than any other network,� the company said in a statement. “It also gives a better indoor penetration than other networks which are not on the band. Indeed, it offers seamless 4G coverage within the major cities without the requirement of handing over to 3G or 2G while using data, whether the subscriber is indoor or outdoor. This ensures a better user experience for
4G subscribers on the Glo network�, it further said. A major advantage of the band is that it comes with a dedicated spectrum bandwidth of 10MHz which gives users the fastest speed among all 4G operators required to download and view movies and videos as well as listen to songs without any delay. It all comes in crystal clear quality. Glo 4G LTE is backed by the company’s international
submarine cable, Glo 1, which has provided the much needed internet bandwidth for West Africa sub-region. To enjoy the superior Glo 4G LTE services and most competitive pricing that gives subscriber the best value data plans, Globacom advised that subscribers should visit any Gloworld outlet near them to purchase a 4G devices and SIM. Globacom said existing
customers with 4G-enabled smart phone could upgrade their SIMs free of charge at any Gloworld outlets, while customers without a 4G-enabled smart phone can purchase one from the same Gloworld outlets. Our focus on higher institutions is to empower students and the academic community with the fastest and affordable data services which are needed to facilitate their academic curriculum. Globacom said.
HMD Global Introduces Nokia 7.1 HMD Global, the home of Nokia phones, has announced the Nokia 7.1 - the first smartphone to come with PureDisplay screen technology, which is expected to take viewing experience to the next level due to its high contrast ratio, greater clarity and enhanced colours across contents. The Nokia 7.1’s stunning HDR display lies within a masterfully crafted, gorgeous design and offers an advanced imaging experience powered by a dual rear depth sensing camera with 2PD and ZEISS Optics to ensure you never miss a moment. General Manager, HMD Global, West, East and Central Africa, Mr. Joseph Umunakwe, said: “Almost two thirds of videos around the world are viewed on mobile, which is why we have introduced our PureDisplay screen technology, to give everyone a premium viewing experience on a smartphone. “The Nokia 7.1 even offers realtime SDR to HDR conversion, and allows customers experience HDR quality entertainment.
“We believe the best camera is the one you carry with you, so we’ve designed a new imaging experience powered by ZEISS Optics, featuring rapid auto focus, thanks to the 2PD technology to capture your own incredible HDR photography. “We are excited to deliver a unique, premium experience in collaboration with best in class partners to deliver a standout smartphone at great value,� Umunakwe said. The Nokia 7.1 is the first smartphone to come with PureDisplay screen technology for stunning HDR10 cinematic quality entertainment inside and out. With YouTube, Netflix and Amazon Prime now supporting HDR content, take your viewing experience to another level with higher contrast (1,000,000:1 dynamic contrast ratio) and great clarity, revealing the detail in both light and dark areas with stunning vibrant colours. Whether outdoors in bright sunlight or in a dimly lit room,
ENHANCING POWER SUPPLY
L-R: Vice President, Corporate Development, CWG Plc, Mr. Daniel Shoban-Das; Chairman, Mr. Phillip Obioha; Partner, Vista Advisory, Mr. Habeeb Alebiosu and Partner, Viathan Energy, Mr. Faruk Agoro, during the inauguration of the SURA Independent Power Project in Lagos...recently
Lagos Seeks Partnership to Develop Innovation Cluster Nosa Alekhuogie
Konga Introduces Low Price Offering for Black Friday Emma Okonji E-Commerce giant, Konga, has introduced the Konga Yakata as part of its low price offerings for this year’s Black Friday sales, beginning from today. Konga called on all Nigerians to get prepared for the low-price sales beginning from November 8. Giving reasons why Nigerians must get prepared to enjoy discounted sales during Konga Yakata, the e-Commerce company said it would be the biggest shopping event of the year. “Konga Yakata holds the enviable record of being the single biggest shopping activity of the year, going by the sheer volume of products and deals made available online and offline for the 20-day-long shopping extravaganza. This year, millions of items are going on sale from Thursday November 8th through Wednesday, November 28th 2018. No other sales event comes close, the e-Commerce company said. It added that the name Yakata says it all: Yakata, in the local parlance, means crashing or
a heavy fall. Konga Yakata is synonymous with crazy discounts on all categories of products: mobile phones, laptops/computing products, electronics, home/kitchen appliances, fashion items, wine/ spirits, consumer goods and much more. In line with the Yakata theme, these prices are by the far the most competitive you will ever find in the market at this time of the year, so why spend more when you can just enjoy Yakata. Why wait for Fridays when you can Yakata every day? One of the most important reasons you need to embrace Yakata like a long-lost friend is simple: every day is Konga Yakata. You do not have to delay or wait for specific days immediately the whistle goes for the Konga Yakata feast. From November 8th, you can shop to your heart’s content every day until November 28th. In addition to enjoying the same Yakata prices every day, there are also flash sales, treasure hunts and other special give-away to spice up the month-long mega event, Konga said.
The Lagos State Government has stressed the need for partnership for its vision for an innovation cluster in Yaba area of the state. The Commissioner for Lagos State Ministry of Science and Technology, Mr. Hakeem Fahm, stated this while speaking at the ICT Cluster Visioning Workshop for the KITE@Yaba project. The state government had earlier this year, announced the commencement of the Yaba ICT Cluster project known as KITE@Yaba. KITE stands for Knowledge, Innovation, Technology and Entrepreneurship. Fahm, who is the Project Steering Committee co-chair, stated that, “there is a need for the involvement of multiple private and public-sector stakeholders in the vision that will lay the foundation for successful partnerships that will accelerate the development of a technology and innovation cluster within the Yaba District and enable wealth creation, employment growth and economic development through Knowledge, Innovation, Technology and Entrepreneurship.� He added that much of
this growth in the digital technology space could be attributed to the emergence of Lagos State as a regional hub for technology driven innovation, catalysed by bold and revolutionary ICT initiatives of the state government. “The need to optimise this potential for digital technology to drive economic transformation in the state for the benefit of the entire country has birthed KITE@Yaba, a project aimed at transforming the Yaba technology cluster into a leading source of technology innovation. “KITE seeks to provide an enabling environment that will facilitate and support the development of a technology and innovation ecosystem within the Yaba District (and its surrounding environs) of Lagos.� he said. He added: “The project kicked off earlier this year with the establishment of the Project Steering Committee (PSC).� On her part, PSC co-chair and former Minister for Communication and Technology, Dr. Omobola Johnson, added that, “it was important to create a vision influenced and supported by the experiences of the project stakeholders as a way of taking future ownership of the project.�
Huawei to Launch Initiative to Boost Digitisation Nosa Alekhuogie Huawei is set to build its public cloud in South Africa to provide cloud services to all sub-Saharan African countries. This would be another significant move by the leading global leading ICT solutions provider to accelerating its cloud business across the world. Africa is an important piece of Huawei Cloud’s globalisation map. According to the plan, Huawei will hold a launching ceremony on 14th November in Cape Town for its first African station in Johannesburg. The company said it believes cloud services are essential for digitisation of economies abd has expressed commitment to providing open, flexible, easy-to-use and secure cloud services, laying a solid foundation for a fully connected, intelligent world by bringing digital to every person, home and organisation. Since it was established in March 2017, the Huawei Cloud Business Unit (BU) has unveiled more than 120 cloud services in 18 major categories. These cover more than 60 general solutions including SAP, high-performance computing (HPC), Internet of Things (IoT), Security, DevOps and more than 80 industry scenario solutions; covering
manufacturing, e-commerce, gaming, finance and Internet of Vehicles (IoV). In 2018, Huawei Cloud officially launched the Hong Kong, Russia and Thailand Stations. By end September 2018, Huawei Cloud had provided services in Asia Pacific and partner public cloud services in Europe and Latin America, outside of the Chinese market. Huawei Cloud and Huawei partner public cloud are available in 14 countries and regions, and will be available in most of major the regions around the world by end of 2018. Vice President of Huawei Cloud BU, Deng Tao, said, HUAWEI CLOUD was globalised since its inception because Huawei had been providing its products and technologies in the form of cloud services to partners like Deutsche Telekom (Germany), Orange (France), Telefonica (Spain) and China Telecom. “Based on Huawei’s 30 years of ICT infrastructure experience and nearly 10 years of continuous R&D in cloud computing technologies, Huawei Cloud can provide a one-stop solution to large enterprises; addressing their challenges in digital and cloud transformation, as well as to small and medium-sized companies that aim to expand their business.� Deng said.
THISDAY‡ THURSDAY NOVEMBER 8, 2018
28
THISDAY‡ 7+856'$< NOVEMBER 8, 2018
29
, ! ! $ 1 , ' * ' ! 5 ! .> ' * ,
# , # + 7??@ $ $ ' A , ' ' 1 1 + 1 ' 0 , ! 3' 0 ! $ $ ) - $ 0 , ' # # +
. / 0* $ !" ) # $ # ' , * , ' 0 , ' ' + % ' ) + ( 0 1 $ !" ) $ $ , ' / ) + 2 ' 2 ' '$ !" ) $ # ,
) + 2 ' $ !" ) $ # $ , * ' ' ' 8 ' : 2 '
0; 9 < !
!" # $ % & ' ' (' )
' *
' # + * * * # , - ) ( #)( ' * # , ' $ $ # + * * , "
, ' +
# , * ! , B' !B 5
) ' + # , 1 ' 3' , * , 0 , $ ' ' + C@@
+ % ' % , & ' %%& $ 1' * $ ' ' , $
$ 1 $ * , 8$D@@ ' + %%&5 7E7 * $ F /
' ! ! $ ' * ' ( * F F * ) ' ' !" G / '
20 K K * 2 0 , $ * * 7@@M + ! * 2 0 , *
) * ' 0 $ H ' F
2 K , K # ( & 0 ' ! $ ' ' $ ' ' ' L@7E+ F * 1' , J@@$@@@ ' , D@@ ' 1
) ! ) ! $ ' * 3' G * ' C 1 + ) ! $
3' C 1
> 9 , = ! , ' * ! $
' $ ' , 9 ,
H ' % 9 I = % 9 ' I I 7@$@@@ * ' * JJ ' H) $ ' 03' > 0> C 1 ) ' ' $ H 2 H2 $ 2 $ K ,
% , 3' ' , ( ( ' + ! 4 5 ! 1 , ' ' '
' 3' * 67+8 ) ' ( ) 2( + ' ' ) 2( ' ' 9 3'
. = '
! " # $ % && ' ( )*+, '-' ' !'
30
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
Media Consumption and Trends in Digital Era Raheem Akingbolu who reviewed the Nigerian Media Advertising Guide for 2018/19, argued that technology has become an established complement to the traditional media in the market With an average of 4:05 hours daily time spent using the internet via any device and 3:02 hours average daily spent using the social media via any device, it may be argued that any brand owner or advertisers, who ignore digital marketing in today’s market does so at its peril. New findings have also revealed that newspapers, television, radio and other traditional platforms are still also relevant as various media owners are raising the stake to compete globally. According to the Nigerian Media Advertising guide for 2018/19, a publication of one of the Nigeria’s leading media agencies, Starcom Media Perspectives, consumer behavior enhanced by tech has continued to evolve industries and communication landscape. It identified; personalisation, social networking and convenience as among the major factors aiding the growth of digital marketing in the market. The report however observed that this will also affect the way audiences are reached and how media measurement metrics is approached. While pointing out that the global phenomenon of programmatic is becoming evident in Nigerian media particularly in Television and Out of Home landscape, the report pointed out the need for more marketing professionals to adequately equip themselves to navigate this new wave of media buying technique. As the rest of the world focuses on Africa as the next marketing destination, the Media Advertising report predicts that Asia and Africa will determine the future of the internet with exponential growth in mobile first users. “More tech development will be hinged on their ubiquitous computing usage and preference for localised content. “The exciting news is that Nigeria leads the Africa region in growing the next billion users. What an exciting time to be a Nigerian!� the report stated.
Media penetration As a build up to its analysis on the recent media penetration in the market, the report first analysed the Nigerian market, based on FDI trend, population distribution, household purchasing decisions, among others. It stated equivocally that rising FDI despite negative economic outlook, as established by Tradingeconomics.com of the CBN, has only assured those who are keen about the Nigerian market that there are potential opportunities ahead. It pointed out that the country’s population reflects great economic potential with over 60 per cent of Nigerians being 24 years and below, adding that pressure on income has instigated rising involvement of Male HOH (Head of Household). The report however stated that TV and Radio penetration have reached a peak nationally but quick to add that opportunity to growth for these traditional platforms lie in digital. Sadly, for the out-of-home, the report stated that environmental factors like urbanisation, security and others have affected its penetration. “With the imminent shift from analogue to digital TV, advertisers need to pro-actively consider investment on Pay-tv, which increasingly affordable as witnessed in the growth of cable TV penetration in Lagos and South West over the past year. Radio remains the most efficient medium to drive frequency for brand communication while brands increasingly leverage the integration of TV and social to maximise engagement,� the report stated It further stressed that more brands are utilising digital media innovatively to engage the youth who have the highest media penetration and drive increase in ROI. The report attributed the higher media exposure in Lagos and South region to the liberal lifestyle while insecurity is said to have further instigated lower penetration in the core north. To this end, the report recommended the
need for brands to prioritise indoor and personalised media in the core north. For instance, the report puts OOH penetration in the South-south at 93 per cent while penetrations in the North-east and North-west were put at 72 per cent and 74 per cent respectively. The North central situation appears better with 93 per cent. One cheering news is the discovery that television viewership has increased significantly in the north as social life is gradually normalising following reduction in insurgence activities. Most often read newspapers While pointing out that peculiarities of different cities across Nigeria influence the media consumption patterns based on its observations in the audience viewership variance on network stations such as NTA, AIT, Silverbird TV and some cable TV platforms, it established that print media is largely influenced by the editorial fit with socio-political inclination of the resident majority in those days. The report revealed that there were significant consumption of dialectical newspapers in major cities in South-western and northern Nigeria. Relying on All Media & Products Survey (AMPS) 2017, the report named THISDAY to be among the top three most often read daily newspapers in Nigeria. The finding was based on survey conducted on readers of 23 newspapers published in Nigeria. Meanwhile, the report noted that growth in the print media was not encouraging as hard copy was being threatened by online version and blogs.
Digital media On growth of digital media, the advertising guide stated that active social media users increased by 2 million from 2017 as a result of more people accessing social media platforms on the go with active mobile social media users accounting for 89.5 per cent. This is despite the fact that Nigerian internet users’ population dropped by 2.5 per cent to 94.8 per cent in 2018 attributable to the decline in purchasing power of Nigerian which impacts data subscription thereby reducing internet penetration. It pointed out that innovation on social
media platforms such as instagram stories, whatsApp stories and others are redefining video consumption behavior and encouraging the uptake of smartphones as smartphones now account for 56 per cent of the mobile population. It attributed the increase in smartphone penetration to the influx of low end smartphones making Nigeria the lead mobile-first market globally since mobile accounts for 81 per cent of internet traffic. Thus, to reach Nigerians a mobile first approach is necessary and it is important to note that mobile video is the dominant social content format projected to constitute 80 per cent of online content by 2019.
NMAG App Aside releasing the hard copy of the Nigerian Media Advertising Guide 2018/19 edition, Starcom Media Perspectives raised the bar with the unveiling of a software application that will make media buyers and consumers be in constant engagement with happenings in the industry. Speaking at the event organised within the office complex, the Chief Operating Officer of the agency, Mr. Jude Odia, said, this year’s report went beyond the boundary of gathering facts but added insights and intelligence to help media planners, advertisers and other stakeholders do their job effectively. Odia pointed out that the report has also been deployed as an application and interested stakeholders could download it on Google Play store as NMAG on their Smartphones. According to him, the report was deployed as an app because of the high rate of internet penetration in the country, affirming that the move was to reach a wider audience who could not have the opportunity to grab the hard copy of the report both within and outside the shores of the country. He said: “It is important to note that this year’s edition of the Nigerian Media Advertising Guide 2018/19 is now on an app.� “The reason is simple and it is because internet penetration is high in Nigeria. Nigeria is over 180 million people which is regarded as the biggest market and mobile is driving it.� “So, why leave this kind of valuable information in a hard copy that people may largely or relatively not read. Get it
to a platform where it becomes an integral part of them and they can easily access it and it will be useful to them.� “This is long awaited and to a large extent we are glad to know that we are the first in West Africa that have done this and we hope to move it to higher level as we go in the coming months and years.� Speaking in the same vein, Head, Digital Services, Starcom Media Perspectives, Mrs. Ose Osundeko, said, deploying the report in the form of an app became very necessary due to the inability of most stakeholders to grab a copy of the last edition of the report. Osundeko noted that the report is essentially released to help stakeholders within and outside the integrated marketing communications industry gets insights about the times and trends of what is happening within the media landscape. According to her, the app came about because last year when we launch, we had people from Nigeria, and a few people from abroad asking that how can I get this information.� “We could not reach them round, so we looked at it and realized that about 80% of people in Nigeria access the internet through mobile.� “So, we know that mobile penetration is very high and the easiest way for us to be able to provide this information was to go mobile and that is why we launched the app.� “Now, in terms of the usefulness of the app, it gives you information, for instance, if you are a student and you need to do your research, you have it at hand, if you are a marketing professional and you want to double check some information and you want to plan media, you actually have insight and actionable data.� “Based on that, as media partners; you want to know what the trend is based on different target audience segments, you actually have all that information. So, I encourage you download it and start using it immediately.� Meanwhile, the Associate Director, Strategy & Innovation, Mr. Dolapo Ogunbambo, noted that deploying the report as an app would enable the organisation become competitive amongst its peers at the global level. Ogunbambo, decried that it was high time Nigeria stopped playing catch-ups in the media landscape globally.
31
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
Audit Firm Calls for Friendly Tax Policy Judith Obaze A tax auditing company, Pedabo, has urged governments at all levels to design friendly ways to create confidence among tax payers. The Managing Partner, Pedabo. Mr. Ajibada Fashina, said this while speaking at a media briefing to mark the organisation’s 20th anniversary. Fashina said: “No country succeed by increasing tax rent or tax space without scrutinising its tax policy and encouraging greater parts of its citizens to pay tax.� He also noted that the company as an indigenous firm with an international outlook, has a global association of leading professional service firms operating in 86 countries. “As a member of Ksi who are dedicated to meeting the tax, accounting and business consulting needs of client in the nation where they operate, Pedabo has evolved over the years to become one of the market leaders. “As a professional firm which started in 1998 as a professional firm engaged in audit, tax and advisory service, with staff strength of five, but today we are about 100.
“This has metamorphosed into growth in client, public acceptability and popularity in competing with the top four in the country. “This is because we equipped ourselves regularly by conducting in house and external training to meet the needs of our client.� On his part, the Managing Consultant, Albert Folorunsho, expressed optimising that the challenges encountered during the past 20 years, motivated the company to surmount all obstacles to gain acceptability and to be able to compete among the best. “We have to some extent taken away tax, accounting and pay roll from our client, which we now handle on their behalf and this have added to us been acceptable in the industry.� Commenting on the effect of emerging technology and its disruptive tendencies, the managing partner said the firm was capable of handling all the issues that may arise. “We are looking forward to next 20 years based on what is on ground in terms of changing technology and political landscape, Pedabo is well prepared to all that its required to move us to next level.�
Group IntensiďŹ es Efforts to Grow Japan, Nigeria Trade Mary Nnah As Nigeria’s government continues to make deliberate efforts to rejuvenate the nation’s economy by increasing opportunities for foreign investments, Japanese companies have taken huge advantage of this by expanding their businesses in the biggest African market, Nigeria. To this end, as one of its activities to showcase Japanese products to African and particularly Nigerian market, the Japan External Trade Organisation (JETRO) in collaboration with Embassy of Japan, has erected a Japan Pavilion, the largest, at the ongoing Lagos International Trade Fair, where various products are being exhibited, from vehicles to food items and other products. Focused on promoting investment and facilitating trade from
Japan to Nigeria, JETRO has been of immense support to Japanese companies in Nigeria by increasing activities to improve the business environment which augments Japanese companies to invest in Nigeria, while aiding trade and investment with great positivity in both countries. It was obvious at the trade fair that the Nigerian economy has started recuperating as exhibitors were keen to enter and expand their business in the biggest market in the continent. There no doubt therefore that there was a huge difference in the size and number of exhibitors in Japan Pavilion this year as compared to last year 2017. The pavilion which is one of the biggest at the Lagos International Trade Fair had a gross size of 1,750m2 with 23 Japanese companies that exhibited
in 2017, compared to 2,125m2 gross size featuring around 30 Japanese companies this year 2018. This included participants from Japan as well as their local representative agents, in areas such as food, vehicles, transportation machinery like motorcycles, trucks and auto parts; stationary, home appliances, fiber for hair making, hair care goods, Dietary Supplement, power generators, raw materials for cosmetics, industrial equipment, electrical tools, office equipment and sewing machines. Since 2014, JETRO has been organising Japan Pavilion at Lagos International Trade Fair. Within one of the biggest pavilions at the fair this year, Japanese firms and their local distributors have brought in more than 33 Japanese brands to fascinate Nigerians. One of the exhibitors at the
Japan Pavilion, Mr. Hiroshi Seko, General Manager of Kaneka Corporation (Africa), said, “I am more than excited to recognise that the Japan Pavilion function as a business pathway for Nigeria, West Africa and even the whole continent for Japanese companies. “It is of utmost importance and great privilege to be part of the participants exhibiting at the Lagos International Trade Fair 2018.� According to him, the activities of Japanese companies in Nigeria are contributing to Nigeria’s economic development and growth. “They create jobs, educate staff, transfer technology and share values of Japanese craftsmanship, which is the key agenda of the federal government and its Economic Recovery and Growth Plan (ERGP),� Seko added.
Oyo-Ita Hails Rwanda’s Community Health Scheme The Head of Civil Service of the Federation, Mrs Winifred Oyo-Ita, has hailed Rwanda’s Community-Based Health Insurance Scheme, describing it as a good learning experience from her ongoing post-conflict study tour of the country. Speaking with the News Agency of Nigeria (NAN) on Tuesday in Kigali, Oyo-Ita said that the introduction of the Rwandan version of health insurance in Nigeria could be considered. She noted that the current National Health Insurance Scheme was not accessible to rural dwellers, hence the need for a community-based health insurance scheme. “What I have seen here is that they have a very interesting Communitybased Health Insurance Scheme which we will be looking at very closely when we get back home. “It allows a health insurance policy to be developed right at the grassroots, to improve health care services at the community level. “Rwanda has implemented this and their citizens are enjoying it; maternal and child mortality rate has dropped drastically due to this scheme; so, we will try to replicate this in Nigeria.� She noted that the country’s health policy starts from the grassroots
and that the members of the community were given the opportunity to choose whom they trust to be their the health attendants. NAN reports that Rwanda, a country shattered by the genocide against the Tutsis by the Hutus, with most of its health systems defunct until 11 years ago when it introduced the community-based insurance known as `Mutuelle de santÊ’. Mutelle de santÊ is a health insurance scheme financed both by the state and individuals’ contributions through insurance and direct fees for services. Members pay annual premiums of approximately six dollars per family member (increased in 2011 from two dollars per person) with a 10 per cent service fee paid for each visit to a health centre or hospital. Rwanda’s communitybased health insurance programme, seen as a universal health care model, is said to have been the focus of several large studies and much debate in global health policy. Many governments in sub-Saharan Africa and south Asia have studied Rwanda’s approach, particularly mechanisms to achieve high coverage, which exceeded 90 per cent by 2010
CSR IN ACTION
L-R: Acting Manager, Community Relations, Addax Petroleum, Julius Brown; Chief Executive, CSR-in-Action, Bekeme Masade; CEO, Millennium Oil & Gas Limited, Cecilia Umoren; Executive Director, African Centre for Corporate responsibility/ Consultant, CSR-in-Action, Dr Austin Onuoha and Project and Business Development Manager, Chimons Gas Limited, Godwin Okoduwa, at a roundtable discussion with business stakeholders to review a Draft Community Engagement Framework developed by CSR-inAction in Lagos...recently
3,000 Farmers for Kano Tomato Preservation Initiative No fewer than 3,000 farmers are to benefit from Kano Post-Harvest Hub initiative of an NGO, Pyxera Global YieldWise Nigeria, which aims at reducing post-harvest loss especially for tomatoes. The YieldWise project, which is being funded by Rockefeller Foundation, is aimed at reducing post-harvest loss for tomatoes and other crops in the country. The Project Director of the initiative, Mr Lekan Tobi, disclosed this at the inauguration of the post-harvest hub at Kwanar Agalawa village in Garunmalam
Local Government Area of the state on Tuesday. The News Agency of Nigeria (NAN) reported that Kwanar was one the tomato producing area in the state. Tobi, said the decision to establish the place was borne out of the NGO’s commitment to addressing the challenges of tomato loss and other crops produced in the area. “The hub will provide opportunity for 3, 000 farmers in 44 cooperatives as they will have a packing house and processing units in the centre,� he said.
He said the farmers would have the opportunity to get alternative buyers and processors in addition to getting improved tomato seeds for better yields. “The project will transfer the ownership of the hub to farmers’ groups in the area to enable them to use the facility and address the challenges. “The post-harvest hub will be used for other products such as cucumber, cabbage, onion, rice and maize among others,� Tobi said. Earlier in his remarks, the Kano State Deputy Governor, Dr Nasiru
Gawuna, said the state government would continue to give priority attention to agriculture in order to boost food production. The deputy governor was represented by the Permanent Secretary in the Ministry of Agriculture and Natural Resources, Alhaji Aminu Garba Gawuna commended YieldWise Nigeria for initiating the project. The event was attended by tomato growers and various stakeholders including representatives of Jigawa, Katsina, Kaduna and Plateau Governments.
Experts Harp on Fintechs, Banks’ Collaboration to Improve Customer Service Emma Okonji The need for financial technology (fintech) players and the banks to collaborate on data generation and analysis in order to improve on customers’ service delivery, was the focus of a Business Forum organised by CFJ-ACAMB in Lagos recently. Participants at the business forum saw huge potential in
fintech players who are currently developing technology solutions that are driving financial transactions in the financial service space. They stressed the need for collaboration between fintechs and the banks to further meet the needs of financial services customers who are yearning for more solutions that would make them do more financial
transactions, without visiting any of the bank branches. The Executive Director, SystemSpecs Limited, Mr. Aderemi Atanda, one of the speakers at the forum, said there are lots of untapped data about customers’ behaviour and spending habit that could be generated and analysed that can help the banks and other financial institutions make better policies that would
enhance their business and offer full satisfaction to customers’ needs. “To achieve this, fintechs and banks must collaborate to further develop the Nigerian financial space, that is currently doing over N80 trillion financial transactions on its e-payment platforms, up from N4 trillion transactions it was operating on in the last three years,� Atanda said.
32
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
BUSINESSWORLD
DEVELOPMENT
Slum2School Provides Access to Education in 11 Communities Ugo Aliogo Slum2School, a NonGovernmental Organization (NGO) has enrolled 510 Children in 11 communities into schools in Lagos. The group has also inaugurated an enterprise development centre for beneficiaries between the ages of 9-24, to enable them learn how to set up and run small scale businesses. Speaking at the event, the Managing Director, Education partnership
Centre Board and Member Slum2School Africa, Modupe Olateju, noted that the founder of Slum2School had worked with schools; not only supporting children in Makoko area, but has also extended his work to 18 communities across Nigeria, including Bornu State. Olateju, stated that in recent years the NGO has received great amount of support both from the government and private sector and has touched the
lives of over 32000. She further noted that the NGO has attracted volunteers from around the world and has played a role in ensuring that children have access to quality education.
“Slum2School is trying to lift children out of poverty. The way to do that is by giving them access to education. Slum2School has been working to give opportunity to any child that lives in slum community across
country, because of social economic considerations. “Today, we are providing school bags to about 510 children in Makoko community alone,� she stated. THISDAY gathered that some of the children were
teenagers who have never been to school, but hoped to be people who would impact their respective communities in the future. She added that some of the children had lost their parents.
Lalong Pledges to Address Youth Empowerment Seriki Adinoyi in Jos The Plateau State Governor, Simon Lalong has stated that the desire of the administration to address youth empowerment and employment as part of government’s commitment to reduce poverty among youths in the state. Lalong, who disclosed this recently in Jos during the inauguration of the third phase of Simon Lalong Empowerment Scheme (SLEMS), said he has not disappointed the people in the area of empowerment. He also noted that the establishment of the Plateau State Microfinance, Small and Medium Enterprises Development Agency (PLASMEDA) through an Executive Bill, was a clear pointer in that regard. He added that over 2,000 market women and traders were recently engaged in the Government Enterprise Empowerment Programme (GEEP), which enabled them to access micro-credit facilities to grow their businesses. “Announcing that very soon another batch of 2,000 will benefit from same facility, the Governor also said he was pleased that the
Central Bank of Nigeria (CBN) in collaboration with PLASMEDA has mobilised over 1,000 Agric Businesses and SMEs in the state to benefit from the CBN’s Agric Small and Medium Enterprise Scheme (AGSMEIS) loan facility,� he noted. Lalong, explained that under the first phase of SLEMS that captured 3,000 participants, over 100 inputs were donated to the best three graduating participants across the various skills in all 17 Local Government Areas (LGAs), including women, youth, and people living with disabilities. The governor further noted that in the second phase of SLEMS over 3,400 participants were captured with another 200 youths trained under the National Industrial Skill Development Programme (NISDP) in collaboration with the Industrial Training Fund (ITF). According to him, “Plateau State SME was recognised and awarded the overall best in the country this year. This was made possible through the support and encouragement of PLASMEDA which culminated in a giant leap to national recognition. We have also inaugurating 4,500 youths for the third phase.�
200 Indigent Kids BeneďŹ t from Scholarship Scheme Kasim Sumaina in Abuja Over 200 children had the course of their lives radically impacted directly by scholarship program awarded by a non-governmental organisation (NGO), the Shining Light Kids Outreach. The outreach which started in 2010, has seen children that were not in school and could not get education without scholarship, now being educated. The Senior Pastor, Shining Light Kingdom Builders Ministry, Pst. Tunde Dada, while speaking at a recent workshop titled: “Building the Nigerian of our Dreams,â€? said children being sponsored under the scheme come from extremely rough and underprivileged communities. According to him, “These children are from communities where most men are alcoholics and women are prostitutes. We would love to have a boarding house where we could board some of our children so we can see the transformation we desire. “It’s difficult for us to get the transformation we desire with them living in that environment. Over the years, four of our senior secondary students have gotten
pregnant and had to drop out of school. “Right now one of our high performing kids who was once head girl is pregnant. Her grandmother has driven her out of the house. She wants to stay on in school so we are working with her to make that happen.� Dada, during his keynote address explained: “We take care of them fully, we buy their text books, pay for their uniforms, shoes and school bags. Initially they were not doing so well in school so we did two things that really worked. “We started supplying them lunch in school every day. We have done this for eight years and it made a huge difference in their performance. “We have volunteers that spend two hours with them every Saturday, teaching them english, maths and bible studies. We have volunteers from all walks of life and other churches. “All our programs are open to all people. We are very Kingdom minded not church focused.� Dada said over 1000 children had been impacted from the feeding program and Saturday classes.
FOR FINANCIAL INCLUSION
L –R: Head, Financial Inclusion, Diamond Bank, Iheanyi Ononiwu; Founder Amazing Amazon Initiative, Mercy Makinde; Group Head, Agency & Merchant Services, Diamond Bank, Uche Ben-Uzoebo; Commissioner of Women Aairs, Kaduna State, Hajiya Hafsat Mohammed Baba; Area Manager, Kaduna Kachia Diamond Bank, Kuburat Amodu-Ode and Branch Manager, Fatimah Pollit, during an event organised by the bank in Kaduna‌ recently
Group Tackles TBS Concessionaire
UNFPA Seeks Increased Investment in Health, Others
Kayode Fasua
Ugo Aliogo
A clash of interests now looms over ongoing development initiatives at the Tafawa Balewa Square (TBS), Lagos, as a group of Lagos Island indigenes has cried out, complaining that the original conception of the national monument is now being perverted by its concessionaire, BHS International Limited. The body, Igbosere Aboriginal Group, in a statement made available to THISDAY, accused the firm of altering the national monument status of the TBS, by building makeshift event centres and shops on the monument’s arcade and grounds, “for simple financial gains�. In the statement signed by its president, Mr. Oladele Yishaq, and secretary, Mr. Emiola Adio, the group said it was appalling that what used to be the pride of a nation had now been turned to a market square, “as if without altering the original plan, Nigeria’s economy will collapse.� “We’ve been observing with utmost disappointment, the trend of events at the TBS, which used to be the seat of government in this country and which should be now, a national monument and the pride of all Lagos Island indigenes. “Unfortunately, however, what should have been the pride of the nation has been perverted and turned by its concessionaires to what will now become a rowdy market place upon which those who conceived the idea can easily feed fat.
“For simple financial gains, the concessionaires have constructed no fewer than eight big makeshift event centres on the open arcade under the guise that they intend to generate revenue for government, as if without altering the original plan, Nigeria’s economy will collapse. “For instance, when President Muhammadu Buhari comes to Lagos and wants to address the people, where will he use? Will our President be begging for a place to use?� The group also added that constructing makeshift event centres on the arcade and on the open field beside it was not in the original plan of government for the TBS, and thus urged the concessionaires to retrace their states. “Again, the concessionaire has to realise that there is a legal tussle between the federal government and the Lagos State government on the ownership of TBS. So this strange development move may be subjudice,� it stressed. But in his reply, the Chief Executive Officer of the BHS International Limited, Chief Olu Adenodi, sarcastically said, “The petitioners are right.� In a response to THISDAY’s enquiries, Adenodi stated, “They (the petitioners) have been in competition with us since the inception of our concession. “They park cars, collect money and host parties, yet they do not pay rental fees to anybody, unlike BHS International Ltd that pays N100 million per year to the Federal Government.�
The United Nations Population Fund (UNFPA) has called for increased investment in health, education and entrepreneurship development to unleash the potential of youths in the country. The Country Director, UNFPA Nigeria, Dr. Diene Keita, made the call in Lagos at the 25th Annual Teenage Festival of Life (TFL), organised by a Non-Governmental Organisation (NGO), Action Health Incorporated (AHI) with the theme: ‘Harnessing Demographic Dividend by Investing in the Potential of Young People.’ Keita, stated that investing in children in the areas of health, education, entrepreneurial skills development and good governance that would ensure that justice is free and fair, and opportunities are not one-sided. The country director urged the federal government to formulate inclusive policies, increase investment in qualitative education and entrepreneurship skills and create an enabling environment that guarantees the future of youths and the nation. She explained that increased investment in youths would enable them think and understand that they have a future. Keita, who was represented by the Director, UNFPA Lagos Office, Dr. Omolaso Omosehin, said the United Nations had realised the need to do more for youths to enable them to take up their positions in the affairs of life. According to her, “If we decide to invest properly in
our children in the areas of health, education, entrepreneurial skills development and good governance that will ensure justice is free and fair, and opportunities are not one-sided.� Then, youths would begin to think and know they have a future. It will also ensure we get the dividends that we want. Youth integration will help the country unlock its greatness and change the global narrative of Nigeria.� Earlier in her remarks, the Executive Director of AHI, Mrs. Adenike Esiet, said the festival was aimed at shaping the life of youths to be pivotal to build the socio-economic landscape of the country to greatness through their ingenuity. In her remarks, the Project Coordinator of TFL, Miss Funso Bukoye, said Nigeria has one of the most youthful and fastest growing population in Africa with 60 million young people between the ages of 10 and 24 accounting for 32 percent of the population. She also noted that the increase in youth population has created the opportunity the country to reap a demographic dividend, adding that while the potential for Nigeria’s economic growth was significant, key barriers to achieving demographic dividend persisted. According to Bukoye; “A demographic dividend is the economic growth that may result from changes to a country’s age structure, due to the shift from people living short lives and having short large families to living long lives and having small families.
33
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
Supporting Nigeria’s Quest for Food Security Judith Obaze highlights the contribution of Heritage Bank to Nigeria’s quest for food security Unarguably, the Nigerian agricultural sector has gone through a chequered history. The uninspiring performance of the sector in terms of its contribution to the country’s revenue has also been a source of concern to successive governments. This had led to the creation of various initiatives aimed at taking the agriculture sector out of the doldrums. Unfortunately, despite various policies that were created in the past, the sector’s contribution has remained insignificant. But with Nigeria’s dwindling revenue profile as well as the threats to global food security, more attention is being paid to agriculture. Nigeria, just like most countries and institutions have continued to push for large-scale agricultural transformation as part of efforts to achieve increased growth and reduced rural poverty. Based on the fact that the country is blessed with favourable climatic conditions, vast arable land and fertile soils, it has never been in doubt, the significant role agriculture should play in the nation’s quest to achieve sustainable development. That is why Heritage Bank has continued to support various initiatives aimed at enhancing agricultural activities in the country. In Nigeria, with access to finance still a major challenge, agriculture remains underdeveloped with majority of farmers in the rural areas still practising subsistence farming. However, to increase funding for the agricultural sector, the Central Bank of Nigeria (CBN), in line with its developmental functions and in collaboration with the federal government and banks established various agricultural schemes as a way of bridging the funding gap. Such interventions include the Commercial Agriculture Credit Scheme (CACS), Commercial Agriculture Development Programme (CADP), the Interest Draw-back scheme, Agricultural Credit Support Scheme as well as the recently introduced Anchor Borrowers’ Programme (ABP). The broad objectives of most of the schemes are to fast-track development of the agricultural sector by providing credit facilities to commercial agricultural enterprises at a single digit interest rate; enhance national food security by increasing food supply and effecting lower agricultural produce and product prices, thereby promoting low food inflation; generate employment and diversify revenue base.
Heritage Bank’s Intervention In complimenting the efforts of the federal government, Heritage Bank Plc, under its Chief Executive, Mr. Ifie Sekibo, has continued to finance critical agricultural projects in the country. Heritage Bank has not only encouraged both governments, corporates and individuals (including young people to embrace optimal productivity and greatness in this sector), it has taken the front seat in the drive to support them in the attainment of noble agricultural virtues by funding various agricultural projects in several states in the country, especially in Oyo, Kaduna and Zamfara states. Sekibo recently vowed that the bank would not relent in its efforts at boosting the agriculture base of the nation, affirming that Heritage Bank would continue to make farming profitable to stakeholders and attractive to the youth. The bank, he said, would remain focused in supporting agribusiness through financing the purchase of modern technology, as it would bring about transformative development to the economy in general. He, however, noted that the bank would support the drive for cash crop commodities that would boost Nigeria’s foreign exchange earnings, which the President Mohammad Buhari’s administration has always been cautious given the dangers
EmeďŹ ele
the continuous reliance on imported food items pose to its efforts to create jobs as well as develop and diversify the economy. Some of the bank’s intervention in the sector includes its collaboration with the CBN to provide N2 billion long-term facility under the CACS to Triton Aqua Africa Limited(TAAL). TAAL known as Triton Farm accessed the CACS through Heritage Bank, which was used to set up aquaculture businesses; nursery/hatchery to produce fingerlings and brood stock in Ikeja and earthen ponds for catfish and Tilapia in Asejire, Iwo and Gambari towns in Oyo State. Under the arrangement, TAAL will also help small-scale farms increase their fish production by making fingerlings available to them. In fact, the loan was expected to help Triton double its current production capacity of 25,000 metric tonnes with a projection to scale it up to 100,000 metric tonnes in five years. The bank also has thrown its weight behind Globus Resources Limited, a subsidiary of Triton Group, to flag off the second phase of afforestation programme in Oyo state. Nigeria’s current demand capacity for fish is estimated at 2.7million
In Nigeria, with access to ďŹ nance still a major challenge, agriculture remains underdeveloped with majority of farmers in the rural areas still practising subsistence farming
Sekibo
metric tons and the country currently produces 800,000 metric tons. In addition, Heritage Bank in partnership with the Oyo State government, supported the Oyo State Agricultural Initiative (OYSAI), a programme designed to revive agriculture, boost agro-allied businesses and massive empowerment programme for both youth and women across the state through the creation of thousands of jobs in the sector. This project spread across 3,000 hectares of land in 28 of the 33 Local Government Areas in the state. Furthermore, the bank also supported thousands of small holder farms in Kaduna and Zamfara states to benefit from the bank’s financial support for rice and soya beans production under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP). Sekibo said the bank’s drive to support rice production was borne out of the conviction that agribusiness is profitable and act of patriotism to achieve food security and sufficiency in the country. On Heritage Bank’s involvement in the ABP, the bank provides on-lending funding to aggregated farmers to grow various produce that will serve as raw materials to the processors, thereby ensuring market linkages and access to market as well as reduce importation and conserve Nigeria’s external reserves. In 2016, the sums of N54,892,728.00 and N248,413,350.00 were sourced from CBN and disbursed as loans to 185 rice farmers and 414 soya bean farmers respectively in Kaduna State. In 2016, N37,995,300.00 was disbursed to 259 rice farmers via 11 cooperatives in Zamfara State. The bank also executed several partnerships with NIRSAL in 2017 which were in poultry farming, maize cultivation, cassava cultivation, among others. Also, as part of support for the sector, Heritage Bank Plc signed a N232 million pilot phase of out-growers agreement with Biase Plantations Limited (BPL), and its joint venture partner, PZ Wilmar Limited to produce best-in-class palm oil, using the ABP model. The first tranche of N113million had been received and disbursed accordingly. The pilot scheme covers 45 farmers, grouped into four co-operative societies
with a land mass of 150 hectares, and the funds to be administered is from BPL. Youths are also encouraged through the bank’s partnership with CBN under the Youth Innovative Entrepreneurship Development Programme (YIEDP) to start young and create wealth, adding that from available statistics, 80 percent of applicants under the youth empowerment programme choose agriculture as the preferred sector. It was in recognition of the bank’s track record in this regard that apparently influenced its selection by the CBN as its pilot partner for the execution of the N3billion YIEDP. The programme is aimed at creating sustainable wealth and employment in the country with focus on dependable job creating sectors such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts and crafts), and Information and ICT. The financial institution also supported NatnudO Foods, a food processing company in its determination to make poultry affordable and accessible for the people. “We have been playing strongly in the education and SMEs. This project syncs with our mission and vision as a bank. The age bracket of 18 to 40 years for the beneficiaries also aligns with our corporate goal, just like the key sectors which include agriculture, ICT and creative industry, identified for the project are pivotal for economic growth,� Sekibo said. Undeniably, most of the ventures in the agriculture sector fall within the MSMEs of the economy. These feats will empower the people in addition to boosting Nigeria’s economic revival and leading the country’s foray into modern and sustained industrialisation. The many innovative supports by Heritage Bank across the country for growth of the productive sector in the agriculture, SME, entertainment and numerous spheres, point to Nigeria’s hitherto untapped rich human potentials. To sustain this, capacity development has been prioritised these past four years through sound corporate governance, which is not only to churn out competent pool of hands who will ensure sustained proper management of the system, but also an endless supply of confident citizens who will excel anywhere in the world.
34
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
BUSINESSWORLD
INTERVIEW
Adeyemi: Commercial Drivers Deserve to Live Well The Chairman, Board of Directors of the Institute of Road Transport Workers, Chief Adewale Adeyemi, in this interview with Kayode Fasua, reveals how the institute intends to transform the lives of commercial drivers through some welfare schemes. Excerpts: What is the micro-bus empowerment scheme all about? The Micro-Bus Empowerment Scheme (MES) is a project devised by the Institute of Road Transport Workers (IRTW), as a training-incentive package of diverse economic and social benefits for the personnel of the road transport profession in Nigeria. By design, the scheme is a device by which the Institute attracts mass patronage among the large population of practising and prospective road transport practitioners, in its bid to revolutionise the sector, through the filling of the knowledge vacuum that traditionally characterise and plague the sub-sector and the Nigerian nation in general. On the whole, the scheme integrates multiple platforms by which multitudes of Nigerian road transporters, biometrically registered as its beneficiaries, can access credit purchase of buses and housing units as well as gain access to health and life assurance benefits, while undergoing compulsory on-the-job training at the Institute of Road Transport Workers. Meanwhile, the status of the official bankers to the project is a major status that seeks to confer Sterling Bank and lately Jaiz Bank, with partnership involvement in the project. In essence, the banks hereby proposed are co-promoters of the scheme, alongside the Institute of Road Transport Workers and respective state governments of varied states of implementation. In general terms, what is the vision of the IRTW? We are a company incorporated as a platform of human capacity development and reorientation in the Nigerian road transport sub-sector. Our mission is to empower road transporters with knowledge and social benefits, in a bid to enhance safety, productivity, peace and social security in Nigeria, through human capacity development, social investment and advocacy. In the same vein, in terms of mission, we aspire to become the engine-room of public-private partnership on the reform of the human resources and environment of road transport in Nigeria. But how justified is your new project, in view of the plethora of similar initiatives in the past? The conception and establishment of the institute is premised on the need to rescue the road transport sub-sector from the infamous status of being a dumping ground for social dropouts and miscreants, which has been responsible for persistent, high rate of avoidable road accidents, lawlessness and other criminal acts in Nigeria. For your information, our pilot operational network covers six states of Lagos, Ogun, Oyo, Delta, Imo and Kano States, being our initial centres of operations, coordinated from our temporary headquarters in Ibadan, Oyo State. Kindly shed light on the micro-bus empowerment scheme The MES is a public-private partnership project designed to innovatively improve sanity, security and safety on Nigerian roads and in the society generally, through tactical introduction and sustenance of knowledge-based reform of road transport personnel, using a multiple inducement strategy. Simply put, the scheme is an allencompassing package of social and economic benefits, aimed at developing and sustaining knowledge acquisition,
home ownership programme, and then, participants are to benefits under the MES Pension Scheme.
Adeyemi
professional efficiency and life-benefit programmes for road transport practitioners in Nigeria. Under the scheme, every beneficiary undergoes a comprehensive medical check, driving training/ recertification course, and then biometric registration, to qualify for credit acquisition and operation of a unit of micro buses, while undergoing a mandatory on-the-job training at the Institute of Road Transport Workers. In addition, he or she is entitled to benefitting from the micro-bus empowerment scheme’s Home Ownership Programme, health insurance programme and life assurance programme. What is the micro-bus going to look like? It is a seven-passenger bus type, mostly produced by Suzuki and popularly referred
Our mission is to empower road transporters with knowledge and social beneďŹ ts, in a bid to enhance safety, productivity, peace and social security in Nigeria, through human capacity development, social investment and advocacy
to as Korope in the South-West of Nigeria. It is a specially branded vehicle that wears the official white and brown colour and logo of the Institute of Road Transport Workers. And it is an owner-operated commercial vehicle. The micro-buses would be procured through periodic supplies by accredited suppliers, based on orders duly issued by the Institute. Why have you classified your project as a social security initiative and not necessarily a private business concern? The most fundamental rational for the conception and introduction of the scheme lies in the urgent need for some concerted and dynamic efforts at rescuing the Nigerian populace from the claws of psychological and physical insecurity, largely caused by the degeneration of the road transport sub-sector, which has now lapsed into a vast refuse where ‘social wastes’ of the nation get freely dumped. At the economic front, there is the need for a revolutionary risk-reducing strategy of wooing some significant fraction of the sprawling populace of the Nigerian road transport operators from their characteristic informal domain to the formal segment of the economy. This necessity becomes the more compelling in view of the potential monumental expansionary benefits its success holds for the economy, particularly the banking sector. What is your operational module like? Well, targeted beneficiaries, mobilised by the institute, are biometrically registered and subjected to preliminary driving training or recertification cum medical checks to qualify for credit purchase of units of the micro buses; mandatory module-based, on-the-job training that entails a once-a-week lecture; coverage by the MES Health Insurance Programme; acquisition of a two-bedroom apartment housing unit under the MES mortgaged
How do you intend to regulate bus acquisition cum repayment system, to avert defaulting? The purchase of units of buses by beneficiaries of the Micro-Bus Empowerment Scheme is planned to take some formats aimed at ensuring that nothing goes amiss. One, we’ll form Micro-Bus Owners and Operators Association of Nigeria (MOOAN). Under it, all prospective beneficiaries, mobilised and registered by the institute, are enlisted as members of the MOOAN, being an organisation specially formed by the Institute of Road Transport Workers as a platform of group identification and cooperation among the beneficiaries of the scheme. Then we will constitute the MOOAN units into cooperative societies. The unit level of the Micro-Bus Owners and Operators Association of Nigeria is projected as the engine-room of multiple cooperative societies. Each cooperative society to emerge from the hierarchy of MOOAN, being a duly registered platform, and it is projected as the channel of bank borrowing for each of its members. Again, each individual beneficiary will make an equity contribution of a minimum of N100, 000 through his or her project account with our banker. While a bus costs an average of N850, 000 for instance, the balance of N750, 000 would be paid to the bank, through daily e-payment to the MOOAN levy collection agents. Credit facility guarantee is also projected to take the forms of group and cross membership guarantee. The Group Guarantee will entail indemnity undertaking by the MOOAN, at the unit level; while the Cross Membership Guarantee, on the other hand, will imply that two other members of a sponsoring MOOAN unit shall stand as sureties for every beneficiary member under a non-exclusionary arrangement. By non-exclusionary arrangement, I mean that no individual member guarantor of the Micro-Bus Empowerment Scheme’s credit is projected for credit prohibition, as long as he or she is able to secure two other member guarantors from within the same unit of the association. It is projected that each beneficiary would be availed with a moratorium period of one month by the project Bankers, in-between the date of bus collection and the commencement of instalment repayment. During the moratorium period, every beneficiary would be mandated to deposit a minimum of N30, 000 into his or her project account. It is projected that the moratorium savings would serve as advance cash reserve for regular repayment in instalments, at the end of the moratorium. Then, it is projected that every beneficiary will be allowed a period of 16 months, including one-month moratorium period. What is your repayment mode? The repayment mode will be through direct electronic payment by every beneficiary. The receiving accounts will be the various corporate accounts of MOOAN units with our respective banks. A daily mandatory debt repayment levy of N2, 500 will be paid by each beneficiary. Again, compulsorily, the means of payment will be a credit card issued by our banker, in connection with every beneficiary’s project account. The collection agents are unit officials of MOOAN who would be specially trained for effective performance.
T H I S D AY Ëž ÍśËœ Í°ÍŽÍŻÍś
35
BUSINESSWORLD
INTERVIEW
Alimi: We are Shifting Corporate Governance Focus to Public Sector The Director General, Institute of Directors, Mr. Dele Alimi, in this interview speaks on efforts by the institute to improve corporate governance culture in Nigeria. Ugo Aliogo presents the excerpts: As the Director-General and Chief Executive OfďŹ cer of the IoD Nigeria, what would you say are the major contributions of the institute to the economy? The institute of directors is a prime membership organisation in Nigeria and it basically focuses on capacity development for directors, improving their abilities to deliver on the various mandates they have been given in the various boards, ministries, departments, and companies they are directing. The role of a director is different from that of a manager. The director is like the overall person who gives direction on the way the company should run, so not only do we deal with executives who are managing directors or executive directors or we also have directors who are just on board that is the non-executive directors and we have independent directors. So what we do is to prepare them in terms of their capacities and abilities to properly manage organisations. The implication is that when organisations are properly managed, it has a positive effect on the economy, employment and social aspect of the country. The institute is striving in all areas to make the Nigerian economy viable and useful for everybody. So I believe that when directors direct well, organisations will be sustainable. When organisations are sustainable employments will always be retained and new employment will be created. Organisations especially those in the private sector if they are performing well will contribute meaningfully to the coffers of the government. They will pay tax as at when due if they are doing their job well, following due process and good corporate governance. Then government will spend less on getting tax and get more from these organisations who are doing well. So when you consider it from both sides, our organisation is in a position to help both the public and private sectors respectively to ensure that members through their various capacities and interventions in their organisations move the country forward. We are also concerned with good corporate governance which means we have concern to ensure that directors manage their organisations the right way. They follow the rules as stipulated by the various regulatory authorities and government such that everybody does things the right way. That is what we are here. Chartered Directors is something that is present in other parts of the world where there is IoD. How far has IoD Nigeria gone in establishing Chartered Directors? To have chartered director, the first thing you must do is that the institute itself must be chartered. As I speak with you, IoD Nigeria has gone very far. This is a race that started about three to four years ago. By the grace of God, we are at the last leap of getting a chartered status for IoD Nigeria. Once we have a chartered status, in the house, we will roll out our plans to ensure that we have chartered directors in Nigeria. We are hoping before the end of the year. Tell us about the Annual Directors’ Conference, which is the Institute’s agship event. What are you doing differently this year and how are the corporate directors responding to it? The conference is opening on November 8 in Abuja, with the theme: ‘Global Best Practice in Corporate Governance Way Forward for Nigeria.’ From the theme, you will realise that we are still demanding more in terms of the need for Nigeria to embrace more the spirit of good corporate governance. What we are doing this year is that we are looking at the global best practices, where it has been done and it has been done right and bringing people to come and discuss that. We are going to have foreign speakers from climes where internationally they have been acclaimed to have very good corporate governance codes that is working and working very well for them. We are bringing them here and we will listen to their experiences. We are going to have discussants who have worked in those climes. We are also going to have Nigerians who are also in charge of implementing our codes, or contributed to our own governance code. We will discuss the issue.
how the practice has gotten to now. Non-executive directors can now go to jail. Various sectors have their regulatory bodies. Even quoted companies, there are new sets of guide lines from the Stock Exchange Commission (SEC), people are now expected to do due diligence on their companies. So when any company invites you to their board, you need to do due diligence on their board and if you are on their board, then you see things are going wrong, you need to blow the whistle to let everybody know. This is part of the whole IoD now plays to prepare them. We have had people who have been appointed to board who are fresh and they have come for training here and when we told them what they need to know, they were quite happy and appreciated us. I know when more papers come to me, I have to read. Before I go to meetings I must read and ask the right questions. Because unless you do that, you cannot govern, the board is there as a check on management. The board is there as a representative of other shareholders who cannot be on the board. So they are representing everybody including the staff because when the company goes down. The shareholder loses his investment and the employers lose their job. So the board is carrying heavy load. So much is expected of them and that is why an institute like IoD wants to continue impact positively on people who are boards and ensure they have enough knowledge to play that honourable task. There are big implications for not doing your job as a body. Alimi
It is a one-day programme. Not only are we examining the issue ourselves, but we are looking at other places where they seem to be doing it better than we are. The special guest of honour is the Vice President and the keynote address speaker is Prof. Bola Akinteriwa. He has written so much on leadership especially as it affects Nigeria and you have the Chief Executive Officer, IoD Mauritius. Mauritius is regarded as one of the countries in Africa with the best corporate governance codes. It is working very well for them, if you look at the ease of doing business; they are even ahead of us. We are bringing the CEO of Mauritius IoD to talk about their own experience, about how they were able to entrench corporate governance code and how they were able to work in their country. Part of our speakers is the President, Nigeria Stock Exchange, Bimbo Banjo, the Head of Civil Service, Mrs. Eyo-Ita, the Chairman Financial Reporting Council, and Mr. Dotun Suleiman. Therefore, it is a rich it is a body of rich speakers to discussants to discuss the issue and tackle the issue.
Organisations especially those in the private sector if they are performing well will contribute meaningfully to the coffers of the government. They will pay tax as at when due if they are doing their job well, following due process and good corporate governance
The charter process of the institute, what are you doing to speed it up? The issue goes beyond speeding up, because you have to make sure that all the Ts are crossed and the Is are dotted. Don’t forget that it is a legislative thing. It has gone to the National Assembly, and as I speak, it has passed through the Senate already, and they have passed it already. We are expecting that the House of Representative will pass it any moment from now. This is why I stated that within the year, it is possible. If it is passed any moment from now, then we will wait for Mr. President to sign it into law. I think we have waited long enough. We are hoping in the next few months we will be granted a charted status. What is the institute’s role in corporate governance? The roles are quite different. You have different categories of staff and workers. In many organisations, you have what is called junior and senior staff. There are management staff and directors. At each levels, there are expectations. There are job descriptions, there are Key Performance Index (KPIs) and everyone has a role to play. But then people look more to the top, where strategy resides, and directions are given, this is where the difference between the director and the manager comes in. It is believed that at the director level things are going well, it is most likely that they will hire the right set of mangers who will be the vision drivers. So the directors are the vision drivers. They set the standard and the strategy. Then they brought it down to the management level that implement. They continue to evaluate and review what management is doing. So if you have at that level people who are well trained, with the capacity and experience to deliver, there is likelihood that management will be well guided. So the directors guide the mangers to deliver on the set strategies put together by the directors. The directors can be divided into executive directors which include the managing director and other executives who are part of the daily running of the organisation. Then, the board who are non-executive directors, the board comes there daily but their liabilities are now so large you cannot be an executive director and say I don’t know when they were doing this. The rule now takes everyone into consideration. So as a non-executive director, it is important you know what is going on. You must get the fact behind the figures. Directors can no go to jail when companies are not well managed. This is
Recently, you launched the Code of Ethics Committee. What informed it and how is the committee going to regulate the activities of directors in their various organisations? The idea of setting up an ethics committee is for members of the institute. We also ensure that our members at all-time are above board in their dealings and activities. Also, in playing properly the roles they have been given as directors. We believe that if we put this code in place, it will transcend any sector. It is a code that will guide directors. Our aim is not to be punitive. We believe that at any point in time, you have issue, we will give you what to do in terms of blowing the whistle. The whole idea is that as a member of IoD, there is a particular level of standard that is expected of you and if you fall below it, there will be sanctions. Also, the reason why I said it is not going to be completely punitive in nature is that when we notice that a member is erring. Standing on the existing ethics code that we have, we can write the member. The institute believes those actions you have taken is contrary. So it is also going to be advisory in nature and that will not be within our control. Our code of ethics is within our control. We are not going to be waiting on government and regulatory authorities. We will have our own committee. For instance, Institute of Chartered Accountants of Nigeria (ICAN) has its own disciplinary committee no matter what the court does. Once a member is reported ICAN has a way of disciplining such members. We have members whose certificates were withdrawn and removed the register of ICAN. This ethic conduct will ensure that members are able to live above board as the conducts are concerned. 2019 is an election year? What are the institute’s expectations what role will the institute be playing? Our expectation is that we have a free and fair election that will bring out the best Nigerians to lead the country. Going forward, IoD will participate in the discourse that will lead to the emergency of good governance. As I speak with you, we are planning to hold a pre-election discourse with some major contenders for positions in this country such as the presidency and governorship candidates of states where we have branches. We want to engage them through to allow people hear them and see what they have in stock for corporate Nigeria and the country in general. We are hopeful that as the country is becoming older, we will continue to entrench the values the right kind of leadership with other BMOs in the country for the development of the election.
T H I S D AY ˾ ,NOVEMBER 8, 2018
36
HEALTH & LIFESTYLE
ÜÙßÚ ÏËÞßÜÏÝ ÎÓÞÙÜ˝ ÒÓÏ×ÏÖÓÏ äÏÙÌÓ ×ËÓÖ chiemelie.ezeobi@thisdaylive.com, Tel: 08152252325
Improving Mental Health Through Social Work Nigerians still live in oblivion of the role of social workers due to limited knowledge about what they do. Their services, especially in crisis situations, however cannot be overrated or under estimated in psychological healing and mental well being. Kuni Tyessi writes
A
fter panels and committees had been set up to look into the crisis that ravaged some parts of Nigeria, one of the first moves was to invite the affected persons to narrate their ordeals, and probably proffer solutions as community problems are believed to have community solutions. Upon the invitation, several had come out from their hiding places after being saved by the whiskers. They bitterly opened up about their human and material loses which included burnt houses and farmlands, loss of loved ones in the cruelest manner, rape, starvation, inhuman and undignified treatments, as well as others that can only be best imagined. From their narration, it was discovered that while the crisis were usually given religious and political colouration in order to distract and deceive the unsuspecting and gullible, all of the victims and casualties had the same tale of pains, fears, regrets and indescribable agony. In such gatherings, everyone in a different camp was perceived as a suspect and an enemy, and one not deserving to live. Tension, hate and uncertainty were usually part of the atmosphere and could be felt like cloth. Unconscious division could be seen in the sitting pattern as the rival groups sat alongside their members of the same religion, political party or ethnic group. The worse hit in such ugly scenarios are usually the vulnerable women and the elderly, persons living with disabilities and most importantly, and painfully too, the children, who suffer double of the effects of the crisis and its aftermath. Most often than not, their innocence is forcefully stolen and their childhood is ripped off by adults who should ordinarily provide protection. Their growth and development which should be paramount, judging from the fact that they remain as every society’s torch bearers are not put into consideration. Little wonder, society has continued to produce many dysfunctional children-cum -adults, who have been exposed to all forms of abuse and neglect. This is where the services of social workers should play out as bridge builders in repairing the broken spirits and minds of the affected. Global Crusade for Mental Health Thus, on October 10, which is World Mental Day and commemorated globally, no one is left out of the crusade. In this regard, the need for social workers to help address the spate of depression, suicide, dealing with rejection and want, as well as other psychological illnesses and imbalances which are part of the effects of crisis comes to play. The marked out day for mental health is a day for global mental health education, awareness and advocacy against social stigmatisation, which was first celebrated in 1992 at the initiative of the World Federation for Mental Health, a global mental health organisation with members and contacts in more than 150 countries. Each October, thousands of supporters come to celebrate this annual awareness programme to bring attention to mental illness and its major effects on peoples’ life worldwide. In some countries, this day is part of an awareness week, such as Mental Health Week. However, how far can this go and how effective can this be if the role of social workers are not fully and adequately understood? Need for Social Workers In a recent United Nations Children’s Fund (UNICEF) interface with the media on Social Work Professionalisation Bill, associate professor on development and peace
Social work can address mental health issues
building consultant, Dr. Nancy Ogundimu, reiterated on the need for peaceful coexistence irrespective of religion, ethnicity, belief or creed as without peace, there can never be developmental and infrastructural progress, which is instrumental to nation building. While citing the Jos crisis as an example and as a current predicament which has drawn not just the attention of Nigerians but that of the global community, Ogundimu emphasised on the need to fight the common enemies of Nigeria’s masses which are poverty, unemployment, inequity, social conflict, resource control, illiteracy as well as other variables which serve as remote causes of the crisis. She said for psychological and mental healing to take place, there must be a place for forgiveness and acceptance which will serve as tonic and the first step towards total recovery, hence the role and dire need of social workers and the push for more advocacy on the bill. While acknowledging the fact that in the process of rehabilitation, several factors are
A population of 180 million people or more are having just less than 9,000 social workers. It’s a huge gap that we will need a lot of effort politically, financially and all the support that we can put together, to ensure that the gap is closed
not being considered which are more/less catalysts of the crisis, Ogundimu said the social worker will be able to address such psychological concerns. She said: “Providing social welfare will reduce social inequalities and exclusion. Social welfare will also improve social cohesion and reduce the cycle of social and conflict and violence. There is no tribe or religion where poverty persists. Where there is no justice, there can never be peace. It has to do with healing and that is psychological. No man can take you there, except as an individual, you find healing.” Inclusion of Social Work in Academic Curricular In his own exposition on the role and importance of social workers, a professor of sociology at the Federal University, Lafiya, Nasarawa state, Prof. Alamvrabee Idyorough, called on stakeholders in the academia and civil service to see the need to include social work as a course of study, citing that every civilised society needs the services of trained and qualified social work personnel just like every other profession. Idyorough who revealed that very few universities and polytechnics run the programme at under graduate levels up to doctoral level, said it is a programme already approved in the Nigerian tertiary education curricular with the last review carried out in 2017 and with a subsequent review expected to take place after five years. He said:” Social workers have been marginalised and are seen as poor. Already, a curriculum has been developed on social work in our higher institutions of learning. The National Board for Technical Education (NBTE) has a National Diploma in social work and this was established on 1997 and the Higher National Diploma started in 2005. At the university level, the National
Universities Commission approved of it in 2012 for undergraduates, while post graduate to doctorial levels was approved of in 2017.” Similarly, UNICEF specialist on social work, Ms. Maryam Enyiazu, added that due to the number of social workers in the country, a large population of about 180 million have had to manage a grossly inadequate less than 9,000 social workers despite several social imbalances, individual and collective psychological needs. While lamenting on the poor treatment meted to social workers due to little knowledge about the profession, Enyiazu reiterated that ongoing talks about the bill should be moved to the next level as this will strengthen the profession and give it a class of its own, which has been lacking. She said: “They seek for jobs elsewhere. They are underpaid and it’s like an all comers game. And that is why we are advocating for a council that will ensure the regulations, standardisation and licensing of social workers so that there will be professionalism and ethical standards will be maintained, and this will motivate them to deliver on the required services. “ A population of 180 million people or more are having just less than 9,000 social workers. It’s a huge gap that we will need a lot of effort politically, financially and all the support that we can put together to ensure that the gap is closed. “There is an assessment going on and it is the assessment that will tell us where the gaps are and from there, we will work out the ratio that will be required for and adequately serve the population.” Having a large population is itself an advantage. However, a large population with a high percentage of psychologically imbalanced persons is not a plus, as it will affect the nation’s GDP. How soon will the importance of the social work Bill be understood and appreciated? Only time would tell.
T H I S D AY ˾ ,NOVEMBER 8, 2018
37
NEWS
Fasanmade: 40,000 Nigerians Died of Diabetes in 2017 r"T /PWP /PSEJTL MBVODIFT OFX UFDIOPMPHZ UP BEESFTT CVSEFO PG EJTFBTF Martins Ifijeh A leading Endocrinologist and Associate Professor, University of Lagos, Prof. Olufemi Fasanmade has revealed that over 40,000 Nigerians died of diabetes in the country in 2017. Fasanmade made this disclosure at the launch of a new technology by Novo Nordisk, Insulin Degludec, to address the high burden of the disease in Nigeria. Speaking during a symposium to launch the product in Lagos recently, Fasanmade said over 1.7 million Nigerians, which is 2.2 percentage of the population,
were currently living with diabetes in the country, with only half of those affected aware they have it. He said even though so much has been said and done about HIV/AIDs and Malaria in Nigeria, the International Diabetes Federation (IDF) has suggested that there were five million deaths worldwide from diabetes in 2015 alone. “This death toll is more when compared to the deaths recorded for HIV, tuberculosis, and malaria in the same year. There are an estimated four to five million adults (aged 20 -79) living with diabetes in Nigeria. This is a huge economic burden for the individual, his family
and the nation,” he said. Fasanmade who also doubles as the President of the Endocrine and Metabolism Society of Nigeria, and the Chairman, Medical Advisory Committee, Lagos University Teaching Hospital, Idi-Araba, Lagos, added that the statistics is worrying. More worrisome he said is that the disease awareness levels were still low; adding that six out of 10 Nigerians do not know they have diabetes. He said: “The IDF estimated that 40,329 deaths were due to diabetes related causes in 2017 in Nigeria. With the introduction of Insulin Degludec, the clinicians now have an
innovative product to make a meaningful contribution in the drive to ‘change diabetes’ in Nigeria.” For Professor Thomas Pieberfrom the Division of Endocrinology & Diabetology, Medical University of Graz, Austria, maintaining good blood glucose control with insulin treatment can be challenging for healthcare professionals and patients due to concerns over hypoglycaemia. He said: “Mild hypoglycaemic symptoms may include tachycardia, trembling, hunger, sweating, and difficulty in concentrating. “Severe hypoglycaemia may lead seizure, coma and
may lead to death. Nocturnal hypoglycaemia is a real concern for people with diabetes as it is often unpredictable and unrecognized.” The Corporate Vice president, Business Area Africa & Gulf Novo Nordisk, Mads Bo Larsen stated that “Novo Nordisk is keen on providing the best healthcare and treatment to people with diabetes. “And our strategic partnerships with relevant stakeholders in the health sector involve educating patients, training healthcare professionals and strengthening healthcare systems. “In Africa under the Changing Diabetes Initiatives, we run
several projects such as the Changing Diabetes in Children (CDiC) and the Base of the Pyramid (BoP) project, which is currently running in Nigeria, is planned to reach 400,000 patients. “We also have medical education and mentoring programs like the Buddy Doctor Initiative where senior Consultant Endocrinologists & Diabetologists train General Practitioners (GPs) on how to manage diabetes. “This is currently running in Nigeria. We are firmly committed to working towards alleviating the burden of diabetes and supporting people with diabetes live a healthy life.”
FG, Coca Cola Launch N3.8Billion Safe Birth Initiative Kasim Sumaina ÓØ ÌßÔË In an audacious move to fight against maternal and newborn deaths in the country, the Federal Ministry of Health, in partnership with Coca-Cola Bottling Company has launched a N3.8 billion Safe Birth Initiative (SBI). The move is to ensure that both mothers and babies can come home alive from maternity wards. Speaking during the launch in Abuja recently, the Minister of Health, Prof. Isaac Adewole said government was working towards reducing the current maternal mortality rates from 576 per 100,000 live births and newborn mortality rate from 37 per 1,000 live births to the targeted maternal mortality ratio of 140 per 100,000 live births as well as 12 per 1,000 neonatal and still births by 2030 respectively. Adewole noted that the initiative was also done in partnership with the Office of the Senior Special Assistant to the President on Sustainable Development Goals (SDGs) and a non-governmental organisation, Medshare International Inc. He further said that the donation by Coca-Cola was part of the Federal Government’s effort to ensure improvement on health facilities adding that the relationship was critical towards enhancing corporate social responsibility. The minister emphasised the importance of ensuring the availability and affordability of essential commodities as well as improving health facilities with qualified manpower and equipment. He informed that the items donated included beds, ventilators, monitors, Paediatric incubators, resucitares, CPAP machines, infusion pumps and ultra sound machine. Others were wheel chairs, monitors, crash carts with defibrillator, theatre light and operating table, among others. In her remarks, Senior Special Assistant to the President on Sustainable Development Goals, Princess
Adejoke Orelope-Adefulire, said that the Coca-Cola SBI was a programme designed to support selected hospitals across the country with stateof-the-art medical equipment and technical capacity building. She further said that SBI was directly supporting the achievement of SDG-3 on ‘ensuring healthy lives and promoting well-being for all at all ages’ and SDG-5 on ‘achieving gender equality and empowering all women and girls’. In his remarks, President, Coca – Cola, West Africa, Mr. Peter Njonjo, said the organisation chose to join the fight against Maternal and Newborn deaths so that mothers and babies could go home alive from maternities. He also said that SBI resonated strongly with CocaCola because it affected the wellbeing of women He said: “Globally, Coca-Cola has a commitment to women whom we consider as pillars of the society and also pillars of our business, especially in Nigeria and Africa, where women play a dominant role in our vast distribution and retail network. “We have chosen to join in the fight against maternal and newborn deaths, so that our mothers and babies can come home alive from the maternities. Like everything we do at Coca-Cola, we have been deliberate, strategic and collaborative in developing our approach.” During his testimonial, the Chief Medical Director, National Hospital, Abuja, Dr Jafaru Momoh, commended the efforts of the Federal Ministry of Health through the minister and Coca-Cola for the donations. He emphasised that the donation would help in reducing Maternal, Perinatal morbidity and mortality as well as ensuring the attainment of the Sustainable Development Goals (SDGs). Momoh also identified the departments that had benefited from the donations to include Paediatrics, Anaesthesia, Emergency and Radiography.
L-R: Consultant Physician/ Endocrinologist, Lagos University Teaching Hospital, Prof. Olufemi Fasanmade; Professor of Medicine, Mahatma Gandhi Institute of Medical Sciences, Jaipur, Prof. Surendra Sharma; and Division of Endocrinology Medical, University of Graz, Austria, Prof. Thomas Pieber, during the launch of Insulin Degludec by Novo Nordisk in Lagos recently NOVO
CS-SUNN: Malnutrition Claims 60 Children Every Hour in Nigeria Ayodeji Ake The Civil Society Scaling up Nutrition in Nigeria (CS-SUNN) has revealed that Nigeria loses about 60 children of under five years every hour, 2000 children of under five years daily and about 145 women of child bearing age everyday due to malnutrition. Addressing journalists at the three-day Media Training and Field visit in Abuja recently, themed ‘The Journalists’ Role in Ensuring Transparency and Accountability in Allocation and Use of Health/Nutrition Funds in Nigeria’, the Project Manager, CS-SUNN, Mr. Sunday Okoronkwo, said 53 per cent of deaths from child killer diseases is also directly related to malnutrition. “Malnutrition is a multisectorial issue of serious concern that requires a collective response. The first 1000 days of life from the time of conception to a child’s second birth day is not prioritised. “Governments have not been making adequate budgetary allocation, approval, timely release and cash backing. “Where budgets are allocated and released, they focus more on the curative measures than preventive measures.
A malnourished child when immunised does not absorb or utilize the immunisation,” he said. Charging journalists on reportage of malnutrition, Okoronkwo noted that the training was structured towards improving Nigeria’s nutrition system. He said: “CS-SUNN was supported to initiate a program that focus on nutrition system that looks at several sectors, factors and disciplines interplaying or having one thing or the other contributing to the nutrition system in the country. “A component of that project is working with the media to address issues affecting nutrition. We want to work with the media to tell a story of nutrition better, to form another angle that will inform the populace and also influence policy makers to adequately invest in nutrition programs in the country.” He added that the training will build capacity of media practitioners to develop stories and programmes focusing on transparency and accountability in allocation and use of health and nutrition funds in focal states and the country at large. Advocating for swift intervention for effective nutrition
programmes in Nigeria, the Communications Officer, CSSUNN, Mrs. Lilian Ajah-mong said malnutrition is a serious public health condition that requires governments’ special attention. “Government should prioritise issues around the first 1000 days of life, fund campaigns for exclusive breastfeeding in the first six months of life. “The colostrum is a mustgive to the child. It is the first vaccine a child gets and gives protection against diseases. By Investing in Nutrition, Nigeria will attain SDG 4 (Quality Education) because adequate nutrition drives up IQ levels. “The rate of malnutrition in the state can be reduced by implementing Infants and Young Child Feeding (IYCF) programs, nutrition will come to state when specific amount of funds is dedicated to support IYCF programs from LGA monthly allowance and ensure manufacturers and producers comply to the minimum standard of food fortification in Nigeria” she said. Meanwhile, Assistant Director, Kwali Primary Health Centre, Abuja, Mrs. Elizabeth Iliadakwe has called on well meaning Nigerians to support malnourished children in the
country. She noted that government on it part was doing its best to ensure that malnourish children are given interventions, but that the children need more support. She said: “It has been challenging in the sense that in the whole of Kwali Area Council, this is the only centre for malnourished children. Those we can’t handle here we refer them to the general hospital. “What I observed is that, in early stage of their lives, they embrace ignorance. They have this information at their finger tips but they chose not to take heed. But we have taken it upon ourselves here by going from one ward to another to educate them better on how to handle their children. “One of the challenges we are facing is finance. This is because there is a way we want to run the clinic but the money is not forthcoming.” The Nutrition Officer of the PHC, Mrs. Ngwu Jacinta, while speaking on the challenges faced by malnourished children, said most of them come from a far distance and do not have the financial capacity to transport themselves to the clinic, consequently, skipping appointments.
T H I S D AY ˾ ,NOVEMBER 8, 2018
38
HEALTH
‘Why Paternity Fraud in Nigeria is Second Highest Globally’ With three out of 10 children in Nigeria said to be fathered by their non-biological fathers, the dearth of laboratory facilities have made it an uphill task for paternity tests to be carried out in the country. Mary Nnah writes on an initiative to change the narrative Paternity fraud is like 30 per cent high in Nigeria, in that three out of every 10 children have the wrong father or are fathered by the wrong fathers. Now a lot of Nigerians do not even know where to get paternity test done, so it is not about price, but because they don’t know where to go to
I
t is no longer news that paternity fraud in Nigeria is the second highest in the world with three out of 10 children said to have non-biological fathers. But what seems most worrisome is that there is typically little possibility to verify biological fatherhood with the dearth of laboratory facilities in the country for testing; and where it exists, only the few rich Nigerians can afford it. This has however caused many Nigerians to take the medical process for granted, except only when a medical emergency is required. But in changing the narrative, the Chief Executive Officer, DiagnoseMe Africa, Dr. Abasi Ene-Obong, said with good laboratory facilities in place and the right information, paternity fraud will be a thing of the past in the country. Stating this at a stakeholders meeting for Stacks Diagnostics in Lagos recently, he frowned at the lackadaisical attitude Nigerians have toward paternity verification, arguing that the lack of funds for the purported high cost of laboratory tests was not responsible for this, but rather the lack of information. “Paternity fraud is like 30 per cent high in Nigeria, in that three out of every 10 children have the wrong father or are fathered by the wrong fathers. Now a lot of Nigerians do not even know where to get paternity test done, so it is not about price, but because they don’t know where to go to. “I think the first thing is access – it is to know Ene-Obong where to go to and then the next is price. So I wouldn’t say paternity fraud is high because Powered by Stacks Diagnostics, DiagnoseMe. we cannot afford the cost of paternity test. Most of us spend the value for paternity test in a Africa is Nigeria’s first premium molecular restaurant each night and paternity tests lead diagnostics and personalised medicine company on its way to becoming the leading service to something that saves life,” he said. He said paternity tests should be taken seriously provider in Africa. He said the company’s goal in the country, adding that in as much as he was to provide access to affordable, accessible does not have any plan of breaking homes, it and quality diagnostics for Nigerians thereby was good to know paternity status just in case suppressing the increasing need for oversees diagnostics. a medical emergency occur. “All the diagnostic tools needed in the medical “So you don’t want to start discovering something when there is an emergency, oth- space are being brought to Nigeria and we are erwise it will be too late to save a life. So be making it easy to access for Nigerians. There is prepared, know your family and don’t take something for everyone and we have a portal chances because Nigerians many times like to where doctors can access more than 300 tests take chances. But I would want to believe that that span from cancer to fertility issues and to many people don’t know because they haven’t even pre-natal tests infectious diseases and many checked and they don’t even know where to other leading tests in the world”, he noted. DiagnoseMe.Africa according to the CEO go and check. So, we are telling them to come to our facility and buy a test, and it is easy to provides genetics testing and other hard-to-access find out. We are discreet about everything we diagnostic tests services in Africa through its online platform. do. We won’t tell anybody,” “When we say hard-to-access tests, we Ene-Obong, who is not a medical doctor per se but holds a PhD, said: “ I have spent many mean tests that you don’t typically find in years in medical field researching for cures for your laboratories around you but which are diseases. I contributed significantly to the field life-serving tests. The reason of course is that our of Gastro Anthropology, where I am published labs still have infrastructural challenges and so in the number one international journal in many of the tests that are required for today’s that field. I was a researcher in some of the crops of diseases are not available in Nigeria. “So we have created this online platform to leading institutions the UK. After that I got a business degree and worked as a business make it possible for people to have these tests consultant in the United States for renowned from their homes and in the case of doctors, health companies, as a result I come in contact from their hospitals”, he added. Some of the tests one might find on Diagnowith a lot of known brands in the health space.” He said for many years, he has embarked seMe.Africa for consumers, he revealed further on a study of complex diseases of humans in are, “tests for pregnant women to test for Sickle the United Kingdom and other parts of the Cell and Down Syndrome in their foetus from as world and that recently, he concluded that he has early as 10 weeks without having to go through come full circle to a point where he can provide vigorous synthesis procedures, but just from a services to solving complex diseases presently normal simple blood drop. “We also have tests that people could use experienced in Nigeria; a reason he recently launched an online platform DiagnoseMe.Africa. to see their risk of developing breast, cervical,
ovarian and prostate cancers. And then doctors can log into a secured portal and order over 300 tests which span from infectious diseases, STDs, to a whole range of testes.” Expatiating on DiagnoseMe.Africa procedures and the convenience they offer, he said: “One of the things we are proud to do is to make it convenient for everyone. We believe you can get tested in a convenient manner. So one of the ways we do this is that for some of our tests, we just send you a kit. “Some of our tests like, our genetic tests, all you need do is to spit into a tube which was sent to you and so you don’t need to go to a hospital or a lab to do this. And for some tests we need blood samples and for those tests, there are two ways we try to add convenient to that process. “We would send you one of our health work team members who are certified nurses and scientist who come to your house and take your blood sample. “Or if you prefer, you can go to one of our partners’ locations which are highly curated good quality hospitals and laboratories and all you need to do is to show them that you are from DiagnoseMe and they would take your blood and you don’t have to wait because we take it from there. “Most men are afraid of going to test for prostate cancer because it is not a palatable experience for them but now, it is as simple as analysing saliva, and can tell you what your risk factor is for certain diseases.” He said although it all sounded so interesting, one would wonder if all these procedures were what Nigerians can afford. “I keep telling people that affordability is not the same thing as cheap. And when you consider the fact that you don’t have to travel abroad to do these tests or even send your samples abroad, you will see that it is more cost effective”, he stressed.
Speaking on the motive behind the establishment, Ene-Obong recalled how the journey started. “It is sort of a long story because my first project while in Nigeria just before I left the country more than a decade ago was on Hepatitis. So I studied Hepatitis amongst healthcare workers in the country. And I noticed it was significant even amongst the healthcare workers. “Now the question you ask yourself is, if a surgeon has Hepatitis and he is treating you, or performing surgery on you, what is the chance that you might contact the same disease? And so I realised that for diseases like Hepatitis, in Nigeria, they are actually passed across in hospitals because we still do not use universal percussion. “So our hospitals are the hubs for transmission of Hepatitis B and C, which as we all know is the leading cause of liver cancer now, which in Nigeria is death sentence. And then, also having worked in a complex disease space, researching cancer, mental health disorder and other forms of diseases, I came back to Nigeria and I noticed that the major problem was not so much in the treatment but was in actually in the identification of the disease. “How can you treat a patient adequately when you don’t even know what disease you are treating or you don’t know sub types of disease you are treating? How many doctors in Nigeria look for sub types of disease? They can’t because prior to now, there has been no place for them to look for sub types and so our healthcare system has been heavily dependent on chance. “I don’t want to be treated based on chance. I want the doctor who is treating me to know with a high degree of certainty, that the disease I am being treated for, is the one I am actually suffering from. I want the doctor to know with high degree of certainty, that if they give me this particular drug, it may not work for the particular sub type of disease I have. And so that is why we started DiagnoseMe.Africa to provide this certainty. And I believe that once there is certainty in healthcare in Nigeria, we would have better outcome.” Although officially launched to the public a couple of days back, DiagnoseMe.Africa, he revealed, has been in existence behind the scene since July this year. Ene-Obong is certainly optimistic about its acceptability and impact in the health space. “We are hoping Nigerians, patients and doctors alike, will welcome and appreciate innovation and a chance for this better healthcare,” he said.
How Marijuana Prevents Pregnancy in Women, Poor Semen Quality in Men Ademola Babalola ÓØ ÌËÎËØ A Physiologist and former acting Vice Chancellor, Lagos State University, Prof. Ibiyemi Olatunji-Bello, has said that Cannabis Sativa (Marijuana) used by women of childbearing age could prevent pregnancy and affect the quality of semen for men. Olatunji-Bello, who was the guest lecturer at the 2018 alumni
lecture of the Ibadan College of Medicine Alumni Association (ICOMAA) worldwide, made this revelation at the event held at the University College Hospital (UCH), Ibadan. In her lecture titled “Use of medicinal plants: myths and facts”, the professor, who also doubles as the wife of the Secretary to the Lagos State Government, Mr. Tunji Bello, said study has found that
Marijuana leads to a decrease in the level of LH hormone (a hormone that regulates the menstrual cycle and egg production) by as much as 80 per cent. This, she said can cause inhibition of the process of ovulation thus preventing pregnancy. She said: “Marijuana, in the few cases where fertilisation occurs, delayed implantation leading to early miscarriage.
“Marijuana smokers are reported to have higher levels of testosterone within the same range as cigarette smokers. “Our findings are of public interest as Marijuana use is common and may be contributing to recent reports of poor semen quality.” On the myths surrounding the use of medicinal plants, Olatunji-Bello categorised the most common myths into
three categories viz; a medicinal plant can cure many diseases; medicinal plants are natural so they can’t be harmful and that medicinal plants have no side effects. For all the aforementioned three categories, the varsity don harped on the need for scientific-based research to authenticate potency of the herbs before administration. She stressed that, “we can say comfortably that one herbal
product can treat multiple disease conditions. However the problem arises when one overstates the claim of potency of their herbal product without scientific evidence.” She also recommended that government should formulate a policy on regulation of the use of the herbal medicine in the country and put in place a proper enforcement unit, or empower NAFDAC to do it.
39
T H I S D AY Ëž ,NOVEMBER 8, 2018
NEWS
Sickle Cell Foundation Partners RhieosVentures to Develop First Multi-center Registry The Sickle Cell Foundation Nigeria (SCFN) has partnered Rhieos Ventures to develop the first multi-centre sickle cell disorder (SCD) registry in Nigeria. The collaboration is to improve quality of care for persons with sickle cell disorder and the registry will be used to support and improve quality of treatment and care for persons with Sickle Cell Disease (SCD), as well as for policy formulation around sickle cell decision-making and research. At the recent signing of a Memorandum of Understanding to formalise the collaboration, the duo said the registry will also be used to facilitate the implementation of National Guidelines for management of SCD. The statement made available to THISDAY by the partners read thus: “SCD is a major genetic condition in Nigeria and the country has by far the largest burden of the disorder anywhere in the world. “Over 40 million Nigerians are carriers of the sickle cell gene and an estimated 150,000 babies are born every year with sickle cell anaemia (Hb SS). “Sadly, 100,000 of these babies do not live to celebrate their fifth
birthday and they die mostly from ignorance and lack of access to proper diagnosis and care. “Therefore, we are very excited to start the development of the first multi-centre SCD registry in Nigeria which would be of benefit to persons with the disorder, caregivers and doctors. “The registry will collect data on children and adults with SCD and it will serve as a platform on which policies and plans around this condition will be anchored. “The policies and plans will cover screening programmes, early diagnosis as well as prompt treatment interventions, with the ultimate goal of reducing morbidity and mortality. To learn more about the registry please visit: https://pointcarehealth. com/scdrn .� While the SCFN established the National Sickle Cell Centre (NSCC) with at mission to develop a world class centre that will drive the search for effective solutions to sickle cell and related disorders, Rhieos Ventures is a UK/Netherlands-based service company focused on enabling clinical research and better access to healthcare solutions for Sickle Cell Anaemia and other tropical diseases.
Bagudu Faults Late Detection of Cancer Cases in Nigeria
Insist On Your Rights, Medical Expert Tells Patients Kuni Tyessi Ă“Ă˜ ĂŒĂ&#x;ÔË Due to rise in unhealthy and careless practices by some medical personnel in Nigerian hospitals, Abuja-based medical expert, Dr. Biodun Ogungbo has urged patients to insist on their rights to know the names and dosage of drugs prescribed for them. He said the most important person and the reason hospitals exist is the patient who ensure that the bills are paid including
the salaries of healthcare practitioners, adding that without the patient, the hospital might as well be a fancy elephant. Ogungbo, who made the call in a statement made available to THISDAY said the work of medical experts was to keep patients alive and in good health, as this will make them come back again for more and further patronage. He said: “Patients, must as a right, be told the names
and the dosage of their medications. Many have been prescribed the same drugs by different facilities and end up taking significant and harmful overdose. “Do not hide the names of drugs from patients. Only poorly trained doctors and nurses will behave like this, demonstrating such a high level of insecurity and dimness. “Someone must see the light! It is important for patients to know their rights and the recent
patients’ bill of rights is a step in the right direction. Medicolegal consequences should also be explored by aggrieved patients and relatives to bring erring practitioners and hospitals to book. “Doctors need to demonstrate stronger allegiance to the patient and not to the hospital. Doctors also should show more interest in legal processes to penalise poor practice or compensate patients or families who have suffered consequently.�
L-R: Founder, Wellbeing Foundation, Mrs. Toyin Saraki; Chief Medical Director, National Hospital, Abuja, Dr. Jaf Momoh; SSA on SDG, Adejoke OrelopeAdefulire; Minister of Health, Prof. Isaac Adewole; and President, Coca Cola West Africa, Njonjo, during the launch of Safe Birth Initiative in Abuja recently
Experts Advocate for Cost Effective Cancer Control r4BZT XPNFO CFBS UIF CSVOU PG Solutions IFBMUI DIBMMFOHFT Kasim Sumaina Ă“Ă˜ ĂŒĂ&#x;ÔË Founder of Medicaid Cancer Foundation (MCF), Dr. Zainab Bagudu, has decried the late detection of cancer cases in Nigeria. Bagudu, while attributing early detection of cases to be a vital step in preventing the disease, noted that most cancers were detected at late stages. She added that in developing cases, many often access treatment only when there is five per cent cure rate, while in developed countries, it is detected early at stage one and two which has 95 per cent cure rate. She made this known in Abuja, during the five kilometres awareness campaign tagged, “Walk away cancerâ€? aimed at sensitising people on the different preventive measures and detection of the disease. Bagudu who is also the wife of the Kebbi State governor, disclosed that women always bear the brunt of any health situation because they are not financially able to treat themselves especially when it comes to breast and cervical cancer. She said: “Because of the financial challenges affecting the women folk, we are setting an example for them to survive regularly, and also raising funds for indigent cancer patients for diagnosis and screening, mostly in the rural areas.
“This advocacy and awareness walk on early detection and prevention of cancer, is to bring into the knowledge of the general public the need for early detection of cancer cases. “This is why we also want to make a case for cancer in the Universal Health Coverage (UHC) as well as the inclusion of cancer treatment in the National Health Insurance Scheme (NHIS) due to its expensive nature of treatment.� She hinted that the wife of the president and all African first ladies were joining forces to the cause to ensure that from the international body, policies on cancer are well articulated. She revealed that Nigeria stands to benefit from her nomination into the Union for International Cancer Control (UICC). Speaking in a similar vein, First Ladies of Kogi and Osun states, Rashida Yahaya Bello and Sherifat Aregbesola, respectively, also expressed their readiness to replicate the campaign especially at the grassroots in their various states Earlier in his remarks, Kebbi State Governor, Abubakar Atiku Bagudu, said cancer degenerates when it is not detected early and that, the initiative became a huge success with the support of the federal government, the entertainment industry, civil societies, Nigerian Cancer Society and sporting organisations.
Ayodeji Ake Medical experts have stated that one of the ways of addressing cancer burden in Nigeria is through cost effective cancer control solutions. Speaking at the 2018 Annual Doctors’ Conference organised by Lakeshore Cancer Centre, held in Lagos recently, the Chief Executive Officer, Lakeshore Cancer Centre, Chumy Nwogu said lifestyle modifications, early and accurate diagnosis, as well as appropriate treatment and palliative care are key ways of reducing the scourge. He said: “There is a cancer epidemic brewing at our doorstep and we must act now to effectively combat it. Breast, cervical, prostate and
colorectal cancers are the four most common cancers currently in Nigeria. “It has been documented that the burden of non- communicable diseases on the Nigerian population is growing at an alarming rate.� He explained that given the limited expenditure on healthcare in Nigeria, it is crucial to strive to maximise the impact of cancer control through less financially demanding alternatives that exist. Nwogu said since our cancer registration is marked under developed, this is probably a significant under estimated of the Nigerian cancer burden. “There is a compelling opportunity to collaborate with the public and private healthcare institutions, phy-
sicians, nurses, pharmacist, allied healthcare workers, researchers, non-governmental organisations and the citizenry at large in other to make a huge difference,� Nwogu said. A Consultant Clinical Oncologist and Chairman, National Programme on Cancer Management, Francis Abayomi Durosinmi- Etti, said cancer prevalence in Nigeria is on the rise, and that it was becoming frightening. He noted that, “emphasis in Nigeria should be placed on finding means of supporting cancer patients in cost effective cancer care. “Cancer treatment is always very expensive for the patients and their families and it is yet to be covered by the National Health Insurance Scheme.
“If the country finds a means of getting the money whether through the NHIS or even some other means of support, then patients can get treatment at a proper price and also service will be kept going�. Also at the conference, Professor of Surgery and Oncology, Roswell Park Comprehensive Cancer Centre in Buffalo, New York, USA, Stephen Edge said breast cancer is a growing problem around the world; especially in Africa presentation is increasing the burden. Edge added that cost effective solutions for treatment were available such as appropriate use of radiation, lymph node surgery, and use of neo-adjuvant therapy.
Wellness Patron to Sensitise Nigerians on Diabetes Martins IďŹ jeh As Nigeria joins the rest of the world to mark this year’s World Diabetes Day (WDD) on November 14, Wellness Patron Health Ltd, has announced plans to ensure full access by the Nigerian public to vital information needed to prevent or successfully manage diabetes in line with the goals of WDD. To this end the company said it is convening a diabetes awareness event themed “Dia-
betes Demystified� to educate Nigerians and allay the fears surrounding the disease. In a statement made available to THISDAY recently, the company’s Managing Director, Mrs Daniella Akpakwu, said the company is compelled to organise the workshop, as a wellness institution, based on the knowledge that diabetes is a lifestyle disease which can either be prevented by those who do not have it or well controlled by those living with it through
lifestyle modification. “The event will therefore focus not only on educating the public about diabetes but also touch on wellness and appropriate lifestyle for our environment. A lot will be trashed on diabetes and how to successfully manage it and live to the fullest. It promises to be impactful,� Akpakwu said. She said the event, which holds on November 10, 2018 at Lilygate Hotel, Lagos will feature health professionals and lifestyle experts
who will be making presentations not only for people living with diabetes but everyone who desire to prevent the disease or stay in good health. Apart from the experts’ lectures, the company further announced there will be free health and eye check and also foot massage for participants. “The purpose of the World Diabetes Day is to raise awareness on a condition that affects millions of Nigerians and people around the world.
40
T H U R S DAY Ëž NOVEMBER 8, 2018
BUSINESS/MONEYGUIDE
Afreximbank Seeks Banks’ Support to Enhance Africa’s Trade Obinna Chima The transformation of trade in Africa is a task that all African financial institutions must collectively pursue as major stakeholders to the African Export-Import Bank (Afreximbank) in the Bank’s quest to facilitate African trade. The Afreximbank’s Executive Vice President, Business Development and Corporate Banking, Amr Kamel, said in Lagos. Kamel, who spoke during a roadshow organised by Afreximbank for financial institutions to introduce the Afreximbank Trade Facilitation Programme (AFTRAF), was represented by Ademola Adeyinka, Consultant on Financial Institutions/Trade Finance. He said Afreximbank was in a strong position to support African trade and African financial institutions and that it wanted Nigerian banks to see it as their partner of choice in international financing. “We understand African trade better than any other institution,� he said. “We were set up by African governments under a Charter that has been signed to by 50 countries, including Nigeria. We have a good credit rating that African financial institutions can leverage on and we have the ears of 50 African heads of state.
“That allows us to better understand the issues in each country, support the countries in finding solutions to trade finance challenges and resolve issues that may arise easier.� Kamel emphasised that Nigeria was a key market for Afreximbank. “Afreximbank has provided over $17billion in credit facility to the Nigerian economy since its inception. Currently we have over $4 billion in loans that are still running. “We have invested on-lending facility to financial institutions, supported transportation, hospitality, manufacturing, agroallied, oil and gas, power, and telecommunications. Afreximbank is eager to do more in Nigeria and we are very enthusiastic to work with the banks here and I can assure you that we have solutions to most of your funding needs.� He explained that Afreximbank came up with AFTRAF in order to create opportunity for Africa to bridge the trade finance gap with the rest of the world, which had continued to grow. It was also to create the opportunity for African banks to enhance and complement existing trade finance lines with international financial institutions. Kamel said to address the challenges, Afreximbank would leverage its credit rating and supranational status to de-risk
the perceived risks and unlock capital to support trade finance business in Africa. He announced that Afreximbank has on-boarded over 200 African banks and that the target was to onboard 700 banks by the end of 2019. The Bank was also in the process of appointing some African banks as Trade Finance Intermediaries which would allow such banks to act as local administrative agents for transactions involving Afreximbank in their markets. He urged Nigerian banks to take advantage of the opportunity by sending in their customer due diligence and know your customer (CDD/ KYC) documents in order to be on-boarded. Kamel, also requested Nigerian banks to sign on to the MANSA Repository Platform which was created by Afreximbank as an online platform for CDD/KYC with special emphasis on African financial institutions. The platform provides a single source of primary data required for performing CDD checks and facilitating smooth onboarding of banks at reduced cost. He further encouraged Nigerian banks and corporates to take advantage of the coming Intra African Trade Fair to exploit the huge business opportunities in Africa that will come under the umbrella of the trade fair.
StanChart Facilitates First World Bank ‘Blue Bond’ Standard Chartered Plc in partnership with the World Bank, has launched the world’s first sovereign blue bond for the Republic of Seychelles The bond raised US$15 million from international investors, which would help expand and protect marine areas, improve governance of priority fisheries and develop the Seychelles’ blue economy. The World Bank assisted in developing the blue bond and reaching out to the three investors: Calvert Impact Capital, Nuveen, and Prudential. Standard Chartered acted as placement agent for the bond. Speaking about the landmark placement, the Chief Executive, Corporate, Commercial and Institutional Banking at Standard Chartered, Simon Cooper, was quoted in a statement to have said: “The world’s first sovereign blue bond is a landmark transac-
tion and one in which Standard Chartered is proud to have played a role, in partnership with the World Bank and the Republic of Seychelles. “Finding innovative ways to mobilise capital to tackle development issues Also, the Global Head of Sustainable Finance and Global Head of Public Sector & Development Organisations, Standard Chartered, Daniel Hanna said: “The Seychelles blue bond will help protect the health of our oceans while developing a blue economy and serves as a powerful example for other countries, highlighting that finance can play a role as an important force for good.� The Seychelles blue bond is partially guaranteed by a US$5 million guarantee from the World Bank and further supported by a US$5 million
concessional loan from the Global Environment Facility, which would partially cover interest payments for the bond. Proceeds from the bond would also contribute to the World Bank’s South West Indian Ocean Fisheries Governance and Shared Growth Program, which supports countries in the region to sustainably manage their fisheries resources and increase economic benefits from their fisheries sectors. The launch came soon after the Group created a new Sustainable Finance team to focus on emerging market sustainable financing and to lead all its business activities in the area. This also followed recent announcements to cease financing new coal fired power plants, explore its role in promoting greater disclosure on emissions and set new science-based emissions targets.
Access Bank Supports Creative Industry In line with Access Bank‘s commitment to promoting the best of Africa using vehicles such as art, music, sports and fashion, the bank recently collaborated with Art X on the third edition of West Africa’s first international art fair. Access Bank has been a partner of Art X Lagos since its debut in 2016. Speaking at the opening ceremony, the bank’s GMD/CEO, Dr. Herbert Wigwe, expressed delight that Access Bank was able to contribute to this initiative, which works to make Nigeria a noteworthy destination for art collectors far and wide, thereby championing art and creativity Born in Africa. “Art X Lagos prides itself as
an event designed to showcase the best and most innovative contemporary art from the African continent and diaspora. “In three years, it has succeeded in this goal, welcoming over 15,000 visitors, including art and culture lovers, curators from the world over, and the most avid of art collectors. “Art X Lagos is a cornerstone of both Lagos, and the international art calendar, and, with Access Bank, it strives to not only showcase artists, but enable them to reach their goals. “The Art X Prize with Access, which was created to recognize and support the best of emerging Nigerian
visual art talent, has made a comeback this year, naming Bolatito Aderemi-Ibitola as the beneficiary,� a statement explained. As a result of her project, “Scraps from Mama’s Floor�, Aderemi-Ibitola received a grant of N1, 000,000 prior to this year ’s event. The work of AderemiIbitola joined that of the immediate past winner of the Art X Prize with Access Habeeb Andu and that of many other artistes from over 18 galleries across Nigeria, Ethiopia, Kenya, South Africa, the U.K., and Spain on display from 2nd November through 4th November at the in Lagos, Nigeria.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and Group Chief Executive, Oando Plc, Adewale Tinubu at Oando’s exhibition booth, at the ongoing 25th Anniversary Africa Oil Week, South Africa‌yesterday
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 ATTUESDAY NOVEMBER 6, 2018
The price of OPEC basket of ďŹ fteen crudes stood at $70.88 a barrel on Tuesday, compared with $71.45 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
41
T H U R S DAY Ëž NOVEMBER 8, 2018
MARKET NEWS
Zenith Bank Lifts Trading as Investors Stake N9.3bn on Shares Goddy Egene Volume and value of trading at the stock market rose 201 per cent and 236 per cent respectively yesterday despite the return of the bears. Investors traded 450.139 million shares worth N9.397 billion in 2,858 deals compared with 149.653 million shares valued at N2.793 billion exchanged in 3,063 deals the previous day. However, the high trading
was boosted by Zenith Bank Plc that accounted for 73 per cent of the volume and 64 per cent for the volume and value of trading for the day. Specifically, 288.3 million shares of Zenith Bank Plc worth N6.9 billion were exchanged by investors. Amidst the higher volume of trading, the bears returned following price losses by Lafarge Africa Plc, Dangote Sugar Refinery Plc, GTBank Plc, Seplat Petroleum Develop-
P R I C E S MAIN BOARD
F O R
DEALS
ment Company Plc and FBN Holdings Plc. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell 0.14 per cent to close at 32,108.30, compared with a gain of 0.33 per cent the previous day. AIICO Insurance Plc led the price losers with 9.8 per cent, trailed by Lafarge Africa Plc with 9.7 per cent. Mutual Benefits Assurance Plc shed 7.4 per cent, while Jaiz Bank Plc and NEM Insurance Plc lost
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
6.1 per cent and 5.3 per cent respectively. On the positive side, Niger Insurance Plc led the price gainers with 10 per cent, followed by NPF Microfinance Bank Plc with 9.6 per cent. Fidson Healthcare Plc and Union Diagnostic and Clinical Services Plc chalked up 8.8 per cent and 7.4 per cent respectively. Other top price gainers included: LASACO Assurance Plc (7.4 per cent); Redstar
T R A D E D MAIN BOARD
A S
Express Plc (7.1 per cent); Regency Alliance Insurance Plc, Japaul Oil and Maritime Services Plc(5.0 per cent apiece); Nigerian Aviation Handling Company (NAHCO)Plc (3.9 per cent). NAHCO last week reported a growth of 107 per cent in profit after tax for the nine months ended September 30, 2018, thereby raising investors’ hopes for higher dividend at the end of the year.
O F
The company recorded an impressive N7.25 billion, representing an increase of 25 per cent compared with N5.795 billion posted in the corresponding period of 2017. Profit before tax jumped by 117 per cent to N731.841 million from N336.115 million in 2017. However, a higher tax payment made the PAT to grow slower at 107 per cent from N287 million to N601 million in 2018.
0 7 / 1 1 / 2 0 1 8 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
Ëž THURSDAY, NOVEMBER 8, 2018
42
Thursday, November 8, 2018 ThisDay Afrinvest Index Loses 4bps
THISDAY AFRINVEST 40 INDEX
Yesterday, the ThisDay Afrinvest index lost 4bps to
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
Ć?ĞƊůĞ Ä‚Ćš ĎÍ•ĎŻĎŻĎąÍ˜ĎąĎľ Ä‚Ć? Ć?Ğůů-ŽčĆ? Ĺ?Ĺś GUARANTY (-ĎŹÍ˜ĎłĐšÍżÍ• FBNH (-ĎŹÍ˜ĎłĐšÍż ĂŜĚ STANBIC (-ĎŹÍ˜ĎŻĐšÍż ÄšĆŒÄ‚Ĺ?Ĺ?ĞĚ ƚŚĞ Ĺ?ŜĚĞdž
Ticker
ĹŻĹ˝Ç ÄžĆŒÍ˜ dŚĞĆ?Äž Ć?ƚŽÄ?ĹŹĆ? Ä?ƾžƾůĂĆ&#x;ǀĞůLJ Ä‚Ä?Ä?ŽƾŜƚ Ä¨Ĺ˝ĆŒ ĎŻĎÍ˜ĎąĐš ŽĨ ƚŚĞ Ĺ?ĹśÄšÄžÇ†Í˜ WĆŒĹ˝ÄŽĆš dÄ‚ĹŹĹ?ĹśĹ? ĆŒÄ‚Ĺ?Ć? ĞŜÄ?ĹšĹľÄ‚ĆŒĹŹ /ĹśÄšÄžÇ†Í˜Í˜Í˜ ^/ ÄšĹ˝Ç Ĺś
14bps Investors Ć‰ĆŒĹ˝ÄŽĆš ƚĂŏĹ?ĹśĹ? Ĺ?Ĺś ĹľÄ‚ĆŒĹŹÄžĆš Ä?ÄžĹŻĹŻÇ ÄžĆšĹšÄžĆŒĆ? WAPCO (-ĎľÍ˜ĎłĐšÍż GUARANTY (-ĎŹÍ˜ĎłĐšÍż ĂŜĚ DANGSUGAR (-ĎŻÍ˜Ď°ĐšÍż ƉƾůůĞĚ ƚŚĞ Ä?ĞŜÄ?ĹšĹľÄ‚ĆŒĹŹ Ĺ?ŜĚĞdž ÄšĹ˝Ç Ĺś ĎŹÍ˜ĎĐš ƚŽ ĎŻĎŽÍ•ĎĎŹĎ´Í˜ĎŻĎŹ ƉŽĹ?ŜƚĆ? Ä‚Ć? ĹľÄ‚ĆŒĹŹÄžĆš Ä?ĂƉĹ?ƚĂůĹ?Ć?Ä‚Ć&#x;ŽŜ ĨĞůů EĎĎ˛Í˜ĎłÄ?Ĺś ƚŽ ĎĎÍ˜ĎłĆšĹś Ç ĹšĹ?ĹŻÄž zd ĹŻĹ˝Ć?Ć? Ç Ĺ˝ĆŒĆ?ĞŜĞĚ ƚŽ -ĎĎ˛Í˜ĎŹĐšÍ˜ However, Ä‚Ä?Ć&#x;Ç€Ĺ?ƚLJ ůĞǀĞů ĆšĆŒÄžĹśÄšÄžÄš ĹšĹ?Ĺ?ĹšÄžĆŒ Ä‚Ć? ǀŽůƾžĞ ĂŜĚ ǀĂůƾĞ ĆšĆŒÄ‚ÄšÄžÄš ĆŒĹ˝Ć?Äž ĎŽĎŹĎŹÍ˜Ď´Đš ĂŜĚ ĎŽĎŻĎ˛Í˜Ď°Đš ƚŽ Ď°ĎąĎŹÍ˜ĎĹľ ĂŜĚ EĎľÍ˜Ď°Ä?Ĺś ĆŒÄžĆ?ƉĞÄ?Ć&#x;Ç€ÄžĹŻÇ‡Í˜ ZENITH ÍžĎŽĎ´Ď´Í˜ĎŻĹľ ƾŜĹ?ĆšĆ?Ϳ͕ FBNH ͞ϰĎÍ˜ĎŹĹľ ƾŜĹ?ĆšĆ?Íż ĂŜĚ GUARANTY ÍžEĎŻĎŻÍ˜ĎłĹľ ƾŜĹ?ĆšĆ?Íż Ç ÄžĆŒÄž ƚŽƉ ĆšĆŒÄ‚ÄšÄžÄš Ä?LJ ǀŽůƾžĞ Ç ĹšĹ?ĹŻÄž ZENITH ÍžEĎ˛Í˜ĎľÄ?ŜͿ͕ GUARANTY ÍžEĎÍ˜ĎŻÄ?ŜͿ ĂŜĚ DANGCEM ÍžEĎŻĎ°Ď°Í˜Ď°ĹľÍż Ç ÄžĆŒÄž ƚŽƉ ĆšĆŒÄ‚ÄšÄžÄš
Ć?ƚŽÄ?ĹŹĆ? Ä?LJ Ç€Ä‚ĹŻĆľÄžÍ˜ >Ä‚ĆŒĹ?ĞůLJ ÄžÄ‚ĆŒĹ?Ć?Ĺš ^ÄžÄ?ĆšĹ˝ĆŒ WÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž WÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž Ä‚Ä?ĆŒĹ˝Ć?Ć? Ć?ÄžÄ?ĆšĹ˝ĆŒĆ? Ç Ä‚Ć? ĹŻÄ‚ĆŒĹ?ĞůLJ Ä?ÄžÄ‚ĆŒĹ?Ć?Ĺš Ä‚Ć? Ď° ŽĨ Ďą Ĺ?ŜĚĹ?Ä?ÄžĆ? ĆľĹśÄšÄžĆŒ Ĺ˝ĆľĆŒ Ä?Ĺ˝Ç€ÄžĆŒÄ‚Ĺ?Äž Ä?ĹŻĹ˝Ć?ĞĚ Ĺ?Ĺś ƚŚĞ ĆŒÄžÄšÍ˜ dŚĞ ĂŜŏĹ?ĹśĹ? Ĺ?ŜĚĞdž Ç Ä‚Ć? ƚŚĞ Ć?ŽůĞ Ĺ?Ä‚Ĺ?ĹśÄžĆŒ ƾƉ ĎŹÍ˜ĎŽĐš Ä¨Ĺ˝ĹŻĹŻĹ˝Ç Ĺ?ĹśĹ? Ä?ƾLJ Ĺ?ĹśĆšÄžĆŒÄžĆ?Ćš Ĺ?Ĺś UBA ÍžĐ˝ĎŽÍ˜Ď˛ĐšÍż ĂŜĚ ZENITH ÍžĐ˝ĎŹÍ˜Ď˛ĐšÍż ĚĞĆ?ƉĹ?ƚĞ ĹľÄ‚ĆŒĹ?Ĺ?ŜĂů Ć?Ğůů-ŽčĆ? Ĺ?Ĺś GUARANTY (-ĎŹÍ˜ĎłĐšÍżÍ˜ KĹś ƚŚĞ ŇĹ?ƉĆ?Ĺ?ĚĞ͕ ƚŚĞ /ŜĚƾĆ?ĆšĆŒĹ?Ä‚ĹŻ 'ŽŽĚĆ? ĂŜĚ /ĹśĆ?ĆľĆŒÄ‚ĹśÄ?Äž Ĺ?ŜĚĹ?Ä?ÄžĆ? ůĞĚ ĚĞÄ?ĹŻĹ?ĹśÄžĆŒĆ?Í• ÄšĹ˝Ç Ĺś ĎŽÍ˜ĎŻĐš ĂŜĚ ĎŽÍ˜ĎĐš ĆŒÄžĆ?ƉĞÄ?Ć&#x;ǀĞůLJ ĚƾĞ ƚŽ
THISDAY AFRINVEST 40
(-ĎŻÍ˜Ď°ĐšÍż
and CHAMPION (-Ď°Í˜Ď˛ĐšÍżÍ˜ /ŜǀĞĆ?ĆšĹ˝ĆŒ ^ĞŜĆ&#x;žĞŜƚ ^ĆšĆŒÄžĹśĹ?ƚŚĞŜĆ? ,QYHVWRU Ć?ĞŜĆ&#x;žĞŜƚ Ä‚Ć? žĞĂĆ?ĆľĆŒÄžÄš Ä?LJ ĹľÄ‚ĆŒĹŹÄžĆš Ä?ĆŒÄžÄ‚ÄšĆšĹš ͞ĂĚǀĂŜÄ?Ğ͏ĚĞÄ?ĹŻĹ?ŜĞ ĆŒÄ‚Ć&#x;ŽͿ Ć?ĆšĆŒÄžĹśĹ?ƚŚĞŜĞĚ ƚŽ Ď͘Ďdž Ä¨ĆŒĹ˝Ĺľ ĎŹÍ˜Ď˛Ç†
-13.4%
33.6%
19.6%
7.3%
6.1x
0.7x
7.0%
-9.1%
-8.6%
34.1%
5.6%
5.5x
2.1x
7.2%
18.1%
2
Zenith Bank PLC
24.00
0.6%
14.1%
-6.4%
-7.4%
23.7%
3.4%
4.1x
1.0x
11.5%
24.3% 3.7%
3
Nigerian Brew eries PLC
4
Nestle Nigeria PLC
5
Dangote Cement PLC
81.50
0.6%
6.3%
-39.6%
-39.7%
13.8%
6.4%
27.3x
3.9x
4.6%
0.0%
8.6%
-8.1%
-8.1%
85.8%
26.3%
25.8x
20.1x
3.3%
3.9%
205.00
0.0%
6.4%
-10.9%
-10.9%
20.1%
9.8%
21.4x
4.5x
5.1%
4.7%
6
FBN Holdings Plc
7.40
-0.7%
5.4%
-15.9%
-15.8%
6.6%
0.8%
5.3x
0.4x
3.4%
18.9%
7
Access Bank PLC
7.90
0.0%
3.9%
-24.4%
-25.5%
14.1%
1.7%
3.3x
0.5x
8.2%
30.4%
10.8%
8
United Bank for Africa PLC
8.00
2.6%
3.9%
-22.3%
-23.2%
15.4%
1.8%
3.6x
0.6x
9
Ecobank Transnational Inc
15.50
0.0%
3.5%
-8.8%
-4.7%
12.1%
1.0%
4.9x
0.6x
638.00
-0.3%
3.6%
4.4%
1.9%
25.9%
15.3%
2.8x
0.7x
2.8%
35.9%
47.00
0.0%
3.8%
13.3%
14.9%
35.7%
4.6%
7.0x
2.2x
2.1%
14.4%
10
SEPLAT Petroleum Development C
11
Stanbic IBTC Holdings PLC Unilever Nigeria PLC
39.50
0.0%
2.8%
-3.7%
-1.8%
24.7%
11.5%
18.4x
2.7x
1.3%
5.4%
13
Guinness Nigeria PLC
74.00
0.0%
2.1%
-21.3%
-21.3%
8.8%
5.0%
19.9x
1.8x
2.5%
5.0% -41.3%
14
Lafarge Africa PLC
15.70
-9.8%
0.7%
-65.0%
-65.0%
-53.7%
-7.9%
1.0x
9.6%
15
Fidelity Bank PLC
1.94
1.6%
1.1%
-21.1%
-24.8%
11.3%
1.5%
2.5x
0.3x
5.7%
16
Oando PLC
5.00
0.0%
1.3%
-16.5%
-16.5%
10.9%
1.7%
4.2x
0.3x
17
Dangote Sugar Refinery PLC
13.00
-3.3%
0.9%
-35.0%
-36.1%
41.5%
18.1%
5.2x
1.6x
13.5%
19.3%
18
Okomu Oil Palm PLC
79.80
0.0%
1.5%
17.9%
17.9%
39.3%
29.7%
7.6x
2.6x
3.8%
13.1%
19
International Brew eries PLC
33.55
0.0%
0.6%
-38.4%
-39.0%
24.6%
7.4%
35.1x
8.0x
20
Flour Mills of Nigeria PLC
16.80
-1.2%
0.4%
-42.1%
-42.1%
7.6%
2.3%
5.8x
0.5x
6.0%
17.3% 17.2%
Transnational Corp of Nigeria
1.22
0.0%
0.6%
-16.4%
-17.6%
13.6%
3.0%
5.8x
0.7x
1.6%
22
9.75
-1.5%
0.4%
-42.3%
-42.3%
1.4%
0.6%
76.4x
0.4x
6.7%
23
Diamond Bank PLC
1.21
2.5%
0.5%
-19.3%
-22.9%
-5.8%
-0.7%
24
Total Nigeria PLC FCMB Group Plc
1.3% -58.0%
0.0%
0.5%
-13.0%
-13.0%
34.6%
7.5%
7.0x
2.2x
8.5%
14.3%
1.66
3.8%
0.6%
12.2%
5.1%
6.7%
1.0%
2.7x
0.2x
6.0%
36.6%
5.4x
1.8x
4.9%
18.4%
26
11 PLC
162.70
0.0%
0.5%
-16.4%
-16.4%
38.0%
16.8%
27
Forte Oil PLC
21.95
0.0%
0.3%
-49.5%
-47.7%
29.7%
3.0%
28
PZ Cussons Nigeria PLC
10.00
0.0%
0.2%
-51.5%
-52.7%
1.7x
-9.5%
0.9x
1.5%
29
Cadbury Nigeria PLC
9.90
0.0%
0.3%
-36.8%
-36.5%
4.7%
1.9%
34.5x
1.6x
1.6%
2.9%
30
Presco PLC
64.50
-1.9%
0.4%
-5.8%
-5.8%
37.0%
24.8%
2.5x
0.8x
3.1%
39.3%
31
NASCON Allied Industries PLC
18.00
0.0%
0.4%
-2.7%
-6.3%
47.0%
17.5%
9.4x
4.2x
8.3%
10.7%
32
UPDC Real Estate Investment Tr
8.10
0.0%
0.3%
-19.0%
-19.0%
0.7x
6.8%
33
Union Bank of Nigeria PLC
4.90
0.0%
0.2%
-37.2%
-34.8%
5.3%
1.0%
8.9x
0.5x
34
Julius Berger Nigeria PLC
23.70
0.0%
0.3%
-15.4%
-15.4%
17.3%
1.8%
6.6x
1.0x
4.2x
35
Sterling Bank PLC
1.60
0.0%
0.4%
48.1%
41.6%
10.6%
1.1%
36
Dangote Flour Mills Plc
6.00
0.0%
0.1%
-50.6%
-50.6%
0.0%
0.0%
11.3% 4.3%
15.2% 23.8%
0.4x
1.2%
0.8x
3.3%
37
GlaxoSmithKline Consumer Niger
11.10
0.0%
0.1%
-48.6%
-48.6%
12.1%
7.2%
8.9x
1.6x
67.6%
38
Chemical and Allied Products P
25.75
0.0%
0.2%
-24.3%
-27.9%
66.2%
30.2%
12.0x
8.0x
7.2%
8.3%
39
Beta Glass PLC
62.10
0.0%
0.2%
21.0%
21.0%
17.7%
11.5%
7.5x
1.2x
1.7%
13.3%
40
Transcorp Hotels Plc
6.10
0.0%
0.1%
-15.4%
-15.4%
6.9%
3.8%
11.9x
0.8x
2.0%
8.4%
T o p 10 G a in e r s
11.3%
T o p 10 T r a d e s b y V o l u m e
P ric e
P ric e C hg %
N IGER IN S
0.22
10.0%
NP FM CRFB K
1.48
9.6%
F ID SON
4.90
8.9%
UN ION D A C
0.27
8.0%
FCM B
11.2
3.7%
LA SA C O
0.29
7.4%
A C C ESS
9.4
0.0%
R ED ST A R EX
4.50
7.1%
UB A
5.6
2.6%
R EGA LIN S
0.21
5.0%
D IA M ON D B N K
5.0
2.5%
J A P A ULOIL
0.21
5.0%
OA N D O
4.7
0.0%
NA HCO
3.72
3.9%
F ID ELIT YB K
4.3
1.6%
FCM B
1.66
3.8%
J A P A ULOIL
4.2
5.0%
T ic k er
P ric e C hg %
288.3
0.6%
FB NH
41.0
-0.7%
GUA R A N T Y
33.7
-0.7%
T o p 10 L o s e r s
T o p 10 T r a d e s b y V a l u e
WA P C O
15.70
-9.8%
while AIICO (-ĎľÍ˜ĎľĐšÍżÍ• WAPCO (-ĎľÍ˜Ď´ĐšÍż ĂŜĚ MBENEFIT (-
M B EN EF IT
0.25
-7.4%
J A IZ B A N K
0.46
-6.1%
N EM
2.48
-5.3%
C ON T IN SUR E
1.41
-4.7%
C H A M P ION
1.45
-4.6%
D A N GSUGA R
13.00
P R ESC O
64.50 0.55
M EYER
Vo lum e
Z EN IT H B A N K
FIDSON ÍžĐ˝Ď´Í˜ĎľĐšÍż Ç ÄžĆŒÄž LJĞĆ?ĆšÄžĆŒÄšÄ‚Ç‡Í›Ć? Ĺ˝ĆľĆšĆ‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľĹ?ĹśĹ? Ć?ƚŽÄ?ĹŹĆ?
(A Dealing Member of the Nigerian Stock Exchange)
0.1x
200.00
-9.9%
Afrinvest Securities Limited (RC 603 315)
2.8%
UAC of Nigeria PLC
25
39.5% 24.0%
21
P ric e C hg %
over ƚŚĞ ĹśÄžÄ‚ĆŒ ĆšÄžĆŒĹľÍ˜
27.6% 20.6%
12
0.64
Ä?ĆŒÄžÄ‚ÄšĆšĹšÍ˜ tÄž ŚĞŜÄ?Äž ĆŒÄžĆšÄ‚Ĺ?Ĺś Ĺ˝ĆľĆŒ Ä?ÄžÄ‚ĆŒĹ?Ć?Ĺš ĹľÄ‚ĆŒĹŹÄžĆš ŽƾƚůŽŽŏ
12.2%
1,430.00
P ric e
ĆšĹ˝ĹľĹ˝ĆŒĆŒĹ˝Ç Î–Ć? Ć?ÄžĆ?Ć?Ĺ?ŽŜ ĚĞĆ?ƉĹ?ƚĞ ƚŚĞ Ĺ?ĹľĆ‰ĆŒĹ˝Ç€ÄžĹľÄžĹśĆš Ĺ?Ĺś ĹľÄ‚ĆŒĹŹÄžĆš
Divinden Earnings d Yield Yield
22.5%
A IIC O
Ć‰ÄžĆŒÄ¨Ĺ˝ĆŒĹľÄ‚ĹśÄ?Äž Ĺ˝Ä?Ć?ÄžĆŒÇ€ÄžÄš LJĞĆ?ĆšÄžĆŒÄšÄ‚Ç‡ Ç Ĺ?ĹŻĹŻ Ä?Äž Ć?ĆľĆ?ƚĂĹ?ŜĞĚ Ĺ?Ĺś
P/BV
-0.7%
T ic k er
ĎľÍ˜Ď´ĐšÍż ůĞĚ ĹŻÄ‚Ĺ?Ĺ?Ä‚ĆŒÄšĆ?͘ tÄž Ä?ĞůĹ?ĞǀĞ ƚŚĞ Ä?ÄžÄ‚ĆŒĹ?Ć?Ĺš
P/E
-0.04%
Ä‚Ć? ĎĎ´ Ć?ƚŽÄ?ĹŹĆ? ĂĚǀĂŜÄ?ĞĚ Ä?Ĺ˝ĹľĆ‰Ä‚ĆŒÄžÄš Ç Ĺ?ƚŚ ĎŽĎł GHFOLQHUV 1,*(5,16 NPFMCRBK ÍžĐ˝ĎľÍ˜Ď˛ĐšÍż ĂŜĚ
ROA
37.05
ŽŜĆ?ĆľĹľÄžĆŒ 'ŽŽĚĆ? Ĺ?ŜĚĹ?Ä?ÄžĆ? Ć?ŚĞĚ ĎŹÍ˜ĎŽĐš ĂŜĚ ĎŹÍ˜ĎĐš
DANGSUGAR
ROE
1,335.59
T ic k er
(-ĎŹÍ˜ĎŻĐšÍżÍ•
Price Price Change Change YTD Index to Date
Guaranty Trust Bank PLC
CONTINSURE (-Ď°Í˜ĎłĐšÍżÍ˜ ^Ĺ?ĹľĹ?ĹŻÄ‚ĆŒĹŻÇ‡Í• ƚŚĞ KĹ?ĹŻ Θ 'Ä‚Ć? ĂŜĚ
SEPLAT
Previous Current Price Weighting Change
1
Ć‰ĆŒĹ?Ä?Äž ÄšÄžĆ‰ĆŒÄžÄ?Ĺ?Ä‚Ć&#x;ŽŜ Ĺ?Ĺś WAPCO (-ĎľÍ˜Ď´ĐšÍżÍ• NEM ÍžĎąÍ˜ĎŻĐšÍż ĂŜĚ
ĆŒÄžĆ?ƉĞÄ?Ć&#x;ǀĞůLJ Ä¨Ĺ˝ĹŻĹŻĹ˝Ç Ĺ?ĹśĹ? Ć?ĆľĆ?ƚĂĹ?ŜĞĚ sell Ć‰ĆŒÄžĆ?Ć?ĆľĆŒÄžĆ? Ĺ?Ĺś
Current Price
T ic k er
Value
P ric e C hg %
Z EN IT H B A N K
6875.6
0.6%
GUA R A N T Y
1264.8
-0.7%
D A N GC EM
334.4
0.0%
FB NH
303.5
-0.7%
90.4
-1.9%
P R ESC O A C C ESS
74.1
0.0%
UN ILEVER
60.3
0.0%
-3.3%
ST A N B IC
50.1
0.0%
-1.9%
UB A
44.1
2.6%
-1.8%
F LOUR M ILL
39.9
-1.2%
Investment Research
Brokerage Ayodeji Ebo | aebo@afrinvest.com
Robert Omotunde |
Bolaji Fajenyo | bfajenyo@afrinvest.com
Jolomi Odonghanro | jodonghanro@afrinvest.com
romotunde@afrinvest.com
43
T H I S D AY Ëž Ëœ ΀˜ ͺ͸͚͜
MARKET NEWS
Stockbrokers Parley Mauritius ICT Firm on Capacity Building Goddy Egene The Association of Stockbroking Houses of Nigeria, (ASHON) is seeking partnership with a leading Mauritius based information and communications technology ( ICT) company, Acoyvis Limited with the aim of enhancing oversight functions of stockbroking firms and bring them closer to the staff in the back office for harmonious operations. The foreign ICT firm has proposed an international workshop for ASHON to address the global
best practices in technology governance. Specifically, Acovyis Limited, adjudged as one of the leading companies in ICT training has proposed a comprehensive training programme for board members of stockbroking firms and back office staff in line with the global best practices in technology governance and oversight functions. If endorsed by ASHON, the proposed series of joint workshops will address a wide range of issues that will strengthen international competitiveness of its members.
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
Addressing ASHON’s executive members in Lagos, Chief Executive Officer, Acoyvis Limited Susanne Alfs, stressed the essence continuous training of board members and back office staff to upscale their skills in view of frequent challenges in ICT architecture. She explained that distruptive trends in the ICT world has brought into fore the imperative of acquisition of latest skills in technology. “With technology invading even the remotest corner of our organizations, it is also moving up a few notches on a typical board
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 0611-2018, unless otherwise stated.
agenda. But in the past, technology knowhow was not typically sought after in board members. That is why many boards today struggle to keep up,� she said. Responding, Chairman of ASHON Chief Patrick Ezeagu, described her presentation as something that every board must embrace. Ezeagu noted that the presentation has re-opened the on-going discussion on the fourth revolution and the need for every professional to be prepared for a change. “You have talked about the
fourth revolution which is going to disrupt a lot of things in terms of how to do business. People are going to have less margin while many may lose jobs except they upscale their skills. Therefore, I believe that there would always be a place of collaboration for like minds, and I can tell you that the Council members shall deliberate on what have been said and arrive at a consensus on the areas to collaborate with Acoyvis,� Ezeagu stated. He explained that stockbrokers in Nigeria were resilient as they
operate in an environment characterised by market volatility, frequent changes in technology and high cost of its acquisition, unstable government policies and uncertainty in the economy following unguarded utterances of the political class, causing panic among investors. Ezeagu also noted that ASHON’s members are in support of the ongoing demutualisation of the Nigerian Stock Exchange but they are also interested in how the demutualises market will impact their businesses.
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 0.99% ACAP Income Funds 0.62 0.62 6.35% 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 12.45% AIICO Balanced Fund 2.20 2.21 -4.53% 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 133.25 134.19 -12.16% AXA Mansard Money Market Fund 1.00 1.00 11.92% 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 11.01% Paramount Equity Fund 11.64 11.94 4.99% Women's Investment Fund 101.78 104.39 1.14% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 12.11% Cordros Milestone Fund 2023 99.40 99.48 Cordros Milestone Fund 2028 98.99 99.22 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 11.56% Coronation Balanced Fund Coronation Fixed Income Fund 1.09 1.12 5.14% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,159.60 1,160.34 10.60% FBN Heritage Fund 143.06 144.27 2.70% FBN Money Market Fund 100.00 100.00 12.28% FBN Nigeria Eurobond (USD) Fund - Institutional $113.55 $113.87 4.27% FBN Nigeria Eurobond (USD) Fund - Retail $113.30 $113.63 4.15% FBN Nigeria Smart Beta Equity Fund 146.86 148.93 -7.57% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.23 1.24 -5.24% Legacy Debt Fund 3.19 3.19 10.57% Legacy USD Bond Fund 1.02 1.02 1.60% 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 2,970.08 2,998.89 -0.53% Coral Income Fund 2,743.19 2,743.19 12.05% 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 11.91% Nigeria Entertainment Fund 105.29 105.49 4.72% 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 11.93%
Vantage Balanced Fund 2.15 2.17 1.86% Vantage Guaranteed Income Fund 1.00 1.00 14.70% Kedari Investment Fund (KIF) 122.32 122.53 6.28% 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 4.15% Lotus Halal Fixed Income Fund 1,078.85 1,078.85 11.80% 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 11.27 11.36 -13.02% Meristem Money Market Fund 10.00 10.00 11.54% 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 11.64% PACAM Fixed Income Fund 12.00 12.06 8.70% PACAM Money Market Fund 10.00 10.00 12.02% 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 126.91 127.27 -2.18% 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 1.67 1.67 12.61% 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 2,324.20 2,339.32 5.75% Stanbic IBTC Bond Fund 186.58 186.58 7.16% Stanbic IBTC Ethical Fund 0.97 0.98 -3.47% Stanbic IBTC Guaranteed Investment Fund 243.83 243.87 12.99% Stanbic IBTC Iman Fund 162.39 164.24 -9.32% Stanbic IBTC Money Market Fund 100.00 100.00 11.52% Stanbic IBTC Nigerian Equity Fund 8,708.15 8,815.52 -8.46% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 6.36% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.16 1.17 -2.13% United Capital Bond Fund 1.57 1.57 9.70% United Capital Equity Fund 0.70 0.71 -7.58% United Capital Money Market Fund 1.00 1.00 12.50% United Capital Eurobond Fund 106.04 106.04 5.97% United Capital Wealth for Women Fund 1.08 1.09 4.14% 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 11.17 11.33 -7.84% Zenith Ethical Fund 12.05 12.15 -6.82% Zenith Income Fund 20.45 20.45 10.84% Zenith Money Market Fund 1.00 1.00 11.98%
REITS NAV Per Share
Yield / T-Rtn
9.00 139.11 51.55
-20.11% 5.02% 1.42%
Bid Price
Offer Price
Yield / T-Rtn
10.51 117.44 91.17
10.61 119.93 92.88
-11.27% -17.78% -16.55%
Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund
VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva GrifďŹ n 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
SPECIALIST FUNDS*
funds@vetiva.com Bid Price
Offer Price
Yield / T-Rtn
4.13 7.19 15.00 13.87 143.20
4.17 7.27 15.10 14.07 145.20
-12.80% -24.73% -14.09% -29.32% 6.44%
NAV Per Share
Yield / T-Rtn
107.13
17.03%
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.
44
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
45
46
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
UTILIZATION OF FOREIGN EXCHANGE AS AT 2ND OF NOVEMBER 2018 S/N
CUSTOMERS
1
OGU N. CHIKA
4,000.00 PTA
359.00 29-Oct-18
130
OMOERAH JOYCE O
4,000.00 PTA
359.00 31-Oct-18
2
RICHARD AMANLAYO
AMOUNT (US$)
4,000.00 PTA
PURPOSE
359.00 29-Oct-18
RATE DATE
131
S/N
ONYEOZIRI A. JOSEPHINE
CUSTOMERS
1,500.00 PTA
359.00 31-Oct-18
3
EDA EYITUOYO
1,000.00 PTA
359.00 29-Oct-18
132
CHINONYE J. OKPALA
4,000.00 PTA
359.00 31-Oct-18
4
BAIYEWU OMOLOLA
4,000.00 PTA
359.00 29-Oct-18
133
OKPALA C. MARY
4,000.00 PTA
359.00 31-Oct-18
5
ESU IBANA
4,000.00 PTA
359.00 29-Oct-18
134
900.00 PTA
359.00 31-Oct-18
6
OLOWU B. ABAYOMI
4,000.00 PTA
359.00 29-Oct-18
135
AWOFESO O. RISIKAT
1,000.00 PTA
359.00 31-Oct-18
7
AMANATA BEATRICE
5,000.00 BTA
359.00 29-Oct-18
136
NWACHUKWU OBIAGELI V
1,100.00 PTA
8
ENAS C. ADLINE
3,885.00 PTA
359.00 29-Oct-18
137
DAUDA V. OLAJUKE
1,800.00 PTA
359.00 31-Oct-18
9
AWONUSI O. ADEDUNNI
1,295.01 PTA
359.00 29-Oct-18
138
YUSUF HARUNA HAJARA
2,600.00 PTA
359.00 31-Oct-18
414.40 PTA
NWANI EKENE CHARLES
AMOUNT (US$)
PURPOSE
RATE DATE
359.00 31-Oct-18
10
AKINSETE M. GBENGA
359.00 29-Oct-18
139
SHAMBO TAMNGWA
4,000.00 PTA
359.00 31-Oct-18
11
NJOKU L. CHINENYE
7,373.70 SCHOOL FEES
359.00 29-Oct-18
140
ELIJAH DAVID EJIBE
1,300.00 PTA
359.00 31-Oct-18
12
OJEAGA O. GODWIN
14,370.00 SCHOOL FEES
359.00 29-Oct-18
141
ANUNA N. MACEVARISTE
4,000.00 PTA
359.00 31-Oct-18
13
UMARU HASSAN
2,675.12 SCHOOL FEES
359.00 29-Oct-18
142
AKINYEMI D. AYODOTUN
14
EJEGI J. WILLIAMS
1,000.00 SCHOOL FEES
359.00 29-Oct-18
143
ADAMA M. KADIRI
3,300.00 PTA
359.00 31-Oct-18
363.80 29-Oct-18
144
ONUORAH IKENNA TONY
1,000.00 PTA
359.00 31-Oct-18
2,500.00 PTA
359.00 31-Oct-18
15
NIGER BISCUIT
20,772.00 SUPPLY AND INSTALLATION OF MACHINERY
16
NIGER BISCUIT
22,876.20 SUPPLY AND INSTALLATION OF MACHINERY
363.80 29-Oct-18
145
OBIOHA SAMUEL IKEOKWU
17
NIGER BISCUIT
46,480.00 SUPPLY AND INSTALLATION OF MACHINERY
363.80 29-Oct-18
146
ESHIET JUSTINA JULIUS
1,000.00 PTA
359.00 31-Oct-18
18
NIGER BISCUIT
7,594.68 SUPPLY AND INSTALLATION OF MACHINERY
363.80 29-Oct-18
147
ADEGUN ANTHONY
4,000.00 PTA
359.00 31-Oct-18 359.00 31-Oct-18
2,500.00 PTA
19
HAFFAR INDUSTRIAL CO. LTD
10,000.00 INDUSTRIAL RAW MATERIALS
363.80 29-Oct-18
148
UGORJI B. EMEKA
4,000.00 PTA
20
GLAXOSMITHKLINE PHARM. NIG. LTD
59,016.70 COLART TABS
363.80 29-Oct-18
149
CHUKE FLORENCE EZIM
2,500.00 PTA
21
GLAXOSMITHKLINE PHARM. NIG. LTD
11,349.45 KEPPRA
363.80 29-Oct-18
150
OSIBOTE E. ADEJOKE
22
GLAXOSMITHKLINE PHARM. NIG. LTD
32,279.05 ALTARGO OINTMENT
363.80 29-Oct-18
151
23
GLAXOSMITHKLINE PHARM. NIG. LTD
33,482.11 KEPPRA
363.80 29-Oct-18
152
12,740.33 PHARMACEUTICAL PRODUCTS
363.80 29-Oct-18
153
359.00 31-Oct-18
360.00 31-Oct-18
700.00 PTA
360.00 31-Oct-18
ADESANYA O. VICTOR
1,155.99 PTA
359.00 31-Oct-18
GASPER A. ADEKEMI
1,392.23 PTA
359.00 31-Oct-18
MONEME I. WILSON
2,901.62 PTA
359.00 31-Oct-18
363.80 29-Oct-18
154
GAYA KHALID SA'ID
1,940.85 PTA
359.00 31-Oct-18
95,000.00 AUTOMATIC PARBOLING & DRYING PLANT
363.80 29-Oct-18
155
OBAFEMI E. JUNIOR
970.80 PTA
AIRPEACE LTD
384,206.64 AIRCRAFT INSURANCE 22 OCT'18-09 JAN'19
363.80 29-Oct-18
156
OKOLORIE U. GEOFFERY
3,883.20 PTA
359.00 31-Oct-18
CBN
105,839.60 IMTO TRANSFERRED TO CBN
357.00 29-Oct-18
157
OYEBODE O. HENRIETTA
3,885.04 PTA
359.00 31-Oct-18
29
CBN
55,149.44 IMTO TRANSFERRED TO CBN
1,305.71 PTA
359.00 31-Oct-18
30
NIGERIAN CARTON & PACKAGING
987.59 PTA
359.00 31-Oct-18
31
IATA
1,002,385.03 TICKET REMITTANCE
32
IATA
9,695,470.76 TICKET REMITTANCE
33
IATA
893,118.40 TICKET REMITTANCE
34
UNITED CAPITAL SECURITIES LTD
297,155.22 UBA 2018 INTERIM DIVIDEND
363.80 30-Oct-18
163
35
COUSINS NIGERIA LTD
58,195.60 TOVASTE BRAND DRUM SETS
363.80 30-Oct-18
164
36
PLASTIMAT LTD
20,000.00 HOMOPOLYMER
363.80 30-Oct-18
165
37
WHIZ OIL LTD
71,453.38 WHIZ SUPER OIL TREAT
363.80 30-Oct-18
166
38
AMTRONIC INVESTMENTS LTD
33,351.39 STOCK GOODS
306.40 30-Oct-18
39
AMTRONIC INVESTMENTS LTD
8,018.50 STOCK GOODS
307.15 30-Oct-18
168
ISHAKU ELIZABETH
40
AMTRONIC INVESTMENTS LTD
7,659.68 STOCK GOODS
307.00 30-Oct-18
169
OKUO TITUS OLATUNJI
41
AMTRONIC INVESTMENTS LTD
11,981.50 STOCK GOODS
307.15 30-Oct-18
170
AJOSE SHOLA OWOLABI
42
AMTRONIC INVESTMENTS LTD
11,104.11 STOCK GOODS
307.00 30-Oct-18
171
KOMOLAFE OLUBUKUNOLA
24
GLAXOSMITHKLINE PHARM. NIG. LTD
25
DHL
26
ELEPHANT GROUP PLC
27 28
192,413.41 INT'L COURIER SERVICES FOR MAY '18
320.00 PLASTIC MOULD
359.00 31-Oct-18
357.00 29-Oct-18
158
LAMBO ABOSEDE ADEKOYA
363.80 30-Oct-18
159
MELVILLE EBO
364.70 30-Oct-18
160
UNUIGBOJE RITA ASIMONYE
3,956.00 PTA
359.00 31-Oct-18
364.70 30-Oct-18
161
WAZIRI N. ENDIE
3,969.61 PTA
359.00 31-Oct-18
364.70 30-Oct-18
162
GASPER A. ADEKEMI
1,589.28 PTA
359.00 31-Oct-18
SEREKI NIMOTA
417.66 PTA
359.00 31-Oct-18
ADEBIYI SAMMY ADEDOYIN
398.75 PTA
359.00 31-Oct-18
TAIWO W. ESTHER
2,662.17 PTA
359.00 31-Oct-18
ODUTOLA ANTHONIA
3,919.00 PTA
360.00 31-Oct-18
167
AKINLADE T. OLUSHOLA
2,808.02 PTA
359.00 31-Oct-18
150.00 SCHOOL FEES
359.00 31-Oct-18
13,762.80 SCHOOL FEES
359.00 31-Oct-18
3,868.80 SCHOOL FEES
359.00 31-Oct-18
14,798.16 SCHOOL FEES
359.00 31-Oct-18 363.50 31-Oct-18
43
FAKOYACLARA MOROLAYO
1,400.00 PTA
359.00 30-Oct-18
172
PLUTUS IND LTD
37,500.00 INDUSTRIAL RAW MATERIAL
44
FASIMOYE BUKOLA RITA
1,500.00 PTA
359.00 30-Oct-18
173
JUST FOOD LIMITED
73,324.66 ICE CREAM POWDER
45
AYINDE KOLAWOLE LUKMAN
4,000.00 PTA
359.00 30-Oct-18
174
JUST FOOD LIMITED
78,155.99 ICE CREAM POWDER
DAG INDUSTRIES NIG LTD
469,106.00 BAJAJ BOXER MOTORCYCLE
363.00 31-Oct-18
DAG INDUSTRIES NIG LTD
234,549.00 BAJAJ BOXER MOTORCYCLE
363.00 31-Oct-18
46
IZEGAEGBE JOYCE
3,250.00 PTA
359.00 30-Oct-18
175
47
ONWASIGWE C. NWANMA
4,000.00 PTA
359.00 30-Oct-18
176
48
UDOKA C. TINA
4,000.00 PTA
359.00 30-Oct-18
177
LEATHER TECHNIQUES LTD
49
ONWASIGWE E. NNAEMEKA
4,000.00 PTA
359.00 30-Oct-18
178
ZENITH BANK
50
EJIM EJIKEME
4,000.00 PTA
359.00 30-Oct-18
179
FBN QUEST MAERCHANT BANK
51
ONOLAJA A. TITILAYO
4,000.00 PTA
359.00 30-Oct-18
180
WEMA BANK
52
AJISAFE T. TEMITAYO
450.00 PTA
359.00 30-Oct-18
181
ZENITH BANK
10,000.00 CAUSTIC SODA PEARLS
363.00 31-Oct-18 363.00 31-Oct-18
363.00 31-Oct-18
1,000,000.00 INTERBANK
363.00 31-Oct-18
662,597.31 INTERBANK
363.00 31-Oct-18
250,000.00 INTERBANK
363.00 31-Oct-18
1,500,000.00 INTERBANK
363.00 31-Oct-18
AMTRONIC INVESTMENTS LTD
43,879.02 BURNER
307.10 31-Oct-18 307.10 31-Oct-18
53
ADETORO M. SARAT
4,000.00 PTA
359.00 30-Oct-18
182
54
SADIQ G. OLUBUNMI
4,700.00 PTA
359.00 30-Oct-18
183
AMTRONIC INVESTMENTS LTD
23,340.81 TABLE TENNIS BALL
55
ABDULLAHI TAURA
2,000.00 PTA
359.00 30-Oct-18
184
AMTRONIC INVESTMENTS LTD
21,888.67 SMALL BLENDER
307.10 31-Oct-18
56
EKISANYA O. ABIBAT
300.00 PTA
359.00 30-Oct-18
185
AMTRONIC INVESTMENTS LTD
14,210.90 IRON BOARD
307.10 31-Oct-18
57
AJIBADE BISOLA
359.00 30-Oct-18
186
AMTRONIC INVESTMENTS LTD
1,236.21 IRON BOARD
307.00 31-Oct-18
58
AREOLA B. OLUWAGBENRO
1,000.00 PTA
359.00 30-Oct-18
187
FRIESLANDCAMPINA WAMCO PLC
47,859.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
59
ADIO ROTIMI KUDIRAT
4,000.00 PTA
359.00 30-Oct-18
188
FRIESLANDCAMPINA WAMCO PLC
75,688.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
FRIESLANDCAMPINA WAMCO PLC
186,571.97 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
1,000.00 PTA
60
IGWE CHINELO
4,000.00 PTA
359.00 30-Oct-18
189
61
OGUNBAYODE O. OLABISI
4,000.00 BTA
359.00 30-Oct-18
190
FRIESLANDCAMPINA WAMCO PLC
42,474.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
FRIESLANDCAMPINA WAMCO PLC
440,482.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
62
OGUNBAYODE D. OLUFEMI
4,000.00 BTA
359.00 30-Oct-18
191
63
UTOMI E. UZO
4,000.00 PTA
359.00 30-Oct-18
192
FRIESLANDCAMPINA WAMCO PLC
76,718.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
64
BAZUAYE OTASOWIE
4,000.00 PTA
359.00 30-Oct-18
193
FRIESLANDCAMPINA WAMCO PLC
84,098.41 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
65
JULIE IDUH
1,200.00 PTA
359.00 30-Oct-18
194
FRIESLANDCAMPINA WAMCO PLC
46,718.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
66
LAHI F. MAGAJI
4,000.00 PTA
359.00 30-Oct-18
195
FRIESLANDCAMPINA WAMCO PLC
469,440.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
FRIESLANDCAMPINA WAMCO PLC
140,675.37 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
67
EDUN Z. BOLARINWA
5,000.00 BTA
359.00 30-Oct-18
196
68
USMAN N. ASMAU
4,000.00 PTA
359.00 30-Oct-18
197
FRIESLANDCAMPINA WAMCO PLC
240,810.00 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
69
CHIEMEKE C PATRICK
4,000.00 PTA
359.00 30-Oct-18
198
FRIESLANDCAMPINA WAMCO PLC
268,478.28 WHOLE MILK POWDER INSTANT
341.00 31-Oct-18
70
NWEKE T. UDEANYINYA
4,000.00 PTA
359.00 30-Oct-18
199
FRIESLANDCAMPINA WAMCO PLC
686,810.88 FULL CREAM MILK
71
AHMED OLATUNJI ALIU
4,000.00 PTA
359.00 30-Oct-18
200
FRIESLANDCAMPINA WAMCO PLC
252,972.63 FULL CREAM MILK
341.00 31-Oct-18
CBN
147,509.26 IMTO TRANSFERRED TO CBN
357.00 31-Oct-18
CBN
82,478.51 IMTO TRANSFERRED TO CBN
357.00 31-Oct-18
72
NNADIRINWA ADAKU
4,000.00 PTA
359.00 30-Oct-18
201
73
OLOWOYEYE ADEMOLA
4,000.00 PTA
359.00 30-Oct-18
202
74
OBINEWU OGOMUEGBUNAM
4,000.00 PTA
359.00 30-Oct-18
203
ADEBO CECILIA
75
EKANEM E. MICHAEL
1,000.00 PTA
359.00 30-Oct-18
204
AKINYEMI D. AYODOTUN
341.00 31-Oct-18
550.00 PTA
359.00 1-Nov-18
2,500.00 PTA
359.00 1-Nov-18
76
AKINDEINDE O. CHARLES
359.00 30-Oct-18
205
MBANASO W. NWABUGO
1,100.00 PTA
359.00 1-Nov-18
77
SHOWUNMI M. ABOLADE
1,000.00 PTA
359.00 30-Oct-18
206
NDUBUISI C. MENAKAYA
5,000.00 BTA
359.00 1-Nov-18
78
IBRAHIM A. ISAH
1,000.00 PTA
359.00 30-Oct-18
207
BAMIGBOYE A. MODINAT
5,000.00 BTA
359.00 1-Nov-18
79
IDAKWO EKE GRACE
3,400.00 PTA
359.00 30-Oct-18
208
FISHER FOLAKEMI
4,000.00 PTA
359.00 1-Nov-18
80
NWORIE JOSEPH
4,000.00 PTA
359.00 30-Oct-18
209
ADEBIYI O. JOHN
4,000.00 PTA
359.00 1-Nov-18
81
PATRICIA L. NDIFON
4,000.00 PTA
359.00 30-Oct-18
210
ADEBIYI F. DEBORAH
4,000.00 PTA
359.00 1-Nov-18
82
OSUNKOYA O. MARY
1,550.00 PTA
359.00 30-Oct-18
211
AJAYI O. GBOYEGA
4,000.00 PTA
83
NTOFON A. BLESSING
4,000.00 PTA
359.00 30-Oct-18
212
FIDERIKUMO T. AFONYA
4,000.00 PTA
359.00 1-Nov-18
84
ITELIMA J. UCHECHUKWU
4,000.00 PTA
359.00 30-Oct-18
213
LEWIS-OGUNBOYE CELESTINA
5,000.00 BTA
359.00 1-Nov-18
1,845.12 PTA
359.00 30-Oct-18
214
FREDRICK O. AKENUWA
226.43 PTA
359.00 30-Oct-18
215
SHOKUNBI A. FATAI
4,000.00 PTA
359.00 1-Nov-18
3,943.53 PTA
359.00 30-Oct-18
216
IJIDALE FAITH OMOYEMI
4,000.00 PTA
359.00 1-Nov-18
OYERO O. GBONJUBOLA
4,000.00 PTA
359.00 1-Nov-18
85
ADEGUN A. ADEDAYO
86
OLOWU O. ADEYINKA
87
AGU MARIA
200.00 PTA
4,000.00 PTA
359.00 1-Nov-18
359.00 1-Nov-18
388.50 PTA
359.00 30-Oct-18
217
89
IDARA EKERE ANIETIE
1,295.00 PTA
359.00 30-Oct-18
218
AWURUM C. FRANCA
1,000.00 PTA
359.00 1-Nov-18
90
NIYI -LEIGH OLAWUNMI
1,295.00 PTA
359.00 30-Oct-18
219
OSOBASE AISHETU TINU
3,000.00 PTA
359.00 1-Nov-18
91
ADEYEMI ADEKOLA ADEWUMI
3,889.47 PTA
359.00 30-Oct-18
220
OKEKE G. OGOCHUKWU
3,300.00 PTA
92
AKINBOBOLA AYOKANMI
3,954.29 PTA
359.00 30-Oct-18
221
AKHIBI TARI ANNETIE
4,000.00 PTA
360.00 1-Nov-18
359.00 30-Oct-18
222
NWOSU KELECHI MELVIN
2,506.94 PTA
359.00 1-Nov-18
88
EIGBADON A. THERESA
359.00 1-Nov-18
93
TAJUDEEN MUIDEEN
3,912.60 PTA
94
OGUNSINA A. IBUKUNOLUWA
3,977.81 BTA
359.00 30-Oct-18
223
SODEINDE R. ADEBAYO
95
SHOWUNMI M. ABOLADE
522.28 PTA
359.00 30-Oct-18
224
SAID GAYA KHALID
1,940.85 PTA
359.00 1-Nov-18
96
OLADIJI ABOSEDE
1,309.11 PTA
359.00 30-Oct-18
225
ATAI ANIETIE EMEM
543.44 PTA
359.00 1-Nov-18
97
ADELEKE YOMI
2,623.80 PTA
359.00 30-Oct-18
226
PHILIPS MARY ANA
4,011.09 PTA
359.00 1-Nov-18
657.39 PTA
359.00 30-Oct-18
227
UMARU YAKUBU
3,945.04 PTA
359.00 30-Oct-18
228
OHAKAWA C. LUCIOUS
1,265.00 PTA
359.00 1-Nov-18
359.00 30-Oct-18
229
APERE THANKGOD OYINPREYE
3,993.00 PTA
359.00 1-Nov-18
98
SALAMI AKEEM OLALEKAN
99
FAKOYA K. ADEMIJU
100
FAKOYACLARA MOROLAYO
2,630.03 PTA
386.88 PTA
3,881.69 PTA
359.00 1-Nov-18
101
IZEGAEGBE JOYCE
263.36 PTA
359.00 30-Oct-18
230
LUCKY JOE INVESTMENT LTD
102
PINDAR M. FATIMA
3,960.92 PTA
359.00 30-Oct-18
231
SOLOMON O. DANIEL
103
EGBUZIE ROSEMARY
3,993.93 PTA
359.00 30-Oct-18
232
CBN
123,532.84 IMTO TRANSFERRED TO CBN
357.00 1-Nov-18
104
SHONEYE J. OLUWOLE
3,964.51 PTA
359.00 30-Oct-18
233
CBN
59,630.61 IMTO TRANSFERRED TO CBN
357.00 1-Nov-18
132.31 PTA
359.00 30-Oct-18
234
1,324.59 PTA
359.00 30-Oct-18
235
ETHIOPIAN AIRLINES
550,206.33 SALES PROCEED
363.50 1-Nov-18
LINDA MANUFACTURING LTD
216,900.00 ARTIFICIAL FILAMENT TOW
363.50 1-Nov-18
LINDA MANUFACTURING LTD
90,300.00 ARTIFICIAL FILAMENT TOW
105
ANYAOGU C. CHINEKIHIENILE
106
OKIEMUTE R. OKPARANYOTE
ADVEEM NIGERIA LTD
3,709.00 SCHOOL FEES
359.00 1-Nov-18
7,395.50 SCHOOL FEES
9,775.00 CALCIUM PROPIONATE
359.00 1-Nov-18 359.00 1-Nov-18
363.50 1-Nov-18
157.18 SCHOOL FEES
359.00 30-Oct-18
236
4,100.00 SCHOOL FEES
359.00 30-Oct-18
237
DR MOSES S YAMUSA
3,672.64 SCHOOL FEES
359.00 30-Oct-18
238
GREY DE KOUROUN NIG. LTD
305,950.00 INDUSTRIAL PETROLUEM JELLY
360.50 1-Nov-18
KENNEDY UGO UZOKA
13,365.99 SCHOOL FEES
359.00 30-Oct-18
239
ODA FOODS DISTRIBUTION LTD
194,050.00 AMI CHICKEN SACHETS CUBES
360.50 1-Nov-18
107
OGEH ATEMEKUMAI
108
ADEJOKUN ADESEGUN
109 110
CBN
120,527.16 IMTO TRANSFERRED TO CBN
357.00 30-Oct-18
240
OBAZE OMOYE
112
CBN
60,372.31 IMTO TRANSFERRED TO CBN
357.00 30-Oct-18
241
UJU IJEOMA
4,000.00 PTA
359.00 2-Nov-18
113
ABUCHEM ENTERPRISES
5,000.00 BTA
359.00 31-Oct-18
242
ADEDINI R. KATERINE
4,000.00 PTA
359.00 2-Nov-18
114
SHNAYDER T. OLUWAKEMI
5,000.00 BTA
359.00 31-Oct-18
243
OPARA B. CHIDUGAM
2,000.00 PTA
359.00 2-Nov-18
115
HORSFALL BIOBELE TELEMA
4,000.00 BTA
359.00 31-Oct-18
244
SHITTU O. ATANDA
3,000.00 PTA
360.00 2-Nov-18
116
ADEBIYI SAMMY ADEDOYIN
500.00 PTA
359.00 31-Oct-18
245
JAJA B. IBIFURO
515.21 PTA
359.00 2-Nov-18
JAJA B. IBIFURO
1,669.87 PTA
359.00 2-Nov-18
111
4,000.00 BTA
363.50 1-Nov-18
359.00 2-Nov-18
117
IMORU F. ADEDAMOLA
4,000.00 PTA
359.00 31-Oct-18
246
118
ESHO OPEYEMI TEMITOPE
4,000.00 PTA
359.00 31-Oct-18
247
AZEBEOKHAI-NASAMU AUGUSTINE
119
ESHO ROTIMI
4,000.00 PTA
359.00 31-Oct-18
248
OLUNLOYO DUNNI
3,948.64 PTA
359.00 2-Nov-18
120
AKINPELUU FEMI JOSEPH
1,300.00 PTA
359.00 31-Oct-18
249
ARIOGA S. OGHENETEGA
1,168.74 SCHOOL FEES
359.00 2-Nov-18
3,846.00 PTA
FAGBEMI I. ESTHER
3,000.00 PTA
359.00 31-Oct-18
250
OBIA S. NNAMDI
122
NWOSU OBIORA
2,000.00 PTA
359.00 31-Oct-18
251
OKOH HUDSON ONU
4,853.00 SCHOOL FEES
359.00 2-Nov-18
123
ANYAEHIE JAMES
1,500.00 PTA
359.00 31-Oct-18
252
OSUJI G. NDUBISI
7,000.00 SCHOOL FEES
359.00 2-Nov-18
124
MELVILLE EBO
3,000.00 PTA
359.00 31-Oct-18
253
CBN
125
METTEDEN HUDA
4,000.00 PTA
359.00 31-Oct-18
254
CBN LIFE FLOUR MILLS LIMITED
121
126
MUHAMMAD MUKHTAR
4,000.00 PTA
359.00 31-Oct-18
255
127
RUQAYA M. MUHAMMAD
4,000.00 PTA
359.00 31-Oct-18
256
HAFFAR INDUSTRIAL CO. LTD
128
OJUMOOLA L. OLAKUNLE
4,000.00 PTA
359.00 31-Oct-18
257
SOLPIA NIGERIA LIMITED
129
SAMUEL K. EMMANUEL
1,000.00 PTA
359.00 31-Oct-18
www.ubagroup.com
950.00 LIVING EXPENSES
359.00 2-Nov-18
119,861.04 IMTO TRANSFERRED TO CBN 52,403.59 IMTO TRANSFERRED TO CBN 105,000.00 AUSTRALIA HARD WHEAT 10,000.00 INDUSTRIAL RAW MATERIALS 751,600.00 ARTIFICIAL FILAMENT TOW
359.00 2-Nov-18
357.00 2-Nov-18 357.00 2-Nov-18 363.50 2-Nov-18 363.80 2-Nov-18 363.50 2-Nov-18
Africa’s global bank
47
THURSDAY NOVEMBER 8, 2018 ˾ T H I S D AY
INTERNATIONAL
US Midterm Elections: Democrats Take House, Republicans Retain Senate Democrats seized control of the House of Representatives on Tuesday in a midterm setback for Donald Trump, but the US president managed to avoid a feared “blue wave” as his Republican Party expanded
its Senate majority after a polarising, racially charged campaign. Heralded by Trump as a “tremendous success,” the Republican Senate victories will all but end any immediate
78 Children Kidnapped in Cameroon Released All 78 children and a driver kidnapped in western Cameroon have been released. They regained their freedom on Wednesday, but the school principal and one teacher are still being held by the armed men. The group was abducted in Bamenda, a commercial hub of Cameroon’s restive English-speaking region, on Monday. “Praise God 78 children and the driver have been released. The principal and one teacher are still with the kidnappers. Let us keep praying,” Samuel Fonki, a minister of the Presbyterian Church in Cameroon, said. Fonki, who is reportedly conducting the negotiations, had earlier put the number
of children taken at 79, but later said one of their number was in fact a teacher, who remained with the kidnappers. The Associated Press news agency reported that a video purportedly of the kidnapped children was released on social media by “Amba boys”, a reference to the state of Ambazonia that armed separatists are trying to establish in Cameroon’s northwest and southwest regions, The Associated Press news agency reported. In the video, the kidnappers force several students to give their names and the names of their parents. The children say they were kidnapped by the Amba boys, and they do not know where they are being held.
talk of impeachment, even as the Democratic-led House will enjoy investigative powers to put new checks on his rollercoaster presidency. Just after polls closed on the West Coast, Trump took to Twitter to hail his party’s performance. But network projections said that Democrats would take control of the House for the first time in eight years, upending the balance of power in Washington where Trump enjoyed an easy ride following his shock 2016 election with Republican dominance of both chambers
checks and balances to the Trump administration,” Pelosi told a news conference. But she added: “A Democratic Congress will work for solutions that bring us together, because we have all had enough of division.” Democrats will now be able to block legislation and light a fire under Trump’s feet with investigations of his opaque finances and Russian interference in the 2016 election. – No ‘Blue wave’ – Tuesday’s contest saw several historic firsts in the Democratic camp: in Kansas Sharice Davids — an attorney
Democrats were on course to flip at least 26 seats from Republican hands, with strong performances among suburban white women who had narrowly turned to Trump two years ago and in key battleground states such as Pennsylvania. Representative Nancy Pelosi, who is likely to return as speaker of the House despite opposition from some centrist Democrats, promised that the party will serve as a counterweight — but also work with Trump. “Today is more than about Democrats and Republicans. It’s about restoring the constitution’s
and former mixed martial arts fighter — became the first Native American woman elected to Congress. And in the Midwest a onetime Somali refugee, Ilhan Omar, and Rashida Tlaib, who is the daughter of Palestinian immigrants, shared the historic distinction of becoming the first two Muslim women elected to the US Congress. But the rosiest expectations of some Democrats — that they could create a “blue wave” even when playing defense on the Senate map — proved unfounded.
Trump Fires Attorney General, Jeff Sessions Attorney General Jeff Sessions resigned on Wednesday at President Donald Trump’s request, ending the tenure of a beleaguered loyalist whose relationship with the president was ruined when Sessions recused himself from control of the investigation of Russian interference in the 2016 presidential campaign. In a letter to Trump, Sessions wrote he had been “honored to serve as Attorney General” and had “worked to implement the law enforcement agenda
based on the rule of law that formed a central part of your campaign for the presidency.” Trump tweeted that Sessions would be replaced on an acting basis by Matthew G. Whitaker, who had been serving as Sessions’s chief of staff. “We thank Attorney General Jeff Sessions for his service, and wish him well!” Trump tweeted. “A permanent replacement will be nominated at a later date.” A Justice Department official said Whitaker would assume authority over the special
counsel probe into Russian interference in the 2016 presidential election — though his role could be reviewed by ethics officials. Because Sessions was recused, the special counsel probe had been overseen by Deputy Attorney General Rod J. Rosenstein, who also has had strained relations with Trump, but is considered safe in his position for the moment. Sessions, 71, was the first U.S. senator to endorse Trump, and in many ways he had been the biggest supporter
of the president’s policies on immigration, crime and law enforcement. But all of those areas of agreement were overshadowed by the Russia investigation — specifically, Sessions’s recusal from the inquiry after it was revealed that he had met more than once with the Russian ambassador to the United States during the 2016 campaign even though he had said during his confirmation hearing that he had not met with any Russians.
SOURCE OF FOREIGN EXCHANGE AS AT 2ND OF NOVEMBER 2018 S/N
SOURCE
S/N
SOURCE
S/N
SOURCE
1
AUTONOMOUS
0.14
362.55 29-Oct-18
95
AUTONOMOUS
5,500.00
362.52 30-Oct-18
189
AUTONOMOUS
117.85
360.00 1-Nov-18
2
AUTONOMOUS
AMOUNT (US$) 2,000.00
362.63 29-Oct-18
RATE DATE
96
AUTONOMOUS
AMOUNT (US$) 450.00
362.52 30-Oct-18
RATE DATE
190
AUTONOMOUS
AMOUNT (US$) 100.00
360.00 1-Nov-18
3
AUTONOMOUS
800.00
362.55 29-Oct-18
97
AUTONOMOUS
50.00
362.52 30-Oct-18
191
AUTONOMOUS
4
AUTONOMOUS
4,413.19
362.55 29-Oct-18
98
AUTONOMOUS
757.68
362.52 30-Oct-18
192
AUTONOMOUS
933.58
360.00 1-Nov-18
5
AUTONOMOUS
9,000.00
362.55 29-Oct-18
99
AUTONOMOUS
4,570.18
362.52 30-Oct-18
193
AUTONOMOUS
5,734.54
360.00 1-Nov-18
6
AUTONOMOUS
7,900.00
362.55 29-Oct-18
100
AUTONOMOUS
140.00
362.52 30-Oct-18
194
AUTONOMOUS
569.57
360.00 1-Nov-18
7
AUTONOMOUS
3,701.61
362.55 29-Oct-18
101
AUTONOMOUS
654.42
362.52 30-Oct-18
195
AUTONOMOUS
48.57
360.00 1-Nov-18
8
AUTONOMOUS
5,657.28
362.55 29-Oct-18
102
AUTONOMOUS
1,128.51
362.52 30-Oct-18
196
AUTONOMOUS
437.00
360.00 1-Nov-18
9
AUTONOMOUS
9,050.00
362.55 29-Oct-18
103
AUTONOMOUS
56.43
362.52 30-Oct-18
197
AUTONOMOUS
200.00
360.00 1-Nov-18
10
AUTONOMOUS
300.00
362.55 29-Oct-18
104
AUTONOMOUS
64.32
362.52 30-Oct-18
198
AUTONOMOUS
594.90
360.00 1-Nov-18
11
AUTONOMOUS
2,000.00
362.55 29-Oct-18
105
AUTONOMOUS
39.49
362.52 30-Oct-18
199
AUTONOMOUS
320.00
360.00 1-Nov-18
12
AUTONOMOUS
1,380.00
362.55 29-Oct-18
106
AUTONOMOUS
112.85
362.52 30-Oct-18
200
AUTONOMOUS
1,106.90
360.00 1-Nov-18
13
AUTONOMOUS
4,500.00
362.55 29-Oct-18
107
AUTONOMOUS
564.25
362.52 30-Oct-18
201
AUTONOMOUS
480.00
360.00 1-Nov-18
14
AUTONOMOUS
900.00
362.55 29-Oct-18
108
AUTONOMOUS
152.91
362.52 30-Oct-18
202
AUTONOMOUS
2,041.28
360.00 1-Nov-18
15
AUTONOMOUS
216,041.67
362.75 29-Oct-18
109
AUTONOMOUS
3,218.30
362.52 30-Oct-18
203
AUTONOMOUS
295.00
360.00 1-Nov-18
16
AUTONOMOUS
12,500.00
362.52 29-Oct-18
110
AUTONOMOUS
1,525.66
362.52 30-Oct-18
204
AUTONOMOUS
5,000.00
360.00 1-Nov-18
17
AUTONOMOUS
13,000.00
362.52 29-Oct-18
111
AUTONOMOUS
254.28
362.52 30-Oct-18
205
AUTONOMOUS
129.70
18
AUTONOMOUS
25,550.00
362.52 29-Oct-18
112
AUTONOMOUS
3,559.87
362.52 30-Oct-18
206
AUTONOMOUS
19
AUTONOMOUS
1,500.00
362.63 29-Oct-18
113
AUTONOMOUS
23,000.00
362.50 30-Oct-18
207
AUTONOMOUS
230.00
360.00 1-Nov-18
20
AUTONOMOUS
2,004.25
362.63 29-Oct-18
114
AUTONOMOUS
700,000.00
362.50 30-Oct-18
208
AUTONOMOUS
3,250.00
360.00 1-Nov-18
21
AUTONOMOUS
1,700.00
362.63 29-Oct-18
115
AUTONOMOUS
33,983.00
362.80 30-Oct-18
209
AUTONOMOUS
379.31
360.00 1-Nov-18
22
AUTONOMOUS
210.00
362.63 29-Oct-18
116
AUTONOMOUS
300,000.00
362.80 30-Oct-18
210
IMTO
162,836.84
355.00 1-Nov-18
23
AUTONOMOUS
328.00
362.63 29-Oct-18
117
AUTONOMOUS
150,000.00
362.50 30-Oct-18
211
IMTO
1,873.61
24
AUTONOMOUS
400.00
362.63 29-Oct-18
118
AUTONOMOUS
33.52
362.57 31-Oct-18
212
IMTO
78,466.60
25
AUTONOMOUS
190.00
362.55 29-Oct-18
119
AUTONOMOUS
465.00
362.57 31-Oct-18
213
IMTO
1,040.88
354.80 1-Nov-18
AUTONOMOUS
11,985.00
362.57 31-Oct-18
214
AUTONOMOUS
51,063.75
360.00 1-Nov-18
160.03
362.57 31-Oct-18
215
AUTONOMOUS
450.16
360.00 1-Nov-18
667.00
128.46
372.13
RATE DATE
360.00 1-Nov-18
360.00 1-Nov-18 360.00 1-Nov-18
355.00 1-Nov-18 355.00 1-Nov-18
26
AUTONOMOUS
2,975.00
362.55 29-Oct-18
120
27
AUTONOMOUS
25.18
362.55 29-Oct-18
121
AUTONOMOUS
28
AUTONOMOUS
300.00
362.55 29-Oct-18
122
AUTONOMOUS
362.57 31-Oct-18
216
AUTONOMOUS
168.81
360.00 1-Nov-18
29
AUTONOMOUS
146.00
362.55 29-Oct-18
123
AUTONOMOUS
380.00
362.57 31-Oct-18
217
AUTONOMOUS
225.08
360.00 1-Nov-18
30
AUTONOMOUS
240.00
362.55 29-Oct-18
124
AUTONOMOUS
251.97
362.57 31-Oct-18
218
AUTONOMOUS
168.81
360.00 1-Nov-18
31
AUTONOMOUS
592.00
362.55 29-Oct-18
125
AUTONOMOUS
1,000.00
362.57 31-Oct-18
219
AUTONOMOUS
399.51
360.00 1-Nov-18
32
AUTONOMOUS
2,000.00
362.55 29-Oct-18
126
AUTONOMOUS
2,000.00
362.57 31-Oct-18
220
AUTONOMOUS
281.35
360.00 1-Nov-18
33
AUTONOMOUS
166.00
362.55 29-Oct-18
127
AUTONOMOUS
708.62
362.57 31-Oct-18
221
AUTONOMOUS
225.08
360.00 1-Nov-18
34
AUTONOMOUS
3,328.00
362.55 29-Oct-18
128
AUTONOMOUS
725.00
362.57 31-Oct-18
222
AUTONOMOUS
410.21
360.00 1-Nov-18
35
AUTONOMOUS
538.26
362.55 29-Oct-18
129
AUTONOMOUS
223.50
362.57 31-Oct-18
223
AUTONOMOUS
32.82
360.00 1-Nov-18
36
AUTONOMOUS
3,000.00
362.55 29-Oct-18
130
AUTONOMOUS
882.00
362.57 31-Oct-18
224
AUTONOMOUS
473.32
360.00 1-Nov-18
300.00
362.55 29-Oct-18
131
AUTONOMOUS
473.00
362.57 31-Oct-18
225
AUTONOMOUS
817.66
360.00 1-Nov-18
37
AUTONOMOUS
38
AUTONOMOUS
100.00
362.55 29-Oct-18
132
AUTONOMOUS
503.06
362.57 31-Oct-18
226
AUTONOMOUS
39
AUTONOMOUS
3,893.00
362.55 29-Oct-18
133
AUTONOMOUS
340.00
362.57 31-Oct-18
227
AUTONOMOUS
5,500.00
360.00 1-Nov-18
40
AUTONOMOUS
155.00
362.55 29-Oct-18
134
AUTONOMOUS
1,155.00
362.57 31-Oct-18
228
AUTONOMOUS
150,000.00
362.50 1-Nov-18
41
AUTONOMOUS
400.00
362.55 29-Oct-18
135
AUTONOMOUS
290.00
362.57 31-Oct-18
229
AUTONOMOUS
231,640.00
362.50 1-Nov-18
362.55 29-Oct-18
136
AUTONOMOUS
490.00
362.57 31-Oct-18
230
AUTONOMOUS
156,700.00
362.00 1-Nov-18
9,637.82
360.00 1-Nov-18
42
AUTONOMOUS
1,500.00
43
AUTONOMOUS
1,600.00
362.55 29-Oct-18
137
AUTONOMOUS
214.02
362.57 31-Oct-18
231
AUTONOMOUS
20,000.00
362.00 1-Nov-18
44
AUTONOMOUS
2,167.00
362.55 29-Oct-18
138
AUTONOMOUS
1,700.00
362.57 31-Oct-18
232
AUTONOMOUS
100,000.00
360.00 1-Nov-18
45
AUTONOMOUS
339.68
362.55 29-Oct-18
139
AUTONOMOUS
43.17
362.57 31-Oct-18
233
AUTONOMOUS
143,000.00
360.00 1-Nov-18
46
AUTONOMOUS
1,019.03
362.55 29-Oct-18
140
AUTONOMOUS
321.77
362.57 31-Oct-18
234
AUTONOMOUS
1,170.00
360.00 2-Nov-18
47
AUTONOMOUS
101.90
362.55 29-Oct-18
141
AUTONOMOUS
986.94
362.57 31-Oct-18
235
AUTONOMOUS
14.06
48
AUTONOMOUS
4,812.09
362.55 29-Oct-18
142
AUTONOMOUS
1,300.00
362.57 31-Oct-18
236
AUTONOMOUS
83.50
360.00 2-Nov-18
49
AUTONOMOUS
2,830.64
362.55 29-Oct-18
143
AUTONOMOUS
980.00
362.57 31-Oct-18
237
AUTONOMOUS
1,550.00
360.00 2-Nov-18
50
AUTONOMOUS
311.37
362.55 29-Oct-18
144
AUTONOMOUS
95.00
362.57 31-Oct-18
238
AUTONOMOUS
525.00
360.00 2-Nov-18
51
AUTONOMOUS
2,830.64
362.55 29-Oct-18
145
AUTONOMOUS
200.00
362.57 31-Oct-18
239
AUTONOMOUS
550.00
360.00 2-Nov-18
52
AUTONOMOUS
90.27
362.55 29-Oct-18
146
AUTONOMOUS
300.00
362.57 31-Oct-18
240
AUTONOMOUS
53.63
360.00 2-Nov-18
53
AUTONOMOUS
282.08
362.55 29-Oct-18
147
AUTONOMOUS
185.00
362.57 31-Oct-18
241
AUTONOMOUS
420.11
360.00 2-Nov-18
54
AUTONOMOUS
326.61
362.55 29-Oct-18
148
AUTONOMOUS
100.00
362.57 31-Oct-18
242
AUTONOMOUS
665.97
360.00 2-Nov-18
55
AUTONOMOUS
445.48
362.55 29-Oct-18
149
AUTONOMOUS
300.00
362.57 31-Oct-18
243
AUTONOMOUS
1,456.41
360.00 2-Nov-18
56
AUTONOMOUS
381.84
362.55 29-Oct-18
150
AUTONOMOUS
200.00
362.57 31-Oct-18
244
AUTONOMOUS
1,229.43
360.00 2-Nov-18
57
AUTONOMOUS
318.20
362.55 29-Oct-18
151
AUTONOMOUS
305.00
362.57 31-Oct-18
245
AUTONOMOUS
321.01
360.00 2-Nov-18
AUTONOMOUS
1,000.00
362.57 31-Oct-18
246
AUTONOMOUS
1,975.00
360.00 2-Nov-18
362.57 31-Oct-18
247
AUTONOMOUS
112.00
360.00 2-Nov-18
10,758.76
360.00 2-Nov-18
360.00 2-Nov-18
58
AUTONOMOUS
407.29
362.55 29-Oct-18
152
59
AUTONOMOUS
63.64
362.55 29-Oct-18
153
AUTONOMOUS
1,600.00
60
IMTO
139,561.02
355.00 29-Oct-18
154
AUTONOMOUS
1,978.00
362.57 31-Oct-18
248
AUTONOMOUS
61
IMTO
1,558.45
355.00 29-Oct-18
155
AUTONOMOUS
4,705.00
362.57 31-Oct-18
249
AUTONOMOUS
95.47
360.00 2-Nov-18
62
IMTO
72,597.88
355.00 29-Oct-18
156
AUTONOMOUS
101.40
362.57 31-Oct-18
250
AUTONOMOUS
3,667.89
360.00 2-Nov-18
63
IMTO
934.71
354.85 29-Oct-18
157
AUTONOMOUS
225.34
362.57 31-Oct-18
251
AUTONOMOUS
200.00
360.00 2-Nov-18
64
AUTONOMOUS
AUTONOMOUS
742.87
360.00 2-Nov-18
65
AUTONOMOUS
66
AUTONOMOUS
67
CBN
68
CBN
3,000,000.00
362.00 29-Oct-18
158
AUTONOMOUS
439.42
362.57 31-Oct-18
252
129,000.00
363.00 29-Oct-18
159
AUTONOMOUS
2,225.25
362.57 31-Oct-18
253
AUTONOMOUS
317.36
360.00 2-Nov-18
2,000.00
363.00 29-Oct-18
160
AUTONOMOUS
856.54
362.57 31-Oct-18
254
AUTONOMOUS
168.81
360.00 2-Nov-18
3,000,000.00
357.00 29-Oct-18
161
AUTONOMOUS
1,070.37
362.57 31-Oct-18
255
AUTONOMOUS
365.75
360.00 2-Nov-18
357.00 29-Oct-18
162
AUTONOMOUS
887.04
362.57 31-Oct-18
256
AUTONOMOUS
56.27
360.00 2-Nov-18
AUTONOMOUS
215.42
362.57 31-Oct-18
257
AUTONOMOUS
202.57
360.00 2-Nov-18
194,425.55
355.00 31-Oct-18
258
AUTONOMOUS
969.46
360.00 2-Nov-18
20,000.00
69
AUTONOMOUS
450.00
362.52 30-Oct-18
163
70
AUTONOMOUS
1,250.00
362.52 30-Oct-18
164
IMTO
71
AUTONOMOUS
8,000.00
362.52 30-Oct-18
165
IMTO
2,253.46
355.00 31-Oct-18
259
AUTONOMOUS
72
AUTONOMOUS
610.00
362.52 30-Oct-18
166
IMTO
108,742.83
355.00 31-Oct-18
260
AUTONOMOUS
73
AUTONOMOUS
250.00
362.52 30-Oct-18
167
IMTO
1,228.52
354.84 31-Oct-18
261
AUTONOMOUS
562.69
360.00 2-Nov-18
8,000.00
362.52 30-Oct-18
168
AUTONOMOUS
240,640.00
362.00 31-Oct-18
262
AUTONOMOUS
1,125.39
360.00 2-Nov-18
158,856.84
355.00 30-Oct-18
169
AUTONOMOUS
134,000.00
362.00 31-Oct-18
263
AUTONOMOUS
168.81
360.00 2-Nov-18
112.54 337.62
360.00 2-Nov-18 360.00 2-Nov-18
74
AUTONOMOUS
75
IMTO
76
IMTO
1,846.04
355.00 30-Oct-18
170
AUTONOMOUS
17,391.00
362.00 31-Oct-18
264
AUTONOMOUS
140.81
360.00 2-Nov-18
77
IMTO
79,365.79
355.00 30-Oct-18
171
AUTONOMOUS
400,000.00
362.00 31-Oct-18
265
AUTONOMOUS
530.12
360.00 2-Nov-18
78
IMTO
1,030.19
354.79 30-Oct-18
172
AUTONOMOUS
300,000.00
362.00 31-Oct-18
266
AUTONOMOUS
63.11
360.00 2-Nov-18
79
IMTO
99.00
355.00 30-Oct-18
173
AUTONOMOUS
200,000.00
362.00 31-Oct-18
267
IMTO
158,087.91
355.00 2-Nov-18
80
IMTO
1.43
353.76 30-Oct-18
174
AUTONOMOUS
389.31
362.57 1-Nov-18
268
IMTO
1,726.81
355.00 2-Nov-18
81
AUTONOMOUS
2,553.50
362.55 30-Oct-18
175
AUTONOMOUS
1,247.00
360.00 1-Nov-18
269
IMTO
69,015.40
82
AUTONOMOUS
520.00
362.55 30-Oct-18
176
AUTONOMOUS
1,740.00
360.00 1-Nov-18
270
IMTO
856.05
354.85 2-Nov-18
83
AUTONOMOUS
683.60
362.52 30-Oct-18
177
AUTONOMOUS
2,435.00
360.00 1-Nov-18
271
AUTONOMOUS
8,000.00
360.00 2-Nov-18
84
AUTONOMOUS
2,553.50
362.52 30-Oct-18
178
AUTONOMOUS
535.00
360.00 1-Nov-18
272
AUTONOMOUS
8,000.00
360.00 2-Nov-18
AUTONOMOUS
535.00
360.00 1-Nov-18
273
AUTONOMOUS
5,900.00
360.00 2-Nov-18
739.21
355.00 2-Nov-18
85
AUTONOMOUS
4,800.00
362.52 30-Oct-18
179
86
AUTONOMOUS
400.00
362.52 30-Oct-18
180
AUTONOMOUS
360.00 1-Nov-18
274
AUTONOMOUS
3,900.00
360.00 2-Nov-18
87
AUTONOMOUS
2,874.00
362.52 30-Oct-18
181
AUTONOMOUS
45.00
360.00 1-Nov-18
275
AUTONOMOUS
9,360.00
360.00 2-Nov-18
88
AUTONOMOUS
730.00
362.52 30-Oct-18
182
AUTONOMOUS
221.72
360.00 1-Nov-18
276
AUTONOMOUS
1,000.00
360.00 2-Nov-18
89
AUTONOMOUS
80.80
362.52 30-Oct-18
183
AUTONOMOUS
326.54
360.00 1-Nov-18
277
AUTONOMOUS
2,750.00
AUTONOMOUS
3,480.00
360.00 1-Nov-18
278
AUTONOMOUS
1,000.00
360.00 2-Nov-18
357.00 2-Nov-18
90
AUTONOMOUS
980.00
362.52 30-Oct-18
184
91
AUTONOMOUS
217.42
362.52 30-Oct-18
185
AUTONOMOUS
68.00
360.00 1-Nov-18
279
AUTONOMOUS
35,000.00
362.00 2-Nov-18
92
AUTONOMOUS
11,450.00
362.52 30-Oct-18
186
AUTONOMOUS
98.98
360.00 1-Nov-18
280
AUTONOMOUS
500,000.00
362.50 2-Nov-18
93
AUTONOMOUS
1,136.61
362.52 30-Oct-18
187
AUTONOMOUS
414.15
360.00 1-Nov-18
281
AUTONOMOUS
600,000.00
362.50 2-Nov-18
94
AUTONOMOUS
208.20
362.52 30-Oct-18
188
AUTONOMOUS
535.00
360.00 1-Nov-18
282
AUTONOMOUS
100,000.00
360.00 2-Nov-18
www.ubagroup.com
Africa’s global bank
48
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
49
50
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
51
THURSDAY NOVEMBER 8, 2018 ˾ T H I S D AY
NEWSEXTRA
US Envoy to Visit Nigeria over Killings in Middle Belt Ugo Aliogo The United States Assistant Secretary for the Bureau of African Affairs, Tibor Nagy, will visit Nigeria between November 7 and 9 to discuss measures on how to address the killings committed against the Christian farmers in the Middle Belt region.
According to a letter addressed to the Secretary of State, Mike Pompeo by a US Congress member, Mark Meadows, the bilateral relationship between both countries have been mutually beneficial. In the letter dated November 6, 2018, Meadows argued that the United States must
continue to work for the advancements of human rights. He expressed concern over the reports of ongoing persecution of Christians in the Middle Belt region. He stated that in the first half of 2018, an independent report from
the International Crisis Group cited 1,300 deaths in the region due to conflicts between herders and farmers, which he noted was six times the number killed by Boko Haram. He further noted that the US Vice President Mike Pence had highlighted
those concerns at the World Summit in Defence of Persecuted Christians, noting that in Nigeria Christians face, “intimidation, imprisonment, forced conversion, abuse, assault or worse.” Meadows in the
letter added that the President Donald Trump’s administration had reaffirmed to the world, America’s unrelenting commitment to ensure that people of all faiths can live safely and free from political, religious, and social oppression.
Imo APGA Suspends State Chairman over Alleged Financial Rascality Amby UnezeinOwerri The crisis rocking the Imo State Chapter of the All Progressives Grand Alliance (APGA) over the shoddy manner State Chairman and National Working Committee (NWC) of the party handled the primary election to various positions for the 2019 general elections, some members of the state executive committee have unilaterally passed a vote of no confidence on the State chairman, Peter Ezeobi and thereby suspended him indefinitely. In his place, the State deputy Chairman, Chima Nwosu takes over the affairs of the party in order to forestall sanity and to make sure that their members do not decamp to other parties in the face of the crisis confronting the party at the moment. However, the aggrieved aspirants and other members of the party have dismissed the national reconciliation committee headed by the party’s Vice Presidential candidate, Jerry Chukwueke as they described the committee as “an effort on illegality since those who set it up were the ones that created the problem ab intio. In his swift reaction on the suspension, Ezeobi told THISDAY on phone that those who claimed they were state executive members of the party do not have such powers to suspend him and described it “as unserious move”. In a three-page document read out to the press by the State Deputy Publicity Secretary of the party, Kenneth Onyenagorom
and signed by over ten members of the exco and local government chairmen accused Ezeobi of running the party aground which had made the party to lose focus and key members due to maladministration and financial rascality. They recalled that the party in 2015 general election recorded very poor result without winning any single elective position in the state and credited it to the mismanagement and highhandedness of the state chairman. According to the statement, needless to say that Ezeobi’s primary goal is the money he makes from the party and not to win elections for the party, hence you have consistently harassed everyone who expressed a different opinion from yours. “Recall that you started your regime with the suspension of several local government chairmen of the party for flimsy excuses just to weaken the party. Such local government chairmen include Mrs. Franca Okolie of Ideato South, Thomas Nnanna of Mbaitoli, Elly Eke of Ngor Okpala, Rogers Owulezi of Ahiazu Mbaise and Ben Ude of Owerri West. “Your refusal to allow the state financial secretary of the party, Jude Ekejiuba to record the financial transactions of the party makes you the receiver, dispenser and record keeper for all financial transactions of the party. You have refused to account for the hundreds of millions of Naira raised by the party through mandatory payment for party cards.
Buhari Swears in Seven CCB Members, 23 NPC Commissioners Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Abuja swore in the chairman and members of the Code of Conduct Bureau (CCB). The president also swore in 23 commissioners of the National Population Commission (NPC). Chairman of the CCB sworn in by the president were Mohammed lsah (Jigawa) representing the North -west zone. Other members of the CCB he swore in were: Murtala Aliyu Kankia (Katsina, North West), Emmanuel Enu Atta (Cross River, South-south), Ubolo Okpanachi (Kogi, North Central), Ken Madaki Alkali (Nasarawa, North Central), Prof. S.F. Ogundare from (Oyo, South-west) and Saad Abubakar (Gombe, North east). In the same vein, 23 commissioners of NPC sworn in by Buhari were: Nwanne Johnny Nwabuisi (Abia), Dr Clifford Zirra
(Adamawa), Mr Chidi Christopher Ezeoke(Anambra), Barrister Isa Audu Buratai (Borno), Navy Captain Charles Iyam Ogwa (rtd) (Cross River), Sir Richard Odibo(Delta), Okereke Darlington Onuabuchi (Ebonyi) and Mr A.D. Olusegun Aiyajina (Edo). Others were: Ejike Ezeh (Enugu), Hon. Abubakar Mohammed Danburam (Gombe), Prof. Uba S.F. Nnabue (Imo), Dr. Abdulmalik Mohammed Durunguwa (Kaduna), Sulaiman Ismaila Lawal (Kano), Prof. Jimoh Habibat Isah (Kogi), Dr. Sa’adu Ayinla Alanamu (Kwara), Nasir Isa kwarra (Nasarawa). Also sworn in were: Aliyu Datti (Niger), Yeye (Mrs) Seyi Aderinokun Olusanya (Ogun), Prince Oladiran Garvey Iyantan (Ondo), Senator Mudashiru Oyetunde Hussain (Osun), Mrs. Cecilia Arsun Dapoet (Plateau), Dr. Ipalibo Macdonald Harry (Rivers) and Sale S. Saany (Taraba).
YOU ARE WELCOME...
L-R: The Rector, Yaba College of Technology, Lagos, Mr. Obafemi Omokungbe; former Chairman, Lagos Chamber of Commerce (LCCI), Remi Omotosho, and Pro-Chancellor, University of Lagos (UNILAG), Dr. Wale Babalakin, exchanging pleasantries at the 20th Anniversary Lecture of YABATECH in Lagos... yesterday
Aisha Buhari: Education Will End Early Marriages in Africa Sector needs N2tn annually, Says Babalakin Omololu Ogunmade in Abuja The wife of President Muhammadu Buhari, Aisha, yesterday in Abuja said acquisition of education was the solution to rampant cases of early marriages in Africa. This is coming as the ProChancellor of the University of Lagos (UNILAG) and Senior Advocate of Nigeria (SAN), Dr. Wale Babalakin, has said the education sector needs N2 trillion funding annually to produce well-trained graduates, who can compete favourably with their counterparts abroad. Mrs. Buhari, according to a statement by her media aide, Suleiman Haruna, made the remarks at the 41st Conference and 73rd Executive Committee Session of the Africa Parliamentary Union in the State House, which was attended by
female delegates. According to the statement, Mrs. Buhari said girls needed a healthy and safe transition to adulthood as well as a certain level of maturity and understanding in order to make informed decisions on the choices of life partners. Haruna who said Mrs. Buhari was represented in conference by wife of the Vice President, Mrs. Dolapo Osinbajo, quoted her as saying, “Through my Future Assured Programme, I have witnessed firsthand what interrupted childhood could do to the self-esteem of young girls, in some instances, thwarting promising careers.” The statement also said she spoke about other challenges of marital relationships, including complications at childbirth caused by vesico vagina fistula (VVF), interruption of academic
pursuit and curtailment of economic opportunities. Haruna said she appealed to the parliamentarians to use their positions to articulate measures that will address the issue within culture of different communities. Meanwhile, the ProChancellor of the University of Lagos (UNILAG) and Senior Advocate of Nigeria (SAN), Dr. Wale Babalakin, has said the education sector needs N2 trillion funding annually to produce well-trained graduates, who can compete favourably with their counterparts abroad. He said the current complaint about unemployment in the country would become history if the quality of education improves and meets international standards. The senior lawyer spoke yesterday while delivering the 20th Anniversary Lecture of the
Yaba College of Technology, Lagos, titled “Technical Education and the Industry: Bridging the Gap for National Development”. Babalakin, who was the guest lecturer, said it was sad that no multinational company in Nigeria was headed by a Nigerian, as was the case in the past, and put the blame on poor education and the bad attitude of Nigerians to work. Explaining that the solution to many of Nigeria’s problems was quality education, he said the government alone cannot fund education and multiple sources of funding were required. The lawyer further explained that it was important for the government to increase its budget for education and urged the private sector to also contribute to education funding.
Nigeria Re-elected into ITU Council Membership Emma Okonji Nigeria early in the week was re-elected into the Council of the International Telecommunications Union (ITU), the United Nations specialised agency that oversees global telecommunication operations. The election was the highpoint of the Plenipotentiary Conference currently holding in Dubai United Arab Emirates (UAE). The 20th Plenipotentiary Conference of the Council, also reelected the ITU SecretaryGeneral, Houlin Zhao, for another term of four years. Nigeria and the countries
elected to the Council will begin another four-year term from January 2019. The 153-year old ITU, is an agency of the United Nations (UN), set up to coordinate telecommunication operations and services throughout the world. Originally founded in 1865, as the International Telegraph Union, the ITU is the oldest existing international organisation and headquartered in Geneva, Switzerland. Nigeria became a member of ITU on November 4, 1961. USA joined on July 1, 1908; United Kingdom, February 24, 1871, and
UAE on June 27, 1972. The ITU is governed by the Plenipotentiary Conference, which is the supreme organ of the Union, which elects its senior officials, the 48 members of its Council and its 12 members of the Radio Regulations Board. It also determines the direction of the Union and its activities over the following four years. The ITU Council body of the union holds Plenipotentiary Conferences, which take place every four years. It ensures oversight of the Union’s activities, policies and strategies, manages Working
Groups on specific topics set up by Plenipotentiary Conferences or by the Council itself, and prepares the draft ITU strategic and financial plans for presentation to the Plenipotentiary. The seats were divided into five regions, which include Region A, with the Americas having nine seats. The countries are Argentina; Bahamas; Brazil; Canada; Cuba; El Salvador; Mexico; Paraguay; United States. Western Europe with eight seats including France; Germany; Greece; Hungary; Italy; Spain; Switzerland and Turkey. They are in Region B.
52
THURSDAY NOVEMBER 8, 2018 ˾ T H I S D AY
NEWSEXTRA
Nigeria’s August Oil Revenue Increased by $78m, Declares NNPC Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) yesterday said the amount of revenue from its sale of crude oil and gas in August 2018 was $470 million, representing an increase of about
$78 million from the $391.91 million it earned in July. The corporation in a statement from its Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, explained in Abuja that this was contained in the August edition of its Monthly
Passenger Slumps, Dies at Lagos Airport Power outage cripples activities Chinedu Eze An Etihad Airways bound passenger, Mr. Ademola Adekele, slumped and died early yesterday when he entered the international terminal of the Murtala Muhammed Airport (MMIA), Lagos to board his flight. This is as power outage yesterday evening temporarily crippled flight operations at the airport, which happened when an airline keyed into the avio-bridge to disembark passengers. Eye witness account said the deceased passenger was about to be checked in on flight EY674 (AUH) with estimated time of departure at 09:55hrs when he slumped. THISDAY learnt that the passenger, who arrived at the airport early in the morning, slumped and gasped for breath, while he was in a sitting position at about 5:30a.m. Report indicated that immediately he slumped, an unnamed Air Peace passenger tried vigorously to revive him by pumping his chest, “but the deceased showed weakness and did not respond to the first aid,” before the arrival of the Port Health officials at the airport. This, witness accounts said, took about 30 minutes before officials of Port Health could arrive at the scene of the incident who
immediately applied oxygen on him, but it was discovered that none of his vital signals were responding to treatment. At about 07:55 a.m., the Federal Airports Authority of Nigeria (FAAN) ambulance arrived at the scene to move the remains of the deceased to the Lagos State University Teaching Hospital (LASUTH) for proper medical checks and examination, which also proved negative. The passenger was with international passport number: A08086990 and was billed to check in at the D–Wing Departure hall of the airport. THISDAY also gathered that last Sunday, another passenger of African WorldAirlines (AWA) slumped at the same airport, but was later revived by the officials of Port Health service at the airport. General Manager, Corporate Communications of FAAN, Mrs. Henrietta Yakubu, confirmed the death, and noted that the deceased was yet to be checked in as at the time of the incident. On the power outage, FAAN management did not explain the power outage at the time of filing this report, but it confirmed that power was restored after over 30 minutes when arriving passengers has to wait at Immigration counters and queues until power was restored.
Omokhodion Named AAU’s Pro-Chancellor, Chairman of Council The Government of Edo State has appointed Chief Lawson A. Omokhodion, as the ProChancellor and Chairman of the Governing Council of the 37 year- old Ambrose Alli University (AAU), Ekpoma, located in Esan West Local Government of the State. The reconstituted Governing Council is made up of 20 members of which eight members among whom is the Chairman, are directly appointed by the State Governor, Mr. Godwin Obaseki. Omokhodion will lead the 20-member Council for a mandatory four-year period. While inaugurating the reconstituted Council at the Festival Hall of Government House, Benin City recently, Obaseki, charged members of the Council to return AAU to the glorious days when at its creation it was heralded as a premier academic institution. He urged members of the AAU community to retool itself and project itself as a citadel of academic excellence. The governor noted that he has appointed a non-political Council made up of credible, tested and experienced professionals and he
is optimistic that the AAU will excel under this Council. Omokhodion thanked the Governor for the appointment and promised that the Council will operate wholly within the Law establishing the University and will be diligent, fair and firm in the discharge of its duties. Omokhodion, a Knight of the Roman Catholic Church,renowned financial journalist and Economic Editor, was an Adviser at the African Development Bank (ADB) and former Managing Director/CEO of Liberty Bank Plc. He brings to this engagement a huge repertoire of knowledge, experience and goodwill.
Omokhodion
Financial and Operations Report. It stated that crude oil export sales contributed $337.62 million which represented 71.83 per cent of the dollar transactions for the period as against the $283.43 million contribution it made in the July revenue. It also said export gas sales during the period amounted to $132.38 million, adding that the worth of the crude oil and gas volumes it exported between August 2017 and August 2018, was $5.26 billion. According to NNPC, a total export receipt of $450.24 million was however recorded in August 2018 as against $382.65 million in July 2018.
It added that the contributions of crude oil in this receipts during the period amounted to $336.43 million, while gas and miscellaneous receipt stood at $101.33 million and $12.48 million respectively. A further breakdown of the figures by the corporation showed that out of the export receipts, $142.31 million was remitted to the Federation Account, while $307.93 million was remitted to fund the Joint Venture (JV) cost recovery for the month of August, 2018 to guarantee current and future production. It said that total export crude oil and gas receipt for the period August 2017 to August 2018 stood
at $5.23 billion out of which $3.74 billion was transferred to JV cashcall as first line charge and the balance of $1.49 billion paid into the Federation Account. On naira payments to the Federation Account, the NNPC informed that it transferred N128.40 billion into account in the month under review. It was also explained that between August 2017 and August 2018, the Federation Account and JV received N879.02 billion and N651.4billion respectively. It said as regards its remittances, that the federation crude oil and gas revenue and federation crude oil and gas lifting, are broadly classified into equity export
and domestic crude which are lifted and marketed by it and the proceeds remitted into the Federation Account. NNPC further informed that equity export receipts, after adjusting for JV cash-calls, are paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN). It also noted that domestic crude oil of 445,000 barrels per day (bd) was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by it after adjusting crude and product losses, as well as pipeline repairs and management costs incurred during the period.
35 HEARTY CHEERS...
L-R: President, Old Girls Methodist Girls (OGMG) 78-83 Set, Mrs. Oyinkan Badejo-Okusanya ; Chairman First Bank of Nigeria Plc/ Founder SOKOA Chair Centre, Mrs. Ibukun Awosika; Convener, The Nous Organisation, Mrs. Lade Olugbemi; Group Managing Director, CMC Connect/Vice President, Igbobi College Old Boys’ Associations(ICOBA),Yomi Badejo-Okusanya, and Vice Principal, Methodist Girls’ High School, Mrs. Abimbola Ali, during the Methodist Girls’ High School Old Girls’ Association’s celebration of 35 years of leaving school in Lagos…recently ABIODUN AJALA
PDP Accuses Buhari of Concealing Corruption Allegation against Oshiomhole We are not aware of his arrest, says APC Onyebuchi Ezigbo and Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) has accused President Muhammadu Buhari of concealing alleged bribery and corrupt practices involving the National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, who is being investigated by the Department of State Services (DSS). But in a swift response, APC said it was unaware of the reported
arrest and detention of the party’s National Chairman, Oshiomhole. A report in an online news medium, The Cable, had it that the APC’s national chairman was quizzed last Sunday over allegations that he received bribe money from some aspirants of the party. The main opposition party said information at its disposal revealed that apart from the billions of naira he allegedly stole from the coffers of Edo State when he was
governor, Oshiomhole is facing charges for allegedly collecting billions of naira bribe from some ministers and other APC sources in Adamawa, Rivers, Kano and Imo States to manipulate the 2019 electoral process. PDP in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, said the party is privy to the pressure from the presidency on the DSS, which reportedly detained and grilled Oshiomhole, to let him off the
hook for fears that his investigation would unearth the complicity of the presidency and other key APC members in the scam. According to him, “This is in addition to allegedly collecting billions of naira from presidency sources to influence electoral officers, independent observers and certain polling organisations ahead of the 2019 election, part of which was allegedly diverted for personal use of some APC leaders.”
Kogi Community Commends Glo for Supporting Kabba Day Festival The Chairman of the Kabba Day Festival 2018 Central Planning Committee, Hon. Raffael Okomoda, has commended Globacom for identifying with the cultural heritage of the Okun Land, saying such gestures would remain evergreen in the memories of the people. Okomoda gave the commendation in his opening remarks at the 2018 edition of the Kabba Day Festival 2018 sponsored by Globacom at the Kabba Main Stadium, Kogi State, last Saturday. He noted that the foremost
telecommunications giant had “over the years, through sponsorship and support to the development of the cultural heritage of the Nigerian people, demonstrated that it is truly an indigenous company which cares about its people.” “We have to thank the major sponsor, the telecommunications giant and foremost promoter of culture, Globacom, whose support for the festival will remain evergreen in our hearts,” he said. According to him, “Globacom has shown genuine interest in the promotion of traditional
values in Nigeria and this is highly commendable. This goes to show that the company cares about what happens to our values and the only way we can appreciate Globacom’s efforts is to patronise the company’s products and make the entire Okun Land conducive for their business”. Apart from cultural activities by the various age grades and socio-cultural organisations in the area, Globacom also supported the Kabba Day Beauty Pageant where young ladies from the locality competed for the Miss
Kabba Crown and cash prizes. The winner of the pageant, Miss Bukola Obamero, went home with the star cash prize of N100, 000, just as the first runner-up, Miss Rosemary Gbemisola Ajayi, and the second runner-up, Miss Bisola Feyisikemi Olorunfemi, were rewarded with N75,000 and N50,000 cash respectively. Globacom, in a statement announcing its sponsorship of the festival earlier, said the company is committed to promoting the traditional values that have sustained the people of Nigeria.
53
΀˜ ͺ͸͚΀ Ëž T H I S D AY
THURSDAYSPORTS
Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Falcons’ AWCON 2018 Budget Not Released Yet Duro Ikhazuagbe Nigeria may be heading for another embarrassment at the 11th Women Africa Cup of Nations (AWCON 2018) finals scheduled to kick of in Ghana next week with the Super Falcons as defending champions. Two years ago in Cameroon, the Super Falcons as champions had to stage a demonstration over unpaid camp allowances and bonuses to draw attention to their plight. It took the intervention of President Muhammadu Buhari before the players and officials were paid all that they were entitled to. As at yesterday, THISDAY learnt from credible sources in Abuja that the Federal Ministry of Youth and Sports was yet to release the budget approved for the competition. As a result, Falcons’ kits for the competition starting in barely a week’s time have been stuck at the cargo section of Murtala Muhammed International Airport due to lack of funds to clear them. Nigeria Football Federation (NFF) top hierarchy is said to be going grey over how to raise funds to pay allowances and bonuses in order to avoid a repeat of two years ago. Earlier this week, the team was a sorry sight when departing for their eight-day final camping at world-renowned
r/P NPOFZ UP DMFBS LJUT BU ..*" QBZ BMMPXBODFT r'JOBM MJTU PG QMBZFST UP EFGFOE UJUMF SFMFBTFE Sol Beni resort in Abidjan from where they will depart for Ghana on Wednesday, 14th November for the AWCON. Falcons were dressed in riotous attires that made them look like girls going on excursion
rather than a national team. Some of the players even wore basketball jerseys bearing Los Angeles Lakers. The final list of 21 players named by Head Coach Thomas Dennerby included
the usual suspects led by reigning Africa’s best female player, Asisat Oshoala, Desire Oparanozie, Rasheedat Ajibade and 17 others. They are expected to fly Nigeria’s flag in the competition
with South Africa, Zambia and Kenya as other opponents in the Group B pairing. Hosts Ghana, Algeria, Mali and Cameroon will battle things out in Group A in Accra. The eight-time champions,
Manchester United stunned Juventus with two goals in the ďŹ nal ďŹ ve minutes to beat the Italian champions in Turin and give themselves a good chance of qualifying for the UEFA Champions League knockout stages
will take on South Africa on November 18, before matches against Zambia and Kenya in Cape Coast. THE FINAL SQUAD Goalkeepers: Tochukwu Oluehi (Rivers Angels); Christy Ohiaeriaku (Confluence Queens); Chiamaka Nnadozie (Rivers Angels) Defenders: Glory Ogbonna (Ibom Angels); Sarah Nnodim (Nasarawa Amazons); Ngozi Ebere (Barcelona FC, Cyprus); Faith Michael (Pitea IF, Sweden); Onome Ebi (Henan Huisanhang, China); Osinachi Ohale (Vaxjo DFF, Sweden); Josephine Chukwunonye (Asarum AIF, Sweden) Midfielders: Amarachi Okoronkwo (Nasarawa Amazons); Ngozi Okobi (Eskiltuna UTD, Sweden); Rita Chikwelu (Krstianstand DFF, Sweden); Halimat Ayinde (Asarum AIF, Sweden) Forwards: Anam Imo (Nasarawa Amazons); Rasheedat Ajibade (FC Robo Queens); Asisat Oshoala (Dalian Quanjian, China); Francisca Ordega (Washington Spirit, USA); Desire Oparanozie (En Avant Guingamp, France); Chinaza Uchendu (SC Braga, Portugal); Chinwendu Ihezuo (Biik Kazygurt, Kazakhstan)
Amangbo Promises More Support as First Ighalo Injured, Doubtful Bank RetainsTitle AFCON 2019 QUALIFIER
for South Africa Clash Duro Ikhazuagbe
Odion Ighalo’s injury yesterday may be a major source of worry for Super Eagles handlers as Nigeria push ahead for the last Group E AFCON 2019 qualifying clash with South Africa on November 17. The Changchun Yatai forward in the Chinese Super League is the leading goal scorer in Nigeria’s bid to return to the summit of African football after missing two editions back-toback. He was stretchered off the pitch yesterday in his club’s last home league game of the season. Ighalo was forced out after just 17 minutes and it is now left to be seen how severe the injury is and whether he will be fit in time for the trip to Johannesburg to confront the Bafana Bafana in a grudge game. The South Africans had handed a 2-0 defeat to the Eagles in Nigeria’s first match of the AFCON 2019 series at the Nest of Champions in Uyo. But Ighalo’s five-goals in the backto-back clash with Libya and Seychelles has sort of restored the pride of the former Watford hit-man. Apart from Ighalo, Eagles gaffer, Gernot Rohr, has another worry in his hands as his favourite Nigerian goalkeeper, Francis Uzoho is not going to be available for selection in the clash with South Africa. Uzoho has already been ruled out of the clash after he was
injured in action for his Spanish club Elche CF. Scan showed yesterday that Uzoho suffered a “seventh grade fracture� after a league clash at Cadiz. Interestingly, South Africa is equally having similar injury woes to some of its top players ahead of the clash with Nigeria. Several of their top stars remain doubtful for the clash due to fitness concerns. Francebased duo, Bongani Zungu and Keagan Dolly, as well as home-based stars; Dean Furman, Bradley Grobler and Sibusiso Vilakazi are all doubtful for the Bafana game due to injuries Kamohelo Mokotjo, who plays for English Championship club, Brentford has already been ruled out of the all-important clash against the Super Eagles after he sustained the injury in Brentford’s penultimate league clash against Norwich City which they lost 1-0. He was substituted after 30 minutes in the game.
Group Managing Director/ Chief Executive Officer of Zenith Bank, Peter Amangbo, has assured the Nigeria Basketball Federation (NBBF) that the bank will continue to support women basketball in the country. Speaking at the final of the 14th edition of the women’s league sponsored by the bank, Amangbo said it was no longer a sponsorship but a partnership that would stay for many more years. Amangbo expressed his happiness on the level of the competition this year despite the fact that it was an abridged league as he extolled the virtues of the late owner of one of the finalists, Dolphins Basketball team, late Wale Aboderin, who died early this year. “I want to use this opportunity to remember a personal friend of mine and also the owner of Dolphins Women Team, Aboderin,� he said. “We all missed him today and the whole of the basketball family but I am happy that the players and the family are living
Z E N ITH B A NK WO MEN B’BAL L
The Group Managing Director of Zenith Bank, Peter Amangbo, presenting winners trophy to Captain of First Bank Basketball team, Nkechi Akashili, at the National Stadium in Lagos ‌yesterday
his dream. “I want to assure everyone that it is no longer a sponsorship, but a partnership with the NBBF that will last for long. “I want to appeal to all the players to be more dedicated and focused on their careers and also look up to the future.� Meanwhile, defending champions, First Bank Basketball
team, retained their title after defeating youthful Dolphins. Despite a late rally by Dolphins led by Veronica Charles in the third and fourth quarters of the game, First Bank held on for the victory with 84 points to 66 points. In the third place game played between Customs Basketball and new entrants
to the league, MFM basketball team, ended 57 - 49 in favour of the border girls. The Final Six final match was witnessed by a huge turn out of lover of the game. The event started only on Sunday and the two finalists will represent Nigeria next week in continental basketball competition.
C H AM PI O NS LE AGUE
NOC Rolls Out Red Carpet for Abuja Investiture Night
(Results) Valencia 3-1 Young Boys Juventus 1-2 Man Utd CSKA Moscow 1-2 Roma Benfica 1-1 Ajax V’ Plzen 0-5 Real Madrid Man City 6-0 Shakhtar B’Munich 2-0 AEK Athens Lyonn 2-2 Hoffenheim
The Nigeria Olympic Committee (NOC), will roll out the red carpets today for its investiture ceremony on deserving Nigerians at the Sheraton Hotel and Towers, Abuja starting from 7 p.m. The second leg of the investiture which comes after the Lagos leg held at the Palace of Oba Elegushi two weeks ago
will see six eminent Nigerians honoured. According to the Public Relations Officer of the NOC, Tony Ubani, the Executive Governor of Bauchi State, Mohammed Abdullahi Abubakar; Wife of Kebbi State Governor, Zainab Bagudu; Former NFA Chairman, Alhaji Ibrahim Galadima; Gbong Gwom
Jos, Da Jacob Buba Gyang; Former NOC President, Major General Adamu Dyeri (red); and Alhaji Bashari Mohammed Gumel; will become the cynosure of all eyes when President of NOC, Habu Gumel welcomes them into the Olympic family. ‘’These eminent Nigerians together with those honoured
earlier in Lagos will become the torch-bearers for NOC and Nigerian sports in general. We’ve monitored their philanthropy and passion for sports and have therefore decided to bring them to the fore to move Nigerian sports to the next level,� Secretary General of NOC, Hon. Tunde Popoola said.
54
THISDAYt 5)634%": /07&.#&3 đ ċĉĊđ
THISDAYt THURSDAY NOVEMBER 8, 2018
55
Thursday, November 8, 2018
TR
UT H
& RE A S O
N
Price: N250
MISSILE Femi Falana to Federal Government “Both the army and the police have refused to recognise the right of the Shiites to participate in peaceful rallies. The Federal Government has continued to justify such subversion of the Rule of Law under the pretext of protecting national security” – Mr Femi Falana, SAN, alleging that over 492 Shiite members have been killed extra-judicially by the Nigerian Army and the Police between 2014 and 2018.
OLUSEGUNADENIYI THE VERDICT
olusegun.adeniyi@thisdaylive.com
Minimum Wage, Maximum Palaver A
fter no fewer than 16 meetings and protracted negotiations with the organised private sector, governments of the 36 states and the federal government, the Ama Pepple-led national minimum wage tripartite committee finally submitted its report to President Muhammadu Buhari on Tuesday. And with the presidential approval of the recommendation, the sum of N30,000 was approved as minimum wage in Nigeria. But serious questions remain on whether the government (in both the states and federal) as well as the private sector can afford such a steep wage rise--even when what we are talking about is actually less than a hundred dollars per month. Before I deal with the substantive issue, I need to highlight the fact that the process by which the Pepple committee arrived at the figure of N30,000 was perhaps the most rigorous of any such undertaking in recent years. When they started work last December, labour was demanding N66,500 per month while the organised private sector proposed N25,000. At that point, the governors were asked what they would offer and 21 of them responded to the committee’s request. Incidentally, of the six governors, each representing a geo-political zone, that were in the committee, only Abubakar Bagudu of Kebbi, who represented the North-west, took the assignment seriously by attending the sessions. I understand from the committee that Rochas Okorocha of Imo, who represented the South-east, Ibrahim Dankwambo of Gombe, who represented the North-east and Nyesom Wike of Rivers, who represented the South-south never bothered to attend the meetings, preferring instead to send representations. Rauf Aregbesola of Osun, who represented the South-west and Simon Lalong of Plateau, who represented the North-central, attended one or two sessions before sending in representations. It is noteworthy that of the 21 states that responded to the committee’s call for counter-offer to the labour demand of a N66,500 monthly minimum wage, three states (Ekiti, Imo and Oyo) would rather the committee deal with something else. Ekiti State asked for a new revenue sharing formula, Oyo sought for reduction of salary disparity and review of fiscal structure while Imo simply proposed that states should be allowed to pay according to their income. Meanwhile, Abia State proposed N42,000; Akwa Ibom, 23,000; Bauchi, 25,200; Gombe, N28,000; Jigawa, N31,500; Kano, 30,000; Nasarawa, 24,570; Ondo, N22,000; Taraba, N20,000; Plateau, N25,000; Adamawa, N23,400; Borno, N27,000. It took the federal government a lot of back and forth before finally proposing N24,000. What the foregoing suggests is that majority of the states know that they can afford to make adjustment by raising the minimum wage. The question then is: Why are they defaulting on their obligations to workers even at the current minimum wage of N18,000 per month? Figures on the level of indebtedness by many of these states indeed paint a picture
Pepple of recklessness, with some of them owing as many as eight years of arrears in pension and gratuity. In Imo State, for instance, the current government of Mr Rochas Okorocha has neither paid gratuity nor pension in the past seven years while core civil servants have not been paid pension in 14 months. Workers of the bureau for public procurement in the state have also not been paid salaries for ten months while judicial staff are owed three months. Meanwhile, some other states fare only slightly better. While Abia has a rough estimate of N25 billion in arrears of pension and gratuity, the figure for Bauchi is N20 billion aside the state owing leave grants to its workers for two years. Ebonyi has for the past three years been paying half salary to its workers and between 30 to 40 percent of gratuity with pension calculated on the basis of half-salary. With that, some workers who retired before 2011 get less than N1,000 per month as pension. Ekiti State owes workers about N32 billion in salaries, pension and gratuity while in Kwara, local government workers have not been paid gratuity since 2009, the last time any promotion or increment was done for workers in the state. In Kano State, secondary school teachers and health workers are owed eight month salaries with gratuity also owed since 2015. The debt to workers is estimated at N14.2 billion. In Cross Rivers State, workers are owed over N12 billion in gratuity while Gombe State also owes gratuity of N10 billion. In Kaduna, the major debt is to school teachers, including the newly recruited who have not been paid for four months. In Kogi, payments of salaries are done arbitrarily with several months owed between 2014 and 2018. Workers in Nasarawa are owed for three months with local government workers being paid 50 percent of their salary. The backlog of workers’ wages in Gombe is put at N10 billion. In Akwa Ibom State, some pensioners take home about N800 monthly that is not even regular. In Osun State where salaries are owed for several months, the unremitted contributory
pension is estimated at about N50 billion. The financial situation of many of the 36 is a mess and I foresee a lot of problems ahead with the new minimum wage. In their meeting with the Nigeria Governors’ Forum (NGF), I was told that Governor Abdulaziz Yari of Zamfara State, who chairs the forum, vehemently argued that the issue was not about increasing the minimum wage but rather that many states would no longer be able to pay the current N18,000 minimum wage to their workers. This reasoning was so offensive to labour that their leadership on many occasions threatened to pull out of the discussions and would have done so but for the respect they had for Pepple who enjoyed their trust. The position of labour was that many of these governors appoint hundreds of personal aides who minister to their indulgences and are still ferried around in private jets and helicopters mostly to attend unnecessary social events, all at public expense, without defaulting on such obligations. Yet, as self-serving as Yari’s position and that of the other governors who oppose a review of the minimum wage may seem, there is also a dose of truth in the fact that as things stand today, majority of the 36 states depend almost entirely on allocations from the federation accounts aside being already heavily indebted to commercial banks. Unfortunately, Nigerians are also well aware that political office holders who collect stupendous amounts of money in salaries and other allowances are never owed even for one month despite their hefty remunerations. How then can anybody now argue that about $85 per month is too much for a Nigerian worker? The position of the governors becomes untenable against the background that in many of the states, after serving for eight years, each of these fat cats is entitled to the full emolument, two houses of over N1 billion (one in the state capital and another one at Abuja), vehicles replaceable within two years, full medical consultation and treatment for them and family members. To show how Nigerians are being practically gang-raped, some of these men and women on pension for life (for which they corralled their respective Houses of Assembly) could also become ministers and senators who would be collecting jumbo pay in Abuja at our expense. Now to the federal government. As at July 2018, according to impeccable sources, there were 74,369 core civil servants in the Ministries Departments and Agencies (MDAs) as well as 241,537 non-core civil servants in the federal payroll. That gives a figure of about 320,000 which is over bloated aside the fact that there is no link between remunerations and performance. That point was underscored by the 2012 report of the presidential committee on the restructuring and rationalisation of the MDAs established by President Goodluck Jonathan. Chaired by former Head of Service, Mr Steve Oronsaye, the committee detailed sundry waste and mismanagement cases after identifying 541 federal government parastatals, 50 of which have no enabling laws.
Some of the findings of the Oronsaye committee include a prevalence of high personnel cost with many of them receiving highly inflated budgetary allocations; many parastatals are top heavy and unwieldy and this impacts negatively on performance and productivity; successive administrations have over the years created parastatals not necessarily based on requisite need assessment that would drive development agenda while the existence of106 core research and quasi-research institutes spread across different MDAs with each one conducting its own research has engendered a duplication of efforts and resources as well as overlapping of functions with little result to show for the investments made. Other findings include the fact that under the monetization policy, no new official vehicles were to be purchased by any MDA except by the express approval of the President but practically all of them still purchase vehicles, thus resulting in double payment and whereas the extant regulation stipulates economy ticket for low and middle level officials and business class ticket for top officials of government who travel abroad, many of them (junior and senior) still fly first class in defiance of the law and at public expense. Now that the issue of minimum wage has come up, the leakage and waste that have for decades bedevilled the civil service in both the federal and the states should compel a national conversation. Yet, the reason the nation’s public service has grown exponentially is that most of them were set up as either task forces, or ad-hoc committees to undertake urgent and specific assignments outside the bureaucratic red-tape. But no sooner was their job done than they get transformed into permanent agencies. As I once stated on this page, it is from the Oronsaye report that I learnt that Nigeria has a full-fledged research institute for the study of Trypanosomiasis! I am not unmindful of the social costs of any sweeping retrenchment in the civil service both in Abuja and the states but we cannot continue to do the same thing and expect different outcomes. A stroll around the federal secretariat complex in Abuja will reveal the current rot as many of the serving officers have turned their offices into trading posts. It is the same in many of the states where majority of the civil servants spend their day watching Nollywood movies. That is aside the ubiquitous ‘ghost workers’ and the thousands of others who keep ‘reinventing’ themselves through fraudulent age declarations that enable them to stay in service, almost in perpetuity. As the administrative machinery of government, the civil service is ordinarily responsible for implementing policies and therefore a vehicle for serving the people. Unfortunately, over the years, it has proved incapable of mobilizing scarce resources for the advancement of the common good. Therefore, in dealing with the issue of minimum wage, it is also in our interest to examine the structure of our civil service both at the federal and in the states to see how it can fulfil its mandate to serve the people better.
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