MONDAY 26TH NOVEMBER 2018

W’Bank: Nigeria’s Fiscal Deficit May Widen Obinna Chima The World Bank has stated that fiscal deficits in Nigeria will likely widen further in 2018 due to increased pre-election spending and sustained revenue shortfalls. It also noted that Nigeria’s

2018 budget implementation was expected to be assertive as the federal government intensifies efforts to complete projects before elections. The Washington-based institution stated this in its Bi-annual Economic Update on Nigeria, titled, “Investing in

Human Capital for Nigeria’s Future,” that was obtained yesterday. It stressed that the Nigerian economy remains dependent on “the small oil sector (under 10 percent of GDP) for the bulk of its fiscal revenues and foreign exchange earnings.”

This, it pointed out makes Nigeria’s balance of payments and government budgets vulnerable to volatilities in oil prices, which plunged to a one-year low of $58.41 a barrel at the weekend, Continued on page 9

APC North-east Governors Endorse Buhari for Second Term… Page 10 Monday 26 November, 2018 Vol 23. No 8622. Price: N250

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L- R: Speaker, House of Representatives, Hon. Yakubu Dogara; Senate President, Dr. Bukola Saraki; former presidents, Dr. Goodluck Jonathan and Chief Olusegun Obasanjo; and Lamido of Adamawa, Dr. Muhammadu Mustapha, at the turbanning of Peoples Democratic Party presidential candidate, Alhaji Atiku Abubakar, as Wazirin Adamawa, in Yola, Adamawa State… yesterday

Gowon Expresses Fear over Killings, Bleak Economy Criticisms trail Metele massacre as defence minister meets Chadian counterpart Iyobosa Uwugiaren, Kingsley Nwezeh, Onyebuchi Ezigbo, Shola Oyeyipo, Adedayo Akinwale and Udora Orizu in Abuja

Former Head of State, General Yakubu Gowon (rtd), yesterday expressed concern over the wanton killings in the country, lamenting that with the 2019 general elections

fast approaching, Nigerians were becoming fearful and anxious about the future. He was also worried over the state of the economy, saying hardship has not only made the poor poorer, but has drastically reduced the quality of life of even the rich. Gowon, who is also the Continued on page 8

Buhari Extols Atiku, Expresses High Respect for Him... Page 8

70 HEARTY CHEERS... Chairman, Board of Caverton Offshore Support Group, Mr. Remi Makanjuola, during his 70th birthday in Ikoyi, Lagos… weekend

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Buhari Extols Atiku, Expresses High Respect for Him PDP presidential candidate becomes seventh Waziri Adamawa Daji Sani in Yola President Muhammadu Buhari has said he has high respect for the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, adding that he holds him in high esteem. Buhari paid these compliments yesterday at the turbanning ceremony of Atiku as the seventh Waziri of Adamawa at the palace of the Lamido of Adamawa, Alhaji Mohammed Barkindo Musdafa. The president, who is also the presidential flag bearer of the All Progressives Party (APC), expressed profound

joy at the Waziri’s spirit of sportsmanship by sending him invitation for his turbanning ceremony. "I have high respect and high esteem for Atiku based on the long historical relationship and l wish him a successful turbanning ceremony, Buhari, who was represented by the Minister of Federal Capital Territory (FCT), Alhaji Mohammed Bello, said at the ceremony. Bello said the president also sent his greetings and appreciation to the seventh Waziri for sending a letter of invitation to him. Former president, Chief Olusegun Obasanjo, who spoke

earlier, said Atiku deserved the position bestowed on him because while they were in Abuja dealing with state and international matters, the new Waziri was always in touch with his people and emirate. He said he was in full support of the new position given to his former vicepresident, adding that if the Lamido would give him (Obasanjo) a chieftaincy title, he would accept it in order to support Atiku. Obasanjo urged Atiku to take the new position bestowed on him seriously and try his best to unite the Adamawa people both home and abroad. He also expressed

appreciation to the Lamido for finding Atiku worthy of the title of the new Waziri. The Lamido said he conferred the title on Atiku because of his numerous contributions to Adamawa people, the emirate and Nigerians. He said his many companies across the state and the country had created jobs directly and indirectly for Nigerians and foreigners. The Lamido said the Waziri is the highest position among the king makers that is saddled with the responsibility of enthroning a new king in the emirate in the event the king is dead, he is the confidant of

the king and has influence to unite the sons and daughters of the kingdom. He urged the former vice president to fear God and be fair to everybody in the cause of dispending his duties as the new Waziri. In his acceptance speech, Atiku thanked the almighty God for giving him the opportunity to serve his people and the Lamido for bestowing the title on him. He also thanked Obasanjo for his mentorship that has contributed to help him to attain where he is today. He thanked all dignitaries who were in attendance, including Bello, former

president, Dr. Goodluck Jonathan; Senate President Bukola Saraki, House of Representatives Speaker Yakubu Dogara, Governors Seriake Dickson (Bayelsa State) and Hassan Dankwambo (Gombe State); and former PDP presidential aspirant. Others, who attended the ceremony are Governor of Taraba State, Mr. Darius Ishaku; Chief Raymond Dokpesi; Chief Tom Ikimi; former governors Aliyu Babangida and Boni Haruna; senators, members of House of Representatives and former Adamawa PDP governorship aspirant, Alhaji Ahmadu Fintiri.

them in such large number is most unfortunate for the country,’’ the National Publicity Secretary of Afenifere, Mr. Yinka Odumakin, stated last night. He added, “It took the president almost 72 hours to even say a word, and part of the problem it has also caused is that morale is very down in the armed forces. ‘’There are service chiefs, who should have gone, that are still in office. There are people, who should have moved up to the pinnacles of their careers. The case is that we have just lost it. “Under President Jonathan there were talks about some Boko Haram being recruited into the army, so when you look at the circumstances; how those people were ambushed, it was clear that possibly they have infiltrated the army and it is unfortunate for our country. “I don’t know how many countries that have lost such number of soldiers in a day. Even during Iraq war, we never heard of any country losing such number of soldiers in a day.� The Christian Association of Nigeria (CAN) has also expressed worry over what it described as weak response offered by the federal government over the recent massacre of soldiers by Boko Haram. The CAN President’s spokesman, Mr. Bayo Oladeji, who spoke to THISDAY yesterday said the body is not happy with the handling of security situation in the country. He said, "It is very unfortunate that the Boko Haram terrorist has struck again. The leadership of CAN has time without number urged the federal government to overhaul the security architecture. ‘’The Christian body had asked President Muhammadu Buhari to sack the security chiefs and inject fresh blood into the hierarchy of the various security apparatus. We believe that their continued stay in office is a liability to the country, they have outlived their welcome. ‘’Last year, when CAN visited President Buhari, they told him to do something about the security architecture but nothing has been done about it. We have a lot of experienced officers that the president can inject into the system but he refused. "Look at the way they are

killing our soldiers, these soldiers were trained with a lot of public money. The soldiers are being killed and maimed by the terrorists and if the reports in the media are to go-by, it took the government four days to respond to the killing of the soldiers.’’ The CAN said that Nigerians are tired of usual political statements that the federal government is on top of the situation, saying the country is presently sick and in dire need of urgent measures to rescue it. On her part, the presidential candidate of the Allied Congress Party of Nigeria (ACPN), Dr. Oby Ezekwesili, expressed worry over the killings, saying that such does not speak well of the country’s internal security apparatus. The presidential candidate, in a press statement to commiserate with families of the deceased, yesterday, wondered why it took the military about a week to confirm the incident whose video already went viral. She challenged the C o m m a n d e r- i n - C h i e f , President Buhari, to prove that he had not failed the nation’s soldiers, while commiserating with families of the deceased. She asked the Muhammadu Buhari-led federal government to publish the names and authentic figures of fallen heroes for Nigerians to know the extent of damage and for record purposes. Ezekwesili said, “There are pertinent questions that the federal government and the military need to answer. How did this latest in a series of killings of our soldiers in frontline of battle catch our country off-guard? ‘’Don’t we think the official line that the presidency and military have been pushing on the state of the terrorism war is endangering our soldiers and nation? Can the government be more honest on the challenges it appears to be facing in prosecuting the war? �It is no longer acceptable for our heroes to die and not be accorded the honour of gallantry. The FG and the military must accord full military burial rites to the fallen soldiers and also publish the list of others who have died and had been buried discretely in recent times without giving the Nigerian people the opportunity to celebrate their gallantry.’’ She advised the president

to immediately take measures to protect and preserve the nation’s soldiers, military establishments, the people and territory to avoid further deaths. One of the few surviving soldiers, who staged a coup against former military president, Gen Ibrahim Babangida (rtd), and now a leading advocate of restructuring, Col Anthony Nyiam (rtd), who spoke with THISDAY last night said going by the daring attack on a military facility in Melete, Borno State, Nigeria should declare war on Boko Haram. He also stated that those canvassing for votes ahead of the 2019 election are not properly addressing the Boko Haram issue. According to him, “What is obvious is that Nigerians have not been woken up to the fact that there is a war. Let us not start blaming the military. When the people are woken up to the fact that there is a war, then the whole country will be mobilised. This is how war is fought. We are just sleepy. "Here we are, a group of people can come in, overtake a barrack and killed soldiers. And there is none of the political party’s manifestoes that has come out with a clear cut action plan on what they are going to do to defeat the war or to declare the war. “This is not the fault of the military at all. I am blaming all the parties; I am blaming all

GOWON EXPRESSES FEAR OVER KILLINGS, BLEAK ECONOMY convener of Nigeria Prays, an interdenominational Christian organisation that prays and intercedes for the people and the country, spoke at a special National Prayer Service held at the national headquarters of the Deeper Life Bible Church in Lagos yesterday, and tasked the President Muhammadu Buhari administration to be alive to its primary responsibility of protection of lives and property of all citizens. He said, “The problem of economic hardship has not only made the poor poorer, but has drastically reduced the quality of life of even the rich or politically influential. "But we must continually demand that government be seriously alive to its primary responsibility of the protection of life and property of all citizens. While government is encouraged to do the needful, people of faith also must be encouraged to win over unnecessarily angry and violent people with the force of love.� The former head of state said despite the killings perpetrated by "the dark agents of insurgency, Boko Haram, or by armed cattle herdsmen and rustlers, Christians should not resort to any form of retaliation that would lead to a religious war." The former head of state said despite this, the children of God should come together and pray for the nation, adding that "whatsoever the provocation, whatever the threat, for the sake of the country -Nigeria, Christians should never resort to retaliation." He urged the people and the church to embrace the spirit of love, patriotism and commitment to the good of the nation irrespective of political party or religious affiliations or tribal differences. Gowon said, "I say this mindful of the concerns that have been raised by Christians across the country over the growing spate of the killings of our brethren that have been recorded and reported nationwide. "Truth be told, these are genuine concerns. Should this lead us to contemplating retaliations or reprisal attacks? The scriptures are clear: vengeance is of the Lord. We must steer clear of any semblance of encouraging religious warfare in the guise of self-defence.� At the service, where Buhari was represented by his

Special Adviser on Media and Publicity, Mr. Femi Adesina, and was attended by the Minister of Trade and Industry, Mr. Okey Enelamah, who represented Vice President Yemi Osinbajo; the Social Democratic Party (SDP) presidential candidate, Mr. Donald Duke, and his wife, Onari; the All Progressives Congress (APC) governorship candidate for Lagos State, Mr. Jide Sanwo-olu; Dr. Christopher Kolade; Chief Opral Benson and the wife of the governor of Ogun State, Mrs. Funsho Amosun, among others, the General Overseer of the Deeper Life Bible Church, Dr. William Kumuyi, in his sermon, said that God has not given up on Nigeria. Kumuyi, while quoting profusely from the Bible, said that Nigeria is like Egypt in the Bible, where God said that "Egypt shall return to the Lord," adding that despite what the nation may be going through, it shall overcome the present tribulations.

Criticisms Trail Metele Massacre as Defence Minister Meets Chadian Counterpart Meanwhile, the Peoples Democratic Party (PDP), pan-Yoruba cultural group, Afenifere, and the Christian Association of Nigeria (CAN) among others said yesterday that President Muhammadu Buhari had not done enough to frontally respond to the worsening security situation in the country, especially in the North-east. In a press statement during the week by the presidency, Buhari was quoted as expressing deep shock over the killing of over 100 military personnel in Metele village of Borno State by Boko Haram terrorists, assuring that immediate measures were being taken to ensure that the gaps that gave room for the fatalities were blocked once and for all. It was gathered last night that the Minister of Defence, Brig-Gen Mansur Muhammad Dan Ali (Rtd) is expected to visit N’djamena, Chad later in the week to discuss with his Chadian counterpart, General Daoud Yaya, on how to respond to the worsening security crisis along the Nigeria – Chad border. The scheduled meeting was confirmed on Sunday by a statement by Col. Tukur

Gusau, the Public Relations Officer to the Minister of Defence. But those who spoke with THISDAY yesterday said the president had not done enough to arrest the deteriorating security situation created by the deadly terrorist group, Boko Haram in the North-east. In a press statement in Abuja last night, the PDP berated Buhari for allegedly neglecting the troops fighting in the North-east and reneging on his promise to “lead the fight from the front�, which the party said had resulted in the vulnerability and killing of the soldiers by insurgents. The main opposition party in the statement signed by its National Publicity Secretary, Mr. Kola Ologbondiyan, challenged Buhari to explain why he has been ‘’insensitive’’ to the killing of citizens and soldiers by marauders and insurgents, particularly, given allegations that he has been distracting the armed forces by dragging them to participate in his re-election campaign. “Nigerians recall that at the time our troops were being attacked by insurgents, our service chiefs were attending the launch of President Buhari’s Next Level campaign mantra, stolen from a foreign institute,� the opposition party stated. Ologbondiyan added that Nigerians could now see why the country has been under peril in the last three and half years, stressing that Buhari should be ready to face his failures and avail Nigerians of his performance scorecards, as well as, present his future blueprint, if any, to enable the electorate weigh him alongside PDP presidential candidate, Atiku Abubakar. The PDP said Buhari came to power through false promises and propaganda, saying that now the day of reckoning has come and he cannot run away from his failures. Also reacting to the development, the Pan-Yoruba socio-cultural group, Afenifere, described the recent killing of some soldiers in Borno State as an unfortunate incident. “It is most unfortunate that our soldiers will be killed in such a large number. Very recently, they took out $2billion unbudgeted for to buy arms. There has been so much noise about ‘we have defeated Boko Haram,’ and seeing those guys taking on our soldiers and murdering

Continued on page 9

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LCCI Kicks against Postal Commission Bill 2018 Jonathan Eze The Lagos Chamber of Commerce and Industry (LCCI), has rejected the Nigeria Postal Commission Bill currently before the National Assembly. According to the chamber, the bill is inimical to private sector investments in the courier business; and a negation of the Ease of Doing Business agenda of the federal government. Furthermore, the group said the bill was not in consonance

with the fundamental principles of the Economic Recovery and Growth Plan (ERGP). In a statement yesterday and signed by the Director General, LCCI, Mr. Muda Yusuf, the chamber regretted that the bill had been passed by the Senate, awaiting concurrence by the House of Representatives. He, however, appealed that the progression of the bill be halted and the hurtful provisions expunged. The LCCI said it was

Yusuf worried, in particular, about the, “Imposition of an annual levy of 2.5 per cent of the

turnover of courier companies to be paid to the proposed Postal Services Commission; Powers conferred on the proposed Postal Services Commission to fix rates for courier services; and monopoly privilege conferred on the Nigerian Postal Service for delivery of items weighing 1kg and below.� The Chamber argued that the provisions are not consistent with the espoused commitment of the National Assembly to private sector development, which was

affirmed by the Senate President, Dr. Bukola Saraki, at the inauguration of the National Assembly Business Environment Roundtable [NASSBER] in March 2016. He said, “No sector of the Nigerian economy is subjected to such an arduous regulatory provision. We request that the bill be urgently reviewed by the National Assembly in the interest of economic progress and the welfare of citizens. “The passage of the bill in its current form will put over 100,000 jobs in the

courier sector at risk. It will as well put over N300 billion investments in courier services business in jeopardy. This would further worsen the country risk rating of Nigeria. The country is already grappling with enormous perception problems by investors. “Over-regulation of any sector of the economy will not serve the best interest of the Nigerian economy and would undermine the capacity of investors to create jobs.�

Gusau said. Chad, which is a member of MNJTF, is said to be having its own internal security challenges, which has reportedly led it to pull out its troops, manning the country’s border around Lake Chad. Boko Haram and ISWA terrorist elements are capitalising on this lacuna to launch insurgency against Nigeria, Cameroon and Niger, which are countries bordering the Lake Chad Basin areas.

In a related development, the Nigerian Army weekend charged troops to remain alert and be decisive in confronting terrorists even as it decorated six warrant officers who were promoted to the rank of Master Warrant Officers (MWO). This is coming as the Nigerian Air Force refuted simulation video clips circulating online indicating that the Murtala Muhammed Airport, Lagos, was under terrorist attack. Speaking in Borno, the Acting General Officer Commanding (GOC) 7 Division, Brigadier General Abdulmalik Bulama Biu, gave the charge during his operational visit to assess the combat readiness of troops of 82 Task Force Battalion

in Ngwoshe, Gwoza Local Government Area of Borno State. He commended the troops for their sacrifices in the defence of the country against insurgency. "We must continue to put in our best to consolidate on the efforts of our heroes and ensure that we win the fight against the Boko Haram Terrorists with God guiding us�, he said. He urged them to be more decisive in their approach in confronting the terrorists and endeavour to work in synergy with other security agencies. Biu assured the troops that their welfare would receive all necessary support it requires from the Chief of Army Staff, Lt. General Tukur Yusufu Buratai. He urged them to be confident, professional and work assiduously towards ending the insurgency and other sundry crimes in the north-east. The GOC who was accompanied by the Commander, 47 Engineer Brigade, Brigadier General Ignatius Nwogu and other principal staff officers visited troops locations at Banki Junction, Firgi Pulka, Gwoza and Yamteke in Gwoza Local Government of Borno State. On the promotion of warrant Officers, the Acting General Officer Commanding (GOC) 7 Division, who spoke while decorating the newly promoted Master Warrant Officers (MWOs) with their ranks, said "it is a thing of joy

to be among the few selected from the pool of Warrant Officers that participated in the promotion process," adding that promotion was a reward for hard work, commitment and dedication to duty. He also noted that "the new status comes with additional responsibility, advising them to uphold military ethics and tradition". In his vote of thanks, one of the beneficiaries, Master Warrant Officer, Effiong Ikpe on behalf of the other beneficiaries, expressed appreciation to Almighty God and the leadership of the Chief of Army Staff (COAS) for considering them worthy of such elevation. He assured of their unalloyed loyalty and commitment to duty, adding that they would strive to improve their performance to actualise the overall objectives of the Nigerian Army. Six warrant officers benefited from this year's promotion. Meanwhile, the Nigerian Air Force said the video circulating online was a security simulation exercise carried out by the air force two years ago. It said the exercise was aimed at keeping security agencies and airport staff abreast of counter-terrorism measures in case of an attack. NAF, in a statement, urged the general public and travellers to disregard the video as the airport was not under attack.

portion of Nigeria’s imported petrol is smuggled out to neighbouring countries where petrol is more expensive. “The constrained net oil revenues, combined with non-oil revenues that are constrained by limited tax policy reforms and are thus stagnated (relative to GDP), limit overall revenue realisation, thus constraining budget execution and the build-up of fiscal buffers. “The growth in the public debt stock between the first half of 2017 and the first half of 2018 was mainly attributable to the increased Eurobond issuances, some of which were used to liquidate costlier domestic short-term debt. “Nigeria is in a pre-election period, and fiscal and inflationary pressures are increasing. The agriculture sector outlook remains weakened due to ongoing conflicts, despite targeted government support (import restrictions and subsidised financing schemes). “Oil production is projected

to remain relatively stable, but below the government’s ambitious targets. The growth in non-oil non-agriculture sector – the biggest share of the economy – will remain limited by a slow recovery in private demand, but with its momentum likely strengthening by the electionrelated public and private spending in the second half of 2018 and early 2019. “Overall annual growth is expected to be around 1.9 per cent in 2018, undermined by the slowdown in agriculture and oil sector growth, gradually rising in the medium-term with reduced political uncertainty and returning consumer confidence. The central bank is expected to closely control the level of liquidity.� A special focus in the report was on human capital development in Nigeria, which revealed that “the economic burden of malaria alone in Nigeria, accounting for direct and indirect costs, excluding mortality, is estimated at 13.5 percent of GDP.� “However, in the quest for

sustainable growth, Nigeria, like many other countries, has underinvested in human capital. While physical capital remains critical, it does not fully account for improvements in growth,� it added. Recognising the importance of human capital outcomes for social and economic well-being of all countries, the World Bank recently launched the Human Capital Project (HCP) in October 2018 to help countries improve their education, health and social protection systems to raise the next generation of well-equipped and healthy people. The Human Capital Index (HCI) is one of the key pillars of the HCP and it measures how human capital contributes to productivity. It captures three main indicators, namely: survival, education and health. Despite some progress against some of the indicators, Nigeria lagged in all three components of the index, partly because it spends too little and inefficiently on human capital.

GOWON EXPRESSES FEAR OVER KILLINGS, BLEAK ECONOMY of us because we have a very serious situation and nobody seems to be talking, because what those guys have done is that they have dared the state. It would embolden more actions if we do not wake up to the reality.’’ On the dispatching of the Minister of Defense, to meet with the Chadian President, Idris Deby, on the deterioration of security at the Nigeria-Chad border, the retired military officer said it is an afterthought, advising that Buhari should do more than been reactionary. Also, the Coalition of United Political Parties (CUPP) in a statement by its National Spokesperson, Mr. Ikenga Ugochinyere, said, ‘’It is most heart rending to realize that this attack happened same week some of the nation’s military service chiefs were frolicking at the APC political party campaign function in the Presidential Villa.� Ugochinyere expressed shock by the ‘dishonorable silence' of the federal government on the attacks, which he said only became prominent on the social media after the terrorist group released very gory videos of some of these attacks. He stated, “For President Buhari to only summon service chiefs for a briefing five days after such a calamity clearly shows the slow response time of this administration to national emergencies and lack of capacity to meet up with

the fast pace of developments which affect the lives of citizens. “We hereby call on President Buhari to salvage the last vestiges of honour left for his regime by immediately sacking the service chiefs, the Inspector General of Police, Chairman of EFCC and Comptroller General of Customs, who have at one time or the other been found playing politics with their offices instead of doing their jobs with every sense of neutrality.’’

Nigeria, Chad’s Defence Ministers Hold Bilateral Consultations Sequel to directive of the president, the Minister of Defence, Brig-Gen Dan-Ali (rtd), will later in the week, visit N’djamena, Chad, to discuss with his Chadian counterpart, General Yaya, on how to respond to the worsening security crisis along the Nigeria-Chad border. The scheduled meeting was confirmed yesterday by a statement issued by the Public Relations Officer to the minister, Col. Tukur Gusau. The bilateral talks are also coming in the wake of the rising tide of insurgency in the North-east. Over 100 soldiers from the 157 Task Force Battalion, were killed on November 18 in Metele, a remote village in Borno State, along the Nigeria-

Chad border by the Islamic State West Africa (ISWA), an offshoot of Boko Haram, which has pledged allegiance to Abu Bakr Al-Baghdadi, the leader of Islamic State in Syria (ISIS). THISDAY first reported last week that President Muhammadu Buhari had mulled dispatching Dan-Ali to Republic of Chad for an urgent meeting with President Idris Deby and Ali’s defence counterpart to address the deteriorating security at the Nigeria- Chad border. The report said Ali’s mission was to unearth what led to the increase in the activities of Boko Haram terrorists in the area, including finding an immediate solution to the upsurge. According to Gusau, BrigGen Dan-Ali’s visit was in continuation of consultations with the defence ministers of the Multinational Joint Task Force (MNJTF) troops contributing countries (TCC) which include Cameroon, Chad, Niger, Nigeria and Benin Republic. Dan-Ali had last month paid a similar visit to Niger Republic, during which he held bilateral discussions with his Nigerien counterpart, Brigi Rafini. “The minister's visit to Chad will revolve around strengthening the operations of MNJTF to enable it achieve its mandate of eliminating security threats and creating a safe and secure environment in its area of responsibility,�

Army Urges Troops to Remain Alert, Promotes Warrant OfďŹ cers

W’BANK: NIGERIA’S FISCAL DEFICIT MAY WIDEN down more than 22 percent, following global oversupply. Continuing, the World Bank stated, “Indeed, growth and investment in Nigeria have been negatively impacted by repeated oil-price driven boom-bust cycles. The oil price shock of late 2014 and its aftermath pushed the economy into recession and precipitated a major budgetary crisis at the national and state levels, which brought to light the longer-term trend of weak domestic revenue mobilisation. “Nigeria’s weak revenue mobilisation has major implications for growth and development, including for improving its dire social service delivery outcomes. Thus, the country needs to take concrete steps to break its oil dependency to improve its economic and social outcomes,� it added. Nigeria’s Economic Recovery and Growth Plan (ERGP) 2017-2020 aims to achieve macroeconomic stability and economic diversification and there is thus the need to accelerate

its implementation progress. But the report noted that Nigeria’s emergence from recession remains very slow as sectoral growth patterns have remained unstable. Real Gross Domestic Product (GDP) growth strengthened from 0.8 per cent (year-on-year) in 2017, to two per cent in the first quarter (Q1) 2018, but slowed to 1.5 per cent in Q2. The World Bank noted that a relatively tight monetary stance has kept the exchange rates stable and helped control inflation, which reached a two-year low of 12.5 per cent (year-on-year) in April. The headline inflation declined further to 11.1 per cent in July 2018. It stated, “However, with declining inflation, the CBN began to cut back on its liquidity draining operations from March 2018. In August, inflation increased slightly to 11.2 percent, on account of increasing food inflation. “The recent ease in liquidity and partially-improving health of the banking sector

did not however stimulate private sector lending, due to persistent risk aversion, stagnating consumer demand, and still high government security yields. “The central bank maintained key exchange rates (particularly, the official and IEFX) stable through direct intervention and greater convergence was achieved between the interbank wholesale and retail rates on the one hand and the IEFX rate on the other hand. It, however, argued that the divergence in exchange rates remains and continues to create “a complex scheme of implicit subsidies and distorting national accounting.� It added, “Oil revenues are recovering with increasing oil prices, but distributions to the tiers of government are constrained by the unbudgeted fuel subsidy and other deductions. “The fuel subsidy, no longer an explicit first line deduction from oil revenues, mostly benefits the affluent and it is also widely-known that a

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

APC North-east Governors Endorse Buhari for Second Term All Progressives Congress (APC) governors in North-east geopolitical zone rose from a meeting yesterday where they assessed the performance of President Muhammadu Buhari and resolved that the government had done well, and the president deserved a second term. The governors who attended the meeting in Bauchi included Governor Kashim Shettima of Borno State; Governor Bindow Jibrila of Adamawa State; Governor Mohammed Abubakar of Bauchi State; the National Secretary of APC, Senate Leader Ahmed Lawal; former governors Isa Yuguda of Bauchi and Modu Sheriff of Borno State among others. Also yesterday, the APC in the North-east endorsed President Buhari’s second term bid, saying he has performed well. They gave the endorsement at the end of a two -day APC North East Zonal meeting in Bauchi. Malam Mustapha Salihu who is the APC National Vice Chairman for the North-east said the president has done much for the subregion in terms of providing infrastructural development as well as the fight against insurgency. “I want to say that this gathering is mainly an

endorsement meeting to show appreciation to Buhari’s administration for salvaging us from the shackles of insurgency, no single kilometre is now under Boko Haram. “The meeting is also to reiterate our support in 2019 by giving him triple number of votes as against what was given to him in 2015. “On the whole, the meeting is to map out strategies with the stakeholders to see how we will go about the forthcoming general election to re-elect Buhari for a second term,” he said. Also Speaking Governor Shettima of Borno State said the president has done extremely well, as the subregion is a net beneficiary of his administration. “We all know the sorry state of the country, we are the net beneficiaries of President Buhari’s administration in terms of appointment, securing lives and property and projects. “Because the Mambilla hydro power project in Gembu Taraba alone is a game changer in this part of the world. “Therefore North-east is Buhari’s territory; believe me the sub-region will solely back him in 2019 general election,” he reiterated. On his part, Senate Leader, Alhaji Ahmed Lawan, said senators of APC are more

13 Alleged Cult Members Killed in Benue Police confirm nine deaths, arrest 13 George Okoh in Makurdi Thirteen suspected members of a cult group were at the weekend killed in a skirmish with youths of Lessel community in Ushongo Local Government Area of Benue State. It was gathered that the bloody clash which lasted over two hours also left several persons with serious injuries. An eyewitness told THISDAY that the crisis started when members of the cult group who were in the town for a convention allegedly attacked and killed a commercial motorbike operator whose motorbike they had attempted to snatch. According to the eyewitness, “The group had come to Lessel town in their numbers last Saturday night for what we gathered was their annual convention in the town. “They ran into the commercial motorcycle rider whom they engaged to convey some of them to Joy Guest House in Lessel, venue of the meeting where some of them also put up. “On completing the assignment of conveying them to their destination, the cult members demanded the key of motorbike but the rider refused to surrender his bike to them. “They descended on him and killed him instantly. But luckily the news of the murder of the innocent commercial motorbike operator filtered into town and

united after the defections and will continue to support the present administration on efforts to provide development in the country. “We are committed, loyal, patriotic and we will continue to support the president to actualise the wishes of Nigerians, and we will be committed party members who

very good programmes and projects. Some have been concluded but there is still a lot that needs to be done. ”So we need to vote and return him as president so that he can complete the good work he has started,” Lawan said. Also, The APC National Secretary, Alhaji Mai Mala

Buni, said Buhari had performed well in all sectors of Nigerian society. ”President Buhari has performed well in all segments, namely: education, technology, employment, insecurity, appointments and others. “I therefore urged all eligible voters to come out and vote for him in 2019.

GREAT FELLOWS...

L-R: Director, Development Bank of Nigeria, Mallam Bello Maccido; President, Society for Corporate Governance Nigeria, Mr. Pascal Dozie; Chairman, Polaris Bank Limited, Mr. Muhammad K. Ahmad; and Director, Enterprise Development Centre, Pan-Atlantic University, Mr. Peter Bamkole, after their induction as Fellows of the society, during the Annual Presidential Dinner/Induction Ceremony, in Lagos ...recently

NCAA Warns Pilots, Airline Operators against Hazardous Weather Chinedu Eze

the youths in Lessel mobilised and stormed Joy Guest House with dangerous weapons. “A bloody fight ensued, some of the cult members were hacked to death, while others who were captured alive led the youths to where other members of the group were hiding. They were all rounded up by the youths but not after 13 of them, aside the bike rider had been killed. “It took the intervention of the police who stormed the area to stop the killing of more of the group members, most of whom had been beaten to pulp by the angry youths. “The police were able to rescue other members of the cult group from the angry mob after firing warning shots in the air and dispersing them with tear-gas. “As we speak, there is blood everywhere in Lessel town and there is palpable tension in the town while some people are also moving out of their homes for fear of reprisal by members of the cult group.” Reacting, the state Commissioner of Police, Mr. Ene Okoh, said: “When we got the information, my men moved in quickly and arrested 13 persons who were involved in the fracas but I can confirm that nine persons were killed in the clash. The commissioners who disclosed that the command had reinforced security in the town, attributed the bloody clash to a rival cult fight.

are supporting the continuity of the present administration. “The 2019 general election will be determined by integrity, history of candidates, and we know how they destroyed the resources. “People should remember where we are coming from and where we are right now. “Buhari has done a lot of

As the harmattan season approaches with its weather challenges, the Nigerian Civil Aviation Authority (NCAA) has warned pilots and airline operators to observe safety precautions in line with Nigeria Civil Aviation Regulations (Nig. CARs) during flight operations in adverse weather conditions. This warning was contained in an advisory circular with reference number AC: NCAAAEROMET- 26: to all pilots and airline operators signed by the Director General of the authority, Capt Muhtar Usman yesterday. The spokesman of the agency, Sam Adurogboye, said this circular became imperative as the rainfall cessation would likely herald a long and severe

dust haze (harmattan) in the months ahead. “With this information, pilots are expected to be cautious and uphold Standard and Recommended Practices (SARPs) while conducting flights during hazardous weather associated with dust haze at this period. “This haze comes with – a dry and dusty wind that blows southwards from the Sahara across Nigeria in the months of November to March. Consequently, pilots should note that air-to-ground visibility may be considerably reduced due to the dust haze,” Adurogboye explained. NCAA also noted that during this period, aerodrome visibility might fall below the prescribed minima and in severe conditions; dust haze

could blot out runways, the markers and airfield lightings over wide areas, warning that this makes visual navigation extremely difficult or impossible. “However, where visibility falls below the prescribed weather minima, flight operations are expected to be delayed, diverted or out rightly cancelled,” NCAA said. The regulatory authority therefore directed that pilots are obliged to exercise maximum restraint especially when severe weather condition is observed or forecasted by the Nigerian Meteorological Agency (NIMET). “Pilots should obtain adequate departure, en route and destination weather information and briefing from NIMET prior to flight operations at all the airports.

The flight crew/ operators and Air Traffic Controllers (ATC) should ensure adherence to aerodrome operating minima. “Operators are therefore advised to ensure necessary measures are put in place to cushion the effects of flight delays or cancellations on their passengers in accordance with Nig. CARs, Part 19. All passengers are therefore required be patient, understanding and exhibit exemplary conduct during flight delays and cancellations as safety is paramount in flight operations,” said. It also urged industry stakeholders to ensure strict compliance with this advisory circular as the authority would view any infraction very seriously.

ASUU Vows to Continue Strike Until Demands are Met As the strike embarked upon by the Academic Staff Union of Universities (ASUU) enters its fourth week, the union has vowed not to return to class until its demands are met. This was disclosed in a statement by the ASUU National President, Biodun Ogunyemi, yesterday. The lecturers commenced an indefinite strike on November 5 for reasons including government’s failure to adhere to previous agreements and poor funding

of universities. Ten days after the declaration of the strike, the first meeting between the Nigerian government and the lecturers ended without resolution of the dispute. After the meeting, Ogunyemi said the government appears insincere in relating with the lecturers. In his statement yesterday, Ogunyemi said the union’s “struggle is still alive,” and the strike would continue. “We met with the Minister of Education in line with our tradition

to honour all invitations with openness to meaningful discussion of issues contained in our demand, so far, nothing concrete has come out of the meetings; rather it is still a projection of their ‘keep-them talking’ culture. “Our members are enjoined to disregard any information from any source other than the official union source which is the branch chairperson,” he said. The professor also warned university authorities against undermining the “strike by organising or attending meetings,

examinations, lectures, convocations, conferences or other activities during the strike.” He said any examination taken during this period will be challenged by ASUU after the strike. “Our commitment and integrity are the basis of our pride as Academics. We must avoid actions that undermine our struggle,” he said. The strike has forced hundreds of thousands of Nigerian university students to be out of school with many of them complaining about the situation.

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INEC: Funding Gap Will Not Derail Preparations for 2019 Elections Promises to sustain improvement of smart card reader in 2019 polls Adedayo Akinwale in Abuja With just 81 days to the 2019 elections, the Independent National Electoral Commission (INEC) has said it is working and consulting with relevant government agencies

to make sure that funds do not hamper its preparations for the 2019 general election. The commission has also promised that all procurement processes would be completed before next year general election.

Gumi Warns FG against Continuous Detention of El-Zakzaky John Shiklam in Kaduna Famous Islamic cleric, Sheikh Ahmad Gumi, has warned that the continuous detention of the leader of the Islamic Movement in Nigeria ( IMN) also known as Shiite, Sheikh Ibrahim El-Zakzaky, portends serious security threat to the country. Speaking in an interview with THISDAYin Kaduna yesterday, Gumi called on the federal government to release the IMN leader to avoid compounding the security challenges facing the country. He said the government must learn some lessons from how the Boko Haram insurgency started. Zakzaky has been in detention since December 2015, following a clash between his followers and the Nigerian Army in Zaria, Kaduna State. Over 350 members of the IMN were allegedly killed during the clashes. Zakzaky’s continuous detention, despite a court judgment ordering his release has led to frequent protests which often resulted in clashes with security agencies. Gumi advised the federal government to release Zakzaky to avoid the emergence of another insurrection. “Look at what we are facing now. Shi’ites are getting more militant. I have seen video clips of Shi’ites attacking and throwing stones at police officers. “This is a very serious development. Now they are not afraid of security agents, they want to revenge. In trying to revenge, they may start looking for weapons that would be effective.

“We are dealing with Boko Haram and now Shi’ites are coming up. I have been suggesting that their leader should be released. Look at the leader of (Indigenous People of Biafra (IPOB), Nnamdi Kanu, when he was released, the South-east became calm. “If he were still in incarceration, the situation there would have been serious,” Gumi said. Speaking further, the Islamic cleric said the government must respect the court, order his release. According to him, Zakzaky is beginning to recognise the authority of the country. “They should release Zakzaky, moreover they are covered by the court and the court ordered for his release. “He is beginning to realise and recognise the authority of the country because if he is granted bail and he accepts bail conditions, it means he recognises the authority. “But when you continue to incarcerate them, they will develop resistance. This is exactly how Boko Haram started. So the problem is being manhandled,” he added. Gumi, however, regretted the position of some Sunni Muslims who, because of sectarian differences, seemed to be applauding the government for incarcerating the IMN leader. “I am not Shi’ite and I don’t support some of the things the Shiite does, but as Nigerians, we have to support them humanely. Gumi recalled that prior to the clashes between the Shiite and the army in Zaria in 2015; he had cause to openly advise the Shiites to stop blocking roads.

INEC National Commissioner and Chairman of Information and Voter Education Committee, Mr. Festus Okoye, while responding to THISDAY enquiry through an e-mail, insisted that the electoral body is focused on delivering credible elections in 2019. The electoral body said some of the processes and procedure had been rolled out for the 2019 elections, while others are still being piloted preparatory to the signing of the amendment to the Act. He said: “On the issue of funding, INEC is proceeding with preparations for the conduct of the 2019 elections. “The commission is working and consulting with relevant government agencies to make

sure that funds do not hamper its preparations for the 2019 general election. “The commission is determined to conduct good elections and will not allow funding gaps to derail its preparations. “The commission assured the Nigerian people that all its processes are being deployed to ensure that all procurements are completed on time for the 2019 general elections.” The National Commissioner said INEC has introduced farreaching and creative innovations that would raise the bar of elections in Nigeria. He explained that the management and arrangement of the polling units are being

reappraised to guarantee and maintain the secrecy of the vote and maintain the independence and personal voting choices of the voters. On whether the commission would ensure the deployment of Smart Card Reader in the 2019 elections across the country, Okoye noted that the commission introduced the smart card reader as a quality control mechanism to strengthen the authentication and verification of the Permanent Voters Cards and eliminate “ghost” voters and multiple voting. He noted that smart card reader is being enhanced to increase its performance and minimise as much as possible glitches that occurred in few places in previous elections.

Okoye stressed that since the 2015 general election, INEC has conducted several stand-alone governorship elections in Edo, Ekiti and Osun States using the smart card readers, adding that in these elections, INEC has addressed some of the glitches observed during previous elections. “The Nigerian people have accepted the smart card reader as part of the electoral process and INEC is determined to sustain improvements to the smart card reader,” he said. The commission however urged the media to partner the commission to improve the regime of elections rather than raising divisive and mundane issues that de-market the electoral process.

70TH HEARTY CHEERS...

L-R: Commissioner of Police, Enugu State Command, Danmallam Mohammed; Chaplain, Government House Chaplaincy, Enugu, Rev. Fr. Chinedu Ozoude; Governor Ifeanyi Ugwuanyi; Celebrant, Prince Arthur Eze; Archbishop of Enugu Ecclesiastical Province (Anglican Communion), Most Rev. Dr. Emmanuel Chukwuma; and his wife, Joyce, at a luncheon for Prince Eze to celebrate his 70th birthday at the Government House, Enugu, yesterday.

IG Orders Recovery of Two AK47 Rifles, Others Snatched from Slain Officer by IPOB To arraign 33 arrested culprits for terrorism David-Chyddy Eleke in Awka The Inspector General of Police (IG), Mr, Ibrahim Idris, has directed the urgent recovery of two AK47 rifles and a Berretta piston allegedly snatched from a slain police officer and others by alleged members of the Indigenous People of Biafra *(IPOB) in Nnewi during a protest last week. The Force Public Relations Officer (PPRO) Jimoh Moshood, made this known in Awka yesterday evening while parading 33 suspected members of IPOB the Anambra State command arrested. Moshood said the IG had mandated that a through search to be carried out and the snatched weapons recovered, while fleeing members of the group be arrested

and prosecuted. The FPRO said: “On November 23, 2018, there was intelligence report that members of the proscribed IPOB, an unlawful terrorist organisation were sighted gathering in their hundreds with dangerous weapons near teaching hospital, Owerri road, Nnewi, about to cause disturbance of public peace and public safety in the Nnewi and environs. “Consequently, the police patrol team led by the Area Commander, Nnewi, ACP Nnanna Oji Ama, mobilised to the scene to prevent them from causing a breakdown of law and order. “The police team, while proceeding to the scene came under ambush from the IPOB members, in the process, a police Inspector was killed, two other police officers were seriously

injured and one police patrol vehicle was set ablaze, and the proscribed IPOB members snatched and carted away two AK47 rifles and one Beretta pistol with ammunition.” The arrested suspects, who ages are between 17 and 65 years hailing from states in the South-east and Delta State, were accused of engaging in terrorism, despite the proscription of the group last year. Meanwhile, a loud protest erupted among the suspects when accusations of killing a police inspector and snatching of arms was being read to journalists by Moshood. The suspects said they were mostly traders in Nnewi market who had finished their business for the day and were about to close for the day, before they were arrested

long after the protesting members of IPOB had left. One of the suspects, Sunday Ilonze, said he and his apprentice were arrested in his shop, while trying to close for the day. “I came back from a burial and didn’t even know what had happened during the day and was ordered by some gun wielding police officers to go into the vehicle, but I refused because I am a law abiding citizen, but they still brought me here,” he said. Most of the suspects cried all through the parade, insisting they were innocent and should not be allowed to suffer for a crime they did not commit. Moshood however promised that a thorough investigation would be launched into the matter, and those found guilty would be charged for terrorism.

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

DIVESTING 95 PER CENT OF NNPC: THE MECHANICS Chijioke Mama argues that there exists a strong case for divestment in the state-oil corporation

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n the wee small hours of President Muhammadu Buhari’s administration, the Central Bank of Nigeria reportedly recommended a divestment of 30 per cent equity in NNPC’s Joint Ventures (JV), to raise about USD 75 billion which could be used to attend to deficit infrastructural needs of the country. That alleged proposition came in 2015 when oil price was at its lowest and when portfolio rationalization by oil majors was trending in the global oil and gas community. That argument - on a cursory look - seemed very brilliant for a state-owned oil behemoth, whose owner-country (a largely undiversified hydrocarbon economy) was already battered by plummeting prices and was also at the brink of an economic recession. It’s now months to the critical 2019 presidential election in Africa’s largest economy; and a major presidential aspirant Mr. Atiku Abubakar has reportedly announced his intention to divest 95 per cent of the country’s interest in the state-owned NNPC if elected president. The proposition has received ambivalent, albeit even superficial opinion, from professional and street constituencies in Nigeria. Believed to be well experienced in the matter of State Owned- Enterprise (SOE) privatization – which he largely handled as a former Vice-President during the tenure of President Olusegun Obasanjo - many observers retort that this is a noble idea for which Mr. Abubakar (if elected) will see to its effective implementation. Whether this conversation was started to whip up electoral sentiment (among an electorate that hardly appreciates the core mechanics, the intricacies, hidden benefits and complex risks of the proposed transaction) or as an action borne of a genuine conviction that this is the prudent step to take (more likely); all stakeholders must realize that the benefits or losses to this country in the full or partial privatization of NNPC remains a double-edged argument with multiple dimensions and which cannot be approached from single perspective or singular narrative. With respect to the country’s current condition and inherent complexities, it cannot be said in plain and straightforward terms that privatization of NNPC is a good or bad idea. The case is well dependent on the model, the timing and the approach, as well as, the interplay of other equally important considerations, namely; politics, legislative issues and the perceived influence on the lives of average Nigerians. From a transaction perspective, diverting up to 95 per cent of NNPC will convert future sovereign income streams into a lump sum income, which then faces the all too common tussle of “prudent use of proceeds� against “profligate use of proceeds�. The important variable here is that the political will to use proceeds prudently, often fail in the face of weak institutional ability to prevent mismanagement. Should Mr. Abubakar become president he would have 1460 days from May 29, 2019 to finish a term. I estimate that the NNPC privatization project will require about 760 working days to finish; deduced from the PHCN privatization that took place from, August 15, 2011 to February 21, 2013. It might be longer if we compare it rather to the NITEL/MTEL privatization that took place from 2001 to 2015. I anticipate that this divestment would lead to a significant drop in government revenue, the magnitude of which will be a function of the prevailing oil price, which may then necessitate an increase in

WITH RESPECT TO THE COUNTRY’S CURRENT CONDITION AND INHERENT COMPLEXITIES, IT CANNOT BE SAID IN PLAIN AND STRAIGHTFORWARD TERMS THAT PRIVATIZATION OF NNPC IS A GOOD OR BAD IDEA

the Petroleum Profit Tax, which may go from 85% to between 90% & 91%; as a counter measure to retain equal or near-equal pre-divestment revenue levels. Add that risk to possible losses in divestment tax holidays & forfeitures, which may be estimated to reach about $22bn from 2019-2015. Another important consideration in this proposition would be the attractiveness of NNPC to any circumspect foreign or local investor amidst the unfinished reforms of the oil and gas sector in Nigeria; specifically the uncertainty and politics around the Petroleum Industry Governance Bill (PIGB). The PIGB proposes a solution to unbundle NNPC and create a commercial focus, without outright divestment. When then is the right time to divest, relative to PIGB and what are the anticipated complications? These conditions are capable of making NNPC unattractive altogether or lowering its eventual value in the market, depending on how it would be sold. Furthermore, variations in stakeholder’s perspective that will originate from the foregoing suggest there will not be any stakeholder consensus on the question of “to sell� or “not to sell�, which ushers in the constitutionality/unconstitutionality tussles (someone will go to court!), union actions (PENGASSAN will have a strong opinion) and lengthy legislative actions. Stakeholders then need to ask the question of context and proper timing. Are these possible fallouts and their possible distraction to governance desirable and tolerable for a nation that has just become the poverty capital of the world and is also siting on a population explosion time bomb, amidst “state of infrastructure� that is the most pathetic among peers? The answer is neither yes nor no. Also, will proceeds trickle to the 36 states or not for squandering? (Most Nigerian governors like meat pie!), and several states are near bankrupt. If divestment is not exigent or easily navigable are there low hanging fruits in the sector? Deregulating the downstream sector can save huge spends on subsidies which between 2006 and 2011 was about N3.7trn. Figures for recent years – highly contested and sometimes denied - might even be more worrisome. If there is a strong case for the privatization of NNPC, it follows the historical reports of widespread inefficiency within the organization. However the case for a water-tight, corruption -free and well-planned approach to the divestment is as strong, if not stronger. We can take cues from Ecopetrol, Columbia, Pakistan Petroleum & Norway’s Statoil. For the average Nigerian the more noble the idea the less benefits received by the ordinary man, who scarcely feels the impacts of our lofty ideas. We remember SURE-P, recovered Abacha loot and other so-called savings projects. Lastly, the citizens should bear in mind that even with the most saintly political will, coupled to the right approach to the transaction; it will naturally take a long time before any proposed use of proceeds begins to yield benefits for the ordinary man. That is if we do not read disheartening accounts in the news, how proceeds went unaccounted. Mama is a Transaction Advisor, the Founder of Meiracopp Nigeria Limited & a Doctoral Researcher in Business Management

AKWA IBOM AND THE ROAD TO WARSAW The recipe for development is peace, argues Ufot Essien

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he week of absurdity that ended last Friday with the police vacating the state House of Assembly Complex which they had occupied for three days may have ended but the ominous sign emanating from that incidence is evincive that it is not yet time to sing the victory song. By way of update, the week opened Monday with the ruling party in the state, the Peoples Democratic Party (PDP) alerting the world that it had uncovered a plot by the All Progressives Congress (APC) to engage the services of thugs to disrupt proceedings at the State House of Assembly. Later that morning, what was supposed to be a threat turned real when hoodlums attempted to barricade the entrance to the Assembly Complex located on the highbrow Udo Udoma Road in the state capital. It took the intervention of the police, who ostensibly had earlier been alerted, to put off the bonfire and dislodge the riotous thugs thus paving way for the legislators to access the chambers for the day’s business. Back in the House, the day’s proceedings were brief; the Speaker Rt. Hon Onofiok Luke declared vacant five seats belonging to members who had defected to the APC, acting on an order of the Federal High Court sitting in Uyo. Next, the House also entertained a motion seeking to name either the Ibom International Airport in Uyo or the State University after the former Governor Obong Victor Attah, in commemoration of his 80th. birthday; after which it adjourned sitting to Wednesday November 27. The adjournment created space for the five sacked members to embark on a melodrama which saw the emergence of a ‘new speaker’, in the person of Nse Ntuen, member representing Essien Udim constituency. The ‘new speaker’ emerged about three hours after the House had adjourned same Monday. Then Tuesday and an uneasy calm enveloped

the state following the public holiday declared by the federal government to mark this year’s Eid el Maulud. By Wednesday, the ‘new speaker’ had ‘consolidated’ his position by naming some principal officers that would work with him. Also Wednesday, the House came under siege as security operatives locked down the Assembly Complex, barring workers from entering the premises. The siege ended Friday, perhaps following the intervention of the Senate, but not without some ‘casualties’ prime among them, John Bassey Abang, the former Commissioner of Police, who only resumed duties in the State barely a month ago. Ordinarily, one could have dismissed these events as part of those dramas with which our politicians regularly entertain the public. After all, was it not in Nigeria, specifically Benue State, a few months ago when eight of 30 lawmakers in the State House of Assembly attempted - against known laws - to impeach the Governor, Samuel Ortom? Akwa Ibom, under the Governorship of Udom Emmanuel, has enjoyed unprecedented peace. As the governor himself, would say, “If you want peace then you must invest in peace�. I could still recall the efforts the governor has invested to restore peace to the three troubled local government areas that were, hitherto, held hostage by cultists; namely Etim Ekpo, Ika and Ukanafun; the endless visits, the town hall meetings, the passionate appeals to the misguided youth to come out from the forest and make meaning of the rest of their lives. Only last month, the General Officer Commanding (GOC) 6 Division of the Nigerian Army, Maj Gen Jamil Sarham, while on a courtesy visit to Governor Emmanuel, announced that from available statistics at the Command, Akwa Ibom was the most crimefree and the most peaceful state in the South-south region. As the Governor recreates a new path for the state via industrialisation, Akwa Ibom has witnessed unprecedented inflow of visitors particularly investors and tourists, taking advantage of the

prevailing atmosphere of peace in the state. Indeed, as residents and visitors alike, would tell you, it is a new day in Akwa Ibom. A new day where freedom and peace prevail. A new day where the ruling party and the opposition can campaign freely on their chosen venue without any fear of molestation. In fact, the governor himself captured the contrast succinctly in his broadcast to the people during the last state anniversary: “We are confronted with two stark and distinct choices: the choice of living in a state that is peaceful, devoid of kidnappings, politically-motivated assassinations and where the security of lives and property is assured or a return to the fearful years when death and insecurity walked on two legs; where people were afraid to visit or pursue their legitimate businesses for fear of being kidnapped or out rightly murdered ‌ a chapter in our state’s history we wished had not been written!â€? Was it not a sad irony that the ‘Uyo Week of Absurdity’ coincided with the week that the world gathered to honour Obong Victor Attah, former governor of the state and a globally-acclaimed patriot who fought for true democracy in Nigeria? The wealth Akwa Ibom and by extension, other South-south states enjoy today was made possible because there was a fighter called Attah. And was it any surprise that the day the forces that occupied the State Assembly vacated, again, coincided with the day that advocates of true democracy in Nigeria gathered in Uyo to honour one of their own (Attah) with a lecture titled; Leadership, Politics and Sustainable Democracy in Africa delivered by non-other than the cerebral Hassan Mathew Kukah, the Catholic Bishop of Sokoto? Now, let’s take a look at the dramatis personae, simply the actors, and what they and their actions depict. ‘New speaker’ Nse Ntuen – Can this otherwise lawmaker say for a truth that he deserves the title he foisted on himself, given the very lawless manner

in which he emerged? What does a lawmaker earn when he stands the law he is supposed to make and defend, on its head? Oshiomhole – You may ask, why? But come to think of it, at the mention of a word, stating that the erstwhile State Commissioner of Police for stopping the rampaging thugs on Monday from invading the Assembly, that he (CP) was a supporter of the state governor and was consequently instantly removed and replaced. It is a common joke in the state that Akwa was served with three Commissioners of Police within 48 hours. One Officer who was to replace Abang was said to have been issued a contrary signal on arrival at the Uyo Airport and had to board the same flight back to Abuja before Musa Kimo, was sent on Wednesday. Place this side by side with the role of security operatives during the Benue impeachment misadventure - all in a regime that had taken the corruption fight as its cardinal mission. Little wonder that the consensus at the Attah lecture was that what Nigeria – nay – Africa needs for sustainable democracy to thrive are strong institutions, not strong personalities. Onofiok Luke – the lawful Speaker of the State Assembly has so far acted most maturely, both in his body language and utterances, even as he resolved firmly that “No amount of intimidation would cow us as a people�. While not pretending to be a lawyer, the Speaker is said to have declared the five seats vacant on Monday acting on a court order, while the same court was believed to have issued a stay of proceedings on Wednesday. What else better summarises both the Attah’s 80th birthday lecture and indeed, the unfolding ‘drama of the absurd’ than his presentation at the lecture that “Nigerian democracy is governed by the courage to do nonsense�, citing among others, the example of Peter Obi, former Governor of Anambra State who Ray Ekpu noted, was impeached in a hotel room by 5am. Essien wrote from Uyo

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EDITORIAL The Minimum Wage Controversy The payment of the minimum wage is possible if governors are prudent

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hile receiving the tripartite committee report on minimum wage recently, President Muhammadu Buhari pledged that the federal government would quickly transmit an Executive Bill (on national minimum wage) to the National Assembly for its passage within the shortest possible time. However, about 24 hours after what appeared like an endorsement, the Presidency came up with a ‘clarification’ of the earlier position which more or less distanced itself from the report. That elicited a swift response from the Nigeria Labour Congress (NLC) which threatened another industrial unrest should the authorities fail to honour the N30,000 recommendation on minimum wage. What is now very clear is that there are testy days ahead, especially with the Nigeria Governors’ Forum (NGF) stating categorically that the only way its members can pay the agreed sum is to sack workers. The alternative proposed by the NGF is for the federal government to readjust the revenue sharing formula in favour of the states to enable them absorb the huge financial implication THE OSTENTATIOUS of such wage rise. LIFESTYLES OF MOST These are no easy options. GOVERNORS DO It is regrettable that NOT OFFER LOGICAL the government, at PERSUASION TO THE all levels, has been CITIZENS THEY GOVERN tardy in handling THAT THEY INDEED the minimum wage CANNOT PAY THE NEW issue. Ab initio, the road to arriving at an MINIMUM WAGE acceptable wage for workers has been everything but sincere. In the course of resumed negotiations, which was compelled by the threat by labour to embark on a nationwide strike, the tripartite committee, comprising the government (federal and states), the Nigeria Employers’ Consultative Association (NECA) and labour had agreed on the N30,000 minimum wage that is now being disputed. It is particularly noteworthy that when in 2013

Letters to the Editor

President Goodluck Jonathan signed into law the N18,000 minimum wage, the NGF asked for removal of the subsidy in the downstream sector of the petroleum industry as a pre-condition for paying the new wage structure. That elicited a threat from the NLC and the Trade Union Congress (TUC) to go on a nationwide strike. History is therefore repeating itself. Yet, as we have stated on this page in the past, what makes for a didactic argument in a discourse of this nature is the provision of statistical data or negotiation figures to support the claim that they cannot pay. How many workers, genuine workers that is, do each of these states really have and what is their total wage bill? What does the Minimum Wage Act provide? Who is qualified to gain from this new wage bill?

T 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.

THE METELE ATTACK IN BORNO

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ome 6,000 ISIS members that were dislodged in Syria and Iraq have all relocated to the Sahel portion in Africa. If we cannot restrict these dreaded terrorist groups now, there may not be a country called Nigeria in the nearest future. These terrorist groups are threats to 2019 general election. How do you conduct election in a country that is being terrorized constantly by these various militant groups? We must act now before ISIS fighters overrun West Africa. Up to 6 000 Africans who fought for the Islamic State (ISIS) jihadist group in Iraq and Syria could return home, the African Union’s top security official warned late last year, calling on countries to prepare for the threat. Smail Chergui, the AU’s commissioner for peace and security, said African nations would need to work closely with each other and share intelligence to counter returning militants. “There are reports of 6,000 African fighters among the 30, 000 foreign elements who joined this terrorist group in the Middle East,” Chergui told a meeting in Algiers. “The return of these elements to Africa poses a serious threat to our national security and stability and requires specific treatment and intense co-operation between African countries,” he said. Tens of thousands of foreign fighters joined the Sunni extremist group after it seized vast swathes of Iraq and Syria and declared a caliphate in 2014. But the group has suffered a host of losses to both its territory and military capabilities in the last year.Terrorism is one of the biggest

hese are questions the governors have not properly addressed but unfortunately even if they did, not many Nigerians will believe them. The current perception of the populace is that many of our governors have failed to plug the leakages and wastes, which over the years have become institutionalised in their states. A good example is the jumbo ‘security vote’ which translates to free money with limitless appropriation. Shortly after he assumed office in 2011 for instance, the Imo State governor, Chief Rochas Okorocha, publicly announced that he would slash his ‘security vote’ from the N6 billion he alleged was budgeted by his predecessor (Ikedi Ohakim) to N2 billion. While that was very revealing, even the ‘magnanimous figure’ allocated to himself by Okorocha could pay thousands of workers in Imo State. That is the crux of the matter. The ostentatious lifestyles of most governors do not offer logical persuasion to the citizens they govern that they indeed cannot pay the new minimum wage. Living like modern-day emperors with little or no checks from the legislative arm, these governors have not given sufficient reasons to convince workers that the demand of N30,000 minimum wage is too much. While we need a drastic re-orientation that requires the federating states to live up to certain fiscal expectations, the governors cannot continue to live in luxury and yet deny workers in their states living wages.

crimes against humanity. Every such crime deserves to be named appropriately, and nations experiencing such owe it to their citizens to act swiftly and decisively against terrorists. The so-called ‘foreign fighters’ – African citizens trained in Islamic state terror camps – have returned to Africa and pose a “completely new challenge. Nigeria is currently facing terror threat in the last three years. There are concrete indications that terrorists are systematically using the stream of herdsmen to come into Nigeria undetected. We can expect [ISIS] or other religious terror groups to stage an attack in Nigeria with the aim of achieving mass casualties among the civilian population and that the risk of attacks by individuals has also not diminished. Nigeria and other West Africa countries waited for more than 6,000 ISIS that returned from Syria and Iraq to invade them despite the warning from Africa Union in September, 2017. The attack at Metele village in Guzamala local government area of Borno State happened because West African countries are not prepared to fight ISIS. The Islamic State in West Africa claimed responsibility for five recent attacks which it said resulted in 118 casualties. The recent attack is a fallout of the deterioration of security on the Nigeria-Chad border. There is a rumour that Nigeria has problem with Chad in the Multi National Joint Task Force put together to secure Lake Chad basin area and repel Boko Haram terror attacks against all the countries around Lake Chad. Inwalomhe Donald, Benin City

IN DEFENCE OF BLESSING ODAMA

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ust under a couple of years ago, Nigeria was shocked about the attitude of the Nigerian Police Force (NPF) in its shoddy handling of the case involving the abduction and murder of Joy Odama by an obviously well-connected “Alhaji”. It was clear for all to see that the NPF was reluctant to prosecute this murderer and the police did its utmost to disparage the character of the dead. Moshood Jimoh, the NPF’s spokesman, was obviously acting under some kind of instruction to cool things off. That was until the Governor of Cross River State, Prof. Ben Ayade, took up the cause of justice for the late Miss Odama and vowed that the culprits would be dealt with. That statement of purpose resonated across Cross River State and the people would not forget when the general election of 2019 comes around; it is just condemnable that Joy would be killed because the NPF tried to paint a picture of her as a “Southern Christian ‘runs girl’.” And on 24th November 2018, the way the story of Joy’s surviving sister, Blessing, was carefully serialised in multiple media houses and splattered on newspaper pages with salacious undertone was simply suspicious and methinks it was a poor job done to get at Gov. Ayade and the people of Cross River State. What I sensed was that a

sting operation was conducted using resources of the state, which should have helped our soldiers fighting Boko Haram in the Northeast, to bring gross disrepute to a poor, young girl who was just struggling to get by. What anyone would conclude from the news spread was that the house of Odama produces prostitutes who roam Abuja to entice and blackmail innocent, “holy,” married Muslim men. If this was a police operation to soften the case against that “Alhaji,” and it sure looks like it, then the alarm Dr. Bukola Saraki, the President of the Senate, raised about the extrajudicial slaying of Michael Adikwu who masterminded that Offa robbery should be heeded. It is so bad this country demonises young Christian girls as “prostitutes” whenever it serves the interest of the Muslim North. No wonder there is an exemption statute of the NYSC that female Muslim graduates of the Northern extraction cannot, on account of their “purity,” be posted to Christian-dominated states in order for them to avoid “contamination.” Blessing Odama is not a prostitute and justice must be done for Joy! Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

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POLITICS

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

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

All Promises, No Strategy Nseobong Okon-Ekong and Ojo Maduekwe write that Nigerian politicians have become skillful at presenting what they intend to do when elected, but leave a yawning gap on the how they intend to achieve same

Vice President Yemi Osinbajo with N Power participants

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t is late afternoon and the crowd was becoming a little bit restive from a long period of waiting. The political campaign was starting four hours behind its 11:00am schedule. Arrival of dignitaries to the event signaled its commencement. In the midst of the cacophony of loud music blaring from the Public Address System and cultural dance, the voice of the masters-of-ceremony cut through the din like a blunt knife. Again and again, he screamed the slogan of the political party. Not satisfied with the response, he kept shouting the catchphrase until, the reply became a thunder that reverberated round the arena. One speaker after another was introduced to the gathering. Each did the same thing. Striking a popular song that was moderated to cast aspersion on political opponents, the audience was incited to sing along. The narrator spent a lot of time condemning the opposing political parties and candidates. He said nothing about what he can do. When he said anything at all about his capacity,

it was in the realm of the bogus and the outlandish. Usually, audience members were not given any opportunity to probe these presentations. Even if there were discerning listeners, they could not raise their concerns in public. A typical political party rally in Nigeria is a show of raucous entertainment and vile dressing down of partisan enemies. Hardly does it address topical issues that should generate beneficial conversation. In the 2011 governorship contest in Akwa Ibom State, for instance, Senator Godswill Akpabio, who was then seeking votes for a second tenure as governor promised to establish 31 industries-one in each of the local governments in the state. Without being guided by any feasibility study. He did not even say which industry would be sited in a particular place. Akpabio won the election and served out his tenure without establishing any industry anywhere. It may well be that he never intended to establish any industry.

He would have made history if he did. But the Nigerian politician is not interested in scoring high marks of achievements. Faced with stiff competition, with similarly well-funded rivals, perhaps the most expedient thing is to spin a web of bizarre lies with the sole aim of getting elected. The classic campaign of a Nigerian politician seeking public office is managed by compulsive falsifiers who spin stories about everything, but what they are actually expected to do, which is sell a body of eloquent and realiseable policies that can get someone elected. It bit has become cliche to see politicians in Nigeria take to the podium during election campaign to mudsling their opponent for not living up to previous campaign promises, while at the same time making vague promises they as well have no idea on how to execute to the electorates. Nigerians are familiar with vague promises made by politicians across the political parties, such as the pledges to ‘tackle insecurity’, ‘revive the economy’,

QUICK FACTS:

Nigeria is a show of raucous entertainment and vile dressing down of partisan enemies. Hardly does it address topical issues that should generate beneficial conversation r*O UIF HPWFSOPSTIJQ DPOUFTU in Akwa Ibom State, for instance, Senator Godswill Akpabio, who was then seeking votes for a second tenure as governor promised to establish 31 industries-one in each of the local governments in the state. Without being guided by any feasibility study r5IF DMBTTJD DBNQBJHO PG B /JHFSJBO

politician seeking public office is managed by compulsive falsifiers who spin stories about everything, but what they are actually expected to do, which is sell a body of eloquent and realiseable policies that can get someone elected r%VSJOH UIF HFOFSBM FMFDUJPO the All Progressives Congress (APC) and President Muhammadu Buhari (its then presidential candidate) were caught promising all manner of change to Nigerians, some of which have been denied by the party or

r/JHFSJBOT BSF GBNJMJBS XJUI WBHVF promises made by politicians across the political parties, such as the pledges to ‘tackle insecurity’, ‘revive the economy’, ‘stabilise the Naira’, ‘construct roads’, ‘kill or end corruption’ r5IFTF QSPNJTFT BSF NBEF XJUI OP attempt to explain how they intend to achieve them r" UZQJDBM QPMJUJDBM QBSUZ SBMMZ JO

‘stabilise the Naira’, ‘construct roads’, ‘kill or end corruption’. These are a few examples of promises politicians and their party make, with no attempt to explain how they intend to achieve them. During the 2015 general election, the All Progressives Congress (APC) and President Muhammadu Buhari (its then presidential candidate) were caught promising all manner of change to Nigerians, some of which have been denied by the party or broken by Buhari in a space of three years. For instance, it was reported that Buhari, during one of his campaigns in Owerri, Imo state said he was going to make the Naira equal the U.S. dollar. Although the media did not provide the specific quote to this promise, Buhari was quoted as saying the following: “It is sad that the value of the Naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy.� Reacting to the claim, then Deputy Director of Policy and broken by Buhari in a space of three years r*U MPPLT MJLF JT PO SFQFBU #PUI presidential candidates of the APC, Buhari, and the Peoples Democratic Party (PDP), Atiku Abubakar are making promises to the electorates. While Buhari has promised to take Nigerians to the ‘Next Level’, Atiku has pledged to ‘Get Nigeria Working Again’ r"UJLV T QPMJDZ JT BSHVBCMZ B borrowed caricature of the ‘Let’s Get America Working!’ campaign

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MONDAY DISCOURSE

Buhari

Abubakar

Oshiomhole

Secondus

Strategy of the APC Campaign Organisation, Mr Bolaji Abdullahi had said what Buhari made was only a description of the economic situation at the time and promised that the APC would improve on the economy. As with other promises that were made prior to that time, the APC was not exact on how it was going to revive the economy. Some of the promises made by Buhari and the APC in the heat of campaign and which they’ve failed to implement include stabilizing the Naira; ban all government officials from seeking medical care abroad; implement the National Gender Policy, including 35% of appointive positions for women; state and community policing; generation, transmission and distribution of at least 20,000 MW of electricity within four years; create additional middleclass of at least two million new home owners in the first year in government; and have at least one functioning airport in each of the 36 states, and a host of other promises. One of the promises in particular was broken by Buhari himself. On May 7, 2017, the president left the country for the United Kingdom where he would stay in London for 103 days receiving medical attention. After that he would travel a couple more times outside the country for checkups with his doctors. On the issue of fuel subsidy payment by the Nigeria National Petroleum Corporation (NNPC), Buhari had once described it as a scam, but under his watch, the NNPC has continued paying the same subsidy on petroleum. Recently the Senate set up a committee to probe the payment of $3.5 billion in fuel subsidy by the Buhari administration. It looks like 2015 is on repeat. Both presidential candidates of the APC, Buhari, and the Peoples Democratic Party (PDP), Atiku Abubakar are making promises to the electorates. While Buhari has promised to take Nigerians to the ‘Next Level’, Atiku has pledged to ‘Get Nigeria Working Again’. Atiku’s policy is arguably a borrowed caricature the ‘Let’s Get America Working!’ campaign which seeks to restore a dynamic and prosperous middle class to drive economic growth by helping to advance policy decisions that create and maintain good middleincome jobs, guarantee retirement security, expand access to the American Dream, and ensure that the benefits of the ongoing economic recovery are felt by the many, not just the few. Buhari plans to take job creation

to the next level by engaging one million graduates through the N-Power policy and also skill up 10 million more under a voucher system in partnership with the private sector. One million farmers will be assisted by the Anchor Borrowers’ Programme. 1.5 million jobs along dairy, beef, hide and skin, blood meal, crops, will be created by the Livestock Transformation Plan, and five million more jobs will be created by the Agriculture Mechanisation Policy. Buhari also promises to make available $500 million in funding for the tech and creative industry to create 500,000 jobs and train 200,000 youth for outsourcing market in technology, services and entertainment. He has also vowed to create 300,000 jobs for vendors and farmers by increasing the number of children fed under the school feeding programme. Buhari’s plans have been criticised by both laymen and experts. Being the hardest hit, ordinary Nigerians are weary of a Next Level under Buhari. They worry what the Next Level of another four years could be like, if within his first four years Nigeria could go from 8.3% unemployed rate to over 18%, and the country’s debt up from N12 trillion to N22 trillion. The irony of this is that the same Buhari who had claimed in 2015 that he would create three million jobs yearly if elected president, is the one whose policy have boomeranged, costing Nigerian youths their job. Some experts such as a former president of the Nigerian Bar Association, Olisa Agbakoba, have described the ‘Next Level’ promises as a “complete disaster�, calling it a “handout� with no “conceptual overhang�. While unveiling his ‘Next Level’ plan, Buhari said his first term was used to lay the foundation for what he had promised Nigerians during the 2015 elections, “a secure, prosperous and corruptionfree country�. Critics of the president are of the opinion that Nigeria is not yet secure, neither is the country prosperous nor corruption-free. Even when one was to agree with Buhari that the Boko Haram terrorists do not occupy anymore Nigerian territory, it cannot be said they’ve been defeated. Also, the Fulani herdsmen appear to be an even bigger security threat. An estimate of about 20,000 Nigerians since June 2015 have been murdered by the combined threat of the Boko Haram and Fulani militias.

Nigeria is not yet a prosperous country. The World Poverty Clock ranks the country as the poverty capital of the world. With 86.9 million Nigerians now living in extreme poverty, the country has overtaken India as the country with the most extreme poor people in the world. This figure represents nearly 50% of Nigeria’s estimated 180 million population. Instead of Nigerians experiencing prosperity, standard of living has taken a dip since Buhari became president. For instance there have been astronomical increases in the prices of building materials such as cement; and foodstuffs such as rice. Not to mention that fuel is now sold higher, yet, it is still being subsidised by the federal government. Another area where Buhari is laying claim to have delivered but critics disagree, is in the fight against corruption. It was under his watch that his former minister of finance, Mrs. Kemi Adeosun, after admitting to forging her National Youth Service Corps certificate, an offence punishable by 14 years imprisonment, was allowed to leave the country without prosecution. Then we have one of the president’s allies, incumbent governor of Kano State, Abdullahi Ganduje, who was caught in an investigative video receiving bribe. The Economic and Financial Crimes Commission (EFCC) under Buhari has shown no interest in investigating the matter. As well, critics of Atiku’s plan to get Nigeria working again claim that it is equally full promises and not much on the details of how those promises would be achieved. But the PDP thinks otherwise. The party’s National Publicity Secretary, Kola Ologbondiyan, said Atiku’s document offered practical solutions and answers to the myriad of economic, social and political challenges facing Nigeria. “The Atiku Abubakar policy document is a product of very wide, painstaking and productive consultations with Nigerians from all walks of life, critical stakeholders and development partners in key sectors, in the overall determination to chart a new course for our nation. In line with the PDP’s people-based manifesto, the Atiku Abubakar policy document places utmost priority on the people by focusing chiefly on their yearnings for job creation, infrastructural development, poverty eradication, human capital development, inclusiveness and national unity,� he argued.

For critics of Mr. Abubakar ’s policy document, they cite instances such as the PDP candidate’s promise to grow Nigeria’s GDP by building a “broad-based, dynamic and competitive economy with a GDP of US$900 billion by 2025�, and deliver 20,000MW of electricity by 2025 through by “diversifying its (Nigeria’s) sources of power�. Other promises are: To promise five million bpd of petroleum in 2025; lift 50 million people out of extreme poverty by 2025; and reduce unemployment and underemployment rate to a single digit by 2025. Also, Atiku has jumped on the create-millions-of-jobs promise craze, by pledging to create 12 million jobs in his first term as president. Some critics are also of the opinion that his document is equally lacking in plans on how he intends to make his promises materialise into achievements. Criticising Atiku, National Chairman of the APC, Adams Oshiomhole, told journalists recently that “If you are going to create 10 million jobs, how come that when you were in government and you produced a SEED document where you promised to create seven million jobs, by the time when that government was out, we had lost Michelin; Dunlop closed down, textile industries closed down, we witnessed unprecedented industrial obituary and factories were closing one after the other?� When he promised to privatise the NNPC, critics of Atiku worry that he might want to relive the allegation leveled against him by Kaduna state governor, Mallam Nasir El-Rufai, that he influenced the sale of government enterprises to friends while in charge of the privatisation programme under the government of President Olusegun Obasanjo. Like Buhari, Atiku has pledged to “give youths 40 percent of appointments in my cabinet if elected the president of Nigeria in 2019�. Even Agbakoba who has described Atiku’s plan as having “all the nice indices� still acknowledges that it “needs more work� to be workable. Since both policy documents by the ruling APC’s Buhari and the opposition PDP’s Atiku are criticised for lacking the ways in which their promises can be executed, one expects that at the presidential debate before the February 2019 elections, Nigerians can get to extract the juice from both candidates by asking them questions not just on what they intend to do when elected, but on the how they intend to achieve same.

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325

Borno as Theatre of Death for Soldiers Chiemelie Ezeobi writes that the latest attack on 157 Task Force Battalion of the Nigerian Army in Metele, Borno State, that left scores of soldiers dead and others still missing, has seemingly turned the North-east to a theatre of the dead despite repeated assurances from the military that the Boko Haram sect has been depleted

Some Nigerian soldiers

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espite repeated claims by the Armed Forces that the Boko Haram Terrorist (BHT) sect has been depleted and highly degraded, the recent actions of the terrorists certainly suggests otherwise. Week in and out, stories abound of the sect wrecking havoc on the Nigerian forces, sometimes even over running their bases and killing the soldiers. It was no different on Sunday, November 18, when the sect again attacked the 157 Task Force Battalion of the Nigerian Army in Metele, Guzamala Local Government Area of Borno State. But this time around, this attack was one of the deadliest by Boko Haram (BH) on the military forces. It is no gainsaying that Northern Borno is the stronghold of BH, from Metele to Abadam, Malamfatori, Baga, Gajiganna, Magumeri, Monguno and even beyond reaching to the borders of Lake Chad and Niger Republic, but the recent attacks have heightened fears about the repeated assurances by the military that Nigeria is indeed winning the war against insurgency and extremisms.

Apart from funding, I advise the federal government to review its policy of releasing so called ‘repentant’ terrorists. To think that the government can de-radicalise these individuals in so short a time is wishful thinking. Many people, myself included, think that the upsurge in terror activities coming after the release of such detainees, is not coincidental

PHOTOS: GOOGLE It is pertinent to state that the recent attack on Metele was not the first of its kind as the taskforce had previously been attacked on October 8 this year, which saw the death of 18 soldiers and six officers. Also, 120 personnel were declared missing after the attack. The military in turn said they succeeded in killing 76 terrorists during the attack.

Timeline of Attacks

As much as could be gathered, there had been series of attacks targeted at soldiers to dampen their morale. On Thursday May 31, Nigerian Army authorities on Thursday said five soldiers died along the Pridang-Bita Road in Borno State after their vehicle stepped on Improvised Explosive Devices believed to have been laid by Boko Haram terrorists. On Monday, June 18, 2018, Boko Haram fighters killed nine soldiers and wounded two others in northeast Nigeria, according to military sources. The troops from the 242 battalion Nigerian Army stationed at Gajiram came under attack on Monday afternoon. Gajiram is some 80 kilometres north of Maiduguri, the Borno state capital. On Sunday, July 1, 2018, 10 soldiers were killed and four missing after an attack on a military formation in South-east Niger, near the border with Nigeria. On August 8, 2018, at least 17 Nigerian soldiers were killed in a fresh Boko Haram attack on a military base in Garunda village in Borno State. On September 1, 2018, no less than 30 Nigerian soldiers were killed in a gun battle with Boko Haram fighters who overran a military base at Zari village in Borno state, according to military sources. On Wednesday, October 10, 2018, at least seven Nigerian soldiers were killed, and 16 were wounded in a Boko Haram jihadist attack on a military base near the Niger border. On Monday, November 5, 2018, more than 10 soldiers were reported missing following an attack on a military base in Kukawa, Borno state. The incident happened Monday evening when trucks loaded with gunmen believed to be Boko Haram insurgents moved into Kukawa, attacking a market and dislodging the troops. On Wednesday, November 14, 2018, Boko Haram fighters believed to be from the IS-affiliated Islamic State West Africa Province (ISWAP) attacked the base in the town of Kareto, 150 kilometres (about 90 miles) north of the state capital Maiduguri.

Fresh Attack

In this recent attack that occurred two Sundays ago, precisely on Sunday, November 18, the terrorists had over run the 157 Task Force Battalion of

the Nigerian Army in Metele, Borno, and killed scores. Although no official figure has been put on casualty rate, it was alleged that about 118 soldiers died in the attack, while others are still missing. The soldiers who were casualties in this recent attack were said to have been the reinforcement that were sent to the battalion after the October 8 attack that saw the depletion of forces. Meanwhile, the Islamic State in West Africa (ISWA), a faction of the Boko Haram insurgent group, reportedly claimed responsibility for the attack According to Reuters, the group said its attacks in the past week left 118 persons dead. Quoting a military source, Reuters had reported that, "the insurgents took us unawares. The base was burned with arms and we lost about 100 soldiers. It is a huge loss. We all flew because we didn’t know where the bullets were coming from. They killed some of us who went to evacuate the bodies of the killed soldiers. We left our amoured tanks and weapons. They were all there. The village is still under their control". The latest attack on the 157 task force occurred barely three weeks after a similar attack took place at a military base in Kukawa, Borno. Another attack occurred in Zari, also in Borno, in September.

Viral Video

In a heartbreaking and gut wrenching 2.20 minutes video that has since gone viral on social media, the terrorists were seen shooting at everything and everyone at sight with their superior firing weapons. The video which had some Arabic music playing at the background, saw the roughly dressed men walking boldly towards their targets (the soldiers). The terrorists armed with their rocket launchers and RPG-7 were seen walking bravely towards the makeshifts of the military. Although the military tried to repel them, it proved abortive as the rocket launchers put paid to their plans to protect themselves. Soon, their firing power gave way as their vehicles and makeshifts were blasted away. Speaking in Arabic, the terrorists were dishing out instructions as they kicked the already dead soldiers and even turned them to face the cameras. The video also showed the pile of dead soldiers who were all dumped together in a ditch.

Nigerians React

Expectedly, when Reuters broke the news, the first reaction was disbelief but with the continued silence of the military and the federal government, the reaction soon turned to rage and anguish

at the reckless loss of lives of the soldiers. The rage was further fueled by the viral video, which showed the terrorists having an upper hand in the battle field. One Israel Ebije said: "This video reveals the horror of fighting terror. The propaganda clip also shows that tale around depleted Boko Haram is disgusting, sadistic, hypothetical. Silence over the deaths of gallant but badly equipped soldiers shameful." Somto Onuchukwu also said: "In this video you will see this is a clear case of overpowering our soldiers with superior weapons. What did Buhari do with the loans he took to purchase weapons? Why send our men to die like chickens in the hands of untrained ragtag militia? #HonorOurFallenTroops" Emmy Clinton who blamed corruption for the loss continuously suffered by the Nigerian forces added, "ordinary Boko Haram are more equipped than Nigerian Army! Why if not for corruption!" Babasola Kuti noted that, "100 human lives needlessly wasted fighting the same Boko Haram Buhari and APC told us they had defeated. Government cannot be run on propaganda. Not at the expense of our troops. Yet, not even a word of sympathy to the bereaved families. #HonorOurFallenTroops." Seun Adedeji however, would rather Nigerians keep supporting the armed forces instead of castigating them. He said: "We should keep supporting our military instead of retweeting this boko haram propaganda video. Playing dirty politics with military casualties won't help all of us. Get behind the military and let's support them to finish the evil terrorists." Corroborating, Lukmon Owolabi said: "There is no gainsaying the fact that BH has been degraded, from holding 14 local govts to making sporadic attacks..but we cannot rest on our oars regardless of limitations, ignore Amnesty Into and do what is necessary to clear the vestiges remaining." Also lending his voice to the clamour, presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, called on President Muhammadu Buhari-led Federal Government to tell Nigerians the kind of support the military is receiving in the fight against terrorism which led to the recent killings. While commiserating with the families of the slain soldiers, Atiku in a video posted on his Twitter handle, said an investigation into the killing of the soldiers was necessary to identify what went wrong in the clash between the military and the insurgents. His said: “Fellow compatriots, I take this moment to convey my deepest sympathies and heartfelt

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FEATURES condolences to the families of our dear citizens and soldiers who lost their lives in recent Boko Haram attacks. Such incidences make me worried about how Boko Haram has managed to overrun our military base when the terror group should have been completely degraded. “I call for an investigation to find out what went wrong. In this circumstance, we would like to know if our military is receiving the right kind of support to do the work on terror. It is my considered view that our military needs all the support and partnerships from our people and government in order to successfully prosecute the war on terror.�

Soldiers React

Also circulating on the social media is another video, this time around, made by Nigerian soldiers at the theatre of operation. In the blurry video, the soldiers were heard lamenting the obsolete weapons they were given to fight Boko Haram with. They also accused their bosses of corruption. According to them, instead of using the billions of naira dished out for weapons to buy classified and modern equipment, their bosses would rather squander the money and send them with outof-date weapons to be slaughtered in the battle field by Boko Haram. These allegations are rather worrisome given that the Defence Headquarters had recently revealed that it had taken delivery of new military equipment. In the over five minutes video, the soldiers demanded for better funding and welfare, as well as better equipment. They further alleged that some of the equipment were so obsolete that it's practically useless against the firing power of the terrorists. Citing the mine resistant ambush protection (MPRAP) vehicles, they said the RPG carried by the terrorists often penetrates it, which shouldn't be so. Admitting that they signed up to protect the territorial integrity of the nation, the soldiers however noted that they didn't sign up to die like chickens. In some instances, they alleged that their colleagues were burnt to death inside the vehicles that were supposed to protect them. Asides being overpowered by the sect, they also alleged that in most cases, after the terrorists have dealt with them, they make away with the little weapon assigned to them at their bases. Still in the video, soldiers who said they were deployed on October 8, after the initial attack against the soldiers, revealed that their weaponry inventory has drastically reduced after it was sect either destroyed or made away with it. One of such destroyed equipment was the T72 and T12 war tanks. Calling on the federal government to directly come to their aid instead of through their commanders, the soldiers revealed that even the war tanks that were destroyed were already obsolete, adding that they are forced to allow it cool after firing two rounds, which tactically is a wrong move, given that by the time the tank picks up, they have been surrounded and overpowered.

Policy Review for 'Repentant Terrorists'

Again, Atiku in a statement personally signed by him urged the federal government to review its policy of releasing so called repentant terrorists. He said for the federal government to think that it could de-radicalise these individuals in so short a time is wishful thinking, noting that many people, including himself were of the opinion that the upsurge in terror activities are coming after the release of such detainees He also posited that the increasing deaths of the country’s servicemen at the hand of terrorists and criminals, especially in the Northeast and Middle Belt, was a clear sign that the troops need to be better funded and better equipped. He therefore called for increased funding for the military, adding that increased funding would ensure that the military is well equipped and their morale boosted enough to contain and defeat insecurity in Nigeria. Atiku said that while it is true that funds are scarce, "this is an emergency and if we do not take care of an emergency, it becomes a crisis which can lead to a total breakdown of law and order – anarchy in essence. It is unacceptable that terrorists and criminals are frequently better equipped than members of our armed forces. It is the duty of the political elite to put aside any political differences and take a united stand to put an end to this. “Apart from funding, I advise the federal government to review its policy of releasing so called ‘repentant’ terrorists. To think that the government can de-radicalise these individuals in so short a time is wishful thinking. Many people, myself included, think that the upsurge in terror activities coming after the release of such detainees, is not coincidental". Atiku also urged the National Assembly to take action to appropriate funds for the military on a fast-track basis, stressing that these are desperate times for Nigeria and desperate times call for dedication to duty of all concerned. “I am tired of issuing condolences for unnecessary deaths. I prefer to make a difference and prevent unnecessary deaths amongst the gallant men and women of our armed forces and the civilian population they took an oath to protect,� he said.

Suspended Plenary

Also, the national mourning extended to the

President Muhammadu Buhari

Minister of Defence, Mansur Dan-Ali

Chief of Defence Sta, General Gabriel Olonisakin

Chief of Army Sta, Lieutenant General Tukur Buratai

Chief of Naval Sta, Vice Admiral Ibok Ette-Ibas

Chief of Air Sta, Air Marshal Sadique Abubakar

Nigerian Senate as they on Thursday last week adjourned its plenary in honour of the 44 soldiers who lost their lives. The decision to suspend the plenary session was taken after the Thursday proceedings. The motion to suspend the plenary was moved by Senate President Bukola Saraki and seconded by the Minority Leader. The plenary was adjourned till Tuesday, November 27, 2018. Speaking on the loss Saraki said: “We must pay our respects to these brave men that have sacrificed and paid the ultimate price for our own safety and peace in our country�. The lawmakers who also observed a one-minute silence for those who lost their lives in the attack, also agreed that the Senate Committee on Army would pay a condolence visit to the families of the deceased soldiers and the Chief of Army Staff.

coming days, I am engaging the military and intelligence chiefs in extensive discussions on the next steps we shall be taking. The army also reacted but were silent about the casualty rate. Their statement read thus: "The attention of the NA has been drawn to several social media, print, electronic and online publications about the recent attack on 157 Task Force Battalion at Metele. Whilst it is true that there was an attack on the location on 18 November 2018, it has however, become necessary to correct several misinformation being circulated with regards to this unfortunate event. "It is important for the public to note that the NA has laid down procedures for reporting incidents that involve its personnel who fall casualty in action. Out of respect for the families of our gallant troops, the next of kins (NOKs) are first notified before any form of public information so as to avoid exacerbating the grief family members would bear, were they to discover such from unofficial sources. "Furthermore, it suffices to observe that several social media, print and online publications have been brandishing false casualty figures as well as circulating various footages of old and inaccurate BHT propaganda videos and alluding same to be the attack on 157 Task Force Battalion. Whilst it is understandable how such misinformation can spread in this era of social media frenzy, the spurious circulation of some of these videos only contribute to further propagate the propaganda intent of the terrorists; to misinform the populace and portray themselves as what they are not. So far, the situation is that the location is under control as reinforcing units have been able to repel the terrorists and stabilize the situation. Also, in a reaction from a Facebook page, which bears the name of the Chief of Army Staff (COAS) Lieutenant General Tukur Buratai, and is supposedly operated either for or by him, he said what the military needs is support and not misunderstanding. The post read thus; "It's bad enough to have casualties in both peace and war. It's even very bad to have casualties in war, though inevitable. "What is required is citizens' understanding and support. Soldiers do not cause war. War is called politics by other means. The soldier is an instrument of the state. A symbol of national power and sovereignty. Understand the profession of soldiering. The soldier serves with all of his. The soldier gives all of his."

those on frontlines. Also, former Minister of Aviation, Osita Chidoka, said: "Politics will not make me share photos or mock the govt about the death of soldiers by evil terrorists. Unlike APC in 2014, I support President Buhari in his effort to secure Nigeria. Boko Haram is evil. Don’t tag me in posts showing their wickedness against US. It is US versus Them. "It is high time the president effect changes in the leadership of the military. The soldiers cannot die in vain. Time to rejig the military high command and continue the war with new impetus, tactics and agile strategy. Mr. President act now in line with your oath of office." According to SBM Intelligence, a group that provides analysis of the Nigerian socio-political and economic situation, "the latest reshuffle in @ HQNigerianArmy's hierarchy which has seen a fifth commander at the helm of what is arguably #Nigeria’s primary security threat in a little over 24 months hints at a substantial breakdown in the leadership effort in addressing the #BokoHaram crisis. Additionally, there have been rumblings of discontent from the frontlines. Troops have complained about a lack of supplies and logistical difficulties in addition to an already onerous operational environment. But there remains considerable institutional debilities hampering the counterinsurgency effort, chief among them, resolving the logistical paralysis that starves troops at the front and lifting their morale".

Deployment to Chad

In the face of the gaping silence that emanated from the presidency and the military, the first move that signaled that they were at least working was President Muhammadu Buhari sending the Minister of Defence, Mansur Dan-Ali, for an emergency meeting with Chadian President Idris Deby. According to NAN, Garba Shehu, presidential spokesman, confirmed the development, but said: “I am unaware of his mission there.’’ Dan-Ali had on Thursday briefed Buhari on the security situation across the country, especially on the Nigeria-Chad border. Dan-Ali was also expected to meet with his Chadian counterpart to identify what led to the recent increase in Boko Haram terrorism in the area.

Overdue Reaction from Army, Presidency

In the wake of widespread condemnation that greeted the gaping silence from the presidency and the army, they finally reacted almost a week after the incident. In a long overdue reaction from the presidency, President Muhammadu Buhari, while expressing shock over the killing of military personnel, also assured the citizenry that immediate measures were being taken to ensure that the gaps that gave room to the fatalities were blocked once and for all. In his reaction, contained in a statement signed by his Senior Special Assistant on Media and Publicity, Mr. Garba Shehu, the president said his administration remains ever committed to the security of military personnel and other citizens. He said: “No responsible Commander-in-Chief would rest on his oars or fold his hands to allow terrorists to endanger the lives of its military personnel and other citizens. Our loyal forces have proved their strength over the terrorists and we are ready to give them all the needed support in terms of equipment and manpower to succeed in ending the renewed threat. In the

Indictment for Service Chiefs?

This incessant attacks again throws a poser whether it's an indictment on the capacity of the service chiefs. As mulled all over, the attacks being carried out of recent was against the assurances by the military chiefs that the sect has been degraded. According to former Chairman, National Human Rights Commission, Chidi Odinkalu, a country and its leaders must find the will to care about its men and women in uniform, especially

Burning Questions

While the military and of course, the federal government rally round to put to a stop the incessant deaths of our soldiers, some pertinent and burning questions begs for answers. Questions like- why would the soldiers continually protest the dearth of modern equipment if truly they were given? Why the constant clamour for improved welfare for the troops? Why must the response of the military to the clamour for improved welfare be courtmartial? Why must tales of corruption continually trail funds released to fight insurgency? What happened to the release of N360 billion approved by the president in April, 2018, from the excess crude account (ECA) for the purchase of military equipment to fight Boko Haram insurgency? What kind of equipment were acquired and where are they now? Given the recent fury of the sect against the military, should we expect new tactical manouevers from the military? Should the soldiers expect better welfare to boost their already dwindling morale? What tough stance should we expect in the coming days from the military? While all these questions needs to be answered, Nigerians need workable solutions and visible implementations to end this theatre of death of our gallant soldiers and officers.

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BUSINESSWORLD

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08024557078, 08152447875

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Quick Takes NBCC to Hold Annual President’s Dinner

Preparations are in top gear for this year’s Nigerian-British Chamber of Commerce (NBCC) annual Presidential Dinner and Awards.The event which is billed to take place on the 30th of November 2018, in Lagos. It would be sponsored by Shell Petroleum Development Company of Nigeria Limited and would be chaired by the founder and Chairman of Honeywell Group, Dr. Oba Otudeko.Also expected to grace the ceremony is Dr. John Momoh OON, Chief Executive OďŹƒcer, Channels Television who is the event’s Guest Speaker and other distinguished professionals from various sectors. The 2018 NBCC Presidential Dinner and Awards will oer networking opportunities with some of the best in corporate Nigeria; extending our gratitude by giving out awards to individuals and companies such as Guardian Newspaper, Ernest and Young to mention a few,thedinnerwillalsofeatureliveentertainmentfromabandandEduďŹ rst campaign artistes. According to the Director General, Nigerian-British Chamber of Commerce, Ms. Bunmi Afolabi, the 2018 Presidential Dinner and Awards would create a platform for high level networking among icons of Nigeria’s business community and highlight the organization’s leading role in fostering closer business ties between Nigeria and Britain.

MultiChoice Introduces Yuletide Campaign

AWARD WELL DESERVED

L-R: Managing Director, Meristem Stockbrokers Limited, Saheed Bashir; Chief Executive Officer, Rack Centre, Tunde Coker and Publisher/ CEO, BusinessDay, Frank Aigbogun, when Meristem Stockbrokers Limited received the Stockbroker of the Year Award at the BusinessDay’s Banking and Financial Institutions Awards in Lagos...recently YOMI AKINYELE

NCC Moves to Enhance ICT in Nigeria Emma Okonji The Nigerian Communications Commission (NCC) is initiating an appropriate blueprint that will serve as the guiding principles for Information and Communications Technology (ICT) Research programmes in the country. The initiative is expected to enhance Nigeria’s participation in the ongoing global digital revolution. To achieve the initiative, NCC has appointed a sevenman panel of technology experts to look critically at issues relating to ICT research. The panel, which is chaired by the former Executive Vice Chairman (EVC) of the NCC, Dr. Ernest Ndukwe, submitted its final report to the NCC Board and Management at the weekend. Other members of the panel include: Chairman, Digital Bridge Institute (DBI), Titi Omo–Ettu; Administrator of DBI, Dr. Ike Adinde; Prof. Mohammed Ajiya; Alhaji Abdullahi Maikano; Johnson Asinugo and Mr. Shehu Olaniya.

ECONOMY Chairman of NCC Board, Senator Olabiyi Durojaiye, who received the report in the presence of Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the Executive Commissioner, Stakeholder Management, Mr. Sunday Dare and other members of the executive management, said the initiative was to invite eminent Nigerians with “deep knowledge, expertise and experience in ICT to serve on the panel of experts and in their capacity to advise the NCC on ICT discovery, technology innovations, through the instrumentality of research and capacity building.� Premised on the commitment of the NCC to the establishment of ICT learning and education in Nigeria, Durojaiye said: “The Board deeply considered setting up a merit based process for objective selection of young Nigerians resident in the country and in diaspora for special training and capacity building to enhance Nigeria’s participation in the ongoing

global digital revolution.� Durojaiye added: “It is pertinent to note that the Digital Bridge Institute, an innovation of the commission, already has ample basic facilities to house ICT Research Centres in Lagos and Abuja to start with. “The Commission is desirous of refocusing the DBI to actualise its mandate in accordance with the ideals of its founding fathers. This includes the need to identify the numerous ‘Bill Gates’ and ‘Mark Zukerberg’ of Nigeria, who are currently roaming the streets of Lagos, Kano, Enugu, Port-Harcourt and indeed across every other city and state in Nigeria in search of paid Jobs.� The challenge is for our youths to be major actors in the world fourth industrial revolution by discovery, innovating and inventing solutions that will address current and future needs of mankind. Nigeria will thereby earn more foreign exchange and respect in the comity of Nations, Durojaiye said. While presenting the panel

report, Ndukwe said: “When I was contacted by the NCC Chairman, Senator Olabiyi Durojaiye, to lead this assignment, I was a bit hesitant because of the tight schedule I was running at the time which left little room for any extra demand on my time. “But on a second thought, I did not see how I could say. Let me assure the Chairman, the EVC and members of the commission that I have been both excited and happy that I took up the assignment for several reasons. “First being that the panel is truly a team of experts and with the required know-how and unmatched commitment to get the job done. “Secondly, I equally felt challenged that such a bold, creative and revolutionary idea was coming from someone as advanced in age as the NCC Chairman. His speech at the inauguration of the panel was not only impassioned, it also presented a robust vision whose sense of urgency was palpable.�

MultichoiceNigeriahasunveiledaspecialcampaignoertotreatcustomersonitsDStvandGOtvplatformstoamemorablefestiveseason.Tagged #FestiveTogether, the campaign oers specially curated content on DStv and GOtv while also enjoying discounts on the Explora and HD decoders. The Chief Customer OďŹƒcer, MultiChoice Nigeria, Martin Mabutho, who spoke at the media launch of the campaign said the oering was for both new and old subscribers. He said: “All new and existing customers can now purchase the Explora, dish kit with one-month Compact subscription for only N29,900, which was previously N52,100 while the HD decoder, dish kit with one-month Compact subscription will go for only N9,900 from a previous price of N11,900. On GOtv, customers can get GOtv Max package for only N3,200 and enjoy quality TV programming,â€? said Mabutho. “Thefestiveseasonisagreattimeforfamilyandfriendstocometogether, and we are making those moments extra special with world class content on our platforms,â€? he added. He further stated that there would also be a line-up of exciting content such as the special Nigerian festivals’ pop-up channel which features some of the biggest music concerts and shows on the continent, includingThe Experience, Calabar Carnival, Akwa Ibom Christmas Concert and One Lagos Fiesta.

Maltina Unveils ‘1,000 Smiles’

Promoters of Maltina, from the stable of Nigerian Breweries, have partneredwithNobleIgwetocapture1,000genuinesmilesallacrossNigeria. A statement issued by the company stated that the idea was premised on how a smile can change the world. The initiative Tagged “1000 smiles with Noble, sees Noble Igwe, a publicist and media practitioner capture smiles of everyday Nigerians. A smile is easy, free and is known to solve problems.Inlinewiththebrand’sessencetosharehappiness,ithasthrough Noble Igwe, will be giving out Maltina Cans to people all across Nigeria as he documents their smiles. The 1000 smiles campaign would see both Maltina and the Noble Igwe production team gathering content via taking photographs and recording of videos of people giving reasons to smile and stay happy. This campaign promises to be interesting, fun-ďŹ lled and adventurous for all involved.

FoodCo Announces Black Friday Promo

Inlinewithitscommitmenttodeliveringtop-qualityandpocket-friendly consumergoodstoshoppersinIbadan,FoodCoNigeriaLimited,adiversiďŹ ed consumergoodscompanywithinterestinretail,fastfoodandmanufacturing, held its annual Black Friday promo between 23rd and 25th of November. A statement issued by the management of the company indicated that the promo which applied across all FoodCo supermarket outlets in the city, saw consumers enjoying discounts across a selection of items Continued on page 24 including groceries, FMCG, electronics, cosmetics, household items and furniture, among others. Speaking on the event, Marketing Manager of the company, Solomon Huesu, said the ďŹ rm was excited to have announced the 2018 season of the FoodCo Black Friday Promo. “The Black Friday Promo has been instituted as an annual price slash where customers could enjoy massive discounts on all products on sale across all FoodCo supermarket outlets in Ibadan.â€?

AMCON Boss Calls for Increased Investment in Human Capital The Managing Director/ Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has reiterated the need for the government and institutions at all levels to pay more attention to human capital development, which he described as the key to the paradigm shift the country is clamouring for. Kuru, who was special guest of honour at the 2018 edition of the annual Presidential Dinner for the graduating Senior Executive

INVESTMENT Course 40 Participants of the National Institute for Policy and Strategic Studies, organised by the Alumni Association of the National Institute (AANI), said no country in the world has been able to attain change without a strategy that supports consistent investment in the development of its human capital. He explained: “It is not easy to have a paradigm shift

in two, three or even eight years the way most of us are demanding for change in this country. “Institutions and governments at all levels must ensure consistent and sustained investment in the development of human capital, which in turn will gradually change the narratives of development in our dear country. “To achieve that however, we must invest in research especially in the area of education. So if we must have a country of our dream, we

must invest and develop our human capital but above all, we have to critically study those policy decisions that brought us where we are today as a nation and strive to correct wherever we may have made mistakes. However, we cannot achieve any of these if we are not patriotic citizens.� The AMCON boss argued that his interaction with Nigerian public sector including the military, police, banking, labour and other strategic

“We are concluding a memorandum of understanding with parties that are credible and serious. The Central Bank of Nigeria knows what we are doing and they appreciate the efforts that we are making�

MD/CEO, Unity Bank Plc, Continued on page 24

Mrs. Oluwatomi Somefun

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BUSINESSWORLD NCC MOVES TO ENHANCE ICT IN NIGERIA

According to Ndukwe, the World Economic Forum in its 2017 Global Information Technology report had stated that “ICTs are vectors of economic and social transformation by improving access to services, enhancing connectivity, creating business and employment opportunities�. He also pointed out that the Heads of States and Government in the United Nations’ declaration at the beginning of the new millennium had resolved, among other things, “to develop and implement strategies that give young people everywhere a real chance to find decent and productive work.� “The Secretary General of the United Nations, in his report to the Millennium Assembly, highlighted the need to explore imaginative approaches to this difficult challenge. This must be what NCC seeks to achieve for the nation by this initiative,� Ndukwe said AMCON BOSS CALLS FOR INCREASED INVESTMENT IN HUMAN CAPITAL

institutions, revealed that, members of the National Institute, have occupied enviable positions of heads of state, governors, senators, ministers, captain of industries and head of traditional institutions amongst others meant that they have the powers to make the desired changes in the country. Adding, “This role no doubt signifies how important the society views each and every one of you. It is therefore incumbent on you to demonstrate high sense of leadership and responsibility that is devoid of any form of parochialism and sentiment. “The fast pace of change and national development in countries across the world, especially in past decades, has been driven by a paradigm shift towards thinking globally and acting locally. Successful national growth and development have therefore been accomplished under inherently deft, visionary and people oriented national policies and strategies,� Kuru concluded

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)

NEWS

Afreximbank Rakes in $546.6m in Nine Months Emma Okonji The African Export-Import Bank (Afreximbank) has released its unaudited financial statements for the nine months ended September 30, 2018, showing strong financial and operational performance. The Bank recorded gross income of $546.6 million, which was a 14.3 per cent increase from the same period last year. Afreximbank also realised a net income of $172.4 million, which was a growth of 11.9 per cent from the same period last year. The financial statement showed that the bank’s total assets stood at $12 billion; its loans and advances at $9.5 billion; return on average assets at 1.9 per cent; return on average equity at 10.3 per cent and capital adequacy ratio at 23 per cent. However, its balance sheet remained solid, even as its shareholder funds grew by 11 per cent since December 31, 2017 to reach $2.36 billion. Other highlights of the results included non-performing loans (NPL) coverage ratio of 145 per cent, compared to 141 per cent for the same period in 2017; NPL ratio of 2.5 per cent, compared with 2.4 per cent in 2017 and net interest margin of 3.1 per cent, as against the 2.8 per cent it recorded in 2017. In a presentation on the results, the President, Afreximbank, Dr. Benedict Oramah, said the results reflected the continuing successful implementation of the bank’s five-year strategic plan, “Impact 2021�, which

emphasised: Improving IntraAfrica Trade; Facilitating Industrialisation and Export Development; Strengthening Trade Finance Leadership; and Improving Financial Soundness and Performance. The results, according to him, reaffirmed the bank’s transition to normal operations, with growing loan book and improving

interest margins. He noted that the pursuit of the medium-term strategy had led to higher operating expenses driven by staff costs and one-off general expenses relating to ongoing initiatives. The bank’s Intra-African Trade Strategy, including the Intra-African Trade Fair being held in collaboration with the

African Union, underpinned the expected growth in trade finance, project finance and advisory services in the short to medium-term, he said. Oramah announced that the bank was planning a secondary listing of its depositary receipts in order to improve liquidity and access to diversified investor base. It had also explored alter-

native sources of funding the balance sheet and deployed excess cash holdings to finance loans with better interest margins. It plan to also develop an African payment platform to facilitate intra-African trade and mitigate the challenge posed by low access to international foreign exchange, Oramah said.

FOR ICTDEVELOPMENT

L–R: Software Specialist, Dr. Chris Uwaje; Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Mr. Sunday Dare; Executive Vice Chairman/CEO, Prof. Umar Garba Danbatta; Chairman, NCC Board, Senator Olabiyi Durojaiye; Chairman, Panel of Experts on Blueprint for ICT Research, Dr. Ernest Ndukwe and Charman, Digital Bridge Institute (DBI),Titi Omo-Ettu, during the submission of final report by the panel in Abuja...recently

Financial Institutions Urged to Beef Up Cyber Security Nosa Alekhuogie The Information Security Society of Africa-Nigeria (ISSAN) has called on the various financial institutions in Nigeria to tighten cyber security in order to reduce the risk of cyberattacks and also, to protect organisations from the deliberate exploitation of systems, networks and technologies. This call came at the just concluded industry roundtable for information security stakeholders of banks in Nigeria themed: “Cyber Resilience In Organisations,� which held in Lagos recently. The president, ISSAN, Dr. David Isiavwe, noted that cyber resilience was mandatory for all organisations, saying there

is no telling where or when the next attack would happen. While addressing various financial stakeholders he said, “the world of cyber security keeps changing every day, looking somewhat amorphous.� “The threats are not going away soon and they are fuelled by increased dependence on technology by organisations attributable to the emergence of digitisation. “The financial sector is particularly attractive to the attackers given its crucial role in a highly connected global financial system.� The Director, Banking and Payment system, Central Bank of Nigeria (CBN), Mr. Dipo Fatokun who was represented by the Deputy Director, Banking and Payments System

Policy, Mr. Musa Jimoh, urged CEOs, Board of Directors, Senior Executives to ensure that they always take the right decisions about cyber security for their institutions, stating that they must make it clear that security is not just an IT problem. Speaking further, he explained, “It is a priority for businesses. CEOs therefore need to be able to answer tough questions and prove that they are working with the senior leadership teams to develop a Cyber security strategy and how it can affect key business functions as a company. “Indeed, CEOs should learn more about cyber security to ensure that their companies are taking appropriate actions to secure their most valuable

information. “These roundtable events help to propel cyber risks agenda forward and generate new ideas towards strengthening cyber resilience. We have signed a Memorandum of Understanding with relevant organisations in the United States of America and all current bodies to mitigate the risk of cyber security breaches in Nigeria.� He further said: “We should embrace this opportunity and collaborating approach to keep cyberattacks at bay as much as possible towards ensuring a sound, stable and efficient financial system. “The need for alertness within our industry is more than ever before very crucial. Regulations and compliance

are now mandatory for all of us as CBN has put the issue of cyber security on the front burner.� The Director, Other Financial Institutions Supervision Department, CBN, Mrs. Tokunbo Martins in her presentation said, “In recent times, Cyber security threats have increased in number and sophistication as banks and payment service providers (PSPs), use information technology to expedite the flow of funds among entities. “Threats such as ransomware, targeted phishing attacks have become prevalent, demanding that DMBs and PSPs remain resilient and take proactive steps to safeguard their critical information assets including customer information that are accessible from the cyberspace.

Collapse ECA into Stabilisation Account of SWF, FG Told Adedayo Akinwale and Mercy Apollos The federal government has been advised to collapse the Excess Crude Account (ECA) into the stabilisation account of the Sovereign Wealth Fund (SWF). Some experts gave the advice in a roundtable meeting on ‘Savings and Stabilisation Mechanism for Nigeria,’

organised by the Shehu Musa Yar’dua Foundation. In a communiquÊ read at the end of the meeting by Mr. Jide Ojo, the participants said the economic reforms established by the Olusegun Obasanjo administration (2003-2007) represented the first attempt to break the pattern through the innovation of a saving mechanism known as the ECA.

They observed that attempt had been made to institutionalised the ECA in the Fiscal Responsibility Act of 2007 but State governors claimed it contradicts the 1999 constitution. The experts said, “Despite oil revenue earnings, 60 per cent of the population still lives below poverty line. Corruption, mismanagement of oil reserves and lack of diversification in the

export sector have slowed economic growth and contributed to high poverty levels. “Multiple ‘curses’ associated with natural resource endowed economies are all manifest in Nigeria. Despite the substantial revenues that have accrued to state and local governments, states are still burdened by debts.� They said that there was need to increase transparency

regarding revenue inflow and outflow from the federation account, while adding that the disbursement of funds from the stabilisation accounts is absolutely discouraged. “Collapse the Excess Crude Account and 0.5 per cent stabilisation account into the stabilisation account other Sovereign Wealth Fund,� they said.

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BUSINESSWORLD

MARKET REPORT

Equities Market Extends Negative Performance, Sheds N139bn Goddy Egene The local bourse market extended its negative performance last week with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) falling below the 32,000 benchmark. Specifically, the NSE ASI declined by 1.2 per cent to close at 31,678.70, compared with decline of 0.44 per cent. Similarly, market capitalisation shed N138.6 billion to close at N11.6 trillion. Although the market started the week on positive note last Monday, the gains were eroded in the subsequent trading sessions. As a result, the month-to-date and year-to-date losses stood at 2.4 per cent and 17.2 per cent respectively. On sectoral basis, losses recorded by the NSE Industrial Index (-5.3 per cent ) and NSE Banking Index (-0.8 per cent) largely offset gains recorded by the NSE Consumer Goods Index (+1.1 per cent), NSE Insurance Index (+1.4 per cent), and NSE Oil & Gas Index (+0.3 per cent ) indices. Assessing the performance of the market, analysts at Cordros Capital Limited said in the short to medium term, they expect the negative performance for the equities market to persist, amidst growing political concerns ahead 2019 elections, and absence of a positive market trigger. “However, positive macroeconomic fundamentals remain supportive of recovery in the long term,� they said. In other African countries, Ghana Stock Exchange, Nairobi Stock Exchange and Mauritius Stock Exchange trended negatively, while Egypt and Morocco markets ended the week in bulls’ territory. The Ghana’s GSE Composite, Kenya NSE-20, and Mauritius SEMDEX declined by 2.9 per cent , 1.0 per cent, and 0.6 per cent respectively, while Egypt’s EGX30 and Morocco Casablanca MASI appreciated 1.4 per cent and 0.3 per cent in that order. Commenting on the performance of other markets across the globe, analysts at Afrinvest said investors would be looking for hints on the direction of trade policies as President Donald Trump of the United States (US) and Chinese President Xi Jinping meet during the G-20 summit in Buenos Aires, Argentina this week. According to Afrinvest, much of the negative sentiments in global financial markets continue to be driven by trade tensions between the US and China. “Based on the potential for further trade restrictions, conditions in markets could worsen if an agreement is not reached. While the Chinese companies affected have benefitted from government support, there are indications that companies with global supply chains are rethinking their stay in China to avoid punitive US tariffs. “In the US, President Trump continues to face pressures from farmers who are incurring storage costs as output have remained unsold due to the trade tensions,� they said. As a result of concerns about the upcoming meeting, the performance of developed markets was largely bearish across board last week. In the US markets, the S&P 500 and the NASDAQ closed the week lower, down 3.2 per cent and 3.8 per cent respectively while the UK FTSE shed 1.0 per cent. In the same vein, France’s CAC 40, Germany’s XETRA DAX, Hong

in that order. However, in Asia and the Middle East, the markets showed a bullish performance as four of the five markets recorded gains. Thailand’s SET index posted a strong return of 2.1 per cent to lead others. UAE’s ADX General Index trailed with 1.4 per cent, just as Saudi Arabia’s Tadawul ASI and Turkey’s BIST 100 gained 0.7 per cent apiece. However, Qatar ’s DSM 20 index declined of 1.1 per cent. Market Turnover Meanwhile, on the NSE in Nigeria, investors traded 1.282 billion shares worth N23.142 billion in 11,467 deals, compared with 1.285 billion shares valued at N11.539 billion that exchanged hands last week in 13,245 deals. The Financial Services Industry led the activity chart with 1.058 billion shares valued at N18.744 billion traded in 6,558 deals, thus contributing 82.5 per cent and 81 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 96.818 million shares worth N644.178 million in 925 deals. The third place was Consumer Goods Industry with a turnover of 83.134 million shares worth N3.244 billion in 2,114 deals. Trading in the top three equities namely Zenith Bank Plc, Diamond Bank Plc, and Oando Plc, accounted for 877.505 million shares worth N16.146 billion in 1,423 deals, contributing 68.4 per cent and 69.7 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 5,637units of Exchange Traded Products (ETPs) valued at N1.301 million executed in 5 deals compared with a total of 5,727 units valued at N2.284 million that was transacted two weeks in 11 deals. A total of 3,032 units of Federal Government Bonds valued at N3.046 million were traded last week in 16 deals compared with a total of 1,034 units valued at N980,295.60 transacted the previous week in 10 deals. Kong’s Hang Seng and Japan’s Nikkei 225 depreciated by 1.9 per cent, 1.8 per cent, 1.0 per cent and 0.2 per cent respectively. Across the BRICS markets,

performance was largely bearish as all indices trended southwards. The largest loss was recorded in China’s Shanghai Composite, down 3.7 per cent. It was followed by

South Africa’s FTSE/JSE All Share, Price Gainers and Losers Brazil’s Ibovespa, Russia’s RTS A look at the price movement and India’s BSE Sens that shed chart showed that 30 equities 3.1 per cent, 2.2 per cent and appreciated in price during the 1.75 per cent and 1.3 per cent week, higher than 24 in the previous week, while 24 equities depreciated in price, lower than 36 of the previous week. Prestige Assurance Plc led the price gainers for the week with 41 per cent, trailed by PZ Cussons Nigeria Plc with 18.3 per cent. Consolidated Hallmark Insurance Plc and Flour Mills of Nigeria Plc garnered 15.2 per cent and 15.1 per cent respectively. Other top price gainers included: NPF Microfinance Bank Plc( 12.5 per cent); Double 11 Plc (10 per cent); Glaxosmithkline Consumer Nigeria Plc (9.9 per cent); CAP Plc (9.7 per cent); UACN Property Development Company Plc (9.0 per cent and Veritas Kapital Assurance Plc (8.7 per cent). Conversely, Ikeja Hotel Plc led the price losers with 18.5 per cent, trailed by Lafarge Africa Plc with 12.5 per cent. Jaiz Bank Plc and Law Union Rock Insurance Plc shed 8.8 per cent and 8.7 per cent in that order. Other top price losers are: Unity Bank Plc (8.6 per cent); A.G Leventis Plc (8.3 per cent); Mutual Benefits Assurance Plc (8.0 per cent); Forte Oil Plc (6.8 per cent); Presco Plc (6.1 per cent) and WAPIC Insurance Plc (4.7 per cent).

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Olowu: CIBN to Name, Shame Bank Directors Involved in Misconduct The Chartered Institute of Bankers of Nigeria about five months ago inaugurated Dr. Uche Messiah Olowu, as its President and Chairman. In this interview, he warns that any bank director involved in any form of wrongdoing will face a tribunal that had been set up by the council and if found guilty would be de-registered from the institute. He also reveals that the institute is adopting a name and shame strategy for bad behaviour. Obinna Chima provides the excerpts: How will you score corporate governance in the Nigerian banking sector today? It is work in progress. Generally, in any developing economy, corporate governance is a work in progress. We are not yet there, but we can be there. The market is so informed that if your governance is bad, you would be punished for it. The central bank and other regulators have shown that they can bite. So, as the market continues to see those kind of discipline, you cannot afford, but to fall in line. Compliance issues are getting stronger daily and no bank want to be fined heavily and so governance is taken seriously today because the regulator has proven that it can bite. If you consider what happened to the defunct Skye Bank were some of the board members were alleged to be responsible for the demise of the bank, one begins to wonder what the CIBN tells directors of banks when you engage them? The CIBN is not a regulator, but we regulate the conduct of our members. We always emphasis conduct, governance in all our programmes. We also have a disciplinary mechanism. Our tribunal is also equivalent to that of a High Court and before now, we had a retired Justice of the Supreme Court in charge, who currently is the Ambassador to Britain. We have presently a Retired Chief Judge of Lagos State as the Assessor of the Tribunal. So, that is how we take disciple seriously. Right now, we are introducing ethics certification, making sure that people understand and buy into what we are talking about. If anybody reports to us any wrongdoing, no matter who you are, you will face the process and we would take you out of the register. In fact, we are adopting name and shame. So, we want to make sure that this institute continues to produce people that we can be proud of. So, we cannot condone any act of wrong doing by anyone, whether he is a director or chairman. First of and foremost, we custodians of resources as bankers and so we must be found faithful in all that we do. Once more, the Governor of the Central Bank of Nigeria while speaking at the CFA Investment summit held this month, expressed concern over banks’ apathy towards lending despite various initiatives by the central bank. In your opinion, what is the way out of this issue? In the first place, the business of banks is to acquire risks: that is lending, manage it and control the risks. That is the business of banking. They facilitate lending from the surplus to the deficit unit as the engine of growth. That is primarily their responsibility and that’s what they do for a living. So if they are shy from that, I think the best thing is to do a root course analysis. One, in an economy that is not doing well, simple economics tell us that you have to be very cautious because you look at the macro economy, you look at the environment, is it worth taking the risk? You are dealing with the depositors’ funds and it is expected that these funds should come back. So, if you have a situation where the market is a little bit challenged, would you want to throw in money in there? What I mean by challenge is that, one, you some huge portion of funds are sterilised as cash reserve requirements (CRR). Then, you have the exposure to oil and gas and to power, which is a systemic issue. It didn’t occur

Olowu

to anybody that the foreign banks didn’t lend to the power sector operators. So, our banks took the risk and today the sector is not working the way it should work. Then, the exposure to oil and gas, there is no doubt it, in the upstream sector it is cyclical. Yes, the prices came down but the banks didn’t hedge. We could blame the banks for that, but we learn every day. Those that hedged didn’t have problem,

The CIBN is not a regulator, but we regulate the conduct of our members. We always emphasis conduct, governance in all our programmes. We also have a disciplinary mechanism

those that didn’t hedge had problem. But the oil rebounded again, because we know it will rebound for sure and so those that couldn’t pay are beginning to pay. They have restructured the loans long-term, just like what banks in other climes did. And so the restructuring happened. But where we have serious problem is in downstream due to government policy. Government said it was going to cure the banks for subsidy, interest and foreign exchange differentials, but it didn’t pay, neither did it respect that obligation. But banks monies had gone out of the vault, locked up there and not earning anything. That was also a systemic issue. So, there was also a devaluation. Then, we had a situation where the culture here, of people borrowing money and not willing to pay back. So, the banks are becoming sceptical. Again, the federal government is borrowing from the market. Banks are rationale entity, so that would borrow the federal government at low risk. Yes, but I will not also absolve the banks, because we must find a way to add value to the economy by de-risking certain sectors, especially the agric sector. That was why the CIBN has come up to see what we can do in terms

of financing the agriculture value chain. Do we deal with the Bank of Agriculture? NIRSAL? How do we set up certification in agric financing? Because that is the place where banks should put their monies. Again, infrastructure is also a problem. You don’t hold a bank responsible. Banks have their roles, but if you look at the root cause from a holistic perspective, you will find out that there are challenges in the economy. So, if the banks are not lending, it’s because of certain bottlenecks and they need to be resolved. Of course, the CBN Governor is right to say he wants banks to lend. But they really need to find a way to resolve the oil and gas crisis. But in the consumer space, we have seen a lot of things happening. But it is the real sector that is challenged. Most of them are folding up. The rates are not single digit, they cannot compete and they cannot pass on the entire cost. So, for a bank to lend, the macro-economic and fiscal policies must be aligned and fine-tuned to create an enabling environment that banks can push money into, to make sure economic activities flourish. But we now have the Real Sector

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OLOWU: CIBN TO NAME, SHAME BANK DIRECTORS INVOLVED IN MISCONDUCT Support Facility (RSSF) as well as the differentiated CRR system for the banks which were supposed to encourage lending?

What we are calling for is a collaboration between the banks and fintechs, especially in the consumer space. The banks would continue to leverage on fintechs, especially in financial inclusion. The Shared Agency Network Expansion Facility (SANEF), which we are involved. It is in our own good to reach the unbanked, because as you empower them to embrace financial services, they become empower financially and all those wash into the banking system. So, there is no way we are scared of fintechs. That is why we are also doing a certification in fintechs. We want to be ahead of our time.

I agree with you. It shows the CBN is listening. Make no mistake, the CBN is in a real dire situation because in all of these, they have to also control the volume of money in the system. What are they targeting? Inflation and price stability, which are very important. The way things are, the CBN cannot fold its hands. That policy is a good joker to jumpstart the economy. But I don’t know whether the process has started. You see, in this country, we are always very long on strategy, but short on execution. So, if the programme is properly executed, it should be able to lead to a lot of velocity in banks’ lending. I hear a lot of applications have already gone to the central bank and if they are executed well, it should be able to address those challenges. You also talked about loan defaults. Don’t you think the credit bureaux were set up to help address the issue of serial debtors? What credit bureaux does is to alert you and give you information, whether to lend or not to lend. Credit bureaux cannot address the issue of those loans that are already bad. Yes, it will help going forward, but we have a lot of loans out there that have gone bad. The Asset Management Corporation of Nigeria (AMCON) is battling with a lot of them and they even want to review the AMCON Act in order to enhance its recovery. So, going forward, I don’t think any bank will want to refund someone that has a bad credit history. But there is already huge chunk of non-performing loans (NPLs) out there and that has put phobia in everybody. Again, you look at, would you want to lend to the downstream? Of course no. Already, banks’ portfolio is huge on that. Yet, this is an oil and gas economy. Heavy transactions are done are outside Nigeria – the United Kingdom or the United States – Standard Chartered Bank, Citi, etc. I know that there is going to be a lot of investments in the oil and gas sector. And the local content law allows that certain percentage must be domiciled in Nigeria. So, what are we going to do? Again, that is why the CIBN is looking at how we can broaden and deepen the knowledge of our members in the oil space, so that some of those transactions would be domiciled here. Yes, we are beginning to see that we are learning and acquiring skills in that area, but we need to deepen that space through our Committee of Practice, through certification and by getting experts in the oil and gas space to educate our bankers. You need knowledgeable bankers in the economy to deepen this market. Earlier you talked about the CIBN’s plan for the agric sector. Can you be specific about that? We are by law given the mandate to certify. Certification is our forte, for those seeking to do banking in Nigeria. We normally enter into collaboration in what we call make or buy. That is, if we don’t have the resources in house, we buy it. So, we want to collaborate with let’s say NIRSAL, to do a certification. Part of the mandate of the CIBN is to drive the competency framework as enshrined by the Bankers’ Committee. So, we do joint certification where we expose our bankers to opportunities in the agric space and deepen their knowledge. I have discussed with NIRSAL and we want to have specialist skills in certain specialist areas. So, we want to build specialists across the banking spectrum, be it oil and gas, banking, power, etc, so that we can stand strong across our peers. We have acceptability with international financial institutions wanting to do business with us. Dearth of manpower in the banking sector has remained a challenge. How is the CIBN supporting banks to address that? Yes, you are right. And in my speech when I was inaugurated, I did acknowledge that after a review a consultation. I am

Olowu

also a practitioner. I do agree with you that there is dearth of skills. But the banks and the CIBN are tackling it frontally. The banks today have very serious learning academies. These learning academies are banking schools, where fresh graduates who are not fit-for-purpose – you know university degree gives you about 10 per cent of what you should know; 20 per cent is by mentoring and 70 per cent by coaching and mentoring. So, what the bank does today is to throw them into the training school, polish them and bring them into the system. So, they would be grooming them as they grow up. There is also the learning academy for the middle level. So, they are spending huge chunk of their resources on training because it is very essential. In the past, bankers were well trained and after some time the emphasis shifted to bringing deposits and all that, not knowing that you need to adequately empower these guys to take position. So, that gap has been identified and it is generally with every sector. Banking is not an isolation. But what is happening today is that banks have built strong learning academies or banking schools, where they train people. The CIBN is to accredit and audit the process. We also do compulsory professional development, where for example, we recently organised the first

In the past, bankers were well trained and after some time, the emphasis shifted to bringing deposits and all that, not knowing that you need to adequately empower these guys to take position. So, that gap has been identiďŹ ed and it is generally with every sector

fintech conference in Nigeria, in collaboration with the fintech association, to educate our members and let them know the emerging disruptions. So, in the nearest future, we believe we would have a well-empowered workforce that understand what banking is and would continue to remain ahead of the change curve as disruption comes in because banking would remain, but the forms and shapes of banking would change. Today, banks are more like technology companies rendering financial services. The banks in Nigeria need to be prepared to compete with the banks abroad. We all shop from the same market and so the only way to do that is to get the right knowledge. Knowledge today is a global village, so you seek where the knowledge is and bring it down. We are tasking our members to be innovative. We want to change the narrative. We are quick to accuse banks, but nobody wants to praise the banks for what we have done in the payment sector. We are ahead of most banks in the world in terms of the payment system. Nigerians are very creative. Do you see the fintechs as a threat to banks? Technology is an enabler. Just like it happened with disruption in medicine, and all other endeavours, technology is helping us to shape our lives. So, it is no exception in banking. If you recall, I alluded to the fact that banks would become technology companies that are rendering financial services. So, fintechs are welcome. I heard the Vice President saying the other day that the banks should embrace fintechs. The banks have already embraced fintechs. What is fintech? Financial technology and the banks have already embraced them and are leveraging on technology to render finance. So, the banks are not afraid of fintechs in the first place. Even, presently, the banks are actively involved in the technology space. Do you know that banking is so important in any economy. What do you need in banking? Convenient and speed at a lowered cost and banks have continued to intervene in that space. So, we are not afraid of the fintechs.

What have set out to achieve during your tenure as the President? My five-point agenda was clear. We are going to review our Act to empower us more because the potential is huge. We are waiting for the ninth National Assembly to come in, because right now it is politicking. Secondly, if you watched me, I have been speaking a lot about capacity building. We have said that there is lack of skills, so how do we improve skills? I have entered into an agreement with the Lagos Business School (LBS)and we would collaborate on certain things. I have some international institutions that want to collaborate with us on training, but we believe charity begins at home, that was why we went for the LBS. The principle for me in capacity building is that where you don’t have the resources, you buy it. So, capacity building is very important for me. So, we are doing certification in specialist areas –trade, enterprise risk management, talent management and strategy and technology. We are making sure that those skills that are lacking in Nigeria, we bring them in. Then, overall, we are looking at strategy and advocacy. You also need technology to do what you are doing, so we are revamping our technology skills to make sure it is robust enough to carry those things that we are doing. We are setting up Committee of Practice. Committee of Practice is made up of various experts in various skills. We are also activating mentoring and coaching. We are doing research to make sure that women are given prominent place in banking. We are going to organise programmes to make sure that women are given the right place in banking. We want to make sure that women’s voice is heard in banking because it is very important. Women are very good leaders, so we have to bring them up in banking. We are pushing for that advocacy. Our staff should be well remunerated. We want to have first class people that should be able to carry out the programmes we are doing. Then of course, ethics is important for us. We have a collaboration on ethics with the International Finance Corporation. So, skills and competence is very key for us. We are organising seminars for judges to make sure that law and the technicalities of banking are fused together, so that there would be better understanding. We are looking at having a lot of collaboration with the legislators to let them understand how their actions and inactions affects Ease of Doing Business. Of course, we have changed our curriculum in tune to drive current trend. So, we want to push that through the National University Commission and NABTEB. The mentoring and coaching is championed by the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo. We have the best in our Council and Committees. We are also partnering the Finance Correspondents Association of Nigeria, which is the body for financial journalists in the area of capacity building. Also, we just instituted the Government and Business relations. In that committee, we have people from the media, ex-bankers, politicians and others there. We want a situation whereby that gap can be bridged and our advocacy can be very effective. That is inspired by the former chief executive officer of Access Bank, Aigboje Aig-Imoukhuede. Then we have funds and grants committee that is headed an erstwhile Deputy Governor of the CBN, Ernest Ebi. We have an international relations desk because we a lot of international institutions we want to enter into relationship with. So, we are restructuring our system to make sure we get those things right.

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Inside the Nigeria Industrial Council Bisi Daniels Excitement filled the air in the conference room of Vice President Yemi Osinbajo, where he announced that,�President Muhammadu Buhari has approved new anti-smuggling reforms.� It was at the recent meeting of the Nigeria Industrial Policy and Competiveness Advisory Council (Industrial Council), chaired by the Vice President. As the deliberations of the day were being summarized to close the meeting, a member raised the urgent issue of smuggling. It had not been listed for the meeting; so were reminders from some other members of the Council that followed. Such is the sense of urgency at the Council’s meetings, where participants try to ensure that the ball is dropped. The meetings usually provide sprouts of hope and renewed confidence in industrial sector. At the last meeting, there was news on broadband penetration, increased power supply through the use of unutilized power, as well as skills development and employment in the sugar industry. All these are in furtherance of the main purpose of the Council, which Dr. Okechukwu Enelamah, Minister of Industry, Trade and Investment, who is one of its Vice Chairmen, said is to implement critical interventions at the highest level to accelerate industrialisation. He explained that, “The Council’s mandate is to assist the government in formulating policies and strategies that will enhance the performance of the industrial sector through partnerships with the private sector.� Membership of this public-private sector partnership include: VP Yemi Osinbajo (Chairman);Dr. Enelamah (Vice-Chairman, Public Sector) Minister of State, Industry, Trade and Investment, Mrs. Aisha Abubakar (Alternate Vice-Chairman, Public Sector);Alhaji Aliko Dangote (Vice-Chairman, Private Sector); and Atedo Peterside (Alternate Vice-Chairman, Private Sector). There are nine other members from the public sector and 21 members from the private sector; with Edirin Akemu as the Programme Co-ordinator. At the inauguration of the Council last year, Vice President Osinbajo said its duty is to enable Nigerians to create livelihoods for themselves. “It is not just a patriotic duty but one that will give our country a real chance to be globally competitive in business and commerce. The Council is important because we acknowledged that partnering with the private sector is a key enabler for achieving our industrialisation targets� Terms of Reference The broad terms of reference of the Council is to provide input to the formulation of sectoral and industrial policy, and government interventions aimed at enhancing the performance of the Nigerian industrial sector. In addition, the council will provide feedback on government policies and programmes that affect the industrial sector; make recommendations, propose initiatives and bring perspectives that promote competitiveness and growth of the Nigerian industrial sector. It will also make inputs to Nigeria’s trade negotiations and agreements with a view to ensuring that the view of industry and industrialisation targets are taken into cognisance. It is to also periodically review performance, trends and issues within the industrial sector, with a view to proposing interventions to enable investments and competitiveness. Other terms of reference include proposing targets for national industrial output and investments across major industrial sectors; tracking the progress made on specific public and private sector initiatives aimed at transforming the industrial sector and meeting its industrialisation targets; and serving as ambassadors of the industrial sector and as a platform to facilitate communication on current and emerging issues affecting industry, and ensuring regular interaction between government and stakeholders in the industrial sector. Thematic areas The Industrial Council is focused on six thematic areas; each area is driven by a sub-committee with members from the public and private sectors. The areas are Critical Infrastructure; Skills & Capacity Building, Policy & Regulation, Trade & Market Access, Financing and Engagement with State Governments.

Enelamah.

A high-level overview of some of the Council’s initiatives includes the following: Fight against smuggling: This intervention is aimed at implementing initiatives to minimize smuggling by 50 per cent in the short to medium term. The proposed anti-smuggling initiatives and recommendations have been approved by the Federal Executive Council and President Muhammadu Buhari. Trade and Markets The key objectives are to implement initiatives to improve access to Nigeria’s priority markets; drive 30-40 per cent increase in ICT exports; increase foreign earnings by $1bn - $4bn annually from agro-allied businesses and create 475,000 jobs. The initiatives on which work is progressing include: r &TUBCMJTINFOU PG BO *$5 DMVTUFS r "EESFTTJOH TFDUPSBM JTTVFT JO UIF DPUUPO textiles and garment sector; as well as those in the agro-allied sector; and heavy metals. r 3FWJFX BOE SFOFHPUJBUF /JHFSJB T USBEF agreements with priority markets. Skills and Capacity Building This involves implementation of initiatives to bridge the gap between the skills demanded by industry and supply by Nigerian education institutions in maintenance, technology and the sugar sub-sectors. Specifically, a one year apprenticeship programme is to be established in each of the three sectors. Already, the terms of reference with Siemens Professional Education on setting up a vocational training centre has been finalized for the maintenance programme.

It is not just a patriotic duty but one that will give our country a real chance to be globally competitive in business and commerce. The Council is important because we acknowledged that partnering with the private sector is a key enabler for achieving our industrialisation targets

Under the sugar programme, the Nigerian Sugar Development Council has entered into partnership with the Mauritius Sugar Institute for the establishment of a Sugar Academy. Critical Infrastructure The Industrial Council is identifying and implementing project initiatives to differentiate, accelerate and boost power supply to industries; improve broadband penetration and road access to areas which benefit the Nigerian business community as a whole. National Broadband Penetration: Current broadband penetration in Nigeria is 22 percent as compared to four per cent in 2012. To further improve broadband penetration, the Nigerian Communications Commission (NCC) developed a Licensing Framework and instituted a subsidy scheme to enable Infrastructure Companies (InfraCos) to roll out fibre in all the zones of the country. Specifically, the objective is to increase broadband penetration across all geopolitical zones of the country, such that at the end of the four-year intervention, all the 774 LGAs will be provided with fibre connectivity. That implies the deployment of at least one fibre Point of Access (PoA), with the capacity of 10 Gbps, in each LGA across the country. In the NCC’s presentation at the last Industrial Council meeting, it stated that at its meetings with the National Economic Council and Nigerian Governors’ Forum, the Governors agreed to harmonize the right of way charges in the States with the Federal Government charge. It has also reviewed the submission of the six licensed InfraCos relating to the Capital cost (Capex) for the project over four years, subsidy requirement, and network design. Following the review they were requested to submit revised financials, network design and rollout plan based on one PoA per LGA only for subsequent review. At the end of the exercise, negotiation of percentage subsidy is to be considered for the respective zones. According to Dr. Enelamah, “based on the speed of re-submission received from the respective InfraCos and the conclusion of the subsidy agreement, it is expected that the project will kick-off before the end of 2018. Deployment of underutilized power assets: In a move to ensure optimal use of resources, the Federal Government has commenced moves to deploy underutilized power assets to deliver incremental power to industrial centres and needy communities in the country. Through the coordination of Council, the government seeks to generate additional 4.2 Gigawatts of power to the national grid in the next 12-18 months. Towards this end, a total of 8 power projects have been selected for the critical intervention.

They are the Aba Integrated Power Project; Kainji rehabilitation and expansion; power transmission; captive power projects for industry; Afam IV rehabilitation; Afam V rehabilitation; a Seplat gas facility; and Alaoji power plant. The Council believes the Niger Delta Power Holding Company (NDPHC) brownfields are the fastest and the most cost effective path to increased power delivery to industrial hubs and communities. According to Edirin Akemu, the objective of the intervention is being achieved through enhanced distribution infrastructure and elimination of technical power rejection; transmission upgrades on critical path to industrial and commercial load centres; and generation optimization and maximization of NDPHC output. Dr. Enelamah said work is ongoing on the Alaoji power plant to supply about 360MW of unutilized power to industrial centres and people in the South-East Axis of Onitsha, Aba, He explained that only 120MW out of the 480MW of power generated by the plant is regularly utilized, so 360MW of power is available for centres willing and ready. He said, “The end-to-end power delivery project, which is being undertaken through Public-Private Partnership ensures that generation, transmission and distribution are all aligned and simultaneously executed.� “The beauty of this project, which is a pilot, is the optimization of resources and also that the learning from it is intended to be used to unlock up to 2GW from underutilised NDPHC power plants.� The partners executing the project are the Federal Government (through The Transmission Company of Nigeria, Niger Delta Power Holding Company), GE Power, and Enugu Disco. Other key issues discussed at the last meeting included the establishment of a Sugar Industry Apprenticeship Centre. Citing the enthusiasm and energy of Council members and the results of their collaboration, Akemu believes “this is the best catalytic intervention in the industrial sector of the economy in recent times. The partnership is working well and although we may not be where we wish to be, we see our targets clearly.� On his part, Enelamah says “: I believe that those things we are doing are producing results. Although there is still a work to be done, if you talk to manufacturers they’ll tell you they’re already seeing signs.� Dangote says that the terms of reference set by government demonstrates the importance it has placed on interaction with the private sector. t%BOJFMT JT UIF 4USBUFHZ BOE $PNNVOJDBUJPOT "EWJTFS UP UIF .JOJTUFS PG *OEVTUSZ 5SBEF BOE *OWFTUNFOU

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Leadway Assurance Launches Mobile App Nosa Alekhuogie Leadway Assurance has introduced a mobile insurance application that enables customers to transact all insurance businesses on their internet-enabled devices at their convenience. The initiative is part of the company’s drive to use technology to improve insurance penetration in the country, The application, called Leadway MyLife+, is available on both Google play store and

IOS Apple Store. It is thus compatible with a wide range of smartphones and tablets. A statement by the company’s Chief Information Officer, Odalo Aimufia, said the app was designed to bring value to the life experiences of its users by providing a more convenient way to purchase and manage their Leadway Assurance policies. The statement said the new app has many features that offer the customer greater ease, convenience and opportunities

for interaction with the Leadway brand at many levels. “The application has features that enable customers to track and manage their policies; lay complaints; report claims directly; buy Leadway policies directly; renew policies; request for agents; contact the Leadway customer services unit via WhatsApp chat, calls or e-mail; view and find branch locations via Google Map�. He further noted that as a company passionate about using technology to drive insurance

service delivery, Leadway’s evolving business and product focus placed greater emphasis on delivering satisfaction, happiness and fulfilment to the customer. “The impact of mobile technology on the daily routine of millions of Nigerians is huge. It significantly influences how they receive information and the population of mobile phone users in the country keeps growing. “As a customer-centric business, we are increasingly working on how to leverage on this trend by creating platforms

where consumers manage their product plans on the go. “To this end, we are committed to a policy of continuous investment in research and development in the areas of technology, trends and culture as the bedrock of our marketing strategy, product design and customer engagement. “This commitment dictates our response to policyholders and the desire to continue to improve the way we transact insurance business,� Aimufia said.

“The Leadway mobile app is one of the ways we hope to deliver greater value to our customers. “It is in line with the efforts of the National Insurance Commission to deepen insurance penetration in Nigeria so that the majority of the people can embrace insurance as a way of life,� he added. According to him, “The app is secure, all payment information strictly confidential and global security standards have been employed to protect users.�

NIPR, PRNigeria Partner to Strengthen Practice Raheem Akingbolu The Nigeria Institute of Public Relations (NIPR) has agreed to partner with Image Merchants Promotions Limited (IMPR), publishers of PRNigeria and Economic Confidential Magazine for instituting annual national public relations awards to promote excellence in all spheres of life in Nigeria. Speaking when he hosted the founder of PRNigeria, Yushau Shuaib, over multiple international PR awards the agency won in recent time, the President and Chairman of Council of NIPR, Mallam Mukhtar Zubairu Sirajo, said the request for partnership from IMPR was a welcome development, stressing that it would go a long way in celebrating outstanding contributions in the society. Sirajo, further said the feats achieved by Shuaib at the international PR forum were accolades which have made the country proud hence the need to institute such awards

at the national level to recognise the outstanding efforts of PR Practitioners. “I am not surprised at the efforts and feat achieved by Yushau Shuaib in winning multiple SABRE PR Awards of African Public Relations Association (APRA) and Golden World Awards of International Public Relations Association (IPRA) as they have given PR practitioners in Nigeria as well as the country a sense of pride and belonging. “In fact, for consecutively winning IPRA Awards on Crisis Management in 2016, 2017 and 2018 at the international arena has proven Shuaib to be a worthy ambassador and exceptional crisis manager,� he said. Earlier in his address at the occasion, the Executive Director and Editor-In-Chief of PRNigeria and Economic Confidential Ewache Ajefu, had informed the NIPR top management on the achievements recorded by his organisation and called for the mutual partnership to make the annual award a reality.

Osho Appointed Metrofile Nigerian CEO The Metrofile Group has announced the appointment of Mr. Babatunde Osho as its new Managing Director and CEO for Nigeria. Before this appointment, Osho had worked with MCI International as a Senior Manager and NEC 3G Mobile Systems Limited in the UK as Head of Finance before joining MTN in January 2004 as Senior Manager, Business Analysis in the Finance Department. He later went on to become Chief Enterprise Solution Officer for MTN Nigeria and Chief Executive Officer, MTN Liberia. Osho, brings to Metrofile decades of experience and a proven record of taking customercentric technology companies to the next level. He obtained his Master in Business Administration (MBA) degree from Imperial College Management School, UK and Master of Science (MSC) from London School of Economics and Political Science, UK. He is an Alumnus of Wharton Business School, USA Advanced Management Programme (AMP 55) as well as the Oxford Said Business School, UK Advanced Management and Leadership Programme (OAML) and IMD Orchestrating Winning Performance (OWP).

Commenting on the appointment, the Group CEO, Metrofile Holdings Limited, Pfungwa Gore Serima, said: “Osho’s appointment is in line with Metrofile’s global growth strategy. “In his new role, he will provide day-to-day leadership to our Nigerian team as we look to expand here and West Africa.� Speaking on the appointment, Osho said: “I am glad to join the team at this time because Metrofile group is the leading data management platform in Africa and Nigeria remains an important market with great potential. “I look forward to leading this growth initiative in this vital market.� Metrofile Group is a leading global Records & Information Management specialist, bringing clients endto-end solutions for complete data management lifecycle and related business processes thus ensuring clients extract maximum value from their information assets. The company’s operations are truly global in nature and with the new wave of technological change disrupting many business sectors, including Records and Information, they are well placed to bridge the gap between physical storage and new digital platforms known as Content Service Solutions.

BUSINESS CONFERENCE

L-R: President, American Association of Petroleum Geologists (AAPG), Denise Cox; Managing Director, Saraha Energy Ltd, Olajumoke Ajayi; Immediate Past President, Nigerian Association of Petroleum Explorationists (NAPE), Andrew Ejayeriese; Chairperson, Women in Geoscience and Engineering (WIGE), Pat Maseli and Executive Director, Falcon Corporation Ltd, Andrey Joe-Ezigbo, during NAPE international conference/ exhibition held in Lagos ‌recently ETOP UKUTT

Lagos Reaffirms Commitment to Attracting FDIs Jonathan Eze The Lagos State Government has restated its commitment to providing the enabling environment to attract foreign direct investments into the country. The Governor, Mr. Akinwunmi Ambode, said the move was apt to earn the much needed foreign exchange for the state and the economy at large. He expressed hope that the flurry of trade and commerce at the recently concluded International Trade Fair in the state would help rebound the economy, grow revenue and increase beehive of economic activities in the state.

Ambode, who was represented by the Deputy governor, Mrs. Idiat Adebule, at the closing ceremony of the 2018, Lagos International Trade Fair (LITF), said the Lagos State Government would leverage on the new opportunities and network generated from the Trade Fair (LITF) to drive enterprise development and economic growth for the country at large. He expressed hope that the numerous trade experiences of the LITF would translate to increased GDP of the state, enhance social economic capital for its citizenry through the temporary jobs, new invest-

ments, business opportunities and networks that have sprung up over the last ten days. “Being the premier international trade Fair in Nigeria and the flagship of world-class trade and business exposition in the West African sub region, It is not surprising that the Lagos International Trade Fair is always an eventful experience for buyers and sellers, producers and consumers, business and governments both locally and internationally. However, he commended the Lagos Chamber of Commerce and Industry (LCCI) for its consistent hosting of the fair, while also calling on local and foreign investors to take

advantage of the abundant investment opportunities waiting to be explored. “Our state is investor-friendly and with your partnership, we are committed to doing more,� he said. Also speaking at the event, the President, LCCI, Mr. Babatunde Ruwase, said despite the evident limitations of the business environment, infrastructure challenges and the state of the economy, the chamber was able to hold a successful fair, pointing out that the Nigerian business community and foreign investors have again demonstrated their confidence in the Nigerian economy.

Create Aircraft Maintenance Facility, Aviation Expert Urges FG Jonathan Eze The federal government has been advised to create an aircraft maintenance, repair and overhaul (MRO) facility to enhance growth of the industry rather than floating a national airline. The Head of Commercial, Med-view Airline, Mr. Trevor Henry, said this in Lagos during the Nigerian Aviation Business Exhibition (NABE). NABE was organised by Mr & Miss Aviation Nigeria (MA-

MAN), in collaboration with the Nigerian-American Chamber of Commerce (NACC). The theme of the forum was “Opportunities in the Nigerian Aviation Industry, its Complexity and its Needed Human Capital.� MRO is an essential requirement to ensure that aircraft are maintained in pre-determined conditions of airworthiness to safely transport passengers and cargo. Henry said that government should channel the money meant to get a national carrier into having an MRO facility and

simulator facility where aircraft would be maintained and pilots trained. According to him, lack of an MRO facility has had a negative impact on the survival of airlines in the country as airlines struggled to maintain their fleet or stay in business for consistently long period as seen in other climes. The aviation expert noted that the establishment of MRO and simulator facility would address the issue of capital flight and integrate more youths through job creation into the aviation

industry. “The Ethiopian Government has done what I am speaking about and they are reaping the benefits, I believe the money and efforts of Nigerian government should be channeled into similar things,� he said. Capt. Josiah Choms, the Managing Director, Caverton Helicopters, said for the nation’s aviation industry to progress considering the ever changing technology advancement, the skill set of the sector’s workforce must be constantly improved.

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Diversification and Emergence of a Resilient Economy Akpandem James There is no doubt that the Nigerian economy has gone through trying times. It used to be one of the most robust and resilient in the 1960s, posting world class commodity ratings, particularly in the agricultural sector. The havoc that the discovery of crude oil in commercial quantity has wrought on the Nigerian economy has been told and retold; and the solution on every privileged lip is a return to those days when the economy was fired from multiple cylinders of agricultural produce and solid minerals; not just from crude oil and gas proceeds. The chorus has been ‘there is the need for aggressive diversification of the non-oil sector so that government will reduce the current rate of borrowing to fund its budgets’. True! The Nigerian economy has paid dearly for the price of crude oil, just as it has reaped bountifully from it. Successive governments since after the civil war had been ensconced in the comfort of petro-dollars issuing from crude oil sales while the economy drifted down the precipice. Curiously, none of them was oblivious of the danger of over-reliance on a single commodity for its foreign earnings. They all knew, but the economy had already become hostage to the fortunes of the oil and gas sector. Policy pronouncements of successive governments acknowledged the benefits of diversification, but little or nothing was done in terms of giving concrete expression to such pronouncements. Whenever the economy was ceased in a fit, a fire brigade approach was adopted and the economic fundamentals were reset from a default mode; and the beat goes on. So when the Mohammadu Buhari administration also came with the diversification song, it was already a familiar circus tune. It was dismissed as a swan song which comes with seasons. It did come with a new season no doubt, but the difference this time was that it also came with a blueprint which empahsised implementation - the bane of previous policy efforts. However, even before taking over the reins of authority, the emerging All Progressives Congress (APC) had identified the state of the economy as one of the challenged areas to focus on, the other two being Corruption and Security. By the time the administration settled in the saddle, it was already obvious that the country’s economy was in dire straits, in spite of the book fundamentals which suggested some favourable health pedigree. As feared, the economy relapsed into a recession in the second quarter of 2016 as it could not stand the shocks generated by the volatility in the global oil market, apparently because there were no fiscal buffers to cushion the effects. It was on life support until after the first quarter of 2017 when it came out of coma. With the benefit of foresight, the government had started with an expansionary 2016 budget, which was to commence the laying of an infrastructure framework for a comprehensive resetting of the economy. It was guided by a short term Strategic Implementation Plan (SIP) which was followed with a medium term Economic Recovery and Growth Plan (ERGP) 2017 -2020, a successor plan to SIP. As often indicated by the Budget and National Planning Minister, Senator Udoma Udo Udoma, the ERGP was launched with the objective of, firstly, leading Nigeria out of recession and thereafter placing the economy on the path of a truly diversified and inclusive growth; a growth that is both sustainable and resilient. Of course, Nigerians must by now be very familiar with the story of how we came to this sorry pass. Apart from the obvious mishandling of the economy over a long period of time, including mindless pillaging of the treasury, oil prices began to drop dramatically from the middle of 2014, from US$111 per barrel in June 2014 to about US$64 at the end of May, 2015 and below US$30 per barrel by January 2016. The situation was compounded by a fall in oil production levels caused by the resurgence of militancy in the oil producing Niger Delta region. So, the new administration already had a crisis of monumental proportion to contend with. A chain of negative developments followed: the resulting foreign exchange scarcity led to a suffocation of many businesses. This caused a general reduction in economic activity, forcing some layoffs. Tax and customs collections dwindled, leading to low government revenues from the non-oil sector. Investors’ confidence in the economy waned as a result. Consequently, oil revenue to the Federation

Udoma

Account declined from N4,075.5 billion in 2014 to N1,438.8 billion in 2016. Foreign reserves dropped from $37.33 billion in June 2014 to as low as $23.81 billion in September, 2016. The Capital Market went into a tail spin and balance of payments turned negative. As would be expected, growth initially slowed and then turned negative as the economy slid into recession by the second quarter of 2016, registering GDP growth of -1.49%, from where it dipped further to -2.34% by the third quarter of 2016. Inflation leaped from 9.2% in June 2015 to 18.5% by December, 2016. It was a cataclysmic state: low growth at a time of high inflation and worsening unemployment. At this point there were no options. There was only a task: to halt the economic decline. The first move was the introduction of an expansionary fiscal budget in 2016 to reflate the economy and stimulate economic activity; and guided by the SIP which consisted of a series of short-term measures aimed at boosting economic activities. The ERGP was subsequently designed to stop the economic slide and restore the economy to the path of growth, driven mainly by the private sector. Although the ERGP pursues three broad objectives of ‘restoring and sustaining growth, investing in our people and building a globally competitive economy’, its Chapter 3 particularly emphasises strategies to deliver on the diversification objective. It focuses on initiatives to expand the productivity of key sectors of the economy such as agriculture, manufacturing, solid minerals, services as well as construction and real estate. As consistently hammered by the drivers of

It is not just a patriotic duty but one that will give our country a real chance to be globally competitive in business and commerce. The Council is important because we acknowledged that partnering with the private sector is a key enabler for achieving our industrialisation targets

the project, the aim of the ERGP is to change Nigeria from its present feeding bottle status to a country that grows and makes most of the products it needs and consumes; to one that runs on multiple engines of growth; to a nation of producers. As President Buhari put it during the launching: “to a new Nigeria where we grow what we eat, consume what we make and produce what we use�. The focus areas of the ERGP has been that of ensuring stability in the macroeconomic environment, achieving agricultural transformation and food security, ensuring energy sufficiency in power and petroleum products, improving transportation infrastructure, and driving industrialization focusing on Small and Medium Sized Enterprises (SMEs). From 2016, budgetary allocations have been made to reflect these priorities. For instance, in Agriculture, from a capital allocation of N8.8 billion in 2015, it improved to N46.2 billion in 2016, N103.8 billion in 2017 and to N149.2 billion in 2018. That of the Ministry of Water Resources whose activities impact on agriculture also increased from N15.78 billion in 2015, to N46.08 billion in 2016, N104.25 billion in 2017 and N147.2 billion this year. Through the Anchor Borrowers’ Programme, over N120.6 billion has been disbursed as concessionary loans to more than 800,000 farmers for the cultivation of 12 different commodities including rice and wheat. Already 11 Fertilizer Blending Plants with the capacity to produce 2.1 million metric tonnes have been revitalized, leading to a significant drop in the price of fertilizer in the local market and consequent rise in the production of agricultural products. Emphasis has also been on value-chain orientation. A number of initiatives in the Plan bordering on infrastructure development to support processing, evacuation, manufacturing and allied activities have been pursued vigorously and the ERGP emphasises the need for industrialisation policy to be focused on SMEs. To reduce the country’s dependence on crude oil for foreign exchange, the government set up a National Committee on Export Promotion in 2017 to implement the Zero Oil Plan (ZOP) to expand exports of other goods and services. This Committee, working with State Governments, is promoting the establishment of Domestic Export Warehouse and Aggregation Centres in each of the six geo-political zones of the country; and promoting Project MINE - Made-in-Nigeria for Export. Project MINE uses the Special Economic Zones as mechanism for making Nigeria the pre-eminent manufacturing hub in Sub-Sahara Africa and a major exporter of Made-in-Nigeria goods and services regionally and globally. It has already secured commitments from domestic and foreign

investors in textile and garments as well as agroprocessing. Government is also reactivating the Export Expansion Grant (EEG) and the Export Development Fund (EDF) schemes. N13.28 billion was provided in the 2018 Budget. The prioritization of improvements in the business climate is basically to make Nigeria an attractive place to do business. The Presidential Enabling Business Environment Committee (PEBEC) was set up to focus attention on this. The last two World Bank reports on global ease of business ranking (2018 and 2019) indicate that there has been some significant improvements on this score; and recent surveys conducted by the Nigeria Investment Promotion Commission (NIPC) also indicate that there has been a significant rise in investment interest in Nigeria. According to the reports, between January and September 2018 a total of $73.08 billion worth of proposed investments were announced for 65 projects in 18 states and the FCT. This includes 11 sectors of interest with mining and quarrying accounting for 43% of the total value, construction 25%, manufacturing 23%, electricity, gas, steam and air conditioning supply, and transportation and storage, each 3%, and the remaining sectors accounting for 2%. In the first quarter of this year, the Budget and Planning Ministry conducted Sector Specific Focus Labs in Agriculture and Transportation, Manufacturing and Processing and in Power and Gas to address bureaucratic issues investors in these sector areas might have been facing in setting up projects in Nigeria. Some of the early successes recorded in the first set of Focus Labs include the development of a National Gold Development Policy and the establishment of a Federal Gold Reserve Scheme. Although the economy is not fully out of the woods yet, there is no doubt that some significant progress has been made in resuscitating and diversifying the economy. At least Nigeria is out of recession and the economy is beginning to grow again particularly in the non-oil sector. The sector grew by 2.05% by the second quarter of 2018. This represents the strongest growth in the sector since the fourth quarter of 2015. Except for Q4 2015, the Manufacturing sector had experienced consistent quarterly contraction since Q1 2015, but it has started growing again, although still quite low at 0.68% (Q2, 2018). The Textile sub-sector improved from 0.2% in Q2 2017 to 2.73% in Q2 2018, while Cement which contracted by -4.16% in Q2 2017 grew at 3.84% by Q2 this year. By October 2018, the manufacturing sector had expanded for the 19th consecutive month. The expansion was driven by improvements in business activities, production and employment across most sectors. The Purchasing Managers’ Indices (PMI) which had consistently stayed below the 50 points threshold between January 2016 and April 2017 rose to 56.8 index points in the month of October 2018. Other pointers include inflation rates which have maintained their declining trend from 18.7% in January 2017 to 11.14% in July 2018. Although it went up slightly to 11.28% in September 2018, it dropped to 11.26 in October. External reserves have nearly doubled since September 2016, from $23.81 billion to $41.79 billion by early November this year. The exchange rate gap has narrowed, and confidence in the economy is returning. Also, Capital inflows have risen from $710 million in the first quarter of 2016 to $5.5 billion by the second quarter of 2018. Supported by a gradual recovery in oil prices, as well as the level of oil production, exports have grown by 59.5%, from N8,527 billion in 2016 to N13,598 billion in 2017, and trade balance has grown from a deficit of N290.1 billion in 2016 to a surplus of N4,035.5 billion in 2017. And this includes a significant increase in non-oil exports. However, while the oil and gas sector constitutes less than 10% of the country’s GDP, it still represents a large percentage of foreign exchange earnings, a development which emphasises the need to grow non-oil exports to overtake oil in terms of foreign exchange earnings. Given the trend of the indicators in just 18 months of implementation of the provisions of the ERGP, there is no doubt that the policy prescriptions and efforts are in the right direction. Continuous faithful implementation might see Nigeria becoming an economic production powerhouse; having enough at home and extra for export. t+BNFT JT UIF 4QFDJBM "EWJTFS .FEJB BOE $PNNVOJDBUJPO UP UIF .JOJTUFS PG #VEHFU /BUJPOBM 1MBOOJOH

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ASSOCIATION OF LOCAL GOVERNMENTS OF NIGERIA (ALGON) RIVERS STATE CHAPTER

ALGON Office No. 4 William Jumbo Street Off G.R.A. Port Harcourt Rivers State 23rd November, 2018

The Inspector General of Police Louis Edet House Shehu Shagari Way Central Business District F.C.T., Abuja.

A COMPLAINT OVER THE INCESSANT ATTACKS ON CHIEFTAINS AND MEMBERS OF THE PEOPLES DEMOCRATIC PARTY IN RIVERS STATE.

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t has become absolutely imperative and compelling to bring to your knowledge that for the umpteenth time, chieftains and members of the Peoples Democratic Party (PDP), in Rivers State have been subjected to a spate of unwarranted and unprovoked attacks by hoodlums who on prima facie and circumstantial evidence are being sponsored by the main opposition party in the state, namely the All Progressive Congress (APC). A careful study of these well orchestrated attacks seem to indicate that the elected Chairman of the Local Government Councils in Rivers State under the aegis of ALGON (Rivers State Chapter) are the main targets. Perhaps it may be necessary to buttress our point further on this issue of targeted killings. On the 14th of November, 2018 during, a voters sensitization rally at IpoUmadele in Ikwerre Local Government Area, the convoy of the Local Government Chairman, Hon. Samuel Nwanosike, came under a serious gunfire attack, leaving one (1) person dead and six others severely injured. Earlier on, a similar attack was launched against another member of ALGON, namely the Chairman of Akuku Toru Local Government Area, Hon. Rowland Sekibo and other members of the PDP in his entourage. In that incident, one Mr. Boma D. Manuel was killed, while Mr. Tubokikiba Davies who was critically injured managed to survive. Again, one the 9th of October 2018 at Abonnema, in the same Akuku-Toru Local Government Ara, one Mr. Sepribo Black-Duke, who until his death was the PDP Vice Chairman of Ward 3 in that LGA was also brutally murdered in another vicious attack. ALGON (Rivers State Chapter), as a body condemns this gruesome and barbaric attacks on innocent, law abiding Nigerians in its entirety. Most worrisome about these incidents is the suspected involvement of officers and men of the security agencies, who are paid and maintained with tax payers’ monies, playing active roles by way of aiding and abetting the commission of these heinous crimes. We find it very disturbing that most often law enforcement agents who ought to protect and secure the lives of defenceless citizens, either connive or turn a blind eye to these ugly incidents and go further by trivializing these incidents when they are brought to their knowledge, thereby making a travesty of their constitutional responsibility of securing lives and property.

ALGON and other well meaning Nigerians are fully aware that the drama that is currently playing out is part of a grand design by the APC to create the impression of a general atmosphere of insecurity in Rivers State, carefully planned to come to a climax during the election period, with a view to providing an excuse for the Federal Government to declare a state of emergency in Rivers State, or postpone the election in the State to such a time when it would be possible to deploy all the Federal might that would be needed to enable the APC-led Federal Government take over the reins of power in the state at all cost. This posture of the ruling APC at the centre is in complete negation of the tenets of democracy and the electoral processes that flow from it, which demands that elections are all about individual preferences of candidates who present themselves for election based on the manifesto they bring to the table and their popular acceptance to the electorate. It would therefore be morally and legally wrong and totally unacceptable to ALGON and all patriotic Nigerians for any individual or group of individuals to attempt to subvert the will of the electorate, using the coercive instruments of state apparatus to foist on the people a government that has failed to honour its campaign promises to the to the electorate and consequently lost completely the vestigial support it has enjoyed, for the mere reason that they temporarily hold power in trust for the people.

However, while we leave the issue of choice of candidates for the electorate to decide, whether electoral power flows from the ballot box or from the barrel of the gun, ALGON wishes to state unequivocally that it would not fold its hands and watch its members being gradually decimated by power drunk politicians who are desperate to cling to power at all cost, as it may have become clear to all by now that no individual or group of persons have a monopoly to the means of violence. We therefore passionately urge you, as the Chief Law Enforcement Officer of this country, to as a matter of urgency use your good offices and order for full scale investigations into these gruesome murders and acts of violence, directed against law abiding PDP members in Rivers State and members of ALGON in particular, in order to unmask its perpetrators and the “hands of Esau” behind these dastardly acts. This is the only way to resolve the confidence of our members on the neutrality of the law enforcement agencies in these matters. We wish to end this appeal with a word of caution to these blood-thirsty politicians, that a “General” may declare a war, but he cannot predict its end. Nigerians and indeed the International Community are watching how this danse macabre plays out. Signed: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23.

HON. DANIEL .O. DANIEL – ABUA/ODUAL L.G.A.. HON. (BARR.) BENJAMIN .I. EKE – AHOADA EAST L.G.A.. HON. ROWLAND SEKIBO – AKUKU TORU L.G.A. HON. PRINCEWILL ODIARI – ASARI TORU L.G.A.. HON. HOPE IKIRIKO – AHOADA WEST L.G.A.. HON. PAUL .L. PAUL – ANDONI L.G.A. .A. HON. DAVID IRIMAGHA .R. – BONNY NNY L.G.A. LGA DR. HON. PHILIMOORE TONY – DEGEMA L.G.A. GA HON. CHIEF TOM ALIEZI – EMOHUA L.G.A. HON. BARR. PHILIP OKPARAJI – ELEME L.G.A. A. HON. OBINNA ELVIS ANYANWU – ETCHE L.G.A.. HON. PAUL VIDAG KOBANI – GOKANA L.G.A. HON. NWANOSIKE SAMUEL – IKWERRE L.G.A. HON. CJHIEF LAHTEH LAH LOOLO – KHANA L.G.A. .A. HON. PRINCE SOLOMON ABEL EKE – OBIO/AKPOR L.G.A.. HON. NAVY CAPT. ERASMUS .O. VICTOR (RTD. – OGU/BOLO L.G.A. HON. ODILI IFEANYI VICTOR – OGBA/EGBEMA/NDONI L.G.A. HON. CHIEF PHILIMON I. KINGOLI – OKRIKA L.G.A. HON. NWAIWU CHRIS CHISOROM – OMUMA L.G.A. A. HON. EUGENE JOSHUA JAJA – OPOBO/NKORO L.G.A. A. HON. (PRINCE) OFORJI GERALD .C. JP – OYIGBO L.G.A. HON. IHUNWO VICTOR – PORT HARCOURT CITY DR. HON. JACOBSON NBINA – TAI L.G.A. A.

35

THISDAYt MONDAY NOVEMBER 26, 2018

AFRO BEVERAGES & DISTILLERS LIMITED (IN RECEIVERSHIP) (RC NO 466320)

KM. 7, ENUGU-PORTHARCOURT EXPRESSWAY UMUAKPARA, OSISIOMA, ABIA STATE.

NOTICE OF APPOINTMENT OF RECEIVER/MANAGER The General Public is hereby given NOTICE that I, GANI-GIDADO ABUBAKAR (Solicitor and Insolvency Practitioner) of 160A Sinari Daranijo Street, Victoria Island, Lagos has been appointed by KEYSTONE BANK LIMITED the Receiver/Manager of AFRO BEVERAGES & DISTILLERS LIMITED over, Inter alia, all the assets charged as security under an All Assets Debenture dated March 13, 2018. The deed of Appointment of the Receiver/Manager dated September 14, 2018 was duly stamped and registered with the Corporate Affairs Commission, Abuja with a letter dated September 26, 2018 issued by the Commission confirming the registration of the said Deed of Appointment. PROPERTIES The Receivership was pursuant to the failure of AFRO BEVERAGES & DISTILLERS LIMITED (In receivership) to discharge its outstanding indebtedness to the Bank for loans it obtained and which loans were secured by an All Assets Debenture covering building, plants and machinery, motor vehicles, furniture and fittings of AFRO BEVERAGES & DISTILLERS LIMITED situate at Km 7 ENUGU PORTHARCOURT EXPRESSWAY UMUAKPARA, OSISIOMA, ABIA STATE. Consequently, all the plants and machinery belonging to AFRO BEVERAGES & DISTILLERS LIMITED {In receivership} have been taken over and are now in the firm possession of the Receiver/Manager. Anyone who deals with any person including but not limited to restrained directors and /or officers of the group currently under receivership does so at his own risk. DEBTORS AND CREDITORS All Debtors of the Company are to pay directly the Receiver/Manager. Also, all Creditors {if any} are to send their proof of claims to the Receiver/Manager with 14 {fourteen) days from the date of this publication. BANKS, FINANCIAL INSTITUTIONS, COMPANIES AND GENERALLY INTERESTED MEMBERS OF THE PUBLIC All deposits, cash and others assets of the company currently held by Banks, Financial Institutions should be held until the issuance of further instructions by the Receiver/Manager in accordance with the pre-emptive Orders of Court in SUIT NO: FHC/UM/102/2018 pending within the bosom of the Federal High Court, Umuahia Division. All holders of such deposits should contact the Receiver/Manager stating the balances and where secured facilities are granted, the type of security attached should be disclosed. Dated this 14th day of NOVEMBER, 2018 GANI GIDADO ABUBAKAR – RECEIVER/MANAGER FORTBANC (Solicitors and Insolvency Practitioners) 160A Sinari Daranijo Street, Off Ligali Ayorinde Street Victoria Island , Lagos State. Tel: 01-2711069; 01-2711329 08030693999, 08055446638 Email: inifo@fortbancsolicitors.com

36

M O N DAY Ëž NOVEMBER 26, 2018

BUSINESS/MONEYGUIDE

GTBank Unveils New Shopping, Lifestyle App Raheem Akingbolu One of the leading financial institutions, Guaranty Trust Bank Plc has announced the launch of Habari, a platform for music, shopping and lifestyle content. Unveiled in Lagos at the weekend, the platform offers users direct access to the largest catalogue of local and foreign music online, a seamless shopping experience and an exciting way to connect with friends, amongst other features. Built around the everyday lives of customers, Habari is believed to be the first mobile platform in Nigeria created by a financial institution that focuses on enabling people’s needs and lifestyles rather than providing a limited bouquet of regular banking products. The mobile application is open and free for all to download, does not require

mobile banking details and offers a wide range of services, all of which are accessible to anyone regardless of where they choose to bank. The new application was also said to be simple to use and is designed with a clean user interface as well as a seamless navigation experience that ensures everything, from the music to listen to, to the bills to pay, are just two clicks away. Speaking during its Launch, the chief executive officer, GTBank, Mr. Segun Agbaje, said some of the exciting services available on the platform are its catalogue of local and foreign music, the largest ever in Nigeria, carefully curated videos that range from short engaging self-help kits to captivating full-length movies, and books that cut across all literary genres. “It also offers an end-toend shopping experience that

allows users buy goods and services directly from over 10,000 small businesses,� he added. Agbaje added: “By reimagining the role of banking and driving innovation in how we serve customers, we have built a platform that is less about us as bank and more about our customers and everything they need to enable their lifestyle.� He further stated that “Habari is not a mobile banking application; it is the start of our journey towards building a platform that connects our customers to everything that they need, and which continues to evolve with their lifestyle. “We are excited about this journey and we are confident that our customers will see in Habari a simple, smart and exciting digital experience that adds value to their lives, every day.�

L-R: Vice-Chairman of Air Peace, Mrs. Alice Onyema; Chairman and Chief Executive Officer, Mr. Allen Onyema; Chancellor, Chukwuemeka Odumegwu Ojukwu University and Ewi of Ado Ekiti, HRM Oba Rufus Adeyemo Adejugbe Aladesanmi III, during the conferment of an honourary Doctor of Business Administration of the University on Onyema in Anambra state‌recently.

GMC Funds Nigerian Diagnostic Start-up The gender lens investment portfolio of United States-based impact investor, Gray Matters Capital (GMC) has announced its investment in SonoCare, a Nigeria based health tech start-up. SonoCare provides across the spectrum of women’s health such as on-demand mobile 3D/4D diagnostic imaging and cardiac monitoring, among others. SonoCare provides costefficient programs scaled to the needs of hospitals, satellite clinics, health care providers like physicians and midwives, birthing centres, assisted living facilities as well as corporate offices using a combination of the most advanced imaging systems and highly trained, registered technologists as sonographers. SonoCare has been a pioneer in mobile diagnostic imaging in Nigeria and the first to deploy a web/mobile resource for patient information transmission and inter-disciplinary collaboration. It currently operates its services in Port Harcourt (River State), Lafia (Nasarawa State) and Sagbama (Bayelsa State) and Otukpo (Benue State) in Nigeria. According to a statement,

with one in 13 women in Nigeria dying during pregnancy and childbirth, and a vast majority of such deaths occurring in rural areas, GMC coLABS saw SonoCare’s mobile diagnostic medical imaging solution that leverages technology and innovation as a solution to the lack of affordable and easy to access diagnostic care services in Sub-Saharan Africa. It also revealed that the healthcare firm has screened over 26,000 women from 17 rural communities and has detected over 15,000 high-risk pregnancies. The company has helped low-income, rural women save US$ 626,568 in costs that could have prevented them from seeking medical help, it added. Speaking about the funding, the Managing Director, SonoCare, Dr. Moses Owoicho Enokela said: “We are excited to partner with GMC coLABS as our first institutional investor, as we both share the vision and passion to positively impact the lives of women. “With this investment, we will be able to scale our operations through our mobile app in addition to deploying

more mobile units. This will push us to reach our first 200,000 pregnancies by 2020 and to profitability.� On her part, the Portfolio Manager, coLABS, Gray Matters Capital, Jennifer Soltis said: “With its mobile diagnostic services, SonoCare detects pregnancy complications before they become threats to the lives of women, giving those in low resource areas a better chance for safer pregnancies and deliveries. “We are proud to support the work of Dr. Moses, a determined and resilient entrepreneur who has brought to market a solution to a problem that most lack the grit to attempt to solve at scale. We’ve been very impressed with what he’s accomplished with modest resources and can’t wait to see what the future holds for him.� SonoCare, recognised by Microsoft’s Winsiders4Good program, the Obama Foundation (Africa Leaders), the Tony Elumelu Foundation and a host of others, becomes the third GMC coLABS portfolio company in Africa for Gray Matters Capital after A.R.E.D in Rwanda (2017) and Ghana’s Redbird Health Tech (2018).

Trustfund Unveils New Corporate Identity Ndubuisi Francis Ă“Ă˜ ĂŒĂ&#x;ÔË Leading pension fund administrator (PFA)--Trustfund Pensions Limited, has unveiled a new corporate identity, just as funds under its management exceed N500 billion while shareholder funds hit N8.1 billion mark. Trustfund’s Managing Director, Mrs. Helen Da-Souza, who spoke at the unveiling ceremony in Abuja weekend, said the corporate identity “is the face of the company, its products and a means of connecting with its customers.â€? Da-Souza, noted that Trustfund Pensions Limited has evolved over the past 12 years, adding that the time had come for a change. She said: “Since its inception over 12 years ago, Trustfund

Pensions Limited has creditability advanced into one of the topmost pension fund administrators in Nigeria.� From managing funds of N42 billion in 2006, to funds in excess of half a trillion naira, she disclosed that shareholders’ funds also increased tremendously from N334 million in 2006 to N8.1 billion as at December 2017. “We ended year 2006 with 190,000 RSAs (Retirement Savings Accounts) and today, we have over 700,000 RSAs,� she said. On the new corporate identity, Da-Souza stressed that after 12 successful years, it had become imperative for the company to differentiate itself from the PFA glut. “Our current logo simply says ‘Trustfund,’ which over

the years has created an identity mix for the brand. It has become difficult for the public to differentiate the brand from other organisations bearing similar names/acronyms, such as Petroleum (Special) Trust Find, Tertiary Education Trust Fund (TRUSTFUND, etc. “This confusion reached its peak to the extent that we were frequently asked the question, “which Trustfund are you?�, Which Trustfund is yours?� According to her, Trustfund was proudly unveiling the new corporate identity with a competitive differentiation, “as we pledge to continue to raise the bar and push ourselves to the very best for our customers and stakeholders and indeed for ourselves and our families.�

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

MARCH 2018 Broad Money (M2)

24,303,049.86

-- Narrow Money (M1)

10,912,604.10

---- Currency Outside Banks

1,668,378.21

---- Demand Deposits

9,244,225.90

-- Quasi Money

13,390,445.76

Net Foreign Assets (NFA)

15,619,134.18

Net Domestic Assets(NDA)

8,683,915.68

-- Net Domestic Credit (NDC)

26,267,136.53

---- Credit to Government (Net)

3,823,345.45

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

5,433,209.43

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

-1,609,863.98

---- Credit to Private Sector (CPS)

22,443,791.08

--Other Assets Net

-17,583,220.85

Reserve Money (Base Money)

6,746,646.49

--Currency in Circulation

1,668,378.21

--Banks Reserves

4,357,551.58 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

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

OPEC DAILY BASKET PRICE AS AT THURSDAY, 22 NOVEMBER 2018

The price of OPEC basket of ďŹ fteen crudes stood at $62.08 a barrel on Thursday, compared with $62.33 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

37

M O N DAY ˾ NOVEMBER 26, 2018

MARKET NEWS

May & Baker Nigeria’s N2.45 Billion Rights Issue Closes Wednesday Goddy Egene Shareholders of May & Baker Nigeria Plc have only three days to take up their rights and increase their stake in the pharmaceutical manufacturing firm. The company is raising N2.45 billion in new equity funds through a rights issue of 980 million shares of 50 kobo each at N2.50 per share to existing shareholders.

While application list had opened on Monday October 22, 2018 and is scheduled to close on Wednesday November 28, 2018, there are no indications on possible extension of the application period. As the closure date approaches, the Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, has urged shareholders to take advantage of the rights issue

P R I C E S MAIN BOARD

F O R

DEALS

and position themselves in order to be able to reap the full benefits of their investments in the company. Citing the third quarter results and growth outlook of the healthcare company, Okafor said recent strategic investments and new growth initiatives being undertaken by the company would boost returns in the years ahead. He said the company would pay dividend on the

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

new ordinary shares to be issued through the rights issue, despite the fact that the net proceeds of the rights issue will be received towards the end of current business year. Okafor said while the impact of the recapitalisation will become visible in the 2019 business year, the company will pay dividend for the 2018 business year on the old and new shares to be issued. He said the net proceeds of

T R A D E D MAIN BOARD

A S

the rights issue will be invested in some key projects including N400 million to finance part of the company’s equity in Biovaccines Nigeria Limited, the joint venture company for local vaccine production and over N500 million on capacity expansion for one of its cash cow products, paracetamol for which it is building a dedicated plant. He added that the company will also use N400 million to offset part of

O F

its current loan portfolio of N950 million while N500 million will be invested in marketing and brand building. “We derive our confidence mainly from the pedigree, performance track records and strategic plans of the company which we believe should appeal to all discerning investors. The new funds will be used to strengthen their investments and make the company more profitable,” Okafor said.

2 3 / 1 1 / 2 0 1 8 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, NOVEMBER 26, 2018

38

DŽŶĚĂLJ͕ EŽǀĞŵďĞƌ ϮϲƚŚ͕ ϮϬϭϴ

THISDAY AFRINVEST 40 INDEX

ŽŵĞƐƟĐ ƋƵŝƟĞƐ ZĞǀŝĞǁ͗ ĞĂƌƐ dŝŐŚƚĞŶ ,ŽůĚ ŽŶ ŽŵĞƐƟĐ ŽƵƌƐĞ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

The downtrend in the local bourse persisted this week, as ƐƵƐƚĂŝŶĞĚ ƐĞůů ŽīƐ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ ǁĞŝŐŚĞĚ ŽŶ ŽǀĞƌĂůů

Ticker

ƉĞƌĨŽƌŵĂŶĐĞ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ E^ ůů ^ŚĂƌĞ /ŶĚĞdž ĐůŽƐĞĚ ŝŶ

to -ϭϳ͘Ϯй ĂŶĚ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ Eϭϯϴ͘ϲďŶ t-o-t ƚŽ

ĐůŽƐĞ Ăƚ Eϭϭ͘ϲƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ŝŶĐƌĞĂƐĞĚ Ϯϰ͘ϴй ĂŶĚ ϭϱϬ͘ϳй ƚŽ ϯϮϬ͘ϱŵ ƵŶŝƚƐ ĂŶĚ Eϱ͘ϴďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ were E/d, ;ϲϰϴ͘ϭŵ ƵŶŝƚƐͿ͕ / DKE ;ϭϯϴ͘ϭŵ ƵŶŝƚƐͿ ĂŶĚ K E K ;ϵϱ͘ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ E/d, ;Eϭϱ͘ϲďŶͿ – ĂĐĐŽƵŶƟŶŐ ĨŽƌ ϲϮ͘Ϯй ŽĨ ƚŽƚĂů ǀĂůƵĞ ƚƌĂĚĞĚ ŝŶ ƚŚĞ ǁĞĞŬ͕ 'h Z Edz ;Eϭ͘ϲďŶͿ and E/' Z/ E Z t Z/ ^ ;Eϭ͘ϲďŶͿ ƚŽƉƉĞĚ ƚƌĂĚĞƐ ďLJ ǀĂůƵĞ͘ dŚĞ ǁĞĞŬ ƐƚĂƌƚĞĚ ŽŶ Ă ƉŽƐŝƟǀĞ ŶŽƚĞ ĂƐ ďƵLJ ŝŶƚĞƌĞƐƚ ŝŶ ŵĂƌŬĞƚ

Price Price Previous Current Change Change Price Weighting YTD Index to Change Date

THISDAY AFRINVEST 40 1,332.83

0.10%

ROE

ROA

P/E

P/BV

Divinden Earnings d Yield Yield

-13.6%

33.3%

19.4%

7.3%

6.0x

0.7x

6.7%

1

Guaranty Trust Bank PLC

36.00

0.4%

21.9%

-11.7%

-11.2%

34.1%

5.6%

5.4x

2.0x

7.5%

18.6%

2

Zenith Bank PLC

24.15

0.6%

14.2%

-5.8%

-6.9%

23.7%

3.4%

4.1x

1.0x

11.5%

24.1%

3

Nigerian Brew eries PLC

3.6%

4

Nestle Nigeria PLC

5

Dangote Cement PLC

ƚŚĞ ƌĞĚ ŽŶ ϯ ŽĨ ƚŚĞ ϰ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ŝŶ ƚŚĞ ǁĞĞŬ͕ ĨĂůůŝŶŐ ϭ͘Ϯй t -o-t ƚŽ ƐĞƩůĞ Ăƚ ϯϭ͕ϲϳϴ͘ϳϬ ƉŽŝŶƚƐ͘ ^ŝŵŝůĂƌůLJ͕ zd ůŽƐƐ ĞdžƉĂŶĚĞĚ

Current Price

11.6%

84.00

-1.2%

6.5%

-37.7%

-37.8%

13.8%

6.4%

28.1x

4.0x

4.4%

1,500.00

0.0%

9.0%

-3.6%

-3.6%

85.8%

26.3%

27.1x

21.1x

3.2%

3.7%

200.00

0.0%

6.3%

-13.0%

-13.0%

20.1%

9.8%

20.8x

4.4x

5.3%

4.8%

6

FBN Holdings Plc

7.60

0.7%

5.5%

-13.6%

-13.5%

6.6%

0.8%

5.4x

0.4x

3.3%

18.4%

7

Access Bank PLC

7.55

-1.9%

3.8%

-27.8%

-28.8%

14.1%

1.7%

3.1x

0.5x

8.6%

31.8%

8

United Bank for Africa PLC

7.85

0.0%

3.9%

-23.8%

-24.6%

15.4%

1.8%

3.6x

0.6x

10.8%

28.1%

9

Ecobank Transnational Inc

15.50

0.0%

3.5%

-8.8%

-4.7%

12.1%

1.0%

4.9x

0.6x

10

SEPLAT Petroleum Development C

652.70

0.0%

3.7%

6.8%

4.2%

25.9%

15.3%

2.8x

0.7x

2.8%

35.1% 13.5%

20.6%

11

Stanbic IBTC Holdings PLC

50.00

0.0%

4.1%

20.5%

22.2%

35.7%

4.6%

7.4x

2.4x

2.0%

12

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%

14

Lafarge Africa PLC

15.00

0.0%

0.6%

-66.6%

-66.6%

-53.7%

-7.9%

1.0x

10.0%

-43.2%

1.99

0.5%

1.2%

-19.1%

-22.9%

11.3%

1.5%

2.6x

0.3x

5.5%

4.90

-3.9%

1.2%

-18.2%

-18.2%

10.9%

1.7%

4.1x

0.3x

bellwethers – E/' Z/ E Z t Z/ ^ and E ^d> – ůŝŌĞĚ ƚŚĞ

15

Fidelity Bank PLC

16

Oando PLC

ďĞŶĐŚŵĂƌŬ ďLJ ϱϭďƉƐ ŽŶ DŽŶĚĂLJ͘ ,ŽǁĞǀĞƌ͕ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŽŶ

17

Dangote Sugar Refinery PLC

13.00

0.8%

0.9%

-35.0%

-36.1%

32.6%

16.4%

5.2x

1.5x

13.5%

19.3%

18

Okomu Oil Palm PLC

75.50

-0.3%

1.4%

11.5%

11.5%

39.3%

29.7%

7.2x

2.5x

4.0%

13.9%

19

International Brew eries PLC

30.75

0.0%

0.5%

-43.6%

-44.1%

24.6%

7.4%

32.2x

7.3x

ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ƐŚĞĚ ϳϴďƉƐ ŽŶ tĞĚŶĞƐĚĂLJ͘ KŶ dŚƵƌƐĚĂLJ͕

20

Flour Mills of Nigeria PLC

20.45

9.9%

0.5%

-29.5%

-29.5%

7.6%

2.3%

7.0x

0.6x

4.9%

14.2%

ƚŚĞ ^/ ŵĂƌŐŝŶĂůůLJ ŐĂŝŶĞĚ ϱďƉƐ͕ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶƐ ŝŶ

21

Transnational Corp of Nigeria

1.16

-0.9%

0.5%

-20.5%

-21.6%

13.6%

3.0%

5.5x

0.7x

1.7%

18.1%

9.50

&>KhZD/>>, E/d, and 'h Z Edz͘ tĞ ĂůƐŽ ŽďƐĞƌǀĞĚ Ă ŵĂũŽƌ

22

UAC of Nigeria PLC

0.0%

0.4%

-43.8%

-43.8%

1.4%

0.6%

74.5x

0.4x

6.8%

23

Diamond Bank PLC

0.88

2.3%

0.4%

-41.3%

-43.9%

-5.8%

-0.7%

ƐƉŝŬĞ ŝŶ ǀŽůƵŵĞ ƚƌĂĚĞĚ ŽŶ dŚƵƌƐĚĂLJ ĂƐ Ă ĐƌŽƐƐ ĚĞĂů ŝŶ E/d,

24

Total Nigeria PLC

-13.2%

-13.2%

34.6%

7.5%

7.0x

2.2x

8.5%

25

FCMB Group Plc

-1.9%

6.7%

1.0%

2.5x

0.2x

6.5%

39.2%

26

11 PLC

5.5x

1.8x

4.8%

18.1%

closed in the red, as sell-ŽīƐ ŝŶ E' D, E/' Z/ E

27

Forte Oil PLC

Z t Z/ ^ and t W K ĚƌĂŐŐĞĚ ƚŚĞ ŝŶĚĞdž ϵϲďƉƐ ƐŽƵƚŚǁĂƌĚƐ͘

28

PZ Cussons Nigeria PLC

E' D, 'h Z Edz and d/ ƌĞǀĞƌƐĞĚ ƉƌĞǀŝŽƵƐ ŐĂŝŶƐ ĂƐ ƚŚĞ

;ϲϬϬ ŵŝůůŝŽŶ ƐŚĂƌĞƐ Ăƚ EϮϰͿ ǁĂƐ ƌĞĐŽƌĚĞĚ͘ KŶ &ƌŝĚĂLJ͕ ƚŚĞ ŵĂƌŬĞƚ

Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ůŽƐƚ ϭ͘Ϯй t-o-t͘ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŵŝdžĞĚ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĂĚǀĂŶĐĞĚ t-o-t͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ŐĂŝŶĞĚ ƚŚĞ ŵŽƐƚ͕ ƵƉ ϭ͘ϰй t-o-t ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ KEd/^hZ ;нϲ͘ϰйͿ ĂŶĚ // K ;нϭ͘ϲйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ϭ͘ϭй ĂŶĚ Ϭ͘ϯй t-o-t ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ŝŶǀĞƐƚŽƌƐ ƚĂŬŝŶŐ ƉŽƐŝƟŽŶƐ ŝŶ E ^d> ;нϭ͘ϰйͿ and /Ed Z t ;нϭ͘ϴйͿ͕ DK /> ;нϭϬ͘ϬйͿ ĂŶĚ dKd > ;нϬ͘ϮйͿ͘ KŶ

0.0%

0.5%

1.55

2.6%

0.6%

165.00

0.0%

0.5%

-15.2%

-15.2%

38.0%

16.8%

19.20

1.1%

0.2%

-55.8%

-54.3%

29.7%

3.0%

9.70

7.8%

0.2%

-52.9%

-54.1%

1.5x

-10.9%

0.9x

1.5%

9.20

0.0%

0.3%

-41.3%

-41.0%

4.7%

1.9%

32.1x

1.5x

1.7%

3.1%

62.15

0.0%

0.4%

-9.3%

-9.3%

37.0%

24.8%

2.5x

0.8x

3.2%

40.7%

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

5.05

0.0%

0.3%

-35.3%

-32.8%

5.3%

1.0%

9.2x

0.5x

34

Julius Berger Nigeria PLC

20.50

-4.0%

0.3%

-26.8%

-26.8%

17.3%

1.8%

5.7x

0.9x

4.2x

35

Sterling Bank PLC

1.61

0.0%

0.4%

49.1%

42.5%

10.6%

1.1%

36

Dangote Flour Mills Plc

6.10

1.7%

0.1%

-49.8%

-49.8%

0.0%

0.0%

37

GlaxoSmithKline Consumer Niger

13.25

0.0%

0.2%

-38.7%

-38.7%

12.1%

7.2%

38

Chemical and Allied Products P

26.60

0.0%

0.2%

-21.8%

-25.5%

66.2%

30.2%

39

Beta Glass PLC

62.10

0.0%

0.2%

21.0%

21.0%

17.7%

11.5%

7.5x

40

Transcorp Hotels Plc

6.10

0.0%

0.1%

-15.4%

-15.4%

6.9%

3.8%

11.9x

T o p 10 G a i n e r s

10.9% 4.9%

17.6% 23.6%

0.4x

1.2%

0.8x

3.3%

10.6x

1.9x

56.8%

9.4%

12.4x

8.3x

7.1%

8.0%

1.2x

1.9%

13.3%

0.8x

2.0%

8.4%

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 %

20.45

9.9%

ϯ͘ϵйͿ͘

UN ION D A C

0.27

8.0%

PZ

9.70

7.8%

P R EST IGE

0.72

7.5%

LA SA C O

0.30

3.4%

T ic k er

Vo lum e

P ric e C hg %

D IA M ON D B N K

113.3

8.0%

NB

15.3

-2.3%

Z EN IT H B A N K

13.8

-0.6%

FB NH

11.8

0.0%

A C C ESS

11.6

-2.0% -0.6%

FCM B

1.55

2.6%

UB A

11.3

ƐƚŽĐŬƐ ƚŚĂƚ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ Ϯϯ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ

D IA M ON D B N K

0.88

2.3%

GUA R A N T Y

9.7

1.1%

ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ WZ ^d/' ;нϰϭ͘ϭйͿ͕ W

D A N GF LOUR

6.10

1.7%

D A N GF LOUR

4.2

0.0%

VIT A F OA M

3.40

1.5%

ST ER LN B A N K

4.2

0.0%

FO

19.20

1.1%

H ON YF LOUR

2.9

9.9%

t W K (-ϭϮ͘ϱйͿ ĂŶĚ > thE/KE (-ϴ͘ϴйͿ ůĞĚ ƚŚĞ ůŽƐĞƌƐ͛ chart ĨŽƌ ƚŚĞ ǁĞĞŬ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ĂŶ ƵŶĚƵůĂƟŶŐ

T o p 10 L o s e r s P ric e C hg %

IKEJ A H OT EL

1.85

-9.8%

J A IZ B A N K

0.41

-8.9%

ĨƵŶĚĂŵĞŶƚĂůůLJ ƐŽƵŶĚ ƐƚŽĐŬƐ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ĐŽƵŶƚĞƌĞĚ ďLJ

LA WUN ION

0.52

-8.8%

ƐƵďƐĞƋƵĞŶƚ ƐĞůů ŽīƐ͘ ,ŽǁĞǀĞƌ͕ ǁĞ ŵĂŝŶƚĂŝŶ ŽƵƌ ďĞĂƌŝƐŚ ŽƵƚůŽŽŬ

A GLEVEN T

0.33

-8.3%

WEM A B A N K

0.53

-5.4%

J A P A ULOIL

0.20

ŽŶ ƚŚĞ ŵĂƌŬĞƚ ŽǀĞƌ ƚŚĞ ŶĞĂƌ-ƚĞƌŵ͘

T ic k er

T o p 10 T r a d e s b y V a l u e

P ric e

ƚƌĞŶĚ ŝŶ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ

J B ER GER

Afrinvest Securities Limited (RC 603 315) (A Dealing Member of the Nigerian Stock Exchange)

14.4%

Cadbury Nigeria PLC

F LOUR M ILL

;нϭϴ͘ϯйͿ ĂŶĚ &>KhZD/>> ;нϭϱ͘ϭйͿ ǁŚŝůĞ /< : ,Kd (-ϭϴ͘ϱйͿ͕

1.3% -79.7%

Presco PLC

T ic k er

ŝŶĐƌĞĂƐĞĚ ƚŽ ϭ͘Ϯdž ĨƌŽŵ Ϭ͘ϳdž ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĨŽůůŽǁŝŶŐ Ϯϴ

0.1x

29

ϰ͘ϮйͿ͕ t W K (-ϭϮ͘ϱйͿ͕ 'h Z Edz (-ϭ͘ϰйͿ ĂŶĚ ^^ (-

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŚŝƐ ǁĞĞŬ͕ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

3.1%

30

ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ĚĞĐůŝŶĞĚ ďLJ ϱ͘ϯй ĂŶĚ Ϭ͘ϴй t-o-t ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ƐĞůů-ŽīƐ ŝŶ E' D (-

199.50

38.5% 24.5%

T ic k er

Value

P ric e C hg %

NB

1285.9

-2.3%

GUA R A N T Y

351.1

1.1%

Z EN IT H B A N K

331.3

-0.6%

D IA M ON D B N K

102.0

8.0%

FB NH

90.0

0.0%

-4.8%

A C C ESS

86.6

-2.0% -0.6%

20.50

-4.0%

UB A

86.1

OA N D O

4.90

-3.9%

N EST LE

42.7

0.0%

A F R IP R UD

3.60

-3.7%

F LOUR M ILL

39.7

-3.2%

A C C ESS

7.55

-1.9%

D A N GF LOUR

25.7

0.0%

Investment Research

Brokerage Ayodeji Ebo | aebo@afrinvest.com

Robert Omotunde |

Bolaji Fajenyo | bfajenyo@afrinvest.com

Jolomi Odonghanro | jodonghanro@afrinvest.com

romotunde@afrinvest.com

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

39

MARKET NEWS

Group Launches Pan -African Platform for Equity Investments Ebere Nwoji In line with efforts to grow intra- African trade through its structured trade financing programme, a trade finance group, New African Capital Partners (NACP), has launched pan-African investment platform. The platform focuses on equity investments, trade finance and corporate finance in Africa, as well as the provision of financial advisory services. Co-Founder and Chief

Executive Officer of NACP Charles Kie said NACPâ&#x20AC;&#x2122;s founders share a common dream of a prosperous Africa, built with African human resources and African expertise. â&#x20AC;&#x153;We have realised that there have been many years of discussions about how to drive the growth of African businesses, economies and trade, but that in reality, very little has been done to execute some of the ideas and proposals generated to transform Africa into its rightful role as a

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

global powerhouse, â&#x20AC;&#x153; Kie said. According to him, at NACP, they will be focusing their investments on industries that can build sustainable economic growth pan-Africa, and particularly those that foster regional integration. â&#x20AC;&#x153;Our ethos is to drive the value creation in our investments by leading their long-term transformation, and we will be co-investing in them alongside African-focused institutions,â&#x20AC;? he said. Co-Founder of NACP Paulo

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 2211-2018, unless otherwise stated.

Gomes said: â&#x20AC;&#x153;We are Africans who know Africa intimately and we have launched NACP with the firm intent of becoming the premier platform providing investment opportunities in companies that trade intra-Africa and between Africa and Asia. We are mapping and analysing specific industries, ecosystems and the companies to pinpoint those that have the growth potential to become the African Champions of tomorrow. For example, we intend to support the emergence

of a multinational pan-African financial services platform built around the highest standards of the industry. Institutional investors can benefit from our unrivalled entrepreneurial acumen, hands-on business experience, turnaround expertise, on-the-ground know how and high-level contacts which will be channelled into securing transformative investment opportunities, offering superior returns whilst making a real impact on African trade and development.â&#x20AC;?

According to him, honed by years of assessing and guiding commercial organisations in multiple sectors across the African continent, as well as understanding the need for responsible investment, the founders are identifying the growth prospects of tomorrow. Their philosophy includes rigorous screening for commercial viability, a hands-on management approach with investees and the independent thinking to leverage positive impact from investments.

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 162.07 163.32 -8.63% Afrinvest Plutus Fund 100.00 100.00 11.00% Nigeria International Debt Fund 273.52 274.97 18.32% 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 1.15% ACAP Income Funds 0.63 0.63 6.66% 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 2.21 2.22 -3.99% 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 16.39 16.88 -10.29% ARM Discovery Fund 353.83 364.50 -9.06% ARM Ethical Fund 28.21 29.06 3.25% ARM Money Market Fund 1.00 1.00 12.27% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 132.43 133.36 -12.70% AXA Mansard Money Market Fund 1.00 1.00 12.18% 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 0.00% Paramount Equity Fund 11.58 11.88 4.45% Women's Investment Fund 101.56 104.16 0.92% 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 12.14% Cordros Milestone Fund 2023 99.21 99.31 Cordros Milestone Fund 2028 97.59 97.92 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 12.21% Coronation Balanced Fund 0.85 0.86 Coronation Fixed Income Fund 1.11 1.11 10.95% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 11.72% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.48% 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 1,166.38 1,167.13 11.19% FBN Heritage Fund 142.81 144.04 2.41% FBN Money Market Fund 100.00 100.00 12.56% FBN Nigeria Eurobond (USD) Fund - Institutional 112.64 113.10 3.46% FBN Nigeria Eurobond (USD) Fund - Retail 112.39 112.86 3.34% FBN Nigeria Smart Beta Equity Fund 146.14 148.20 -7.99% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.22 1.25 -5.24% Legacy Debt Fund 3.21 3.21 10.94% Legacy USD Bond Fund 1.02 1.02 1.92% 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 2,954.10 2,983.13 -1.05% Coral Income Fund 2,728.18 2,728.18 11.44% 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 12.36% Nigeria Entertainment Fund 105.68 105.96 5.15% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 12.12%

Vantage Balanced Fund 2.15 2.17 1.92% Vantage Guaranteed Income Fund 1.00 1.00 14.88% Kedari Investment Fund (KIF) 122.97 123.18 6.85% 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 1.20 1.22 4.47% Lotus Halal Fixed Income Fund 1,084.35 1,084.35 12.32% 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 11.20 11.29 -13.52% Meristem Money Market Fund 10.00 10.00 11.42% 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 11.61% PACAM Fixed Income Fund 12.04 12.09 9.02% PACAM Money Market Fund 10.00 10.00 12.14% 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 126.71 127.11 -2.32% 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 1.68 1.68 13.19% 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 2,319.25 2,334.43 5.53% Stanbic IBTC Bond Fund 187.64 187.64 7.76% Stanbic IBTC Ethical Fund 0.96 0.97 -4.46% Stanbic IBTC Guaranteed Investment Fund 244.74 244.78 13.40% Stanbic IBTC Iman Fund 161.22 163.05 -9.98% Stanbic IBTC Money Market Fund 100.00 100.00 11.57% Stanbic IBTC Nigerian Equity Fund 8,637.35 8,743.30 -9.20% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 6.63% 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 -2.17% United Capital Bond Fund 1.57 1.57 9.93% United Capital Equity Fund 0.70 0.71 -7.86% United Capital Money Market Fund 1.00 1.00 0.00% United Capital Eurobond Fund 106.31 106.31 6.23% United Capital Wealth for Women Fund 1.08 1.09 4.01% 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 11.22 11.37 -7.28% Zenith Ethical Fund 12.10 12.20 -6.59% Zenith Income Fund 20.53 20.53 11.29% Zenith Money Market Fund 1.00 1.00 11.83%

REITS NAV Per Share

Yield / T-Rtn

9.00 139.21 51.55

-20.11% 5.10% 1.42%

Bid Price

Offer Price

Yield / T-Rtn

10.46 117.47 90.95

10.56 119.96 92.65

-11.66% -17.76% -16.75%

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

4.08 7.35 14.97 13.15 143.74

4.12 7.43 15.07 13.35 145.74

-13.95% -23.11% -14.24% -33.00% 6.80%

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 managerâ&#x20AC;&#x2122;s website and FMANâ&#x20AC;&#x2122;s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

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CITYSTRINGS

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

Putting Smiles on the Faces of Amputees About 300 hundred amputees last week in Benin City, Edo State, received free custom-made prosthetic limbs. Adibe Emenyonu who was at the event tells how the gesture was made possible by the office of the wife of Edo State Governor in conjunction with ISHK Limb Centre, and St. Theresa's Catholic Church

F

ifty-five-year-old Mrs. Oshafi Ebi, had her left leg cut off two years ago after an accident, which left her hospitalised for more than eight months. She ended up on a wheelchair. Similarly, Samuel Ufochukwu, a 60-year-old trader had one of his legs amputated after spending six months both at the conventional hospital and traditional bone setters, before the affected leg was finally cut off to avoid further decay. A clutch was recommended for him after the damaged leg was amputated to avoid further traumatic stress. Recounting his experience, he said the accident which almost killed him, occurred three years ago while coming back from Onitsha, where he went to buy goods to sell in Benin City. While the aforementioned persons had their own accidents when they are of age, Odinore Augustina, a worker with St. Theresa's Catholic Church, said hers happened when she was just six years old. More pathetic is that of Osaretin Idemudia, a timber merchant, who said his left leg was cut off right inside the forest when a tree fell right on one of his legs three years ago. However today, Idemudia, Augustina, Ufochukwu and Ebi now have a new lease of life. They can now walk without the aid of clutches and wheelchairs, courtesy of St. Theresa's Catholic Church, Benin; Edo First Lady, Mrs. Betsy Obaseki and ISHK Limb Centre, the humanitarian arm of Tolaran Group. The four are part of the 300 amputees whose faces now beam with smiles when their legs/ arms were fixed with prosthetic (artificial) limbs. In her remarks, during the fixing of the prostheses, wife of Edo State Governor, Mrs. Betsy Obaseki, said the gesture was the handiwork of Tolaran Group, a customer to Bank of Industry (BOI), where she works. Obaseki who came in company of the wife of the state deputy governor, Mrs. Maryann Shaibu, also thanked the beneficiaries for making themselves available, hoping that the replacement would improve their lives. She advised the beneficiaries to always get in touch with the committee that handled the exercise in case they have any issue with their prosthetic limbs. In his speech, Branch Coordinator, Tolaram Group, Bidlan Jaiprahash, told the beneficiaries to always keep their prosthetic limbs clean and avoid contact with water. He said should there be any case of damage, repairs can be made at a subsidised fee, adding that the replacement if properly taking care of, can last for a very long time. Speaking on behalf of St. Theresa's Catholic Church, Odinore Augustina, said with the limb replacement, (they) beneficiaries now have a new lease of life in the sense that they can move freely, unlike in the past when they move with the aid of clutches and wheelchairs. On behalf of the beneficiaries, Ebi, thanked the Edo first lady and all those who facilitated the prosthetic limb for them, adding that they are very happy that they can move about freely like persons with two legs.

With the limb replacement, (they) beneďŹ ciaries now have a new lease of life in the sense that they can move freely, unlike in the past when they move with the aid of clutches and wheelchairs

A cross section of beneďŹ ciaries at waiting to be attended to

Some of the prosthetic limbs

Mr. Samuel Ufochukwu trying to stand up after he was ďŹ xed with a prosthetic limb

Mrs. OshaďŹ Ebi after a prosthetic limb was ďŹ xed of her right leg

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CRIME&SECURITY CRIME SITUATION REPORTS

SECURITY TIPS (PART 28) r #F WJHJMBOU BU QVCMJD QMBDFT BT PCKFDUT TVDI BT CPNCT DBO CF LFQU by unscrupulous persons in unattended bags, packages, containers, cars, etc. r *O UIF VOGPSFTFFO DJSDVNTUBODFT PG B CPNC CMBTU TUBZ BXBZ GSPN UIF blast scene. Avoid the temptation of rushing to the scene (except you work with any of the security or emergency management agencies). Remember, terrorists often detonate secondary explosions in order to harm additional by-standers and on-lookers. r "MXBZT SFQPSU TVTQJDJPVT QFSTPOT PS NPWFNFOUT XJUIJO ZPVS neighbourhood to the police or other security agencies through available means of communication. r &WFSZ DJUJ[FO IBT B SPMF UP QMBZ JO UIF Ă HIU BHBJOTU UFSSPSJTN r $SJNJOBMT XPO U TVDDFFE JG TPNFPOF SFQPSUT TVTQJDJPVT BDUJWJUZ UIBU someone is you! r "DRVBJOU ZPVSTFMG XJUI QPMJDF FNFSHFODZ OVNCFST SOURCE: Nigeria Police Force Public Relations Department

EMERGENCY NUMBERS FOR IMO STATE POLICE COMMAND (a) Police Control Room Nos: 08034773600 or 08098880197 (b) Commissioner of Police: 07065679050 (c) Deputy Commissioner of Police (Admin): 08034895142 (d) Deputy Commissioner of Police, SCIID: 07032537681 (e) Deputy Commissioner of Police (Ops): 08036139111 (f) Area Commander Owerri: 08034501453 (g) Area Commander Orlu: 08033280491 (h) Area Commander Okigwe: 07037527225 J 1PMJDF 1VCMJD 3FMBUJPOT 0GĂ DFS *NP 4UBUF SOURCE: Imo State Police Command

POLICE STATIONS IN LAGOS WITH FAMILY SUPPORT UNIT

Tiamiyu

LASEMA Boss Cautions Lagosians on Safety The Lagos State Emergency Management Agency (LASEMA) has urged Lagosians to be safety conscious to demystify the negative report about the ember-months of September to December periods of the year, said to be often characterised by major emergency/ disaster such as auto crashes, fire outbreaks and other tragedies that often claim lives and properties. Speaking in his office at the Secretariat, Alausa, the General Manager LASEMA, Mr. Adesina Tiamiyu, noted that the period is mostly characterised with so many activities and high vehicular movement of people and goods in and out of the state with the festive activities of Christmas and New Year celebration. In a statement issued by LASEMA Spokesperson, Adebayo Kehinde, the general manager expressed the need for attitudinal change of the people, especially motorists/ commuters who feel the ember months are the time to double their hustle. He said in a rush to make more money and to get to their various destination at the least possible time at this period, these set of persons trigger major road accidents, which are caused by over speeding/

reckless driving, drinking of alcohol and not adhering to traffic rules. He emphasised that the ember months are just like every other month of the calendar year and as such, motorists are advised to ensure necessary safety precautions are strictly adhered to while driving, noting that erring offenders would be prosecuted by the state government. Tiamiyu stressed that LASEMA, Lagos State Fire Service, Lagos State Ambulance Service (LASAMBUS), Lagos State Traffic Management Authority (LASTMA), Nigerian Police Force, Nigeria Security and Civil Defence Corps (NSCDC) and all the other agencies that are important in the management of emergencies in the state have been put on red alert to secure and protect the lives and properties of people living and doing business in the state. He attributed one of the major causes of fire outbreak during ember months to the air becoming dryer, which he said encourages chain reaction of fire. He also cited cases of not switching off of electrical appliances when not in use, which he said sometimes

results to electrical fire outbreaks in public places like markets, malls and homes e.t.c, which are often difficult to control because of the dry season. He advised people to adopt electrical safety measures such as always switching off electrical appliances when not in use, avoiding naked wires, avoiding storage of combustible substances such as (PMS) petrol and kerosene to avoid fire outbreak. Tiamiyu however hinted that in a bid to stem occurrences of major disasters and emergencies in the state, the agency as part of its advocacy programme will be embarking on road show to sensitise Lagosians on the Lagos State Emergency Toll Free Line 112/767 as well as jingles on various media platforms on emergency prevention/ mitigation. Finally, he re-affirmed the commitment to Governor Akinwunmi Ambode at providing the necessary FRVJQNFOU BOE TVQQPSU BT well as his agency's readiness in the management of emergency/disaster in the state through prompt intervention and extending its tentacles to all the nooks and crannies of the state.

The Lagos State Police has released an update on police stations in the state that have Family Support Units (FSUs)/Gender Unit/Juvenile Welfare Centre (JWC) and phone numbers to reach them on. 1.Adeniji Adele, Lagos Island 09062887864 2. Isokoko 09062887856 3. Ilupeju 09062887848 4. Festac 09062887841 5. Alakuko 09062887861 6. Badagry 09062887852 7. Ajah 09062887849 8. Ikorodu (Igbogbo) 09062887858 9. Ketu 09062887866 10. Ikotun 09062887870 11. Gender Desk, Police Command, GRA 09062887853 12. Ikeja Divisional Police Station 09062887863 13. JWC Alakara 09062887859 SOURCE: Lagos State Police Command

LAGOS CP AND PRINCIPAL OFFICERS 1. CP Imohimi Edgal, Commissioner of Police Lagos State 08033040870 2. DCP Ayuba Elkanah Nabuni, Deputy Commissioner of Police Administration 08033422152 3. DCP Muhammed Ali Ari, Deputy Commissioner of Police Operations 08073666669 4.ACP Mohammed Danladi, Area Commander A, Lagos Island 08034668470 5. ACP Sani Sabo, Area Commander B Apapa 08038452224 "$1 (PEXJO &[F "SFB $PNNBOEFS $ 4VSVMFSF 7. ACP Akinbayo Olasoji, Area Commander D Mushin 08037140083 8. ACP Yusuf Ajape, Area Commander E Festac 08037073372 9. ACP Ibrahim Zungura, Area Commander F, Ikeja 08052058001 10. ACP Arumse J.D, Area Commander G Ogba 08033464144 11. ACP Miller Dantawaye, Area Commander H, Ogudu 08036695572 12. ACP Felix Oben, Area Commander J Elemoro 08033320682 13. ACP Hope Okafor, Area Commander K Morogbo 08026279242 14. ACP Ishola Olarenwaju, Area Commander L Ilashe, 0810321160 15 ACP Agbaminoja Toyin, Area Commander M Idimu 08081776484 16. ACP Mohammed Ahmadu, Area Commander N Ijede 08055554664 "$1 "CEVMTBMBN (B[BMJ "MBEF "SFB $PNNBOEFS 1 "MBHCBEP 08033539984 $41 $IJLF 0UJ 1PMJDF 1VCMJD 3FMBUJPOT 0GĂ DFS 1130 Source: The Lagos State Police Command

42

THISDAYt .0/%": /07&.#&3 ċď ċĉĊđ

THISDAYt MONDAY NOVEMBER 26, 2018

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THISDAYt MONDAY NOVEMBER 26, 2018

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THISDAYt MONDAY NOVEMBER 26, 2018

Commonwealth Enterprise and Investment Council (CWEIC) Roundtable

Commonwealth Enterprise and Investment Council (CWEIC) recently organized a Roundtable Trade Event tagged “Connecting the Commonwealth” with the theme “How can Businesses Leverage the Commonwealth Advantage to Enhance Trade with Nigeria”. The Roundtable was held in The City of Lagos in conjunction with Alderman Charles Bowman, Rt Hon The Lord Mayor of The City of London who led a top Business Delegation from UK (His first visit to Nigeria) with Dr. Okey Enelamah, Hon. Minister of Trade & Investment as Chief Host while President of Dangote Group, Alhaji Aliko Dangote shared his insights. CWEIC Strategic Partners and other top Business Leaders from across the Commonwealth of nations including Nigeria played key roles at the Roundtable Event.

Vice President Yemi Osinbajo welcoming Alderman Charles Bowman, The Rt Hon the Lord Mayor of the City of London in his first visit to Nigeria with Dr. Okey Enelamah, Hon. Minister of Trade & Investment (R), Immediate Past British High Commissioner, Paul Arkwright (L), Mr. Richard Burge, CEO, CWEIC and other members of the Lord Mayor’s Delegation.

L-R: Mrs. Folorunsho Alakija, Vice Chairman, Famfa Oil Ltd, Mr. Greg Ogbeifun, Chairman/CEO, Starzs Investment Company Ltd, Engr. Chibuike Achigbu, MD, Chimons Ltd, Mr. Samuel Bassey, Special Representative to Governor of Akwa Ibom State in Lagos representing Governor of Akwa Ibom State, Mr. Akin Ogunranti, Representative of Mr. Jim Ovia, Chairman Zenith Bank Plc (All CWEIC Strategic Partners) at the Roundtable.

Front, L-R: First Secretary (Trade), Deputy High Commission of Canada Marc-Andre Savage, Mr. Ibukun Adebayo, Manager, Business Development, London Stock Exchange, Ms. Shalom Lloyd, Founder, Naturally Tribal & CommonwealthFirst UK Export Champion and Mr. Peter Bamkole, Director, Enterprise Development Centre, Pan Atlantic University, Back, R-L; Mr. Chiedu Nweke, MD, CZAR Projects Ltd (CWEIC Strategic Partner), Mr. Ezekiel Egboye, Director Operations, Rack Centre Ltd, Mr. Philip Obioha, Chairman, Computer Warehouse Group Plc, Sir Franklin Ojukwu, GMD, Goshen Group, Arc. Johnny Ngonadi, President, Matrix Int’l Architects Consult Ltd and Dr. Boniface Chizea, Managing Partner, BIC Consulting and other Delegates at the Roundtable.

L-R: Mr. Brent E. Omdahl, Commercial Counselor, US Mission to Nigeria, Chief Kola Jamodu, CFR, Chairman, PZ Cussons Nigeria Plc and Mr. Nick Ranson, Director of Special Projects, PrudentialZenith at the Roundtable.

L-R: Immediate Past British High Commissioner, Paul Arkwright, Alderman Charles Bowman, The Rt Hon the Lord Mayor of the City of London, Alhaji Aliko Dangote, President/CEO, Dangote Group, Mr. Richard Burge, CEO, CWEIC and Dr. Okey Enelamah; Hon. Minister for Trade & Investment at the Roundtable.

R-L: Mr. Peter Obi, Chairman, Next International Ltd, Mr. Chris Oshiafi, GMD/CEO, Pan African Capital Holdings, Mr. Sam Okwulehie, MD/CEO, L. A. T Cleveson, Mr. Taofik Adegbite, MD/CEO, Marine Platforms (All CWEIC Strategic Partners) at the Roundtable.

L-R: Mr. Olusegun Awolowo, ED/CEO, Nigerian Export Promotion Council and Dr. Oguntimehin Olukayode, Permanent Secretary, Lagos Office of Overseas Affairs & Investment (Lagos Global) representing Governor of Lagos State (CWEIC Strategic Partner) at the Roundtable.

L-R: Mr. Peter Obi, Chairman, Next International Ltd, Mrs. Tina Wong, Chairman/CEO, Trussco Pte Ltd (Singapore CWEIC Strategic Partner & First visit to Africa) and British Deputy High Commissioner, Laure Beaufils at the Roundtable.

L-R: Mr. Paul Glennon, Principal, GlenQ Private Wealth Ltd (from Jersey), Mr. Hakeem Ogunniran, Founder/CEO, Eximia Realty Co Ltd, Mr. Akin Olawore, President, Nigerian British Chamber of Commerce and Mr. Alfred Okoigun Irabor, GMD, Arco Group Plc & other Delegates at the Roundtable.

L-R: Ms. Robbyn N. Thompson, Adjunct Professor, Banking, Economics and Finance Dept, University of The Bahamas (First visit to Africa) and Mr. Tom Isibor, Head ACCA, Nigeria at the Roundtable.

L-R: Ms. Njideka Anyanwu, CEO, DNA Global Resources Ltd, Mr. Rapheal Adebiyi, MD/CEO, Tabor Energy, Mrs. Chigozie Anyanwu, Creative Director, Graceton’s Style & Designs Ltd, Mr. Michael Ebbi, Head Strategy & Execution, Pan African Capital Holdings, Mr. Femi Akintunde, MD, Apha Mead, Mr. Tony Monye, CEO, Diffix Television Media Ltd, Mrs. Angela Bankole, CEO Annabel Mgt. Consult, Mr. Kunle Ogunde, HOD, RCI, Mrs. Temiwumi Banjoko, Senior Special Assistant to Lagos State Governor on Wealth Creation and other Delegates at the Roundtable.

L-R: Mrs. Tina Wong, Chairman/CEO, Trussco Pte Ltd, Mr. Richard Burge, CEO, CWEIC, Dr. Okey Enelamah; Hon. Minister for Trade & Investment, Alderman Charles Bowman, The Rt Hon the Lord Mayor of the City of London, Mr. Peter Obi, Chairman, Next International Ltd, Mr. Chris Oshiafi, GMD/CEO, Pan African Capital Holdings and Mr. Obinna Anyanwu, Country Head (Nigeria), CWEIC

The Connecting the Commonwealth Full Roundtable in Session

L-R: Ms. Shalom Lloyd, Founder, Naturally Tribal & CommonwealthFirst UK Export Champion, Mrs. Angela Bankole, CEO, Annabel Mgt Consult, Immediate Past British High Commissioner, Paul Arkwright, Mrs. Tina Wong, Chairman/CEO, Trussco Pte Ltd, Mr. Richard Burge, CEO, CWEIC, Dr. Okey Enelamah; Hon. Minister for Trade & Investment, Alderman Charles Bowman, The Rt Hon the Lord Mayor of the City of London, Mr. Peter Obi, Chairman, Next International Ltd, ritish Deputy High Commissioner, Laure Beaufils, Mr. Chima Akalezi, Mrs. Folorunsho Alakija, Vice Chairman, Famfa Oil Ltd, Mr. Chris Oshiafi, GMD/CEO, Pan African Capital Holdings, Mrs. Uju Ifejika, Chairman/CEO, Brittania-U Ltd, Dr. Oguntimehin Olukayode, Permanent Secretary, Lagos Office of Overseas Affairs & Investment (Lagos Global) representing Governor of Lagos State, Ms. Njideka Anyanwu, CEO, DNA Global Resources Ltd and Mr. Obinna Anyanwu, Country Head (Nigeria), CWEIC

L-R: Mr. Obinna Anyanwu, Country Head (Nigeria), CWEIC, Alhaji Aliko Dangote, President/CEO, Dangote Group, Mr. Richard Burge, CEO, CWEIC.

Alderman Charles Bowman, The Rt Hon the Lord Mayor of the City of London, (Center) with some Delegates at a reception hosted by The British High Commission at the British Residence in Lagos in his honour.

48

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THISDAYt MONDAY NOVEMBER 26, 2018

49

50

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THISDAYt MONDAY NOVEMBER 26, 2018

51

52

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THISDAYt MONDAY NOVEMBER 26, 2018

53

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RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 23rd-NOVEMBER 2018 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER

ITEM OF IMPORT

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

ASHOK LEYLAND NIGERIA LIMITED SHALINA HEALTHCARE NIGERIA LTD KEDILASO INTERNATIONAL LIMITED PENTAGON PLASTIC INDUSTRIES LIMITED SPECTRANET LIMITED SPECTRANET LIMITED ZENDINET INTERNATIONAL CO LTD MULTI-CHEM INDUSTRIES LTD GLOBAL MANUFACTURING ALLIANCE AND RICHYGOLD INTL LTD ZENDINET INTERNATIONAL CO LTD MULTI-CHEM INDUSTRIES LTD RAGI INDUSTRIES LIMITED OBOTICA INDUSTRIAL LTD SPECTRANET LIMITED FAPA COMPANY LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI CROPS GATE LIMITED PRUDENT ENERGY AND SERVICES LTD NATURAL PRIME RESOURCES NIGERIA LI GERADISCO

22

C JIMSON NIGERIA LTD

23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118

REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED FESTO AUTOMATION LIMITED REGATTA INDUSTRIES LIMITED DAG INDUSTRIES NIGERIA LTD DAILY NEED INDUSTRIES LIMITED DAG INDUSTRIES NIGERIA LTD JUBAILI AGROTEC LIMITED JULIUS BERGER NIGERIA PLC UCHE-SYLVA INTERNATIONAL LIMITED MASSILIA MOTORS LIMITED GUBABI AND COMPANY LIMITED MULTI-CHEM INDUSTRIES LTD OUTSPAN NIGERIA LIMITED OUTSPAN NIGERIA LIMITED SUMAL FOOD LIMITED MULTI-CHEM INDUSTRIES LTD RAGI INDUSTRIES LIMITED ELIZADE NIGERIA LIMITED RAGI INDUSTRIES LIMITED OLYMPIC INKS LIMITED INTEGRATED FISHERIES COMP LTD SABASTEEL INDUSTRIAL NIG LTD IRON PRODUCTS INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD BIMVENUS MULTIPURPOSE CONCEPT INTL SHAKTI INDUSTRIES LIMITED CHAB INVESTMENT COMPANY LIMITED IRON PRODUCTS INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD BUA SUGAR REFINERY LIMITED SABASTEEL INDUSTRIAL NIG LTD BUA SUGAR REFINERY LIMITED ESTENDO POWER PRODUCT CO LTD SABASTEEL INDUSTRIAL NIG LTD BUA SUGAR REFINERY LIMITED SABASTEEL INDUSTRIAL NIG LTD WIZCHINO ENGINEERING LIMITED TRALAT ENGINEERING N ENERGY SOLUTI SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED OVH ENERGY MARKETING LIMITED SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED TULCAN ENERGY RESOURCES LIMITED SARO AGROSCIENCE LIMITED SARO AGROSCIENCE LIMITED DANGOTE FLOUR MILLS PLC L PACEMAKER PHARMACEUTICALS LIMITED BUA SUGAR REFINERY LIMITED DANGOTE FLOUR MILLS PLC EDO CEMENT COMPANY LIMITED DANGOTE SUGAR REFINERY PLC TOMBO INDUSTRIES LIMITED ORIENTAL FOOD INDUSTRY LIMITED ADIREJE WEST AFRICA LTD NAKS INTERNATIONAL CO LTD TECHNOLOGY DISTRIBUTIONS LIMITED DAG INDUSTRIES NIGERIA LTD UBAH BLESSING NONYELUM AKWANG, EKERETTE ISAIAH AKALISUO, JAMES NAMUON UKALI MILLER HUMPHREY OKPARA CHIBUZOR UFONDU ONYINYE BLESSING AKINBOBOLA ADEMIPOSI ADELANKE UGBOR UCHENNA BENEDICT OMOTOSO OLUWATOBA VICTOR ACHIGBU CHRISTIANA NGOZI ALUKO BABAJIDE EMMANUEL ALUKO TAIYE OLUWAKEMI WAKWE VICTOR CHUKWUMA AKANJI SHAMSINDEEN OLANREWAJU OGUNSAN FOLASHADE OBIANUKA EBUKA PEMU ORITSEGBEMI KELVIN ALMAKURA HAFSI AHMED ACHIGBU CHRISTIANA NGOZI OKORO UDODIRIM VIVIAN JAMES NGOZI FELICIA OYEWOLE ADEDOYIN EYITAYO OKONKWO JOY NDIDIAMAKA EDU OLUWAROTIMI OLADIPUPO IFATUROTI VICTOR ADEOLA OJUKWU CHINWE FLORENCE THE SLAY NETWORK LTD ALABI OLADELE ADEBIYI PROMASIDOR NIGERIA LIMITED

119 120 121 122 123 124 125 126 127

PROMASIDOR NIGERIA LIMITED PURECHEM INDUSTRIES LIMITED PURECHEM INDUSTRIES LIMITED SCC NIGERIA LIMITED (2) OMOLOLU AJIBADE BABATUNDE EKWO ANTONIA MRS OKONKWO OGECHUKWU ALABI AYODEJI OLUWATOMISIN AJOKU KEMJIKA BENAIAH

PAYMENT OF VEHICLE PARTS MEDICINE PURCHASE OF WASHING MACHINES IMPORT OF INDUSTRIAL RAW MATERIAL - POLYPROPYLENE Wireless Communication Apparatus to be used in LTE Wide Area Network Wireless Communication Apparatus to be used in LTE Wide Area Network MOTORCYCLE SPARE PARTS INDUSTRIAL RAW MATERIALS - MENTHOL CRYSTAL ROCIMA IMPORTATION OF PHARMACEUTICAL RAW MATERIAL WASHING MACHINE,NYLON SEALER Isreal Adebayo Close, Off Ladipo Oluwole Avenue, Ikeja., Lagos, Ikeja, Lagos AGRICULTURAL HERBICIDE - BUTAM 50 EC (BUTACHLOR 50% EC) IMPORTATION OF AC MOTORS Wireless Communication Apparatus to be used in LTE Wide Area Network PAYMENT OF GOODS(MOTORCYCLE SPARE PARTS) FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG PAYMENT FOR AGRICULTURAL HERBICIDE IMPORTATION OF PETROLEUM PRODUCTS SODIUM TRIPOLYPHOSPHATE BEING PAYMENT FOR LPG CYLINDER, CYLINDER HANDLE, CYLINDER BASE, LPG BURNER, LPG HOSE ETC PAYMENT FOR STATIC CONVERTE-AVR (500WATTS) MODEL SY-300W SUPERVISION BRAND, BABY DRY LOVE DISPOSEABLE BABY DAIPERS MINI FAN BLADE SV300Y, SUPERVISION BRAND IMPORT OF INDUSTRIAL RAW MATERIAL - HDPE IMPORT OF INDUSTRIAL RAW MATERIAL - CYCLOHEXANONE IMPORT OF INDUSTRIAL RAW MATERIAL - XYLENE IMPORT OF INDUSTRIAL RAW MATERIAL - IPA IMPORTATION OF PNEUMATIC MACHINE PARTS FOR PRODUCTION LINES IN MANUFACTURING COMPANIES IMPORT OF INDUSTRIAL RAW MATERIAL - METHYLENE CHLORIDE BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION PURCHASE OF PHARMACEUTICAL REW MATERIALS BAJAJ BOXER- BM100CC MOTORCYCLE IN CKD PACKED CONDITION AGRICULTURAL HERBICIDES TO IMPORT BUILDING MATERIA, SPARES AND CONSUMABLES IMPORTATION OF ABS PLASTER OF PARIS NEW MITSUBISHI ECLIPSE payment of Gubabi re-inforced fire resistant safe INDUSTRIAL RAW MATERIALS - ENZYMES NPK 15-15-15 IN BULK NPK 15-15-15 IN BULK HEAT SEALABLE WAX INDUSTRIAL RAW MATERIALS -Â STYRENE ACRYLONITRILE (SAN) COPOLYMER INDUSTRIAL RAW MATERIALS -SODIUM SALT OF FATTY ACID STEARATE JAC LIGHT DUTY TRUCKS INDUSTRIAL RAW MATERIAL - SODIUM SALT OF FATTY ACID STEARATE IPEA 1477 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:CHANNELS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS HOT ROLLED STEEL SHEETS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL RAW MATERIAL FO MANUFACTURING HOT ROLLED STEEL LOW DENSITY POLYETHYLENE LOTRENE FE3000 IMPORTATION OF 1400 TONS OF AZ MOLDA, PLASTER OF PARIS BRANCD RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS RAW SUGAR IN BULK HOT ROLLED STEEL (SHEETS) 7000MTS OF RAW SUGAR IN BULK IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW SUGAR IN BULK RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS IMPORTATION OF BORING AND ROTARY DRILLING MACHINE FILTER ELEMENTS 26''CYL SSW FILTER ELEMENT 26''CONE SSW AGRICULTURAL HERBICIDE- SLASHER AGRICULTURAL HERBICIDE- ATRAZINE 1L AGRICULTURAL HERBICIDE- STRIKER BASEOIL AS PER PFI MB/040518 AGRICULTURAL INSECTICIDE- HALLAKAT AGRICULTURAL HERBICIDES/INSECTICIDES TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 10,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED AGRICULTURAL HERBICIDE- STRIKER AGRICULTURAL HERBICIDES/INSECTICIDES MILLING WHEAT IMPORTATION OF PHARMACEUTICAL DRUGS RAW SUGAR IN BULK MILLING WHEAT MACHINERY FOR EDO CEMENT 16,100MT BRAZILIAN CANE RAW SUGAR For purchase of raw materials ANHYDROUS MILKFAT IMPORTATION OF GAZPROMNEFT HD50 205L PURCHASE OF DRIED ANIMAL FEED IMPORTATION OF HP PROLIANT PERFORMANCE SERVER BAJAJ BOXER -BM100CC MOTORCYCLE IN CKD PACKED CONDITION PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION BULK MULTI-PLY BAGS MIKSI FAT FILLED MILK POWDER INSTANT FORTIFIED (RAW MATERIAL FOR PROCESSING 8,320.00OF 25KG BAG 208TONS BULK MULTI-PLY BAGS COWBELL INSTANT MILK POWDER FORTIFIED (RAW MATERIAL FOR PROCESSING 10,080.00 OF 25KG BAG 252.00TONS) REPAYMENT OF EXTERNAL LOAN REPAYMENT OF EXTERNAL LOAN INTERNET SERVICES PTA PTA PTA PTA PTA

DATE OF USD EXFUND CHANGE SALE RATE 19-Nov-18 349.50 19-Nov-18 344.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 344.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 345.50 19-Nov-18 342.00 19-Nov-18 342.50 19-Nov-18 340.50 19-Nov-18 340.50 19-Nov-18 340.50

AMOUNT

SN CUSTOMER

ITEM OF IMPORT

10,000.00 1,000.00 24,000.00 8,000.00 225,305.00 170,000.00 7,000.00 13,000.00 20,000.00 1,000.00 19,000.00 21,000.00 25,000.00 52,000.00 229,383.41 18,000.00 102,000.00 9,000.00 364,000.00 65,000.00 14,000.00

128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258

PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION 190 UNITS OF ACTROS 3340S S-CAB. TO IMPORT BUILDING MATERIA, SPARES AND CONSUMABLES CARTONS OF COWBELL TINA FOLLOW UP FORMULA (6-12 MONTHS) 400G TIN-OPE 326602 ALUMINIUM COILS 4,200 MIXTURE OF ODORIFEROUS SUBSTANCE BSC315157 THREE WHEELERS (200CC MOTORIZED TRICYCLES SPARK IGNITION) IN CKD - TVS BRAND, ENGINE TYPE: 4 STROKE PETROL VERSION LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT CAR BATTERIES STEEL DOORS DISC HARROWS WATER PUMP AIRCONDITION BRACKETS DIVIDEND AND CAPITAL REPATRIATION WASHING MACHINE,NYLON SEALER NEW MOTORCYCLE AC MOTOR IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT IMPORT OF INDUSTRIAL RAW MATERIAL - HDPE ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING ARTIFICIAL RESINS RAW MATERIAL FOR PRINTING INDUSTRY: INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: TRANSPONDER SERVICE FEE REFRON REFRIGERANT GAS R-22 IMPORTATION OF AC MOTORS REFRON REFRIGERANT GAS R-22 MOTOCYCLE SPAREPARTS INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: AC MOTOR INDUSTRIAL RAWMATERIAL FOR PRODUCTION OF EXERCISE BOOKS: INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: AGRICULTURAL HERBICIDE ("SUNPHOSATE 360 SL" BRAND) DIVIDEND AND CAPITAL REPATRIATION ZEOLITE JAC LIGHT DUTY TRUCKS NPK 15-15-15 IN BULK JAC PASSENGER CARS (SKD) MODEL IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR IMPORT OF INDUSTRIAL RAW MATERIAL - DOP SORBITOL WHITE OIL AGRICULTURAL HERBICIDES NON WOVEN HEAT SEALABLE WAX IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR CITRO 704 IMPORTATION OF RAW MATERIALS (INDUSRIAL CHEMICALS) INDUSTRIAL RAW MATERIALS: PAPER FOR THE PRINTING INDUSTRY IMPORTATION OF NEW AGRICULTURAL WATER PUMP IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR IMPORTATION OF NEW PORTABLE AGRICULTURAL WATER PUMP AGRICULTURAL HERBICIDES AGRICULTURAL HERBICIDES LOAN REPAYMENT LOAN REPAYMENT WATER PUMP SPORTS EQUIPMENT KNIFE SWITCH SANITARY WARES PHARMACEUTICALS/INJECTIONS WATER PUMP SPEAKER KNIFE SWITCH UMBRELLA SPORTS EQUIPMENT SPROCKET BULBS(BRAND:PILLA) SPORTS EQUIPMENT DISC HARROWS UMBRELLA HOSPITAL EQUIPMENT (FIRST AID BOXES) HOSPITAL EQUIPMENT (FIRST AID BOXES) NEW MOTORCYCLE SPARE PARTS MEDICAL DEVICES UMBRELLA WATER PUMP BULBS(BRAND:PILLA) AIRCONDITION BRACKETS WATER PUMP UMBRELLA POLISHED GRANITE INVERTERS MEDICAL STERILIZER(AUTOCLAVE) DISC HARROWS NEW MOTORCYCLE SPARE PARTS ELECTRICAL CABLE SINGE CORE INVERTERS INDUSTRIAL RAW MATERIAL (DEXTROSE MONOHYDRATE) HAMMER AIRCONDITION BRACKETS UMBRELLA AUTOMATIC VOLTAGE REGULATOR (STABILIZER) WATER PUMP PTA PTA PTA PTA PTA PTA PTA

19-Nov-18

340.50

19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18

331.50 19,000.00 331.50 9,000.00 331.50 21,614.00 331.50 5,000.00 337.50 1,000.00 331.50 51,000.00 348.50 148,000.00 348.50 5,000.00 348.50 174,000.00 348.50 82,000.00 348.50 36,000.00 348.50 74,000.00 345.00 12,000.00 347.00 19,000.00 345.50 58,000.00 345.00 58,000.00 345.00 57,000.00 344.50 10,000.00 345.50 72,000.00 345.50 34,000.00 347.00 1,000.00 345.50 51,000.00 342.00 90,000.00 342.00 11,000.00 342.50 78,000.00 342.50 92,000.00 342.50 34,000.00 342.50 202,000.00 342.50 154,000.00 342.50 800,000.00 342.00 11,000.00 342.50 15,000.00 342.50 150,000.00 342.50 120,000.00 342.50 210,000.00 342.50 144,000.00 342.50 91,000.00 342.00 210,000.00 342.50 153,000.00 342.00 340,000.00 342.00 5,000.00 342.50 90,000.00 342.00 100,000.00 342.50 88,000.00 342.50 31,000.00 341.50 98,000.00 340.50 340,000.00 340.50 120,000.00 340.50 165,000.00 340.50 114,000.00 340.50 120,000.00 340.50 30,000.00 340.50 288,000.00 340.50 400,000.00 340.50 54,000.00 339.00 500,000.00 339.50 2,000.00 340.00 2,000,000.00 339.00 500,000.00 340.00 3,000,000.00 339.00 120,000.00 339.50 25,000.00 340.00 10,000.00 333.51 2,000.00 338.00 107,000.00 330.50 2,000.00 315.00 500,000.00 358.50 4,000.00 358.50 2,000.00 358.50 4,000.00 358.50 500.00 358.50 3,400.00 358.50 3,000.00 358.50 700.00 358.50 4,000.00 358.50 4,000.00 358.50 967.50 358.50 4,000.00 358.50 4,000.00 358.50 3,000.00 358.50 4,000.00 358.50 4,000.00 358.50 4,000.00 358.50 4,000.00 358.50 4,000.00 358.50 3,000.00 358.50 4,000.00 358.50 4,000.00 358.50 4,000.00 358.50 2,000.00 358.50 4,000.00 358.50 4,000.00 358.50 4,000.00 362.50 96,800.00 357.00 13,000.00 362.50 123,280.00

14,000.00

19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18

364.00 364.00 362.50 360.00 358.50 358.50 358.50 358.50 358.50

535,500.00 422,604.00 226,720.00 16,500.00 4,000.00 4,000.00 4,000.00 300.00 575.45

HOPE-DABOR IRENE AFFI AJOKU KEMJIKA BENAIAH OKONWANJI IRO-UWA SANDRA UGBODAGA GEOFFREY YAKUBU ONIANWA CHEKWUBECHUKWU OJUKWU SAMUEL IFEANYICHUKWU OJUKWU AGNES AWAJIKACHILOM AJAYI VALERIA NGOZI OKONWANJI IRO-UWA SANDRA OGBUELI CHIKA JACINTA IGBOBO OLAYINKA FAMOYIN AKINBOBOLA GABRIEL AJAYI EMMANUEL IYAGWERE EGBUNIWE DANIEL EJOOR JATTO SAMUEL ONIMISI IYAYI VERO ORUS THE SLAY NETWORK LTD THE SLAY NETWORK LTD EMO WIN NIGERIA SERVICES DIUGWU CHUKWUDI ANSELM ONWUKWE KINGSLEY IKECHUKWU ALAGOA JOSEPH G. DIUGWU CHUKWUDI ANSELM EBONG EBONG EYIBIO TRANSPORT SERVICES LIMITED JULIUS BERGER NIGERIA PLC PROMASIDOR NIGERIA LIMITED NAMPAK BEVCAN NIGERIA LIMITED PROMASIDOR NIGERIA LIMITED WANDEL INTERNATIONAL NIG LTD INT TOWERS LIMITED INT TOWERS LIMITED PURECHEM INDUSTRIES LIMITED INT TOWERS LIMITED SMILE COMMUNICATIONS NIGERIA LTD INT TOWERS LIMITED GREPOWER GLOBAL INDUSTRY LIMITED ARIZONA ELECTRONICS LTD ATHANATOS GLOBAL INNOVATIONS LTD C R MAJESTY LIMITED SOBIS COMMUNICATIONS LTD THE SLAY NETWORK LTD ZENDINET INTERNATIONAL CO LTD ZENDINET INTERNATIONAL CO LTD OBOTICA INDUSTRIAL LTD SACRAL INDUSTRIES LTD REGAL CHEM NIGERIA LIMITED CKS INTERNATIONAL LIMITED AFTRADE NIGERIA LIMITED VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED STRONG TECHNOLOGIES LIMITED FRANKENSTEIN INNOVATORS LIMITED OBOTICA INDUSTRIAL LTD FRANKENSTEIN INNOVATORS LIMITED KEDILASO INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED OBOTICA INDUSTRIAL LTD VISTA INTERNATIONAL LIMITED VISTA INTERNATIONAL LIMITED WYNCA SUNSHINE AGRIC PRODUCT NIG LT THE SLAY NETWORK LTD DARAJU INDUSTRIES LIMITED COLLECTI ELIZADE NIGERIA LIMITED OUTSPAN NIGERIA LIMITED ELIZADE NIGERIA LIMITED ESTENDO POWER PRODUCT CO LTD REGATTA INDUSTRIES LIMITED DARAJU INDUSTRIES LIMITED COLLECTI DARAJU INDUSTRIES LIMITED COLLECTI JUBAILI AGROTEC LIMITED DARAJU INDUSTRIES LIMITED COLLECTI SUMAL FOOD LIMITED ESTENDO POWER PRODUCT CO LTD DARAJU INDUSTRIES LIMITED COLLECTI TOMBO INDUSTRIES LIMITED STUDIO PRESS NIGERIA PLC POWERLINK BUSINESS ENTERPRISES LIMITED ESTENDO POWER PRODUCTS CO.LTD ESTENDO POWER PRODUCTS CO.LTD JUBAILI AGROTEC LIMITED JUBAILI AGROTEC LIMITED INT TOWERS LIMITED INT TOWERS LIMITED EVERGREEN DUTY FREE LIMITED ARMOR ORTHOPEDICS LTD NAMATECH GLOBAL SERVICES LTD GUARANTEE BATHROOMS LIMITED A.C. TONEK AND GEN. ENT. LTD STANBUGGY DE RISEN SUN VENTURES CEPAUL NIGERIA LTD NAMATECH GLOBAL SERVICES LTD ANYI-JUBEN NIGERIA LIMITED PEACE SKY ENTERPRISES MECON TRUST LINK COMPANY LTD PERFECT VISUAL PEACE SKY ENTERPRISES 2 POINT AGENDA GLOBAL SERVICES LIM C C KENCHRIS VENTURES LIMITED RAPHFRANK IMPEX LIMITED RAPHFRANK IMPEX LIMITED ABOYE-KH OVERSEAS AGENCIES LIMITED FRANGLY PHARMACEUTICAL AND CO.LTD OLIVE MICHEAL ENT LTD DE MIKE COSMETICS LIMITED E O INTERNATIONAL COMPANY LIMITED CHARLES-CHINEX VENTURES LIMITED IROMEM LIMITED E N OKAFOR AND SONS NIGERIA ENTERPRISES FIRST SON MARBLE AND GRANITE LTD DIVINE PIK INVESTMENT LIMITED ST LUKES PHARMACEUTICALS LTD 1 POINT AGENDA INTER LINKS LIMITED MAGXON CONTINENTAL LIMITED VAL AND WILE MULTI BUSINESS LTD LOTASHON INTERNATIONAL COMPANY LIMITED CICA CHEMICALS LIMITED CROWN SONICAL CHEMICAL IN CLIMAX JOE INTEGRATED RESOURCE CRESCENT NURSERY AND PRIMARY SCHOOL MEKAI GLOBAL RESOURCES LIMITED TOTOWN NIGERIA LIMITED OLUKOLU MOJISOLA ABOSEDE KALEJAIYE ADERINSOLA RUKAYAT NWOKAH NJOBUENWU GLADSON OLALEKAN OLUKAYODE JAMES KAYODE OLUWASEYI KEMI ONYEKA OBIOMA DAMIAN IGBOKWE GLORY IJEOMA

DATE OF USD EXFUND CHANGE SALE RATE 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 363.00 21-Nov-18 362.00 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 363.00 21-Nov-18 363.00 21-Nov-18 364.50 21-Nov-18 363.00 21-Nov-18 364.50 21-Nov-18 315.00 21-Nov-18 362.00 21-Nov-18 363.00 21-Nov-18 364.50 21-Nov-18 351.00 21-Nov-18 362.25 21-Nov-18 363.00 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 358.50 21-Nov-18 364.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 362.00 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 364.00 22-Nov-18 364.00 22-Nov-18 364.00 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 356.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50 22-Nov-18 358.50

AMOUNT 3,885.30 647.55 388.53 3,988.91 3,885.30 4,000.00 4,000.00 2,000.00 3,600.00 3,000.00 2,500.00 650.00 4,000.00 2,000.00 3,300.00 600.00 933,898.73 19,395.53 2,200.00 2,672.38 3,635.78 4,500.00 2,824.17 5,000.00 250,000.00 145,367.93 462,571.20 22,542.61 422,020.00 283,600.00 5,000.00 1,018,071.07 3,420,770.09 119,942.44 505,000.00 1,018,071.07 15,900.00 10,000.00 20,000.00 20,000.00 20,000.00 2,000.00 76,712.10 148,800.00 2,094.90 82,000.00 11,440.00 110,824.00 26,400.00 35,454.40 38,449.92 21,211.66 100,000.00 16,958.30 58,997.50 15,244.50 8,566.88 37,094.52 9,969.73 7,159.98 43,555.29 36,307.15 50,000.00 56,235.00 136,170.00 4,945.00 174,800.00 21,000.00 27,000.00 188,000.00 17,576.00 66,000.00 41,063.04 55,700.00 42,785.00 22,016.00 84,850.00 30,430.37 26,276.02 0.60 4,539.03 3,797.79 124,147.74 9,989.22 1,272,588.83 717,421.95 20,000.00 15,000.00 5,450.00 20,000.00 15,813.00 20,000.00 20,000.00 10,000.00 20,000.00 4,000.00 20,000.00 20,000.00 5,000.00 20,000.00 20,000.00 10,000.00 10,000.00 20,000.00 10,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 19,800.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 4,000.00 4,000.00 1,100.00 3,500.00 1,115.00 4,000.00 4,000.00

55

MONDAY NOVEMBER 26, 2018 ˾ T H I S D AY

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED rd FRIDAY 23 -NOVEMBER 2018 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER

ITEM OF IMPORT

259 259 260 260 261 261 262 262 263 264 263 265 264 266 265 267 266 268 267 269 270 268 271 269 272 270 273 271 274 272 275 276 273 277 274 278 275 279 276 280 281 277 282 278 283 279 284 280 285 281 286 287 282 288 283 289 284 290 285 291 286 292 223 287 224 288 225 289 226 290 227 291 228 229 292

PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA

ELEBE ELEBE OBARO OBARO REXON REXON ABE OLUKAYODE OLAOLUWA ABE OLUKAYODE OLAOLUWAFESTUS FESTUS ALUBAKAR UGOCHUKWU ABEL ALUBAKARIFEANYI UGOCHUKWU OGBUEFI CHRIS ABEL OGBUEFIUSMAN IFEANYIAHMED CHRIS SHUWA OBOH SHUWASAMUEL USMAN AHMED OSHIN OLUWATOYIN IBUKUNOLUWA OBOH SAMUEL ANJORIN SHUKURAT ADESUPO OSHIN OLUWATOYIN IBUKUNOLUWA OKONKWO IHUARULA EJUWA ANJORIN SHUKURAT OKONKWO UCHENNAADESUPO ONYEKWELU OKONKWO IHUARULA EJUWA ADENIYI ALFRED ADEBAYO LAWAL TEMITOPE OKONKWO UCHENNA ONYEKWELU ORJI IFEANYI JONATHAN ADENIYI ALFRED ADEBAYO JOSHUA NGOZI MARTHA LAWAL TEMITOPE AIDEYAN FRIDAY OSAGIE ORJI IFEANYI JONATHAN SANNI WAHEED JOSHUAWAHEED NGOZI MARTHA SANNI OBOT FABIAN GREGORY AIDEYAN FRIDAY OSAGIE AKPAN PETER BENEDICT SANNI WAHEED OKE OYEFUNKE IDAYAT SANNI WAHEED USHIE AGNES EDEJE OBOT FABIANANTHONIA GREGORYNKIRUKA NWAEFUNA OTITOLOJU EMMANUEL AKPAN PETER BENEDICTOLUMIDE EKWEANUA LAWRENCE OKE OYEFUNKE IDAYAT CHIMA UDOM IMAOBONG USHIE AGNES EDEJEEMEFEN EZEH CHRISTIAN UGOCHUKWU NWAEFUNA ANTHONIA NKIRUKA SHOBOWALE ADENIKE IYABODE OTITOLOJU EMMANUEL OLUMIDE AMBAIOWEI RODNEY EBIKEBINA BOBMANUEL OMUBO STANDFAST EKWEANUA LAWRENCE CHIMA EHIGIATOR AYO ODEGUA UDOM IMAOBONG EMEFEN AWORAWO FRIDAY GOOD EZEH CHRISTIAN UGOCHUKWU ADELEYE ADETUNJI OLUDARE SHOBOWALE ADEOYE FELIXADENIKE OLAYINKAIYABODE AMBAIOWEI RODNEY EBIKEBINA EMEH PAUL ONYEMA KWANASHIE BOBMANUELHELEN OMUBOOCHUKO STANDFAST CHUKWUDOLUE UBAKA CHRISTAIN EHIGIATOR AYO ODEGUA ADERIBIGBE OLUBISI GEORGE AWORAWO FRIDAYOLISAELOKA GOOD EMODI NEBOLISA ADELEYELINDA ADETUNJI EMODI CHICHIOLUDARE ADEOYE FELIXOLAYINKA OLAYINKAAINA AKINWUMI ANICHUKWU CHJRISTOPHER CHUKWUMA EMEH PAUL ONYEMA

DATE OF FUND SALE 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 23-Nov-18 22-Nov-18 23-Nov-18 22-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 23-Nov-18 16-Nov-18 23-Nov-18 16-Nov-18 23-Nov-18 16-Nov-18 23-Nov-18 16-Nov-18 23-Nov-18 16-Nov-18 23-Nov-18 16-Nov-18 16-Nov-18 23-Nov-18

USD EXCHANGE RATE 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50

AMOUNT 4,000.00 4,000.00 3,989.50 3,989.50 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 1,400.00 4,000.00 1,000.00 1,400.00 1,400.00 1,000.00 4,000.00 1,400.00 4,000.00 4,000.00 1,400.00 1,000.00 4,000.00 4,000.00 1,400.00 4,000.00 1,000.00 4,000.00 4,000.00 1,100.00 4,000.00 1,944.75 4,000.00 4,000.00 2,000.00 1,100.00 4,000.00 1,944.75 1,390.00 4,000.00 1,500.00 4,000.00 2,000.00 4,000.00 4,000.00 518.60 1,390.00 4,000.00 1,500.00 4,000.00 4,000.00 3,000.00 4,000.00 4,000.00 2,000.00 518.60 500.00 4,000.00 4,000.00 4,000.00 4,000.00 3,000.00 4,000.00 1,200.00 4,000.00 4,000.00 2,000.00 4,000.00 500.00 4,000.00 4,000.00 4,000.00 4,000.00 2,300.00 4,000.00 4,000.00

RETURNS ON UTILIZATION OF FUNDS SOLD (CNY) TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 23RD-NOVEMBER 2018 SN CUSTOMER

ITEM OF IMPORT

1

SEASONS TRADING SERVICES LIMITED

2

HONT GLOBAL SERVICES LIMITED

3 4

ESTENDO POWER PRODUCT CO LTD ESTENDO POWER PRODUCT CO LTD

IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR FOR PURCHACSE OF FILM BLOWING MACHINE, AUTOMATIC SHOPPING BAG MAKING MACHINE, 4 COLOUR PRINTING MACHINE, SLITTING MACHINE, MINI TYPE FILM BLOWING MACHINE AND PLASTICS RECYCLING MACHINE IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR IMPORTATION OF NEW PORTABLE AGRICULTURAL WATER PUMP

DATE OF CNY EX- AMOUNT FUND CHANGE SALE RATE 19-Nov-18 49.50 1,350,000.00 19-Nov-18

50.00

5,929.61

19-Nov-18 19-Nov-18

49.50 49.50

24,882.12 31,099.60

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 23RD-NOVEMBER 2018 SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59

SOURCE CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS OTHERS OTHERS CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OTHERS CENTRAL BANK OF NIGERIA OTHERS OTHERS

DATE OF FUND PURCHASE 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 19-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 21-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 22-Nov-18 23-Nov-18

USD EXCHANGE RATE 348.02 344.95 341.87 341.00 340.00 339.32 334.27 330.00 356.00 361.50 363.00 361.50 306.75 306.70 306.70 306.70 306.70 306.70 305.66 306.70 306.70 362.00 306.70 363.51 363.73 355.00 363.42 363.55 305.70 362.00 363.00 350.00 350.00 361.00 361.00 361.00 306.75 356.00 356.00 356.00 356.01 356.00 356.00 356.00 356.00 356.00 356.00 363.50 306.75 309.00 356.00 356.00 356.00 357.00 357.00 361.00 356.00 362.00 362.00

TOTAL AMOUNT AVERAGE AMOUNT

SN 1

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 23RD-NOVEMBER 2018 SOURCE DATE OF FUND PURCHASE CNY EXCHANGE RATE CENTRAL BANK OF NIGERIA 9-Nov-18 49.00 TOTAL AMOUNT AVERAGE AMOUNT

AMOUNT 529,000.00 1,205,688.41 3,330,000.00 98,000.00 2,088,000.00 6,157,000.00 215,614.00 2,000.00 13,000.00 350,000.00 958,104.00 96,800.00 20,000.00 297,740.76 1,956,128.44 184,819.10 11,233.92 144,172.76 138,618.86 95,216.36 117,174.12 4,505,000.00 18,918.33 7,497.79 15,171.69 21,651.69 8,708.36 14,164.94 16,792.44 5,000.00 400,000.00 24,784.00 78,366.00 19,395.53 23,187.24 346,534.00 10,000.00 216.81 197.53 302.25 27.82 666.64 45,223.25 34,338.26 67,728.25 6,708.67 151,293.99 6,307,005.73 20,000.00 2,000.00 323.68 74,589.29 2,000,000.00 1,000,000.00 1,000,000.00 56,235.00 2,000,000.00 100,000.00 88,760.00 36,479,099.91 618,289.83

AMOUNT 1,411,911.33 1,411,911.33 1,411,911.33

INTERNATIONAL

22 Dead as Uganda Boat Capsizes Twenty-two people have died and more than 60 are feared drowned after a pleasure boat sank on Lake Victoria, Ugandan police said Sunday. The vessel carrying close to a hundred revellers sank during bad weather on Saturday in the latest deadly incident to affect passenger boats on Africa’s largest lake. “Twenty-two bodies have been recovered and 26 people rescued,” said Asuman Mugenyi, director of operations for the Uganda police. “According to one of the survivors there were more than 90 people on board.” The boat, on which party-goers were drinking, dancing and listening to music, sank a short distance from the shore off Mutima in Mukono District, close to the capital Kampala. Mugenyi said overloading and bad weather were likely to blame. “We expect (the number of passengers) is beyond the capacity

of the boat. It was overloaded and unfortunately people were drunk,” Mugenyi said. “We suspect the mechanical condition of the boat and the weather contributed to the sinking.” “A big storm hit,” said local government official Richard Kikongo. “It can be fine on land but bad weather on the lake.” Kikongo said first responders were among the victims. “Fishermen on two small boats could see that the boat was sinking and went to help. People tried to jump onto the boats but they were too many and those sunk. The rescuers died too,” he said. Nearby residents said the vessel was hired out for parties every weekend and often overloaded with revellers. The Mutima Country Haven resort had been converted to a triage centre and morgue on Sunday morning where police

were collecting the swollen bodies of victims Police spokesman Emilian Kayima said rescue efforts were continuing. Lake Victoria is the site of many boat disasters. In September, hundreds died when the MV Nyerere passenger ferry sank on the Tanzanian side of Lake Victoria. With a surface area of 70,000 square kilometres (27,000 square miles), oval-shaped Lake Victoria is roughly the size of Ireland and is shared by Tanzania, Uganda and Kenya. It is not uncommon for ferries to capsize on the lake and the number of fatalities is often high due to a shortage of life jackets and the fact that many local people cannot swim. In 1966, more than 800 people lost their lives on Lake Victoria when the MV Bukoba sank off the mainland town of Mwanza, according to the Red Cross.

12 Killed in Suspected Mozambique Islamist Attack Twelve people have been killed in a suspected Islamist attack in northern Mozambique, with thousands of villagers fleeing the area into neighbouring Tanzania, police sources said Sunday. Early Friday, “there was an attack in Nangane district, where there are no security patrols. The attackers killed 12 people, mostly women and children,” a police source in Cabo Delgado province,

who asked not to be named, told AFP. The attack took place in the village of Chicuaia Velha, just a few kilometres (miles) from Tanzania, forcing several thousand people to cross the border to seek safety, police said. A local journalist said the villagers were killed by machete or died when their houses were set on fire by the attackers.

It was the third such incident in the last month in Cabo Delgado, leaving 20 dead in all. The authorities have responded with a crackdown, rounding up some 200 suspects. Over the past year, hardline Islamists have been active in the region, stoking unrest just as the government in Maputo is pushing ahead with oil and gas development in the province.

27 EU Leaders Approve Brexit Deal European Union leaders on Sunday approved a historic Brexit deal, holding out hopes of close future ties even as one declared Britain’s withdrawal after four decades a “tragedy”. The 27 leaders of the bloc met without Prime Minister Theresa May to endorse the agreement, which sets the stage for Britain exit from the bloc on March 29. “EU27 has endorsed the Withdrawal Agreement and Political Declaration on the future EU-UK relations,” European Council President Donald Tusk tweeted, as the leaders waited for May to join them. Arriving for a special summit in Brussels, European Commission President Jean-Claude Juncker, head of the bloc’s executive arm, said it was a “sad day”. “To see a country like Great Britain … leave the EU is not a moment of joy nor of celebration, it’s a sad moment and it’s a tragedy,” he said. Michel Barnier, the former French

foreign minister who negotiated the deal on behalf of the bloc, added: “We will remain allies, partners and friends.” May, who arrived in Brussels on Saturday evening for final talks with Tusk and Juncker, was due to join the other leaders later in a highly symbolic moment. Forged during 17 months of tough negotiations, the withdrawal agreement covers financial matters, citizens’ rights, Northern Ireland and arrangements for a 21-month post-Brexit transition phase. A short political declaration that accompanies the text sets out hopes for future security and trade ties. But it is not the final stage, as the House of Commons in London must still approve the deal — and many MPs have warned they will not back it. Until the agreement is approved, all sides are still planning for the potentially disastrous possibility that Britain leaves the EU with no new arrangements in place. Media reports in London on

Sunday suggested some of May’s own ministers were secretly working with EU diplomats on a “Plan B” in case parliament rejected the agreement next month. But Austrian Chancellor Sebastian Kurz, whose country holds the rotating EU presidency, said: “It is important that everyone in the UK is aware that the result that is now available is the result. “It will certainly not be renegotiated and there will be no further room for manoeuvre.” Dutch Prime Minister Mark Rutte added: “Overall, I think this is the max that we can all do, both Theresa May and her government as well as the European Union. “No victors here today, nobody winning, we’re all losing — but given that context, this (agreement) is acceptable.” Tusk said on the eve of the summit that “no-one will have reasons to be happy” when Brexit happens, but he said the terms agreed would “reduce the risks and losses”.

Chadian President in FirstVisit to Israel Chadian President, Idriss Deby Itno, is due to arrive in Israel on Sunday for a first-ever visit to the country, decades after diplomatic relations were severed between the two nations. It will be the first visit by a leader of the Muslim-majority West African nation to the Jewish State, leading Prime Minister Benjamin Netanyahu to dub the occasion “historic” in a statement.

The two leaders are to meet on Sunday, but further details of the visit have not yet been released. Diplomatic relations between Israel and Chad were severed in 1972, according to Netanyahu’s office, which said the visit was down to the premier’s diplomatic efforts. Chad is one of several West African states engaged in Western-backed operations against Boko Haram and

Islamic State jihadists. Earlier this month, the United States donated military vehicles and boats worth $1.3 million (1.1 million euros) to Chad as part of the campaign against Islamist militancy in the country. Deby is one of Africa’s longest-serving leaders. He took over the arid, impoverished nation in 1990 and won a disputed fifth term in April 2016.

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APC Accuses Atiku of Soliciting for Foreign Financiers Onyebuchi Ezigbo in Abuja

The All Progressives Congress (APC) has challenged the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, to come clean on the allegation that his campaign organisation may have sealed a funding deal with foreign financiers for the 2019 general elections. The APC further asked the PDP’s presidential candidate to come clean “on the nagging issue of his travel ban to the United States of America” following his alleged indictment for corruption

in that country. In a statement issued yesterday by the APC’s Deputy National Publicity Secretary, Yekini Nabena, the ruling party alleged that the Dubai meeting attended by Atiku and other PDP leaders was “a last-ditch effort to raise presidential campaign fund from foreign financiers by mortgaging key national economic assets particularly the Nigerian National Petroleum Corporation (NNPC).” On the alleged move by Atiku to raise fund for his campaign, Nabena said said the unwillingness of PDP’s governors to give financial

support for the 2019 presidential campaign of Alhaji Atiku Abubakar is already public knowledge. He said that available information to the party indicates that the Dubai meeting attended by Atiku and other PDP leaders was a last-ditch effort to raise presidential campaign fund from foreign financiers by mortgaging key national economic assets. “This disturbing development must be checked by relevant

agencies particularly the recently established Nigerian Financial Intelligence Unit (NFIU), the country’s arm of the global financial intelligence Units (FIUs) mandated to collect information on suspicious or unusual financial activity suspected of being money laundering and then share such information with relevant anti-crime or regulatory agencies” he said. Nabena further challenged the PDP presidential candidate to come clean on the nagging issue of his

travel ban to the US following his indictment for corruption in that country. According to the deputy spokesman, the country cannot afford to have a “fugitive occupying the highest office in the country.” “To borrow the words of former President Olusegun Obasanjo, we must stop electing rogues, hooligans and criminals into public office. “Truly, we cannot have a fugitive occupying the highest

office in the country. Our great country, Nigeria deserves better.” Nabena said the PDP should know by now that elections are not won through falsehood on the internet, but by valid votes of the electorate who are aware of who ruined the country and who is clearing the rot. “It is now clear that we have no credible opposition political party, but a gang of selfish and mercantile politicians that will do anything to return to elective office,” Nabena stated.

NRC: Why GE Withdrew from $2.7bn Rail Concession Deal Contrary to the impression that General Electric (GE) withdrew from the $2.7 billion railway concession deal due to the harsh economy policies in Nigeria, the Nigerian Railway Cooperation (NRC) has said the foreign firm abandoned the deal because it has stopped the transportation section of its business. The Managing Director of NRC, Mr. Fidet Okhiria, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos. He said Nigerian government fulfilled its part on the concession, noting that GE pulling out is the company’s decision. “The issue of concession, the funds required was about 2.7 billion dollars and the government did their aspect while the GE came up that they are ready to go into concession. “Which we said okay because we have the system in place, we advertised and other companies bidded and about four companies came up top and GE was considered the best and they were given.

“But during the process of discussion, things happened that GE from their own side withdrew from transportation business, so is not that there was any issue. “They generally stopped the transportation section of the company,’’ he explained. Okhiria, however, assured that GE’s withdrawal would not stop the concession, as the other three companies have met and Transnet South Africa has been selected to takeover. He further said that Transnet was studying the processes and would get back to the government. Okhiria said that NRC needs more rolling stock that is why they want more partners to join in the concession to improve on the rolling stock. The federal government on May 24, 2017, entered into agreement with General Electric for the narrow gauge railway concession in Nigeria. GE was to invest $700 dollars’ worth of investment on infrastructure with $2 billion on operation and maintenance.

Fire Razes 350 Shops in Katsina Francis Sardauna in Katsina An outbreak of fire at the weekend razed 350 shops and stalls at makeshift market Funtua, situated in Funtua Local Government Area of Katsina State, destroying goods and property worth N350 million. The mysterious fire, according to an eyewitness who pleaded anonymity started at about 7: 41p.m last Friday and lasted for about two and half hours, rendering thousands of traders jobless. The Chairman of Funtua Traders Association, Alhaji Sule Garba, who disclosed this while taking the state Governor, Aminu Bello Masari, round the scene of the inferno, said over 3,000 traders were transacting businesses at the market before the disaster. He told the governor that 350 shops and stalls were razed during the fire outbreak, despite efforts made by the officers of the state Fire Service to quench it. “350 shops and stalls were completely razed during the

fire outbreak. However, men and officers of the state Fire Service worked harder to quench the fire but could not at the movement,” he explained. Garba while lamenting that goods worth N350 million were lost, however, called on the state and federal governments to come to the aid of the victims considering the devastating effect of the disaster. Responding, Governor Masari directed the state Environment Management Agency (SEMA) to commence immediate assessment of the level of destruction caused by the inferno and report same to government for onward assistance of the victims. He said, “I assure you that government would continue to assist businessmen and women in order to boost business activities in the state. I call on you to cooperate with SEMA and URPB to conduct a thorough work at the site of the inferno.” The governor urged the affected traders not to loose hope but continue to work and pray for the return of their means of livelihood.

BABA’S GUESTS...

L-R: Afenifere Spokesman, Yinka Odumakin; former President Olusegun Obasanjo; and Bayelsa State Governor, Henry Seriake Dickson, at the Chapel of Christ the Glorious King, Abeokuta...yesterday

Collapsed Building: Wike Orders Arrest of Owner, Sets up Commission of Inquiry Ernest Chinwo in Port Harcourt Rivers State Governor, Nyesom Wike, yesterday ordered the arrest of the owner of seven-storey building which collapsed last Friday in Port Harcourt, killing at least six persons and injuring scores of others. The governor also directed the State Attorney-General to set up a Commission of Inquiry to ascertain the remote and immediate causes of the collapse of the private seven-storey building at Woji road, New GRA in Port Harcourt. Speaking when he led top government officials to visit the site of the collapsed building, Wike

described the building collapse as a sad development, which has led to the painful loss of lives. He said: “I feel so pained that we have to face this kind of calamity at this time. I commiserate with the families that have lost their loved ones who came to seek their daily bread. “Government will do all it can to give them the necessary support. “I have directed the AttorneyGeneral of Rivers State to ensure that all legal steps are taken to do what is right within the ambit of the law “. The governor ordered the immediate arrest of the owner of the collapsed building, saying that the state government would

bring all culprits to book. “Whoever approved this structure and those involved in the construction will face the law. Government will take every necessary step to ensure that the culprits are brought to justice. “Whoever is involved, from the owner or the contractor or the officials of the state, they will face the full weight of the law,” he said. He also stated that all officials of the Rivers State Government who defaulted in their duties would be sanctioned. The governor was accompanied by his wife, Justice Eberechi NyesomWike and top government officials. He said: “Government will take steps to acquire this property. We

cannot allow this illegality. If you look at the master plan of this area, a seven-storey building is not allowed here”. He commended the construction giants, security agencies and nongovernmental organisations for working with the Rivers State Government to carry out rescue operations at the site of the building collapse. The seven-storey building at Woji road collapsed last Friday, with the Rivers State Government mobilising emergency services to rescue trapped persons. As at yesterday, 38 persons have been rescued, while six persons have been confirmed dead.

Akwa Ibom APC Unites for 2019 Elections The All Progressives Congress (APC) in Akwa Ibom State looks set to contest the 2019 elections as a united front with the coming on board of one of its erstwhile governorship aspirants, Senator John Udoedehe. Bassey Dan-Abia and Dr Edet Efretuei, two of the four aspirants that contested the APC governorship primary election had since thrown their weight behind the party’s governorship candidate, Obong Nsima Ekere, but Senator Udoedehe had been silent, fuelling speculations that he was going to support Governor Udom Emmanuel, the standard

of the Peoples Democratic Party (PDP). Addressing his supporters at his residence in Uyo on Saturday, Senator Udoedehe directed them to support Obong Ekere and all APC candidates in the election. “I have given direction in the open. Don’t sit on the fence. If you do it, you are not my person. This is the governor (Obong Ekere). We have all agreed that we will support our party’s candidates. Let me tell you, APC is determined to take Akwa Ibom,” he said. He threatened to disown any of his supporters that supports the

PDP, saying, “Any deviation by any member of my group nicodemously will be met with expulsion and we will have nothing to do with him. If you are my follower, don’t nicodemously follow PDP. If they tell me, you are on your own. We have made this man (Obong Ekere) governor.” Udoedehe assured his supporters of integration in the incoming APC administration of Ekere. Ekere, the APC governorship candidate, announced that the APC state leadership will immediately set up a high-powered integration committee to work out the

accommodation of Udoedehe’s supporters in the campaign structure. “Unity has returned to the APC family in Akwa Ibom. The election is finished. Look at those that are here, the timbres and calibres of Akwa Ibom politics. This is the strength of Akwa Ibom,” he said. Ekere was confident that the APC will win all the electionsinAkwaIbom State next year. Senator Godswill Akpabio, a former Governor of the state, described Udoedehe as a political juggernaut and colossus and congratulated Ekere for going into the election with a united party behind him.

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PDP Challenges Buhari to Debate with Atiku Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) has challenged President Muhammadu Buhari to a live debate with its presidential candidate, Atiku Abubakar, on critical sectors ahead of the 2019 presidential election. The PDP in a statement issued yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, also berated Buhari for neglecting the troops fighting in the North-east region and reneging on his promise to “lead the fight from the front, resulting in the vulnerability and killing of our soldiers by insurgents.” The main opposition party challenged Buhari to explain why he has been insensitive to the killing of citizens and soldiers by marauders and insurgents, particularly given allegations that he has been distracting

the armed forces by dragging them into participating in his re-election campaign. According to the PDP spokesman, “Nigerians recall that at the time our troops were being attacked by insurgents, our Service Chiefs were attending the launch of President Buhari’s ‘Next Level’ campaign mantra, stolen from a foreign institute.” The party noted that Buhari has been mortally afraid of facing its candidate, Atiku, in a general debate organised by independent bodies. Ologbondiyan said: “For this, the PDP grants him the liberty to choose a venue, date and time convenient to him to face our candidate before a neutral panel. “President Buhari must face Atiku in person, as Nigerians are not ready to accept any representation whosoever from him. If, as a Commander-in-

Chief, Buhari cannot face a political debate, how then can he vigorously engage international competitors?” Ologbondiyan added that Nigerians can now see why the country has been under peril in the last three and half years.

He stressed that Buhari should be ready to face his failures and avail Nigerians of his sectoral performance scorecards as well as present his future blueprint, if any, to enable the electorate weigh him alongside the PDP presidential candidate.

The party said Buhari came to power through false promises and propaganda, adding that now, the day of reckoning has come, and he cannot run away from his failures. “On our part, our candidate is ready to face President

Buhari. He has his scorecard in governance and his blueprint for national rebirth; wealth creation, youth empowerment as well as building a prosperous country, which has become dominant among the aspirations of Nigerians,” he said.

Police Nab Notorious Kidnapper, Shot Another Rebecca Ejifoma

The Lagos State Police Command has nabbed a notorious kidnapper, Austine Ebimiyenwei, 27, and one of his gang members, Festus Abama, who died during exchange of fire while two escaped with bullet wounds at Agbowa Ikorodu area of the state. The anti-kidnapping squad of the command, acting on the directive of the state Commissioner of Police, Edgal Imohimi, on November 23 this year smashed a kidnappers’ syndicate at Agbowa,

Ikorodu. According to the state Spokesman, CSP Chike Oti, this led to the arrest of Ebimiyenwei, a native of Arogbo Azapa community of Ese-Odo Local Government Area of Ondo state, and the recovery of corpse of one Abama. “The command had earlier on November 13 and 16 this year received two separate reports from one Suleiman Eniola Ajumobi and one Veronica Ewuru about the kidnapping of their daughter and their husband respectively,” he

said. Oti added that while Ajumobi reported that his daughter, 7, was kidnapped from his house in his presence, Ewuru said her husband, DSP Patrick Ewuru, a police officer attached to Force Headquarters annex at Obalende, Lagos, was kidnapped from their house at night when he went to check on the power generating set which suddenly stopped working. According to him, “The kidnappers demanded a ransom of N25 million from Ajumobi and N10 million from

the family of Ewuru but later settled for N500, 000 for both families.” At this point, the CP directed operatives handling the matter to play along with the kidnappers in the interest of the victims, who were still in captivity. As soon as the releases of the two victims were secured, Oti continued that the kidnappers’ hideout at Agbowa was busted and the aforementioned kidnapper was killed in the ensuing gun battle, while Ebimiyenwei surrendered.

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South-east Govs to Buhari: We Need Service Chief from Igboland Benjamin Nworie in Abakaliki Apparently worried that no Igboman or woman is in the apex security architecture in the country, the South-east governors have renewed agitation, urging President Muhammadu Buhari to appoint a service chief from the zone. The Chairman of the South East Governors’ Forum and Ebonyi State Governor, Chief David Umahi, disclosed to newsmen in Abakaliki that one of the major demands the forum requested from the president during their recent meeting was for a service Chief from the South-east. However, THISDAY gathered that with the promotion of former Ebonyi State Commissioner of Police, Peace Ibekwe Abdallah, to the rank of Deputy Inspector General of Police, she is the highest ranking Igbo officer in Nigeria’s

security architecture. The governor added that though the request was not reported on media, the demand is not new as it was one of the things that the people of the zone have been clamouring for, to address some of the issues of marginalisation against Ndigbo. He noted that the way Nigeria security apparatus was structured does not reflect the federal character principle which is enshrined in 1999 Constitution as amended, and therefore called for concerted effort to address the imbalance, stressing that South-east would not shy away from the development from the federal government because they are PDP zone. Umahi said: “One thing newspaper did not report is that we also requested for a service chief from South-east. We don’t have any and all that we requested are not new, they have been the things our people have been clamoring for.

“South-east visited the president to talk about the delay in the construction of federal roads, the international airport, the bridge we do extreme politics in Nigeria. Politics should be separated from the welfare of the people.

It was a positive one. We must separate politics from reality. South-east will not say because they are PDP they should shy away from the development from the federal government. For me that is stupidity.

“We are not campaigning for anybody but we must say that the welfare of southeast, the problem of South-east, the future of southeast is beyond partisan politics”. He added that every arrangement was on top gear

for the Ebonyi state government to receive President Muhammadu Buhari on a one-day working visit on January, 2019 where the president would commission the glass tunnel named after him in the state.

Winner of N37m NLNG Prize, Oke, Dies The deceased was presented Renowned poet and winner of the 2017 NLNG Prize for Literature, Ikeogu Oke, has died. Oke was said to have died in Abuja last Saturday night after an undisclosed ailment. The poet gained nationwide fame last year when he won the 2017 Nigeria Prize for Literature for his book, The Heresiad, a book of epic poetry.

with a cheque of $100,000 (N37m) by the Nigeria Liquefied Natural Gas Company Limited. Oke’s collection of poems, entitled, The Heresiad, beat Ogaga Ifowodo’s A Good Mourning and Tanure Ojaide’s Songs of Myself: Quartet, to claim the prize after an intensive adjudication process.

Thebe Ikalafeng to Speak at AAAN 2018 LAIF Awards Seminar The Association of Advertising Agencies of Nigeria (AAAN) in partnership with Globacom Nigeria Limited, has concluded plans to invite Mr. Thebe Ikalafeng as the keynote speaker at the 2018 LAIF Awards seminar, which will take place on December 5, 2018, at the Civic Centre, Victoria Island in Lagos. Ikalafeng is arguably the foremost global African branding authority. In his distinguished corporate career which started at Colgate Palmolive in New York and concluded as Chief Marketing Officer for Nike for Africa, Ikalafeng won over 75 awards in branding, marketing and communication globally. He is the founder of the award-winning Brand Leadership Group and has worked on over 100 brands in the public and private sector branding, political branding, destination branding and reputation management across Africa. Brand Leadership has been recognised by Fin Week Magazine as ‘Marketing Services Agency of the Year, 2008’, and in 2015, was inducted into the Rebrand Hall of Fame for Excellence in Branding. As a fellow of the Institute of Directors, he is a non-executive director on the boards of South African Tourism, Mercantile Bank, Cartract and WWF South Africa. Ikalafeng has held several other directorships in several public and

private sector organisations. He has been recognised by New Africa Magazine as one of the ‘100 Most Influential Africans’. He is widely quoted and consulted globally as the preeminent authority on branding in Africa. The branding ambassador has judged awards on design, marketing, branding and leadership across the world, including the Red Dot Design awards in Germany and St. Gallen Symposium ‘Wings of Excellence’ in Switzerland. He has served as vice chairman of the Brand Council of Southern Africa and as the first African chairman of the Loeries. The President of the association, Mr. Ikechi Odigbo, stated that the seminar would offer a unique learning experience as well as provides an in-depth insight into key marketing and marketing communications challenges. The Chairman of LAIF Management Board and the Vice President of the association, Mr. Steve Babaeko, noted that the seminar would give the participants the unique opportunity of interacting with experienced professionals and other participants in order to acquire more knowledge and exchange ideas. He added that it would be of immense value to members of the advertising community in particular and the public in general.

WE ARE IN CHARGE...

Newly-elected member of the House of Representatives representing Ekiti/Irepodun/Isin/Oke-Ero Federal Constituency in Kwara State, Hon. Raheem Tunji Olawuyi (Ajuloopin), presenting his Certificate of Return to All Progressives Congress (APC) National Leader, Senator Bola Tinubu (right), at his Bourdillon residence, Ikoyi Lagos... yesterday

Institute, Others Urge Citigroup, Standard Chartered to Withdraw Support for $2.8bn Eurobond Ugo Aliogo The Institute for Public Policy Analysis (IPPA), Institute of Liberty, Washington, DC and the Nigeria chapter of the Saint Raphael Catholic Society have urged Citigroup and Standard Chartered Plc to withdraw their support for the $2.8 billion Eurobond promoted by the federal government in protest over what they described as President Muhammadu Buhari’s failure to stop the attacks on innocent Christians and other people of faith. According to a statement made to THISDAY and signed by the Executive Vice President Institute for Liberty, Jerry Rogers; the Director, IPPA, Thompson Ayodele; and the General Secretary Saint Raphael

Catholic Society, Adebayo Temidayo, it was noted that there is need to promote basic human rights; free exercise of religion and the protection of vulnerable groups. “Together, our organisations share a commitment to basic human rights: free exercise of religion and the protection of vulnerable groups. In Nigeria, these principles have been abandoned, as Christian pastors, parishioners and communities are being targeted for practicing their faith,” the statement said. The statement said support for the Eurobond sale in London enables the government to continue to act with impunity, adding that the money channeled by Western banks would continue to flow without consequence. The statement said: “The Chief

Executive Officers, Citigroup, Michael Corbat, and Standard Chartered Plc, Bill Winters, we are deeply concerned with this partnership, and urge your respective institutions to place people and principle above profit, and to terminate your involvement in the Eurobond offering. Targeting of Christians and people of faith inside Nigeria is an internationally recognized fact.” It further stated that the US Congressional Research Service has published a report highlighting the problem and the Catholic Bishops’ Conference of Nigeria (CBCN) and the US Conference of Catholic Bishops have recognized what is taking place in the country. It added: “Both of your companies have stated that you adhere to the

highest ethical standards and are committed to due diligence on human rights impact. Associating with, and profiting from, a government that has allowed thousands of Christians and other people of faith to be attacked, is a breach of the ethical and business standards expected of banks with your long storied histories and stellar brand names. “A recent history of banking scandals illustrates the contempt in which financial institutions can be held, and the reputational damage that can be caused, when they fall short of the principles and standards expected of them. We hope, and expect, that you will reconsider your current and future work for the Nigerian government in light of the current situation.”

Experts Search for Sustainable Solution to Climate Change As preparations for the 50th annual scientific workshop and first international conference being organised by the Environmental Health Officers Association of Nigeria (EHOAN) gather momentum, an international environmentalist, Professor George Karani, has described it as an opportunity to share ideas on sustainable solutions to effects of climate change. Karani of the Cardiff Metropolitan University, Cardiff, United Kingdom, who is the international guest

speaker for the conference with the theme: ‘Climate Changes and Environmental Health: Consequences, Concern and Mitigating Factors on Socioeconomic Status’, after an interactive meeting with top environmental health professionals in the country, commended the initiative, saying, it will bring log of international speakers to share ideas and knowledge on how to solve the challenges of extreme climatic conditions and its attendant impact on health and environment.

“It is a great initiative to have an opportunity to discuss the problems of climate change. It is a big problem that has been with us for several years. I believe environmental health professionals have a role to play in finding solutions to the big issue. As environmentalists, our job is to help and improve the quality of lives of the people in our countries. The conference in Lagos would offer another opportunity to share experiences from across the world to help in realizing what the problems are. And once we realize them, then

we propose sustainable solutions to solve them. I am looking forward to the conference,” he said. At a brief session with Dr. Samuel Akingbehin, the National President of EHOAN and other officials in Lagos, Prof. Karani, who was in the country as international assessor of the PhD graduating students of Kwara State University, exchanged views and ideas on intractable environmental issues affecting the socio-economic lives of Nigeria and the West African sub-region.

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Metele Attack: SERAP Writes Buhari, Seeks Probe of Military Spending Udora Orizu in Abuja A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has sent an open letter to President Muhammadu Buhari, requesting him to urgently set up a commission of inquiry to investigate the defence spending and military budgets between 1999 and 2018 in order to promote transparency and accountability in the sector. The letter was in response to the outcry over the killing of over 100 soldiers and officers of 157 Task Force Battalion, when their base was raided by insurgents in the remote Metele village, Borno State on November 18. It is also alleged that 153 soldiers remain reportedly missing in action. SERAP said the probe would ensure that the funds meant for military operation are spent for that purpose and end the vulnerability and killings of Nigerian soldiers such as the reported death of several Nigerian

soldiers in the recent Metele Boko Haram attack. The organisation also urged President Buhari to immediately refer to the International Criminal Court (ICC) pursuant to Article 13 of the Rome Statute, all allegations of corruption in the spending of funds meant to purchase arms to empower Nigerian soldiers to fight Boko Haram, including the apparent diversion and sharing of the over $2 billion under the former government of President Goodluck Jonathan and approved spending by his own government. In the letter dated November 23, 2018, and signed by SERAP’s Senior Legal Adviser, Bamisope Adeyanju, the civil society group said: “We believe that referral of the cases to the ICC would serve as a deterrent and ensure that Nigerians, particularly those in the North-east of the country whose human rights including to life, to human dignity and to adequate standard of living have been violated are not denied justice and effective remedies.” SERAP expressed concern that

billions of naira allocated to the military to defend the country have neither contributed to improving the ability of Nigerian soldiers to fight Boko Haram and other armed groups nor provided the much-needed security especially for Nigerians in the North-east of the country. It urged Buhari to move swiftly to implement these recommendations that will demonstrate his government’s commitment to end the perception of lack of transparency and accountability in military budgets in the context of the conflict in the Northeast and to ensure the

safety and security of solders and all Nigerians in that part of the country. The letter read in part: “The military’s inability to respond adequately to the Boko Haram insurgency suggests among other things a mismanagement in the spending of the country’s defence budgets. Establishing a commission of inquiry to investigate how defence and military budgets have been spent since 29 May 1999 would help Nigerians to know if the funds meant to defend the country and for purchase of arms to empower Nigerian soldiers to fight Boko

Haram have been transparently and accountably spent” It expressed dismay that many cases of those alleged to have diverted and shared funds meant to purchase arms to empower Nigerian soldiers to fight Boko Haram have stalled, saying all such cases should be investigated and prosecuted by the ICC. “SERAP notes that in 2014 about N340billion (US$1.7billion) was allocated to the military. Also, a number of offices had budgets allocated to them in relation to the Boko Haram conflict. The military received the largest funds in the federal budget

in 2014. In October 2014, the National Assembly approved a request to borrow US$1billion as an additional amount for purchase of military equipment. In 2015, about N375billion (US$1.8billion) was allocated to the military in the federal budget. The same year, an interim report of the presidential investigations committee on arms procurement under the former president Goodluck Jonathan administration revealed an extrabudgetary spending to the tune of N643.8 billion and an additional spending of about $2.1 billion under the Goodluck Jonathan administration,” the statement said.

Rivers Govt Warns APC against Violence, Says State Safe for Residents Ernest Chinwo in Port Harcourt The Rivers State Government has warned the All Progressives Congress (APC) to stop demarketing the state by labeling it unsafe. It said residents should resist the tag of violence placed on them by enemies of the people for political gains, as the state was safe for everyone. In a statement made available to THISDAY yesterday, the Commissioner for Information and Communication, Emma Okah, who gave the warning following recent claim by APC that Rivers State was unsafe, said the people are peaceful and love one another. He said: “Since 2015, our people have been working together with the government to improve upon their living standards. “If the state was not safe, night life would have died, contractors would not be able to execute projects, national and international conferences would not hold in the state, investment inflow would not increase, IGR would decline, those who are branding the state as unsafe would not be able to visit and move about and life would be sour and brutish in the state,” Okah said. While noting that the successes of the Nyesom Ezenwo Wike administration have become a burden for APC, he said it was therefore shameful for some misguided APC members in the state to take it upon themselves to demarket the state by branding it as unsafe and promoting hostility against the government and people of the state to achieve narrow and dubious ends. “I believe only God gives power to His chosen one and no matter how hard the APC tries in the state to discredit the achievements of Governor Wike, the prayers of the churches and the people will bring them to their knees,” he said. On the purported attempted attack on the Tonye Cole campaign

train in old Bakana, Okah said “It is satanic that the APC will hire thugs to shoot at and wound innocent people holding a PDP meeting in Ikwerre Local Government Area and turn around a few days later to stage manage an attempted attack on one of its own as a way of diverting attention and escaping public condemnation. Such narratives no longer impress anybody.”Since the APC controls the police and security agencies, how come they have not been able to arrest and prosecute any PDP member on account of any alleged violent crime against the APC,” Okah queried, urging PDP faithful to remain law abiding and steadfast and deny APC of the provocation they plan against the PDP. Meanwhile, Okah has accused the Police in the state of plotting to rig the 2019 election in favour of the All Progressives Congress (APC). He spoke in Port Harcourt at the opening ceremony of the 2018 Correspondents’ Week of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Rivers State, with the theme, ‘Promoting Security in 2019 Elections: The Role of the Media’ Okah said the media was doing its best to preserve and protect the democratic process but that some security operatives were subverting the process by rigging for the APC. His words: “The media is doing its best in the coverage and reportage of elections. Some security agents are also doing their best. But, the police in Rivers State is hell-bent on rigging the 2019 elections for the APC. We have said so and everything is tilting towards that direction.” He, however, said journalists were hampered in the performance of their duties because of negative influence from the society. He said the precarious situation the Nigerian journalist faces as critical stakeholder in enthroning credible election is further aggravated by widespread poor salaries in the nation’s media.

ADVOCACY VISIT...

L-R: Wife of the President, Hajia Aisha Buhari; Leader of the delegation, Dr. Ngozi Azodoh; and member of the Association, Mrs. Rose Mokezie, during an advocacy visit by the FGGC Gboko Old Girls Association to advocate justice for Ochamya, at the Presidential Villa , Abuja...yesterday GODWIN OMOIGUI

2019: Action Aid Faults Atiku, Buhari’s Policy Documents AdedayoAkinwaleinAbuja Action Aid Nigeria has lamented that the policy document presented to Nigerians by the presidential candidates of the All Progressives Congress (APC), President Muhammadu Buhari and his Peoples Democratic Party (PDP) counterpart, Atiku Abubakar, have no clear plan on emergency preparedness, inclusion of persons with disabilities among others. The international non-governmental organisation said the candidates should move a step forward from ‘what-to-how’, adding that having the policy documents are not sufficient. ActionAid in a statement by its Communication Officer, LolaAyanda, said the organisation in the coming weeks, and during the presidential debate, expects the candidates to state

in details to the electorate, how they want to deliver on these campaign promises with clear-cut bench marks that are time-bound. Buhari had last week presented a policy document titled, ‘Next Level’, while Atiku on the other hand presented ‘Let’s Get Nigeria Working Again’, ahead of the 2019 elections. She said, “Both APC and PDP policy documents have no clear plan on; Emergency preparedness; with communities across Nigeria still bearing the brunt of flooding and the number of internally displaced persons spiralling by the day. “Inclusion of Persons with Disabilities (PWDs), there are over 25 million PWDs in Nigeria, with little or no priority on service provision and inclusion of PWDs in governance. “Development and maintenance

of quality database on the Nigerian population; lack of appropriate data has been the bane of implementation of government policies and specific government programmes over time.” Ayanda stressed that the development agenda of the PDP is hinged on privatisation. She said while Action Aid recognises that the economic conditions of the country require drastic measures, with privatisation seeming as the best option, but considering that privatisation has not worked in the past, particularly in the power sector, it is pertinent to tread carefully. ActionAid stated that privatisation rather than solve problems of corruption which has continued to undermine development in the country, has only, deepened poverty and continues to widen the gap

between the rich and the poor. It expressed concern that privatisation would further increase the margin between the rich and the poor because with privatisation, public services wouldturnintoamerchandise available only to the highest bidder. On the other hand, it said that the APC Healthcare Plan is focused on Human Resources, saying that while it commends the plan to pay young doctors to work in rural communities, the effort may not yield much result without commensurate infrastructures, drugs, and other essential healthcare consumables. ActionAid therefore recommended thattheagendaandprogrammesofthe candidates for the various offices ought to be in tandem with the manifestos and official programme documents of the political parties of the respective candidates.

Nigeria Needs Our Prayers Now, Says Dickson Governor of Bayelsa State, Henry Seriake Dickson, has called on Nigerians irrespective of religion, ethnicity and political leaning to pray for the country ahead of the 2019 general elections. The governor said that Nigerians and indeed all people of good will had a responsibility to pray for the country to ensure the conduct of free fair, credible and violence free elections in the country in 2019. A statement by the Special Adviser to the Governor on Media

Relations, Mr. Fidelis Soriwei, stated that the governor made the comment while speaking to journalists at Chapel of Christ the Glorious King in Abeokuta yesterday. Governor Dickson who was Chairman of the 10th Harvest Thanksgiving celebration of the church, said t it was public knowledge that things are not the way they should be in the country. He said that it was important for the right thing to be done as

the country moved towards the general elections to guarantee the flourish of freedoms in the polity. He urged political leaders to see public office as an opportunity to make maximum positive impact in the society. He said, “As all Nigerians know, things are not the way the should be. “These are times that call for sincere prayers of all people of goodwill in all religions for the country and its leadership to get it

right especially as we move towards general elections, for freedom to flourish so that people can freely make their choices. “It is important for people to understand that power is transient, life itself is transient and whatever position you occupy, we should have the wisdom to know that it is an opportunity to advance maximum public good and that we should exercise our powers for maximum positive impact in our society.”

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

AWCON 2018

‘Expect Best Super Falcons’ Game against Cameroon’ Coach Thomas Dennerby has said he hopes Super Falcons will play their best game of the 2018 AWCON against Cameroon in tomorrow’s semifinal in Accra. It will be a repeat of the 2016 AWCON final, which the Falcons shaded 1-0 in Yaounde. Hopefully, we play our best game of the tournament against Cameroon,” Dennerby said after his team dismissed Equatorial Guinea 6-0 to set up another date with the Indomitable Lionesses. “We already have a plan of the players who will start against Cameroon.” The experienced Swede coach also said the Falcons will continue to improve as the tournament progresses. “There are always things we can improve and we try to do that with every single training session,” he said. We have a good chance to

get better and better. “You can always improve the team, sometimes we had good passing play through midfield, but sometimes we are a bit too slow because we want to use the high fitness level of the team to bring up the pace so as to get the other team tired.” Meanwhile, African Footballer of the Year Asisat Oshoala has maintained the top target is for the Super Falcons to qualify for next year’s World Cup and personal glory is not as important. “It is a great feeling to get the full three points for the team (vs Equatorial Guinea), that’s the most important thing,” said the China-based star after she was named Woman of the Match. This tournament is not about individual performance. The most important thing is to get the World Cup ticket.

“I have decided to be more of a team player, I care more about my team, I care more about my nation rather than personal glory or individual accolade. “The team victory, the team success is more important. “I am happy with myself and my team and I think Nigerians are happy, which is the most important here.”

Oshoala added: “I was also happy to get my first goal of the tournament, I started with three goals. “I took a lot of responsibilities to ensure we get a lot of goals (vs Equatorial Guinea). “I have been working so hard and I deserved this. I am happy and I am grateful to my team who put in the work even after

we lost the first game to South Africa. “We have to show we are champions, we are the leaders in Africa. “As a team we have more confidence and have improved and it was a great outing against Equatorial Guinea.” Against Zambia, Oshoala revealed she was not lucky

after she threw away a rash of chances and that was why she opted to provide assists. “It was not my day and decided to give others passes,” she said. “At some point I knew I was not going to score because I really do not struggle to score goals like that. So, I helped with an assist.”

50th Asoju Oba Cup Serves off Today as Players Begin Hostilities The Molade Okoya-Thomas Hall of Teslim Balogun Stadium will hug the limelight again from today as table tennis players in Lagos begin the race for the top prizes at the 50th Asoju Oba Molade Okoya-Thomas Table Tennis Cup serves off. With 24 titles at stake this year in the cadet, junior and senior categories, all eyes will be on the men and women singles as surprise packages have been earmarked for the winners in the events. Several former champions are expected to be in action when the tournament serves off as it promises to be explosive in the singles events. Also, schools like Indian Language School and Greensprings School are coming with strong teams in the cadet and junior events for the one-week championship. Nigeria’s longest serving table tennis umpire – John Peters who has been officiating at the tournament since 1972 described the tournament as a grooming ground for Nigeria’s

table tennis stars. “In preparation for Nigeria’s hosting of the 2nd All Africa Games in 1973 in Lagos, the then Chairman of Nigeria Table Tennis Association, Dr. Adegboyega Efunkoya of blessed memory, invited in 1972, interested Sports Clubs members to train as Umpires who would officiate at the Games. I attended and thus qualified as a National Umpire. My first opportunity to umpire Table Tennis was at the 1972 Asoju Oba which was in its 4th edition then. After a few years, I got involved in anchoring the closing ceremonies of the annual event. The Sponsor, Chief Dr. Molade OkoyaThomas was so impressed by the manner of my presentation that he nicknamed me ‘’Olohun iyo’ which literally means ‘the man with a sonorous voice’,” the Septuagenarian recalled. For Peters who is Nigeria’s only ITTF blue badge certified umpire, the tournament would continue to attract the best in the country.

Super Falcons players in celebrating mood in the match against Zambia. A scenario they hope to replicate tomorrow in the semi final match against Cameroon.

NOC to Hold Elections in Adamawa The annual General meeting of the Nigeria Olympic Committee (NOC), which will also serve as elections into the Executive Committee has been fixed to take place on December 20, 2018 in Yola, Adamawa State. In a release signed by Secretary General, Hon Tunde Popoola, he said that

nomination forms for Executive Committee candidatures are available for collection and return from Monday, 26th November, 2018 to Wednesday, 12th December, 2018 (12.00 noon). The forms can be collected at the NOC Secretariat, National Stadium, Lagos or at NOC Liaison Office, 51, Iya

Abubakar Crescent, Jabi, Abuja. Popoola noted that the collection and return of Nomination Forms will close at 12.00 noon on Wednesday, 12th December, 2018. Candidates contesting elections must produce a supporting letter from the nominating National Federation of Olympic Sports,

signed by the President. Candidates contesting for Executive Committee positions (President or Secretary General) must attach a validation letter from the International Federation or Confederation as evidence of their qualification for the office, as stipulated in Article 26 of the NOC Constitution.

Aubameyang Winner Extends Arsenal’s Unbeaten Run Pierre-Emerick Aubameyang extended Arsenal’s unbeaten run to 17 matches with the goal that sealed a 2-1 win at Bournemouth yesterday.

Unai Emery’s side took the lead through Jefferson Lerma’s bizarre own goal before Josh King equalised on the stroke of halftime at Dean Court.

Super Eagles captain, John Mikel Obi, yesterday with the students of Children International School Lekki Phase One, Lagos at the start of his Foundation with the support of Kwese Free Sports.

Aubameyang netted his eighth league goal of the season midway through the second half to lift the fifth placed Gunners within a point of the top four in the battle to qualify for next season’s Champions League. The north Londoners have been revitalised since Emery replaced Arsene Wenger in the close-season and this was another test passed by the Spaniard. After three successive home draws against Liverpool, Sporting Lisbon and Wolves, it was essential Arsenal got back to winning ways. Emery left German playmaker Mesut Ozil on the bench and was without French striker Alexandre Lacazette due to a groin injury. But Arsenal were still strong enough to consign Bournemouth to a third successive defeat as Emery’s decision to switch to a back three for the first time paid dividends.

Bournemouth thought they were ahead early on, but David Brooks was flagged offside as he slotted home King’s through ball. Arsenal went up the other end and Lucas Torreira rattled the foot of the post with a fierce shot, with Alex Iwobi only able to lash the rebound high and wide. Arsenal took the lead in the 30th minute when Lerma accidently volleyed Sead Kolasinac’s cross past Bournemouth goalkeeper Asmir Begovic as he stretched in a failed attempt to clear. Iwobi drew a smart stop out of Begovic as the visitors looked to double their advantage before the break, but instead their run of not leading at halftime this season continued. Cardiff are the only other top-flight side yet to hold a halftime lead in the league this season and King’s smart finish with the last meaningful kick of the opening 45 minutes ensured Bournemouth went in level.

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Rohr: Super Eagles Job, Most Challenging in My Coaching Career From a humble begining as the Head Coach of Super Eagles two years ago, the journey so far has taken Gernot Rohr to an enviable record as the first tactician to have qualified the senior national team to two major tournaments; Russia 2018 World Cup and next year’s African Cup of Nations in Cameroon, with a game in hand. Femi Solaja was at the ‘Peak Breakfast interview’ session organised by HS Media Group on behalf of Friesland Campina for Rohr. The gaffer spoke on the good, the bad and the ugly side of his journey with the national team so far. Excerpt... back from the dead just like it happened to the team at USA ‘94 when we could not sustain the lone goal lead against Italy. What are the take away from these two scenarios? The talks about late substitutes would not have come up if we had won the match or at most kicked out Argentina from the World Cup. At half time we made one change out of mandatory three. I wanted to bring in Alex Iwobi for Ahmed Musa in the 70th I discussed with the bench and we agreed but in the stand we also have match readers who kicked against the change because Musa was giving the Argentines a lot of problems and they are afraid and that I should wait and sometimes you concede to arguments but it was a regret and next time I will not wait before I take such a crucial decision.

Before you took the job in Nigeria, you must have been privy to this notorious belief that we have this tendency of owing both local and foreign coaches. What convinced you to take the job especially when you were not the only coach pencilled down for the post? I don’t like to speak about money, I was not afraid to take the job. First, I was free and I’m guide by this personal philosophy of getting a job well done and hoping that the financial reward will come at the appropriate time. It was a bit risky but fortunately the officials (NFF) always pay the cash flow at the appropriate time and the result till date shows that we never had players’ revolt over unpaid allowances and same thing applies to me. Many pundits see you as a very humble coach with several working experience. Which of your past and present jobs appears most challenging so far in your career? My coaching career has been full of ups and downs right from time as club coach with the likes of Bordeaux when the club was going down and eventually relegated and the battle to return was a fierce one. I have players like Didier Deschamp, Lizarazu and so on and I had to bring the club from relegation to the elite division and same thing with Nice. However, my biggest challenge as national team coach is thw Super Eagles job in Nigeria. Here, I met a team that was yet to play at a major tournament after missing out at two African Cup of Nations tournaments and we were grouped to play in one of the toughest groups in the World Cup qualifying series and as we would have it, we found ourselves in the Group of Death again in Russia. However, the challenges are not over now as we prepare to go to the Nations Cup next year Cameroon. Going to the World Cup last summer, your team was adjudged one of the youngest in the pool and we seem to be going on the same trend going to the Nations Cup next year in Cameroon. Do you think the team is too young to win AFCON 2019? I don’t agree that when you have a young team, you are at disadvantage but I must tell that we have learnt a lot from the World Cup especially in the match against Argentina when we conceded a late goal and it was same mistake against South Africa last week. We will continue to work on that so we hold on any form of slim advantage. Because of this, our team is still open to a lot of changes especially in the defense and midfield. We will still try other players using the last qualifying match against Seychelles and also exploit the FIFA Windows to ensure that we maximize all our potentials going to the Nations Cup next year in Cameroon. What was going through your mind when two legitimate goals were disallowed in South Africa and why did you play Samuel Kalu on the right side of the defence? First I could not judged the legitimacy of the goals from the position I was during the match and it was from the play-back on television that I knew that we were denied legitimate goals. However, the referees are human too and this explains why Visual Assistant Referee (VAR) will help a lot during crucial goal decisions. But you must now that Ahmed Musa may have been too fast with the pace for the assistant referee to pick the offside call. Although our intension was to win the match and top the group, the result still put Nigeria in front foot, hence we must ensure that we win the last match at home to place too after the series. As for your second question, I saw Kalu play in that role for Bordood. They bought him for €8million and play that role very well and was a replacement for Simon Moses whom unfortunately was injured before the World Cup and we have to draft Kalu into his position. He is a good striker but at the same time a good defender with a lot of pace. He can defend on the lines and at same run the flank. This explains why we are playing 3-5-2 which was

The Chief Executive Officer, HS Media Group, Taye Ige, discusses with Super Eagles Head Coach, Gernot Rohr at the Peak Breakfast with Rohr Editors’ Roundtable, organised by HS Media Group, owners of the Hotsports brand the role Victor Moses played against Iceland at the World Cup it requires a lot of commitment. What this means is that in different match tactics we have different players. From your response, it seems you are quick to allow the mistake in South Africa to go unnoticed may be because the result had no negative impact to the progress of the team but at the last World Cup finals in Russia, you criticised the referee for denial of a second penalty for Nigeria against Argentina in the last group match. How do we reconcile this especially the complexity in the application of the rules of the game? Point of correction, I was only bitter internally and not outward as a result of the match especially as regards the denial of the second penalty kick. Everybody saw that it was a handball and a similar way the world champion, France got similar opportunity and it was given. Don’t forget there are undercover influences when a situation like this arise on the field. Even in the communication rooms, it’s possible they influence him not to give the second penalty and don’t forget there are lots of Argentine fans in the stadium just as big players like Messi, Aguero trying to influence the match officials. However it is unprofessional to speak against the referee’s decision because it comes to hunt you again and they are human too. But I’m happy with the reaction of my players after the World Cup exit. We have played four games and achieved positive results including the match in Liberia where we played with their President George Weah on the pitch just two days after our match in Seychelles You mentioned Victor Moses and even justified his attributes. What is the situation with him and would you say you have finally replaced the captain of the team John Mikel Obi? The situation with Mikel Obi was that after the World Cup, he wanted to take a break from the national team and he told me that when he is motivated again he will return and don’t forget that he had some injuries. So we remain on this position for now but looking back, Mikel Obi is a fantastic player and his potentials as a leader is really working well for the team. The assistant captain Ahmed Musa is good too with different mentality at organising the team on the field and even after Musa we have William Troost Ekong and things are really working well for the team. As for Victor Moses, he told me but I was surprise after the World Cup that he insisted he wants to concentrate on his club football. I tried to convince him but to no avail and I guess he wants to regain his position but with the way things are now the door is open for him to

return and I am hoping that he would have sorted himself out in the next transfer window. After over two years now, if you want to evaluate the team what percentage will you rate Eagles now? As at the last World Cup finals we were at 60 percent but as at last week in South Africa the team had attained 70 percent but there is still a lot of work to do in all the departments. We have to find replacement where necessary especially in the goalkeeping and defence. In the attack, I’m happy that Ighalo has regained his striking form and we are looking forward to competition from other players. However one thing we must understand with the team is that in the past we have star players like Okocha, Kanu and the rest but not it’s an assemblage of average players that has transformed into formidable team. You spoke about Odion Ighalo but his club has been relegated in China does it mean anything to you and secondly it appears you do not give a damn to local players? I love local players, I love local people and it’s on record that since I became the Super Eagles coach, I have used 20 home based players from the local league for my matches. However, when you invite a player from the local league today and in the next few months he has eloped to Europe for greener pasture what do you do in that situation? Although it’s good for them to ply their trade else where but let me inform you that the activities of most of the football agents is not helping us with the invitation. All they want a platform for these players to get a good pay job outside the country for their selfish reason! At the same time the quality of the players also depend on the competitiveness of the league. When you play a season for just few months how do we get to know the quality of the players and don’t forget that the domestic league lacked standard infrastructure with no good playing turf and the financial motivation is not encouraging as well. On Ighalo, he has been an unfortunate player since the match against Argentina. Remember he came in as substitute for Iheanacho and because of the missed chances fans were against him. Ighalo was not the reason why we lost to Argentina but a collective responsibility of the team. Everybody is happy now that he is scoring for the national but I think he will look for a top division team when the Chinese season reopens next year. You were heavily critised for not making late substitutions in the match against Argentina and thus allowed the South Americans to come

What style of football has Gernot Rohr introduced into our football? We play collective football with the aim to reach the goal at shortest possible means. What the World Cup as taught us is that possession football is not the best. We attach and defend together instead of passing game that consumes a lot of energy. Everybody must participate and the ability to use the wings with several fast players in the pool now. We have strikers that can dribble and it must be to the advantage of the team. Where will you consider the real home of Super Eagles between Uyo and Asaba and perhaps any other ground that we have used since you came to Nigeria? The players love to play on good grass. Asaba pitch is new and we told the ground men what they need to do because the ball was not bouncing properly but the Governor and the people of Asaba are nice to us and it was a good thing that the team travelled round the country. However, I think the players like Uyo where they had played and won several matches and it’s a modern stadium while Asaba was a refurbished arena. But aside whether which one is better it will be good for the team to travel round and finally return to Abuja where the grass are not in existence. Would you be willing to work with coach Salisu Yusuf again when the ban on him is lifted? Yes I can understand the decision of the NFF which is in force and if they decide to bring him back after the expiration of his suspension I have no choice but to accept it. But personally I’ve had good relationship with Salisu but he has been caught in the trap and he was a bit naive and he is paying for the mistake(s). But in life anybody can make mistake and if the tide changes its okay by me but it’s the decision of the officials that is important. How true is it that you lost your wallet and phones at the Stadium during the AIETO Cup final match in Asaba recently? Oh, before the Asaba episode, I lost my wallet and phone at Agege stadium. A lot of people and I’m in the crowd I lost it and again at the cup final, my wallet disappeared again (laugh) but I’m getting used to the syndrome, I hold my pocket well when next I’m in such situation. As the coach of team what was the missing link that after the tie against Algeria in the last World Cup qualifying match FIFA annulled the 1-1 scoreline and awards the match to Algeria because we fielded an ineligible player. How do we guide against this as we move on? Yes NFF has to learn more administratively because a mail was sent in that regard but somebody failed to do his work. But on our part (team) I was not in-charge in the qualifying match against Swaziland before the group stage and it was unfortunate that NFF lost track on the record before I came in. It would have been disastrous if the outcome of the match have reflected on our position leading to possible elimination. I know that the NFF have learnt a lot from the lapses and it won’t happen again.

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MISSILE Ezekwesili to Buhari

“There are pertinent questions that the federal government and the military need to answer. How did this latest in a series of killing of our soldiers in front line of battle catch our country off-guard? Don’t we think the official line that the presidency and military have been pushing on the state of the terrorism war is endangering our soldiers and nation? Can the government be more honest on the challenges it appears to be facing in prosecuting the war?” – The presidential candidate of the Allied Congress Party of Nigeria, Dr. Oby Ezekwesili, lamenting the killing of soldiers fighting Boko Haram insurgency in the North-east.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

FX Reserves: Borrowing from Yourself & Paying Someone Else

I

know many of my former colleagues in the banking industry and my fellow students of Economics will be up in arms against me for holding the view I will be expressing in this article. I know this because I am going to be departing from conventional wisdom and norms in this discussion of foreign reserves. Well, I am also prepared for the attacks. According to Wikipedia, “Foreign-exchange reserves is money or other assets held by a central bank or other monetary authority so that it can pay its liabilities if needed, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the government and other financial institutions. Reserves are held in one or more reserve currencies, mostly the United States dollar and to a lesser extent, the euro”. Breaking this down, foreign reserves should only exist to the extent that the country that owns the reserves has exported some goods and/or services for which payments are made to it and from which it chooses to save some of the foreign currency receipts. It is also grown through the inflow of foreign currencies from portfolio and foreign direct investments. Strictly speaking, it is expected that if a country does not accrue any surpluses in its foreign currency transactions, then it should not have any reserves. In reality however, it hardly works that way as there are instances where an indebted country would have reserves that far outstrips its debts. In layman’s knowledge, the right thing to do will be to net the reserves from the debts to reduce its indebtedness. Why that does not happen in reality will become clearer in the course of this discussion. Why does a country hold external reserves, one may ask? From a macroeconomic point of view, reserves are necessary to cover a country’s imports projected over a certain period of time. The convention is that a country needs to hold reserves to cover between three to six months of its average import bill. In reality, counties generally keep more than that. Countries that keep more are those that have done very well in the management of their economy. Take for instance China, on account of its ability to generate a lot of dollars from its exports to the US and other countries, it is able to keep a large amount of reserves in US dollars. China sees itself as an exporting nation and it is in a position to sell far more than its import needs. This action, together with a deliberate government policy keeps the local currency rate low, relative to the US dollars. Bear in mind that because the Yuan is cheaper, Chinese exports become cheaper and more attractive, thereby increasing demand for Chinese products at the expense of US made goods. This helps to boost local manufacturing and thus create jobs in China and encourage even more exports from China. This is the main reason for the US outcry against China and the accusation of adopting unfair trade practices. It is interesting that the world’s biggest champion of Capitalism and free market, now cries wolf and accuses another country that adopted their sermon of embarking on unfair trade practices. Anyway, that is a story for another day. Note that the so-called unfair trade practices help China stabilize its economy and keep its people employed. It is also understood that foreign reserves are necessary to manage the local currency. For instance, in periods of shock or crises, holding enough reserves can help maintain some stability in a country’s exchange rate management efforts. During the 2008/2009

CBN Governor, Godwin Emefiele

global financial crises, the external reserves war chest of over $60billion helped the managers of the Nigerian economy at that time to maintain some stability in the foreign exchange market and defend the economy from external shocks. For an import- dependent country like Nigeria, the buffer helped to maintain social stability beyond what the uninformed would contemplate. Sometimes, Central Banks keep foreign reserves to boost the confidence of foreign investors. If for some reason, export volumes drop or the value of foreign currency received from exports reduce due to falling prices, the existence of foreign reserves theoretically protects the local currency against massive devaluation which would lead to the diminution of the value of foreign investments. For foreign direct investors and treasurers who indulge in portfolio investments, the implication is that they will receive relatively lower foreign currency as their repatriation will be at much higher local currency rate leaving the investor with less foreign currency than it brought into the country. An example is the most recent experience in the country where, due to a combination of factors of oil price drop and other economic challenges, the value of the Naira dropped from about N200 to the dollar to over N500 to the dollar, a foreign investor who invested the Naira equivalent of $10m would exchange his investment at no more than $4m. He would, therefore lose 60% of his investment by that singular challenge. Moreover, a really extreme situation could be when the country does not even have enough foreign exchange to give those who wish to repatriate their principal investments or profits/dividends. So the foreign reserves help boost the confidence of investors and players in the economy who are assured that there will be foreign currency to back their repatriation needs. Countries use the foreign reserves for savings for specific projects and expenditures. Nigeria could decide to draw from its foreign reserves to build refineries or other necessary infrastructure. Again, some economists believe it is necessary to diversify currency risk and hedge against unexpected drop in value of other currencies. Some others earn better rates when they keep foreign currency, depending on the local interest rate regime in the countries in question. Following from the above, it is expected that Economies with the largest trade surpluses will naturally be the ones with the largest foreign reserves. This is because they earn more dollars than they spend and will therefore have them saved in foreign accounts. As of December 2017, the following countries

had the corresponding balances to their credit in foreign reserves: China, $3.194t; Japan, $1.233t; European Union, $741b, Switzerland, $680b; and Saudi Arabia, $509b These countries are also some of the countries that have the world’s largest trade surpluses. There has been an unspoken policy of building up a massive war chest of foreign reserves by all means by the managers of the Nigerian economy. Recall that at the inception of this Republic in 1999, the country had just about $5billion in external reserves. It reached an all time high of $62billion in September 2008 before going down again quite significantly in the wake of the adverse oil shocks of the past few years. From the analysis made above, there may be sufficient reasons to build up foreign reserves. However, in the light of competing demands for funds and the equally massive build up of debts, some of us are concerned that we may not be considering all the issues and may also not be managing our resources in the most efficient manner. Like we had argued earlier, a major reason for building up foreign reserve is to cover at least 3 to 6 months of imports. Statistics show that our imports are in the region of $35billion annually, therefore, we require between $9b and $18b in foreign reserves. In the recent times, we have seen an aggressive build up of foreign reserves, such that from less than $26b at the end of 2015, we have now accumulated $47.3billion in April this year, though this had dropped, as at last week, to about $41.5billion. In fact, had it not been for the determination of the monetary authority to have a ‘stable naira’, the foreign reserves would have been much more in quantum. It is a well known fact that the CBN periodically steps in with some hundreds of millions of dollars to keep the naira stable at around N360/$ While there is nothing fundamentally wrong with this build up if the economy was running smoothly, some of us are concerned that we may just be focused purely on keeping a large foreign reserve just for the sake of it. So, we are asking questions about the efficiency of the policy option. The government had made it clear that to provide critical infrastructure for the populace, it needs a lot of money. The estimate is that we require over $300b in the next 10 years to close the infrastructure gap. The government has also gone ahead to ramp up borrowing in a very aggressive fashion, such that as per the figures from the Debt Management Office,(DMO), our total external debt stock has risen from $10.718b in 2015 to $22.1b as at June 2018. It is safe to estimate that the average interest rate of these loans is about 7% per annum. From a layman’s point of view, we have over $40billion in our account abroad where we earn an interest rate of around 1.7%p.a. while we are borrowing $22b for which we are paying about 7% p.a. The cardinal rule in foreign reserve investment, just like pension and insurance funds, is the preservation of the principal amount. Returns are a secondary concern and as such the interest income is usually very conservative. The stark reality is that it means we are losing over 5% p.a. on the $22b or about $1.1b every year on the loan, just putting it in its simplest form. We must also acknowledge that part of what makes up the foreign reserve is the foreign loans that the federal government has been taking. As at June this year, Nigeria had an outstanding euro bond of about $8.5b. With the approval to

issue another $2.8b to fund the 2018 budget, we should be talking of an outstanding of over $11b. All these would be part of the accretion to foreign reserve. Typically, when euro bonds are issued, Naira proceeds are made available to the Federal Government while the actual funds are held by the Central Bank in foreign currency, which are calculated as part of our foreign reserve. The only problem with this is that those funds are no longer available to be spent by the CBN or the Federal government. So, what exactly would we say we have done? We have become more indebted and for the debt, we are paying interest at a high rate. We then go ahead and issue local currency to match the debt and receive a much lower interest for same funds, deposited in a foreign bank like Chase. To add another dimension to this, some of our local banks and corporates issue foreign currency bonds also. Investors buy those bonds and make proceeds available to the banks or corporates. For the banks, it is usually a concern on how to use the funds in the most profitable manner. This concern stems from the risks of currency mismatch and exchange rate volatility. The banks may just move the foreign currency to the CBN in what is referred to as a swap arrangement, such that the CBN enters into a forward contract to refund the foreign currency at a future date and at a predetermined exchange rate. In some cases, the banks would leave the funds in a foreign correspondent bank at rates lower than their cost. The ideal scenario for the banks though, is to ensure that they match foreign currency risk assets with the foreign currency loans. The other part of the foreign reserve is what bankers refer to as “hot money”. Hot money refers to foreign currency brought in by investors to buy bonds and shares of corporates and governments in the country. It is hot money because, it can vote with its feet once it notices any impending shock. I believe that the major reason our foreign reserve dipped from $47billion in April to the present $41.5b in just six months is the impact of hot money. As we approach the 2019 election, it is expected that foreign private investment will dip. The Central Bank does not have a choice but to keep such monies in near liquid form in order to respond when the call is made. While I agree with the idea of keeping some reasonable part of our funds in foreign reserve, I do not think that accretion to foreign reserve and the sheer size of our balances in foreign bank accounts should be a yard stick to measure the performance of the economy. In fact, I will contend that leaving a huge balance in foreign reserve is like a manufacturing company leaving a huge chunk of cash in savings accounts. What that tells me is that the company needs a consultant since it is veering away from its core function. I expect that the company should spend the money expanding and conquering new markets and making more profits. I will pass a harsher judgement on the company if in spite of the huge balances, the company turns around to borrow money from the bank to fund it’s activities. I say this because it is not in dispute that the only way a bank makes money is to borrow cheap and lend high. As we struggle to develop the country, in the face of massive infrastructure deficit and decaying institutions, one of the things we shouldn’t be encouraging is stashing money away in foreign accounts, except that part that is absolutely necessary. Another thing we shouldn’t be doing is borrowing high and saving low.

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