TUESDAY 18TH DECEMBER 2018

CBN Gives No Objection to Access, Diamond Banks’ Merger, Shares Surge Market operators welcome business combination SEC awaits application, merger to be finalised before June Obinna Chima and Goddy Egene The proposed merger between Access Bank Plc and Diamond Plc yesterday received heavyweight endorsement

from the Central Bank of Nigeria (CBN), which said it had no objection to the planned business combination. The apex bank in a letter dated December 17, 2018, addressed to the Managing

Director/CEO of Access Bank and signed by Director of Banking Supervision, Mr. Ahmad Abdullahi, said it had no objection to the proposal, advising the commercial bank to proceed to obtain other

necessary regulatory approvals for the merger. The CBN, in an apparent response to an application for pre-merger by Access Bank stated, “We refer to your letter dated December 17, 2018 on

the above subject (application for pre-merger) and write to inform you that the Central Bank of Nigeria has no objection to your proposed merger with the Diamond Bank Plc.

“Furthermore, you are required to obtain other necessary regulatory approvals for the merger.” More boosts came from Continued on page 6

OPL 245: Eni, Shell Knew of Corrupt Payments, Rules Italian Judge… Page 8 Tuesday 18 December, 2018 Vol 23. No 8644. Price: N250

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Celebrating 76, Buhari Pleads for More Time Promises level playing field in 2019 Omololu Ogunmade in Abuja Celebrating his 76th birthday in Abuja yesterday, President Muhammadu Buhari responded to mounting criticism of his administration’s performance and requested

Nigerians to give him more time to meet their aspirations. Asking for an understanding of his intentions, he said were noble, the president solicited for prayers, pleading that Nigerians ought to take cognisance of the parlous

state of the country he took over in 2015. But the Peoples Democratic Party (PDP), in a swift response to the president’s passionate appeal, said what he needed was not time but rest, contending that the

greatest challenge confronting Buhari was lack of capacity to govern. “The greatest resource the president needs today is rest, not time,” said the PDP National Publicity Secretary, Mr. Kola Ologbondiyan, in

an interview with THISDAY, adding, “The obvious fact is that Buhari and his All Progressives Congress (APC) were not prepared for governance.” Buhari had spoken in the State House while

answering questions from journalists during a parade commemorating his birthday anniversary. The president had jokingly protested when a reporter Continued on page 6

All PDP Governors Solidly Behind Atiku, Says Okowa Presidential candidate pledges 40 per cent of cabinet appointments to youths Nseobong Okon-Ekong and Segun James Delta State Governor, Dr. Ifeanyi Okowa, yesterday said all former presidential aspirants that contested for the ticket of the Peoples Democratic Party (PDP) and all the party’s governors have come together to push the campaign of Alhaji Atiku Abubakar for the nation’s presidency up for contest in 2019. Speaking on the ‘Morning Show’ programme of Arise News, a broadcast arm of THISDAY Newspaper,

Okowa insisted that contrary to reports, the party has gone beyond the issues relating to the party’s primaries and is preoccupied with winning the 2019 elections. He said, “There is no truth in the words that former presidential aspirants are not supporting Atiku. All of them are supporting him. I'm not aware of any aspirant that is not supporting Atiku. Even though I cannot mention all their names, we have people like Governor Aminu Tambuwal playing a significant Continued on page 8

AI: 3,641 Lives Lost to Farmers, Herdsmen Clashes... Page 6

A MAN FOR THE YOUTH... Peoples Democratic Party's (PDP) presidential candidate, Alhaji Atiku Abubakar, during a town hall meeting with youths in Lagos... yesterday

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AI: 3,641 Lives Lost to Farmers, Herdsmen Clashes

Presidency expresses concern over report Army wants rights group to close Nigerian offices

Ejiofor Alike in Lagos and Kingsley Nweze in Abuja A new report by the Amnesty International (AI) has alleged that the Nigerian authorities’ failure to investigate communal clashes and bring perpetrators to justice have fuelled a bloody escalation in the conflict between farmers and herders across the country, resulting in at least 3,641 deaths in the past three years and the displacement of thousands of people. The presidency has, however, expressed concern about the report just as the Nigerian Army has called for the closure of the offices of the rights group in Nigeria, accusing the group of plotting to destabilise the country. In the report, ‘Harvest of Death: Three Years of Bloody Clashes Between Farmers and Herders,’ which was released yesterday, Amnesty International found that 57 per cent of the 3,641 recorded deaths occurred in 2018. The report alleged, “Security forces were often positioned close to the attacks, which lasted hours and sometimes days, yet were slow to act. In some cases, security forces had prior warning of an imminent raid but did nothing to stop or prevent the killings, looting and burning of homes.�

According to the Director of Amnesty International Nigeria, Osai Ojigho, “The Nigerian government has displayed what can only be described as gross incompetence and has failed in its duty to protect the lives of its population and end the intensifying conflict between herders and farmers. The authorities’ lethargy has allowed impunity to flourish and the killings to spread to many parts of the country, inflicting greater suffering on communities who already live in constant fear of the next attack. “Our research shows that these attacks were well planned and coordinated, with the use of weapons like machine guns and AK47 rifles. Yet, little has been done by the authorities in terms of prevention, arrests and prosecutions, even when information about the suspected perpetrators was available.� The human rights watchdog said it started documenting clashes between farmers and herders from January 2016, adding that between August 2017 and September 2018, researchers conducted 10 field trips to 56 villages in five states. The group said its report was based on 262 interviews with victims, eyewitnesses, community leaders, medical

practitioners, religious leaders and government officials, including members of the security forces. It also added that its researchers also analysed 230 documents, including medical records and reports by the security forces. “The root cause of this conflict has nothing to do with religion or ethnicity; it is largely about land and access to grazing. But in some places, because of the failures of the security forces, competition over resources is used as a pretext to kill and maim along ethnic or religious lines. The conflict has also been dangerously politicised by some state government officials who have inflamed tensions by embarking on a blame game along political party lines,� said Osai Ojigho. At least 310 attacks were recorded between 5 January 2016 and 5 October 2018. The attacks were most frequent in Adamawa, Benue, Kaduna, Taraba and Plateau States. Other parts of the country including Enugu, Ondo, Oyo, Delta and Edo States also recorded attacks. Amnesty International researchers uncovered a pattern of appalling killings by both farmers and herders across Adamawa, Benue, Taraba, Kaduna and Plateau States.

On June 17, 2017 one of the deadliest attacks on Fulani communities in Taraba State began. It lasted four days with dozens of dead bodies found in the bush afterwards. An eyewitness told Amnesty International: “My wife was slaughtered, they opened her stomach and brought out the baby and slaughtered it. My kids were slaughtered also. I was with their dead bodies for three days in the bush before the soldiers came. My father was burnt in front of the mosque where he prayed. They killed him there and burnt him.� In the Guma and Logo Local Government Areas of Benue State, villagers began 2018 under attack by armed gangs, who arrived in the early hours of January 1. The attack, which went on for 11 days, resulted in at least 88 deaths, although the state government was only able to bury 73 bodies. An eyewitness told Amnesty International, “Up to 120 people (were) dead, some are farmers in the bush but we have not recovered them. It was through the efforts of the Benue State government and security agents that 73 bodies were recovered and buried. More corpses are still out there while some have been buried already in the villages.�

Presidency Expresses Concern over Report The federal government is increasingly concerned about the role Amnesty International is playing in the war against terror in Nigeria, a statement by presidential spokesman, Malam Garba Shehu, said yesterday in Abuja, adding that while President Muhammadu Buhari cherishes and encourages the noble ideals on which institutions like Amnesty International are founded, the organisation’s operations in Nigeria seem geared towards damaging the morale of the Nigerian military. Shehu said it often appeared as if the Nigerian government was fighting two wars on terror: against Boko Haram and against Amnesty International.

Army Accuses AI of Plot to Destabilise Nigeria Meanwhile the Nigerian Army has accused Amnesty International of plotting to destabilise the country. A statement signed by army’s spokesman, Brigadier General Sani Usman said, "The Nigerian branch of Amnesty International that has hitherto been well respected has deviated from

the core values, principles and objectives of the original Amnesty International domiciled in the United Kingdom. "There is credible information that the Nigerian branch of the international non-governmental organisation is determined to destabilise the Nigerian nation. "This is noted through fabrication of fictitious allegations of alleged human rights abuses against the Nigerian security forces and clandestine sponsorship of dissident groups to protest, as well as unfounded allegations against the leadership of the Nigerian military." The army stated further, "They have tried over the years using Boko Haram terrorists’ conflicts, Islamic Movement in Nigeria, some activists and now herdersfarmers conflicts. "The NGO is at the verge of releasing yet another concocted report against the military, ostensibly against the Nigerian Army. Consequently, Nigerians should be wary of Amnesty International (Nigeria) because its goals are to destabilise Nigeria and to dismember it. The Nigerian Army has no option than to call for the closure of Amnesty International offices in Nigeria, if such recklessness continues."

CBN GIVES NO OBJECTION TO ACCESS, DIAMOND BANKS' MERGER, SHARES SURGE the stock market that reacted positively to the planned business combination as the share prices of both banks surged at the close of trading yesterday. This is just as Diamond Bank, which confirmed the deal, said its planned business combination agreement with Access Bank Plc would be finalised before the end of the first half of 2019. Meanwhile, the Securities and Exchange Commission (SEC) has said it is waiting for formal application from the banks on the merger. According to the apex capital market regulator, however, it is aware of the intention of the banks to go into a merger. “Access Bank and Diamond Bank have both notified the commission and the general public. It is a notice to merge, they have not merged yet. SEC is awaiting their application on the matter. The SEC received on Monday, December 17, 2018, notice of intention by Diamond Bank & Access Bank to merge. The commission is currently waiting for their formal application," SEC said in a statement. At the close of trading on the Nigerian Stock Exchange (NSE) yesterday, while Diamond Bank Plc appreciated by 9.47 per cent from N0.95 to N1.04, Access Bank Plc went up by

9.40 per cent from N7.45 to close at N8.15. Investors traded 70.984 million units of Diamond Bank Plc shares worth N72.643 million, while they exchanged 13.615 million units of Access Bank Plc for N108.550 million. Meanwhile, stock market operators welcomed the deal, saying it would be favourable to Diamond Bank. For instance, Mr. David Adonri of Highcap Securities Limited, in an interview with THISDAY said, “Diamond Bank Plc has been failing. Merger with Access Bank has finally rescued the bank from imminent collapse. “The terms of merger weighs heavily in favour of Diamond Bank Plc.� In her reaction, the Group Managing Director/CEO, Emerging Africa Capital Group, Mrs. Toyin Sanni, said the news was not entirely a surprise for two reasons. She explained, “It has been rumoured some weeks ago but denied. There have been indications that Diamond Bank could benefit from the stronger liquidity that a bank like Access Bank brings to the table. “On the whole, it is a welcome development from the perspective of financial sector stability. The Diamond Bank brand remains strong and the institution is expected to thrive

under the merger given the proven track record of Access Bank Plc. “We expect more details of the merger arrangements in the weeks to come, including whether the operations will be integrated or the banks would continue to run under separate brands.� However, the Board of Directors of Diamond Bank in a statement yesterday, explained, “Diamond Bank expects the transaction to complete in the first half of 2019.� The statement also revealed that following a strategic review that led to a competitive process, the board of Diamond Bank selected Access Bank as the preferred bidder with respect to a potential merger of the two banks that would create Nigeria and Africa’s largest retail bank by customers. “The Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. “Completion of the merger is subject to certain shareholder and regulatory approvals,� it added. According to Diamond Bank, the proposed merger would involve Access Bank acquiring the entire issued share capital

of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders would receive a consideration of N3.13 per share, comprising of N1 per share in cash and the allotment of 2 New Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the Implementation Date. “The offer represents a premium of 260 per cent to the closing market price of N0.87 per share of Diamond Bank on the NSE as of December 13, 2018, the date of the final binding offer. “Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. “The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective. Commenting on the agreement, the Chief Executive Officer of Diamond Bank, Uzoma Dozie said: “The proposed combination with Access Bank will create one

of Africa’s leading financial institutions. “There is clear strategic rationale for the proposed merger and strong complementarities between the two institutions. “While Diamond Bank has pioneered Nigeria’s largest technology led retail banking platform, Access Bank is one of Nigeria’s leading full-service commercial banks. “Consolidation in the Nigerian banking industry is an inevitable, natural progression in a sector where the gap between tier 1 and tier 2 banks has been widening and scale has become critical; where technology will disrupt the traditional business model while enabling broader financial inclusion. “The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses and will create a financial institution with the scale, strength and expertise to capitalise on the significant opportunities in Nigeria and sub-Saharan Africa more broadly.� On his part, the CEO of Access Bank, Herbert Wigwe said, “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy. “Access Bank and Diamond

continue to pray for me and understand my intentions and give me time." Buhari said he was impressed with the birthday parade organised for him by his aides and thanked them for the event. "Well, I am impressed with it. They have put a lot of time behind it. I thank and appreciate them very much,"

he said. The ceremony began with a special rendition that ushered the president into the forecourt, where special parade was mounted by the Guards Brigade. This was then followed by a special performance by the silent drill squad of

CELEBRATING 76, BUHARI PLEADS FOR MORE TIME attempted to reduce his age to 75. “Why would you reduce my age by one?’’ Buhari queried the reporter when he fielded questions in both English and Hausa languages from State House correspondents after a brief ceremony at the forecourt of the Presidential Villa, Abuja. The president called on Nigerians to continue

to pray for him and the country at large, charging them to continue to show more understanding of his administration’s policies aimed at transforming the country. He said he would continue to remind Nigerians about all that his administration had done, the state of the country when he took over

and what the government had done with the available resources. He said, "We will keep reminding Nigerians about what we have done, how we met the country, what we have been able to do from the time we came in till now with the resources available to us. "Nigerians should

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Bank have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion. “Access Bank has a strong financial profile with attractive returns and a robust capital position with 20.1 per cent capital adequacy ratio (CAR) as at 30 September 2018. “We believe that this platform, together with the two banks’ shared focus on innovation, financial inclusion and sustainability, can bring benefits to Access Bank and Diamond Bank customers, staff and shareholders.� Exotix Capital acted as international financial advisor to Diamond Bank, and Templars acted as Nigerian legal counsel.

TOP GAINERS NGN NGN % DIAMONDBANK 0.09 1.04 9.4 ACCESSBANK 0.70 8.15 9.4 CCNN 1.45 17.15 9.2 NPFMFB 0.12 1.53 8.5 FIDSON 0.35 4.95 7.6 TOP LOSERS NGN % FORTEOIL 2.40 21.70 9.9 IKEJAHOTEL 0.18 1.69 9.6 WEMABANK 0.05 0.54 8.4 LINKAGEASSURE 0.05 0.55 8.3 CAP PLC 2.40 34.85 6.4 HPE Nestle Nig Plc â‚Ś1,450.00 Volume: 214.961 million shares Value: N1.732 billion Deals: 2,975 As at yesterday 17 /12/18 See details on Page 31

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OPL 245: Eni, Shell Knew of Corrupt Payments, Rules Italian Judge Peter Uzoho with agency reports An Italian judge, Giusy Barbara, found yesterday that Eni and Royal Dutch Shell were fully aware that their 2011 purchase of Nigeria’s Oil Prospecting Lease (OPL 245) would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about $1.3 billion from Malabu Oil and Gas Limited owned by a former Minister of Petroleum Resources, Mr. Dan Etete, in a deal that spawned one of the oil industry’s largest corruption scandals. It was alleged that about

$1.1 billion of the money paid for the oil block was siphoned to agents and middlemen. The Milan judge made the comment in her written reasons for the September conviction of a Nigerian, Mr. Emeka Obi and Italian, Gianluca Di Nardo, both middlemen in the OPL 245 deal, for corruption. They were jailed for four years. “The management of oil companies Eni and Shell ... were fully aware of the fact that part of the $1.092 billion paid would have been used to compensate Nigerian public officials who had a role in this matter and who were circling their prey like hungry

Minister of State for Petroleum Resources, Ibe Kachikwu sharks,� Barbara said in her reasoning. “It was not mere connivance, but a conscious adhesion to a predatory

project damaging the Nigerian state,� she added. She also said money was given to some Eni managers. Obi and Di Nardo have been tried separately from Eni and Shell, which also face corruption allegations over the same deal in a hearing that is expected to drag on for months. But responding to the judge’s remarks, Eni said it would analyse the remarks, noting that a fuller account of the facts and evidence surrounding the deal would emerge only from the main trial. The Italian company has previously denied any wrongdoing.

Eni shares fell slightly on the judge’s remarks but quickly recovered ground. Shell stock was barely changed. Under the deal, Eni and Shell jointly acquired the OPL 245 field from a company owned by former Nigerian oil minister Dan Etete who, the judge noted, had been put under investigation in 2003 in France for alleged money-laundering. Shell also said yesterday that neither Obi nor Di Nardo had worked for it, and that there was no basis to convict it or any of its former staff of alleged offences related to the oil deal. Eni Chief Executive, Claudio

Descalzi, and four ex-Shell managers, including former Shell’s Head of Upstream, Malcolm Brinded, are also accused of international corruption in the main trial. They have all denied any wrongdoing. Brinded’s lawyer referred Reuters’ requests for comment to Shell. In her explanation, judge Barbara alleged that Shell executives, including Brinded, had known that Etete would keep a part of the purchase price for himself and use the rest to “pay people,� including Nigerian politicians and public officials who had helped him to take possession of the field in 1998.

treasury and a lot of debt when he took over as governor of the state. He said, “Obviously, there was an empty treasury; no doubt about that. I do not want to look into all the factors, but we met a very challenging condition. Beyond the empty treasury, there was a lot of debt overhang and we had to do what we ought to do. “I’m the kind of person that will not dissipate my energy looking into the past; and begin to sorry in it. What I needed to do was to assemble a smart team; and we were able to think out how best to get out of the problem that we had. “Unfortunately, as we moved on, we had the issues of the crisis that came up in the Niger Delta and the blow up of the Forcados Export line, which also brought further challenges to our woes as at then. “But we are able to work as a team to restructure our debts. We are able to prioritise the projects to undertake and we are able to move forward. Today, we have consolidated and moving on.�

Meanwhile, Atiku has pledged that under his presidency, 40

per cent of appointments into the federal executive council will be reserved for youths. Addressing a conference of various youth groups at a town hall meeting in Lagos yesterday, Atiku specifically said the Ministry of Youth Development under his presidency would be headed by an individual under 30 years. Fielding questions at the forum, which afforded young people an opportunity to interact with one of the leading presidential candidates, Atiku said he would keep faith with Nigerian youths because they are the future of the country. Nigeria's estimated 180 million population is largely believed to comprise 60 per cent youths. Answering a question on how he would realise one of the cornerstones of his campaigns, which is anchored on creating jobs, he said, "It is the private sector that creates most jobs. Government gives incentives, for example, lower tariffs and taxes. This is how jobs will be created. That is why I got a first class vice presidential candidate." Giving an example of his love for youths, Atiku stated, "I have many children, but only one of them works for government. Others are in my various companies. I believe in creating jobs for the youths." Probed by a youth on

his plans to ensure that the much-advertised brilliance of his running mate, Dr. Peter Obi, was enveloped by a cabal or a kitchen cabinet that will not allow him perform, Atiku explained that it was not the hallmark of the PDP to hangout around cabals. He said, "As vice president under President Olusegun Obasanjo, I enjoyed unfettered freedom, which led to many of the achievements that was recorded by that government in telecommunications, privatisation, due process and other economic policies that grew our GDP steadily by six per cent annually. "Our government will not be run by a cabal. We will make qualified youths get jobs in places like the NNPC, Central Bank of Nigeria and other government agencies through adherence to due process. Government can't give jobs to everybody. It is the private sector that creates much of the jobs through an enabling environment created by government." Other speakers at the forum were former governor of Ekiti State, Mr. Ayodele Fayose, who leads the Atiku’s campaigns in the South-west; the PDP National Chairman, Prince Uche Secondus; Lagos State governorship candidate of the party, Mr. Jimi Agbaje; Obi and former governor of Cross River State, Senator Liyel Imoke.

and tell anyone who was dissatisfied to go to court. But we won't do that. I am prepared to give the opposition the opportunities I was not given in the past." Adesina said Buhari also assured the visitors that he had told the heads of the security agencies not to be partisan, but rather to do their work professionally, and allow the will of the people to prevail. He also said the president promised that the ruling APC would keep faith with its priorities of securing the country, reviving the economy, and fighting corruption. The statement also said the president stated that he was happy that the opposition had not been able to successfully fault the focal areas of his government.

"We have done fairly well in the areas we focused on. We know how many local government areas in the North-east were under Boko Haram occupation before we came. "That does not happen again, save for cowardly attacks, using young girls as suicide bombers. Other areas of security challenge like farmers/herdsmen clashes are receiving attention, and would be sorted out as much as possible,'' Buhari was further quoted. On the Electoral Bill which he failed to sign, Adesina quoted the president as saying, "Time is against us. We are extremely vulnerable, and need to be careful that messages are not hijacked and figures tampered with, while being transmitted electronically.

"Even the Russians were accused of tampering with American election. So, we will remain conventional, and use electronic transmission in subsequent elections." The statement added that the leader of the American delegation, Ambassador Linda-Thomas Greenfield, said they had met with the media, civil society, and political parties, and concerns expressed included fear of security agencies being partisan in the forthcoming elections, suspected non-commitment to free and fair elections by key stakeholders, delayed budget for the electoral umpire, Independent National Electoral Commission (INEC), and the non-signing of the new Electoral Bill.

ALL PDP GOVERNORS SOLIDLY BEHIND ATIKU, SAYS OKOWA role in the campaigns; you have Senator Kwankwaso also playing a prominent role in the campaign. The Governor of Gombe is playing prominent role in the campaign. These are all former aspirants playing prominent role. Even Aminu Turaki is playing a prominent role; a whole lot of them. “For those you are not seeing visibly, they also have assignments they are undertaking in the background for the party because it is not possible to engage all of them in directorates, but because they are presidential aspirants does not mean that they are not party men. “Each and every one of them is on board and each and every one of them has a special role to play. The fact is that you will begin to see Senate President, Dr. Bukola Saraki, more because he is the arrow figure as the DirectorGeneral of the campaign. But all others are fully involved in the campaigns; there are no problems at all.� Also responding to the speculations that the governors of the South-east and the South-south are not fully part of the Atiku project following the emergence of former governor, Mr. Peter Obi, as the vice presidential candidate, Okowa described the insinuations as untrue. According to him, "That is not the reality on the ground. "People are over hyping

it. The South-south and the South-east caucus met on Friday in Port Harcourt. In that meeting, we took decisions on what next to do. We are indeed planning a South-south zonal rally. Committees are being put in place ahead of the elections under the leadership of Governor Nyesom Wike. A date is likely going to be taken for the rally in the early part of January. “There are actually no problems within the Southsouth; I can confirm that to you. In the South-east, yes, there were some initial hiccups; there is no doubt about that because there were certain party procedures that was supposed to have been followed that were not followed. Some of us believe that we were not taken along before the announcement of the vice presidential candidate. “We also understand that the candidate has the right of choice of who would be the vice presidential candidate. We have moved beyond that. We have had meetings where we have been able to talk over all the issues. “The fact is: some leaders of the party including all the governors ought to have known before the announcement of the candidate; not because they want to change the choice but they just wanted to be briefed formally before the

information was given to the press. But that has been pushed behind us and we are moving forward. “The South-east is also meeting. It is a strong PDP zone. In politics, there are always issues and the issues have to be discussed. The South-east is fully on board; from the last meeting we had in Rivers State, so is the South-south. So, I don't see any challenge in any of the zones at all, not right now.� Okowa also spoke on the defection of his predecessor, former governor, Dr. Emmanuel Uduaghan, to the All Progressives Congress (APC) and the implication of this on the cohesion of the James Ibori political family, which they both belong. This, he said, was not an issue. According to him, “Actually, the Ibori family is still strong. Ibori remains our national leader. I want to assure you that that family is still intact." The governor, however, declined to speak on why Uduaghan left the PDP but said that it was the outcome of the election that would determine if it was a right decision. He stressed that the defection of Uduaghan from the PDP has not had negative impact on the Ibori family and the party. The governor was, however, frank that he met an empty

Atiku Pledges 40 Per cent Cabinet Appointment to Youths

CELEBRATING 76, BUHARI PLEADS FOR MORE TIME the Guards Brigade, which included the formation of words like PMB @ 76. The event also witnessed special display by the Guards Brigade Band, wishing the president “Happy Birthday’’ with their musical gadgets. Highlight of the event was the presentation of birthday cards to the president. The Minister of Defence, Brig. Gen. Mansur DanAli (rtd), presented a birthday card on behalf of the country’s armed forces, while the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, presented another card on behalf of members of the cabinet. The Chief of Staff to the President, Malam Abba Kyari, presented a card on behalf of presidential aides and the

Guards Brigade also made a special presentation. The high point of the event was the cutting of the birthday cake by the president, who was flanked by ministers and some presidential aides. Those at the event included cabinet ministers, members of the Diplomatic Corps, security chiefs, presidential aides and well-wishers.

Promises Level Playing Field in 2019 In a related development, the president yesterday in Abuja promised to provide a level playing field for all candidates vying for political offices in next year's general election. Special Adviser to the President on Media

and Publicity, Mr. Femi Adesina, said Buhari gave the assurance while receiving a delegation of the International Republican and National Democratic Institute of United States of America in the State House. He quoted him as saying, "I am glad you are here to assess our pre-election preparations. It reminds me of the visit by the then Secretary of State, John Kerry, before the 2015 polls. We appreciate the concern of America for stability in developing countries. "Having run for president three times, ending up at the Supreme Court all three times, before God and technology made a way for me the fourth time, I know what it is to be cheated at the polls. "What they used to do was just to award votes,

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

Gunmen Kill 15, Injure 20 in Southern Kaduna John Shiklam in Kaduna After the return of relative peace in the southern part of Kaduna State, unidentified gunmen on Sunday, invaded Angwan Pah village, Jama’a Local Government Area, killing 14 people. About 20 others were also said to have sustained injuries from gunshots and were rushed to hospitals. The incident was said to have occurred Sunday night at about 7:45 p.m. when the victims were at a wedding ceremony. One of the leaders in the community who pleaded anonymity, said on arrival at

the community, the gunmen, numbering about 10, started shooting sporadically at the women and children who were at the wedding programme. According to him, 10 people were killed on the spot while five others later died at the Kafanchan General Hospital. Speaking in a telephone interview, he said “there was a wedding that took place in the community and the celebration lasted till evening as people, mostly women and children were dancing. “At about 7:45p.m. or so, the gunmen, about 10 of them, I cannot precisely say, came and started shooting sporadically at

the crowd. “Everybody was terrified at the sound of gunshots and ran for safety. Unfortunately 15 people died as a result of the attack. Ten of them died on the spot while five died yesterday (Monday) in the hospital. “We are really shocked by this development because we assumed that peace has returned to our communities.” He called on the Kaduna State Government and security agencies to fish out perpetrators of this evil act so as to avoid yet another crisis in Southern Kaduna. Also reacting to the attack in

a statement, a member of House of Representatives, representing Jama’a/Sanga federal constituency, Hon. Shehu Nicholas Garba, said the attack was an affront on the fragile peace that is being nurtured. He noted that there had been brewing crisis in recent times between indigenous fulanis and some communities in the area, which led to the killings of 12 people. According to the lawmaker, “frantic efforts were made by the local authorities, including notable leaders within the communities to contain the situation and prevent it from escalating.

“These efforts included bringing the Military Task Force, which has a unit in Jagindi Tasha into the matter. Sadly, it is now obvious that we are confronted with yet another unexpected tragedy,” he said. Commiserating with the injured victims and families of the bereaved, Garba urged the community to be calm, law-abiding and vigilant while security personnel are mobilised to fish out the cultprits. “Our communities were denied the joy of Christmas celebration last year. We should refuse to be pushed into taking retaliatory measures which the enemy

wants to exploit to deny us yet another Christmas and New Year celebrations and perhaps peaceful elections next year. “I urge the security establishments to fish out the perpetrators of this dastardly act for the law to take its cause and also reinforce its presence in these communities to restore confidence,” the lawmaker said. Efforts to get the reaction of the police was abortive as the spokesman of the Kaduna State Police Command, Yakubu Sabo, did not respond to phone calls and a text message sent to his mobile phone.

Travel Ban: Panel Submits Names of 39 Alleged Treasury Looters to Immigration Says five oil companies under investigation for $1bn tax evasion Alex Enumah in Abuja The Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) yesterday disclosed that not less than 39 names of alleged treasury looters have been submitted to the Nigerian Immigration Service to prevent them from escaping investigation and prosecution for alleged criminal acts. Chairman of the Panel, Chief Okoi Obono-Obla, who made the disclosure yesterday at the panel’s maiden media conference in Abuja, vowed to bring all corrupt persons, including organisations that have short-changed the country. He said the move to restrict their movement out of the country is in line with the Executive Order 6 of 2018, that empowers the president with special powers in the fight against corruption. According to Obono-Obla, the names submitted to the Comptroller General of Immigration, include those currently under investigation by the panel. Those currently being investigated by the panel include All Progressives Congress governorship candidate in Imo State, Senator Hope Uzodinma, former Senate President, David Mark, former Speaker of the House of Representatives, Dimeji Bankole. Others are the Tumsah brothers - Tijani Tumsah (Vice Chairman, Presidential Initiative on North East) and Ibrahim Tumsah (Director, Finance and Accounts, Federal Ministry of Power, Works and

Housing) for alleged abuse of office, corruption and possession of unaccounted suspicious wealth beyond their legitimate earnings. “In accordance with provisions of the Executive Order No 6 of 2018, The Presidential Panel has requested the Nigerian Immigration Service (NIS), to place a travel ban on some persons who are alleged to have abused their offices and looted our commonwealth”, he said. Reeling out its achievements since its inauguration in the last one year, Obono-Obla said the panel has recovered huge sums of monies from individuals and organisations and contributed in given bite to the President Muhammadu Buhari’s war on corruption. “Upon receiving a report of abuse of office and embezzlement by the management of the National Theatre, Igamu, Lagos, the panel investigated and recovered from directors the sum of N24 million. Consequently, the directors have been charged to court and the case handed over to the Office of the Attorney General of the Federation for diligent prosecution”, he said. From the Tunsahs brothers, the panel said it recovered an assortment of 86 brand new luxury and sophisticated cars from the duo, adding that “23 of these vehicles are bullet-proof without the requisite permits. Also recovered from them are several choice properties, located in highbrow areas of Abuja and a quarry in Kuje, the Federal Capital Territory”.

Fuel Subsidy Debt: Marketers Receive N236bn Promissory Notes Petroleum products marketers yesterday confirmed they have started collecting the N236 billion promissory notes as part of their outstanding subsidy claims. The Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, said marketers began to collect the payments on Friday. “I can confirm to you government made good its promise to deliver promissory notes to marketers on Friday. Our members have been collecting it. We appreciate government’s gesture, especially the president,

who stepped in to ensure the matter was resolved amicably speedily,” he said. After last Thursday’s meeting convened by the Debt Management Office (DMO) to address issues raised in a letter by DAPPMA and other marketers on December 2 ended in controversy, the government offered to pay about N236 billion latest by December 14. On the basis of the offer, the oil marketers withdrew that threat to shut down fuel depots and distribution outlets and plunge the country into another round of fuel crisis.

76 HEARTY CHEERS...

L-R: Minister of Defence, Brig. Gen. Mansur Dan Ali (rtd); Secretary to the Goverment of the Federation, Boss Mustapha; President Muhammadu Buhari; National Security Adviser (NSA), Maj .Gen. Babagana Monguno (rtd); and Chief of Staff to the President, Abba Kyari, during the cutting of cake to mark the president’s 76th birthday at the State House in Abuja...yesterday

Tinubu WantsThree MillionVotes for Buhari in Lagos Segun James The National Leader of the All Progressives Congress (APC), Bola Tinubu, yesterday urged party members in Lagos State to deliver three million votes for President Muhammadu Buhari in the 2019 presidential election. Tinubu, who said APC must

maintain strong outing in the state, told party members to also vote overwhelmingly for the party’s governorship, National Assembly and state House of Assembly candidates. He spoke during a meeting with all APC stakeholders, including Governor Akinwunmi Ambode and the party’s governorship

candidate, Mr Babajide Sanwo-Olu, at the party secretariat in Lagos. He urged Nigerians to reject the Peoples Democratic Party in all elections. “We are still waiting for the official list of candidates from the Independent National Electoral Commission; that is why we have not inaugurated the campaigns.

“What is important at this moment is where Nigeria is going. Here in Lagos, we must maintain a strong outing for the APC. “We must differentiate between developmental economy and container economy. We must educate our people that we will not accept to get Nigeria corrupt again.

ASUU, FG Talks Deadlocked, Union Stages Walk-out Onyebuchi Ezigbo in Abuja The resumed meeting between the federal government and the leadership of the Academic Staff Union of Universities (ASUU) has ended again yesterday night without any agreement. However, the Minister of Labour and Employment, Dr.

Chris Ngige, was optimistic that the dispute with ASUU would be amicably resolved before Christmas so that schools can reopen in January in earnest. The meeting, which was to avail both sides the opportunity to reconcile issues and possibly reach an agreement that will end the two-month old industrial action,

ended abruptly with the leadership of ASUU staging a walk-out. Efforts to get the ASUU team to talk on what transpired yielded no results as all the members of the negotiation team hurriedly left the meeting venue without uttering a word. Instead, the ASUU President, Prof. Biodun Ogunyemi, said: “You

people (journalists) should go and ask the minister “. Also the minister went back to his office, leaving the hall empty. While explaining what happened during the negotiation with ASUU, Ngige, said the meeting was fruitful as both parties considered the various reports that was presented.

Bayelsa Gets 9th Police Commissioner in 15 Weeks Emmanuel Addeh in Yenagoa In another dramatic move yesterday, police authorities in Abuja, again removed the newly- posted Commissioner of Police in Bayelsa State, Mr. Joseph Mukan, replacing him with Aminu Saleh. Saleh is about the ninth police boss that has been deployed in

the state since the removal of Mr. Don Awunah, a former Police Public Relations Officer. Governor Seriake Dickson had raised objections to some of the postings, accusing some APC leaders in Abuja of influencing police authorities and politicising the security of the state. A statement by the Police Spokesman in the state, Mr. Asinim

Butswat, described the new police helmsman as a “dogged crime fighter” “The Bayelsa State Police Command wishes to inform the general public and well meaning individuals in the State that a new Commissioner of Police has been posted to the Command. He is CP Aminu Pai Saleh. He takes over from CP Joseph Mukan,

who has been redeployed to CP Airport, Lagos. “The new Commissioner of Police, takes over today, December 17, 2018.Until his present posting he was the Commissioner of Police, Airport, Lagos. He is a dogged crime fighter and a professional police officer, who has served in various commands and formations in various capacities.

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TUESDAY DECEMBER 18, 2018 ˾ T H I S D AY

NEWSEXTRA

Presidency Blames Jonathan for Delay in Forming Buhari’s Cabinet PDP: Delay was president’s early display of incompetence Buhari received handover note ahead of his inauguration, Jonathan replies Adedayo Akinwale in Abuja The Presidency has blamed former President Goodluck Jonathan for causing the delay in the formation of President Muhammadu Buhari’s cabinet in 2015. This is coming as the Peoples Democratic Party (PDP) has mocked the Presidency for blaming Jonathan for Buhari’s delay in forming his cabinet, saying the delay was the president’s early display of incompetence. Former President Jonathan has however, defended himself, saying he had set up a transition committee, which produced a handover document, which President Buhari received ahead of his inauguration Buhari took over on May 29, 2015 but did not form his cabinet until November 11 of the same year. Speaking yesterday on Channels Television’s Sunrise Daily, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, alleged that

Jonathan did not give Buhari handover notes until 48 hours before his departure. “That President Buhari took 166 days to form a cabinet is absolutely untrue. It took him time to form a cabinet because the outgoing administration in 2015 did not cooperate with the transition committee. “The President was given handover notes 48 hours to the handover of power and for whatever reason, the President at that time determined that two governments would not operate at the same time,” Shehu explained. Meanwhile, the Peoples Democratic Party (PDP) has mocked the Presidency for his blame of former President Goodluck Jonathan, for his delay in forming his cabinet in 2015. The National Publicity Secretary of the party, Mr. Kola Ologbondiyan, in a statement Monday, said It was a settled matter that Buhari could not form a cabinet for over five months after his inauguration, primarily

due to sheer incompetence, lack of preparedness and the fact that he was overwhelmed by the complexity of the office of the President of Nigeria. He noted that it was unfortunate that the Buhari Presidency would always resort to peddling falsehood as a cover for its failures. Ologbondiyan said, “In accusing the Jonathan administration of frustrating early formation of President Buhari’s cabinet, by allegedly delaying the submission of his handover notes to the Transition Committee, the Buhari Presidency forgot that the head of the Transition Committee, Ahmed Joda, had since May, 2015 publicly dispelled such as false and diversionary, noting that the committee got all the

cooperation it needed from the Jonathan’s administration. “ “It is therefore ludicrous and the height of hypocrisy for the Buhari Presidency to now turn around after three years to blame President Jonathan for President Buhari’s confessed failure.” Ologbondiyan said Nigerians should also recall how President Buhari refused to hasten the formation of his cabinet following his widely condemned view, in September 2015, that minister were mere “noise makers”. He stressed that Buhari had expressed his personal unwillingness to appoint ministers when, in an interview with France 24 TV, in France, he said that the absence of ministers was not affecting governance in Nigeria. According to President Buhari

“the ministers are there, I think, to make a lot of noise”. “As for the cabinet, I said we will have one by the end of the month, and time flies. The end of the month is coming too quickly for my liking”. The PDP therefore counselled the Buhari Presidency to note that peddling falsehood and blaming the previous administration for its failures will not help it in 2019. The main oppositiion party stressed that Buhari has not only shown, but also personally confessed that he lacks capacity to handle an economy as complex as Nigeria’s. “The only thing left for President Buhari to do is to start preparing to accept defeat in 2019, as Nigerians are now rallying behind our candidate, Atiku Abubakar, who has the

solutions and blueprint that guarantee a better future for our nation.” Meanwhile, former President Jonathan has said that he set up a transition committee that produced the handover document, which President Buhari received ahead of his inauguration. In a statement issued yesterday by his media aide, Ikechukwu Eze, the former president however, reminded Shehu that handover note is not a document that guides a president to appoint his ministers. He argued that a newlyinaugurated president needs the support of his ministers, who would handle different departments of government, to study and understand his handover notes for effective performance of his initial duties.

Amid Alleged Funding of PDP Candidate, Ambode Endorses Sanwo-Olu Gboyega Akinsanmi Despite being accused of secretly funding the governorship candidate of the Peoples Democratic Party (PDP), Mr. Jimi Agbaje, Lagos State Governor, Mr. Akinwunmi Ambode, yesterday publicly endorsed Mr. Babajide Sanwo-Olu as the standard bearer of the All Progressives Congress (APC) in the state. Alongside the State Deputy Governor, Dr. Oluranti Adebule, Ambode equally urged all aggrieved aspirants that contested different elective positions during the party’s primaries held between October 2 and 6 to support SanwoOlu and his running mate, Dr. Obafemi Hamzat, for the 2019 governorship poll. He endorsed Sanwo-Olu and Hamzat yesterday at a stakeholders’ meeting held at the party’s secretariat, Ogba, where he officially presented them to thousands of party leaders for the March 2, 2019 governorship election. After the governorship primaries that controversially produced Sanwo-Olu as the APC candidate on October 2, the allies of the APC National Leader, Bola Tinubu, had threatened Ambode with removal, citing the governor’s refusal to open up the state’s treasury to fund the forthcoming elections. In a subtle threat at a plenary on October 22, the Speaker of Lagos State House of Assembly, Hon. Mudashiru Obasa, noted that Ambode’s action or inaction would determine whether the assembly would sack him or not. However, the speaker had denied the allegations by the Solidarity Group of Nigeria

(SGN) and a faction of APC, Lagos State, that it threatened the governor to open the treasury of the state to fund the governorship and legislative elections in 2019. But with the recent defection of the APC members to the PDP in Epe Division and consequent attack on Sanwo-Olu in the ancient town, THISDAY checks revealed that there had been insinuation among the APC leaders that Ambode might be supporting the PDP governorship candidate. In what party leaders described as true reconciliation of the stakeholders yesterday, Ambode publicly endorsed the candidatures of Sanwoolu and Hamzat for the forthcoming governorship, perhaps putting an end to insinuation among some Tinubu’s allies that Ambode might be funding the PDP candidate. Among others, the meeting was attended by Tinubu, Speaker of Lagos State House of Assembly, Mudashiru Obasa; State APC Chairman, Alhaji Tunde Balogun; GAC members led by Prince Tajudeen Olusi; Chief Lanre Razak; Senator Ganiyu Solomon, Chief Kemi Nelson and Cardinal James Odumbaku. Speaking at the meeting, Ambode pledged support for Sanwoolu and Hamzat, and urged every party member, especially aggrieved aspirants to ensure that the party wins all the elective offices, including the presidential election in 2019. According to the governor, “I appeal to all aggrieved aspirants to emulate me, by forgetting the past. Let’s bygone be bygone. Let us come together to ensure our party’s victory in the 2019 general elections”.

DISCUSSING INFRASTRUCTURE...

L-R: Governor of Osun State, Mr. Isiaka Gboyega Oyetola; Minister of Power, Works and Housing, Mr. Babatunde Fashola; Permanent Secretary, Ministry of Works and Housing, Mr. Mohammed Bukar, during a meeting on Osun’s infrastructural development at the Ministry of Power, Works and Housing Headquarters in Abuja...yesterday

OAU’s Sex-for-Mark Lecturer Bags Six- year Jail Term Yinka Kolawole in Osogbo Justice Maurine Onyetenu of a Federal High Court sitting in Osogbo, the Osun State capital, yesterday sentenced a former Obafemi Awolowo University (OAU) lecturer, Prof. Richard Iyiola Akindele, to six years imprisonment for demanding sex to pass his student, Monica Osagie. The accused had pleaded not guilty to the charge of sexual harassment preferred against

him by the Independent Corrupt Practices and other related offenses Commission ( ICPC). He had since then been remanded in prison custody following objection to his bail by the ICPC. When the case came up yesterday, Akindele opted to change his earlier plea and admitted guilty of the offences as charged. He was arraigned before Justice onyetenu on November 19 for alleged sexual harassment. Meanwhile, efforts by counsels

to suspend the sentencing and negotiate for plea bargain failed, as Justice Onyetenu frowned at the rampant cases of students’ harassment by lecturers. Justice Onyetenu who spoke with emotion, said “the plea bargain is not absolute. The court still has discretion. “This kind of issue is too rampant in our tertiary institutions. We send children to school; they come home telling us that lecturers want to sleep with them.

“We cannot continue like this. Somebody has to be used as example. Even primary schools pupils are complaining. Telling me to suspend sentence does not arise. Plea bargain does not arise. May be, the case continues to occur and reoccur because someone has not been used as example. “It is time for the court to start upholding the right of the children, especially female students. The case is endemic.

Chinese President Jinping Felicitates with Buhari On 76th Birthday Omololu Ogunmade in Abuja Chinese President Xi Jinping last night felicitated with President Muhammadu Buhari on the occasion of his 76th birthday.

The president’s spokesman, Mr. Femi Adesina, in a statement, said Jinping, in a letter to Buhari, wished him ‘‘good health and great success’’ in his endeavours. Extracts from the letter, according to Adesina, read: ‘‘At this special occasion of

Your Excellency’s birthday, I would like to extend to you my warmest congratulations and best wishes. ‘‘I highly value the ChinaNigeria relations. I would like to join efforts with you, through implementing the outcomes

of the Beijing Summit of the Forum on China-Africa Cooperation, to further elevate the China-Nigeria strategic partnership to a new level, for the well-being of the two countries and the two peoples.”

T H I S D AY t TUESDAY, DECEMBER 18, 2018

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T H I S D AY t TUESDAY, DECEMBER 18, 2018

ADVERTORIAL

T H I S D AY t TUESDAY, DECEMBER 18, 2018

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COMMENT

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

GOVERNMENT AND CHALLENGES OF POWER SUPPLY Ettu Mohammed argues that government has more stake in the power sector than it is ready to admit

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ast week, Nigerians were surprised to hear from the Minister of Power, Works and Housing, Babatunde Raji Fashola (SAN) while speaking on the challenges of power that “it is not the federal government’s problem if Nigerians lack electricity.â€? It was shocking because he did not acknowledge the true situation which is that the federal government has 40% stake in Disco, Genco and a 100% stake in TCN which is the major stumbling block in the power sector. The problem is shared 60/40 ratio. Yes the businessmen lead at the front but what about the government’s angle? The consistent thing that has marked the last three years from the Federal Ministry of Power, Works and Housing with regard to power supply has been false narratives. On the other hand, one of the most important issues affecting the sector’s success - a cost reflective tariff - gets almost no mention at all. How can the issues be fixed if we keep avoiding the major problem? Sir, you may have forgotten, but before the Power Holding Company of Nigeria (PHCN) was sold to its successor companies, followed by the devaluation of the naira, energy was sold for between N25-N36/ kWh which is equivalent to 18.4¢/kWh. This value is at par with many countries around the world. The minister forgot to inform Nigerians that the Nigerian power sector is 100% import-dependent, hence the devaluation had a devastating effect on the sector’s revenue expense-wise but nothing changed on the income side despite the devaluation. Today, energy is sold for between N25-36/kWh which is now equivalent to 8.4¢/kWh. That is over 54% loss against a business which is 100% import dependent. How will they survive? I agree the current license holders may not be as technically savvy as we will prefer them to be but this single adverse financial challenge is sufficient to kill any form of investment in any sector regardless of the technical competence of its operators. They will continually be engaged in a losing struggle to recoup their initial investment as well as pay off the debts they owe banks and other sources from where they got funds from. The ministry has also not made concrete efforts to help check energy theft and by this, I am referring to sustainable and enforceable policies and not just cosmetic events that do not address the problem. While we expect the operators to adopt new systems and technologies to curb energy theft, as the representative of the government in the 60/40 relationship, I think they should be more interested in aligning government’s other institutions to help checkmate this practice. While I cannot question the minister’s prowess in law and jurisprudence, a critical sector like the power sector needs a technical hand, preferably an electrical engineer. I believe this is the main reason why he has kept pushing a narrative of a phantom 2,000MW stranded power which is non-existent or an acclaimed accomplishment of 7,000 MW generation capacity whereas we already had the capacity to generate 6.2GW as at 2014 and yet we remain saddled with gas constraints and a

THE CONSISTENT THING THAT HAS MARKED THE LAST THREE YEARS FROM THE FEDERAL MINISTRY OF POWER, WORKS AND HOUSING WITH REGARD TO POWER SUPPLY HAS BEEN FALSE NARRATIVES

weak wheeling network which has not improved substantially in the last four years. Before we go any further, here are some facts. As at 2013, Nigeria was wheeling 3,000MW-plus on the transmission grid. This is still the same average we are battling with in 2018. It is instructive and worrisome to say Nigeria has NOT wheeled 4000MW averagely in our 58 years of existence. The one-off incident where we wheeled over 5,000MW does not count. The data of the wheeled and generated energy since 2013 is available on NERC website captioned as daily energy watch (the daily updates have been discontinued). Please find some relevant links listed below and data pulled from Nigeria Electricity Regulatory Commission “Daily Energy� watch which was discontinued by NERC in Jan 2017. Also in these links are the energy report for 2017 and Q1 of 2018; NNPC monthly report and TCN System Operators daily report from 2014. These reports contradict information you have pushed to the Nigerian public in the last three years. I doubt that the minister can know more than the Nigerian Electricity Regulatory Commission (NERC). One, http://nerc.gov.ng/index.php/library/documents/NERCReports/NERC-Quarterly-Reports/NERC-First-Quarter-Report-2018/ Two,http://nnpcgroup.com/NNPCBusiness/BusinessInformation/ PerformanceData/MonthlyPerformanceData/tabid/617/FolderID/211/ Default.aspx Three, https://www.nsong.org/Library.aspx Any other figure other than the statistics listed below is wrong and misleading. Four, Nigeria as at 2013 was wheeling 3,292MW averagely, that is 28,837,920MWh of energy in 2013. Five, Nigeria as at 2014 was wheeling 3,330MW averagely, that is 29,170,800MWh of energy in 2014. Six, Nigeria as at 2015 was wheeling 3,529MW averagely, that is 30,914,040MWh of energy in 2015. Seven, Nigeria as at 2016 was wheeling 3,188MW averagely, that is 27,926,880MWh of energy in 2016. Eight, Nigeria as at 2017 was wheeling 3,619MW averagely, that is 31,702,440MWh of energy in 2017. Nine, Nigeria as at March 2018 wheeled 3,942MW averagely, that is 28,514,720MWh which has since returned to the same position in 2014. More importantly, our electricity consumption per capita has dropped because it is recorded against our population. Please note there are losses associated with wheeling and distribution and we also export electricity. Also of interest is that the figures above are not what get to Nigerians. There is at least 8% loss on wheeling and distribution and another 10% is exported to our neighbours leaving Nigerians to battle with less than 3,000MW. This is 58 years after independence. Ettu Mohammed is an energy expert. He resides in Lagos.

THE IMO STATE OF MY DREAM

Emeka Ihedioha lists what he will do differently if elected governor of Imo State

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ccording to the 2010 UNESCO survey, more than half the people of Imo State above the age of eight can read and write. This not only confirms the fact that our people are traditionally sophisticated, intelligent, enterprising and industrious, it also explains why they are ever prepared to help government fast track development through self-help projects encapsulated in the spirit of “Igwebuike�. It is therefore no surprise that a great number of our people in the Diaspora are highly educated professionals, particularly in the medical and engineering sectors. These men and women are also ever prepared to make valuable contributions to the development process in the state. But only if and when the environment is conducive for such sacrifices. Meanwhile, our inability to harness these potentialities has left our state poor. In Imo State today, all the critical sectors such as education, health, basic infrastructure, water and sanitation have deteriorated beyond the threshold of manageability simply because the present government not only lacks imagination and direction but is also lawless. Consequently, also because the fundamentals of the governance structure do not inspire any confidence, investors have deserted the state, businesses have closed down, unemployment and the attendant poverty are on the rise while only mortuary patronage statistics has gone up. The once Eastern Heartland and pride of the Igbo nation is lying prostrate and a shadow of the Dee Sam Mbakwe era. The decay in two critical sectors attracts the most attention because of their fundamental importance to the overall development process--Education and Health. Going forward, we must declare a state of emergency in these sectors. Prior to 2011, Imo State used to record about 90 per cent credit level in NECO and WAEC. But today it has fallen to 45 per cent. Do we expect magic? According to available records, for the entire 572 public secondary schools

in Imo State, there are presently only eight qualified Mathematics teachers, 30 qualified English teachers, 20 qualified Physics teachers, 20 qualified Chemistry teachers and no qualified Further Maths teacher. In the course of our engagements and survey, we also discovered that our people are no longer taught to be wealth creators, but rather for paid employment. We are determined to reverse this ugly trend in Imo State so that we can effectively fit into the present global economy that is knowledge-driven. We shall revive technical colleges and make them centres of excellence for critical skills like welding and fabrication, bricklaying, carpentry and joinery, electrical installation and repairs, etc. These are critical skills that provide immediate jobs, especially self-employment. In our manifesto, we have also laid out a careful plan to make Imo the regional ICT hub, by establishing a fully equipped and funded state of the art ICT Village. In this direction, we shall be glad to partner with state platforms in the U.S, international aid agencies, corporate bodies and individuals particularly our diaspora professionals, to help make this digital ambition come to fruition. Sadly, in the heath sector, the story is the same. There is no functional General Hospital at present in Imo State. The only one, so-called, is the Umuguma General hospital which has been leased to an unknown company in a deal that was considered by many as opaque and fraudulent. However, given the statistics of medical personnel in the employment of the state, even if the 27 hospitals purported to have been built by the present administration are functional, the Imo State Hospital Board still lacks the requisite manpower to sufficiently provide the needed services for our people. According to the records also available to us, the State Hospitals Management Board presently has only 52 Medical Doctors; nine Pharmacists; seven Medical Laboratory Scientists; two X-ray technicians and 172 nurses for the 19 moribund General

hospitals across the state. These are the medical personnel expected to service 3.9 Imo citizens. And these are just numbers, we haven’t talked about the proficiency. Under our watch, we shall consider affordable health care the least obligation that we owe our people. It should not be a luxury for a privileged few. We shall resuscitate the health sector by establishing a specialist centre in each zone as centres of excellence for tertiary medical care, internship, training and research. We shall adequately equip our hospitals and staff them with appropriate personnel. We are determined to reverse medical tourism as well as save the lives of Imolites most of whom now die as a result of lack of quality health care. In our manifesto, we have elaborate plans to make Imo a Medical Centre of Excellence in Nigeria and in the sub-region by establishing a Medical Village to facilitate research particularly in tropical diseases. We are hopeful that our brothers and sisters in the diaspora who are health professionals shall leverage on this opportunity to export their expertise homeward. We are prepared to partner with you to achieve this important target. We shall equally give attention to other critical sectors that have suffered neglect over the previous years, particularly agriculture, wealth creation, security, tourism, sports, infrastructure, energy, water and sanitation sectors. We welcome partnership in these sectors even as we are exploring other opportunities of expanding revenue frontiers, particularly in the tourism sector. Imo State is uniquely located at the heart of the South-East of Nigeria, as well as being the gateway to the South-South. We have an elaborate plan to make Owerri an International Conference Capital of Nigeria, taking advantage of the aforementioned and the growing hospitality industry it boasts of. I consider this a low hanging fruit. This shall be complemented by investing in Sam Mbakwe International Cargo Airport, in collaboration with

the federal government and the private sector, to bring it to optimal utilization. We have a firm belief that this, in addition to the proximity of Port Harcourt International Airport, will open Imo to the outside world for business and tourism, and in a very remarkable way improve the lives of our people. We must build the future from the many potentialities of today to guarantee a better life for generations of our children. Under our watch, the business of governance shall be anchored on the principles of rule of law, transparency, prudent resource management and accountability. More importantly, we shall abide by the fundamental principles of contemporary economic model, where government’s role is only limited to providing the needed impetus for private capital to thrive and drive the development process. We are truly anxious to tap into the vast ingenuity of our people by providing them with the right environment and all necessary assistance that may be required for them to invest and contribute to the development of our homeland. To encourage our people, particularly those that are in the Diaspora to take advantage of this opportunity, we have initiated a confidence building framework to be known as Imo Diaspora Bond, to boost inflow of funds for infrastructural development. Our government shall declare Imo State open for business. Be our partner. We shall provide the right conditions and honour all agreed obligations. We shall equally make deliberate efforts to improve the ease of doing business in the state, which must include sanitizing the land administration system and providing security. I am confident you will consider the plight of Imo, appreciate our potential and willingness to provide the right environment for partnership to thrive, and above all, honour our obligations. Excerpts from a speech delivered by Mr. Ihedioha in Washington DC. to Imo State citizens resident in the United States

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T H I S D AY TUESDAY, DECEMBER 18, 2018

EDITORIAL A Case For Amnesty International It is not in the interest of Nigeria to expel Amnesty International

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till smarting from the reversal of an order to ban United Nations International Children’s Emergency Fund (UNICEF) from its theatre of operation in the North-east, the Nigerian Army has called for the closure of the Amnesty International (AI) offices in Nigeria, claiming it has ‘credible evidence’ the organisation is working to destabilise the country. According to a statement by the army spokesman, Sani Usman, this alleged attempt by AI was being carried out through the fabrication of ‘fictitious’ allegations of human rights abuses against the Nigerian security forces. We object to the idea of expelling the AI from Nigeria on spurious grounds because such a move will not be in the interest of the country. Besides, the army statement seems more like a pre-emptive move to discredit the latest AI report titled, “Harvest of Death: Three Years of Bloody Clashes Between Farmers and Herders”, also released yesterday. The AI, which collaborates and partners with governments and NGOs, is an independent organisation with presence in no fewer than 150 countries across the world, WHAT THE AI REPORTS including Nigeria. CONTINUE TO DO But the organisation has for years been IS TO REMIND THE at loggerheads with LEADERSHIP OF THE the Nigerian armed MILITARY OF THEIR forces, essentially OBLIGATIONS TO over human rights. CITIZENS, ESPECIALLY For instance, when IN A DEMOCRACY its 2016/2017 report, “The State of The World’s Human Rights” was released last year, the then acting director, Defence Information, BrigadierGeneral Rabe Abubakar described the aspect of the report touching on Nigeria as a continuation of “series of spurious fabrications aimed at tarnishing the good image of the Nigerian military.” One of the issues causing frictions between the army and AI is the continued detention of Sheikh Ibrahim El-Zakzaky who was arrested on 14th

Letters to the Editor

December 2015 following a violent clash between his group and the army during a procession in Zaria, Kaduna State. In that clash, 347 of El-Zakzaky’s followers, including one of his wives were killed by the military. Earlier in July 2015 some members of his family were also killed by the military. It is a case that has continued to draw strong statements from AI to the displeasure of both the military and the federal government. That is why we hope that the administration will not use yesterday’s statement as a convenient excuse to expel AI from Nigeria.

M 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

eanwhile, we are not unmindful of the efforts of our military and the sacrifices they make. As crimes become prevalent within our society, several military personnel are now being deployed to assist the police in securing the peace. However, because of their operative rules and with insufficient training for their new roles, it is no surprise that there have been cases where the military evidently overstepped their bounds and engaged in activities that highlight conflicts between them and the civil populace. That has also led to the human rights abuses on which AI has focused. While we can understand some of these infractions arising from the drafting of soldiers onto the streets, there can be no excuse for some of the excessive use of force. One mark of a professional military force is to display civility in dealing with non-combatants. But the history of the Nigerian military from the civil war to the present is almost an unbroken tale of brigandage - killings and casual torture to wit: Kalakuta, Odi, Zaki Biam, etc. What the AI reports continue to do is to remind the leadership of the military of their obligations to citizens, especially in a democracy. That cannot be a justification to expel the organisation from Nigeria. The lesson that should be learnt from other jurisdictions with similar challenges to that of our country today is that if there is no cooperation with the civil populace, vital information that ought to assist in the detection of crimes would be withheld. And in such a situation, we are all losers.

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.

LASTMA OFFICIALS AS ENDANGERED SPECIES

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ecently, there was chaos along Ikorodu Road, following the mayhem reportedly orchestrated by two policemen attached to a bank in the neighbourhood. According to reports, the two policemen unleashed maximum terror on two officials of the Lagos State Traffic Management Authority (LASTMA). The whole sad episode began when a mobile policeman who allegedly drove through the Bus Rapid Transport (BRT) lane was blocked by the ill-fated LASTMA officials. In the resultant squabble, the two policemen purportedly beat up the LASTMA officials, vandalized their vehicle and assisted the erring mobile policeman to escape. Characteristically, images of the unfortunate incident went viral on the social media, particularly the part in which the armed policemen were pouncing mercilessly on the LASTMA officers. In response to the distressing happening, the Lagos State Government has declared a zero tolerance for such uncivilized conduct by members of the public against LASTMA officers while on duty. According to Mr Ladi Lawanson, the State Commissioner for Transport, 18 LASTMA officials have so far been killed in 2018 alone; while 24 were debilitated by ‘hit-and-run’ vehicles and violent attacks. This has become a recurring evil. For instance, on December 15th, 2016, a LASTMA official in charge of Apapa area, Mr. Olatunji Suraju Bakare, was openly killed in broad daylight. He was gruesomely murdered by irate mob that undressed and dropped him inside the drain, before lynching him

to death. In an emotion-ladden voice, the Commissioner for Transport cited another case involving late Rotimi Adeyemo, the LASTMA officer, who was recently killed by a triggered happy police officer. Mr. Lawanson revealed that the late LASTMA officer, who was born in 1977, had a Bachelor of Science (B.Sc) Degree in Economics and left behind a 105-year-old father, an 88-year-old mother, a wife, Eniola Adeyemo and three children, including a set of twins. Meanwhile, the Nigerian Police has disclosed that the F-SARS officer, Olukunle Olonade, who allegedly shot and killed Rotimi Adeyemo, also died hours later while being rushed to the hospital. It was learned that Olonade, an Inspector of Police, was mistaken for robber and attacked by irate mob at the scene and beaten to stupor. It is, indeed, ironical that LASTMA officials, who are employed to ensure Lagos residents have a pleasant motoring experience, have suddenly become objects of undue assaults and barbaric attacks by same people whom they are being paid to serve. With over three million cars and 100,000 commercial vehicles on the roads, Lagos daily records an average of 227 vehicles per every kilometre of roads. This makes it imperative for the state government to establish LASTMA in 2000. In spite of the difficult environment it operates, Lagos residents have continued to feel the impact of LASTMA’s good job as areas hitherto notorious for traffic gridlocks during peak periods now relatively experience free flow traffic. Such areas that clearly manifest the good works of LASTMA include Mile 2, Ojuelegba,

Oshodi, Tollgate, Agidingbi, Mile 12, Iyana Ipaja, Adeniji-Adele, Apongbon,Ozumba Mbadiwe, Awolowo road, Oyingbo, Falomo, Kingsway Road, etc. The usually chaotic traffic situation in these areas has tremendously been ameliorated with the help of LASTMA officials However, regardless of doing its utmost to ensure sanity exist on Lagos’ roads, no other government agency has been most vilified, maligned and mis-understood like LASTMA. The war of attrition between motorists, security operatives and LASTMA officials have been so heightened in recent times, culminating in brutal attacks, unwarranted hostility and needless deaths of LASTMA officials. Always ignored, however, is the fact that failure of motorists, most especially commercial drivers, to obey simple traffic rules and regulations often lead to traffic snarl that gives room for social miscreants to rob motorists of valuable items and vandalism of cars. It is no longer news that, in Lagos, some motorists are fond of contravening traffic laws. For instance, the BRT lanes are strictly meant for BRT buses, but other motorists prohibited from using the lane flout the rule with impunity. Aside this, some commercial bus drivers are quite lawless. They not only drive against traffic, they usually carry more than the required number of passengers, stop to pick passengers at undesignated places and over speed among many others dangerous acts. Whenever they are apprehended by LASTMA officials, they resort to harassing, and even beating them up. Tayo Ogunbiyi, Ministry of Information and Strategy, Alausa, Ikeja

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T H I S D AY ˾ TUESDAY DECEMBER 18, 2018

POLITICS

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

TRENDING NEWS

Issues Beyond the NEDG Debates Ojo Maduekwe writes that the decision by the Nigeria Elections Debate Group (NEDG) to invite only five political parties to debate has generated wider issues that need addressing for Nigeria’s democracy to thrive

Olawepo-Hashim

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ast week’s vice presidential debate organised by the Nigeria Elections Debate Group (NEDG) in partnership with the Broadcasting Organisations of Nigeria (BON), aside the immediate controversy it generated, threw up for debate the wider issue of how many political parties are needed for Nigeria to have a functioning and robust democracy. Regarding the immediate controversy, the debate organisers drew the ire of Nigerians when they announced that out of a total of 91 registered political parties in the country, they were only inviting the candidates of five to the vice presidential and presidential debates slated for December 14, 2018 and January 19, 2019 respectively. In a statement, the NEDG revealed the participating parties and their candidates as the All Progressives Congress (APC), Muhammadu Buhari; Peoples Democratic Party (PDP), Atiku Abubakar; Allied Congress Party of Nigeria (ACPN), Oby Ezekwesili; Alliance for New Nigeria (ANN), Fela Durotoye, and Young Progressives Party (YPP), Kingsley Moghalu. As would be expected in such a situation, some of the first criticisms came from the excluded political parties. The Gbenga Olawepo-Hashim campaign organisation condemned its exclusion from the scheduled Presidential Debate by the Nigerian Elections Debate Group and the Broadcasting Organisation of Nigeria (BON) alleging that the selection of candidates was biased, anti-democratic and an agenda of the ruling All Progressive Party (APC) Spokesman of the Presidential Candidate, Mr. Hassan Ibrahim stressed that the exclusion was no doubt regrettable because the party had long indicated interest in participating in the debate. The spokesman said it was their hope that the debating group was not working for the APC to undermine the strides the party wass making with its spread across the country. The PT, which is fielding Mr. Gbenga Olawepo-Hashim as its presidential candidate, had recently emerged top amongst the nearly 28 newly registered political parties fielding candidates for political positions in the next years’ presidential elections, with 194 persons running on its platform. Presidential candidate of the Abundant Nigeria Renewal Party (ANRP), Tope Fasua, said the NEDG’s decision had shrunk the

Sowore political space, and was “the first salvo towards rigging the 2019 elections”. Fasua said that the ANRP was one of the top four political parties Nigerians wanted at the debates, and believes his party was excluded because of its “out-of-the-box views” that threatens “the Nigerian status quo”. The African Action Congress (AAC) in a statement by Malcolm Fabiyi, DirectorGeneral of the TakeItBack Movement / Sowore 2019 Campaign, claimed that it was “one of the three largest parties in Nigeria”, and asked to know the criteria used in selecting the participating parties. The All Progressives Grand Alliance (APGA) in a statement by its National Director of Publicity, Ifeanacho Oguejiofor, said it reached out to the NEDG and they promised to look into the matter with a view to accommodating it in the next round of debates holding on January 19, 2019. Like Omoyele Sowore’s the AAC, APGA is also claiming to be the “third largest political party” in Nigeria, with a serving governor and “numerous members in the state and national legislative assemblies”. Even Ezekwesili, candidate for one of the listed parties, had to weigh in. According to her, “As a country with a huge

Many observers think the number of political parties in Nigeria is bloated and it’s for reasons like this that some political watchers advocate for a two-party system for the country, and why observers had hoped Nigeria was organically heading that way with the formation of the APC

Fasua contingent of parties fielding candidates for the election, it does make sense to at least allow more than five such parties, at least 25 per cent of those candidates, to participate in the most influential of presidential debates.” Following the controversy its decision generated, Executive Secretary for the NEDG, Eddi Emesiri, in a statement said the five parties were chosen through a three stage process. The first being an independent online poll, followed by the distribution of survey questionnaires, and lastly was the taking of an aggregate of the stage results to select the top five. Emesiri said the NEDG’s reason for pegging the number of participating parties to five, was for easy management of the debates. Considering the vast number of contending parties, supporters of the NEDG’s decision said they cannot but agree with the organisation, and asked how critics expect a comprehensive debate if all the candidates were invited. Many observers think the number of political parties in Nigeria is bloated and it’s for reasons like this that some political watchers advocate for a two-party system for the country, and why observers had hoped Nigeria was organically heading that way with the formation of the APC. With the coming of the APC, many thought things were naturally moving in that direction, until the Independent National Electoral Commission (INEC) announced that it had registered an additional 23 new parties, in accordance with the 1999 Constitution. Nigerians are now swarmed by more political parties than they have need for; parties that a greater number of them cannot be differentiated by any distinct ideology. Safe to say, like the proliferation of small businesses, it has become a fad amongst the political class to start a party. It wasn’t always so. At Nigeria’s return to democracy in 1999, the only existing parties were the PDP, All Nigeria Peoples Party (ANPP) and Alliance for Democracy (AD). In its first tenure, the PDP monopolised the political system until around 2003 when by popular demand, the number increased to 20. Since then, and as the 1999 Constitution allows, the number continues to increase. Nigerians had hoped that more political parties was a way to ensure mass political participation and end the PDPs monopoly. Right as they may have thought, this had its downside. At present, the PDP may

not be the ruling or dominant political party in Nigeria anymore, but the party even as an opposition still commands great followership and respect, and have been replaced by another large party, the ruling APC. In 2012, INEC had attempted to deregister some of the political parties, citing the excuse that they were moribund, but the Supreme Court, in a case brought before it by Alhaji Balarabe Musa of the Peoples Redemption Party (PRP), ruled that INEC had no authority to terminate a political party as long as its national executive committee was still functional. The apex court, citing the freedom of association as contained in Section 40 of the 1999 constitution, went ahead to set aside an intervention of the National Assembly which through Section 78(6) of the 2010 Electoral Act, had provided INEC with the power to de-register political parties that “failed to win any executive and legislative seats during elections”. According to the landmark Supreme Court judgment, the deregistration of political parties by INEC was simply unconstitutional. With the NEDG debate controversy, it appears the country is back to debating the issue of the proliferation of political parties and what number is required for Nigeria to enjoy a robust and functioning democracy. Several observers favour the idea of two major political parties that are split between the conservative and progressive ideologies, and then probably an independent candidacy arrangement to serve as a third force. Understanding the challenge in the proliferation of political parties is why Ezekwesili, in advocating for more parties to be included in the NEDG debates, capped the increase to “at least 25 percent”. But even this would pose a challenge for the NEDG in conducting its debates. For the larger Nigerian picture, it’s been proven that more political parties may guarantee political participation but they definitely do not guarantee development. The vice presidential debate may have come and gone, and even as Nigerians gear up for the much expected presidential debate in January 19, 2019, it is imperative that we debate and lay to rest through an amendment of the relevant provision of the 1999 Constitution the issue of how many political parties are needed for Nigeria’s nascent democracy.

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T H I S D AY ˾TUESDAY DECEMBER 18, 2018

NEWS

Nine New Political Parties Join CUPP Udora Orizu The Coalition of United Political Parties (CUPP) has welcomed new political parties to the coalition towards the common objective of defeating the All Progressive Congress (APC) in the 2019 general elections. The Chairman of CUPP, Prince Olagunsoye Oyinlola while addressing journalists at the formalities for understanding in Abuja noted that the event is a pointer that they are on the side of the people in the movement of national redemption. According to him, “The members to the original memorandum of understanding (MoU) was signed among more than 40 parties to work together and rescue Nigeria from misrule, insecurity and misery. Since that pact was signed several months ago, the coalition has grown steadily in membership.” “While welcoming colleagues in the named parties we wish to reiterate that CUPP is an equal opportunity coalition, there’s no seniority in CUPP. We are a close knit coalition where every member is carried along and decisions are taken by consensus. This fact was demonstrated in the ultimate decision to adopt a political party PDP and a candidate Alhaji Atiku Abubakar for the 2019 presidential election.” He alleged that there has been unsuccessful moves to bring the coalition down before the 2019 general election.

“There have been open and closet moves to destroy this coalition, there have been sponsored reports and predictions that the coalition will collapse before the February election. The fact that instead of this happening, we have been having increased membership and a clear red card to the incumbent.” “If the people in government are honourable people they will read the hand writing on the wall and throw in the towel before the elections. It’s not too late for them to surrender because the defeat that awaits them in the coming election will be comprehensive and decisive,” Oyinlola said He lamented that the Nigerians are suffering, from the arrogant ineptitude of APC government. He said, “The APC is bereft of ideas but are conceited to admit their lack of knowledge and seek help, rather they spent the last four years blaming almost everyone else apart from themselves for their failure. They started first by denouncing all their 2015 promises and then proceeded on a systematic and mindless destruction of every facet of our national lives. UNICEF have just announced that we have the number of highest out of school children in the whole world at 13.5 million people. We should expect that given the levity which the clueless APC government have taken education since it came to power. This government allocated a miserable 7% of 2018 budget to education.

Otti Vows to Replicate Dubai Success in Abia State rDismisses Ikpeazu’s promise on Ossisioma Flyover

Nseobong Okon-Ekong Dr. Alex Otti, a major contender for the office of Governor of Abia State on the ticket of the All Progressives Grand Alliance (APGA) has vowed to bring unprecedented development to the state, if he wins the March 2, 2019 election. Promising to transform the state into the Dubai of Africa, he told a group of APGA stakeholders from Obingwa Local Government Area that the incumbent governor and candidate of the PDP, Governor Okezie Ikpeazu, was lacking in vision and capacity to govern and to move Abia forward and therefore does not deserve a second term in office.

“Our people, it is time we all rise up and say again, ‘enough is enough’,” he said. “We cannot continue to allow evil to thrive. Twenty years is enough time for a system to change. For 20 years, PDP has ruled Abia State and for 20 years they have failed woefully. Enough is Enough,” he sounded off. Otti’s admonition came on the heels of the flag-off of his gubernatorial campaign in Umuahia, last week. Otti, an economist and successful former bank chief executive, promised to build “a new Abia State” that the people would be proud of, if they vote for him in the March 2, 2019 governorship election. “I urge you to join hands with us and rescue our dearly

beloved state; for our sake, for the sake of our children and for posterity,” he appealed. The APGA governorship candidate told his guests that if elected into office, he would guarantee free and compulsory education for Abia citizens up to secondary school level; promote sports and culture as a vehicle to creating jobs and recreation for the youth; make the state safe and secure; establish the Abia Safety Net, a social welfare scheme designed to cater for the aged, widows and the poor; establish and operate an accountable and transparent government that the people can trust; make payment of workers’ salaries a first item in the budget and generally transform Abia State to the Dubai of Africa,

among other promises. “I will build a new Abia State which will be a pride of all of us. I urge you to join hands with us and rescue our dearly beloved state; for our sake, for the sake of our children and for posterity”, he appealed. In another development, Otti described the purported promise by the Okezie Ikpeazu government to complete the long abandoned Osisioma flyover in January of 2019, as a ruse. Speaking through Mr. Kazie Uko, director of media and publicity, Alex Otti Campaign Organisation, he dismissed the announcement as an attempt by the government to pull wool over the eyes of Abia people, with elections fast approaching.

Amosun’s Aides Inaugurate APM, Unveil Akinlade as BRIDGE ACROSS ETHNIC DIVIDE Ogun Governorship Candidate L-R: Deputy Director General, Babajide Olusola Sanwo-Olu Campaign Independent Group (BOSICG), Cardinal James Omolaja Femi Ogbonnikan After several weeks of speculations, aggrieved close aides of Ogun State Governor, Sen Ibikunle Amosun, on Monday, unveiled Allied Peoples’ Movement (APM), a new platform on which they intend to vie for various elective positions in the upcoming 2019 general elections. Also, the party unveiled its governorship candidate, Hon Adekunle Akinlade, while inaugurating the party’s structure. Akinlade, the preferred governorship candidate of Amosun, was denied the All Progressives Congress (APC) ticket by the National Working Committee (NWC) on account of what the national leadership of the party tagged “self-help” during the primaties, that the state hierarchy had resorted to, with the active collaboration of the governor, and rather, gave the ticket to Prince Dapo Abiodun, as the standard bearer. Four commissioners, a handful of close aides and few lawmakers of the House of Assembly and all 26 State House of Assembly candidates that were denied ticket by APC also dissolved into APM Akinlade, who is currently representing Yewa South/Ipokia Federal Constituency at the National Assembly, was presented to the APM party faithful at a press conference at the party’s secretariat in Abeokuta, the Ogun State capital, by the APM state Chairman, Mr. Patrick Oyatayo, as well as his campaign committee members. Also, the party appointed

former Minister for Mines and Steel, Chief Sarafa Tunji Isola as its Director-General, while Dr Tunde Ipaye, the incumbent Commissioner for Health emerged as the Deputy DG. Chief Jide Ojuko, Commissioner for Local government and Chieftaincy Affairs was appointed Ogun West Senatorial district Campaign Director. The governorship candidate, while speaking, said he joined the APM in order to sustain both in principle and tempo the rebuilding mission of Governor Amosun which began seven years ago. He said that his stake in the governorship race is as a result of a strong desire to ensure that the state has an orderly and peaceful succession Akinlade noted that his strong desire was visited with injustice by some people for their personal agenda in the APC other than overall good of the party and the society at large. He said imposition of candidates and open hostility to the duly elected party leadership in the state have compelled him and other loyalists in the Governor’s camp to look for an alternative platform in “ search of injustive, internal democracy and the sustenance of the mission to rebuild Ogun state. “ Akinlade stated that the mission and struggle against marginalisation of the people of Ogun West Senatorial District must be pursued to its logical conclusion and he insisted that no indigene of the zone has ruled the state since its creation in 1976.

Odunmbaku; Eze Ndigbo of Lagos, Eze H.N Ohazulike; APC Governorship Candidate in Lagos State, Mr. Babajide Olusola Sanwo-Olu; his Deputy Governorship Candidate, Dr. Kadir Obafemi Hamzat; Financial Secretary of Council of Ndieze Lagos, Eze Nwajei Ofurile Ikechukwu and Eze Christian Nwachu, after the conferment of Ugo Chiunyere Eze Ndigbo tittle on Mr. Sanwo-Olu and his formal endorsement by Ndigbo in Lagos

ANRP Guber Camdidate Unveils Five-Point Pillars for Kwarans Hammed Shittu Governorship candidate of the Abundant Nigeria Renewal Party(ANRP) in Kwara state,.Dr. Abdulmumin Ajia at the weekend unveiled his five-point pillars that would enable his administration transform the state into economic prosperity if he emerged as the next governor of the state come 2019 general elections. The five point pillars include, health agriculture, education, housing and workforce development. Addressing his teeming supporters at ANRP state secretariat located along Adewole road,

Ilorin, Ajia said, “there is no doubt that, the state deserve new ideas and exposures that would take the state into next level of transformation for the overall growth of the state”. He said that, health care delivery will be made available to the elderly and children between the ages of 0-5 through insurance scheme so as to make life more bearable to them. Ajia stated that, “apart from this, qualified medical personnel would be employed to man health care facilities at rural areas so as to allow people have access to medical attention without

hindrance. On the education, the governorship candidate said that, his administration would revamp the education system in the state where every children would have access to quality and good academic environment for learning so as to boost the standard of education in the state. He stressed that, teacher’s salary and training will also be given priority in order to motivate them to be more committed to the teaching and learning of pupils in schools. He also pledged to banish poverty rate to a lowest minimum

level and lift millions of Kwarans to middle class if voted into office so as to add more values to the socioeconomic growth of the state. According to him, “the present situation whereby the economic potentials of the state are concentrated on an individual oligarchy would be dismantled so as to allow the people have access to the common wealth of Kwara”. He said that, the state was blessed with both human and natural potentials that would be adequately tapped for the overall socio-economic benefit of the people.

Nigerians Have Genuine Concerns Over 2019 Elections, says SDP Aspirant Nseobong Okon-Ekong The Social Democratic Party (SDP) senatorial candidate for Edo Central, Mr. Idumonza Isidahomhen has warned that Nigerians have a genuine reason to be worried over the 2019 polls owing to various incidents of ethno religious and politically inspired crises have soared unrestrained in the last few years. He said, ordinarily the

security agencies that ought to be neutral have been tainted. “Unfortunately, the gatekeepers of Nigerian security organisations have been compromised and exude trappings of partisanship. Until we can have a balanced security institution that handles both politicians within and outside the ruling party with same measure of steel, diffusing political tension may be herculean,” he opened. Drawing examples from

recent polls, Isidahomhen concluded that security agents had betrayed the trust of the people by demonstrating open partisanship. According to him, “The antecedence of the Nigerian police in the most recent elections in Ekiti and Osun unveil an institution undeserving of the slightest iota of trust. It’s hard, maybe even impossible to work the minds of the electorate to trust the police that have unequivocally displayed frontal

disregard for the same law they are paid to enforce and same people they’ve been deployed to protect. “ He, however, gave a passmark to the performance of the judiciary, saying the temple of justice offered a ray of hope to the common man. “The Judiciary has shown better deliverables compared to the police and to a large extent there’s still hope to hold on to and build upon, he said.

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FEATURES

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

Building Solution-focused Start-ups for Budding Entrepreneurs Maduabuchi Ubani writes on the drive by Techstars, an entrepreneurship development project, to build solution-focused start-ups for budding entrepreneurs

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n Aba, Abia State capital, it was the Global Start-up Weekend by Techstars, an entrepreneurship development project that helps grow entrepreneurs globally. It was therefore not surprising that the hall was filled with expectations. Everyone had come prepared. The enthusiasm was almost palpable, because for each person in the room, there was this clear conviction that his/her team was going to emerge the best. But for Precious Ezema, it was a different case. Yes, she wanted her team to beat other teams, but deep within her, there was just something more. For Ezeama, the next line of action after the competition was just paramount in her thoughts. Her team had come up with what seemed to be a brilliant idea that she is convinced will solve a problem. The next step was what she was trying to piece together after her team came second out of the eight selected teams. Reminiscing she said: “It was more than a privilege to be part of solution providers and also part of an amazing team. Even though we took the second place out of the eight teams that contested, it really means everything to us. Each and every one of us in the team got to learn something amazing during the course of building the startup. It’s just amazing what good heads can do when they focused at solving a problem."

Cross sections of the teams with coaches, judges and the facilitator at the program

Photo Credit: igHub

The Start-up Weekend On the scheduled weekend, the Global Startup Weekend as organised by Techstars, was held across 210 cities globally, with more than 15thousand people in attendance. Nigeria was not left out as the event was held in Aba, Abia State. The set objective of the program is to guide people through the diverse processes of building a business. This includes the process of ideation, validation, building a business model/prototype etc. The program was also aimed at assisting participants to understand what business model means, improve on their pitching skills, prioritising and working with deadlines. At the Startup Weekend in Aba, the process began with 25 people coming to pitch their ideas. Then votes were cast by attendees to select the catchy and solution-focused ideas. Eight ideas were voted to move to the next level. At the next level, each idea was assigned to a team from the attendees of the program, and they were expected to come together and build a business out of the idea in just 54 hours- starting from Friday evening to Sunday. By Sunday evening, each team got to present and pitch to coaches and mentors. From their final pitch, the first, second and third team emerged winners.

Collaborative Platform The Startup Weekend Platform was not only aimed at enabling young people that have ideas to come together and work as a team, ideate over their ideas within 54hours and come up with a prototype, rather, it’s a platform that brings like minds together with the aim of effectively collaborating to work towards a common goal. “One of the unique things about this program is the problem-solving capability it leaves on the young ones�, said Hanson Johnson, Google Developers country mentor for Nigeria. He is of the opinion that many Nigerians tend to only see problems and believe only the government that should be responsible for solutions. He added that It’s time for us as a nation to be conscious of our environment, adding that, "when we see something that is a problem, we should take it as a challenge to come up with a solution". For Hanson who is also a hub founder, Startup Weekend helps to synergise startup founders, developers and talented young persons that are at their own corners. He said: "Before now, there was just no avenue bringing the aforementioned persons out to be able to work together to co-found something. So the program goes a long way in bringing people out to spark one another with ideas, and work together towards achieving something". He also believes the program will help the young ones to master the art of showing consistency on a particular line of thought. “While going round

Teams working on their start-up ideas at the program to check up on the teams, one thing I discovered with these young persons is that they seem to be targeting everybody. Targeting everybody means you targeting nobody, and you won’t be able to sell to the category of people that really need your product. “The buyer persona is more than who is going to buy, when he’s going to buy and how much he’s going to buy. The use of case study matters a lot. We all love Facebook, Twitter and Instagram. But what we don’t know is that they have profiled us and they are targeting the right people. That’s why we are comfortable using these platforms. It’s about focus", Hanson pointed out.

Grooming Budding Entrepeneurs Apart from building focus among young people, the Global Startup Weekend is also geared towards grooming budding entrepreneurs and also fostering collaboration. It is a deliberate attempt to increase the amount of entrepreneurs building solutions and businesses, and it’s geared towards a common economic goal for the country to have an economy driven by entrepreneurs and by solution providers for Nigeria and Africa. For Bruce Lucas, a coach at the program, the networking and team spirit has been amazing. Apart from forming teams, he believes the different teams will leave the program not only learning how to validate their business and generate different business models, but will also learn how to pitch. “It really gladdens my heart to see that participants can apply what they’ve learnt to any existing business that they have before now.They can also apply charts, templates and strategies they’ve learnt at the event to their jobs,� he noted. Lucas also sees the program as a pipeline for startups. This is because in the startup ecosystem, there are different players - community builders, incubators, accelerators, venture capitalists, angel networks, trainers, innovators etc. Therefore, in the entire ecosystem of startups, there is always a constant need for new ideas to come in and new businesses to be built. This is paramount because businesses that come in are the ones that will fuel the incubators, accelerators, hubs, capacity trainers etc. So if people are not coming with new ideas and building new teams, then

there’s a cut-off for all other players in the system. “Critically, the global startup weekend is like a primary pipeline to feed the startup ecosystem. So the great ideas that have been birthed at the program are the ideas that will integrate with the hubs, they are the ideas that will pitch in the next competition that you hear people pitching for. They are the ideas that would apply to venture capitalists for funding. They are the ideas that would pitch to investors. “So it is crucial that this event holds most frequently in order to generate new pipeline of ideas, problem solvers and entrepreneurs that will fuel the remaining part of the ecosystem. So it’s very critical to the ecosystem,� he noted.

Encouragement As an encouragement to the teams, startups at the Global Startup Weekend were given resources, which ordinarily would have been a clog in their wheel of progress. To this end, teams at the program were assisted with free domain name and hosting with the aim of assisting them to gain strong online presence and also grow their customer base. Organisations like Google and IBM also provided platforms that the teams can leverage to scale-up their work. On their own also, Techstars has a platform for attendees with endless resources. These platforms are filled with tools for startups to use and build. There are also mentors in business, and technology experts assigned to work actively with teams and provide support serices for them. Indeed, it is the continuous growth in value when it comes to the program that has made Daniel Chinagozi, co-founder of igHub (Innovation Growth Hub) to continuously play a major role in ensuring that Startup Weekend holds in Aba, just like the rest of the world. Chinagozi, who is the facilitator of Startup Weekend in Aba, has successfully spearheaded the program in five back-to-back successions across the state. He is delighted that more strategy has been added to this year’s program which will assist ideas to move on to the next level. “I am most amazed because most of the people that attended startup weekend this year are all in

the community. Before now, we hold an event, people from everywhere will attend, and then after the startup weekend we won’t see them again. But right now, they’re all together in the community. Some of them see themselves everyday, and they are building a solution that is solving a problem in the community. Some the problems they are solving are the ones they have seen the need for. “We have enough developers, business enthusiasts and designers in the teams. So its an amazing thing that is happening amongst our young people that are building businesses. For some of them, their startups can in the next one year start employing people , and some of them can leave a business they build to move on and even build something that is even far better with the same skills they’ve learnt through the weekend,� he beamed.

Continuous Support But it still doesn’t end there. After the startup weekend, igHub will get to identify some startups from the program and work with them. The hub will provide them free space for three month, mentorship, coaching and tech support. According to Chinagozi, "one team will join our incubation program that will start in December. That incubation program will invest ten thousand dollars inside the team. I didn’t say the team that took the first position, no. I am making reference to the team that shows high level of commitment between now and December. "Some persons will come first but they won’t eventually push their work, but someone will take the eight positions and be the team to push their work forward. We will admit the team into our incubation program called igHub Biz Boost. It’s a 12 weeks incubation program that invests 10 thousand US dollars into startups. And then provide them with mentorships and help them get to the market and grow their businesses. "All of the rest of the team, we will be mentoring them, they will be part of the community. We get to provide them with internet, electricity and access to the community free of charge for the first three months. They are all solving practical problems that they’ve found in the society, and it shouldn’t be something to underestimate�, he stated.

T H I S D AY t TUESDAY, DECEMBER 18, 2018

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

L-R: Registrar, Academy for Entrepreneurial Studies, Nigeria, Paul Umukoro; Chairman of the Occasion, Prof Godwin Onu; Chairman, AES Excellent Club, Dr. (Mrs) Nike Akande; Special Adviser to the Minister of Power, Works and Housing, Mr. Abiodun Oki receiving the Minister of the Year award on behalf of his Boss and Representative of President, AES Governing Council, Dr. Austin Izagbo,at the 9th annual CEO’s dinner and awards nite in Lagos.......recently PHOTO: KOLA OLASUPO

L-R: Head, Corporate Communications, NAHCO, Mr. Tayo Ajakaiye; Chairman, Nigerian Institute of Public Relations {NIPR}, Mr. Olusegun McMedal;Managing Director/CEO, Skyway Aviation Handling Company Ltd. Mr. Basil Agboarumi; Chairman, Scope Centre Ltd., Mr. Bayo Babatunde; and Acting Registrar, NIPR, Mr. Kayode Yeku, at the dinner organized by the League of Airports and Aviation Correspondents {LAAC} for SAHCOL MD in Ikeja, Lagos ...recently. PHOTO: KOLAWOLE ALLI

L-R;Former Chairman, Mutual BeneďŹ t Assurance, Mr. Akin Opeodu;Prof. Abimbola Uzoma; Chairman of the Occasion, Prof. Adebayo Akinde;Author of ‘’ Who Be Thou?’’, Rev Tonny Ajero; Wife of the Aurthor, Dr. Joy Ajero; and Mrs. Kemi Opeodu, at the public presenation of the volunteer initiative for youth /book launch ‘’Who Be Thou’’ by Tonny Ajero in Lagos recently PHOTO: ETOP UKUTT

L-R: Marketing Manager, Hayat Kimya Nigeria Limited Mrs Roseline Abaraonye; Brand Manager, Chioma Sylvie Mgbaramuko;Managing Director, Mr Hakan Misri;Corporate aairs/ Communications Manager, Mrs Venessa Toyin Ebifem; and ;Sales Director, Motayo Latunji, at the Hayat Kimya Nigeria Limited’s brand media forum in Lagos recently

L-R; Human Resources Manager, L’eola Hotel, Niyi Odusanya; Marketing Manager, L’eola Hotel, Lily Izevbigie; Acting General Manager, L’eola Hote Tunde Oduyoye; and Assistant Team Lead, Subscription/Circulation, The Guardian, Cynthia Celechi Ahize, at the L’eola Hotel cocktail evening, In Lagos... recently PHOTO: SUNDAY ADIGUN

L-R; Executive Secretary, Lagos State Employment Trust Fund (LSETF), Akin Oyebode; Majority Leader of Lagos House of Assembly, Hon S.O.B Agunbiade; Publisher, Oriwu sun Newspaper, Alh. Monzor Olowosago; Governor of the Lagos State Council of Tradesmen and Artisans (LASCOTA), Ikorodu Division, Mrs Aina Olukoya, during the LSETF’s stakeholders community engagement in Ikorodu, Lagos recently

L-R: Social Democratic Party Governorship candidate, Abia State, Mrs. Blessing Nwagba; her deputy governorship candidate,Ogu Uche; Chairman, SDP Abia State, Hon. Chidi Nwosu, at the unveiling of Nwagba’s policy document and opening of her campaign oďŹƒce in Umuahia , Abia State... recently

R-L: Managing Director/CEO, Smartek Company Limited, Mr. Festus Ugwoke, Representative of the Osolo of Isolo and Baale Onilasa of Ilasamaja, Chief Fatai Alani, and Executive Director, Smartek, Chief Emeka Mamah, at the oďŹƒcial opening of Smartek retail outlet showroom in Isolo, Lagos...recently. PHOTO: DAN UKANA

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BUSINESSWORLD

Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08024557078, 08152447875

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Quick Takes Airtel Holds ‘Love Initiative’ in Nigeria

One of the leading telecommunications services providers, Airtel Nigeria, in partnership with UAC, through its popular franchise, Mr. Biggs, has fed over 2,000 Lagosians at Ojuelegba, Surulere, Lagos in the â€˜ďŹ ve days of love’ Christmas initiative. Speaking at the event organised by the company recently in Lagos, the Chief Executive OďŹƒcer, Airtel Nigeria, Mr. Olusegun Ogunsanya, said the event was aimed at promoting love. Ogunsanya revealed that theinitiativealsotookplaceinSokoto,IbadanandKanosimultaneously. He also stated: “It is very important for people to share. We are sharing time, money and everything we have. We are not only giving food.We are spending time with the folks here. It is very important for anyone blessed by God to come and share something. So we are here today to share some of our blessings with the people of Ojuelegba. “The ďŹ rst year, we went to an orphanage to share with the orphans. As I am doing this in Lagos, my colleagues in Kano, Sokoto and Ibadan will be doing the same thing. So they will be ďŹ ve days of giving to cities in Nigeria. For us, it is about getting something in return, it is about giving. We are not trading today. We want to give to those who cannot give us anything in return.â€?

Smile Incentivises Customers

MOU SIGNING

L-R: Managing Director, West African Gas Pipeline Company (WAPCo), Walter Perez; Director-General, West African Gas Pipeline Authority (WAGPA), Debo-K’mba Barandao, and Chief Executive Officer, Axxela, Bolaji Osunsanya, during the signing of a gas transportation agreement between Axxela and WAPCo in Accra, Ghana‌recently

Ogaji: Gencos Now Rely on Alternate Revenue Sources to Run Plants Stories by Chineme Okafor in Abuja

ENERGY

Electricity generation companies (Gencos) in Nigeria’s power market now rely on other sources of revenue to keep their operations running as well as to ensure that power is supplied to the national grid, the Executive Secretary of Association of Power Generation Companies (APGC), Dr. Joy Ogaji, has disclosed. Ogaji told THISDAY that the Gencos’ revenues had been hit hard by the lack of contract sanctity in the country’s power market. She stated that the market now runs on a ‘best endeavour’ which is lose and gives room

for repeated business conjecture. Speaking further, Ogaji said: “The third determinant is the need for effectiveness of contracts. One of the notable functions of a contract is to facilitate forward planning and to make provision for future contingencies. “The current market situation gives room for conjectures, no contract is binding, and all are on best endeavour.� According to her: “The impact is more on the Gencos, who due to lack of (effective) contracts to backstop the gas supply agreements (in terms of bankability), are in a tight corner. “Instances abound where

Gencos have had to resort to other means other than the electricity market to support the gas and other services just to put power on the national grid.� She noted that while the electricity market has the potential to absorb significant investments and provide rewarding returns on those investments if the market is allowed to run on competitive basis with little or no government interference, the current situation was different. “The lack of sanctity of contracts have resulted in huge debt burden on the generation companies (Gencos) who are never fully paid for power generated and supplied to the market.

“It is imperative to note, that successor/legacy Gencos, signed performance agreement with the Bureau of Public Enterprises (BPE) with performance targets in recovering capacity. All generation companies signed Power Purchase Agreement (PPA) with the Nigerian Bulk Electricity Trading Plc or Bulk Trader (NBET) with associated obligations on contracted quantities. Hence, the market should be very much aware of these obligations so as to enable performance of all parties,� she added. Ogaji, stated that to optimise the current generation capacity of the country’s power sector, Continued on page 24

FG, World Bank PSRP Loan Negotiation Ongoing, Says Fashola The federal government has not concluded its negotiation of a $2.5 billion loan expected from the World Bank in support of the implementation of its Power Sector Recovery Programme (PSRP), the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed. To this end, Fashola, explained that the PSRP which was articulated as a means to address some post-privatisation challenges in Nigeria’s power sector, as well as improve power supply, has not been abandoned by either parties. The minister who disclosed this in a statement by his Senior Adviser on Communications, Mr. Hakeem Belo, noted that the PSRP sought to articulate

ENERGY all of the problems that were being reported about the power privatisation. According to him, all the problems arising from the 2013 exercise were documented in the PSRP document. He listed these to include challenges with generation; transmission; energy theft and tariff issues amongst others. “All the problems that were in the sector we sat down and documented them as a programme. Everything that we learnt was a problem, we took it down as the power sector recovery programme. “And then we proposed solutions to each problem and we assigned a department,

ministry, agency of officer who was responsible for solving a particular problem,� Fashola said. He further stated: “As we were doing it, the World Bank wrote to us and said we had to undertake reforms in this sector to make it work and when we presented what we were undertaking to them, they said: ‘what we were going to recommend to you was not as extensive as what you have agreed voluntarily to undertake yourself. If you are going to do this then we will put money behind it’.� Fashola, however said the PSRP was not all about the World Bank loan, adding: “The World Bank loan is just a component of the PSRP. We

couldn’t reach a conclusive negotiation because some departments felt that additional provisions had to be made. That was a sticky point. “However, of the basket of issues in the PSRP, people seem to have identified the World Bank loan as the be-all-andend-all of the PSRP. Certainly not and it is not off the table.� He said in addition to the loan from the World Bank, there were loans for the Transmission Company of Nigeria (TCN) for expansion from the same multilateral institution as well as from the African Development Bank (AfDB) for rural electrification. “World Bank alone doesn’t

Smile,Nigeria’s4GLTEtelecommunicationsnetworkhasintroduced a brand campaign to keep families and friends connected, entertained with music and videos and updated with happenings on social media. The campaign tagged ‘Get into the groove this season,’ is aimed at empowering individuals and families to purchase and use Smile’s aordable4GLTEbroadbandinternettoenjoytheirsmartTVs,portable tablets as well as voice and video calls. It is to enable them stay connected to the people and activities they love doing online, watch videos, play games and more. With the campaign, potential customers would enjoy the oer by purchasing a SMiFi device for only N12,000. Commenting on the launch of the campaign in Lagos, the Head, Brand and Communications at Smile, Lotanna Anajemba, emphasised the need for every Nigerian to stay connected to families and friends through voice and video calls by simply downloading and using the SmileApp,streamingandwatchingmoviesaswellassharingmemorable moments. He explained further, that the company would continue to innovate andprovideoersthatprovidesvaluetofulďŹ lthetelecommunications needs of the customers. The oer, he said, would be available through all Smile distribution channels including retail shops, kiosks, ďŹ eld sales representatives, independent dealer outlets and online. Smile became the ďŹ rst to launch VoLTE on its network and has continued with its innovation, having introduced SmileVoice, which is a free mobile app that enables customers with any android or ios handsets (including those which are notVoLTE-enabled) to make super clear voice and video calls over Smile’s 4G LTE networks.

MultiChoice Deepens Media Relations

It was a weekend of celebration and recognition as PayTVcompany, MultiChoice Nigeria, held a year-end party to appreciate the support provided by the media throughout 2018. The event which held in Lagos, also served as a content showcase, taking a retrospective look at MultiChoice’s 2018 content roster whilst providing some insight into the organisation’s local and international plans for 2019. Chief Customer OďŹƒcer, MultiChoice Nigeria, Martin Mabutho said: “2018 was deďŹ nitely a year to remember for us as we celebrated numerous milestones, including the incredibly successful Big Brother Naija: Double Wahala, end to end coverage of the FIFA World Cup, Premier League, UEFA Champions League, La Liga, Italia Serie A, which we brought back to our screens, and the launch of MultiChoice Talent Factory, our agship investment initiative to train Africa’s future storytellersâ€?. Speaking further, Mabutho said: “MultiChoice and Africa Magic also celebrated 25 years and 15 years respectively of providing world class international and local content to viewers across the continent. “All these successes have been recorded because of the incredible support given to us by the media across sss aallll p platforms. latform fo ms.

“The Abia Economic City project will blossom and create 200,000 jobs because of the sheer enormity of the positive effects on my people. I see the concomitant impact on the life of my people and area�

Abia State Governor,

Okezie Ikpeazu Continued on page 24

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BUSINESSWORLD OGAJI: GENCOS NOW RELY ON ALTERNATE REVENUE SOURCES TO RUN PLANTS

planning would be essential, especially with regards to taking into cognisance the gestation period for power development. She said: “There is need for massive investment in transmission and distribution networks in the country. Power Gencos have the capacity to increase their output in the near term. However, an increase in power generation without a resultant increase in Transmission Company of Nigeria’s (TCN) wheeling capacity and improved distribution infrastructures will continue to lead to stranded power generation. “Nigeria has about 13,000MW of installed capacity, a transmission capacity of about 5,000MW and distribution that hovers between 3,500 and 4,200MW. “A further challenge is the constant request from the System Operator to make the Genco power plants operate at base load contrary to their design to operate optimally and efficiently at base load. “Operations of these turbines far away from their base loads imply a reduction in efficiency or in other words an increase in consumption of gas (for the thermal) by as much as 15 to 20 per cent, a cost not captured or contemplated by MYTO.� FG, WORLD BANK PSRP LOAN NEGOTIATION ONGOING, SAYS FASHOLA

have all the money that we need. So, addressing the liquidity problem is coming through; it does not mean that PSRP is not working. Indeed, it has delivered and that is indeed why I could report today that we had an 18 per cent growth contribution to the GDP. It is because the PSRP is working. “The PSRP has not gone idle. We are ticking the boxes. There was no chairman for the NERC, now there is a chairman, problem solved; there was MDAs debts owed, I think over N70 billion, we verified N27 billion, that was part of the PSRP and it was paid; there was a Transmission Expansion Programme, transmission has gained more than distribution, that is progress,� he added.

NEWS

BoI, States Disburse N20bn to SMES in one Year Jonathan Eze in Cairo The Managing Director of Bank of Industry (BoI), Olukayode Pitan, has disclosed that the partnership between the Bank and some state governments have enhanced lending to small and medium sized enterprises (SMEs) across the country to the tune of over N20 billion in 2018. Speaking with THISDAY in an interview in Cairo, Egypt, Pitan stated that, “BoI on its own has partnership arrangements with states and we call it matching funds whereby whatever amount of money the state gives to us, we match it with the same amount of money, and this funds are disbursed in the same state. “Our matching funds are over N20 billion in terms of people that we have reached. We have reached over one million Nigerians in one way or the other this year. “Matching funds is a product that we put together to encourage the states to be able to lend to small enterprises, for instance, we have in Kaduna, we have in Kano, and we have in different states. “What we did is that we went to Kaduna State and tell them, if you give us (BOI) one billion naira, we will put one billion naira down, so, your one billion naira becomes two

billion.� He added: “So we are putting our money where our mouth is, so we are also spending the bank’s money to ensure that SMES are encouraged by getting the financing that they require.� On the ongoing trade fair, the BoI boss said the Bank sponsored over 50 companies to

showcase their products. “This trade fair is the first of its kind in Africa, and we know it is very important, so we went out of our way to engage our customers –SMEs. “So, we brought at least 50 companies at various levels of support, they were very small and they got close to 100 per

cent sponsorship. “So, essentially, we must encourage and support them, so all together we are supporting 100 Nigerian companies for the trade fair “. On his part, The NEPC boss, Segun Awolowo, commended the African Export-Import Bank and the African Union (AU)

for organising the trade fair. According to him, it will provide an opportunity for the promotion and trade of commercial activities between Nigeria and the rest of the African Continent as well as strengthen existing economic and diplomatic ties within Africa.

MEDIA LAUNCH

L-R: Human Resources Consultant, Pierrine Consulting, Yinka Ise; Chief Executive Officer, Mr. Seyi Adeoye; and Consultant, Ibukun Badejo, at the media presentation on the unveiling of entertainment industry report by Pierrine Consulting in Lagos‌recently ETOP UKUTT

NESREA to Sanction Industries Yet to Join EPR Programme Tayo Olaleye in Abuja The Minister of State for Environment, Usman Jibril, has threatened that National Environmental Standards and Regulations Enforcement Agency (NESREA) will start sanctioning industries yet to join the Extended Producer Responsibility (EPR) programme, stressing the need for a level playing field for all industries. The minister issued the threat recently, at the 12th NESREA Stakeholders Forum in Abuja. He said the regulations

were developed pursuant to section 25(I) of the 2007 NESREA Act, which empowers the agency to make regulations for the purpose of protecting public health, promotion of sound environmental sanitation and protection of the environment. He pointed out that the essence of the EPR programme in each of the eight regulations was to promote circular economy in the country. He said the implementation of the EPR was to commence in the food and

beverages sector as well as the electrical electronic sector, saying the two sectors have successfully registered their PROs with the corporate affairs commission as facilitated by NESREA. Jubril said: “For any development to be sustainable, such development must go hand in hand with environmental protection. Sustainable development simply means a development that does not pollute or degrade the environment, a that can benefit us today without comprising the benefit for

our future generations and the development that is in harmony with nature.� He added that the concept of green economy and circular economy are all aspects of sustainable development. “Green economy supports a circular economy in which the use of materials and generation of waste are minimised and any remaining waste recycled, remanufactured treated in a way that causes the least damage to the environment and human health,� he said. Speaking at the same event, the Director General

and CEO of NESREA, Dr Lawrence Anukam, said the forum has, since the establishment of, NESREA, been a veritable platform for public involvement and citizen participation in environmental governance. He stated that the objectives of this year’s forum was to deepen the knowledge and understanding of circular economy and environmental governance in the country as well as how best to mainstream the concept into a national environmental protection and sustainable development and gender.

NEITI: Recovering Stolen Funds Critical to Nigeria’s Anticorruption Fight Chineme Okafor in Abuja

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) Chineme Okafor (Energy) Ebere Nworji (Insurance) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (e-Business

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the recovery of proceeds from corrupt financial acts which denies perpetuators the benefits of such crimes will advance Nigeria’s desire to end endemic corruption in the country. Speaking at a recent event organised by the Inter-Agency Task Team (IATT), to mark the 2018 International Anti-Corruption Day in Abuja, the representative of NEITI’s National Stakeholders Working Group (NSWG), Dr. Bernard Verr, stated that besides the recovery of proceeds of corruption, other positive development adopted by

the present administration of President Muhammadu Buhari, in the fight against corruption include, prevention of corruption, enforcement and sanctions, public engagement, and ethical reorientation. The global theme for the 2018 commemoration was: ‘Corruption: An impediment to the sustainable development goals,’ with the campaign slogan ‘United against corruption’. Verr, however pointed out that the current government which was elected in 2015, “on strong anti-corruption agenda,� has “pushed the frontiers in the fight against corruption in several ways.� He added that: “These include strengthening the

anti-corruption agencies, strengthening accountability systems, passing strategic legislations and enforcing sanctions with vigour.� According to him, the adoption of the National Anti-Corruption Strategy (NACS) in 2017, was a major development in the quest to end corruption in the country. He noted the inclusion of recovery of proceeds of corruption as a key pillar of the strategy was important because, “it is a key policy of this government to deprive the corrupt of the benefit of their crime and ensure restitution to the citizens and the state itself; it aligns with the sub-theme and the linkage

to sustainable development.� Verr, said that with elections holding in 2019, Nigerians must work together to ensure a transparent and credible process focused on issues relevant to sustainable development and wellbeing of citizens. Similarly, in his goodwill message, the Country Representative of the United Nations Office on Drug and Crime (UNODC), Mr. Oliver Stolpe, said with over $1 trillion paid by individuals and businesses as bribes annually around the world, corrupt practices were present in “all countries, rich and poor, north and south. Stolpe, described the phenomenon as, “an assault on the values of the United Nations,� adding that

corruption, “robs societies of schools, hospitals and other vital services, drives away foreign investment and strips nations of their natural resources.� “It undermines the rule of law and abets crimes such as the illicit trafficking of people, drugs and arms. Tax evasion, money laundering and other illicit flows divert much-needed resources for sustainable development,� he explained. On her part, the Head of the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), Ms. Lilian Ekeanyanwu, stressed the importance of conducting a corrupt-free elections in 2019, noting that a corrupt election can only produce a corrupt government.

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BUSINESSWORLD

ENERGY

Finalising NIPPs’ Privatisation Chineme Okafor, writes on the importance of finalising the privatisation of the 10 power plants built by the Niger Delta Power Holding Company NDPHC under the National Integrated Power Projects Epileptic power supply hurts the economy of any nation including Nigeria which once unfortunately occupied the 70th spot on the global electricity production chart by the Central Intelligence Agency (CIA) World Fact Book. In spite of the fact that Nigeria is not lacking in electricity sources as it has abundant hydro, thermal, solar and wind electricity sources to generate adequate power supply, the country still finds it challenging to supply electricity to its huge population. For years now, market analysts have posited that the problem of the country’s huge power deficit isn’t entirely unconnected with the lack of the right political will to do the needful, as well as an abysmal record of improper management of public power bodies. With regards to history, the first 132kV line in Nigeria was built in 1962, to link present day Ijora power station in Lagos to Ibadan power station. But as the years went by, there were no commensurate deliberate policies to continually boost electricity supply infrastructure to a fast growing population. Even when efforts were made, they were not holistic until the country’s return to a democratic system of government in 1999 and the setting up of the National Independent Power Project (NIPP), in 2005. Through the National Electric Power Authority (NEPA) and Power Holding Company of Nigeria (PHCN) era, epileptic power supply was the norm and the expectation for stable power supply in the country was continually dashed. In those years, hydro-electric dams went into decay while the transmission and distribution equipment and lines became obsolete. The NIPP to the Rescue Adjudged a patriotic plan to confront the country’s energy crisis, the NIPP was conceived and approved by the National Council of State (NCS) and the National Assembly. An initial funding of $2.5 billion for the NIPP from the Excess Crude Oil Account (ECA) was approved, and the NDPHC was thereafter incorporated as a limited liability company to serve as the legal vehicle to build and hold the NIPP assets. In 2008, the National Economic Council (NEC) voted $5.375 billion from the ECA as what was termed the Power Emergency Fund (PEF) to complete the NIPP. The NEC equally inaugurated the NIPP steering council in January 2009, chaired by Dr. Goodluck Jonathan, who was then Nigeria’s vice president with six state governors and four ministers as members. The NIPP steering council, which thereafter transformed into the board of directors of NDPHC is currently statutorily headed by the vice president of Nigeria. In February 2009, the council also approved a budget of $2.213 billion from the $5.375 PEF for the first phase projects of the NIPP. It also approved $423.639 million to PHCN as special intervention fund. In June 2010, the council again approved $123.110 million to augment the phase one budget and N1.750 billion to buy NDPHC corporate headquarters in Abuja. Being what experts considered a child of necessity and backed by the three tiers of Nigeria’s government, the NDPHC then went on to build several gas turbine power plants; distribution; and transmission facilities and lines across Nigeria. Under the NIPP, 10 new power stations have been built, thus adding more megawatts (MW) to the national power output. Plants such as 750MW Olorunsogo-2; 450MW Sapele; 434MW Geregu-2; 450MW Omotosho-2; 450MW Ihovbor; 450MW Alaoji; 563MW Calabar and 225MW Gbarain, were initiated and built although with some of them yet to be fully completed. Also, the NDPHC has reportedly completed 2,194 kilometres (km) of 330kV transmission lines and 809km of 132kV transmission lines, resulting in an increase of 46 per cent and 13 per cent respectively over the pre-NIPP status of Nigeria’s grid infrastructure. It has in addition reportedly constructed a total of 2,600km of 11kV and 1,700km of 33kV distribution lines to improve electricity access in Nigeria. Based on its contributions, Nigeria at the moment relies heavily on the NIPP plants for

electricity supply; grid instability; and opening up of access to supply. However, recently, the Managing Director of NDPHC, informed THISDAY that even the electricity supplied to the grid from the NIPP plants, have been given at considerably cheap rates, indicating the NIPPs are mostly subsidising supplies to Nigeria. Similarly, records obtained by THISDAY had shown that the NIPP plants in a way provide about 265MW of spinning reserves to the grid, which serves as a means of restoring the grid whenever it experienced any form of disturbances on the transmission network. Thus, being considered a key support base for Nigeria’s power infrastructure, the planned privatisation of the NIPPs which was initiated in 2014, postponed, and then recently restarted, have been considered by many a process that needs to be completed soon to, on one hand, economically make the most of the power plants, and then again, give the NDPHC time and financial resources to accomplish its other tasks of expanding electricity access across Nigeria. Dealing with challenges But before the privatisation would be completed and then considered a success, there are however a couple of existential challenges in Nigeria’s power sector that the NDPHC and NIPPs have to struggle with. Indeed, Nigeria’s power generation capacity has risen, so also has demand for electricity supply on account of a growing population. The country’s power distribution system though with measured improvements with the installation of hundreds of injection sub-stations; 11kV lines and 33kV, have remained one challenge to the NIPPs.

Additionally, the construction of power plants, transmission and distribution lines through the NIPPs have not guaranteed some level of stable power supply to Nigeria because on one part, sabotage of gas pipelines that supply gas to the plants have persisted

One recurring snag with power supply in Nigeria has been with the distribution chain where despite the targeted increase in generation, the distribution networks have reportedly remained largely inefficient and unable to take all that can be generated to the end users in their homes and businesses. Experts, in their views have pointed to the distribution networks as the sector’s biggest distress point because they are unable to more power to consumers despite the traditional rule of thumb that the Discos capacities should be more than that of the transmission network. The Discos have also failed to maximise the generation capacity because their networks been poorly managed, in that recouping revenue for power sold to consumers have been too difficult a task for them to undertake efficiently. Additionally, the construction of power plants, transmission and distribution lines through the NIPPs have not guaranteed some level of stable power supply to Nigeria because on one part, sabotage of gas pipelines that supply gas to the plants have persisted, in addition to the obliteration of transmission lines around the country. Some other challenges that the NIPP is grappling with include security and community issues; rightof-way challenges for distribution equipment and transmission lines; port clearing coordination hitches and contractor performance-related problems. Even though the three tiers of government own the NIPP, equipment imported for the power projects are often delayed or held at the ports by the Nigeria Customs Service (NCS) because of non-payment of import tariffs thereby stalling the execution of some power projects. Some of the equipment at the ports were at one time said to have been auctioned by the port authorities after demurrage charges had accrued on them, and it took the intervention of the Senate to recover some of the equipment sold off under questionable circumstance. At a recent meeting of stakeholders in the sector, it was posited that to keep the NIPPs away from such construction delays, the government should consider waving duties on equipment for power projects; educate and hold contractors accountable to their duty to deliver on their tasks; as well as perhaps set up a special para-military unit to take on vandalism of infrastructure and kidnap of the employees of the contractors. Host communities would also need to be educated on the recurring problem of right-ofway for the routes for the 330kV and 132kV transmission lines of the NIPP. Once, when the NDPHC diverted its transmission line to the Ihovbor station in Edo state at a considerable cost because of the presence of an idol shrine, a new shrine suddenly emerged on the new route

with villagers placing huge financial demands as a condition to relocate it. Other sources of power generation, coal, wind, solar, must also be aggressively pursued. The largest increase in the United States power generation comes from wind, increased by 168 billion KWH and solar by 18 billion at one particular time. Excluding nuclear power, Nigeria is rich in all these other resources. Prioritising NIPPs privatisation Following disclosures that the government and preferred bidders of three NIPP plants which have been slated for sale in a resumed privatisation programme are currently negotiating fresh terms in a bid to conclude the exercise, experts feel it would be important the process goes on unhindered this time around. In Abuja, THISDAY gathered from sources that in the resumed negotiations, factors such as sources of funds to finance the acquisition; operational statuses of the three plants up for sale; and the financial liquidity challenge of Nigeria’s power market have been key priorities to both government and investors. Accordingly, the power plants to be sold in the first phase of the resumed assets sales are 630.5MW Calabar; 504MW Geregu; and 518MW Omotosho plants. Sources explained to THISDAY that the government was worried about the sources of finance for the exercise considering that the transaction is structured to be funded by 30 per cent debt and 70 per cent equity. They equally noted the government considered that Nigerian banks may have been over-exposed and may not be able to provide the debt portion of the financing, hence, its consideration of measures to allow for unhindered offshore financing. Additionally, the renewed negotiations have taken into consideration the operational statuses of the Gencos, and as such their original prices may not be the same. As Africa’s most populated country, with a deep energy deficit, the initiation of the NIPPs has helped advanced Nigeria’s attempt at solving her energy problems, however, the planned privatisation of the Gencos would need to be concluded without further delays to take full advantage of their capacities. Keeping the privatisation process deferred has proved to be a costly exercise for the country and indeed the NDPHC which reportedly has to scratch at all times to keep them running. To fully live out its mandate of expanding access to power in Nigeria, the privatisation of the NDPHC’s Gencos should be concluded fast, and the company adequately funded and politically backed to pursue its other jobs.

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BUSINESSWORLD

INDUSTRY

Promoting Intra-AfricanTrade Jonathan Eze who is in Cairo, Egypt, for the maiden edition of the Intra-African Trade Fair and Exhibition, writes on the importance of promoting trade among countries in the continent The creation of the first ever Intra-African Trade Fair is expected to enhance trade in the continent. The 7-day fair showcased more than 10,000 exhibitors and hosted more than 70,000 visitors. Those who attended the historic event were African Heads of States, Ministers, Central Bank Governors, CEOs, entrepreneurs, traders and small and mediums sized enterprises. Some of the Nigerian delegations included agencies such as the Nigerian Export Promotion Council (NEPC), NEXIM Bank, Nigeria Investment Promotion Council (NIPC) and the Nigeria Tourism Development Corporation (NTDC). The Nigerian pavilion attracted exhibitors and visitors making it the busiest country stand in all. The entire Nigeria team worked tirelessly to achieve the rare feat that earned the country accolades and sustained its leadership position in the continent. Africa must forge ahead with the remaining technical negotiations for the African Continental Free Trade Area (AfCFTA) as African Union member countries continue to sign and ratify the agreement that is underpinning the continent’s belief that intra-African trade is the catalytic potential of the accord, the Economic Commission for Africa’s (ECA) Executive Secretary, Vera Songwe, said. Songwe said the AfCFTA would help to address Africa’s economic challenges and allow for the greater, prosperous flow of trade within the continent. She noted the gaps that currently exist in the modalities for trade in goods in the AfCFTA. “What is needed is for our able technocrats and negotiators to see through the vision of our Heads of State, and bring the Agreement to an operative conclusion,� Songwe said, in a speech read by ECA’s North Africa Director, Lilia Naas Hachem. “Yet in doing so, let us not cut corners; we must hold fast to the grand ambition behind this project. As we build on the momentum of the negotiations, and the landmark Heads of State Summit in Kigali in March this year, we must ensure that the final touches to the agreement truly deliver upon the liberalisation of our intra-African trade.� In particular, she said, member states had agreed to liberalise 90 per cent of their intra-African trade, but still needed to decide how to deal with the remaining 10 per cent. “Getting the AfCFTA right will entail ensuring that the approach to this remaining 10 per cent is appropriate for boosting trade. Our research at ECA implies that we should be ambitious in these matters, and that not only will a more ambitious outcome boost African welfare the most, but will also see the gains from the AfCFTA spread strongly to many of Africa’s smaller and less developed nations,� the ECA chief said. ECA analysts estimated that by removing tariffs, the AfCFTA has the potential to boost intra-African trade by over half, and that with the elimination of non-tariff barriers it may be doubled. “Intra-African trade helps support the livelihoods of the individuals beyond such businesses, but it also extends beyond that to the high goal of poverty reduction economic prosperity, and achieving the ambitions of the Agenda 2063 in realising an “Africa We Want�, as well as the Agenda 2030 of the United Nations, which strives for sustainable development in Africa and beyond,� Songwe said. “Our work at ECA suggests that intraAfrican trade and the AfCFTA can do just this. It indicates that intra-African trade has a critical role to play in weaning our trade

away from its dependence on extractive commodities, and towards value-added and industrial goods that better promote job creation and African industrialisation.� The ECA analysis also revealed that even Africa’s smaller businesses can gain, by easing the constraints they face in trading, and helping them link into the regional supply chains of larger companies. Showcasing Nigerian SMEs Small and Medium Enterprises (SMEs) currently representing Nigeria at the trade fair which ended yesterday, displayed very unique products that are peculiar to the country and became the centre of attraction. The Executive Secretary, NEPC, Mr. Segun Awolowo, said the council sponsored over 55 enterprises to the fair as a way of promoting the country’s products. According to him, “the council’s participation at the fair is in fulfilment of its mandate of promoting the development and diversification of Nigeria ‘s now oil export products/companies and expand their business/market, thereby increasing employment generation and wealth creation for our teeming youths.� In an interview with some of the exhibitors, the Chief Operating officer of Ruchim, producers of herbal tea, Dr. Funke Bolujoko, said the exhibition opened up businesses for the firms. “As you exhibit, your products are

Our research at ECA implies that we should be ambitious in these matters, and that not only will a more ambitious outcome boost African welfare, but will also see gains from the AfCFTA spread strongly to many of Africa’s smaller and less developed nations

displayed and it tends to increase the visibility of your product. Here people can come to ask questions and if they have marketing outlets in their country and you are able to make a deal with them, then comes the possibility of you trading with them,� she added. Also speaking, the Managing Director of Gommeria International Limited, producers of Leather bags, Joanne Egboh said: “It shows that a lot of SMEs are doing well, but we will love them (government) to give us more enabling environment, what I mean by this is that, some of us here have personally grown our businesses without any financial backing from any of the financing institutions in the country, without any soft loan from anywhere “. She however, called for improved capacity building among SMEs in the country. Again, Gabriella Payre, representing Shea Origin Limited, producers of Shea Butter and related products, said the exhibition has “been a vehicle for us to promote our products and it has been very helpful and enriching experience for us as a company.� “Exhibition is good because it help other businesses to see what their counterparts from other places are doing so as to improve the content and even the packaging of their company, “she concluded. At the event, Nigeria hosted its Country Day with the Vice President, Prof Yemi Osinbajo, leading a tour of the Nigeria pavilion and exhibition at the IATF 2018. The country day allowed the host country to showcase and promote its trade and investment offerings across all sectors and industries, with a key focus on key sectors, investment and project funding opportunities. In his address, Osinbajo said, “Nigeria places a high premium on the economic integration of the continent and has come to the IATF with a delegation that represents a wide variety of industries and goods, showcasing the rich diversity of the country.� He said Nigeria’s digital economy was one of the fastest growing in Africa, with the technology sector contributing nine per cent of the nation’s GDP. The vice president also lauded the country’s growing entertainment sector, noting that Nigeria’s film industry, the

third largest film industry in the world, generating about $600 million annually and being a critical employment generator in the country. The Nigeria Day opening ceremony was concluded with the signing of an agreement between Afreximbank and Nigeria for the Nigeria-Africa Trade and Investment Promotion Programme valued at $1 billion. NEPC, NEXIM $1bn MoU The NEPC and NEXIM signed a Memorandum of Understanding (MOU) under the Nigeria-Africa Trade and Investment Promotion Programme (NATIPP), to support trade and investment flows between the country and other African countries. The signing of the MOU was one of the highpoint of the fair. Under the agreement, the president of Afreximbank, Prof Benedict Oramah, was expected to provide $1 billion Line of Credit (LOC), which will be disbursed by NEXIM Bank to qualifying beneficiary projects and transactions in support of Intra-African Trade and Investments. According to the MoU, the fund is available to support growth of trade between Nigeria and other African countries with special emphasis on value addition, particularly in primary goods and commodities, with a view to enhancing local earnings and jobs creation. The fund is also available to support capital and investment flows as well as projects being sponsored by Nigerians in other countries. While speaking during the signing, Awolowo, expressed optimism that the deal would boost the non-oil sector and export in the long run. Managing Director/Chief Executive of NEXIM, Abba Bello, indicated that the deal would go a long way in boosting access of Nigerian exporters to investment capital and investment guarantee instruments, including SMEs, thereby promoting intra-African trade and increasing the volume of formal trade. In implementing this programme, Bello said the Bank would be working with all stakeholders, including exporters/ prospective exporters, investment partners as well as other financial institutions, both domestic and foreign to realise the NATIPP Programme objectives.

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BUSINESSWORLD

SMALL BUSINESS SOLUTION

Investingin ToothpickManufacturing,Packaging Business Godwin Uba In Nigeria some of the ways to increase the Gross National Product (GDP) is to develop agriculture, establish more small and medium scale industries and diversifying to other mineral resources. One of the most recommended ways to create employment and empowerment of people is through the development of the real sector. Setting up of manufacturing industries and Agro-allied industrial projects is one of the most effective ways of generating employment. When manufacturing firms are set up (whether small, medium or large scale), the effect on empowerment is always tremendous. Apart from direct employment there are so many indirect employment opportunities. It is also good to consider the establishment of industrial projects with total local content. The highly recommended project is the one with all the raw materials locally available. One of the most viable and profitable small scale industries to invest into is production of toothpicks. Toothpicks production has all the raw materials available locally. Also the technology is locally available. When one wants to select the best small and medium scale project to invest into, two major important consideration to make apart from location and nearness to market are one; the projected daily turnover and acceptability of the products(s) in the market. Experience has shown us that any product that is consumed by many and regular basis always assures profitable investment. Market survey has shown that toothpick has very high demand and always record very high consumption rate and of course high turnover. The market for toothpicks exists and also expanding. The market is sustainable and above all the relevant raw material inputs are 100 per cent locally available and handy. In a country in Nigeria where there is lack of employment, one can establish the project as family business to accommodate the unemployed in the family. Let us look at some important issues that place the project as one to invest into. Market for the Products The daily uses of toothpicks in homes, hotels, and various institutions are well known virtually everybody uses toothpicks on daily

basis to remove unwanted food leftovers that stick to the teeth. Toothpicks when well produced and packaged can be sold locally to satisfy the needs of the market or can be exported to earn foreign exchange because of its high export potential. From our market survey, there are very few plants producing toothpicks in the country currently and the number is still and the number inadequate to produce for a growing population of about 160million people. Therefore, more local producing plants are needed in the country. The raw materials for making them are either wood or bamboo light round plastic containers, to which the company’s logo printed on paper can be glued or pre-printed small light paper cartons are used to package the finished product. The whole of these inputs are sourced locally which is one big advantage this project has assurance of regular supply of the raw materials, steady production and profitability. Machinery & Equipment The machines and equipment heeded for the project are locally available. They include

round crosscutting machine, slicing machine, slitting machine, stick making machine, skewer sizing machine, polishing, packaging/arranging machine and dust collector. We have complete set of these machines for sale. The machines will be to a prospective investor(s) within seven (7) weeks of commissioning. It will be supplied with warranty. It will be installed, test run recruit and train your manpower as well. A complete set of the machines will go for N16 million exchanges the cost of installation. Funding The project can be financed by cooperative societies, local government councils, state governments, individuals and corporate organisations. Banks such as Bank of Industries (BOI) can also fund the project. This is an export oriented value addition project that has a short payback period and therefore should attract ready financing. Implementation To implement this project, a minimum of 12 people are required to ensure a smooth take-off. The promoter is advised to ensure that it is

sited where bamboo or wood can easily be obtained at least cost. This will help reduce the cost of transporting the raw materials. He should put up the needed building, prepare a comprehensive feasibility report to act not only as a guide for him to implement and monitor the project but also as a handy requirement to facilitate fund attraction from co-promoters or finance organisations, in-stall the plant and machinery and buy the start-off raw materials. The importance of good quality products and management and of keeping proper and timely records of the projects operations cannot be over emphasised. Estimates of the Project Cost Pre-investment 500,000 Factory house and offices 7,000,000 Plant and machinery 16,500,000 Utilities (including generator) 3,500,000 Working capital 6,000,000 Contingency 5,000,000 Total 38,500,000 For further details, contact Uba on 08023664368 or via ubagodwin@yahoo.com

NOI Polls Appoints New Chief Executive James Emejo in Abuja West Africa’s first countryspecific opinion survey firm, NOI Polls Limited has announced the appointment of Dr. Chike Nwangwu, as its new Managing Director/ Chief Executive. His appointment comes 12 years after the founding of the firm, which has earned wide respect for its accurate and timely surveys on public issues. Nwangwu, a data, analytics, and research professional with masters and doctorate degrees from the Johns

Hopkins Bloomberg School of Public Health, Baltimore, MD, USA, has since assumed duties. He also studied medicine at College of Medicine, University of Nigeria, Enugu Campus. He is an expert in creating essential data gathering and monitoring tools to assess the impact of various intervention programs and has a solid reputation and over 13 years’ experience in developing, implementing, monitoring and evaluating public health programs for improved outcomes in healthcare as

well as providing support for large household surveys like the Nigeria Demographic and Health Survey (DHS) of 2013 and the SMART surveys. His depth of knowledge and experience in deciphering complex data and information into comprehensible formats are expected to stand him in good stead in his new role. In his new position, he is ultimately responsible for the day to day management decisions and business relationships, as well as creating and sustaining client relationships. According to a statement by the agency’s Business Head,

Corporate Communications, Mrs. Christiana Ogbe, the new CEO would also be responsible for leading and sustaining a world class public opinion polling and research institution, and associated stakeholders ranging from corporations, policy makers, senior government officials and heads of donor agencies to CSOs, non-profits and foundation. He would exercise oversight over 600 researchers comprising enumerators, field supervisors, field managers, research analysts and associates, research managers

and country field directors amongst others NOI Polls was established 12 years ago with a mission to provide timely and relevant information on public attitudes and opinions on various social and economic issues in order to give voice to ordinary citizens, and empower decision makers in the public, private and third sectors for better performance and improved governance. The firm’s highly regarded public polls have focused on socio-political issues that affect and influence the lives of Nigerians and have

produced useful information and insights in many areas. Aside the polls, which have defined its public profile, NOI Polls also, has strong expertise in analytics, databank management and strategic consulting. The focus of the firm which built its methodology in partnership with The Gallup Poll (USA) is on issues of governance, consumer behavior, market trends, management of the economy, provision of services both social and health, as well as performance of government and private sector institutions.

money to their loved ones. They do not have to physically visit an agent. Rapidtransfer removes all of these issues and its standout affordability as we do not charge any fee for now. “I wish to encourage them to sign up on this app and enjoy our seamless and cheap remittance service.� The Rapidtransfer app is regarded as a game changer for remittances to Africa

as it is designed to enhance remittances to Africa by drastically reducing cost, while also tackling the long, burdensome and inefficient processes Africans abroad face when sending money to their home countries. Through the app users are able to send money instantly to and across 33 African countries. For Nigerians in diaspora the app would enable them easily

and instantly send money to any bank account in Nigeria; receivers also have the option of picking up cash at any Ecobank branch. It is available in English, French, Spanish and Portuguese languages. Users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign exchange rates prior to each transaction.

Ecobank Reiterates Benefits of ‘Rapidtransfer’ Nume Ekeghe The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has called on Nigerians living abroad who wish to send money to their loved ones in the country particularly this yuletide season to do so through the Bank’s Rapidtransfer app. Ecobank charges zero fees for all transfers done

through the Rapidtransfer app up until 31st January, 2019. “The Rapidtransfer removes all the bottlenecks, burden and inefficiencies usually associated with remittances. “The app provides simple and secure digital on-boarding where users can choose how and when funds are delivered to the intended beneficiary, with transparent foreign

exchange rates prior to each transaction,� he was quoted to have said in a statement. Furthermore, Akinwuntan said: “I wish to encourage our brothers and sisters living abroad who wish to send money to their relatives this season to do so through our Rapidtransfer app. “This is a game changer in the way Nigerians can send

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18.12.2018

WEEKLY PULL-OUT

‘ASUU IS RELYING ON A NONEXISTENT DOCUMENT’

Dr. Olawale Baba Babalakin, SAN

2/DASHBOARD

18.12.2018

Legal Implication of Irrevocable Standing Payment Upon its Execution PAGE 4

Group Sues PSC, IGP, Asks Court to Restrain Planned Demotion of 3,791 Police Officers PAGE 5

Lagos CJ, Reels Out Achievements, Admonishes Judiciary Staff to Look Ahead with High Expectations PAGE 5

QUOTABLES ‘He should stop going around as EFCC Chairman, wearing the campaign pin of any candidate.You don’t do that. Because when you do, you lead people to believe that the fight against corruption, is being perverted for partisan political purposes.’ – Dr Chidi Anselm Odinkalu, former Chairman, National Human Rights Commission

‘Take Law Seriously, to Realise the Rewards of the Profession’ PAGE 6

‘The fight against corruption in this country, is a Herculean task. We can’t play the ostrich. We live in a society where the tradition of vigorous investigation and prosecution of the corrupt, particularly if they are the politically powerful, was almost absent. ‘ – Jiti Ogunye, Legal Practitioner, Lagos

COLUMNISTS DR. MIKE OZEKHOME, SAN, OFR, FCIARB, PH.D, LL.D Constitutional Democracy, means a system of government, in which political and governmental power, is defined, limited and shared by a grundnorm called the Constitution, which provides inbuilt checks and balances. This column seeks to fiercely discuss constitutional, legal and political issues, with a view to strengthening, deepening and widening the plenitude and amplitude of democracy and good governance, without fear or favour. The writer of this column, Dr. Mike Ozekhome, SAN, is a Constitutional Lawyer, Human Rights Activist, Pro-Democracy Campaigner, Notary Public and Motivational Speaker. He co-founded the Civil Liberties Organisation (CLO), Nigeria's pioneer human rights league, on October 15,1987, the Universal Defenders of Democracy (UDD), in 1992, and with Chief Gani Fawehinmi and others in 1998, the Joint Action Committee of Nigeria (JACON), to push out the military. In his early days, he lectured at the University of Ife. Dr. Ozekhome is an author of many books. He is also a Special Counsel at the International Criminal Court (ICC), at The Hague.

DR. KUBI UDOFIA Dr. Kubi Udofia holds a Doctorate degree in Law from The University of Nottingham, a Certificate in International Risk Management from the Institute of Risk Management, London, a Masters degree in Corporate Law from University College, London and a Bachelors degree from University of Uyo in Nigeria. Called to the Nigerian Bar in 2007, Dr Udofia is the Head of the Corporate and Commercial Law Practice Group, at Fidelis Oditah & Co. He is an acknowledged expert in Insolvency and Restructuring Law in Nigeria.

ONIKEPO BRAITHWAITE EDITOR JUDE IGBANOI DEPUTY EDITOR AKINWALE AKINTUNDE REPORTER TUNDE BUSARI GROUP HEAD OCHI OGBUAKU II ART DIRECTOR

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Electronic Voting, to be or not to be

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Buhari Campaign Organisation People ast Wednesday, about 11.30a.m., I was minding my own business (as usual), when I received telephone calls from two different ladies in quick succession - 08143747722 and 08143747459, claiming to be calling on behalf of the Buhari Campaign Organisation. The first thing that came to my mind when I answered the calls was, as is customary in Nigerian parlance, “This must be ‘419’ people. How did they obtain my telephone number?” Unlike is done in civilised countries when someone is trying to lobby you, the first caller said absolutely nothing to try to sway me, and get my vote. All she was interested in, was whether I had a permanent voter’s card (PVC) and who I will be voting for, come 2019. She really did not know, the right things to say. Have you received any such calls? Does anybody know how all these strange people get our telephone numbers? All sorts of text messages inviting you to different events or making offers for you to purchase some product or the other, from companies you have never even heard of. Do they just randomly create telephone numbers, or do the phone companies provide them with our telephone numbers? I cannot imagine that, it would be the networks who give out their customers’ telephone numbers, without their consent. Does the law even permit such an invasion of privacy? As for the Buhari Campaign Organisation ladies (if they really were), I suggest they take a crash course, on how to lobby people to secure their votes, instead of riling them! By the time I received the second call, I simply asked her in Yoruba, what concern it is of hers, who I vote for, and dropped the phone. The tone of the first call, had already irritated me sufficiently. Section 52(2) Electoral Act 2010 Still on the topic of elections, the President’s refusal to assent to the Electoral (Amendment) Bill 2018, has generated a considerable amount of controversy and debate. One of the main issues of contention (apart from the election sequence saga, which seems to have since faded into oblivion), is that of the electronic voting. So, first of all, I decided to peruse the Electoral Act No. 6 of 2010 (EA), and I discovered that though the old Section 52(2) specifically prohibits the use of electronic voting machines for the time being, Section 9 of the Electoral (Amendment) Bill 2015 introduced a new replacement of the old Section 52(2), and it

President Muhammadu Buhari

provides thus:”Voting at an election under this Act shall be in accordance with the procedure determined by the Independent National Electoral Commission”. This Bill was passed by the House of Representatives on March 5th, 2015 and the Senate, on March 10th, 2015. President Jonathan signed it in to law, on March 26th, 2015. In essence, the use of the card reader/ electronic voting, does have the backing of the law. It is a procedure which can be, or has been determined, by INEC. The INEC Approved Guidelines for the conduct of the 2015 Elections therefore, made the card reader an integral part of the voting process, for example Sections 10(a)(ii), 10(b), 13(a)(ii), 14(c), 26(j) with regard to accreditation, verification and post-voting. Maybe the Lawmakers may imagine that, the new Section 52(2) of the EA may be too wide and non-specific, and that is why they may have sought to be more particular in their amendment. The amendment to Section 52(2) in the Electoral (Amendment) Bill 2018 reads thus:”The Commission shall adopt electronic voting in all elections or any other method of voting as may be determined by the Commission from time to time”. While in some jurisdictions, the use of the word “shall” may mean ‘may, will or must’, in the UK, where our law is based upon, in legal parlance, “shall is used to indicate that something must be done”. The new amendment therefore, makes the use of electronic voting, obligatory, mandatory. However, the semantics of the amendment, seems to be wrong. The first part says, electronic voting must be used. If the provision says something must be used, then it cannot say another means can be used. There should have been a proviso. It would have been more appropriate for the amendment to read thus: “The Commission shall adopt electronic voting in all elections, provided that, in the event of the failure of the electronic voting apparatus, an alternative method of voting described in the schedule hereto may be adopted by the Commission”. There could be a definition of ‘failure of electronic voting apparatus’ in a definition clause - it could include, machine fails to function, machine malfunctions, source of power supply fails, machine fails to capture the fingerprints of voters and so on. The schedule would then provide for a specific process of manual accreditation etc. In my experience, the Nigerian Government (past and present), is fond of utilising sub- standard equipment and technology. Therefore, there must be an

alternative to electronic voting, to avoid the disenfranchisement of voters, in the event of equipment failure. I remember during the 2015 elections, for instance, the machine was unable to read my fingerprints and those of many others, for accreditation. If electronic voting was the only means available, we would have been unable to vote. The Electoral Officers had to manually examine our voters cards, and enter our names onto a list, manual accreditation, so to speak. Likewise, when I went to renew my passport in 2015, I had to visit the passport office for three consecutive days, soaking my fingers in all sorts of distasteful things like sand and diesel, to get the machine to read my fingers. The same thing happened with the BVN machine. Someone even joked, and asked me whether I was dead! That maybe, that was the reason why my fingerprints could not be captured. But, every time I have visited Accra or the United States of America, I have had no problems whatsoever, with the fingerprinting machines at their airports. So, what is wrong with ours? With the fantastic amounts of money that have been made available to INEC for the elections, such issues of machine failure, should hopefully be few and far between, ‘force majeure’, as opposed to being the norm. Self-Serving Nigerian Politicians I am sorry to say this, but, I have come to the conclusion that, majority of our Nigerian Politicians are totally insincere and self-serving. They are highly hypocritical too. Unfortunately, the Nigerian people, are the greatest losers, in all their scheming for power. I’m sure that, when Section 52(2) of the EA was amended in 2015, there was nothing altruistic about the reasons for the amendment. It was probably done, to suit the purposes of some other politicians, at the time. It obviously backfired, with issues like allegations of mass underaged voting in Kano, which they now realise may be difficult to perpetrate with the mandatory use of the card reader, and electronic transmission of results. So, now, the same people who gave INEC a free hand by virtue of the 2015 amendment, have seen the folly of their decision, and are desperate to prevent certain reoccurrences and consequences. That is on one hand. On the other hand, last week, I watched a television interview programme, in which Senator Ita Enang, the Senior Special Adviser to the President on the National Assembly (Senate), who with an extremely straight face, quoted Article 2(1)

INEC Chairman, Professor Mahmood Yakubu

ONIKEPO BRAITHWAITE

THE ADVOCATE onikepo.braithwaite@thisdaylive.com onikepob@yahoo.com

“IN MY EXPERIENCE, THE NIGERIAN GOVERNMENT (PAST AND PRESENT), IS FOND OF UTILISING SUBSTANDARD EQUIPMENT AND TECHNOLOGY. THEREFORE, THERE MUST BE AN ALTERNATIVE TO ELECTRONIC VOTING, TO AVOID THE DISENFRANCHISEMENT OF VOTERS, IN THE EVENT OF EQUIPMENT FAILURE”

of the ECOWAS Protocol on Democracy and Good Governance 2001, which provides that “No substantial modification shall be made to the electoral laws in the last six months before the elections, except with the consent of a majority of Political actors”. It is curious that, in the instance of the amendment of the Electoral Act, since it did not suit the President and his people for him to assent to the Bill, Nigeria being a member state of ECOWAS and obeying this Protocol, has suddenly become imperative, but in the case of the decision of the ECOWAS Court of Justice granting the former National Security Adviser, retired Col. Sambo Dasuki bail, whether Nigeria is member state of ECOWAS, is irrelevant, and it is acceptable for that court order to be flouted. Free and Fair Elections The bottom line is that, we, the people, crave free and fair elections, and a better Nigeria, as soon as possible. We want our votes to count. We are tired of rigging, and all manner of election malpractice. Our so-called leaders, must stop practicing this self-serving, primordial type of politics and governance. If the amendments to the EA are necessary to deliver a better and credible election process, why should anyone object? Though I am not a soothsayer, it seems that the National Assembly may not be able to muster the numbers to veto the President, as the APC Legislators, as a matter of party policy, do not seem to be favourably disposed to overriding anything. Is anybody scared of anything?

4/LAW REPORT

18.12.2018

Legal Implication of Irrevocable Standing Payment Upon its Execution

T Facts

he Respondent entered into an agreement with the 3rd Appellant, for the supply of 3,000 units of motorcycles. The Respondent could not supply the motorcycles within the agreed time, further to which it wrote a letter to the 3rd Appellant requesting to be substituted with the 1st Appellant in respect of the supply of the said motorcycles. Based on this, the 3rd Appellant entered into a fresh supply agreement with the 1st Appellant, for the supply thereof. The Respondent and the 1st Appellant on the other hand, entered into an agreement to share the profit on the proceeds of the contract. The motorcycles were duly supplied; however, the Taraba State Primary Education Board declined to issue an Irrevocable Standing Payment Order (ISPO) authorising the deduction of the monies due under the contract from source against the salaries of the benefiting teachers, for remittance to the 1st Appellant. This also affected the profit sharing agreement, between the Respondent and the 1st Appellant. Following the intervention of the 4th Appellant, the Respondent conceded to a reduction of the amount due to it under the profit sharing agreement, and the sum of N29,000,000.00 was agreed upon. Consequently, an ISPO (Exhibit A7) was created by the 1st Appellant, authorising the 4th Appellant to make deductions at source from the amount due to it, and remit to the Respondent. The 4th Appellant started and continued to make deductions and pay the Respondent; a total sum of N6,500,000.00 had been paid, when the Respondent filed an action against all the Appellants, claiming the sum of N22,500,000.00 as debt owed to it by the Appellants under Exhibit A7, as well as damages and costs of litigation. The Appellants filed their Joint Statement of Defence, wherein they denied liability. The trial Court dismissed the suit, on the ground that same was baseless. Dissatisfied, the Respondent successfully appealed to the Court of Appeal, which court granted the reliefs sought, except for damages. The decision informed the appeal by the Appellants, to the Supreme Court. Issues for Determination The Appellants formulated five issues, from their five grounds of appeal. The Respondent filed a Notice of Preliminary Objection, challenging the competence of the grounds of appeal, and the issues formulated therefrom. In its first ground of objection, the Respondent challenged the competence of Grounds 3, 4 and 5 of the Appellant’s Grounds of Appeal (out of which issues 3, 4 and 5 were distilled) on the basis that they were grounds of mixed law and facts raised by the Appellants, without leave of Court. In its second ground of objection, the Respondent submitted, that Ground 2 of the grounds of appeal was incompetent, on the basis that same was an appeal against an obiter dictum rather than the ratio decidendi of the Court of Appeal. The Respondent also objected to the competence of Ground 1, stating that the issue which had to do with non-payment of filing fees for the Writ of Summons, is a new issue which was never ventilated at the court below, and the Appellants did not seek leave of court. On the first ground of objection, the Court held that, a complaint in a Ground of Appeal that a trial Court failed to consider the issues raised in the pleadings before it, is a complaint involving questions of law alone such as Ground 3 which challenges the failure of the Court of Appeal to countenance its objection as to the purport of Exhibit A7. The Court also held that, Ground 4 is on the legal effect of Exhibit A7, hence a ground of law alone, and that a ground of appeal which challenges the competence of the claim which is ex-facie conceivable on the face of the Writ of Summons such as Ground 5 which questions the decision of the Court of Appeal construing the Respondent’s claim as a liquidated money demand, is a ground of law alone. Thus, Grounds 3, 4 and 5 were competent, and no leave of court was required to raise them. On the second ground of objection, the Court held that a comment or statement of the court which is not necessary for the determination of the issues joined in the parties’ pleadings, is an obiter dictum, and thus, has no binding authority, and cannot be the subject of an appeal. Ground 2 was incompetent as it was a challenge against an obiter dictum of the court; and so, the Court struck out the ground and Issue 2 formulated therefrom. Regarding the Respondent’s complaint about Ground 1, the Court held that, although the issue of jurisdiction can be raised at any time even on appeal, an issue such as the issue of payment of filing fees which required fresh evidence to be led and for which there is no application for leave to adduce fresh evidence, cannot be heard without evidence. Consequently, Ground 1 and Issue 1 distilled therefrom, were struck out. In view of the foregoing, the only issues left, and which the court determined, were Issues 3, 4 and 5 thus: 1. Whether from the pleadings, it was the case of the Respondent that Exhibit ‘A7’, the Irrevocable Standing Payment Order (IPSO)

Hon. Justice John Inyang Okoro, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 1st day of June, 2018 Before Their Lordships Olabode Rhodes-Vivour Mary Ukaego Peter-Odili John Inyang Okoro Amiru Sanusi Sidi Dauda Bage Justices, Supreme Court SC.226/2013 Between 1. A.T.S. & Sons 2. Alh. Mohammed Sani Gama 3. Nigeria Union of Teachers, Taraba State Wing ....................... Appellants 4. Jonah Kataps (Chairman Nigeria Union of Teachers, Taraba State Wing) and Ben Electronics Co. Nig. Ltd ............ Respondent (Lead Judgement delivered by Hon. John Inyang Okoro, JSC)

created by the 1st Appellant, was a chose-in-action, and whether the Court of Appeal was right to so hold. 2. Whether by the construction of Exhibit A7, it created a chose-in-action and an assignment of debt, by which the 2nd to 4th Appellant became liable in debt to the Respondent. 3. Whether the sum of N22,500,000.00 claimed by the Respondent at the time of this action was due and payable to the Respondent, or subject to the occurrence of money being due to the 1st Appellant.

“....THE LEGAL EFFECT AND IMPLICATION OF AN ISPO IS THAT ONCE EXECUTED, IT AUTOMATICALLY BECOMES A CHOSE-IN-ACTION, WHICH DULY ASSIGNS AND/OR TRANSFERS A RIGHT FROM THE PERSON WHO IS LEGALLY ENTITLED TO IT, TO THE ASSIGNEE”

Arguments On issues 3 and 4, Counsel for the Appellants submitted that, an Appellant cannot raise on appeal, an issue that did not arise from the pleadings of the parties before the trial Court. He argued that, the contemplation of the Respondent’s pleadings, was that the 1st and 2nd Appellant agreed with the Respondent that the 1st Appellant would pay it the sum of N29,000,000.00 through the 4th Appellant, and that there was nothing in the averments in the Respondent’s pleadings to infer that a chose-in- action was created by Exhibit A7, by which the 2nd to 4th Appellant are now debtors to the Respondent. He submitted that, the issue which was pursued by the Respondent at the Court of Appeal and accepted by the Court, was not the Respondent’s case in its pleadings before the trial Court. Counsel for the Appellants argued that, an Irrevocable Standing Payment Order (IPSO) is used for business convenience between parties, and that the rights and obligations of the parties remain with them, while the holder of an IPSO is just like an intermediary between a debtor and a creditor. He concluded that, the Court of Appeal by construing Exhibit A7 as a chose in action, was re-writing the contract between the 1st Appellant and the Respondent, contrary to the intention of parties. In response, Counsel for the Respondent submitted that, in civil trials, parties do not plead law but facts, and it is the duty of the court to infer law from pleaded facts. He submitted that, there were cogent and compelling material facts in the Statement of Claim, from which it can be safely inferred that, the legal effect of the IPSO i.e. Exhibit A7 as pleaded, is that once executed, it becomes a chose-in-action which assigns a duty and/or transfers a right from the person who is legally entitled to it, to the assignee. He relied on JBN PLC v TRC BANK LTD (2010) All FWLR (Pt. 552) 1965 at 1784. On issue 5, Appellants contended that, the sum claimed by the Respondent was not a liquidated money demand, as same was subject to a condition precedent i.e. upon the money being due, and that the said sum was not due. In response, Counsel for the Respondent submitted that, Exhibit A7 which is the fundamental document upon which the entire case is anchored, did not show that its performance is subject to any condition. Court’s Judgement and Rationale Deciding the first and second issues, the Court held that every pleading must state facts and not law, and conclusions of law can be drawn from the material facts pleaded. The duty of parties is to plead relevant facts and leave the court to apply the law on the facts pleaded. The pleadings of the Respondent in its Statement of Claim contained all the material facts upon which the law in respect of choses-in- action, can be and was inferred, by the Court of Appeal. The lower Court held that Exhibit A7 is a chose-in-action within the contemplation of the meaning of the phrase in the Black’s Law Dictionary. The Court also relied on Section 25(6) of the Judicature Act now replicated in Section 136 of the Law of Property Act, 1935 to hold that, the legal effect and implication of an ISPO is that once executed, it automatically becomes a chose-inaction, which duly assigns and/or transfers a right from the person who is legally entitled to it, to the assignee. The Court held that Exhibit A7 duly transferred the right of the 1st and 2nd Appellant over the sum of N29,000,000.00 due to them from the 3rd and 4th Appellant, to the Respondent for its benefit, and that this arrangement legally made Exhibit A7 a chose in action, hence, legally binding on the Appellants. On Issue 5, the Court held that the factors for determining liquidated sum are: (i) The sum must be arithmetically ascertained or ascertainable without further investigation; (ii) If it is in reference to contract, the parties to the same must have mutually and unequivocally agreed on a fixed amount payable on breach; (iii) The agreed and fixed amount must be known prior to the breach - DR. OLADAPO MAJA v MR. COSTA SAMOURIS (2002) 3 SC 37. It is clear that, the sum of N29,000,000.00 stated in Exhibit A7, is the sum which the parties agreed is payable to the Respondent, and sequel to Exhibit A7, the 3rd and 4th Appellant commenced payment of the said sum to the Respondent, and in the process, the sum of N6,500,000.00 had been paid to the Respondent, leaving a balance of N22,500,000.00 which is the judgement sum. The said sum was, indeed, a liquidated money demand. Further, there was nowhere in Exhibit A7, where it was stated that its performance would be subject to any condition precedent. Appeal Dismissed. Representation F.K. Idepefo with U.C. Okeke Esq. for the Appellants J.A. Oguche Esq. with Danlami Filibus, Esq. for the Respondent Reported by Optimum Publishers Limited (Publishers of Nigerian Monthly Law Reports (NMLR))

18.12.2018

NEWS/5

LAW CLASS REUNION L-R: Special guest of honour, Prof. Taiwo Osipitan, SAN, President, Unilag Law Class ’86, Mr. Shola Abidakun, Reunion Committee Chairperson, Mrs. Lizzy Nwagbara, Representative of Vice-President, Dr. Aina Salami, Chairman of the Occasion, Prince Julius Adelusi-Adeluyi at the Unilag Law Class ’86 Reunion Dinner held at Raddisson Blu Hotel, Ikeja, GRA, Lagos, last Friday Photo: Etop Ukutti

L-R: Admin Judge, Lagos, Hon. Justice Kazeem Alogba, Lagos State Chief Judge, Hon. Justice Opeyemi Oke and Admin Judge, Ikeja, Hon. Justice Doris Okuwobi during the Christmas Carol Service, last Friday

Group Sues PSC, IGP, Asks Court to Restrain Planned Demotion of 3,791 Police Officers Stories by Akinwale Akintunde A human rights group, Gani Fawehinmi Memorial Organisation (GAFAMORG), has dragged the Police Service Commission (PSC) and the Inspector-General of Police, Ibrahim Idris to court, over a planned demotion of over 3,791 police officers, promoted between 2016 and 2018. In the suit filed at the Federal High Court sitting in Lagos, the group is seeking declarative perpetual orders, to restrain the PSC from effecting the planned demotion. GAFAMORG, a nongovernmental organisation established for the purpose of keeping alive the memory and ideals of the late Human Rights Crusader, Chief Ganiyu Oyesola Fahenmi, SAN,

claimed it instituted the action in the interest of the public and defence of the Constitution of the Federal Republic of Nigeria 1999 (as amended). Joined as Defendant in the suit with the No: FHC/ CS/2011/2018, are the presently constituted PSC headed by Alhaji Musiliu Smith (IGP Rtd). The suit which is yet to be assigned to a Judge, is supported by a 62 paragraph affidavit in support of the originating summons, sworn to by one Debo Adeleke, a Human Rights Lawyer defending the down trodden and staunch member of the GAFAMORG, the Plaintiff. According to the deponent, the suit was prompted by a recent press conference by the PSC's Head of

Press and Public Relations, Ikechukwu Ani on Tuesday, October 2, 2018, wherein it was confirmed to journalists that the PSC had set up a panel headed by a retired Justice of Supreme Court, Justice Clara Bata Ogunbiyi, (a member of the PSC), to review promotions made in Police between 2016-2018. It was also averred that, Olayinka Balogun, a retired Police Commissioner and Personal Assistant to the PSC Chairman, Alhaji Musiliu Smith, on September 19, 2018, earlier confirmed the planned demotion of all the concerned police officers. Besides, the deponent also averred that, a letter titled "Re: Planned Demotion of Police Officers Promoted between 2016 and 2018 by the Newly Constituted Board of

the Police Service Commission" dated 23rd September, 2018 by the IGP addressed to the PSC Chairman, was sighted by the Plaintiff to buttress the fact that, the planned demotion of the concerned officers is not a mere rumour. Upon this discovery, the Plaintiff said it wrote the PSC's Chairman, pleading for a change of the planned action, and to serve as a pre-action notice, which was yet to be responded to. "That the silence and or refusal to respond to our letter by the 1st Defendant, is an indication that it planned to go ahead with the proposed demotion of officers promoted by the former PSC Board between CONTINUED ON PAGE 6

Ex-Bank M.D., Director, in Alleged $166.9m Unsecured Loan Suit, know fate today A former Managing Director, and Director, in the defunct Integrated Microfinance Bank Plc (IMFB), Simon Akinteye and Gabriel Adepoju, who are standing trial over alleged $166.9 million fraud, will know their fate today, as the court is set to deliver judgement. Akinteye and Adepoju were arraigned before Justice Mojisola Olatoregun, on a 10-count charge of reckless granting of loans without collateral in 2017. The two bank chiefs in the suit, marked FHC/L/234c/16, had pleaded not guilty to the charges. According to the Prosecution, Integrated Microfinance Bank Plc, was granted an operating licence by the Central Bank of Nigeria (CBN) on October 4, 2006, to operate as a Unit Microfinance Bank. “It later obtained CBN’s approval, to operate as a State Microfinance Bank. Though one of the leading Micro finance banks Lagos State,

it went into liquidation because of insolvency. The collapse of the bank, is linked to abuses by the Executive Management and Board of the defunct bank. “Akinteye and Adepoju (Ex-Directors) were charged with various counts of conspiracy, in granting unauthorised credit, criminal conversion, and fraud involving various sums belonging to the defunct bank”. They were alleged to have recklessly, without collateral, approved credit facilities amounting to $166 million USD, and N33.250 million to themselves, and one Mrs. Temitope Muhammed Imam. In the charge, the Bank’s former M.D/C.E.O. Akinteye, who was slammed with a nine count charge out of the ten charges, was alleged to have at different times, withdrawn from the Bank’s account, the total sum of

N11 million and diverted it into his personal company named ‘Deblad Nigeria Limited’. He was also alleged to have unlawfully withdrawn a total sum of $166 million USD and remitted same to the account of the said Temitope Muhammed Imam, domiciled with Citi Bank N. A. of Utica/Clarkson, 702, Utica Avenue, Brooklyn New York, United States of America; and another account domiciled with Washington Mutual, 391, Eastern Parkway, Belford Avenue, New York, USA. While the 2nd Defendant, Adepoju, was alleged to have withdrawn total sum of N22.250 million, and diverted same to a limited liability company, Gad Press Limited. The offences alleged to have been committed by the Defendants, are contrary to Sections 18 (1)(a) and 18(3) and 15(1)(a)(I) Banks and

Other Financial Institutions Act, Laws of the Federation of Nigeria, 2004, and punishable under Section 18(2) and 16(1)(a) of the same Act. Prior to the arraignment of the Defendants, their Lawyer, A. O. Sheriff, through a notice of Preliminary Objection, urged court to dismiss the charge, on the ground that the Defendants had earlier been acquitted and discharged by Justice Okon Abang of the same court, when they were formerly arraigned. ut Justice Olatoregun dismissed the Defendants’ Lawyer’s application, on the ground that the facts of charge, were not the same. Trial commenced in the matter sometime in October, 2017, and the Court reserved judgement for November 22, 2018. However, the Judge was absent from court, and judgement was further adjourned to December 18, 2018.

Lagos CJ, Reels Out Achievements, Admonishes Judiciary Staff to Look Ahead with High Expectations As the year 2018 is get- include supply of monthly ting to a glorious end, the provisions for members of Lagos State Chief Judge, staff. Hon. Justice Opeyemi Oke Justice Oke noted that, has admonished members creation of two new diviof staff of the Lagos State sions of the High Court, Judiciary, to look ahead Economic/Financial Crime with higher expectations Division and Sexual and a stronger resolve Offences and Domestic to do more in the New Violence Division, is a Year, as she reeled out major achievement to move her administration’s the Judiciary forward. achievements for 2018. "To ensure that our Justice Oke gave this prison is adequately deadmonition during the congested, we embarked State Judiciary Christmas on a series of prison visits Carol Service held last to the various prisons in Friday, at the premises Lagos State. of the State High Court "The digitalisation of the in Ikeja. Private Registries in the While reviewing the State of Lagos Judiciary, year 2018, the Chief as well as facilitation of Judge reeled out the the amendment of the achievements of her High Court Civil Proceadministration in the last dure Rules; and this has one year, stating that 2018 increased the number of kicked off on a note of Judges for Lagos State to high expectations, and 120. that those expectations, “Appointment of Suwhich were chiefly em- pervisory Judges for the bedded in her Vision and Magistrates for efficiency Mission Statements. and better performance, “Very guardedly, we in line with the Commithave been running ment Statement of this with our vision, and our administration. steadfastness has birthed “The Small Claims Court laudable achievements to Practice Direction is being the glory of God and the translated into different advancement of the Lagos local languages namely: State Judiciary.” Pidgin English, Yoruba, Reeling out the Egun, Hausa and Ibo. achievements of her Honourable Judges, are administration, Justice currently working on this. Oke mentioned the instal“Three weeks intenlation and commissioning sive training for newly of the Vision, Mission employed Sheriffs, with and Commitment sign passing out ceremony posts of the Lagos State which took place on the Judiciary across all the 10th day of December, Court premises in the 2018”, she stated. State. Justice Oke specially Known for her zero- thanked the Lagos State tolerance for corruption, Governor, Akinwunmi the Chief Judge also Ambode, the State talked about her fight Attorney-General and Comagainst corruption in missioner for Justice, Mr. Lagos State Judiciary, Adeniji Kazeem, SAN, as adding that disciplinary well as the Judiciary staff, actions were taken against for their firm support in erring staff of the Sheriffs achieving the feats. Department, Probate “Indeed, all of this could Registry, Cash Office not have materialised and Administrative staff. without your collaborative According to her, part efforts, and the very firm of the achievements support we have enjoyed include setting up of from our external partners. Hospitality Unit to cater Kindly, accept my heartfelt to all members of staff, and the duty of the unit CONTINUED ON PAGE 6

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18.12.2018

Witness: How Bianca’s Estate Agent Allegedly Defrauded Ojukwu Transport of N182m Akinwale Akintunde A Lagos High Court sitting in Ikeja, has been told how an estate agent, Mr. Emmanuel Omuojine, allegedly defrauded Ojukwu Transport Ltd (OTL) of various sums of money totalling the sum of N182 million. The prosecution witness, Dr. Ike Ojukwu, who is a Director in OTL, told the court that the Defendant, Omuojine had admitted to collecting rent belonging to OTL and handing the money to Bianca Ojukwu, the widow of the late Ikemba Odumegwu Ojukwu, even though she is neither a shareholder, director, officer of the company, nor was there any authorisation by the OTL.

The Police had arraigned Omuojine, who was alleged to be Mrs. Bianca Ojukwu’s agent on a 10-count charge, bordering on stealing by fraudulent conversion, obtaining money by false pretences, and forgery before Justice Hakeem Oshodi. According to the Police, Omuojine and others at large, while operating under the name of Omuojine & Associates between 2007 and 2010, conspired to steal money collected as rents from tenants on behalf of Ojukwu Transport Ltd. The Police also accused Omuojine of forging a document titled “Re: Ojukwu Transport Ltd Properties Under Your Management”, purporting same to have been made by one Stephen Edeh, “Secretary” to Ojukwu Transport Ltd.

The Defendant was accused of collecting the sum of N44 million as rent from West African Offshore Ltd on January 22, 2007, on behalf of Ojukwu Transport Ltd, and fraudulently converting the money for his own use and benefit. The Defendant had pleaded not guilty, to the charges. But while testifying at the resumed trial last Friday, Dr. Ike Ojukwu, who was led in evidence by Police Prosecutor, Mr. Emmanuel Jackson, told the court that Omuojine had during Police investigations, said Bianca Ojukwu had been invited on numerous occasions by the Police to make a statement, but in almost three years, she has declined. According to the witness, the Police

even offered to travel to Enugu to take her statement at her residence, but she still declined to make statement. “The invitations have been by both telephone and in writing, including one by CP General Investigations, FCIID, Abuja, CP J Mava, dated 31 August, 2017. “Bianca's refusal to make a statement, even though she was directly implicated by Mr Omuojine, is on the IGP's table awaiting action. “They insist that she is not above the law, regardless of 'profile' or 'connections'. Options include, the Police approaching the courts for a warrant of arrest”, Ike Ojukwu said. Justice Oshodi has adjourned the matter to March 1, 2019, for continuation of trial.

GROUP SUES PSC, IGP, ASKS COURT TO RESTRAIN PLANNED DEMOTION OF 3,791 POLICE OFFICERS CONTINUED FROM PAGE 5 2016-2018 on recommendation of the IGP based on their gallant performance, despite our pleadings”, the deponent averred. He further argued that, more worrisome to GAFAMORG, is the inclusion in the demotion, of 45 gallant officers attached to the IGP Intelligent Response Team (IRT) headed by a courageous officer named DCP Abba Kyari, and other police officers promoted by PSC. The deponent further averred, "That the 45 officers of IRT were given special promotion consequent upon their investigation, successful tracking, and final arrest

of the notorious billionaire kidnapper, Chukwudimeme Onwuamadike, a.k.a. Evans, and his 21 member kidnapping syndicate". He further argued that, the concerned officers were recommended and approved for promotion, in line with the Nigeria Police policy on promotion and Force Orders by the IGP. It was further noted that, the promotion of the officers was based on special performance, to encourage and motivate the officers for improved performances. "That it is a fact that is not only incontro-

vertible but highly indubitably contested, that IRT led by DCP Abba Kyari and his gallant officers, have been exceptionally professional, efficient, committed, dedicated and superlatively courageous in carrying out their duties. "That the IRT officers led by Abba Kyari have distinguished themselves as special corps that believe in the corporate existence of our dear motherland, and in the course of fighting crime in our society, they constantly stand the risk of sacrificing their precious lives in the course of carrying out their lawful duties galantly."

LAGOS CJ, REELS OUT ACHIEVEMENTS, ADMONISHES JUDICIARY STAFF CONTINUED FROM PAGE 5 appreciation for your constant support and prayers. “I will also like to express my profound gratitude to our indefatigable Governor, His Excellency, Mr. Akinwunmi Ambode, for his unwavering backing. He is very passionate about the smooth operation of the Judiciary, and does not take any issue connected with or affecting the

Judiciary with levity. In fact, he regards the Judiciary as a core pride of his administration. My heartfelt appreciation also goes to my dear brother, the Hon. Attorney-General and Commissioner for Justice, Mr. Adeniji Kazeem, SAN. He has also been very helpful in the achievement of our core projects, and never complains, even when I tirelessly

call on him for follow up. “As the year comes to a glorious end, I enjoin you all to look ahead with even higher expectations and a stronger resolve to do more, in the New Year. Verily I say to you that, everything we conceive, we will achieve, if we faint not. Remember, we are ONE UNITED!”, she stated.

Part of achievements of the concerned officers, which the authorities considered worth appreciating and rewarded, according to the Plaintiff, include: Capturing of the most deadlily kidnapper in the history of Nigeria, Henry Chibueze, a.k.a. Vampire in Owerri, arresting of a 22 member Boko Haram terrorist gang responsible for the kidnapping of the Chibok girls in 2014, and also responsible for series of suicide bombings/several attacks and ambushes against security agents in Bornu, Yobe and Adamawa States. Others include: arrest of notorious criminal who threatened to kill former Vice-President Atiku Abubakar and his entire family, and arrest of 25 bank robbers who invaded Offa town, Kwara State and robbed five commercial banks; the gang also murdered over 31 innocent Nigerians. Urging the court to consider granting his prayers and halt the planned demotion, the deponent averred that, the affected officers will be highly demoralised and it would adversely affect their performances, and consequently, the security of the entire Nigeria will be negatively affected, if the planned demotion is allowed to materialise.

Legal Personality of the Week Kennedy Oshiogwe Asegieme

‘Take Law Seriously, to Realise the Rewards of the Profession’ My name is Kennedy Oshiogwe Asegieme, the Principal Solicitor of THE LORD’S CHAMBERS, Abuja. I was born in Fugar, Edo State. I had my primary education partly in Agbado Primary School, Benin and Obe Primary School, Fugar in Etsakor Central L.G.A of Edo State. I did my secondary education in Saint John’s College, Fugar. I obtained my International Baccalaureate Diploma from Norra Real Gymnasium in Stockholm Sweden. I obtained my Law degree, LL.B Hons, from the University of Jos, and attended Nigerian Law School in Lagos. Have you had any challenges in your career as a Lawyer, and if so, what were the main challenges? Like any new wig, it was terrifying to be asked by my boss to represent him in a matter that had very eminent and senior wigs at the Bar on the opposing side, in a matter bordering on the jurisdiction of the court. Of course, there was always a challenge of low pay for a young Lawyer, until God began to lift me up. What was your worst day as a Lawyer? I really never had worst day as you

serve as the President of the Christian Lawyers Fellowship (CLASFON) at the Nigerian Law School, Lagos. To have stood amongst my peers, with the opportunity to shape their future life and destinies, is something I will ever be grateful for. Who has been most influential in your life? In the context of my legal profession, I reckon there are three persons who have been of tremendous inspiration to me, namely Professor Ofor-Amankwa from Ghana, Professor E.C.J Azinge, SAN (The former Director-General of the Institute of the Advanced Legal Studies, Abuja), and lastly but no means the least, my boss and brother, Samuel Zibiri, SAN.

Kennedy Oshiogwe Asegieme

put it, because my background was such that I always over-studied and over- prepared. What was your most memorable experience as a Lawyer? My life as a Lawyer, was graciously spiced by the opportunity given me to

Why did you become a Lawyer? The truth is, as an art student, I had desired to study Archaeology and Anthropology, just because of the grammar associated with the name of the course, until I was told by a good friend that my only chances in life will be to be a lecturer since we don’t have much to do in the Archaeological exploit in Nigeria. So I looked at the Jamb booklet again, and chose law. But, as inadvertent as that decision

was, it’s the best decision I ever made for myself, as a young man. What would be your advice to any one wanting a career in law? My advice would be the same as I told my daughter now reading law 200 level; that you must take law seriously, in order to realise the rewards of its honour and title. The beauty of being a Lawyer, is the flexibility to serve in many different aspects of the humanities and social sciences. If you had not become a Lawyer, what other career would you have chosen? I believe that the most compelling passion of my life which is the preaching of the gospel, would have been my next option. Or else I would have joined the entertainment industry, as an Actor. So, Theatre Arts would have been my next option. Where do you see yourself in ten years? In ten years and post 60th birthday life, I would love to settle down as a Hotelier and Educationist, specially investing in secondary education.

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TALKING CONSTITUTIONAL DEMOCRACY DR. MIKE OZEKHOME, SAN, OFR, FCIARB, PH.D, LL.D

SMS only to 08098898888

Elevated Judges and Part Heard Matters (Part 3)

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Preamble n the last two weeks, I have demonstrated strenuously, the unconstitutionality of an elevated Judge, continuing with part heard matters in his lower court before his elevation. Today, I shall continue to explore this explosive legal topic. The reactions it has generated amongst stakeholders, has convinced me of its topicality and its urgency of now. Justice and Confidence In JWAN v ECOBANK & ANOR (2018) LPELR-45631(CA), the Court of Appeal emphasised the issue of justice being rooted in confidence. Remove one, the other is dead. Hear it: "It is essential to understand that the aim of any administration of justice system, must be to bring about justice in the polity. Justice is the first virtue of social institutions, as truth is of systems of thought. Justice is rooted in the confidence that, the public repose in the administration of justice system and it behooves the Courts, therefore, to ensure that they do not do anything to erode the root of justice... The dispensation of justice is not left to the whims and caprices of any Judge, founded on shabby reasoning and perfunctory performance. It is not too much to expect the judiciary to set the pace in the quest for excellence, in the discharge of public duty. It should be a sort of modulator of varying forces of change in a socio-political environment towards positive and beneficial ends...” Can Parties Voluntarily Confer Jurisdiction on a Court? I have had the benefit of hearing the argument of some counsel or appellate Justices, still hearing such part heard matters across Nigeria after their elevation. It is to the effect that, Counsel who are participating in such proceedings actually wrote to the courts, and requested that such Justices, should continue with the hearing of such cases. That may very well be so. But, the argument is a non sequitur. It actually flies in the face, and assaults trite principles of law. For the avoidance of doubt, parties cannot by consent or agreement, confer jurisdiction on a court where such is not in existence. In ONNA TRADITIONAL RULERS COUNCIL & ORS v UMOREN & ORS (2018) LPELR 44301(CA), the Court of Appeal held: “It is trite that, where jurisdiction is absent, parties cannot by waiver or consent, confer jurisdiction on the Court”. Per OYEWOLE, J.CA. (P. 15, para E). See also Prof. Steve Torkuma Ugba & Ors v Gabriel Torwua Suswam & 4ors (No. 2) (2012) 6 SC (PT.II) 56. Jurisdiction is therefore, either granted by the Constitution itself, or by an enabling statute. It is not assumed or presumed. It is not gratuitously donated like a chieftaincy title, by any of the parties to a dispute. This is why in the case of JOSIAH AYODELE ADETAYO & 2ORS v KUNLE ADEMOLA & 2ORS (2010) 3-5 SC 89, the Supreme Court emphasised: "It must be borne in mind always and this is settled, that all the courts in this country, derive their powers and jurisdiction in particular, by either statute or Constitution which is the supreme, organic, fundamental law and the grund-norm of this country". Per Ogbuagu, JSC.(P. 27, paras. F-G). The importance of jurisdiction being the lifeline of all trials, is why it can be raised at any stage of a case, be it at the trial, on appeal to the Court of Appeal, or at the Supreme Court. The court, a fortiori, can suo motu raise it. It can even be raised viva voce (per Uwaifo, JSC, in NDIC v CBN (2002) LPELR 2000 (SC). See also Akere & Ors v The Governor of Oyo State (2012) LPELR, 7806 (SC); Anozie v Emerenini & Anor (2018) LPELR – 43888 (CA), Chukwuma v Nwonye (2009) LPELR 4997 (CA); Ononye v

1977, was illegal, null and void. The judgement was consequently set aside, and the case remitted back to the trial court for trial de novo.

President,Court of Appeal, Hon. Justice Zainab Bulkachuwa

Odita (2008) 10 NWLR (Pt. 1096) 487. Precedents on the Unconstitutionality of Elevated Judges Still Handling their Matters at the Lower Bench In the causa cerebre of OGBUANYINYA & 5 ORS. v OBI OKUDO & 3 ORS (1979) 9SC.32, a similar situation as thrown up by imperious ACJA reared its head before the Apex Court. The facts are that in 1977, Hon. Justice Nnaemeka-Agu, a Judge of the Anambra State High Court, was the trial judge in a land matter. On 13th June, 1977, the learned trial Judge listened to the addresses of Counsel on both sides and adjourned judgment to 17th June, 1977. Two days previous to the 17th June, 1977, Hon, Justice Nnaemeka-Agu was appointed a Justice of the then Federal Court of Appeal. The argument of the Appellant was that, as at 17th June, 1977, when the learned trial Judge delivered his judgement, he had ceased to be a Judge of the High court of Anambra State. In July, 1979, the Apex Court unanimously upheld the argument that, the judgement delivered by Hon. Justice Nnaemeka-Agu on 17th June,

“...WHETHER IGUH HAD JURISDICTION TO DELIVER JUDGEMENT IN THE CASE ON JULY 20, 1993, WHEN HE HAD ALREADY BEEN APPOINTED TO THE SUPREME COURT IN JUNE, 1993. THE COURT OF APPEAL UPHELD THE APPEAL, NULLIFIED THE JUDGEMENT, AND REMITTED THE CASE TO THE HIGH COURT FOR HEARING DE NOVO”

Held the Apex Court: “The case was in abeyance during the civil war period and resurfaced thereafter in the High Court of Anambra State in 1976 before Nnaemeka-Agu, J. (as he then was), with 1st and 2nd Defendant reported dead. Nnaemeka-Agu, J. (as he then was then was) delivered judgement, which was incompetent as he was then functus officio, having been appointed sometime in 1977 to the Federal Court of Appeal. See also ALHAJI AHMED GARBA BICHI & ORS v ALHAJI IBRAHIM SHEKARAU & ORS (2009) LPELR-3874 (CA).” The Supreme Court in the more recent case of Ourline LTD v SCC Nig. Ltd & Universal Insurance Ltd. (2009) 17 NWLR (Part 1170) 382 (SC) was on song, when it declared null and void, a judgement delivered by Justice Anthony Iguh, who as the then Chief Judge of Anambra State, had been handling a case at the Anambra State High Court. The case was adjourned for continuation of hearing. Before the adjourned date of 4th June, 1993, Iguh was elevated straight to the Supreme Court, by-passing the Court of Appeal, one of the very few (like Oputa, the oracular jurist of blessed memory), to have enjoyed that rare privilege of “double promotion”. The elevation was announced and celebrated with fanfare in Nigerian newspapers, electronic and print media. It was even captured, in the Nigerian Weekly Law Reports (NWLR). He was to be sworn in on a later date. When the case came up on 4th June, 1993, Counsel to some of the Respondents raised the question of whether or not, having been elevated to the Supreme Court, Iguh could still continue hearing the matter. He replied in the affirmative, explaining that his announced appointment to the Supreme Court, was to take effect on a future date. In other words, it had not yet been completed. Justice Iguh therefore, went ahead and concluded the case and also delivered judgement on 20th July, 1993. One of the main issues raised on appeal against the judgement, was jurisdictional: whether Iguh had jurisdiction to deliver judgement in the case on July 20, 1993, when he had already been appointed to the Supreme Court in June, 1993. The Court of Appeal upheld the appeal, nullified the judgement, and remitted the case to the High Court for hearing de novo. The main ground was that, having been elevated, Iguh lost the jurisdiction to conclude and deliver judgement in the case. This judgement, was later upheld by the Apex Court on further appeal, in an unanimous decision. Indeed, unlike the present case of Justices of the Court of Appeal who were elevated and sworn in on 22nd June, 2018, but still hearing matters in courts below, Justice Iguh had not, at the material time, even taken the Oath of office and Oath of allegiance at all. Yet, the Supreme Court reasoned, quite correctly, in my humble view, that it took judicial notice of the publication of Iguh’s appointment in the NWLR by virtue of the then Section 74(1)(j) of the Evidence Act (now Section 122(2)(j)). It held that, “names of members of the court” must include the “wider membership of the upper and lower courts at large”. The Apex Court held that, the repeated mention of his name and that of Justice Adio in parts 288 – 302 NWLR (covering 7th June to 13th September, 1993), was enough evidence of their elevation. To be concluded next week. THOUGHT FOR THE WEEK “Judges should be in the business of declaring what the law is using the traditional tools of interpretation, rather than pronouncing the law as they might wish it to be in light of their own political views.” (Neil Gorsuch).

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‘ASUU is relying on a Nonexistent Document’ Only men with courage and passion, can accept a role like chairing the Federal Government Negotiating Committee on the Academic Staff Union of Universities (ASUU) crisis. Dr Babalakin has had the unenviable task, of leading the team saddled with the task of finding a lasting panacea to incessant strikes, which have plagued the Nigerian tertiary education system for a while. As the ASUU-Federal Government negotiations hit a deadlock again last week, Onikepo Braithwaite and Jude Igbanoi met up with the Pro Chancellor of the University of Lagos, Lawyer, Business Mogul and Philanthropist Extraordinaire, Dr. Bolanle Olawale Babalakin, SAN, at his expansive offices in Victoria Island, Lagos, to find out how his Committee is handling the crisis which has bedeviled the nation’s Federal Universities.Hehas atrack record inuniversity administration, as he was formerly Pro Chancellor, University of Maiduguri from 2009 to 2013, and at the same time, Chairman of the Committee of Pro Chancellors of Federal Universities. He spoke extensively about the issues with ASUU, the falling standard of education in Nigeria, his company, Bicourtney and the cancelled Lagos-Ibadan Expressway contract, and why he believes Amcon and its processes, should be thoroughly examined

A

gain students of tertiary institutions and their parents, are hurting due to another painful closure of institutions across the country, occasioned by the Academic Staff Union of Universities in Nigeria (ASUU). This has become a recurrent decimal, in Nigeria’s education sector. What really is the problem? It seems that ASUU is firm in its resolve, not to end the strike. Your Committee is on record, to have tried its best to arrive at a truce with the Lecturers. What are the next steps that your Committee is considering, to resolve the crisis, and put a more lasting solution to incessant strikes? The problem of tertiary education in Nigeria, started a long time ago. We have to understand where we are coming from, before we can find a lasting solution that will sustain us, and get us to where we are going to. The Minister of Education, with the permission of the President, set up a Negotiating Committee with the Academic Staff Union of Universities (ASUU). The Minister, in setting up this Committee, stated very clearly that he wants to put an end to industrial disputes that have plagued the sector for a long time. He wanted an agreement that was fair, sustainable, and that could move the education sector forward. He realised that, the state of public education in Nigeria, is very worrying. To achieve this objective, he set up a Committee of very exceptional and experienced academics and administrators. The members are Prof Nimi Briggs, a medical scholar at the University of Lagos, who was Vice Chancellor University of Port Harcourt and now Pro Chancellor in Lokoja. Prof Femi Bamiro, an outstanding scholar of technology, who was Vice Chancellor, University of Ibadan, now Pro Chancellor, Tai

Solarin University. Prof Muzail Jubril, an outstanding linguistic scholar and former Executive Secretary, Nigerian Universities Commission and now Pro Chancellor in Federal University, Lafia. Architect Lawrence Ngbale, a very seasoned administrator and a very successful Architect, and also a man with considerable knowledge of politics. I was appointed to chair the Committee. ASUU submitted its request to us, highlighting some areas. The areas submitted include, improved funding, university autonomy and other general welfare and ancillary issues. We decided to be very organised, in our approach to the problem. We wanted to know, the cost of training the average student in Nigeria. ASUU came to the conclusion that, it would cost $3,365 per annum to train and average student, for an average course in the university. The position has been accepted by the Nigerian Universities Commission (NUC). So we said ‘if this is your position about funding, how much will the Federal Government need to fund university education?’ when we multiplied this figure of $3.365 per student by the number of students in Nigerian Universities, it came to about Two Trillion Naira per annum. Now, we said to ASUU ‘we as a Committee, believe that education must be appropriately funded. We strongly believe that, no Nigerian should be made to go through an educational system that is not of the highest standard. No Nigerian should be placed in a position where he is hampered in the pursuit of a good university education, because of the circumstances of his persona. We then wanted to know, where this money was going to come from. We studied the budget, and realised that, in the preceding year, total government capital expenditure was N1.5trn. This is all the Federal Government was able to spend, by way of capital expenditure on security, health, infrastructure and every other thing. This figure was celebrated by the Minister of Finance, Mrs. Kemi Adeosun. This is because, previous governments had not been able to spend up to N1.5trn on

Dr. Olawale Babalakin, SAN PHOTOS: Kolawole Alli

capital expenditure in Nigeria. So, we then said to ASUU ‘if all the government has is N1.5trn for capital expenditure, and you want N2trn for university education alone, where will this money come from?’ We agree that, education must be properly funded. We agree that, Nigeria must have one of the best educational systems. We also agree that, nobody should be deprived of a good education, because of the circumstances of his life. Where will N2trn come from?’ ASUU said that Government was underfunding education, Government was not obeying the prescription of UNESCO,

“... ONE OF THE SUGGESTIONS WE MADE WAS THAT, ‘LOOK AS A POLICY, THE NATIONAL COUNCIL OF EDUCATION HAS ADVISED STATES AND THE FEDERAL GOVERNMENT IS ALSO KEEN ON SETTING UP EDUCATION BANKS”

which had prescribed 26% for funding education in developing countries. We, as a Committee, do not have any objection to whatever amount of money is required for education, but that we will only be guided by accurate information from verifiable data. So, because of the discussion, we said to ASUU ‘please produce this UNESCO document recommending 26%’, as the minimum investment in education for developing countries. ASUU could not produce the document. It turned out that, there is no such document. Hitherto, this inaccurate premise had become folklore in Nigeria. It has been used to blackmail, intimidate and harass a lot of people! As we speak today, ASUU has not been able to produce that document. Our position is that, we don’t want to be tied to percentages. We want a need-based budget. If the needs of the universities exceeds the amount proposed by ASUU, then let us look for it. Don’t be fixated on percentages. ASUU took the position that, our position was wrong. It took no time, for us to be vindicated. Last year, Nigeria’s total budget was about N9trn, of which over N2trn was debt servicing. This year, it has been reduced to about N8.5trn. now. If you had premised your funding of education to a percentage of that figure, the resources available to you this year, would

have declined vis a vis the one of last year. You can’t run an educational system with money that is not defined, that is not assured, that is not ring fenced against the vagaries of the Nigerian economy. This is a developing economy, that no one can predict the volume of our revenue in any year. We have had good years, when oil sold for $120 per barrel. At some stage, it came down to $25 or $30 per barrel. If you were tied to a percentage of the budget that is based on these fluctuating variables, education would have been improperly, and unfortunately, poorly funded. That was our major point of disagreement, with ASUU. The next major point of disagreement, was that we had decided at the Committee to persuade the Government to increase funding of universities. We were also persuaded at the Committee, that whatever additional funds would be made available to the universities, must be monitored, to ensure to assess its effect on the educational system. What do we mean by this? We mean there must be Key Performance Indicators. If we come to the conclusion that a particular university requires X amount, and that amount is made available to the university, we want to see that that university achieves the objective set out for it, at the time of

“WE ARE SAYING, EVERY CHILD, IRRESPECTIVE OF HIS BIRTH OR HIS FINANCIAL STATUS, SHOULD HAVE A GOOD EDUCATION. IF THE CHOICE IS BETWEEN GOOD QUALITY EDUCATION AND FREE EDUCATION, WE WILL CHOOSE THE FORMER” making the money available to it. I was listening to Prof Akinkugbe, an outstanding Professor of Medicine. He said that at some point in time, the University College Hospital, Ibadan was the fourth or fifth hospital, in the rating of hospitals in the whole of the Commonwealth. Commonwealth includes the United Kingdom, Malaysia, Pakistan, Australia, South Africa, India, New Zealand, etc. UCH was rated fourth or fifth. What level of funding and for how many years do you require the said level of funding, to enable UCH to catch up with its former status, as a College of University of London? If we make this money available to UCH, when will the Council and Management of the University deliver on this mandate? How many years will it take you to get back to this stage? This has to be agreed upon, at the

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‘ASUU IS RELYING ON A NONEXISTENT DOCUMENT’ CONTINUED FROM PAGE 9 time of making the money available to the various universities. I am Pro Chancellor, University of Lagos. We have about 50,000 students at the University. Based on ASUU’s calculation which has been approved by the NUC, you require about N50b to run Unilag per annum properly. The University gets about N10b to pay salaries. All salaries are paid by the Federal Government. We receive on the average, less than N1b from Tetfund annually, and may be another N500m per annum for other donors. Our total receipt from governmental sources is less that N12b per annum. So, if today, Government tells the Management of the University of Lagos, ‘we are going make N38b available to you for a couple of years. However, the condition for giving this money to your institution, is that your institution must become one of the top 100 universities in the world’. For us, as a Committee this is how to invest Government money. It must be, directly related to performance. ASUU says ‘No’. The Union, categorically, rejects the idea of measuring the effect of money made available to the universities. They assert, there must be no Key Performance Indicators. They accuse the Committee, of trying to introduce World Bank features into education in Nigeria. They accuse us of, promoting a neo-liberal capitalist position. That the universities do not need anybody from outside, to assess or measure them. We then said ‘look, if you feel this way, how are you going to incentivise the provider of the money?’ The provider of the money wants to create an educational system, which will prevent children from seeking to go abroad for a first degree! That was the position in the 60s and in the 70s. In those days, most Nigerians had their first degrees in Nigeria, and they had good education within the country. ASUU’s position is that, ‘education is a public good. Government has a duty to provide education, and Government must pay for it exclusively’. It asserts that, we must not introduce any private sector ideas into the running of universities, and that the funding of universities must all come from the government treasury. We are not opposed to Government funding the whole of the needs for the education sector, however, based on the parameters before us, we do not see how the Government can afford to fund it alone, We are open to credible suggestions of sources of enduring funding of the education system. We cannot delay the lives of the young ones, until the economy becomes robust enough to fund education in a sustained manner. So, one of the suggestions we considered, was that to ‘look as a policy of the National Council of Education, which has advised States and the Federal Government on the desirability of setting up education banks. These banks will be available to give loans to students who want to go to university, and cannot afford it. These loans will be paid from the earnings of the student when he/she graduates and starts working. Like its done abroad? Like its done abroad! ASUU says ‘No!’. That by introducing this, Babalakin is introducing capitalist system, into the Nigerian education sector. That he dislikes the poor, and doesn’t want them to have tertiary education. These are very uncharitable statements. It is worse, because a contrary position, is what we are seeking to achieve. We are saying, every child, irrespective of his birth or his financial status, should have a good education. If the choice is between good quality education and free education, We will choose the former. We pointed out to ASUU ‘how do you feel about the fact that the Nigerian students in Ghana, are equal to two universities? The Nigerian students in England are uncountable. Those in the United States, Canada, Malaysia, everywhere are numerous’. Loads of these students are there because of unstable academic calendars, poor university system, and very low rating of the Nigerian Universities. We said to ASUU, almost everybody on the negotiating table, had their first degrees in Nigeria. I had my first degree at the University of Lagos. In 1978, the University of Lagos, was a beautiful university. I mentioned to them that our first tutorial class there, Constitutional Law, we were ten in the class. Our teacher, Dr Jadesola Akande, later Prof Jadesola Akande, came in and she counted us. She said ‘One, two, three, ten? This class is too large! I can’t teach ten for a tutorial!’ she said ‘go and let the Dean know that I have complained about

the size of this class’. We ran to the Dean and complained that our tutorial master had refused to teach us, because f the size of our class. We were shocked when the Dean said ‘yes, she is right. The class is a bit large. I have some lecturers who are returning from sabbatical. Once they return, I will have more tutorial masters and I will reduce the class’. When I recount this experience to the present Unilag undergraduates, they think I am talking about fantasyland! They think I am talking about something that will happen, when we get to heaven. This is something I benefited from. It can be achieved again. Like how many students are in a tutorial class now? They don’t believe that they have tutorials strictly so called anymore. They have between 100 and 200 in a tutorial class, in most universities in Nigeria today. Tutorials as I understand it, is an interaction between the teacher and the students. Once you are more than a few students, that interaction cannot take place. I mentioned that, we, in Nigeria, are not enhancing our education. Those who are far ahead of us in development, are still reinforcing their education system. I went abroad, after my first degree. Till I left my University abroad in 1986, tutorials in my College, Corpus Christi College, Cambridge, there was one teacher, one student for one hour every week for tutorials. So, in effect, the advanced countries who are already advanced, are intensifying education. We have no funds to create this! But, what I am sad about is that, we are offering to provide these funds in an ingenious manner, and the unions are saying to us ‘we don’t want the funds’. What is your alternative? That is the question we posed. Their only position, is that Government must fund education, it is Government’s responsibility, and Government must look for the money. That is it’. Which is how much? $3,365 per student per annum for each university. How many universities are there in Nigeria? There are 40 Federal universities. Based on population, the University of Lagos would require N50b. Ahmadu Bello University, Zaria will require more. Not only has the educational system in the country, generally declined in the rating of Universities globally, Nigeria has gone from worse to abysmal, as it further went down in the last global ratings. No Nigerian University, is in the top 800 in the world. What does this say about a

“I BELIEVE THAT, ASUU IS NOT BEING FAIR TO THE STUDENTS. THIS STRIKE, HAS NO BASIS!”

country who once prided itself with having some of the best tertiary institutions? How can this ugly trend be reversed? Even our secondary institutions, you have people who have completed their secondary education, and can barely read, reading being something which should have been mastered earlier on in primary school. Is it a problem of lack of adequate funding seeing as, in Nigeria, our 7% or so allocation, is nowhere near the ‘supposed’ UNESCO recommended 26% budget allocation for education for developing countries, or is it a lack of manpower? It’s a combination of so many factors. You know, the good fortune we have in Nigeria is that, we can always make a reference to when it was great. I think the problem of education Nigeria at secondary school level started around 1979, when the Government of the South West States, decided that there will be free education for all schools in the South West. The policy was a very laudable. But, it a policy they didn’t plan for, or did not have the financial capacity to implement. . These governments didn’t have the resources, to do it. So, what happened? Let me use Western Nigeria as a good example. Every town in Western Nigeria had a good school, whether funded by Government, funded by the communities, funded by the churches, funded by the mosques, funded by individuals. Every town had a very good school. I can give you a few examples. In Ibadan, Government College, Ibadan was amongst the best. We had Loyola College Ibadan, we had International School, we had Ibadan Grammar School. We had Saint Anne’s, We had Saint Theresa’s, We had Saint Louis. You left Ibadan, as near as Oyo, you had Olivet Baptist, Oyo. Odududwa College,Ile Ife. In Ekiti, Christ School, Ondo, Ondo Boy’s High School. I repeat, every town in the South West, had a good school. But, they were funded in a manner that was sustainable. When Government came with this policy, what did they do? Government College, Ibadan that had capacity for only about 100 students in a year, was forced within two years to be admitting 1,000 students. At a stage they were 2,000 in a class, with no enhancement of the facilities that were designed for 100 students. So, from a school where more than 50% of the students graduated in Grade Ones, to a school that has collapsed intellectually, structurally and socially. All these happened before our eyes, and within the last few years. It was a similar case in Lagos. St Gregory’s, Igbobi, College, Methodist Girl’s High School and so many others schools, were known to be very good schools. The same policy was implemented, and those schools collapsed. The students who attended those schools after they had ben degraded substantially, are now in the commanding heights of the nation’s politics and economy. So, we now have a deep problem of how to reposition the educational sector. My fear as I told the Old Boys of Government College in Abuja recently, is that in a short while form now, those who know what a good secondary school is like, would have completed their working lives. There will be nobody to even say to those in authority that, ‘this is what a

good school looked like’. The first five or six universities, were a beauty to behold. They were so well thought out. They had great promise. Even if you came from the remotest part of the country, by the time you were leaving in about three or four years, you would have learnt very important social rules. You knew it was wrong to cross a lawn. You knew how to use bathrooms. You knew it was important, to keep the environment clean. You knew how to deal with people, in large communities. This you learnt, apart from the core course you came to pursue. What is the situation today? I was listening to a convocation lecture at University of Ife delivered by Prof Dapo Afolabi, former Head of Service of the Federation . He made a point. He said ‘the sad thing about the university education in Nigeria now, is that you don’t go there to learn social values. Some people go there to unlearn. Because, if you come from a decent environment, and you suddenly find yourself in a room with 20 students sharing one toilet that has no water and other facilities, you are actually coming to unlearn how to do things. You knew how to do things, before you left your house. But, you are actually going to end up unlearning what you had learnt in your home. We must all agree that, we want to restructure the educational system. And we have to start, even from the primary schools. I think it was Prof Bayo Williams delivering a lecture at the annual lecture of one of the sets of old boys of Government College, Ibadan, who stated as follows “ ... the decline of Government College, Ibadan as a provider of ancillary services, can be traced to 1979 when the government in a misguided zeal to democratise education, simply parcelled out the old college and divided its premises to accommodate tertiary institutions. This was the radical ideology of social levelling in a reverse gear, a political absurdity which recalls the Taliban desecration of Holy sites and destruction of national heritage worthy of the attention of UNESCO”. It is very difficult, to disagree with this observation. As the Pro-Chancellor of the University of Lagos, is there any conflict with your role as the Chairman of the 2009 Agreement Renegotiation Committee with ASUU? Why has ASUU called for the suspension of your Committee, claiming that you are a stumbling block to the negotiations, partly because you have been accused of trying to impose your will on them, instead of negotiating? What does ASUU want and what are you offering? As Pro Chancellor, University of Lagos and Chairman of the Negotiation Committee, there is no conflict. Actually, its always a Pro Chancellor, who leads a Negotiation Committee. As a matter of fact, the 2009 agreement was led by my great mentor, late Mr. Gamaliel Onosode. He was Pro chancellor University of Lagos. I am leading this, and I came with a track record in university administration. I was as Pro Chancellor, University of Maiduguri, from 2009 to 2013, and at the same time, I was Chairman of Committee of Pro Chancellors of Federal Universities. I believe that, ASUU is not being fair to the students. This strike, has no basis! I don’t believe ASUU will ever have in the foreseeable future, a more accommodating Minister of Education like Mallam Adamu Adamu. He has a passion for the country, he has a passion for education, and he has a very good disposition towards ASUU. The Executive Secretary of NUC, Prof Rasheed, also has a similar disposition towards education. With the disposition of the Minister and his team has had towards ASUU, I believe ASUU has not been fair to this Government. I think the only offence, we, at the Committee, have committed is that we have insisted on accurate information and verifiable data. ASUU has singled me out for attacks, for no reason. But, the Committee as a whole, signed a document where they confirmed that everything I have done, represents the collective views of all of us. We posed some critical questions to ASUU at the beginning, which I will like to restate here:Do we want a university system, that can compete with other university systems in the world? Or do we want a peculiar Nigerian university system? Do we want to create an environment where scholarship can thrive, or are we trying to create certificate issuing intuitions? Do we believe that at least five Nigerian universities should be among the top 100 in

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‘ASUU IS RELYING ON A NONEXISTENT DOCUMENT’ CONTINUED FROM PAGE 10 the world, or are we content with being listed as among 800? Do we want academic staff who earn enough money to pursue solely academics with an assured career and a peaceful retirement, or the present system, where only the basic things of life is considered a major achievement for the average academic? Do we want to recreate an environment where an outstanding student, will consider an academic career as an attractive option when he graduates, or do we want an academic environment for those who apply and are considered, because they were not absorbed in the career of first choice? If the answers to my few sets of posers are positive, then we have to reinvigorate the system. That is what, we are seeking to do. We are seeking to reinvigorate the system completely, and we are hoping that all stakeholders will cooperate with us, in achieving it. There is something wrong with us, in accepting that a country with so many academics has produced only one Nobel Laureate. There is something wrong! The way Nigerian scholars used to dominate the sphere when I was growing up, is not what you have now. When I was growing up in Ibadan and I wasn’t doing anything related to medicine, I knew about a man called Prof Osuntokun in psychiatry. We knew about Prof Onabamiro who discovered two organisms that were named after him, and are still in the science books today. We knew about, so many Nigerian scholars. We knew about Dr Teslim Elias, who before coming to be Attorney-General of Nigeria in 1960, had been Governor of School of African and Oriental Studies (a College of the University of London) in 1957. So, we knew all these people. Do we recreate the environment that produced all these people? That is the challenge, of all of us. Are you saying that these ASUU are not being owed salaries or anything? There are no salaries being owed to any Federal university If any salaries are being owed in any Federal institution, that institution mismanaged its resources. This is because, salaries are paid directly by the Federal Government to the universities, every month unfailingly. Briefly, what is your reaction to the no work, no pay policy that has attracted nationwide debate? Some have argued that, if ASUU doesn’t go back to the classrooms,

they shouldn’t be paid. But Femi Falana, SAN, has further argued that, the principle doesn’t apply to ASUU. The Nigerian Labour Act, is clear. That is if you have an industrial dispute, after a while your employer shouldn’t pay you. But, the Nigerian Government, especially the government of President Buhari, takes a very different position. I don’t think that such a process is likely be implemented easily, under President Buhari. The President and the Minister of Education, don’t want ASUU members to suffer. They just want them to be reasonable, and come to the table and negotiate. As a policy, it is within the prerogative of the Federal Government, that if you don’t work, you won’t be paid. But, I don’t know if the Government, is keen on exercising that prerogative now. Since Bicourtney exited the Lagos-Ibadan Express Way construction, the project has suffered so many setbacks, and is still far from completion, even as prices continue to rise in the face declining exchange rate of the Naira. Why did you end the contract, and what can be done to complete the project, in the interest of the thousands of commuters, who ply the road daily? The Lagos-Ibadan project is a national embarrassment! I hope one day, Government will examine the true causes of the delay of that project, and apportion blame appropriately. The

“WE WERE DRIVEN OFF A ROAD SIX YEARS AGO FOR NON-PERFORMANCE! THE MINISTRY OF WORKS, WITH ALL ITS RESOURCES, IS GOING INTO THE SEVENTH YEAR, AND THE ROAD IS STILL NO WHERE NEARING COMPLETION! THE ROAD IS BEING BUILT, WITH OPEN DRAINS!....WHEN IT RAINS, CARS ARE JUST GOING TO FALLING INTO THE GUTTERS”

termination of the project in November 2012 was a monumental disaster for the country, for the commuters, and for our own business. This is because, there was no basis for the termination. In recent times, both the head of the Sovereign Wealth Fund and the Head of the Concession Regulatory Commission stated before the National Assembly, that the termination of the Bicourtney construction project, was an absolutely wrong move. Let me refresh your memory, about the project. We won a design-build-operate and transfer project. Contrary to what a lot of people have said, the project was signed in 2009. Between 2009 and 2011 we had four months to design the project. We gave each design to the Ministry of Works, on the appropriate dates. The cumulative delay in approving the design by the Ministry of Works, was in excess of 20 months, out of the 23 months we spent on the project. The Ministry of Works delayed the project for 20 months, out of 23 months. The Ministry or Works did not have the capacity, and I am not sure that as of today it has acquired the capacity, to assess or understand a public-private partnership (PPP). The Ministry was made to preside, over what it did not understand. After a lot of hiccups from the Ministry, we were now able to put our team together. We had our investors, our financiers, a large consortium. We then had a meeting with President Jonathan, who on listening to our presentation, on listening to what we had to offer, was pleased and said ‘oh please go on with this project’. Less than 14 days after the assurance and the go ahead from the President of Nigeria, the project was terminated. I had the bad job of communicating the termination, to my partners. I remember one of them saying to me on the phone ‘Wale, I saw your President, and he gave us an assurance on this project. Now, the project is terminated. This is anarchy!’ That word has stuck with me, till today. We spent 23 months on the project. We fully designed the project with seven overhead bridges. We designed a project, that accommodated all the new developments of the road. We were going to create trailer parks, shopping centres, all on the road. Government terminated the contract, and decided to resurface a 1977 road instead, with no plan to accommodate all the developments on the road since it was first completed in

1977. It is replaced our well thought out idea, with a road with only one overhead bridge. Out total cost was N112b, with seven overhead bridges. I am aware that, Government has now exceeded N300b and still at less than 40% completion. What is being constructed today, cannot be compared to what we planned. The current project, is a poor reflection of the quality of education that a lot of Nigerians have benefitted from. I don’t know how much the project will cost, at the end of the day. But, I am concerned about, as to what message did they send to all those seeking to invest in Nigeria? Why is it that, today, the Ministry of Works is building a road that is so archaic? We, as a Company, feel very vindicated. We were driven off a road six years ago for non-performance! The Ministry of Works with all its resources, is going into the seventh year, and the road is still no where nearing completion! The road is being built, with open drains! How can you have an open drains, on an express way? When it rains, cars are just going to falling into the gutters. So, really, I have decided not to be hurt about Lagos-Ibadan. I believe some day, the story will be told and it will be shown that we planned the best for Nigeria, and the project was scuttled by some shortsighted and ill informed members of Government in 2012. It will be clear that, we created something that would have been a masterpiece. We created something, that would have dwarfed MMA2. A project that would have given hope to young Nigerians, about infrastructure development. Some people, somewhere messed up. Learned silk, what about the issue of the Federal Secretariat in Ikoyi? Federal Secretariat, is a monumental embarrassment! It was a project we conceived, designed and we presold. We had presold half of the units. One day, some people claiming to be agents of Lagos State invaded the place, and stopped us from continuing the work. We appealed, we begged, we went round, and there was nothing we did not do. They refused. Fortunately for us, we had anticipated it. We knew that in serious projects like this, you must try and contemplate or anticipate everything that could go wrong. So, during the negotiations we insisted on a covenant, that the Federal Government should obtain a no Objection Approval from Lagos State if it was necessary. At the time of signing the project in 2005, nobody anticipated the Lagos State could play the role it now played in the future. But, the Chairman of our Company is a Lawyer! So, he is always able to look at issues at a distance. So, when Lagos State unlawfully scuttled the project, we went to arbitration, as provided for in the Agreement. The arbitration panel has confirmed that the title of the project, is ours, and has awarded us damages that are now in excess of N100b. But, the project site is an embarrassment and an eyesore. Who has gained? Lagos community has lost, because 480 flats would have been there. Lagos has lost, because taxes would have been paid, and so many other incidentals would have been paid. Nigeria’s reputation for infrastructural development, has been further messed up. As we speak, who is doing any major development in Lagos? The consequences of truncating private sector development, is that nobody takes the Government seriously. I hope a lesson would have been learnt. I hope subsequent governments, will realise this. You are expected to support the private sector, and not destroy it. Now, what is going to happen? What is the position? Well, we have our title. We are thinking of reverting back to a non- residential development, so that we don’t need Lagos State approval. This is because, we don’t have the impression that Lagos is going to give the approval. But why? Well, you can go and ask the officials of Lagos State Government, and their godfathers. But, we do not have any empirical reason why the project was stopped in 2007. Our financial loss, in in excess of N100b. Our business reputation loss, is unquantifiable. The dent on the image of the Government of Lagos State, is unimaginable. However, we are grateful to the legal system that gave us the award. Because, if the award is paid, we’ll have some form of compensation. But, that is the situation of the Federal Secretariat Project. While AMCON continues to hound your companies for what they alleged to be your indebtedness, you recently insisted that, in fact, the Nigerian Government owes your

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‘ASUU IS RELYING ON A NONEXISTENT DOCUMENT’ CONTINUED FROM PAGE 11 companies N183 billion. Kindly, clear the air on these conflicting claims. I find AMCON’s position, very ironical. AMCON is a product of law, yet it seeks to violate laws, at every opportunity. It relies on the law, to enforce its actions. Yet it seeks disobey the law, at every opportunity. AMCON is an institution which I hope very soon, will be examined to see whether it even attempted to fulfil its mandate. The objective may have been good when it was set up, but in implementation has been completely irresponsible! We say that we have three transactions, with AMCON. The first one, AMCON claimed we were owing N20b, and sued us to court. The court found out that first, the total exposure on that transaction was N4b. We had paid back N1.3b, and the loan was performing. The money AMCON claimed we were owing was equity. So, a bank sold equity to AMCON, as a loan! In any other part of the world, that bank and the bank that bought, would have been in serious trouble. And the court so declared, and gave us all the reliefs. The court went further, and even awarded to us, N3b in damages, which we believe was fair, but we think are entitled to more! If they ever appeal, we intend to cross-appeal on the quantum of damages. Now, the second one. Long before AMCON came, we went to court and said ‘on this project the Federal Government breached our agreement, and we incurred damages. Please, give us the damages. The court gave us damages of N132b. It has risen to over N200b now. So, when AMCON came running to us, we went to court and said ‘a Federal Government agency owes us N132b. They claim we owe N20b and we have not even tested the N20b, but set it off against our credit, and let us have our balance. The court so approved. Yet AMCON still published our name, that we are owing money. This shows clearly that, an institution that depends on law to enforce its transactions, is a lawless institution. Completely lawless! As we have repeated several times, we are not debtors to AMCON. Honestly, if commerce is going to improve in Nigeria, the activities of AMCON must be thoroughly investigated by a very independent panel. The hotel construction project adjoining the MM2 Terminal seems to have been permanently abandoned. Do you have any plans to complete it? We actually planned to complete it. Again, that was a beautiful project, and the Minister of Aviation woke up one day and withdrew our lease. She terminated our lease. While the structure was already up. So, we had to go to court, and so far, we have some interim orders. Once we complete the legal issues, we will be on site and complete the hotel. But, in the process, what has happened? We signed a Project Development Agreement with HG, that is Intercontinental Hotel. Group. We signed a Management Agreement with the Company, 10 odd years ago. The two institutions have got back to us to say ‘we have to renegotiate’. We paid substantial monies, to have these signatures. I hope that will be resolved soon, and we’ll return to site. It seems that the idea to appoint some Senior Advocates to the Bench, which came up last year or so, has been jettisoned. What is your opinion about this matter? Do you think the idea should be revisited, especially as it is said that the wheels of justice in Nigeria turn too slowly. What would be the advantages, if any, to making such appointments? I had given my opinion at the Kehinde Sofola SAN’s 10th anniversary lecture. It should not be, a matter of course. Lawyers who want to appointed to the higher bench, must be

demonstrably exceptional Lawyers. It mustn’t be that, just because you managed to be a Senior Advocate you are now entitled to be at the Court of Appeal. A Senior Advocate at its best, is a Queen’s Counsel. High Court Judges are chosen from the most exceptional Queen’s Counsel, but in Nigeria, the order seems to have been altered. Outstanding QCs should be High Court Judges. But, that does not foreclose highly, highly exceptional people, from advancing to the higher benches. The two appointments I know have been made, were very exceptional scholars. The first was Dr Teslim Olawale Elias. His credentials were such that, nobody felt that his appointment was misplaced. Dr Augustine Nnamani, was in a similar position. In England, the only person in recent times who has achieved this feat is Jonathan Sumption, who was appointed from the Bar to the Supreme Court Bench. He has been described as, the most outstanding intellect in the field of law in the last century. One commentator actually said that “ whatever is not known by Jonathan in the law, is not worth knowing”. So, if we are talking about Lawyers of such distinction and such exceptional capacity, I am open to that. What we should be concentrating on, is how make the Bench attractive again to the most exceptional Lawyers. When I was growing up in Ibadan, the greatest honour a Lawyer could aspire to, was to become a High Court Judge. The best Lawyers in Ibadan, went to the Bench. The richest Lawyers, went to the Bench. Probably the most successful Lawyer when I was growing up in Ibadan, was a man called Olufemi Ayoola. He left his outstanding practice, to go to the Bench in 1976. His younger brother, Yinka, also left everything and went to the Bench. He was a very successful Lawyer. The Bench of the Western Region then, was very attractive. My father was a very successful Lawyer in Ibadan, and was happy to go the Bench.You couldn’t achieve anything greater as a Lawyer, than to go to the Bench. There

“A PROPERLY RUN ELECTION, WILL HAVE LESS PETITIONS. SO, LETS FIRST OF ALL LEARN HOW TO RUN PROPER ELECTIONS. I WAS RESEARCHING ON ELECTION PETITIONS IN 2003, AND I WAS LOOKING AT THE ENGLISH CASES, AND I STRUGGLED TO FIND TWO CASES....WHY SHOULD ELECTION PETITIONS, BECOME A PECULIAR NIGERIAN JURISPRUDENCE?“

was nothing comparable to being a High Court Judge, in those days The Judges kept themselves, with so much decorum. They were the leaders of society in terms of discipline, in terms of integrity, in terms of knowledge. So, the issue now, is how do we make the Bench very attractive? From the lower Bench of the Magistracy to the High Court, is the task we Lawyers have. Most of the cases that now come to the High Court, were being handled in the Magistrate Courts. Do you think retired Judges should be appointed to preside in Election Petition Tribunals, so as not to further slow down our already overburdened court system? My answer is more fundamental. A properly run election, will have less petitions. So, lets first of all learn how to run proper elections. I was researching on election petitions in 2003, and I was looking at the English cases, and I struggled to find two cases. They have had democracy for hundred of years. Why must our election, always end up in court? Why should election petitions, become a peculiar Nigerian jurisprudence? My aspiration is, let us have a proper electoral system, so that we’ll have less election petitions. Now, we have even the issue of the Electoral (Amendment) Bill 2018 which the President has refused to assent to. People are saying that the National Assembly should go ahead and override him. There have been so many arguments for and against. What do you think? Well, my answer is the same as I gave in your last question. Both sides of the divide, are anxious because of our poor electoral system. We must have a proper electoral system. I am told there is an Uwais Report, there is an Nnamani Report. The two reports are there. Actually, there is also a Babalakin Report, set up after the 1979 elections. They should put all these together, and articulate a system that ensures that when I lose elections, I know that I have lost because of the votes of the people. When I win, I know I have won because of the votes of the people. Your name easily resonates when it comes to philanthropy. What informs your giving? You are credited with several scholarship schemes for many Nigerian youths, who have had the privilege to be trained in Nigeria and abroad. You donated an 80-bed hostel to the University of Ilorin in your father, the Honourable Justice Bolarinwa Oyegoke Babalakin JSC (rtd)’s name. You are on record to have sponsored treatment for over 20,000 Nigerians with eye diseases in Zaria and Owo. You also donated a 500-seater auditorium to the Moshood Abiola Polytechnic, Abeokuta, in memory of your late mother, and recently opened a 4,000-seater Bola Babalakin Auditorium

in Gbongan, your hometown in Osun State. What motivates your philanthropy? I think you are being very kind to me. I believe that to the extent of our means, we should seek to give back to the society. We should start giving back as early as possible. I grew up in a household, where my parents had a very generous disposition. I actually discovered that without their planning for it, the generosity benefited us later in life. I remember when I was growing up in our house, a young man was brought in to come and serve in the house, and my father found the young man too young. He then wanted to know, why he was not in school. He told my father that his father’s products had failed, and that he was actually in Government College, Ibadan. My father was taken aback and drove him to the Government College, Ibadan and registered him there. The young man was so exceptional, that when he finished from the Government College, Ibadan, my father sent him to the University of Lagos where he read Medicine and graduated top of his class. He is the Chief Medical Officer, of one of the biggest companies in Nigeria today! This young man, would have been farming today. Do you know the pleasure it gave my Dad, to discover that this young man had been transformed by his spending the money on the boy. What benefit did my father get from this act of generosity? This young man, turned out to be an inspiration to all his children. Because our father used to compare our results to his, and we were always determined to beat him, we started to take our education seriously. He was just too far ahead! Gradually it improved our attitude to education, to the extent that that a brother and sister of mine read medicine, because of the influence of this young man. I started studying very seriously, because of the influence of this young man. That is on the narrow aspect. But, on the wider aspect, there are too many people in this country who have no opportunities. My daughter met a young man in school, Loyola Jesuit, College, Abuja, and persuaded me to take on the sponsorship of this student, and I did. The boy graduated and went to the American University in Yola, I paid. The boy took the SAT Exam from there. He did so well, that he was given a full scholarship to Harvard University. So, last year I went to Harvard University for my daughter’s matriculation. Suddenly, my daughter introduced a young man to me. I had never met him before, and I asked who he was. She whispered to me ‘this is the person whose school fees you paid’. I said to him, ‘how are you? How is everything?’ We went for lunch at a restaurant. After the lunch, I requested for the bill. The waiter told me, the young man had paid. I was so moved, that tears dropped from my eyes. This is a boy, that may have ended up not going to school. He is from the North East. He could have ended up as a tout. But, now, he ended up at Harvard, and got a job whose remuneration enabled him to pay for dinner for 12 of us in a good restaurant. The feeling is unimaginable. I believe the society, should take care of everybody. Where the society is unable, those who have extra income must do it. My father has a favourite quote. I wish I knew it off-head, something like ‘beauty fades, wealth vanishes, everything goes. At the end of the day, what remains is character. What are the contributions you made to other people?’ When I went to Owo, for an eye program. On the final day, I went with my Dad, who is a very strong man emotionally. Some lady grabbed the two of us by our buba, and she was speaking in the Owo dialect, which I could not follow. Later, one of the doctors told us that, her son was already in the school for the blind. He had a successful surgery which we paid for through the Foundation set up, in memory of my mother. The surgery recovered the eyes. That was her own manner, of expressing gratitude to us. She grabbed us and started crying and praying! One would have thought, we were about to be kidnapped. On the eye program, I hope we’ll pick another location again, and do another round of it. This is something elementary, that every serious Local Government should be doing. So, that you can all say with pride that, ‘nobody in my Local Government has elementary problems with their eyes, that have not been resolved. So, we pray that God will give us the resources, the energy and the vision. We need to do a lot more. It is painful, to be told that your country is the poverty capital of the world! There is so much poverty around

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Last Wednesday, December 12, 2018, The Chris Ogunbanjo Foundation and Chris Ogunbanjo LP, in collaboration with the Lagos Chamber of CommerceandIndustry,heldabookpresentation of “A Life of Law and Business: Essays in Honour of Chief Dr. Christopher Oladipo Ogunbanjo OFR, CON", to commemorate his 95th Birthday, at the Metropolitan Club, Victoria Island, Lagos. Here are some of the eminent personalities, who were in attendance....

L-R: Chris Chief Ogunbanjo, Alhaji Aliko Dangote, GCON, Mr Abimbola Ogunbanjo and Governor Ibikunle Amosun

L-R: Chief Chris Ogunbanjo, first African Chartered Accountant, Mr. Akintola Williams and Ogun State Governor, Ibikunle Amosun

Mrs Toki Mabogunje representing the Lagos Chamber of Commerce & Industry

Prof Abiola Sanni reviewing the Book, Law & Business

L-R: Mr Bode Emanuel, Chief Obafemi Olopade and Mr Jim Ovia

L-R: Mr Akintola Williams, Erelu Ojuolape Ojora and Otunba Adekunle Ojora

L-R: Ambassador Tayo Ogunsulire, Prof Theo Ogunbiyi and Otunba Subomi Balogun

L-R: Mr Asue Ighodalo, Mr Oscar Onyema, CEO, Nigerian Stock Exchange, Mr Jim Ovia and Mr Atedo Peterside

Editor, THISDAY Lawyer, Mrs. Onikepo Braithwaite and Mr. Abimbola Ogunbanjo

Mrs. Sally Udoma (left) and Mrs. Mosun Emeruwa, daughter of the celebrant

Ms. Edna Akande and a guest

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Alumni of Chris Ogunbanjo & Co, L-R: Mr Akinwunmi Salau, Mrs. Kemi Ogutuga-Awodein, Ms Edna Akande, Mr. George Etomi, Mrs. Hairat Aderinsola Balogun, Mr Abimbola Ogunbanjo and Senator Tokunbo Ogunbanjo

The Chairman of the Occasion, Chief Phillip Asiodu, presenting the Book

L-R: Ogun State Governor, Ibikunle Amosun, Mr. George Etomi and Otunba Subomi Balogun

L-R: Mrs Bola Thomas, Mr Olalekan Ogunbanjo and Mrs Bisi Towry-Coker

L-R: Ms Yemi Ogunbanjo, Mrs Kunbi Ogunmekan and Senator Tokunbo Ogunbanjo

Mrs G.K. Animashaun (centre) with her daughter and grandson

Mrs. Eniola Sagoe(nee Alakija)(right) and a guest

Darren Bennett-Voci (left) and Shanker Dhanikonda

Mr. Abimbola Ogunbanjo (left) and Mr. Dolapo Akinrele, SAN

Bewaji Adenij (left) and Camelia Oros

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INSOLVENCY DISCOURSE DR. KUBI UDOFIA

k.udofia@live.com

Applications in Winding-up Proceedings: Settled and Unsettled Issues

W Exordium

inding-up proceedings, are unique proceedings in a class of their own. The Companies Winding-up Rules 2001 (CWR), embody procedural provisions which govern winding-up proceedings. Applications are ubiquitous and indispensable, in civil and criminal proceedings. Rule 4 of CWR requires every application in winding-up proceedings (other than a petition), to be by motion. The motion must be served on persons against whom the order is sought, at least five days before the hearing. This rule is rooted in Rule 8(1) of the abrogated English Companies (Windingup) Rules 1949. Recently in ECOBANK NIGERIA LTD v HONEYWELL FLOUR MILLS PLC (2018) LPELR-45124, Nigeria’s Supreme Court examined the permissibility of ex parte applications, in winding-up proceedings. Previously, the Supreme Court had considered a similarly-worded Rule 4 of the Companies Winding-up Rules 1983 in PROVISIONAL LIQUIDATOR, TAPP INDUSTRY LTD v TAPP INDUSTRY LTD (1995) 5 NWLR (Pt 393) 9. This article examines some settled and unsettled issues, in relation to applications in winding-up proceedings. Ecobank v Honeywell Ecobank filed a winding-up petition and an ex parte application, seeking interim injunctive orders against Honeywell and others, aimed at preserving Honeywell’s assets. The trial court granted the ex parte application. An issue raised at the Court of Appeal and Supreme Court, was whether Honeywell ought to have been put on notice in accordance with Rule 4 of CWR. The Supreme Court upheld the Court of Appeal’s decision, that Honeywell was entitled to notice of the application. The Court of Appeal had held that granting the injunction without giving Honeywell an opportunity to be heard on a matter which could paralyse it, was an extreme and injudicious exercise of discretion. This decision was followed in CANSCO DUBAI LLC v SEAWOLF OILFIELD SERVICES LTD (2018) LPELR-43674. Further, the Supreme Court rejected Ecobank’s contention that ex parte applications were permissible in winding-up proceedings, pursuant to Section 411(1) of the Companies and Allied Matters Act, 1990 (CAMA) and Rule 183 of CWR. Section 411(1) of CAMA empowers a court after hearing a petition, to either dismiss it, adjourn hearing conditionally or unconditionally, make an interim order or any order. The Supreme Court rightly held that, this provision does not authorise ex parte orders, but provides a guide to what courts should do. Rule 183 of CWR provides that, in the absence of a provision in CWR, the court's civil procedure rules shall apply. The Supreme Court rightly

held that, a recourse to the High Court rules was not necessary, because the CWR had adequate provisions in this regard. Similar arguments had been canvassed, in PHARMA-DEKO PLC v FDC LTD (2015) 10 NWLR (Pt 1467) 225. In that case, the Respondent obtained an ex parte order of interim injunction against the Appellant, at the trial court. Although, the winding-up petition was struck out for constituting an abuse of court process, the Court of Appeal erroneously accepted the contention that Section 411 of CAMA permits ex parte applications in winding-up proceedings. Flashback: Tapp v Tapp In Ecobank v Honeywell, copious references were made to Tapp v Tapp. This is not surprising, given that this was the only previous occasion where the Supreme Court examined Rule 4 of CWR. The Supreme Court rejected Ecobank’s reliance on Tapp v Tapp, as authority that ex parte applications are permissible in winding-up proceedings. The Apex Court described same, as a sweeping submission which was dangerous. In Tapp v Tapp, the trial court had granted ex parte orders (i) extending time to complete the winding-up, and (ii) permitting the provisional liquidator to dismantle, remove and take possession of all properties of Tapp for safe-keeping. The Court of Appeal (in Anakwenze v Tapp Industry Ltd (1991) 7 NWLR (Pt 202) 177) upheld order (i) but set aside order (ii). While the Court of Appeal viewed order (i) as not being sought against any person, order (ii) was declared inappropriate and a breach of the right of fair hearing, by putting property which third parties claimed interest, in the control of a liquidator without hearing the third parties. The Supreme Court reversed the Court of Appeal’s decision, on the ground that the application did not seek for an order against any persons. The Apex Court opined that the liquidator was merely asking for an order of court, to aid him perform his principal duty of preserving the company’s properties. While the decision in Honeywell v Ecobank is arguably unimpeachable, that in Tapp v Tapp raised issues which remain unresolved. Some of these issues are discussed below.

“FURTHER, THE SUPREME COURT REJECTED ECOBANK’S CONTENTION THAT EX PARTE APPLICATIONS WERE PERMISSIBLE IN WINDING-UP PROCEEDINGS, PURSUANT TO SECTION 411(1) OF THE COMPANIES AND ALLIED MATTERS ACT, 1990 (CAMA) AND RULE 183 OF CWR”

What is sauce for a liquidator is not sauce for other parties The judicial pronouncements in Ecobank v Honeywell and Tapp v Tapp, suggest the decision in Tapp v Tapp may have been influenced by the fact that the Applicant was the Liquidator. In Tapp v Tapp, the court highlighted that the Liquidator (i) was asking for the order to aid him perform his principal duty of preserving assets, (ii) was not an agent of any of the parties, (ii) was appointed by the court and subject to the court’s control, and (iii) had the right to apply to the court for directions as to how to perform his duties. First, Rule 4 applies to “every application in court” in winding-up proceedings. The fact that the Applicant was the Liquidator, was inconsequential, as Liquidators are not exempted from Rule 4 of CWR. Second, as was rightly stated by Okoro JSC in Ecobank v Honeywell, the language used in Rule 4 of CWR is mandatory, with no room for permissiveness. The highlighted considerations were therefore, extraneous. Worse still, they were employed to deprive third parties of their rights to be heard on an issue, which clearly affected their interests. The court ought to have limited itself to the sole consideration under Rule 4, which is whether an order is being sought against any person. Triumph of form over substance The ex parte applications in Tapp v Tapp did not seek for orders against persons. While the first application sought for extension of time to complete the winding-up, the second sought to take control of the company’s properties for safe-keeping. Nevertheless, the second order clearly affected other persons. The Supreme Court gave Rule 4 of CWR a literal interpretation, holding that no order was sought against any person. This approach suggests that ex parte applications which affect other persons, may be granted where orders are not sought against persons on the face of the motion paper. Consequently, Rule 4 may be evaded by skillful couching of reliefs in the ex parte application. Instructively, in CANSCO DUBAI LLC v SEAWOLF OILFIELD SERVICES LTD (supra) at 41, Uwa JSC at a point gave Rule 4 a broader construction, stating as follows: ”I agree with learned counsel that such applications must be by way of motion, notice of which must be given to the parties against whom the order is sought. The service of the motion on persons to be affected by the grant of the reliefs sought by such motions, is required.” Advertising a winding-up petition, is a pre-condition to its hearing: Rule 19 of CWR, RICHSEA LTD v STAR AP JV LTD (2004) 3 FHCLR 508 at 512. An application for leave to advertise a petition, does not seek an order against any person. Nevertheless, such

advertisements may inflict irreversible damage on other parties. This notwithstanding, the approach in Tapp v Tapp suggests that, leave to advertise may be obtained via an ex parte application. The facts in Cansco Dubai LLC v Seawolf Oilfield Services Ltd (supra), UBA v Dana Pharmaceuticals Ltd (2018) LPELR-43799 and Pharma-Deko Plc v FDC Ltd (supra) indicate that leave to advertise, were obtained via ex parte applications. In Ecobank v Honeywell, Okoro JSC observed that, the Supreme Court had stated in Tapp v Tapp that the applications in that case, did not raise contentious issues affecting the parties’ civil rights and obligations. His Lordship contrasted this with the orders of injunction in Ecobank v Honeywell, which affected the rights of parties. This narrative and comparison are, with respect, flawed. The referenced statement in Tapp v Tapp was made by Ogundare JSC, in response to the Respondents’ contention that the ex parte application violated their right to fair hearing under Section 33(1) of the 1979 Constitution. The provision required fair hearing “in the determination of the civil rights and obligations” of persons. Accordingly, the statement did not relate to the similarly-worded Rule 4 of CWR 1983. Under Rule 4, whether or not an application is contentious, is irrelevant. It would be an injudicious exercise of discretion, for a court to deny a party the right to be heard under Rule 4, on the basis that an application is not contentious. Besides, the facts in Tapp v Tapp, suggest that the application was indeed contentious. At the Court of Appeal, Oguntade JCA pointed out that (i) the case was a difficult one with bitter and extensive rival claims relating to the ownership of the company’s properties, (iii) unresolved claims were being made in court proceedings, (iii) taking control of the properties “castrated” the 7th Appellant and paralysed its business, (iv) the Liquidator’s plan to take the properties into safe custody for a short period was “barren consolation”, as the 7th Appellant still suffered injury. The application in Tapp v Tapp clearly affected other persons, notwithstanding that no order was sought against persons. The Supreme Court’s decision, was a triumph of form over substance. The above mischief may be remedied by courts exercising their inherent powers, and ordering service of notice of applications on persons who may be affected by any orders. For example, in NASSIB GRIZI v IDEAL COMMERCIAL SYNDICATE LTD (1991) FHCLR 102, the court ordered the Petitioner who had filed an ex parte application for leave to advertise the petition, to put all parties on notice.

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T H I S D AY Ëž TUESDAY DECEMBER 18, 2018

PROPERTY & ENVIRONMENT ‘Katowice Climate Package’ Designed to Operationalise Paris Agreement Bennett Oghifo Governments have adopted a robust set of guidelines for implementing the landmark 2015 Paris Climate Change Agreement. This, according to negotiators, should lead to a new era of global climate action that would begin under the Paris climate change agreement. The implementation of the agreement will benefit people from all walks of life, especially the most vulnerable. The agreed ‘Katowice Climate Package’ is designed to operationalise the climate change regime contained in the Paris Agreement. Under the auspices of the United Nations Climate Change Secretariat, it will promote international cooperation and encourage greater ambition. The guidelines will promote trust among nations that all countries are playing their part in addressing the challenge of climate change. With 197 Parties, the United Nations Framework Convention on Climate Change (UNFCCC) has near universal membership and is the parent treaty of the 2015 Paris Climate Change Agreement. The main aim of the Paris Agreement is to keep

a global average temperature rise this century well below 2 degrees Celsius and to drive efforts to limit the temperature increase even further to 1.5 degrees Celsius above pre-industrial levels. The UNFCCC is also the parent treaty of the 1997 Kyoto Protocol. The ultimate objective of all agreements under the UNFCCC is to stabilise greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous human interference with the climate system, in a time frame which allows ecosystems to adapt naturally and enables sustainable development. The President of COP24, Mr. Michal Kurtyka of Poland, said: “All nations have worked tirelessly. All nations showed their commitment. All nations can leave Katowice with a sense of pride, knowing that their efforts have paid off. The guidelines contained in the Katowice Climate Package provide the basis for implementing the agreement as of 2020�. The Katowice package includes guidelines that will operationalize the transparency framework. It sets out how countries will provide information about their Nationally Determined Contribu-

Commandant, Nigeria Immigration Training School, Kano, Mr. Segun Adegoke (left), holding the tape with the Managing Director, Bristow Helicopters, Captain Oladapo Oyeleke (right) as the Comptroller General of the Nigeria Immigration Service, Mr. Mohammed Babandede cuts the tape to commission two blocks of classrooms and two solar-powered boreholes donated by Bristow Helicopters to the Training School as parts of its Corporate Social Responsibility in Kano... recently

tions (NDCs) that describe their domestic climate actions. This information includes mitigation and adaptation measures as well as details of financial support for climate action in developing countries.

The package also includes guidelines that relate to: r5IF QSPDFTT GPS FTUBCMJTIJOH new targets on finance from 2025 onwards to follow-on from the current target of mobilizing USD 100 billion per year from 2020

to support developing countries r )PX UP DPOEVDU UIF (MPCBM Stocktake of the effectiveness of climate action in 2023 r)PX UP BTTFTT QSPHSFTT PO the development and transfer of technology

The UN’s Climate Chief, Ms. Patricia Espinosa said: “This is an excellent achievement! The multilateral system has delivered a solid result. This is a roadmap for the international community to decisively address climate change�.

Udom: Providing Critical Infrastructure for Economic Transformation Akindele Coker Lack of critical infrastructure has been the bane of economic development in Nigeria for decades. This has remained an intractable problem that successive governments at the federal and state levels have had to tackle, with varying degrees of success. The imperative of infrastructure as the bedrock for socio-economic development (or advancement, as the case may be) could be seen from the point of view of the fact that at no stage can it be considered to be enough, even in developed countries where provision of infrastructure is a continuous process, despite the availability of what is generally accepted as the best.

It is a different kettle of fish in a country like Nigeria with very high infrastructure deficit brought about by many years of neglect, as well as the proclivity to spend tax payers’ money on white elephants projects that have no socio-economic benefits to the people. It is one of the reasons the country is littered with abandoned projects. Addressing infrastructure deficit, therefore, is a process that can’t have an end. This is the fact that Udom Emmanuel established when he assumed office as Akwa Ibom State Governor on May 29, 2015. The two previous administrations in the state had laid the foundation for infrastructural development in two key areas – power and roads – respectively. In order to get the state ready for the industrial and

economic transformation that he envisioned, he needed to improve on those two areas and take them to a higher level. The governor identified power as being central to the realization of the objective of having a strong economic base, and went to work to improve on what he met on assumption of office. Within one year of his tenure, he secured approval from the federal government for generation of additional 685 megawatts of electricity from the Ibom Power Plant at Ikot Abasi, built by the administration of Obong Victor Attah, the first elected governor in the current dispensation. The effort saw the injection of 2 x 15MVA and 33/11KVA into power transmission in the state. The government also rehabilitated facilities that are strategic to power

supply at Ekim-Itam, Mkpat Enin and Ikot Ekpene. Today, between 85 per cent and 90 per cent of villages and communities in the state are connected to the national greed, while some sections of the state enjoy between 18 and 20 hours of power supply daily. And in order to ensure the state remains an island of constant power supply during periods of national outage, the government has installed what is known as “dead bus technology� in the transmission system. The system would guarantee regular power supply in the state, even when the entire country is in darkness. Akwa Ibomk is the only state in the country with such facility. The government has obtained a financial investments decision (FID) from the World Bank for the

construction of a 540 megawatts Qua Iboe Power Plant at Eket. The project, which is being promoted by Qua Iboe Power Plant Limited (QIPPL), an initiative of ExxonMobil, is estimated to cost $1.1 billion, with an additional $500 million for gas to boost power generation in the country. Governor Udom Emmanuel said at the signing of the Memorandum of Understanding for the project that it would solve the country’s gas challenges, and commended QIPPL for its commitment to its execution. “I am always glad to be associated with something that will drive employment, provide the bases for industrialization and I think the QIPP is just one of them�, he said. Mr. Brian Herlihy, Chief Executive Officer of the company,

commended Governor Emmanuel for his support for the project, and assured that construction of the power plant would commence before the end of 2018. He said the project was aimed at establishing a fruitful relationship with the neighbouring communities and also developing sustainable programmes for accelerated socioeconomic development in the state and the country at large. He also said more than 20, 000 indigenes of the state would be employed during construction of the plant. The various initiatives are all geared towards making Akwa Ibom truly independent in power generation – a necessary requirement for creating a conducive climate for investment, which the Udom administration has started delivering in the state.

TrustBond Earnings Hit N1.56Bn in 2017, Positions to Impact Mortgage Market

Bristow Donates Two Blocks of Classrooms, Solar Boreholes to NIS

Trustbond Mortgage Bank Plc., recorded gross earnings of N1.56 billion for the year ended December 31, 2017 and is positioned to impact positively in the mortgage space, as the potential in the mortgage markets continues to increase “With the government’s renewed interest in prioritising affordable housing, particularly for low-income owners,� Chairman of the Board, Mr. Etigwe Uwa, has said. Uwa, who addressed the bank’s shareholders and other stakeholders at its annual general meeting in Lagos, last week, said Trustbond’s gross earnings of N1.56 billion for the year ended December 31, 2017, represented 11 per cent increase over the previous year’s figure of N1.4 billion and that the total income for 2017 of N296 million was an

Bristow Helicopters Nigeria Ltd. has donated two classrooms blocks and two solar-powered boreholes to the Nigeria immigration service as parts of its corporate social responsibility. The company has also revealed that it will soon unveil similar projects at NIS training school in Ahoda River State in due course, with a view to guaranteeing good learning environment for the nation’s Immigration Officers whom it said deserves a very conducive training environment. Disclosing this during the official commissioning, last week, Managing Director of Bristow Helicopters Nigeria Ltd., Captain Oladapo Oyeleke said the projects are strategically conceived to enhance quality of training for efficient service delivery by the Nigeria Immigration Service whom

increase of 106 per cent over the N143m recorded in 2016. He said, “We will continue to seek and implement systems and processes to enhance efficient service delivery, achieve cost optimisation and strengthen risk management system.� Uwa said regardless of the challenges in the economy, mortgage transactions were on the increase, adding that the mortgage industry recorded significant growth in 2017 and that the outlook for 2018 remained positive. Uwa, said the industry, despite its potential, had over the years been contributing about a per cent to the Gross Domestic Product but that “the various initiatives by the government and other stakeholders would increase mortgage finance and promote homeownership over time.�

Bennett Oghifo

he observed are key to the nation’s development efforts. Specifically, Captain Oyeleke said Bristow’s intention for embanking on the projects is in line with the organisation’sbelief and commitment to professionalism through sustained capacity development. Besides, he said it is the vision of Bristow Helicopters Nigeria to replicate global standard centres across Nigeria Immigration Training Schools as parts of our corporate social responsibility. According to him, the face of Nigeria Immigration is so conspicuous. They are the last face on your way out of the country and the first face on your way into the country on arrival. So, it is important that Immigration staff acquires quality training equal to global standard in a conducive environment.For us at Bristow Helicopters,

we consider the donation of the classrooms has a way of enhancing our goals that is training intellectuals and bringing out the best in our Immigration Officers.

We are extending the core value across the training schools of Nigeria Immigration as part of our community relations projects� Oyeleke explained.

OFFICE COMPLEX FOR LONG LEASE A Corner piece property situated at No 1 Henry Carr Street, Ikeja Industrial Estate is available for long lease. The property covering land area of 5,500sq meters comprising of 64 office spaces with a storey building service apartment within the complex. The property has open space capable of parking between 50 and 60 cars at a time with two main entrances, an exit gate on Henry Carr Street and entrance gate through Doherty Akanni Road. Please, contact us on the following telephone numbers for details and inspection should the property be of interest to you. t o *TBBD t o .FSDZ MANAGEMENT

T H I S D AY t TUESDAY, DECEMBER 18, 2018

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T U E S DAY Ëž DECEMBER 18, 2018

BUSINESS/MONEYGUIDE

Banks, Fintechs Urged to Invest in Cyber Security Solutions Ugo Aliogo Banks and financial technology companies have been urged to invest in innovative solutions in combating cybercrimes. The charge was given at a breakfast meeting organised by Best of Breed Business Solutions Limited (BBBS) in conjunction with its Partner, Barac Uk, to address enterprise fraud and cyber security challenges in the Nigeria market. Speaking at the event, the Chief Executive Officer, Best Business Solution Limited, Mbama Ethelbert, said to address issues around the fraud and cyber threats, it was important for companies to understand the kind of data that was being generated by organisations such as banks and telecommunication companies.

“Most organisations, especially, service oriented organisations like banks, telecoms, fintech companies are moving toward digital transformation as a key strategy. “This means opening up of its platforms to third party vendors/partners, using multiple channels to offer services to their customers such as social media channels, mobile, web, PoS and others. “These generate massive volumes of data and expose the organisations to threats,� he noted. He also stated that presently, there are two kinds of data known as structured and unstructured data, “and a third one that sits between both data types known as semi-unstructured data.� He stated that structured data can be stored in a relational

database such as Oracle, MS SQL and other, “here, data is stored in tables with rows and columns. They have relational key and can be easily be mapped into pre-designed fields. Thus, they are highly organised information that uploads neatly into a relational database.� In his remarks, the Chief Executive Officer, Barac Uk, Omar Yaacoubi, noted that there are various measures which the banks has to put in place, so that when hackers change their behaviours, the solutions that they are using can also change their behaviour as well. He explained that modifying the rules was complex, noting that solutions such as artificial intelligence, machine learning and behaviour analytics, would help solve part of the challenges.

L-R: South-West Regional Head, ARM Pensions, Gbenga Dada; Manager Operations, PenCom, Olademeji Suleiman; Deputy Manager Operations, Omoshola Faustina; Head, Business Development, ARM Pensions, Bisola Onigbogi and Legal Officer, PencCom, Martins Benjamin, at ARM Pensions’ Client Forum held in Lagos‌ recently

Unity Bank Wins Award Unity Bank Plc has won the Central Bank of Nigeria (CBN) 2018 sustainable banking award. Specifically, the financial institution won the ‘Sustainable Transaction of the Year in Agriculture’ award. The bank won the award for its compliance with the sustainable banking principles as it relates to the management of environmental and social risk set out by the CBN for adoption by Nigerian banks, discount houses and development banks. A statement explained that at the recently held Bankers’ Committee held in Lagos, the CBN had while presenting the award commended Unity Bank’s efforts in promoting the Anchor Borrowers Program (ABP), Rice Farmers Association of Nigeria (RIFAN) project. According to the statement, the regulator had

added that the lender deserved the award because of the role it played in actualisation and management of this audacious projects. The active involvement of the bank in various financing schemes had resulted in creating huge social and economic impact on the income of households involving over 270,000 participating small holder farmers thereby boosting not only the gross domestic product but also helping to achieve self-sufficiency in food production. Commenting on the development, the Managing Director/ Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun, dedicated the award to all farmers and businesses in agriculture value chain, adding: “we have successfully on-boarded over 90,000 hitherto financially excluded

farmers and generated bank verification number for them to facilitate financial and banking transaction.� She added: “Capacities of about 60 agro input suppliers were expanded through provision of facilities and financial advisory services. “The bank’s environmental and social management program covers comprehensive business operations that minimises adverse impact on the environment in the scope of its business activities.� According to Somefun, the bank’s environmental management policies and strategies comprehensively covers priority areas that encourages bio-diversity, green initiatives, recycling of waste, reduction of carbon emission geared towards promoting sustainability, conservation and environmental protection.

Standard Chartered Preserves the Environment As part of Standard Chartered Bank Nigeria Limited’s yearly Employee Volunteering (EV) activities in the community, the bank recently held a beach clean-up activity. Coordinated by the bank’s property team, the activity was done in collaboration with the Lekki Urban Forest and Animal Sanctuary Initiative (LUFASI), an environment advocacy organisation led by Nigeria’s renowned environmentalist, Desmond Majekodunmi. The event held at the Kids Beach Club in Lekki, with 20 children in the community

supporting the team. Speaking at the event, Head of Property, Standard Chartered Bank Nigeria Limited, Anne Rinu, was quoted in a statement as saying: “If we are to make the world a healthier and safer place to live in, we must remember that we all have a role to play; whether through advocacy, actively driving behavioural change towards preserving the environment or leading by example through public-private partnerships or collaborations with industry experts as done today in. “By reducing our own impact on

the environment, we continue to protect our planet for the benefit of our communities. “My colleagues and I are thankful for the opportunity to give back to the community through our employee volunteering initiative.’’ Employee volunteering (EV) is a core component of Standard Chartered Bank’s community investment strategy. The bank encourages employees to utilise their skills, knowledge and expertise to deliver development programmes around education, health, environment protection and financial literacy.

Phillips Consulting Rolls out Programmes Phillips Consulting (PCL), an innovator in instructor led and online training has said its 2019 programme is made up of relevant training. The firm explained that the courses were designed to empower professionals and companies to meet expected goals and outcomes. A statement from the firm explained that a decade ago, many job titles were not in existence, but due to the constant development and the need to have specific expert functions, many job titles are coming into play. “Luckily for us, we don’t have to spend another 4-5 years in university to learn the new

skill. Enrolling for a professional course does not mean we are inefficient or are about to be fired. “It simply means that we desire improved career actualisation and fulfilment. A professional training enhances our expertise in a chosen career path as the labour market is increasingly becoming more competitive. “We need to have a skill set and knowledge that sets us apart from all other applicants. It is crucial to empower people to perform at the very highest level. “PCL’s carefully designed and executed programs are provided through methods designed for optimal impact on participants’ behaviour.

“An ever-changing operating landscape means there is need to continuously evolve to ensure the provision of world-class learning interventions from creation through to delivery, is in alliance with global thought-leader partners around the world.� Head of Classroom Learning, Phillips Consulting, Mr. Nwaji Jibunoh, explained: “The 2019 calendar gives a full view of our wide range of learning interventions which includes: instructor led facilitation courses, held at our training facilities with programmes covering leadership and management, workforce management, infotech and bespoke learning courses.�

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 FRIDAY, 14 DECEMBER 2018

The price of OPEC basket of ďŹ fteen crudes stood at $59.07 a barrel on Friday, compared with $58.67 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

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T U E S DAY ˾ DECEMBER 18, 2018

MARKET NEWS

All-Share Index Sheds 0.21% as Market Opens on Bearish Note Goddy Egene Trading at stock market was bearish yesterday as losses by 20 equities dragged the Nigerian Stock Exchange (NSE) All-Share Index by 0.21 per cent to close lower at 30, 609.06. Similarly, market capitalisation shed N26.5 billion to be at N11.18 trillion. The decline, which is contrary to a growth of 0.34 per cent last Friday, resulted from losses posted by leading equities such

as Lafarge Africa Plc, Forte Oil Plc, FBN Holdings Plc, GTBank and Zenith Bank Plc among others. In all, 20 equities shed value as against 17 that appreciated. Forte Oil Plc led the price losers with 9.9 per cent, trailed by Ikeja Hotel Plc, which declined by 9.6 per cent. Wema Bank Plc shed 8.4 per cent, while Linkage Assurance Plc, CAP Plc and John Holt Plc went down by 8.3 per cent, 6.4 per cent and 6.2 per cent respectively. Other to price losers included:

P R I C E S MAIN BOARD

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Lafarge Africa Plc (4.0 per cent); Continental Reinsurance Plc (3.7 per cent); PZ Cussons Nigeria Plc (3.3 per cent); Fidelity Bank Plc ( 3.0 per cent) and Oando Plc ( 3.0 per cent). On the positive side, Diamond Bank Plc led the price gainers with 9.47 per cent, trailed by Access Bank Plc with 9.4 per cent. Both stocks attracted high patronage following the confirmation that they have reached agreement to combine their businesses through merger. After weeks of denial, both

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banks yesterday confirmed that Access Bank Plc would be acquiring acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders would receive a consideration of N3.13 per share, comprising of N1 per share in cash and the allotment of two

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A S

new Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the implementation date. The Chief Executive Officer of Diamond Bank, Uzoma Dozie, said: “The proposed combination with Access Bank will create one of Africa’s leading financial institutions. There is clear strategic rationale for the proposed merger and strong complementarities between the two institutions. In his comment, the CEO of

O F

Access Bank, Herbert Wigwe said: “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy. Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.

1 4 / 1 2 / 2 0 1 8 DEALS

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˾ TUESDAY, DECEMBER 18, 2018

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Tuesday, December 18, 2018

THISDAY AFRINVEST 40 INDEX

ThisDay Afrinvest Index Sheds 47bps Yesterday, the ThisDay Afrinvest 40 Index shed 47bps to

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

close at 1282.20 points. The index performance was Ticker

undermined by GUARANTY (-2.7%), ZENITH (-0.4%) and NIGERIAN BREWERIES (-Ϭ͘ϭйͿ ǁŚŝĐŚ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϰϭ͘ϵй ŽĨ ƚŚĞ ŝŶĚĞdž ŝŶ ǁĞŝŐŚƟŶŐ͘

>ŽĐĂů ŽƵƌƐĞ KƉĞŶƐ ƚŚĞ tĞĞŬ ŽŶ Ă EĞŐĂƟǀĞ EŽƚĞ͙ASI Down 21bps In yesterday͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ƚŚĞ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƐŚĞĚ

Current Price

THISDAY AFRINVEST 40 1,282.20

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

P/BV

Divinden Earnings d Yield Yield

-16.9%

28.2%

20.8%

7.4%

6.0x

0.7x

6.7%

34.05

-2.7%

21.5%

-16.4%

-16.0%

34.1%

5.6%

5.1x

1.9x

7.8%

19.7%

2

Zenith Bank PLC

22.90

-0.4%

14.0%

-10.7%

-11.7%

23.7%

3.4%

3.9x

0.9x

12.0%

25.4%

79.40

-0.1%

6.4%

-41.1%

-41.2%

13.8%

6.4%

26.6x

3.8x

4.7%

3.8%

1,450.00

0.0%

9.0%

-6.8%

-6.8%

85.8%

26.3%

26.2x

20.4x

3.3%

3.8%

Nigerian Brew eries PLC

4

Nestle Nigeria PLC

5

Dangote Cement PLC

6

FBN Holdings Plc

0.0%

6.0%

-19.6%

-19.6%

20.1%

9.8%

19.3x

4.1x

5.7%

5.2%

7.25

-2.7%

5.5%

-17.6%

-17.5%

6.6%

0.8%

5.2x

0.4x

3.4%

19.3%

7

Access Bank PLC

8.15

9.4%

4.2%

-22.0%

-23.1%

14.1%

1.7%

3.4x

0.5x

8.3%

29.5%

8

United Bank for Africa PLC

7.65

1.3%

3.9%

-25.7%

-26.5%

15.4%

1.8%

3.5x

0.6x

11.0%

28.9%

3.1%

38.5% 14.8%

Ecobank Transnational Inc

10 11

Stanbic IBTC Holdings PLC

45.55

0.0%

ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĚĞĐůŝŶĞĚ EϮϲ͘ϱďŶ ƚŽ ƐĞƩůĞ Ăƚ Eϭϭ͘ϮƚŶ

12

Unilever Nigeria PLC

38.05

-2.2%

ǁŚŝůĞ zd ůŽƐƐ ǁĞĂŬĞŶĞĚ ƚŽ -20.0%. In line with the bearish

13

Guinness Nigeria PLC

73.00

0.0%

2.2%

15.00

0.0%

3.5%

-11.8%

-7.8%

12.1%

1.0%

4.7x

0.6x

594.00

0.0%

3.5%

-2.8%

-5.1%

25.9%

15.3%

2.6x

0.6x

3.8%

9.8%

11.4%

35.7%

4.6%

6.7x

2.1x

2.2%

2.8%

-7.2%

-5.4%

24.7%

11.5%

17.7x

2.6x

1.3%

5.6%

-22.3%

-22.3%

8.8%

5.0%

19.6x

1.8x

2.5%

5.1% -54.3%

21.3%

14

Lafarge Africa PLC

11.95

-4.0%

0.5%

-73.4%

-73.4%

-53.7%

-7.9%

0.8x

12.1%

ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ǁŽƌƐĞŶĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ

15

Fidelity Bank PLC

1.91

-3.0%

1.2%

-22.4%

-26.0%

11.3%

1.5%

2.5x

0.3x

5.7%

ĚĞƉƌĞĐŝĂƚĞĚ ϯϴ͘ϰй ƚŽ Ϯϭϱ͘Ϭŵ ƵŶŝƚƐ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ

16

Oando PLC

4.80

-3.0%

1.3%

-19.9%

-19.9%

10.9%

1.7%

4.0x

0.3x

Ϯϰ͘ϵй ƚŽ Eϭ͘ϳďŶ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ DIAMOND (71.0m units) – investors reacted to the ĂŶŶŽƵŶĐĞŵĞŶƚ ŽĨ ƚŚĞ ďĂŶŬ͛Ɛ ŵĞƌŐĞƌ ǁŝƚŚ ĐĐĞƐƐ ďĂŶŬ WůĐ –

12.5%

185.00

SEPLAT Petroleum Development C

2.7%), FBNH (-2.7%) and UNILEVER (-2.2%). Consequently,

P/E

Guaranty Trust Bank PLC

9

ϮϭďƉƐ ƚŽ ƐĞƩůĞ Ăƚ ϯϬ͕ϲϬϵ͘Ϭϲ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ - GUARANTY (-

ROA

1

3

-0.47%

ROE

40.1% 25.0%

17

Dangote Sugar Refinery PLC

13.30

0.0%

0.9%

-33.5%

-34.7%

32.6%

16.4%

5.3x

1.5x

13.1%

18.8%

18

Okomu Oil Palm PLC

73.00

0.0%

1.4%

7.8%

7.8%

39.3%

29.7%

7.0x

2.4x

4.1%

14.4%

19

International Brew eries PLC

30.50

1.7%

0.5%

-44.0%

-44.5%

24.6%

7.4%

31.9x

7.3x

20

Flour Mills of Nigeria PLC

21.00

2.2%

0.6%

-27.6%

-27.6%

7.6%

2.3%

7.2x

0.6x

4.8%

13.9% 18.1%

3.1%

21

Transnational Corp of Nigeria

1.16

0.9%

0.6%

-20.5%

-21.6%

13.6%

3.0%

5.5x

0.7x

1.7%

MANSARD (20.0m units) and FBNH ;ϭϲ͘ϱŵ ƵŶŝƚƐͿ ǁŚŝůĞ

22

UAC of Nigeria PLC

10.70

0.0%

0.4%

-36.7%

-36.7%

0.4%

0.2%

84.2x

0.5x

6.3%

GUARANTY ;Eϯϲϯ͘ϰŵͿ͕ NIGERIAN BREWERIES ;EϮϵϭ͘ϲŵͿ

23

Diamond Bank PLC

1.04

9.5%

0.4%

-30.7%

-33.8%

-5.8%

-0.7%

-13.9%

-13.9%

34.6%

7.5%

6.9x

2.2x

8.6%

14.5%

5.1%

6.7%

1.0%

2.2x

0.2x

6.0%

46.3%

5.1%

19.1%

and UNILEVER ;Eϭϲϵ͘ϰŵͿ ůĞĚ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀĂůƵĞ͘

Consumer Goods Index Emerges Lone Gainer WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ůĂƌŐĞůLJ ďĞĂƌŝƐŚ ĂƐ ϰ ŽĨ ϱ indices under our coverage closed in the red. The Insurance ŝŶĚĞdž ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͕ ĚŽǁŶ ϭ͘Ϯй ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƐĞůůŽīƐ ŝŶ CONTINSURE (-ϯ͘ϴйͿ ĂŶĚ LINKASSURE (-ϴ͘ϯͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ Oil & Gas and Industrial Goods indices trailed, shedding 1.1% ĂŶĚ Ϭ͘ϴй ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ůŽƐƐĞƐ ŝŶ FORTE (-10.0%), OANDO

(-ϯ͘ϬйͿ͕ WAPCO

(-4.0%)

and

CAP

(-ϲ͘ϰйͿ͘

ĚĚŝƟŽŶĂůůLJ͕ ƚŚĞ ďĂŶŬŝŶŐ ŝŶĚĞdž ǁĂƐ ĚŽǁŶ ďLJ Ϭ͘ϯй ĂƐ Ă ƌĞƐƵůƚ

24

Total Nigeria PLC

25

FCMB Group Plc

ďLJ ϮďƉƐ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ƌĞĐŽƌĚĞĚ ŝŶ INTBREW (+1.7%) and DANGFLOUR ;нϯ͘ϴйͿ͘

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ZĞŵĂŝŶƐ hŶĐŚĂŶŐĞĚ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĂƐ ƵŶĐŚĂŶŐĞĚ Ăƚ Ϭ͘ϵdž ĂƐ ϭϳ ƐƚŽĐŬƐ

while FORTE (-10.0%), IKEJAHOTEL (-ϵ͘ϲйͿ ĂŶĚ WEMA (ϴ͘ϱйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ /Ŷ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ƚŽ ƌĞďŽƵŶĚ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ ƐƚŽĐŬƐ

ďĞĂƌŝƐŚ ŽƵƚůŽŽŬ ĨŽƌ ƚŚĞ ŵĂƌŬĞƚ͘

11 PLC

156.60

0.0%

0.5%

-19.5%

-19.5%

38.0%

16.8%

5.2x

1.7x

21.70

-10.0%

0.3%

-50.1%

-48.3%

84.6%

8.3%

8.9x

1.6x

28

PZ Cussons Nigeria PLC

10.00

-3.4%

0.2%

-51.5%

-52.7%

0.9x

1.5%

29

Cadbury Nigeria PLC

10.00

0.0%

0.3%

-36.2%

-35.9%

4.7%

1.9%

34.9x

1.6x

1.6%

2.9%

30

Presco PLC

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

17.00

0.0%

0.4%

-8.1%

-11.6%

47.0%

17.5%

8.9x

4.0x

8.8%

11.3%

32

UPDC Real Estate Investment Tr

10.00

23.5%

0.4%

0.0%

0.0%

0.8x

5.6%

33

Union Bank of Nigeria PLC

6.10

0.0%

0.3%

-21.8%

-18.8%

5.3%

1.0%

11.1x

0.6x

34

Julius Berger Nigeria PLC

21.00

0.0%

0.3%

-25.0%

-25.0%

17.3%

1.8%

5.8x

0.9x

4.8x

35

Sterling Bank PLC

1.81

0.0%

0.5%

67.6%

60.2%

10.6%

1.1%

36

Dangote Flour Mills Plc

6.80

3.8%

0.2%

-44.0%

-44.0%

0.0%

0.0%

37

GlaxoSmithKline Consumer Niger

14.50

0.0%

0.2%

-32.9%

-32.9%

12.1%

7.2%

38

Chemical and Allied Products P

34.85

-6.4%

0.3%

2.5%

-2.4%

66.2%

30.2%

39

Beta Glass PLC

68.30

0.0%

0.2%

33.1%

33.1%

17.7%

40

Transcorp Hotels Plc

6.10

0.0%

0.1%

-15.4%

-15.4%

6.9%

T o p 10 G a i n e r s T ic k er

(A Dealing Member of the Nigerian Stock Exchange)

11.2%

9.0% 4.8%

17.2% 21.0%

0.5x

1.1%

0.9x

2.9%

11.6x

2.0x

54.5%

16.3x

10.9x

5.6%

6.1%

11.5%

8.3x

1.4x

1.6%

12.0%

3.8%

11.9x

0.8x

2.0%

8.4%

8.6%

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 %

D IA M ON D B N K

1.04

9.5%

A C C ESS

8.15

9.4%

CCNN

17.15

9.2%

NP FM CRFB K

1.53

F ID SON

4.95

VIT A F OA M

Vo lum e

P ric e C hg %

D IA M ON D B N K

71.0

9.5%

M A N SA R D

20.0

1.0%

FB NH

16.5

-2.7%

8.5%

A C C ESS

13.6

9.4%

7.6%

T R A N SC OR P

12.3

0.9%

3.68

7.0%

GUA R A N T Y

10.6

-2.7%

A F R IP R UD

3.72

6.0%

F ID ELIT YB K

8.9

-3.0%

D A N GF LOUR

6.80

3.8%

C UST OD IA N

7.2

2.0%

LA SA C O

0.30

3.4%

FCM B

6.9

1.8%

F LOUR M ILL

21.00

2.2%

Z EN IT H B A N K

4.9

-0.4%

T ic k er

T o p 10 L o s e r s T ic k er

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

P ric e

P ric e C hg %

21.70

-10.0%

IKEJ A H OT EL

1.69

-9.6%

WEM A B A N K

0.54

-8.5%

FO

LIN KA SSUR E

T ic k er

Value

P ric e C hg %

GUA R A N T Y

363.4

-2.7%

NB

291.6

-0.1%

UN ILEVER

169.4

-2.2%

FB NH

120.2

-2.7%

Z EN IT H B A N K

112.4

-0.4%

A C C ESS

108.6

9.4%

D IA M ON D B N K

72.6

9.5%

0.55

-8.3%

34.85

-6.4%

J OH N H OLT

0.45

-6.2%

J A P A ULOIL

0.21

-4.5%

WA P C O

11.95

-4.0%

T OT A L

66.5

0.0%

C ON T IN SUR E

1.78

-3.8%

CA P

56.1

-6.4%

10.00

-3.4%

N EST LE

46.1

0.0%

PZ

Afrinvest Securities Limited (RC 603 315)

0.6%

Forte Oil PLC

CA P

ǁŝƚŚ ĂƩƌĂĐƟǀĞ ĞŶƚƌLJ ƉƌŝĐĞƐ͕ ǁĞ ŚŽǁĞǀĞƌ ŵĂŝŶƚĂŝŶ ŽƵƌ ŽǀĞƌĂůů

0.6%

1.8%

26

ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϮϬ ĚĞĐůŝŶĞƌƐ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ were DIAMOND ;нϵ͘ϱйͿ͕ ACCESS (+9.4%) and CCNN (+9.2%)

0.0%

1.66

1.2% -67.5%

27

of sell pressure in GUARANTY (-2.7%) and FBNH (-2.7%). On

ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž ŵĂƌŐŝŶĂůůLJ ĂĚǀĂŶĐĞĚ

198.00

0.1x

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 Ëœ ͚΀˜ ͺ͸͚͜

33

MARKET NEWS

SAHCO Gets Approval to Extend IPO Closing Date to January 9 Goddy Egene Skyway Aviation Handling Company Plc (SAHCO) has extended its ongoing Initial Public Offering (IPO) by way of an offer for sale of 406,074,000 ordinary shares of 50kobo each at N4.65 per share by 12 working days. The IPO was expected to close tomorrow, December 19, 2018. However, the Nigerian Stock Exchange (NSE) yesterday notified stockbrokers that SAHCO has obtained the

approval of the Securities and Exchange Commission (SEC) to extend the offer period of the IPO by 12 working days. “With this approval, the offer initially scheduled to close on Wednesday, 19 December 2018 will now close on Wednesday, 09 January 2019. This is for your information and necessary action, please,� exchange said. The Executive Director, Sales & Marketing, of SAHCO, Mr. Olaniyi Adigun last week said the company would

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

create long-term shareholders value through profitable operation and expansion of its business beyond Nigeria. Adigun stated this while presenting the company’s ‘Facts Behind the Offer’ to stock market stakeholders at the NSE in Lagos. According to him, SAHCO has continued to grow its assets and emerged as one of the leaders in the ground handling business in Nigeria. He said the eventual listing of the company would increase

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 1412-2018, unless otherwise stated.

its visibility and broaden its access to capital to fund future growth plans and initiatives. He noted that since its privatisation, the company has built strong competence as one of the leading aviation ground handling service providers in Nigeria, growing its market share from 21 per cent in 2009, to over 40 per cent at present with over 100 per cent growth in revenue and total assets. “SAHCO’s future strategy is to create long term shareholder value through the profitable

operation and expansion of its business beyond Nigeria, and into other West African markets with a vision to become the leading provider of passenger, ramp and cargo handling services in the West Africa sub-region. “The leading ground handling operation is strategically positioned to take advantage of growth opportunities in the Nigerian aviation industry, leveraging its established brand and reputation, strategic alliances,

technical capacity, state of the art technology and equipment, and fully-trained and experienced staff.� He said a huge investment was committed in SAHCO since its acquisition by the Sifax Group, noting that to make it competitive and to enable it wrest some market share from its rival, heavy handling equipment were acquired to build the most modern and most sophisticated storage and handling facility in Nigeria.

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 158.25 159.67 -10.73% Afrinvest Plutus Fund 100.00 100.00 11.00% Nigeria International Debt Fund 276.14 277.82 19.48% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.83 0.84 0.99% ACAP Income Funds 0.63 0.63 7.01% 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 12.80% AIICO Balanced Fund 2.21 2.23 -3.71% 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 16.22 16.71 -11.24% ARM Discovery Fund 351.56 362.16 -9.64% ARM Ethical Fund 28.03 28.87 2.59% ARM Money Market Fund 1.00 1.00 12.76% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.17% Paramount Equity Fund 11.44 11.74 3.21% Women's Investment Fund 101.05 103.64 0.42% 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 12.90% Cordros Milestone Fund 2023 94.85 95.04 Cordros Milestone Fund 2028 98.30 98.72 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 12.44% Coronation Balanced Fund 0.84 0.85 Coronation Fixed Income Fund 1.16 1.16 10.66% 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 12.11% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 11.51% 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 N/A N/A N/A FBN Heritage Fund 140.13 141.30 0.46% FBN Money Market Fund 100.00 100.00 12.88% FBN Nigeria Eurobond (USD) Fund - Institutional $113.06 $113.73 3.84% FBN Nigeria Eurobond (USD) Fund - Retail $112.78 $113.45 3.69% FBN Nigeria Smart Beta Equity Fund 144.64 146.68 -8.87% 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 1.20 1.22 -6.99% Legacy Debt Fund 3.23 3.23 11.66% Legacy USD Bond Fund 1.03 1.03 2.74% 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 2,940.13 2,968.57 -1.53% Coral Income Fund 2,746.76 2,746.76 12.20% 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 12.47% Nigeria Entertainment Fund 106.26 106.65 5.77% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 12.00%

Vantage Balanced Fund 2.14 2.16 1.45% Vantage Guaranteed Income Fund 1.00 1.00 15.44% Kedari Investment Fund (KIF) 123.92 124.10 7.65% 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 4.39% Lotus Halal Fixed Income Fund 1,093.34 1,093.34 13.16% 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 11.17 11.26 -13.72% Meristem Money Market Fund 10.00 10.00 11.87% 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 11.47% PACAM Fixed Income Fund 12.15 12.22 10.09% PACAM Money Market Fund 10.00 10.00 11.70% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 128.19 128.62 -1.17% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,301.13 2,315.74 4.71% Stanbic IBTC Bond Fund 188.82 188.82 8.43% Stanbic IBTC Ethical Fund 0.94 0.96 -5.94% Stanbic IBTC Guaranteed Investment Fund 246.07 246.11 14.00% Stanbic IBTC Iman Fund 159.57 161.39 -10.89% Stanbic IBTC Money Market Fund 100.00 100.00 12.03% Stanbic IBTC Nigerian Equity Fund 8,419.29 8,520.90 -11.46% Stanbic IBTC Dollar Fund (USD) 1.10 1.10 7.00% 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 N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A 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 11.05 11.20 -8.70% Zenith Ethical Fund 12.10 12.21 -9.58% Zenith Income Fund 20.68 20.68 12.06% Zenith Money Market Fund 1.00 1.00 12.34%

REITS NAV Per Share

Yield / T-Rtn

9.00 N/A N/A

-20.11% N/A N/A

Bid Price

Offer Price

Yield / T-Rtn

10.16 115.86 87.81

10.26 118.29 89.44

-14.11% -18.90% -19.63%

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A

NAV Per Share

Yield / T-Rtn

107.13

17.03%

SPECIALIST FUNDS Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

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T H I S D AY t TUESDAY, DECEMBER 18, 2018

T H I S D AY t TUESDAY, DECEMBER 18, 2018

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TUESDAY DECEMBER 18, 2018 ˾ T H I S D AY

NEWSEXTRA

N’Assembly Leadership Directs Police, DSS to Secure Complex for Plenary Today Deji Elumoye and Shola OyeyipoinAbuja As the workers of the National Assembly under the aegis of the Parliamentary Staff Association of Nigeria (PASAN) yesterday shut down the assembly complex, the

leadership of the two legislative chambers has directed the Police and the Department of State Services (DSS) to ensure adequate security within the vicinity of the complex from today to enable members and staff come in and perform their legitimate duties without any

Customs Revenue Hits N1.1tn in 11 Months, Gets Presidential Order to Distribute Seized Goods to Orphanages Eromosele Abiodun The Nigeria Customs Service (NCS) yesterday in Lagos announced that it generated revenue of N1.1trillion in the last 11 months in 2018. The NCS also said it seized goods with duty paid value of N40billion between the months of January and November this year. National Public Relations of the NCS, Mr Joseph Attah, announced this during a briefing to announce the record-breaking revenue. Attah said with the revenue figure, the NCS has not only broken the figure for last year which was N1.037trillion but surpassed it. He described the figures as a clear testimony that the reforms embarked upon by

the Comptroller-General of the NCS, Col Hammed Ali (rtd), was impacting positively on productivity. According to him, “Today, I am happy to announce that the Service has already broken 2017 record with N1.1 trillion revenue. This is no doubt a clear testimony of the fact that the ongoing reforms of the service are impacting positively on productivity. “Rice and other perishable items are being given to the victims of the unfortunate insurgency in the Northeast. So far, a total of 424,391 (50kg) bags of rice worth N4, 047,615,000.00 and other seized perishables have been distributed to Internally Displaced Persons (IDPs) in Borno, Yobe, Adamawa and Edo States.”

hindrance. The workers who are demanding mainly the payment of arrears of 28 per cent increase in their salaries from 2010, stormed the National Assembly in the early hours of yesterday blocking all entrances into the complex, preventing lawmakers, their aides and visitors from accessing it. The workers also cut off essential services like power and water supply, effectively crippling any form of activity within the premises. In response, the leadership of the two legislative chambers has directed the Police and the DSS to ensure adequate security within the vicinity of the complex from today

to enable members and staff come in and perform their legitimate duties without any hindrance According to a statement issued last night by the Clerk of the National Assembly, Sanni Omolori, the directive was passed after a meeting of the joint leadership of the two chambers with the management and representatives of the security agencies. The meeting was called by the political leadership to listen to the management led by the Clerk of the National Assembly (CNA) on efforts made so far to address the grievances of the striking staff. “The leadership of the National Assembly called the meeting

because they know that almost all the issues raised by the striking workers were being addressed by the management. And after listening to the CNA, it was unanimously agreed that the management had made sufficient plans and efforts to address all the grievances of the workers and ensure their happiness. “We were sure that the issues raised by the workers have been well attended to and that it is necessary for the business of the National Assembly to continue without any disturbance. Both chambers must hold their normal plenary tomorrow morning to prepare the ground for the visit

of President Muhammadu Buhari on Wednesday, December 19, 2018 to present the budget proposal to the joint sitting of the Senate and the House of Representatives. “We have therefore mandated the security agencies to perform their duty of maintaining law and order in the National Assembly Complex and its surrounding. They must enforce the laws which allow the striking workers to down tools if they choose to and also the ones which restrain them from disturbing those who choose to work or stop parliamentarians from entering the chambers or their offices to do the work for which they were elected.”

Amid Poor Local Supply,TCN Moves to Boost Electricity Export Chineme Okafor in Abuja The Transmission Company of Nigeria (TCN) has indicated readiness to raise the export of electricity to countries across the West African region. TCN stated that the excess power being generated, which the 11 existing electricity distribution companies (Discos) cannot take to domestic customers would be sold to international customers in the West Africa sub- region. It also said that at the moment,

the hydro and gas power plants generated the cheapest conventional power among others in the region, explaining that this has given it a comparative business advantage over other generation companies in the regional power trade. Speaking at a meeting of the joint technical working group of the West African Power Pool (WAPP), in Abuja, the TCN Managing Director, Mr. Usman Mohammed, who doubles as the chairman of the WAPP executive board, explained that Nigeria was

about to benefit from a couple of high-capacity electricity transmission lines that would connect it with the rest of West Africa. Mohammed stated that apart from selling power to other countries of West Africa and earning foreign exchange, the expected expansion and synchronisation of the region’s electricity lines could help expand Nigeria’s generation capacity. The meeting of the WAPP executives, he said, was to advance the grid synchronisation programme.

According to him, “we are doing a meeting for the synchronisation of the interconnections between the various countries. We have three islands – the island that involves Nigeria, Niger and Benin; island that involves Cote d’Ivoire, and Ghana; as well as the island that involves Senegal, Mali, Guinea Bissau and the rest. The intention is to synchronise them because WAPP wants to ensure that energy flows from Nigeria to Senegal and back.

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TUESDAY DECEMBER 18, 2018 ˾ T H I S D AY

NEWSEXTRA

Lagos Launches Nigeria’s Biggest Health Insurance Scheme Today Martins Ifijeh In line with the global drive for Universal Health Coverage, the Lagos State Government will today launch Nigeria’s biggest mandatory health insurance scheme that would see all residents access basic healthcare from a contributory pool of funds. This is even as the state is targeting an enrolment of at least 2.5 million residents in 2019 with a projection to

reduce health issues by 10 per cent. Stating this on Arise TV Morning Showyesterday,thestateCommissioner for Health, Dr. Jide Idris, said a huge chunk of the scheme is directed at the poor as it will enable them have access to healthcare without paying from their pockets. He said: “That is why the law establishing it says a minimum of one per cent of the consolidated revenue fund of the state will go into a pool

which is an equity fund basically to address people who cannot afford to pay. That is to guarantee a financial protection for them. The contribution of the poor will be paid from that equity fund. ”Our law says every resident of the state must contribute. Acivil servant or a market woman, everyone is meant to contribute to the scheme because this is the only way to go if we must improve our healthcare indices.”

SNEPCo’s Bonga Hits 800m Barrels Crude Oil Production Mark In 13 years of deep-water exploration, the Bonga vessel of the Shell Nigeria Exploration and Production Company (SNEPCo) has produced over 800 million barrels of crude oil, confirming the company as a pacesetter in offshore oil and gas production in the Gulf of Guinea. In its review of the performance

of the Bonga Floating Production, Storage, and Offloading (FPSO) vessel for 2018, SNEPCo’s Managing Director, Bayo Ojulari, expressed satisfaction with the consistent availability and optimal performance of the vessel which began operation at the Bonga field in OML 118 in 2005 under a production sharing

contract with the Nigeria National Petroleum Corporation (NNPC). “We are relentless in our pursuit of excellence on all fronts, and this we have consistently demonstrated with the management of Bonga to the satisfaction of our government and co-venture partners,” Ojulari said in Lagos yesterday.

Lactose-freeValio Powdered Milk Best for Healthy Living, Says NHF Executive Director of Nigeria Heart Foundation, and Honourary Consul of Finland to Nigeria, Dr. Kingsley Akinroye, has encouraged Nigerians to ensure they take good nutrition to prevent heart-related diseases. Speaking at the unveiling of lactose-free Valio Milk product range in Lagos, Akinroye advised

Nigerians to consume Valio milk “as good nutrition can help to conquer any heart-related diseases,” noting that “Finnish people have a life expectancy of 70 years due to good nutrition.” He explained that the Nigerian Heart Foundation embarked on “food label campaign” to check the excesses of manufacturers

of food consumed in Nigeria to ensure such food items are not injurious to our hearts. He said that “Finland is very clean and produces good and healthy food products,” noting that lactose-free dairy such as Valio milk from that country would help to keep away heart-related diseases.

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T H I S D AY t TUESDAY, DECEMBER 18, 2018

͚΀˜ ͺ͸͚΀ Ëž T H I S D AY

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TUESDAYSPORTS

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

NFF Directs 3SC, Bendel Insurance, Six Others to Aba for Super 8 r Insists playoff must hold to produce four teams for promotion to NPFL Olawale Ajimotokan in Abuja The Emergency Committee of the Nigeria Football Federation, chaired by the President of NFF, Mr. Amaju Melvin Pinnick, rose from a meeting at the weekend to announce that it had directed the go-ahead of the Super 8 Tournament of the Nigeria National League (NNL) to produce four teams to be promoted to the Nigeria Professional Football League for the 2018/2019 Season. This is, as enshrined in the NNL 2018 Rule Book and in line with the propositions of the expanded meeting of chieftains of the NFF, the LMC, the NPFL Clubs, the NNL and NNL Clubs, that the NNL should stage its statutory Super 8 to produce the four teams for NPFL. The Emergency Committee said it took the decision after careful consideration of the

relevant rules and regulations, contemporary best practice and what is obtainable and defensible in the international sphere. Members commended the NFF President for the tremendous efforts he made to meet with the NNL leadership, the eight NNL clubs qualified to participate in the Super 8 as well as the proprietors of the clubs with a view to explaining to them the need to stage the tournament. “I am imploring the various club Owners and other investors, promoters and facilitators, as well as the administrators of the two Leagues, to see the current situation as a consequence of the special circumstances that we found ourselves and consider the best interest of Nigerian Football. “Nobody foresaw these special circumstances. Yet, it is only by obeying the rules and regulations, and being guided

by global best practice, that we can move forward. Nigerian Football is operating within the international football community, and not an oasis in any desert. The NFF Emergency Committee endorses the resolution of the expanded meeting that the best eight teams in the NNL should contest the Super 8 Tournament, from which the best four teams will be promoted to the Nigeria Professional Football League for

the 2018/2019 Season.� Pinnick further stated that the decision to endorse the NPFL proposal of 30th August 2018 to end the League at Week 24, should be seen for what it is – a measure to deal with an exceptional circumstance to meet up with the deadline for submission of Nigeria’s flagbearer in the CAF Champions League, and the need to redraft the league calendar from August – May as directed by the

Confederation of African Football. “We are calling on stakeholders to see these decisions as the only way of getting out of the special circumstances and forge ahead.� It would be recalled that the meeting of the NFF Executive Committee, held in Asaba, Delta State on 20th November 2018, had mandated the NFF President to take a decision on the matter having considered the propositions/decisions of an expanded meeting of NFF chieftains and LMC leadership, after a meeting of Administrators

and Club Owners of the NNL. However, in his quest for wider consultation, Pinnick referred the matter to the NFF Emergency Committee for deliberation. The Emergency Committee thus directed that teams contesting the Super 8 Tournament, scheduled for Aba, should arrive the Abia State capital on Wednesday, 19th December, and the tournament must be concluded by Sunday, 23rd December for the Nigeria National League to present teams to the Nigeria Professional Football League for the new season.

CHAMPIONS LEAGUE LAST 16

Bayern to Tackle Liverpool as Man Utd Awaits PSG Liverpool will take on fellow five-time winners Bayern Munich in the last 16 of the Champions League, while Jose Mourinho’s struggling Manchester United face French giants Paris Saint-Germain. Holders Real Madrid were paired with Ajax in Monday’s draw in Nyon as the Spaniards attempt to lift the trophy for the fifth time in six seasons, while Lionel Messi and Barcelona will play Lyon. Both Liverpool and Bayern have a rich tradition in the competition, with Jurgen Klopp returning to his homeland to face the side that beat his Borussia Dortmund team in the 2013 final. Liverpool, defeated finalists last season, are the current form side of the two and sit top of the Premier League while Bayern have been far short of their own high standards in the Bundesliga this term. “That’s the team of the hour, the league leaders in England, they are playing really good football, very physical, really stepping it up. We are looking forward to it,� Bayern sporting director Hasan Salihamidzic said of the tie with Liverpool. “A tough cookie, but that’s something to look forward to as a player.� Klopp said: “It will be a tough one, an interesting one, and I am looking forward to it.� Pep Guardiola’s Manchester City take on German side Schalke 04 while Atletico Madrid, runnersup in 2014 and 2016, come up against Cristiano Ronaldo and Italian heavyweights Juventus. “A very difficult match, with THE DRAW Schalke Vs Man City Atletico Vs v Juventus Man Utd Vs PSG Tottenham Vs Dortmund Lyon Vs Barcelona AS Roma v Porto Ajax v Real Madrid Liverpool v Bayern

few goals,� Juve vice-president Pavel Nedved predicted. “No doubt Cristiano is the man of the Champions League, he has always shown that, with goals and victories. Our team is very strong and we can be calm and confident.� Bundesliga leaders Dortmund will meet Tottenham Hotspur for the second season in a row, having faced each other in last year’s group stage, while Roma meet two-time former champions Porto. “We’ve already met them (Tottenham) twice. A strong opponent, the chances are at 50-50. The team has top players. We are also strong, it will be interesting,� Dortmund CEO Hans-Joachim Watzke told Sky. United, at a low ebb after Sunday’s 3-1 defeat to Liverpool, meet PSG for the first time and a formidable task awaits against a side featuring Neymar and Kylian Mbappe – the world’s two most expensive players. “It’s always difficult to play Manchester United,� said PSG boss Thomas Tuchel. “They have lots of experience in this competition, they’ve won it numerous times. It’s always difficult to play at Old Trafford, it’s always a big challenge. “It’s the same thing against Mourinho. He has lots of experience in this competition and you must have respect,� he added. Manchester City’s director of football Txiki Begiristain warned the English champions will not have it easy against a Schalke outfit languishing in 13th place in Germany following a nightmare start. “Teams that have been struggling in their leagues have still they’ve done very well in the Champions League,� said Begiristain. “Schalke will be difficult. After a winter break, German clubs are always very dangerous.�

Edo State Governor, Godwin Obaseki (centre front), leading the state’s contingent in the closing ceremony of the 19th National Sports Festival that ended in Abuja last Sunday. On Obaseki’s right is the Deputy Governor, Phillip Shaibu while on the left is Chairman of Edo Sports Commission, Godwin Dudu Orumen

Edo 2020: We ‘’ll Deliver Best Games Ever, Says Obaseki Edo State Governor, Godwin Obaseki, has assured Nigerians that his administration will host the best National Sports Festival since the inception of the games in 1973. The Governor made the promise at the National Stadium in Abuja on Sunday night moments after Edo State was handed hosting rights to the 2020 edition of the festival. Edo State finished in third place behind Rivers State and winners, Delta State at the just concluded 2018 edition of the festival hosted by Abuja, the

Federal Capital Territory. An elated Obaseki thanked the Federal Government for reposing confidence in Edo State by handing it hosting rights to the 2020 games. The Governor who embarked on an excursion into world history by drawing comparisons between the determination of his state to do everything possible to deliver a qualitative games, and the valiant British pilots whose sustained bombing of German soldiers and facilities during the Second World War, helped tilt the war in the Allies

favour, said: “Ladies and Gentlemen, taking cue from the great British statesman, I and the people of Edo State assure you that the confidence reposed in us would be justified. There will not come a time anyone will have cause to regret this momentous decision you have taken to hand us this hosting right. “Like the valiant British fighter pilots of World War II we will take every step necessary, make every sacrifice needed, and climb every height necessary to deliver the best Games in the annals of

the Sports Festival�. Acknowledging that there would be challenges in hosting the games, the Edo State Governor said: “There will be challenges on the way, no doubt but we are Edo people. We have the men who can do the job and the facilities that will facilitate performance. “Whatever challenges there are, we will overcome because Edo people tread where even lions do not. Like our warriors of old, we will slay every foe and surmount every obstacle to succeed�.

...Okowa Congratulates Champions Team Delta Delta State Governor, Senator Ifeanyi Okowa has congratulated the victorious Team Delta in the just concluded 19th National Sports Festival Abuja 2018. Okowa who personally attended the closing ceremony of the games at the National Stadium Abuja on Sunday was elated that Team Delta set more games record on their way to successfully defending the National Sports Festival trophy won at the Eko 2012 games in Lagos with a total medal haul of 352, comprising of 163 gold

medals, 88 silver medals and 101 bronze medals. In a statement by his Chief Press Secretary, Charles Aniagwu yesterday in Asaba, the Governor thanked the Delta State Sports Commission, all team members, coaching crew and supporters for their hardwork and dedication which culminated in the victory of Team Delta. While congratulating the Federal Ministry of Sports for organising the festival, Governor Okowa stated, “there is no doubt

that sports development is very important in our nation,; with all the energy in our youths, they need to be guided in the right direction; for us as a state government, we believe that the youths must be engaged continually in sports activities.� adding “Sports is a unifying factor for us particularly in Delta State that is multi-ethnic; it also helps the youths to be disciplined,� he stated. The Governor urged parents and stakeholders to encourage their children and wards to engage in

sporting activities “we must also, begin to encourage our children to engage in sporting activities because of the economic factor involved; if we are able to get the young ones not just to win laurels for our nation Nigeria but, help themselves and others who are close to them; it is important to put a lot of money into sports development because of the benefits and am glad we encouraged the athletes to win more laurels with various cash gifts we promised them.

Okpekpe Race Organiser Hails Dalung on NSF Okpekpe international 10km road race promoter,Mike Itemuagbor, has congratulated the Minister of Sports, Solomon Dalung on the organisation of the 19th National Sports Festival which came to a spectacular end on Sunday. Itemuagbor said the

Minister displayed uncommon courage to go ahead with the organisation of the event that suffered several postponemets between 2014 and the most part of 2018. ‘’Congratulations for staging the 19th National Sports Festival after several postponements..

I commend your courage and wisdom in reviving the only event that brings all Nigerians together.God bless you,� Itemuagbor said in a statement made available to journalists in Lagos yesterday. The Okpekpe race organiser is not unaware that events are

becoming larger and somewhat more costly in terms of resources required to host them but the inherent advantages in terms of the development of athletes and the unity it engenders must have informed Dalung’s decision to brave all the financial odds.

Tuesday December 18, 2018

TR

UT H

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Price: N250

MISSILE CSOs to Buratai

“Several billions of naira allocated to the military to defend the country and protect its people have neither contributed to improving the ability of Nigerian soldiers to fight Boko Haram and other armed groups nor provided the muchneeded security, especially for Nigerians in the North-East of the country” –Three civil society organsations, SERAP; Enough is Enough and BudgIT, asking the Chief of Army Staff, Lt Gen Tukur Buratai, to explain spending on different military operations between 2015 and 2017.

TUESDAY WITH REUBENABATI Buhari: You Don’t Need More Time Sir! O abati1990@gmail.com

n the occasion of his 76thbirthday, on Monday, President Muhammadu Buhari who is running for a second term in office, was quoted as having said that he needs more time in office. More time in office means: “vote for me for another term of four years.” “Allow me to serve you as your President for four more years.” I congratulate President Muhammadu Buhari on the occasion of his 76thbirthday. I know him fairly well. I can write a long epistle about him. I can also write on what I know about him and how his path and mine have crossed, but that is one of the many stories in my head that will be told someday. The time for that will come. This piece is meant to congratulate him and advise him. At 76, President Buhari can definitely look back at his life with joy, a measure of contentment and a full quantum of gratitude to God. In the course of his life-time, he has been gifted by Almighty God with very important values: relevance – he is definitely a relevant player in Nigerian politics in every aspect in which he has been a participant; recognition- he is without doubt well recognized for the roles that he has been privileged to play in Nigerian politics; and influence- he is, we need not debate this, a man of influence; in 2015, the Nigerian voting population insisted that they wanted Buhari, even those who had no say in the matter said it would be either Buhari or nobody else. To these three, God, in His Infinite mercies has added the grace of longevity. At his age, Buhari remains one of the very few members of his generation who can still make comments about “the other room”- a matrimonial department where many men of his children’s generation are complete failures and neophytes, but in that department, he remains present, and should we say active? with a young, beautiful wife, who is perpetually “possessing her possession” through comments, body language and gestures. I think Aisha Buhari loves you, Mr. President, in spite of her “yanga.” Nonetheless, I don’t want to imagine what 76-year-olds do on their birthdays with their much younger wives, but I hope Sai Baba, you had a good treat on your 76thbirthday. You deserve it. Most women would be glad to have a husband like you; every child would be happy to have a father so blessed. I join others sir, in congratulating you. And I wish you many more years of relevance, recognition and influence. But, sir, I disagree with your proposition that you should be given more time as President of Nigeria. My bias may be well known in this matter. But I assure you that this is not a partisan comment. Indeed, many years back, precisely in 2011, President Goodluck Jonathan had proposed that a four-year term was not good enough for Presidents and Governors. He wanted a five-year or six-year term for Presidents and Governors. Our argument then based on knowledge and observation was that a President or Governor would ordinarily spend the first year trying to understand the territory, another year to settle down, and given the stringent conditions in Nigeria’s procurement laws, it would take another year to get government going and by the time that happens, the election cycle would have kicked in. We argued further that the obsession with second term was inimical to Nigeria’s democratic process. Every Nigerian office seeker at the Presidential and Gubernatorial levels would ordinarily want a second term for ego, ethnic, political and opportunistic reasons. President Jonathan argued

Buhari that to cure this mischief, it would be better to have a single term to accommodate both the settling down and performance phases. In other words, a President or a Governor who has been given a five or six-year tenure knows that within that period, he or she can either perform or self-destruct and then move on. We thought of this further as a way of giving people an opportunity to perform within a time frame. We believed that a single service phase would not encourage the kind of laggardness that we have seen in the last close to four years. The biggest opposition to that proposal came, of course, from the All Progressives Congress (APC) and its hypertensive spokespersons. They said President Jonathan wanted a second term through the back door and that the proposed constitutional amendment was in his interest. One of the main paragraphs in Law 101 is that no law can have retroactive effect. Even the most talented idiot in the APC must have known this. However, the APC propagandists were so ambitious and disoriented at the time they simply took leave of reason. Curiously, the same loudmouths of that season have become cautiously quiet at this time. Should they talk? What we proposed having failed, simply means a sitting President who is unable to take full advantage of what he has under the law should be asked to go home in peace…. They brought President Buhari to power with their lies and propaganda. They produced a President on the weight of mere spittle. They couldn’t produce a cabinet for six months. They have now turned around to blame Jonathan, even for that. They couldn’t formulate a blueprint until almost two years later! The Ministers in this government are the worst ever seen since 1999. In a country of supremely talented people, at home and in diaspora, that is a scandal. It should be no surprise therefore that nothing earth-shaking has happened under the watch of the APC. We must say this because in 2015, Nigerians blamed President Jonathan. Some leaders of thought argued that anybody but Jonathan should be President. Today, these same leaders are full of regrets. They have confessed with their own mouths that they have failed as leaders of the Nigerian people. They promised the people change. They gave them backwardness. They promised a new dawn. They took the country backward. Nearly all of them who backed the Buhari project in 2015, have eaten their words. Nigerians must

at some point ask for their formal apologies. All these characters who claim that they know Nigeria better than the rest of us must not be allowed to get away with their perfidy. They must be made to recant openly and renounce their know-it-all-pretensions that brought us here. There are too many persons out there who are messing up this country, protected by nothing other than a sense of entitlement. They are the real enemies of Nigeria. Because they all dropped the ball, the country is now in dire straits. When you ask the average Nigerian: are you better today than you were in 2015? The answer, we can confirm, is in the negative. The mood in the land is sullen. Investors fled long ago. Poverty rules the land. Economic growth moved through recession to deflation and stagnation. We have never had it so bad since the return to civilian rule in 1999. What sucks is the arrogance of those who claim they think for the present government. Mrs Buhari tells us, and we should not doubt her, that only two unnamed persons think for the Buhari government. That is terrible. That is scary, and more so, because Madam should know. Even if Madam is playing what we all now refer to as “the other room politics,” we can see that the President is failing even in his own area of ascribed strength: national security. Boko Haram has gotten worse! Public communication is a disaster. How on earth can only two persons think for Nigeria? Okay, may be three. And where is the National Assembly if this be the case? And the judiciary and the whole apparatus of government? No wonder some lawmakers are asking for a parliamentary system of government and other Nigerians are insisting that the entire country is in urgent need of restructuring. Little wonder, if I may add, that virtually everyone today wants to be President of Nigeria. Most of the people running for President in the lead up to the 2019 general elections in Nigeria know that they they can’t be President, but they are in the race, I assume, as a form of comment on what seems to be the devaluation of that office by the APC. President Buhari should not ask for more time. The issue is not his age. There are older Presidents elsewhere, whose attentiveness cannot be questioned. Mahathir Muhammed of Malaysia is 93. Nobody has ever underrated him. His credentials as a patriot and thought-leader are unquestionable. The issue is not about Buhari’s health either. What bother us is the

cluelessness of this administration. The Jonathan administration was accused of cluelessness, but the Buhari administration has shown very clearly that it is the ultimate definition of that affliction. Everything has gone South since they took over! But I give President Buhari one credit. He has raised public consciousness about the urgency of the need to curb the menace of corruption. His officials may have focused more on members of the opposition in a vindictive and malicious manner, and they may have overlooked the failings of members of the ruling party, but we have seen the administration insisting that corruption is an evil that must not be allowed to destroy Nigeria. What we have more or less, is a single-message government, however, whose efforts in that department may seem contradictory, even if its utterly mismanaged original purpose, is compelling. I do not doubt the fact that President Buhari means well; he wants a better Nigeria definitely, but the problem is that he sees Nigeria from a blinkered, binary prism of “my people and their people”. That is where the problem lies. His problem is not necessarily ethnicism, as phrased, but a revenge mentality that is fed by fear and insecurity. Many Nigerians say he is an ethnic or religious gladiator - may be. When they deconstruct this further, they may well see other strands in the onion of his politics - class, self-interest, insecurity, game theory. He doesn’t need more time as President, partly for this reason, for these are the same things that hold Nigeria down. He also has nothing new to offer He has established a strong message: integrity and accountability in governance with all the contradictions of the effort. We have seen. We have heard. Nigeria has learnt some useful lessons. Buhari’s place in Nigerian history is irreplaceable. He has been a war hero. He has served twice as Head of State. He has been a candle-light for his part of the country. He has been a major player in our history and lives. Those who want him back as President are using him to serve their own interests. I don’t see anything new on the table: an analogue President in a digital age? Nigeria deserves the change the people insist they have been yearning for. President Buhari must be happy that in spite of all odds, he has held Nigeria together thus far under his watch. He deserves a happy 76thbirthday and a happy retirement in 2019. “Correct me if I am right… “

What Manner of Christmas?

I

t is Christmas and the town is this dull? In my neck of the woods, the only song I hear is the lamentation for help; people wanting to have to have a merry Christmas but they tell you the country is bad, things are hard; there is no money in circulation. They expect you to perform miracles, after all the man whose birth is to be celebrated performed miracles in his lifetime, miracles that brought Salvation to Mankind. The simplest miracle people ask for is as small as N1, 000 or less! The other miracle of today’s Christendom is in the form of tithes, Naira, Euro, Dollar and the kind. This monetization, this gift-ization, this commercialization of Christmas is not new. The profit side of what is meant to be a spiritual occasion has simply overtaken everything else. We related to the God of old in terms of prayers and blessings. And we believed. Today, people relate to God in terms of cash.

Father Christmas is now Santa Naira, he collects tithes and gate fees! In those days, we looked forward to Christmas as the season of new clothes and shoes, the season of chicken and turkey. It was the season of Christmas song and dance and joy and the cantata. How many parents will allow their children go out these days as Christmas approaches? We are in the age of kidnappers. How many are singing and dancing? How many can afford to buy new clothes or sing new songs? In Southern Kaduna for example? Or those other places in Nigeria where many Christians were slaughtered in the course of the year? Barkin Ladi? Christmas brings a message of hope and redemption. But where is hope? Where is redemption? Where is redemptive leadership? Such a dull Christmas season. Why are our people so sad? Do they even know it is Christmas?

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