Obasanjo, Atiku, Saraki Perfect Plan to Unseat President Zakari: PDP reports Buhari to Abdulsalami Committee, UN Shola Oyeyipo and Adedayo Akinwale in Abuja As the presidential election inches closer, former President Olusegun Obasanjo; former Vice President and Peoples
Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, and Senate President, Dr. Bukola Saraki, yesterday held a crucial meeting in Lagos to perfect strategies for the election.
The meeting came on the heels of the call by the PDP Presidential Campaign Organisation on the General Abdulsalami Abubakar (rtd)led National Peace Committee, the United Nations and all
world leaders to call President Muhammadu Buhari to order, insisting that there is no way free and fair elections could be guaranteed when his niece, Mrs. Amina Zakari, is heading the collation of presidential
election results. The over three-hour meeting, which held behind closed-door at the Lekki Phase I Estate residence of renowned South-west leader and Afenifere chieftain, Chief
Ayo Adebanjo, had prominent politicians in attendance. A source at the meeting told THISDAY, “It was a strategy meeting towards 2019 and how Continued on page 11
BUA, CBMI Sign Agreement on New 3MTPA Kalambaina Cement Plant … Page 49 Monday 7 January, 2019 Vol 23. No 8664. Price: N250
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Investors Count Gains in Spite of Volatile Stock Market Goddy Egene
THE DEBATE BEGINS... L-R: Editor, THISDAY Newspapers, Mr. Bolaji Adebiyi; Chairman, Editorial Board, Mr. Segun Adeniyi; State House Correspondent, Mr. Omololu Ogunmade; Managing Director, Mr. Eniola Bello; President Muhammadu Buhari; Chairman, THISDAY and Arise News TV, Prince Nduka Obaigbena; Managing Director, Arise News TV, Ms. Ijeoma Nwogwugwu; and Deputy Managing Director, THISDAY, Mr. Kayode Komolafe, after THISDAY Board of Editors’ interview with the president in Abuja... yesterday godwin omoigui
Despite a decline of 17.8 per cent recorded by the Nigerian stock market in 2018, some investors in the market still recorded gains, THISDAY’s investigation has revealed. Apart from the Nigerian Stock Exchange (NSE) AllShare Index (ASI) that fell by 17.8 per cent, all other indices also depreciated with many underperforming the NSE ASI. But THISDAY gathered that amidst the rampaging bears, some stocks still delivered significant positive returns to investors last year. For instance, Cement Company of Northern Nigeria (CCNN) Plc, which is a member of BUA Group, Continued on page 49
Buhari: I Stand with the Masses, Knowing They Will See Me Through Promises to take action on IG Idris
Omololu Ogunmade in Abuja
President Muhammadu Buhari last night said he would continue to stand with the country’s masses because they constitute the bulk of his supporters and
proceeded to descend heavily on the elite for what he called their complicity in the events that led to the sorry state of the country. Buhari who made this declaration during an exclusive interview with THISDAY's
Board of Editors in the State House, Abuja was very critical of the Nigerian elite, resulting in the question on whether his hard stance against the elite was because majority of his supporters are drawn from the masses.
The president was very swift in answering the question in the affirmative, saying the editor who asked the question had already answered it by noting that indeed, it was the masses who helped him to ascend to the seat of power
and remained his unalloyed supporters. "Exactly. You have answered the question," Buhari said. He questioned the role the elite played when the Peoples Democratic Party (PDP) was in power, saying
despite the oil price boom at the time, the party rather than improve infrastructure looted the national treasury without any whimper from the elite. He said, "I told you my
New Militant Group Bombs Oil Facility in Bayelsa… Page 11
Continued on page 11
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MONDAY, ÍżËœ ͺ͸͚Π˞ T H I S D AY
PAGE ELEVEN
New Militant Group Bombs Oil Facility in Bayelsa Says it’s a warning strike JTF denies militant attack Ejiofor Alike in Lagos and Emmanuel Addeh in Yenagoa Barely one year after the Niger Delta Avengers (NDA), the most dreaded militant group in the Niger Delta, declared ceasefire, another militant group yesterday said it carried out a “warning� strike on an oil facility owned by Consolidated Oil in Koluama, Southern Ijaw Local Government Area of Bayelsa State and threatened a production shut down. However, the spokesman of the Joint Task Force (JTF) deployed to protect oil facilities in the Niger Delta, Maj. Ibrahim Abdullahi, has described the report as the handiwork of mischief makers to misinform the public. Ango 5 and 6 oil fields owned by the Consolidated Oil were said to have been blown up by a group of militants called Koluama
Seven Brothers. The group in a statement signed by its President, General Angel Michael, said the attack on the oil facility was because of some unresolved issues bordering on the implementation of the Memorandum of Understanding (MoU) on scholarship and job creation for the people of the area. It said the attack was a warning, adding that if it failed to address the issues being raised by the people of the area, it would carry out further attacks to shut down the operations of the oil firm. “Our early hours’ strike of 12:20a.m January 4, 2019, at Angle 2 field of Conoil is just a warning to Conoil. If Conoil fails to address the issues behind the MoU, scholarships, job creation for the peace-loving people of Koluama clan, then we have no other option than to lunch
a strike to shut down Conoil.� A youth leader in Koluama community, Mr. Henry Omietimi, who said he was briefed of the incident by a member of a local security attached to the area, however, said he was yet to get the full details. He also said he was investigating to know whether it was really an attack on the oil field or an attack on the pipeline. The Media Officer of the Bayelsa command of the Nigerian Security and Civil Defence Corps (NSCDC) Mr J. N. Harcourt, confirmed the incident but said he was yet to get details. “I am yet to receive full details from the officer-incharge of Koluama due to bad network,� he said. The factional president of the Ijaw Youths Council, Mr Eric Omare, cautioned against early attribution of the attack
to a militant group to signal the resumption of hostilities in the Niger Delta region. He promised to investigate and issue a detailed statement. “I’m yet to get the details of the pipeline explosion hence it would be premature to assume that it was a militant attack. I will issue a detail statement.� NDA came into national limelight in February 2016 when it bombed the TransForcados pipeline, the first attack on a subsea pipeline in the country. A spill that occurred on February 14, 2016 on the subsea crude oil export pipeline, had forced Shell to declare force majeure on Forcados liftings a week later. Attempts to repair the 48inch pipeline were frustrated by further attacks by the militants. For instance, the pipeline resumed exports in October 2016 after it was repaired but
was shut down in November after the militants bombed the subsea facility for the second time. Many companies experienced zero production for almost one year before production was restored after the dreaded militant group declared ceasefire. Companies that were hit by the bombing of the subsea pipeline included Shell, Seplat, Shoreline Resources Limited, Neconde, First Hydrocarbon Nigeria (FHN) and NPDC. Others included marginal field producers such as Pillar Oil, Midwestern Oil and Gas, Platform Petroleum and Energia.
JTF Denies Militants’ Attack Meanwhile, the military has described the report of the militants' attack on the oil facility as a hoax.
Also, Mathew Sele-Epri, a community leader in Koluama 1 and Chairman, KEFFES Rural Development Board, said the report was false. Dismissing the incident as 'fake news', spokesman of the Joint Task Force (JTF) deployed to protect oil facilities in the Niger Delta, Maj. Ibrahim Abdullahi, said it was the handiwork of mischief makers to misinform the public. He said the security outfit had conducted checks to verify the claim of attack by a militant group and found no substance in it. “After exhaustive verifications, following enquiries from media practitioners, we found out that no such incident happened. "We enjoin the media to crosscheck their facts before rushing to the press to avoid publishing falsehoods like this,� Abdullahi said.
BUHARI: I STAND WITH THE MASSES, KNOWING THEY WILL SEE ME THROUGH grudge against the Nigerian elite. I challenge you to check the records from Europe, Asia, America, this country was getting 2.1 million barrels per day at over $100 per barrel. "It went to $143 per barrel but when we came, it collapsed and I told you that I went to the Central Bank and said, 'Oya, this is what is happening. Why?' I refused to remove him (CBN governor) because he has to give account of what had been happening.
“About 2.1 million bpd times 100 times 16 years, yet, there was no provision of infrastructure. The rail was killed. "But look at what we did from May 29, 2015 till now with what is available. I asked you where were the elite? “Educate the people and see their reaction‌Where were the elite when these people were taking this money? The Nigerian elite are supposed to know how much the country is earning, where it is. Why
did they accommodate the irresponsible expenditure of the 16 years of PDP?" On the Inspector-General of Police, Mr. Ibrahim Idris, who has remained in office despite that his tenure lapsed on January 3, the president assured THISDAY editors that he would act on the matter. “I will act,� he said on the editors’ persistence that he seems set to extend the police boss’ tenure like he did that of the service chiefs. The president explained
he needed to take his time in shuffling security chiefs, saying at times of security emergency care has to be taken in changing heads of security organisations. Told of the general public perception that he was keeping the police boss in office because he had been apparently partisan in favour of the president and his political friends, Buhari repeated sharply, “I will act.� In fact, he said, he had watched on the television a
man, who had given him the last warning on the retirement of the IG, prompting everyone to burst into laughter. The president said, "I saw it on the television. Somebody had given me last warning. I saw it. “I have accepted responsibility. I don't think I am afraid of him and I don't think l have organised a roadblock to say that I will lose some part of my revenues if I remove him. I will take action."
Buhari also said he accepted responsibility on his decision not to remove the service chiefs despite being overdue for retirement as well as their perceived record of abysmal failure, saying there was the need to exercise caution on the removal of security chief. However, he admitted that their performance so far had been disappointing and insecurity in the North-east might be a result of fatigue
the electoral process in crisis. The PDP spokesman said peaceful election cannot be guaranteed as long as the presidency continues to besiege, harass, intimidate, and unleash violence and provocative acts against opposition figures and persons perceived to be against Buhari’s self-succession bid, calling on the Chief Justice of Nigeria (CJN) to take note of the extrajudicial acts of the ruling party and the presidency. Ologbondiyan stressed, “Part of the plot is to charge such individuals before certain compromised judicial officers, in various states, who have been briefed to detain, silence and put such opposition figures and CSO members out of circulation until after elections are concluded.� He said that particular cases at hand are those of its Presidential Campaign Director on Civil Societies, Senator Dino Melaye, who is being hounded for his outspokenness against the misrule of the Buhari presidency, as well as a civil rights activist, Mr. Deji Adeyanju, who is widely believed to have been held down in prison because of his scathing criticisms against the violations of the rights of Nigerians by the presidency. The PDP said it was aware that the aim is to use the state apparatus of power to attempt to instil fear in Nigerians, stifle free speech, cow opposition and CSOs to silence so as to pave for Buhari’s self-succession. Ologbondiyan noted, “This is a clear attempt to return our nation to the nightmares of the 1984 when draconian leaders
forcibly subjugated innocent Nigerians under the grips of military Decree 2 and we urge the CJN to save our nation by insulating the judiciary from this ignoble scheme. “However, the PPCO wants the Buhari Presidency to note that it is preposterous for anybody, no matter how highly placed, to think that our great party, the PDP and our presidential candidate, Atiku Abubakar, who enjoys the support of overwhelming majority of Nigerians, can be subdued out of the political space in our country. “We therefore counsel President Buhari to tame his desperation for power. Our nation has had many presidents before President Buhari and there will be many more after him.� Similarly, the Accord Women and Youth Initiative has condemned and rejected the appointment of Zakari as the Chairperson, National Collation Centre for presidential election result, saying that she is not only related to Buhari by blood but also married to APC senatorial candidate for Bauchi South senatorial district. The women and youth group said its members aren’t against Zakari on the basis of her gender, but on the basis of her conduct. It added that besides, she is not only related to the president Buhari by blood but also married to APC senatorial candidate in Bauchi South. The Executive Director of the group, Ms. Esther Opaluwah, recalled that INEC Chairman, Prof. Mahmoud Yakubu, had consistently maintained that he was committed to conducting a
credible, free and fair election, saying the group expects nothing less than transparency and neutrality from INEC. According to her, “Mrs. Amina Zakari who is not only a blood relative of the incumbent, President Buhari but also married to the senatorial candidate of Bauchi south. Therefore by consanguinity and affinity, her hands are tied.� She said that the election is very important to them as Nigerians, hence, their refusal to fold their hands and watch a few individuals including Zakari to ruin the country’s democracy.
Continued on page 49
OBASANJO, ATIKU, SARAKI PERFECT PLAN TO UNSEAT PRESIDENT to give the country a fresh direction.� According to him, “The discussion is not about Southwest alone; it was a broadbased political arrangement that covers every part of Nigeria. It was a national thing. The basic concern is about how to give Nigeria a new lease of life by enthroning a leadership that will give the citizenry better lives.� Obasanjo has been the arrowhead among those opposed to the second term ambition of Buhari and has maintained a cordial relationship with some leaders across the country to actualise his determination. Apart from Obasanjo and Atiku, others present at the meeting were Chief Adebanjo, Saraki, Chief Olabode George, former Governor of Cross River State, Senator Liyel Imoke; National Publicity Secretary, Afenifere, Mr. Yinka Odumakin; and former university teacher and Yoruba leader, Prof. Banji Akintoye. The only person in Obasanjo entourage was former Governor of Osun State, Prince Olagunsoye Oyinlola. After similar meeting in Lagos on July 3, 2018, Akintoye had said Obasanjo’s visit was to look for ways to stop Buhari, insisting that if he does not go now on his own, the electorate would stop him this year.
Zakari: PDP Reports Buhari to Abdulsalami Committee, UN Meanwhile, the PDP Presidential Campaign Organisation has called on
the Abdulsalami-led National Peace Committee, the United Nations and all world leaders to call Buhari to order, saying that there is no way free and fair elections could be guaranteed when his niece, Mrs. Amina Zakari, is heading the collation of presidential election results. The PDP also warned that peaceful election cannot be guaranteed as long as the presidency continues to besiege, harass, intimidate and unleash violence and provocative acts of totalitarianism against opposition figures and persons perceived to be against Buhari’s self-succession bid. The main opposition party accused the presidency of overheating the polity with its ‘’unending manipulations’’ of the Independent National Electoral Commission (INEC), muzzling of free speech and escalated clampdown on opposition and civil society organisations, stressing that such must stop if the nation is to have peaceful elections this year. Addressing a press conference in Abuja yesterday, the Director of Media and Publicity, the PDP Presidential Campaign Council, Mr. Kola Ologbondiyan, noted that Buhari’s insistence on having his relation, a National Commissioner of INEC in charge of collation of presidential election results - as indicated in his press statement recently, is completely provocative. He described Buhari’s action as a direct affront to the sensibilities of Nigerians and expressed invitation to crisis of epic proportion, which
is capable of truncating the entire electoral process and derailing the nation’s hardearned democracy. “We want the whole world to know that Nigeria is in a perilous time. President Buhari’s desperation for self-succession has become the major threat to our national unity, stability and peaceful electoral process,� Ologbondiyan stated. He added, “We want the National Peace Committee and the entire world to know that as long as Amina Zakari is in INEC, a peaceful election is not guaranteed because she has the mandate to abuse the process and this will not be accepted by Nigerians. “The PPCO, therefore, calls on the National Peace Committee to immediately speak out on the impropriety of having Amina Zakari in INEC as well as insist on her removal so that we can have a credible and peaceful presidential election.� The PDP said it was aware of plots by the presidency to use Zakari, who has been mentioned as part of those involved in the rigging of 2018 governorship elections in Ekiti and Osun States, to plunge the 2019 general elections into controversies, truncate the flow of results and even render elections in some critical states inconclusive, to pave the way for allocation of fictitious votes to President Buhari and the APC. Ologbondiyan stressed that having realised that Nigerians are rallying behind its candidate, Atiku, as their next president, the presidency is seeking ways to enmesh
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T H I S D AY Ëž Ëœ ÍľËœ 2019
COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
2019 BUDGET: BURDEN WITHOUT BENEFIT
Victor Abel argues that the authorities should ensure that Nigerians benefit from their heavy financial burden
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ith the presentation of the proposed 2019 federal government budget by President Muhammadu Buhari on the 19th December, 2018 to the National Assembly for consideration and possible passage into law, various stakeholders in the country are on the lookout for what the budget holds for them. As much as we know that the budget is not just a document containing mere figures but rather a fiscal document that aids the implementation and realization of government plans and visions within a fiscal year, much importance is placed on it because it shows in real terms what the economy will look like in a particular fiscal year; how much will be generated within the year; how much will be spent within the year; which sector within the economy will the government be spending more; how much will be borrowed to finance any shortfall or overrun in the projected revenue and expenditure respectively. The president presented a total proposed budget of N8.827 trillion tagged the “Budget of Continuity.� Of this amount, N492 billion representing 5.58% of the overall vote is budgeted for statutory transfers, N2.264 trillion representing 25.65% is budgeted for debt service, N4.038 trillion representing 45.75% of the vote is budgeted for recurrent expenditure (nondebt) and N2.032 trillion representing 23.02% of the vote is budgeted for capital expenditure. The overall revenue projection for the year is N6.967 trillion which results to N1.86 trillion budget deficit to be financed by borrowing from domestic and foreign sources. The 2019 Budget of Continuity is 3.22% less than 2018 budget which stood at N9.120 trillion. Despite the reduction in the total 2019 proposed budget, the recurrent budget is higher than the 2018 recurrent budget by 15% while the capital budget is less than the 2018 capital budget by 29.29%. The 2019 proposed budget has an increased debt service of 2.73% compared to 2018 budget. From the above analysis, Nigeria will have to borrow more in order to finance the 2019 budget deficit of N1.86 trillion which will automatically increase the overall present Nigeria’s public debt stock. On 28 December, 2018 the Debt Management Office through a press release revealed that the Nigeria’s total public debt stock comprising the external and domestic debts of the federal government, the 36 states and the Federal Capital Territory (FCT) stood at USD73.213 billion or N22.429 trillion. The 2019 budget deficit which the government planned to finance by borrowing the total sum of N1.649 trillion will further add to the total debt stock of the country and increase provisions for debt service repayment and servicing in subsequent fiscal years. It is true that the budget deficit which is 1.33% of the GDP is within the threshold stipulated in the Fiscal Responsibility Act (FRA) 2007 but it is very important to state that debts are not paid back with GDP but with available revenue. The projected debt service is 26% of the overall 2019 vote and 32% of the projected oil and non-oil revenue. It is pertinent to state that Nigeria hardly meets up with her revenue projection for each year. Previous records have always shown a big shortfall in the realization of projected revenue. Now when there is a shortfall in revenue, salaries and overheads will be paid, debt will be serviced and paid while capital project implementation will always suffer as the case has been. What a heavy burden we bear as Nigerians resulting from the constant
THE INCREASE IN 2019 RECURRENT BUDGET IS MAINLY FOR THE PAYMENT OF PERSONNEL SALARIES AND WITHOUT MUCH RESULTANT CONTRIBUTION TO THE ECONOMY OF THE COUNTRY
borrowing for each year both from the state and federal government without corresponding benefit to attest to the huge debt. When you add up the top 12 MDAs Capital Expenditure Allocations in the 2019 Budget which are Ministry of Power, Works and Housing, Defence, Agriculture, Water Resources, Interior, Education, Transport, Industry, Trade and Investment, Niger Delta Affairs, Health and OSGF, it will amount to N1.23 trillion which is below N2.264 trillion budgeted for debt servicing. When you further expand the analysis, the overall capital budget provision of all MDAs in the 2019 budget is 23% of the overall 2019 budget while the debt service is 26% of the overall 2019 budget. That means we are spending more to service debts while we spend less on capital project that has direct impact on Nigerians. Borrowing is not actually a bad economic practice especially when it is exclusively for investment based on the provision of the Fiscal Responsibility Act 2007 but it becomes a wrong practice when a country borrows for consumption. The increase in 2019 recurrent budget is mainly for the payment of personnel salaries and without much resultant contribution to the economy of the country. The present ongoing strike of both Polytechnics and Universities in the country is a serious issue and when a country pays less attention to her educational sector then the country is bound to witness backward movement in the development of the right human resources that will advance the economy. Where is the bulk of the debt being incurred by the federal and state government going into when Nigerians cannot enjoy good roads, affordable and quality healthcare, affordable and quality education, good accommodation, constant power supply and improved standard of living. Isn’t it clear that our leaders are busy borrowing for consumption? Come to think of it, who will pay back this huge debt burden? Is it the future generation that our present leaders do not care for? Is it those students seating back at home? Is it those graduates without job? Is it the imbalanced tax system? When you even think of the plan put in place to finance the 2019 budget you will be shocked to know that the government may not have planned for the specific sources from which the projected borrowing to finance the deficit will come from. Normal practice demands that just as the executive present the 2019 budget, they will as well present the debt plan so that immediately the budget is passed, the debt plan will also be approved to kick start implementation of the 2019 budget from all sources. This is usually not done and it slows down the implementation of capital projects especially when there is substantial shortfall in the projected revenue. Come to think of it, must we always have a budget deficit? Can’t we plan based on the available resources and ensure that all leakages in revenue are blocked? Can’t the Federal Inland Revenue Service ensure that all Nigerians get into the tax net? Can’t the Fiscal Responsibility Commission ensure that all MDAs that are supposed to remit operating surplus do so in 2019? If we must borrow to finance budget deficit, then let all stakeholders involved do the needful and ensure that Nigerians benefit from this heavy burden of debt. Abel is a Public Sector Analyst (1)
THE PROPOSED NATIONAL MICROFINANCE BANK A national microfinance bank cannot cure the ills of microfinance banks, argues Tiko Okoye
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ccording to figures contained in the 2016 Financial Inclusion Survey Report released by Enhancing Financial Innovation and Access (EFInA), a financial sector development organisation that promotes financial inclusion in Nigeria, the proportion of financially excluded persons rose from 39.7% in 2012 to 41.6% in 2016. The same EFInA survey report indicated that between 2010 and 2012, the number of adult population with access to microfinance banks increased by 1.4million, followed by a major decline between 2012 and 2016 from 4.6million to 1.8million. Despite the fact that the apex bank has over the past decade rolled out policy instruments and programmes aimed at improving the performance and contributions of the sub-sector towards poverty alleviation and national economic development, the impact of microfinance banking activities as a contributor to the GDP has remained marginal despite their multiplicity of numbers. To further compound matters, currency circulating outside the formal banking system is on the increase – an area microfinance banks are supposed to be big players – along with its negative implications for monetary policy formulation and implementation. The foregoing may have prodded the CBN Governor, Godwin Emefiele, to rue that “those microfinance banks that we have today� are not doing what they are supposed to be doing. Still, you cannot just give a dog a bad name just to hang it or throw away the baby with the bath water because it is convenient to do so. Emefiele’s antidote to the shortcomings of the microfinance subsector is the establishment of a National Microfinance Bank jointly owned by it and the Bankers’ Committee. Let me proceed to state reasons why this is toxic medicine that will ultimately end in failure, because any wrong diagnosis will culminate
in wrong prescription and treatment. First, due cognizance has hardly been taken of the reality that the increase in the number of financially excluded persons is due to a milieu of factors such as the effects of the relatively long recession, job losses, business failures, etc. It would be foolhardy to point to microfinance banks as the cause. Second, it is an open secret that top management staff at the banking regulatory agencies lack understanding about what typical business models of sustainable microfinance. Studies done by Symbiotics - a leading global investment boutique specialized in emerging, sustainable and inclusive finance - indicate among other things that microfinance institutions are very labour intensive (Group Lending Methodology), with 15% operating expenses on the average – a figure 10 times higher than that of commercial banks! The cost of funds of a typical microfinance bank can exceed that of a typical commercial bank by as many as 15 times. When you have this kind of lethal combination – high operating costs and high cost of funds – the inevitable end-product is reflected in “usurious� rates. Although microfinance banks have a social mission to escalate access to financial services to the economically active poor – unlike commercial banks that tend to focus solely on profit maximization – microfinance is still not a charity but a business relationship with obligations. Microfinance operators must aim at full coverage of costs plus an ample return to shareholders in order to remain in business on a sustainable basis. Besides, foreign investor outflows have been on the rise (for reasons outside the purview of this essay), rising from N402billion in 2017 to N606billion at the end of November 2018 (a whopping increase of 51%!). This is bound to pile more pressures on our external reserves. And when you consider that this has been an election year marked by a tight monetary policy – as the apex bank seeks
to maintain a tight lid on inflation arising from runaway campaign spending - one can understand why the question of high and rising interest rates would continue to remain worrisome! The CBN Governor equally lamented that “microfinance banks have made it nigh impossible for many small and medium enterprises to access the federal government’s loans aimed at stimulating local production and boosting non-oil export.� But who is really to blame for this sorry state? It has been universally proven that about 70-80% of new businesses fail before they reach the age of five. Are microfinance banks set up to bear such colossal losses? Let’s next consider a key prudential guideline for the composition of a microfinance bank’s loan portfolio: the 80/20 rule. The apex bank requires each microfinance bank to lend 80% of its deposits in the form of microcredits and 20% to SMEs (the microcredit figure is a Minimum while the SME figure is a Maximum). The operating costs associated with building an 80/20 loan portfolio is far, far costlier than building a 20/80 loan portfolio because the clientele base is atomistic and the loan size is very small, unlike when the operator is principally dealing with few SMEs with fairly large loan applications. Since the CBN governor slammed the microfinance banks for charging “outrageous and exorbitant� interest rates on microloans, does it mean that its proposed national microfinance bank would heavily subsidize its clientele by charging below-market rates? This would not only amount to an inefficient deployment of scarce public funds, but it will also go against the grain of a basic CGAP Microfinance principle to the effect that subsidized credits and interest rate caps are very injurious to the economically active poor in the medium to long term. It might even encourage the SME borrower to place the borrowed fund at a much higher interest
in an investment vehicle without the higher risk embedded in actual production! While it is true that the CBN has established several intervention funds aimed at stimulating local production and boosting non-oil export, the fact is that the apex bank has largely left undone what it should have done to empower the subsector. For instance, the National Microfinance Policy provided for the establishment of a Microfinance Development Fund to provide the much needed liquidity to the subsector. Under the policy, the three tiers of government are mandated to donate one per cent of their budgets to the Fund. But it has remained a mirage since its launch in 2005 due to a lack of will on the part of the apex bank to enforce the directive. Compare this with a country like India where a law that requires commercial banks to allocate 10% of their deposits to microfinance banks for on-lending is very robustly monitored to guarantee compliance. Believing that the plethora of challenges facing the sub-sector is chiefly attributable to lack of sufficient capital to engage in intermediation activities – and given its inability to make the microfinance development fund a raving success – the apex bank recently gave existing various categories of microfinance banks a grace period of 18 months to significantly shore up their capital, while new applicants are to immediately comply with the new directives. In all this, the apex bank has not bothered to take cognizance of the relatively high cost of equity when compared to other sources of funding and why equity investors seek more financial leverage rather than less. Evenly more confusing is that the apex bank had hardly rolled out the new directive than it announced plans to establish its own national microfinance bank! What is to be made of such ill-advised impatience and policy flip-flopping? Okoye is an Abuja-based MicroďŹ nance Management Consultant
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T H I S D AY MONDAY, JANUARY 7, 2019
EDITORIAL ASUU: A Strike Without End It is time to call off the strike because of the damaging effect on education
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hile we share the frustration of the students who are at the receiving end of the protracted face-off between the federal government and the Academic Staff Union of Universities (ASUU), we fail to understand the meaning of the mass action being called by National Association of Nigerian Students (NANS) officials following their visit to President Muhammadu Buhari last week. With the NANS executive behaving more like political hirelings than students who should be concerned about the ongoing strike that has kept them at home since 4th November last year, it is little surprise that public universities in Nigeria have continued to go down the ladder of academic ranking, even among their peers in Africa. There is so much talk about the implications of ASUU strike on the coming general election but that is the least of our problem. Election cannot be more important than the future of our children. Unfortunately, the NANS officials who IT SHOULD BE CLEAR visited the president TO THE AUTHORITIES acted as though they THAT THERE IS NO were procured for WAY WE CAN DEVELOP a political objective. OUR COUNTRY UNTIL That perhaps explains WE REVITALISE why they would be promising the KEY SECTORS LIKE president 20 million EDUCATION votes at the poll rather than address the challenge of incessant closure of their campuses due to the perennial ASUU strikes. In case it is lost on these misguided students, it should be clear to the authorities that there is no way we can develop our country until we revitalise key sectors like education. As we have argued repeatedly, the hurried academic calendars which usually follow these all-too-frequent ASUU strikes allow for very little attention to serious studies while underfunding the education sector has had collateral damaging effects, such that our
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universities have now become grotesque carcasses of their former glorious selves. But dealing with the challenge requires more than seasonal strikes by the lecturers while the federal government also needs to understand the primacy of constant dialogue and keeping to agreements, especially given the current realities. Whatever the issues are, it is important for the federal government and ASUU to find common grounds because what these strikes have done is to damage whatever remains of the credibility of tertiary education in 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
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YOUR PVC AND FUTURE OF NIGERIA
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have been critically observing the politicking going on in Nigeria since 2015. I have seen a lot of switching of sides and heard a lot of name-calling. Nigerians, especially most of us who are not completely poor in the real sense of poverty, and not rich in the real sense of wealth, argue, fight and even kill because of few individuals who don’t even know our names talk less of having our contacts saved on their phones. We can rubbish anyone who goes against those we support and praise anyone, not minding their character, as far as they appeal to our sentiments. Well, since I don’t have the guts of Fela, to wax an album or two to tell us that we are all ‘’Suffering and Smiling’’ or call us ‘’Zombies’’, and I am not a fearless lawyer with the audacity of Gani Fawehinmi to take some untouchable people to court or defend the defenseless, nor a writer with the dexterity of Ken Saro Wiwa who will write to convincingly question the irritating status quo - then, let me use this medium to say that we the masses of this country are the victims of our own doing. For instance, out of tribalism, ethnicity, religion, social groups and titles, we are often quick to close our eyes to reality and embrace injustice and incompetence to the detriment of our today and our future. We hate the truth and we are always
eanwhile, it is also important for the authorities to do everything within their powers to end the current strike and find a lasting solution to a phenomenon that has virtually crippled tertiary education in our country. Much more important, the federal government must learn never to sign any agreement it has no capacity or willingness to implement. In giving conditions under which the lecturers will go back to work, ASUU president, Dr Abiodun Ogunyemi said the Memorandum of Action (MoA) signed in October 2017 “must be implemented fully before we can even talk of suspension of the strike.” It is unfortunate that the federal government and ASUU had for several years now been locked in running battles over the implementation of agreements reached. The consequences have been lengthy industrial strikes by the lecturers, with the attendant debilitating effects on educational development in particular and academic pursuits in general. Therefore, going forward requires other critical stakeholders in the education sector joining in the efforts to find a lasting solution to what has become a perplexing national challenge. But in doing this, the federal government must take the initiative so that we can collectively come up with ways to reposition tertiary education in our country. We understand that the focus of the government, at all levels, is now on the coming general election. But the current crisis in the education sector puts the future of our children in jeopardy. The authorities must therefore find a way to resolve the ongoing crisis so that ASUU can call off the strike.
passionately working against it to butter our ego or to satisfy our sentiments. At the end of the day, we all meet at the table of lamentation or regret counting our losses. We prefer to take the court to the street instead of taking the street to court and then we are left with the chaos in the Northeast, the blood stains in Jos, the tears in Benue, the sorrow in the creeks of the Niger Delta, and the bottled up anger in the hearts of people in all the parts of the country. In our ignorance, we have made the unworthy more worthy than necessary. In our carelessness, we have given dogs and pigs charge of our altars. In our littleness, we are being milked by the professional beneficiaries of the chaos we unconsciously or consciously create. We blame God, we blame every other person or thing but not ourselves when our sentimental and emotional decisions backfire. My countrymen, how long are we going to continue like this? The drawing board is gradually running out of space. We can’t keep doing the same thing over and over again expecting a different result. For how long are we going to allow our sentiments to make us overlook a possibility of a breath of fresh air and keep chasing the same old crowds that are always too busy engineering their social and political survival? Victor Ernest, ernestv93@gmail.com
EDE COCOA FACTORY AND JOB CREATION
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ormer Governor Rauf Aregbesola reminded me that if we don’t process cocoa but continue to export it raw to other countries, we would only have succeeded in handing over the processing of our own products to other countries; and they are going to be making more money than us. This invariably means that we are exporting jobs to other countries that will be employing their own people and making more money than us from the raw products we sold to them. Currently, Nigeria has about 200 metric tonnes of processing capacity for cocoa lying idle because our total production for now is between 20 and 30 metric tonnes. Ede Cocoa factory is now processing all Osun cocoa production estimated at over 70,000 tonnes. Ede cocoa plant now produces chocolate and cocoa drinks and creating numerous jobs in Osun State. Ede Cocoa Processing Plant has no debt burden and it is now producing Nigeria’s cocoa cake, powder, chocolate and butter. This makes it easy for Nigeria’s processed cocoa to compete favourably. The plant remains one of the fastest selling and most desirable agricultural commodities in the international market due to the rapid growth and expansion of chocolate confectioneries and other
products. Ile Oluji Nigeria Limited, Nigeria’s oldest cocoa processing firm has only processed 2,000 metric tonnes of Cocoa since the beginning of the year, which is by far below its 30,000 metric tonnes installed capacity. FTN Cocoa Processors PLC, a company listed on the Nigerian Stock Exchange with a 20,000MT processing capacity showed that it has only been able to process 600MT between January and June. Multi-Trex Integrated Foods PLC, Nigeria’s largest cocoa processing factory with a production capacity of 65,000MT per annum, has since been shut down and thereafter taken over by the Asset Management Corporation Organisation of Nigeria (AMCON) over a N5 billion non-performing loan the processor acquired from Sky Bank. Osun State is putting a stop to billions of naira that Nigerians are using to import chocolate and other cocoa products from EU countries. Osun Cocoa Processing Plant, Ede is now producing “Made in Nigeria” Cocoa Butter, Cocoa Cake, Cocoa Powder and chocolates and set to flood the world market with “Made in Nigeria” chocolates. Osun Cocoa plant, Ede is back after more than 30 years of wobbling and fumbling. Inwalomhe Donald, Osogbo
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CAPT. (DR.) IDAHOSA WELLS OKUNBO, JP Your daring acts in the interest of the collective truly establishes you as the people's hero You are our noble spectacle that keeps all savagery in straits in the true tradition of a high-bred, cultivated man of morals. Here is a toast to 61th beautiful years of your life. In which you have spread so much joy, happiness and peace to others. You have crossed several milestones, we can only wish you more greater years to continue being the role model and leader you have always been.
Signed:
Mr. Julius & Utibe Rone
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POLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
M O N D AY D I S C O U R S E Matters Arising from the APC Presidential Campaign in Uyo Nseobong Okon-Ekong and Ojo Maduekwe write that the South-south rally to flag off President Muhammadu Buhari’s campaign is evidence that Akwa Ibom State is one of the most peaceful states in the country
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n December 28, 2018, the presidential candidate of the All Progressives Congress (APC) and incumbent president, Muhammadu Buhari, flagged off his 2019 election campaign in Uyo, capital of Akwa Ibom state. The national chairman of the APC, Adams Oshiomhole, had told journalists a day before that the choice of the South-south sub-region to begin the president’s campaign was “particularly significant.â€? Lagos state governor, Akinwunmi Ambode, thinks it was significant Buhari would flag off his campaign in one of the sub-regions where he’s least popular because, the South-south people “have seen the light.â€? When former governor of Akwa Ibom, Senator Godswill Akpabio, defected from the Peoples Democratic Party (PDP) to the APC, his defection was interpreted as an inroad into the South-south by the APC. Akpabio himself during his defection ceremony on the 8th of August, 2018, said, “This is the end of PDP in the Niger Delta‌ What I have done today is to take Akwa Ibom State and the South-South to the centre.â€? The anticipated flag off was supposed to serve as proof to this assertion, and at the same time test Buhari’s popularity in the South-south. This is why the rally was “particularly significantâ€? for the APC. It is more so because in 2015, Buhari while representing the APC in the presidential
Buhari with APC bigwigs at the Uyo APC rally
election, had won a meager 58,441 votes of the entire 1,028,551 million votes counted for Akwa Ibom State by the Independent National Electoral Commission (INEC); a stark difference from the PDP’s 953,304 votes. APC strategists had hoped that the rally would be used to prove Buhari’s popularity
and acceptability in the South-south. But now the Uyo rally has come and gone, question is, is Buhari popular in the subregion? There was mixed perception from several observers who spoke with THISDAY, and judging by the allusions made by the touted “anxious� and “huge crowd� at the rally,
the PDP may not have entirely yielded the region. However, there is no doubt that the eminence of some leading politicians in the region who have pitched their tent with the APC has posed a serious challenge to the hitherto total dominance of the PDP in the South-south. Apart from Akpabio in Akwa Ibom, the move of former Delta State governor, Emmanuel Uduaghan to the APC has undoubtedly altered the political equation in that state. In Cross River State, the change of political party loyalty of the likes of Senator Victor Ndoma Egba Buhari combined with the authenticity of the campaign of the APC governorship candidate, Senator John Owan Enoh have shaken the foundation on which the PDP pillars are standing in the state. Despite the apparent war of attrition within the leadership of the APC in Rivers State, the party still commands formidable loyalty among members, even if divided in allegiance, either to Transportation Minister Rotimi Amaechi or Senator Magnus Abe. Only in Bayelsa State does it look like the APC’s known chieftain, Timipre Sylva has gone to sleep. Oshiomhole had claimed the South-south was “anxious to receive the president� and “hear the message�, but, except for the cheering while Buhari mounted the podium, there were no excitement while he spoke. The reaction from the audience towards the president seemed choreographed. In a statement before the rally, National Publicity Secretary of APC, Lanre Isa-Onilu, said Buhari would use the event to present his
‘No Evidence to Suggest the South-south is Considering Aligning With the APC’ Umar Sani, one of the spokespersons in the PDP Presidential Campaign Organisation tells Nseobong Okon-Ekong that his party is not perturbed about the APC’s attempt to make a good impression in the South-south region How does the PDP read the choice of a South-South state, the traditional stronghold of the party, for the ag off of the APC Presidential campaign? The APC believes they can make inroads into our traditional stronghold. They believe holding a rally in Uyo will do the magic. In a 30,000 capacity stadium and mobilizing from the six states in the South-south and other states the stadium was even not filled to capacity whereas the Udom Emmanuel rally held in Uyo that comprises only people from Akwa Ibom without any support from anywhere surpassed the APC gathering. This is a demonstration of the real strength of the PDP in the South-south and not the rent-a-crowd flag off by the APC where the crowd dispersed to collect their appearance fee and return to their respective destination leaving the Nigerian President to address a near empty stadium. Given the eminence of the personalities who have moved to the APC in the Southsouth zone, is the PDP still conďŹ dent to retain the zone as monolithically partisan in its favour? The South-south is a politically independent
QUICK FACTS: r 5IF QSFTJEFOUJBM DBOEJEBUF PG UIF "MM Progressives Congress (APC) and incumbent president, Muhammadu Buhari, flagged off his 2019 election campaign in Uyo, capital of Akwa Ibom state r8IFO GPSNFS HPWFSOPS PG "LXB *CPN Senator Godswill Akpabio, defected from the Peoples Democratic Party (PDP) to the APC, his defection was interpreted as an inroad into the South-south by the APC r*O #VIBSJ XIJMF SFQSFTFOUJOH UIF APC in the presidential election, had won a meager 58,441 votes of the entire 1,028,551 million votes counted for Akwa Ibom State by the Independent National Electoral Commission (INEC); a stark difference
and opinionated zone and not a respecter of individuals or personalities. It is a wholly PDP enclave and any attempt by anyone to move against the tide will be swallowed by the sea. To retain Edo State, the APC had to postpone the elections and employ their specialised art of massive rigging which includes brigandage , ballot snatching and stuffing, falsification of results and thuggery. The same tactics was employed in Bayelsa, but Seriake Dickson who like the wall of Gibraltar stood his grounds and ensured equitable contest. The personalities that moved over to the APC were trained by the PDP in the art of governance and politics. Can they be greater than their masters?
fund the failed APC rally in Uyo.
Your party alleged that the APC diverted funds, particularly from the NDDC to stage the Uyo, can you prove this? Let me say that the burden of proof lies with us, but such allegations does not require us to disclose our sources of information including how the monies were surreptitiously removed to fund an illegality. Perhaps, if we are before a court of law we can provide documentary evidence of these BMMFHBUJPOT 'PS OPX QSPUFDUJOH UIF JNQFDDBCMF source of our information shall suffice. We have it on good authority that monies were siphoned to
There is a school of thought in the Southsouth that the zone is a traditional ally of the North. Given that the two leading presidential candidates are northerners, there is a thinking that former President Goodluck Jonathan did not do well and since he is in the PDP, the South-south zone will like to try the APC, so that that they be one with the government at the centre? I disagree with the assertion that Jonathan did not do well. With the near dismal performance of this administration anchored on cluelessness, incompetence and propaganda the performance of Dr Jonathan can be said to be heartwarming and golden. Having said that it is instructive for me to state that there is neither empirical nor convincing practical evidence suggesting that the South-south is considering or contemplating aligning with the APC. The South-south style of politics is embedded in inclusivity and dwells on provision of projects and programs that meets the yearnings and aspirations of their people. PDP is a national party that encompasses all strata of people whose viewpoints are patriotic and nationalistic. The restructuring programme of the
from the PDP’s 953,304 votes r5IF FNJOFODF PG TPNF MFBEJOH QPMJUJcians in the region who have pitched their tent with the APC has posed a serious challenge to the hitherto total dominance of the PDP in the South-south r 3FNJOJTDFOU PG IJT DBNQBJHOT EVSJOH the 2015 presidential election, Buhari’s speech at the flag off lasted a little over four minutes r0OF PG UIF TPSF QPJOUT UIBU NBZ IBWF angered many in the crowd was the president’s claim that Nigeria was now more secure than when he assumed office in 2015 r 4USBOHFMZ NFNCFST PG UIF 1%1 JO "LXB Ibom State are celebrating choice of the state as venue of the APC presidential campaign. Their claim is that this shows that the state is the most peaceful in the South-south region,
and arguably in the entire country r .BOZ PG UIFN FYQFDUFE UIF QSFTJEFOU to address his earlier assertion and show that he had repented of the thinking that he could not treat the people of the South-south in the same manner as those who gave him 97 percent votes in the 2015 presidential election r 5IF TUBSL SFBMJUZ GBDJOH UIF QBSUZ JT UIBU the president can no longer count on the kind of mass followership he previously commanded in the 19 northern states. This has informed the quest to make a good impression in the South-south and the South-east regions r 'PS UIF TPVUIFSO SFHJPO FYDFQU GPS UIF South-west, the South-east and South-south are traditionally PDP states, and not supporters of Buhari, or the APC. This scenario
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PDP meets the desires and expectations of the South-south citizens. It therefore justifies why the preference of the South-south will definitely be for the PDP. The government at the center will be led by Alhaji Atiku Abubakar come May 29 God willing which will meet the other part of their expectations.
is what the APC is working very hard to upturn. That is why the APC is making efforts at promoting Buhari there. r 5IF QBUSJPUJTN PG "LXB *CPNJUFT JT legendary. They are known to place state above self. An incident that illustrates this characteristic of Akwa Ibom people as patriotic was the disagreement between the PDP and APC on the choice of the Godswill Akpabio International Stadium as venue for the rally. In planning the rally, the APC in the state had made their intention of using the stadium known, but the PDP-controlled government had on technical grounds initially refused to approve the use of the venue. While this made the news, observers say the u-turn of the state government in allowing the APC to use the venue, lay credence to the people’s love for peace
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MONDAY DISCOURSE
Oshiomhole
Emmanuel
Obaseki
Amaechi
administration’s scorecard, especially in the areas of “its three cardinal objectives, which include security, economy and fight against corruption.� Observers expected that a presentation highlighting the achievement of his government, in such a “particularly significant� event, would be elaborate, but, reminiscent of his campaigns during the 2015 presidential election, Buhari’s speech at the flag off lasted a little over four minutes. One of the most important features of the APC presidential rally in Uyo was that it exposed that Buhari can speak without reading from a prepared text. As if surprised by the president, the crowd looked enthralled, even forgetting to applaud the highpoints of the presidential address. Many of them expected the president to address his earlier assertion and show that he had repented of the thinking that he could not treat the people of the South-south in the same manner as those who gave him 97 percent votes in the 2015 presidential election. While he spoke, the intermittent clapping that normally accompanies such speechmaking was missing, a sign of an uninterested crowd. Even after he was done, the only audible clapping was from those on the podium with him, such as Oshiomhole, who seemed to clap for the sake of it. When he was handed the APC flag there was no excitement from the crowd. Expectedly, the “huge crowd� was not only sourced from the membership of the APC in Akwa Ibom, according to those in the know, a good number of those at the rally were brought from the rest Southsouth states. One of the sore points that may have angered many in the crowd was the president’s claim that Nigeria was now more secure than when he assumed office in 2015. The PDP for instance, in a statement following the rally, said, “apparently miffed by Mr. President’s attempt at yet another false performance claim, the crowd started leaving the venue of the rally.� Signed by Mr. Kola Ologbondiyan, spokesperson of the PDP Presidential Campaign Organisation (PPCO), the statement said while Buhari made his claim to
a more secure country, “insurgents had taken Baga�, saying “there are killings going on in Zamfara and our soldiers and policemen are being killed by terrorists, due to the neglect of his administration.� In his speech, Buhari had said regarding his 2015 campaign promise on the fundamental issues of security, economy and fighting corruption, that he had performed and asked anyone to challenge him on those claims. While claiming that “Insecurity in the North-east has been really defeated,� he promised to “clear them off� (the technically defeated Boko Haram terrorists) for indoctrinating young Nigerians, especially girls. Critics of the administration argue that credit for peace in certain parts of the country, particularly in Akwa Ibom State should go to state governors like, Udom Emmanuel, who have practically taken up the funding of security agencies in order to put them in top performance gear. Strangely, members of the PDP in Akwa Ibom State are celebrating choice of the state as venue of the APC presidential campaign. Their claim is that this shows that the state is the most peaceful in the South-south region, and arguably in the entire country. Buhari has become known for parroting the rhetorics of having achieved in fighting corruption, food security and the economy at every public event, even when available statistics point to the contrary. For example, while he claims that “Insecurity in the North-east has been really defeated�, the Boko Haram terrorist group, are busy ambushing and killing soldiers, taking over their bases, hoisting flags, and sometimes reclaiming communities once liberated by government forces. Even the Governor Aminu Masari of Katsina State, the president’s home state recently cried out that bandits and other criminals have taken over his state. Also the president’s claim to be fighting corruption has on many occasions been punctured by corrupt acts allegedly committed by some members of his party and cabinet. Experts are of the believe the APC is scrambling to build its voters base because
the popularity and touted integrity of its candidate, has waned. They claim it is for this reason APC is trying hard to woo the South-south and South-east, regions that Buhari had once said shouldn’t expect same treatment as those that gave him “97 percent� of votes in 2015. Another factor is that Following former vice president, Atiku Abubakar ’s election as the PDP’s presidential flag bearer for the 2019 election, the APC now feels threatened in its bid to retain the presidency for another term. Because Buhari and Atiku are from the same Fulani ethnic group and share the same religion. This fact, along with other political calculations, has thrust the APC in an uncomfortable position. The stark reality facing the party is that the president can no longer count on the kind of mass followership he previously commanded in the 19 northern states. This has informed the quest to make a good impression in the South-south and the South-east regions. Before Atiku’s emergence, the idea that he was the “only� candidate for the north gave Buhari a sense of invincibility; not anymore. For the northern intelligentsia, the prospect of an Atiku candidate and the chances that that might gift the region another eight years, could be a deal worth considering. Buhari’s expressed bias towards the Fulani herdsmen in the North-central subregion, where nomadic herdsmen continue to pillage Christian farming communities, has decreased his popularity in the north. As it stands, experts postulate that the votes from the north would be evenly split between Buhari and Atiku. For the southern region, except for the South-west, the South-east and South-south are traditionally PDP states, and not supporters of Buhari, or the APC. This scenario is what the APC is working very hard to upturn. That is why the APC is making efforts at promoting Buhari there. On why the APC chose Akwa Ibom (a PDP state) for the South-south rally, rather than Edo state where the governor is a member of the party, and so one can claim Edo to be an APC state, observers attribute it to the patriotism of Akwa Ibomites, known
to place state above self. An incident that illustrates this characteristic of Akwa Ibom people as patriotic was the disagreement between the PDP and APC on the choice of the Godswill Akpabio International Stadium as venue for the rally. In planning the rally, the APC in the state had made their intention of using the stadium known, but the PDP-controlled government had on technical grounds initially refused to approve the use of the venue. While this made the news, observers say the u-turn of the state government in allowing the APC to use the venue, lay credence to the people’s love for peace. Unlike the more stubborn states such as Rivers, Bayelsa, and Delta, observers believe the APC chose to flex its federal might in Akwa Ibom since they know that because of the people’s love for peace, they can get away with anything; just like they did when on two occasions their members illegally invaded the state’s assembly premises. But, unlike Akwa Ibom, campaigning, including winning elections in states like Rivers and Bayelsa have been a tough nut for the APC to crack. Probably worried, and not wanting to take chances with Akwa Ibom, the PDP has sounded a note of warning to the APC not to misinterpret Akwa Ibom people’s peaceful demeanor as a sign of weakness. Another spokesperson for the PPCO, Umar Sani, told THISDAY, “The Southsouth is a politically independent and opinionated zone and not a respecter of individuals or personalities. It is a wholly PDP enclave and any attempt by anyone to move against the tide will be swallowed by the sea.� According to Sani, the claim by the ruling APC that the South-south was considering a political alignment was baseless. “There is neither empirical nor convincing practical evidence suggesting that the South-south is considering or contemplating aligning with the APC.� In projecting a picture of a growing membership with the defection of ‘bigwigs’, the APC continues to throw everything in the ring, knowing a win in the South-south could prove to be a major decider.
‘South-south Bears the Most Visible Scars of Years of Misrule’ Mallam Lanre Issa-Onilu, National Publicity Secretary of the APC justifies to Nseobong Okon-Ekong the party’s strategy to woo the South-south states What is the place of the South-south in the APC presidential campaign strategy that informed the choice of the zone for the ag off of the Buhari reection campaign? The South-south is as important as any other geo-political zone. Beyond that, the zone bears one of the most visible scars of the years of misrule in this country. For us in APC, the last three and half years have seen the South-south zone growing to become our latest frontier in terms of support to President Muhammadu Buhari and the APC administration. We are not surprised as the zone has witnessed first time concrete achievements in terms of infrastructure and commitment to resolving the age long issues of environment. Is true to think that the APC is suddenly interested in the Southsouth zone because the president is perceived to have lost ground and
up for the perceived lost ground in Northern Nigeria? Far from it. The three geo-political zones of the North are APC’s safe bet. South-south happens to be our new frontier as we are breaking new grounds of support. Why was the South-south zone APC presidential campaign ag off not held in Edo, the only South-south state ruled by the party or even Cross River State where the National Vice Chairman hails from? We would be speaking to the converted in the areas you have mentioned. It is wise to take our messages to new areas where we are just gaining grounds. Issa-Onilu
goodwill in the North-east, North-west and North-central, therefore the push to grab the South-south states to make
Is it true that the Uyo presidential rally has created more cleavages in the APC on account of those who think Senator Akpabio has been unjustly promoted above those he met in the
party? We do not have any division. Every stakeholder is committed to the need to rescue the South-south zone from the claws of those who have been using the zone to serve personal interests while pretending to be fighting for the people of the zone. Now that the APC government has demonstrated commitment to issues that matter to the people of the Southsouth, our stakeholders in the zone cannot afford to work at cross purpose. The opposition questioned the source of the APC funding for the rally. It particularly said funds were diverted from the NDDC, how true is this? The opposition is PDP. It is one of their ridiculous and very disgraceful false allegations they’ve been making since it became obvious they stand no chance in the 2019 elections.
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325
Tackling the Burgeoning Drug Addiction in Katsina Francis Sardauna writes that the alarming rate of drug abuse in Katsina State, especially among married women, young girls and students, has burgeoned into a critical economic, social and physiological crisis, which if unchecked, portends grave danger to the society at large The recent wave of drug addiction that has pervaded Nigeria, with dominance mostly in the North and some parts of the West has tipped the nation into a boiling conundrum. The reason is not far-fetched. Recent discreet investigation by THISDAY has revealed that married women and youths in Katsina State often abuse cough syrups, Indian hemp and off-the-counter drugs like rophynol, tramadol, diazepam and lexotan, which are controlled drugs that should only be sold after a doctor ’s prescription. It was gathered that the tablets are usually prescribed for extreme pain such as that experienced by people suffering from the sickle cell disease and neurological disorders. But those intent on getting them for a moment of high easily and readily purchase the drugs. Apart from drugs, there are those who engage in sniffing open sewage or pit latrine in order to get high for their nefarious activities. However, this is mostly common among illiterate commercial tricycle drivers, motorcyclists and others doing menial jobs in the city of Katsina.
Target on Women
A sensitisation campaign for women against drug abuse
Some beer parlours in the market also have stocks of codeine syrup for female customers. The syrup is not displayed on shelves, but served on request. Single and married women in the state are often seen in the streets of Kofar-Kwaya, Kofar-Marusa, Sabon Gari, Kofar-Kaura, Kofar-Durbi, Fadama Motel's Junction and Blue House at night, from 9.00 p.m. till early hours of the morning, frolicking with bottles of soft drinks mixed with bottles of codeine. Those who live in conservative parts of the city send children or friends to buy the drugs for them. Usually they start buying from 6.00 p.m. until about 9.00 or 10.00 p.m, when most shops would have closed.
Findings However, findings indicate that married women resolve to take such illicit drugs in order to improve their libido and sexually satisfy their husbands, so that the husbands will not look outside at other women. Others however said the reason was to “cool tension", while they were yet others who admitted that the only remedy that could pave the way for them to forget their sorrow, lamentation and worries was to take drugs. A married woman who gave her name as Aishatu Bakori said: “Every day, I take tontolin syrup to make me forget my worries and in the process, the urge to have sex with my husband take over my feelings. I will not be done until I get what I want". Bakori maintained that other married women in her area also take drugs to enhance their sexual urges. This view was corroborated by a chemist who pleaded anonymity. He told THISDAY that his sales often triple on weekends because most of those who come to his chemist are young ladies and married women. According to him, “They will come and buy Benylin cough syrup, tontolin and so on including condoms. Some of the married women do buy in bulk in order to sell it to their friends at home".
Consequences The consequence of this menance in the state has been terrible as findings revealed that drug abuse has led to unwanted pregnancies, adultery, kidnapping and burglary, as well as broken homes. Kamilu Usman Yusuf, who recently divorced his wife on account of excessive
One of the suspects arrested for selling Illict drugs in the state consumption of cough syrup, but would not want her name in print, said his former wife was addicted to drugs and other substance. He said: “I divorced her because she drinks codeine and sells to some women and young girls everyday. Sadly, some security personnel also patronise her. This act contravenes Islam and the teachings of Prophet Muhammad and that is why I sent her packing. "I will not deceive the public. The abuse of drugs by married women is indeed increasing. We are seeing more
I know codeine is not good but I want to leave it gradually, not at once. I tried it in the past and it affected me. I could not eat or sleep and I was always angry
Wife of Katsina Governor, Hajia Hadiza Bello Masari
women now getting involved in drugs. To be sincere with you, at some joints like Blue House, Fadama Motels, Gommad, and other hiding places in Katsina, you can find these women and ladies taking drugs as if they are taking normal food". A young girl, who spoke to our correspondent on condition of anonymity, confessed that she belonged to a group of girls hooked on codeine. Although she admitted knowing that abusing such drugs were not good for her health, she added that she has not been able to stop it. “I know codeine is not good but I want to leave it gradually, not at once. I tried it in the past and it affected me. I could not eat or sleep and I was always angry," she disclosed. She further stated that she is trying to reduce her codeine consumption to a bottle or two per day, in the hope that “one day I will stop".
Sensitisation Worried by the situation, wife of the Katsina State Governor, Hajia (Dr.) Hadiza Bello Masari, recently flagged off schools sensitisation programme against drugs and substance abuse in the state. The programme, which was launched through her pet project, 'Centre for the Advancement of Mothers and Children in Katsina, was aimed at averting drug abuse in the state.
Speaking during the flag off of the programme at Government Girls' Science Secondary School, Daudawa, Faskari Local Government Area of the state, she said studies indicate that drug addiction is threatening a generation of women and youths, adding that substances that were once unknown have acquired notoriety among the women, who now put them to negative use. She described the issue of drug abuse as a heinous crime which breaks her heart, adding that parents must ensure that their children who are entrusted to them by God are safe from people with questionable characters. Masari said, "Prevention is always better than cure, therefore, we encourage that seminars should always be organised in schools, places of worship and community gatherings to enlighten the public on dangers of drug abuse. "We have established rehabilitation centers for our affected youths and women. We engage them with empowerment programmes to make them useful to themselves and society at large. We trained about 32 persons and today we will give them certificates." She noted that divorce, breakdown of family norms, unemployment as well as availability of all forms of drug over the country, are some of the factors responsible
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FEATURES for drug abuse and rape in the society. The governor's wife further urged religious leaders to join in the crusade against child molestation and drug abuse among married women, which she said has become a great threat to many families in the state.
Appeal to Traditional Rulers Also speaking at the event, the Chairman, Board of Trustees (BoT) of the Centre and State Chief Judge, Justice Musa Danladi Abubakar, called on traditional rulers and other stakeholders to intensify efforts towards addressing the scenario in the state. While apportioning the spate of rape, kidnapping and other criminal activities on drug abuse, Abubakar said the judiciary would not relent in it quest of tackling all forms of criminality in the state through speedy dispensation of Justice.
Charge to Parents Earlier, the state Commissioner for Women Affairs and Social Development, Dr. Badiyya Hassan Mashi, who was overwhelmed by the initiative, charged parents to take the campaign against drug abuse and addiction serious in order to nip in the bud the predicaments bedeviling children in the country.
NDLEA oďŹƒcials are constitutionally backed in the ďŹ ght against drug abuse
Efforts by Police Meanwhile, the Katsina State Police Command under the watch of CP Muhammad Wakili must be applauded for apprehending and prosecuting no fewer than 100 persons across the state for drug related offences. A recent example is the arrest of a 30-year-old father of five, Nura Aliyu, who was in his blue Honda Civic car, Kaduna Registration Number :AQ 475 DKA, loaded with 300 bottles of codeine and several empty cartons. Police said Aliyu of Tsohuwar Tasha, Katsina, was picked up along Senator Abba Ali road by Mohammed Dikko Stadium in Katsina. Spokesman of the Command, SP Gambo Isah who confirmed the arrest, put the monetary value of the drug at N1.5 million. Parading the suspect before newsmen, Isah said: "The Katsina State Police Command wishes to inform the general public that it has succeeded in arresting a notorious suspect who specialises in drug trafficking. "Police patrol team attached to CP’s Surveillance Squad, Katsina while on routine patrol along Senator Abba Ali Road by Mohd Dikko Stadium, Katsina intercepted a motor vehicle Honda Civic, dark in colour, covered with tinted glasses, with registration AQ 475 DKA loaded with 300 bottles of cough syrup suspected to be codeine, driven by one Nura Aliyu ‘m’ of Tsohuwar Tasha, Katsina. "Suspect confessed to have been in the business of drug trafficking distributing to other members of his drug syndicate and consumers alike. Suspect will be arraigned in court immediately after investigation is completed". Aliyu told THISDAY in an interview that the urge to make ends meet pushed
Prevention is always better than cure, therefore, we encourage that seminars should always be organised in schools, places of worship and community gatherings to enlighten the public on dangers of drug abuse
Some cartons of the recently seized Tramadol in Lagos ports
The increasing menance of drug abuse needs to be tackled him to the business. He said "I have two wives and five children and I have to fend for them. But I am beginning to regret my action now as I see you people with your recorders and television cameras."
NDLEA Asides the police, another agency combating the menace of drug abuse is the National Drug and Law Enforce-
The seized drugs being ooaded from the impounded containers
ment Agency (NDLEA). The NDLEA, established by Decree 48 of 1989 (now CAP N30 LFN 2004), is an agency charged with the mandate of eradicating illicit trafficking and use of narcotic drugs and psychotropic substances. NDLEA in the state of recent arrested a total of 186 persons between January and March 2018 for drug related offences. The command also impounded a trailer
loaded with 24,000 bottles of coup syrup containing codeine in Funtua Local Government Area of the state. Despite this achievements, it has been difficult to completely arrest those behind the sales of these illicit drugs and drinks. It's been a major challenge to eradicate the menace in Katsina because some security men have also allegedly joined those who patronise the joints where it is sold.
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5 ) * 4 % ": t MONDAY, JANUARY 7, 2019
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BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB
A S
A T
REPO 23.75% 20%
CALL 1-MONTH 3-MONTH
21.50% 15.13 % 15.25%
J A N U A R Y S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
355.69% 0.39% 1.78%
Group Business Editor Obinna Chima
Email obinna.chima@thisdaylive.com 08024557078, 08152447875
4 ,
2 0 1 9
S & P INDEX 1/4 TO DATE YEAR TO DATE
2.41% 7.96%
EXCHANGE RATE N306.96/1US DOLLAR* *AS AT LAST FRIDAY
Quick Takes Lush Storms Lagos
CAPACITY BUILDING
L-R: First Vice President, Chartered Institute of Bankers of Nigeria (CIBN), Mr. Bayo Olugbemi; President/Chairman of Council, Dr. Uche Olowu; Managing Director/CEO, Filigri Consulting Limited, Mrs Justyna Sitarska; Second Vice President, CIBN, Mr. Ken Opara; Registrar/CEO, Mr. Seye Awojobi; and National Treasurer, Prof. Pius Olanrewaju, during the presentation of certificate of accreditation and execution of linkage agreement with 24 institutions in Lagos‌ recently ETOP UKUTT
Moody’s: Oil Supply Faces Oversupply Risk Obinna Chima Oil and natural gas prices will be volatile in 2019, Moody’s Investors Service predicted in its annual report outlining key credit themes in oil and gas for 2019. The report noted that while the recent announcement that OPEC and Russia would cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year is whether OPEC and Russia would maintain their production discipline and what might happen in June, when the current agreement expires. Moody’s expects the mediumterm price band for West Texas Intermediate (WTI) crude, the main North American benchmark, to be $50-$70 per barrel (bbl), and North American natural gas at Henry Hub to average $2.50-$3.50/MMBtu. “Market expectations for continued strong oil demand growth remain in place, despite
ENERGY concerns about slowing demand growth as a result of weaker economic growth, the impact of tariffs and a strong US dollar,� Moody’s Managing Director for Oil & Gas, Steve Wood said. “Very high Saudi and Russian production, in particular, has heightened supply volatility, so whether OPEC and Russia maintain production discipline and renew agreements to limit output are key concerns going into the new year.� Investors in exploration and production companies would continue to wait for better returns in 2019, Moody’s stated. Although capital efficiency has improved and commodity prices are higher than in 2015-16, infrastructure constraints have lifted transportation costs, the report stated. And though the oilfield services sector would see earnings increase by 10-15 per cent, they currently remain at low levels,
and most of the recovery would occur only later in the year. Conversely, refiners’ distillate margins would begin to expand from already strong levels in the second half of next year. In North America, wide differentials for regional oil and natural gas would narrow as infrastructure coming into service in late 2019 and 2020 eases bottlenecks in the Permian Basin, western Canada and other regions, relieving stress on commodity prices. Meanwhile, the Mexican energy sector faces risks from factors including a new government policy that shifts PEMEX toward refining and away from oil production, and Asian national oil companies contend with risks from volatile commodity prices, rising shareholder returns and evolving fuel-price regulations. “While we will see only a gradual increase in rig activity in 2019, oilfield services (OFS) costs will likely rise over the medium term. Higher oil prices
Ex-Credit Suisse Bankers Arrested
will encourage more production activity, which will stimulate already rising OFS prices, raising the breakeven cost of the marginal barrel and potentially raising medium-term oil prices. “In North America, strong demand from shale producers is driving up pricing for high-calibre “super spec� drilling rigs, and for various production services. In Texas, strong economic growth and low unemployment have led to widespread labour shortages, escalating labour cost inflation. International activity is picking up in certain markets. “But it will take higher oil prices to develop the more expensive conventional barrels that are ultimately needed to meet increasing global demand and offset natural production declines. “Prices toward the upper end of the oil price-band will encourage increased supply Continued on page 24
Analyst Predicts Economic Growth, Weaker Naira in 2019 Nume Ekeghe The Chief Investment Officer at Sigma Pension, Pabina Yinkere has predicted a 2.3 per cent Gross Domestic Product (GDP) for Nigeria in 2019, even as he anticipated that the naira will come under pressure. He stated this in Sigma Pensions’ ‘Nigeria 2019 Outlook: Election Downtime- tight monetary policy, drive subdued growth outlook,’ made available to THISDAY at the weekend. In its GDP growth forecast, the report state: “Given the time lag between the election
ECONOMY in February and transition on May 29, we foresee economic policy inertia which will weigh on business and investment outlook in the first half of 2019 with implications for economic growth. Overall, we see GDP growth of 2.3 per cent over the year.� However, in its expectation from the nation’s currency, the report stated: “While we see the Central Bank of Nigeria maintaining the peg ahead of the elections, we think
afterwards, the CBN will be under less pressure to hold the line on the currency amid a weakening current account. “We envisage a weakening of the exchange rate to around N382-390/$ as we approach the end of the year. “With no expected changes to key prices (fuel, electricity and the exchange rate) over first half 2019, inflation is likely to remain within the 12 per cent band. “However, in the second half of the year, we see upside risks to inflation on account of likely currency pressures as well as possible increments to fuel and
Lush Hair has treated Lagos residents to an exceptional spectacle from a hair brand in an impressive assemblage of people and vehicles as it embarked on a road show to celebrate women this festive season. The road show, which kicked o at the Surulere oďŹƒce of Lucky Fibres Limited (makers of Lush Hair and also Nobel carpets & Rugs), went through Stadium in Ojuelegba, Costain before proceeding to Mushin, Oshodi and Ikeja along. The Lush Hair train also went through Cement, Iyana Ipaja, Ile-epo, Abule Egba, Pen Cinema, Ogba and Ikeja. The train then moved through Maryland, Palm-groove, Fadeyi, Yaba, Oyingbo and then back to Costain. Lush Hair, a brand of synthetic hair extension from the stables of Lucky Fibres, has numerous unique designs, is easy to carry and convenient to use. Since its entry into the Nigerian market, Lush Hair has increasingly become popular with consumers on account of its high quality. During the road show, which had the in attendance the General Manager Lucky Fibres Limited, Mr Jitesh Pamnani, women came out in droves to identify with the hair extension brand. At each location visited, the Lush Hair team excitedly enlightened many women who came to witness the road show. Explaining the reason behind the activity, Lush Hair Brand Manager, Sukhmbir Pannu, stated that the road show was a way for the brand to identify with women in this yuletide. Sukhmbir said: “We all know that Lush Hair is the newest thing for every Nigerian woman. Many of our customers have used our products with great satisfaction and this activity presents a fabulous opportunity for a lot of them to meet the brand in this exciting character you are seeing today.This Lagos ‘storm’ is geared towards making women in all of these locations we visited to feel the brand and relate with it one-on-one.â€?
electricity prices. Consequently, we expect inflation to average 13 per cent over 2019. “Nevertheless, we think the CBN will continue to defend the currency, at least over H1 2019, which will inform the continuation of a tight monetary policy.� Yinkere further stated: “Over most of 2019, we think the tight policy stance will drive a focus on liquidity sterilisation which could push front-end interest rates to as high as 18 per cent and support bond yields above
Three former Credit Suisse Group AG bankers were arrested in London recently, on United States charges of involvement in a fraud involving $2 billion in loans to state-owned companies in Mozambique, US prosecutors said. Andrew Pearse, 49, Surjan Singh, 44, and Detelina Subeva, 37, were charged in a federal court in Brooklyn, New York, with conspiring to violate US anti-bribery law and to commit money laundering and securities fraud. They have been released on bail in London while the United States seeks extradition, Reuters reported. Former Mozambique ďŹ nance minister Manuel Chang, 63, was arrested in South Africa this week as part of the same case. A ďŹ fth man, Jean Boustani, was arrested on Wednesday at New York’s John F. Kennedy Airport. Boustani is a Lebanese citizen who worked for an Abu Dhabi-based contractor to the Mozambican companies, according to the indictment. Lawyers for the defendants could not be reached for comment. “The indictment alleges that the former employees worked to defeat the bank’s internal controls, acted out of a motive of personal proďŹ t, and sought to hide these activities from the bank,â€? Credit Suisse said in a statement, adding that the bank would continue to cooperate with authorities. Accordingtotheindictment,between2013and2016threeMozambican state-owned companies borrowed more than $2 billion through loans guaranteed by the government and arranged by Credit Suisse and another investment bank, which was not named in the document. Apart from Credit Suisse, the Russian lenderVTB also arranged ďŹ nancing for Mozambique’s state-owned companies. Both Credit Suisse and VTB also arranged a Eurobond for Mozambique’s government, which is earmarked for restructuring.
Audit Firms Owe Govt
The Zambia Revenue Authority (ZRA) said on Friday an audit shows mining companies owe the government more than the state is due to pay them in tax refunds. Mining companies have been demanding Zambia pay the $550-$600 million due to them inValue AddedTax (VAT) refunds. “When we put together what we owe the mining companies compared with what they are owing, you ďŹ nd that on the balance of numbers they are actually owing more,â€? Reuters quoted ZRA Commissioner-General, Kingsley Chanda, to have said at a media brieďŹ ng. Chanda did not say how much mining companies owed the state but said it included penalties and interest. Mining companies pay government royalties and tax.
“We also want to see how the money gets into the pocket of our workers because a lot of economic factors have affected the current wage. But the major issue is that we have been able to have a meaningful social dialogue�
NLC Presiden Continued on page 24
Ayuba Wabba
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BUSINESSWORLD MOODY’S: OIL SUPPLY FACES OVERSUPPLY RISK
as US production grows and OPEC countries reduce their compliance with their production quotas. “Shale oil production in particular features relatively low extraction costs and short time lags from drilling to production, and shale’s drilling efficiencies have increased substantially over the past few years. US shale producers are paying increasing attention to capital discipline and return-focused performance, but even at current lower prices, we believe US shale production will continue to grow, increasing global production and keeping a lid on prices. “We believe prices will remain largely within our expected range —although they will be volatile—amid increases in US shale production, reduced but still significant global supplies, and potential declining compliance with agreed production cuts, especially if growth in demand is more tepid,� the report added. ANALYST PREDICTS ECONOMIC GROWTH, WEAKER NAIRA IN 2019
15 per cent. “Set against this high hurdle and in view of low foreign participation until clarity emerges on the political front, we think Nigerian equities will struggle for investor attention for much of 2019. “The Nigerian economy faces another round of oilinduced pressure over 2019. However, focus is likely to be on the elections and less on economics. “In a bid to keep economic variables in a neutral state, monetary policy will shoulder the burden of delivering an economic policy response to the developing external environment and will tilt towards a contractionary stance. “We think fiscal policy response will likely be delayed until much later in the year, whichever way the elections go. Given likely foreign reservation towards naira assets in general, our investment strategy prioritises a focus on assets with high correlation to interest rates over most of 2019.�
Group Business Editor
Obinna Chima
Capital Market Editor
Goddy Egene
AgriBusiness/Industry Editor
Jonathan Eze
Comms/e-Business Editor
Emma Okonji
Senior Correspondent
Raheem Akingbolu (Advertising) Correspondents
Chinedu Eze (Aviation) Linda Eroke (Labour) Eromosele Abiodun (Cap Mkt) Ejiofor Alike (Energy) James Emejo (Nation’s Capital) Reporters
Nume Ekeghe (Money Market) Nosa Alekhuogie (Maritime)
NEWS
Akwa Ibom Launches Airline Chinedu Eze After several months of planning, Akwa Ibom State has unveiled its airline known as Ibom Air. In addition, the state has engaged about 400 indigenes as personnel for the government-owned carrier. An indigene of the state in the aviation sector told THISDAY at the weekend that the launch of the airline was a culmination of the aspiration of the state to play significant role in the nation’s aviation industry. He noted that the state was the first and the only state that planned to build maintenance, repair and overhaul (MRO) facility, which is still on-going and trained so many of its youths in different fields of aviation. This, according to the source makes it easy to recruit those who benefitted from the training to work for the airline. Ibom Air, he said would kick off with three aircraft and hoped to increase fleet as it begins operation. The state government which confirmed the development, said the airline would operate within Uyo-Lagos- Abuja routes. He stated that it ventured into airline operations to add to the capacity of existing airlines. The State Commissioner for Special Duties and Aviation Development, Mr. Akan Okon who revealed this in Uyo, said the recruitment process concluded, with an Akwa Ibom son as Chief Pilot
maintained that the heavy traffic in Akwa Ibom airport made it imperative for the state government to join the few airlines operating there. “Ibom Air has come to stay. I am happy to tell you that we have completed recruitment with good number of Akwa Ibom children. The Chief Pilot is from Akwa Ibom. Three aircraft are secured and are ready for commencement of operation. It is completely owned and operated by Akwa Ibom State Government and it will provide 400 direct and indirect jobs,� he said Okon said though the airline is exclusively owned by the
Akwa Ibom State government, its management and operations would completely be professionals with world best practices. He said members of staff of the new airline, recruited strictly on merit are currently undergoing training in their various areas of specialties, getting set to kick-start operations as soon as required formalities are concluded. On the Victor Attah International Airport, Okon revealed it is presently being upgraded to improve its standard with on-going second runway, new taxiway, a power sub-station, new commercial building and
other unique features. Such improvements, he said made it possible for the landing of over 20 aircraft in the President’s entourage during the flag off of the APC presidential campaigns in Akwa Ibom for the southsouth region. He attributed the state government’s success in this direction to governor Udom Emmanuel whom he said has consistently made what may appear impossible to others, a possibility in the state. Okon, also applauded the Director of Air Worthiness of the Nigerian Civil Aviation Authority, Engr Ita Awak,
for his role in ensuring ease of operations and the actualization of the purpose for which Ibom Airport was established. “Some Akwa Ibom sons in positions of authority have been very supportive, prominent among these is the Director of Air Worthiness, Engr Ita Awak who has worked so hard to ensure that the MRO becomes a reality, he believes such development will benefit Akwa Ibom children, and so he is not after political party, he is about the development of Akwa Ibom State, we sincerely commend him,�he said
ANNUAL DINNER
L-R: US Ambassador to Nigeria, W. Stuart Symington; National President, Nigerian-American Chamber of Commerce (NACC), Otunba Oluwatoyin Akomolafe; former Chairman, Nestle Nigeria Plc, Chief Olusegun Osunkeye and Chairman, Honeywell Group, Dr. Oba Otudeko, at the NACC 2018 annual dinner and presidential inauguration held in Lagos‌recently
Communication Scholars, APCON Partner on Hate-free Campaigns Raheem Akingbolu Ahead of the 2019 general elections, the Association of Communication Scholars and Professionals of Nigeria (ACSPN) and the Advertising Practitioners Council of Nigeria (APCON) have concluded plan to organise a workshop early next year on the need for a rancour free election campaign. Professor Lai Osho, who led the team of the communication professionals on a visit to APCON in Lagos, said ACSPN was committed to advancing the scholarly study and practice of ‘Communications’ by providing and facilitating the pursuit of excellence in academic research
and professional practice in Nigeria. Osho, a former Dean of the School of Communications, Lagos State University, noted that issues that would define the future of media and communication practice in Nigeria was the need to enthrone fairness and objectivity, saying that such would define the direction of 2019 elections. He, therefore, called on APCON to join hands with ASCPN in enterprise of charting a way forward for communication professionals and media practitioners to communicate effectively without fanning the embers of hatred through hate speeches, especially as Nigeria gets into the 2019 campaign.
Reiterating the ACSPN’s core values which include professionalism, innovation and partnership, Osho said by providing capacity building, training and maintaining best international practice, the workshop and training would empower members with skills as well as provide access to other professional bodies. The university lecturer also said he was inspired by APCON’S banner displayed at the entrance of APCON which reminds politicians to avoid “hate speech� in their campaigns, stressing further that “in as much as we want to protect the freedom of expression and of the press, we must also endeavour to
guard against hate speech and spurious statements that could heat up the polity.� In her response, the Acting Registrar of the council, Mrs. Ijedi Iyoha, assured of APCON’s willingness to partner with professional bodies like ASCPN to support noble causes even though the agency was yet to have a council. The APCON registrar said the workshop aims at inculcating critical knowledge about the management of electioneering campaign, communications and deployment of such communications that would promote peace among the contending parties. She noted the tendency of political candidates and their
supporters to abuse freedom of speech and engage in spurious promotional campaigns that exploit consumers and the public, and sometimes undermine societal harmony and well-being, made it most expedient to organise the workshop as a follow up to the recently held ‘Stakeholders Forum on Political Advertising and Communication’ organised by APCON in Abuja. According to her, the professional bodies are crucial stakeholders in the Nigerian state. Iyoha, said APCON was open and ready to collaborate with professional bodies in the communications sector that will advance the course of the agency.
Ekiti state had two communities- Hausa Community in Shasha market area of AdoEkiti and Surulere staff school community also in Ado-Ekiti. All the reconnected communities had a customer population of about 20,000 with the highest coming from Ubulu-Uku in Asaba, Delta state which had a customer population of 4,907, followed by Ibusa 2 phase in Koka business unit, with a population of 4,704, while Issele-Uku also in Delta, came third with a customer figure of
3,248. Famoyegun community in Owo, Ondo state had the least customer population of 9 customers hooked to a transformer. “The company disclosed that contrary to the insinuations in some quarters that it has not given out a single transformer to communities but collect money or leave customers to provide transformers on their own, BEDC has installed transformers in communities ranging from 50KVA to 2.5MVA since inception across the franchise states,� the statement added.
BEDC Reconnects 42 Communities The BEDC Electricity Plc (BEDC) at the weekend revealed that it has successfully reconnected 42 communities within its franchise states of Delta, Edo, Ondo and Ekiti states which were hitherto without power supply to the national grid, as at end of November 2018. The distribution company (Disco) which made this known in statement declared that the notion that BEDC has not been responsive to community related issues was incorrect, saying it would continue to
partner with communities without electricity supply in addressing their challenges provided they follow the necessary steps for engagement. Out of the figure, Delta state had 25 communities reconnected which included: Onicha Uku under Asaba business unit, Ovwodokpoko in Isoko, Ephiephphor in Otor Udu, Idama estate, Phase11 in Asaba and Ogbe-Ohu in Agbor. Others are; Ukpiovmu, Ughevnughe Oghior, Okirika and Otujeremi also under Otor Udu business unit.
In Asaba, the Federal Housing Estate was reconnected, while Ewohimi was reconnected in Agbor also in Delta. Also reconnected were; Ugomson and Igbogiri both in Agbor area of Delta state. In Edo state, 12 communities in Ikpoba Hill business district including: (Ikhueniro 1&2), Idunowina, Idokpai also in Ikpoba hill, Ikomi in Uromi business unit, Ugbogui in Okada, Miracle Centre 2 under GRA, Benin and Evboligun in Sokponba area of Benin were also reconnected during the review period.
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BUSINESSWORLD
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MARKET REPORT
Stock Market Remains Bearish on Continuing Cautious Trading Goddy Egene The stock market remained bearish in the first week of 2019 as investors continued to adopt cautious trading following persistent political jitters ahead of general elections next month. The market, which recovered in 2017 after two years of decline to grow by 42.3 per cent, depreciated by 17.8 per cent in 2018. Analysts attributed the negative performance of the market in 2018 to rising yields in the United States(US) due to hike in interest rates and the political uncertainties in the domestic economy in the build up to the 2019 elections amidst a sluggish growth in gross domestic product (GDP). Given the fact that some of the factors still exist, the local bourse maintained a bearish trend last week with the Nigerian Stock Exchange (NSE) All-Share Index (ASI), shedding 1.28 per cent to close at 30,638.90. However, market capitalisation appreciated by 0.78 per cent to be at N11.426 trillion due to listing of additional shares of Cement Company of Northern Nigeria Plc. All other indices finished lower with the exception of the NSE Oil and Gas Index that rose by 2.91 per cent. The NSE Industrial Index led decliners with 3.9 per cent, followed closely by the NSE Banking Index with 2.7 per cent. The NSE Consumer Goods Index and NSE Insurance Index went down by 1.0 per cent apiece. Commenting on the market performance, analysts at Cordros Capital said: Our view continues to favour cautious trading in the equities market amidst brewing political jitters ahead 2019 elections, and the absence of a positive market trigger. However, we expect positive macroeconomic fundamentals to drive recovery in the long term.� The equities market may suffer more decline in the days to come as there is no indication of the return of foreign investors soon. Besides, local investors are still watching the polity and not willing to stake their money now until after the general elections. The Acting Director General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk had said a large percentage of investors in our market are foreign investors and their exit continued to impact negatively on the market. “We can see that the impact of increase in interest rate in advanced countries not just US, has impact on capital outflow thereby leading to reduced performance in our markets. I want to say that the interest rate increase in advanced economies not just the US, does not affect only Nigeria but also affects other emerging and frontiers market in the world,� she said. Also, analysts at CSL Stockbrokers said while prices of equities have depreciated significantly, it may be too early for investors to take advantage of the low prices. They said: “Although, we acknowledge that the broad sell off in the market has led to a significant moderation in the share prices of stocks providing opportunities for bargain hunting, we think that the argument for “Buying the dip� frequently advanced by money managers and traders is still too early to call for. “With growing concerns about a weakening global economy, the U.S Fed providing guidance for two rate hikes in 2019 and more importantly, the elevated political
risk in the domestic economy, we expect foreign investors to remain on the sidelines. Hence, we still expect a choppy theme to characterize the nation’s bourse over the short term.� Market Turnover The market opened for four trading days last week as the Federal Government of Nigeria declared Tuesday January 1, 2019 a Public Holiday to mark the New Year celebration. As a result, a total of 1.647 billion shares worth N8.413 billion in 14,773 deals traded last week by investors in contrast to a total of 3.129 billion shares valued at N14.348 billion that exchanged hands the previous week in 10,394 deals. The Financial Services Industry led the activity chart with 1.154 billion shares valued at N5.742 billion traded in 9,174 deals, thus contributing 70.08 per cent and 68.25 per cent to the total equity turnover volume and value respectively. The Healthcare Industry followed with 271.277 million shares worth N82.647 million in 219 deals, while the third place was Services Industry with a turnover of 91.734 million shares worth N 208.562 million in 232 deals. Trading in the top three equities namely, Diamond Bank Plc, Union Diagnostic & Clinical Services Plc and NEM Insurance Plc accounted for 816.016 million shares worth N1.305 billion in 1,615 deals, contributing 49.54 per cent and 15.51 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 395 units of Exchange Traded Products (ETPs) valued at N816,344.70 executed in 13 deals compared with a total of 25,500 units valued at N1.782 million that was transacted two weeks ago in 15 deals. Similarly, a total of 7,209 units of Federal Government Bonds valued at N6.958 million were traded this week in 8 deals compared with a total of 686 units valued at N689, 162.04 transacted preceding week in three deals Price Gainers and Losers Meanwhile, 22 equities appreciated in price during the week, lower than 52 in the previous week, while 45 equities depreciated in price, higher than 18 of the previous week. Custodian Investment Plc led the price gainers with 16.1 per cent, trailed by Julius Berger Nigeria Plc with 15.6 per cent. Vitafoam Nigeria Plc chalked up 12.5 per cent, while Niger Insurance Plc and Linkage Assurance Plc garnered 9.1 per cent apiece. Newrest ASL Nigeria Plc and Seplat Petroleum Development Company Plc appreciated by 8.9 per cent and 8.0 per cent in that order. Other top price gainers included: Transnationwide Express Plc (7.6 per cent); PZ Cussons Nigeria Plc (7.4 per cent) and Union Bank of Nigeria Plc (7.1 per cent). Conversely, FCMB Group Plc led the price losers with 16.4 per cent, trailed by ; Glaxosmithkline Consumer Plc with 15.8 per cent. Access Bank Plc shed 14.7 per cent, just as Stanbic IBTC Holdings Plc and Dangote Flour Mills Plc went down by 12.6 per cent and 12.4 per cent respectively. Other top price losers were: Transcorp Plc (11.4 per cent); BOC Gases Plc (9.9 per cent); CAP Plc (9.6 per cent); Lafarge Africa Plc (9.6 per cent) and Diamond Bank Plc (9.5 per cent).
26
T H I S D AY Ëž Ëœ ÍľËœ Ͱ͎ͯ͡
Moghalu: Future of Young Nigerians at Risk with FG’s Excessive Borrowing Former Deputy Governor of the Central Bank of Nigeria and Presidential Candidate of the Young Progressive Party, in this interview on Arise TV, the sister broadcast station of THISDAY, spoke on a wide range of issues in the economy. Excerpts: What is Moghalunomics all about? Moghalunomics is a phrase used by some commentators to indicate my views on economic transformation as we should have it in this country. I have some original thoughts about economic transformation and economic development, the first of which we need to understand in this country is the difference between economic growth, economic development and economic transformation. Our policy makers don’t understand this and they keep getting confused, chasing only economic growth statistics which though are necessary, but by themselves do not create structural economic transformation. That is why we still have a lot of poor people and we are the poverty capital of the world. So, that is part of what Moghalunomics is. Part of it is also my vision on how to curtail unemployment in this country by focusing on the three secrets of successful capitalism which is property rights, innovation and capital. As president of Nigeria elected on the platform of the YPP, I will be setting up a N1 trillion venture capital fund in 2019. This fund will invest in millions of new businesses for young men and women. How do you intend to raise this N1 trillion? It is actually easy. The first thing to do is to take out the N500 billion Social Intervention Fund that the government has been budgeting for the past two years, which is total an unproductive venture, a citadel to waste and corruption. But the feeding programme has taken more children to school? What feeding programme? Those are propaganda claims. Let me explain to you. When you bring out N500 billion from the government fund and you bring out N500 billion from the private sector, it is going to be a public-private partnership. Then, we set up this fund which will create real wealth and create millions of new jobs. Now, that is economic thinking. The problem with this government that we have in Nigeria today is that they like to be populist, but at the end of the day they are just recycling poverty. What we need in Nigeria is not this thing they say they are doing, what we need in Nigeria is a social security programme, which my government would be working on separately. We have had some other candidates on this programme and we have heard their manifesto. I will like you to compare and contrast the policy documents of President Mohammadu Buhari and thatof former Vice President, Atiku Abubakar? My first comment about the APC government’s ‘NextLevel’ is that it is really the next level of the decent into poverty. That is what I think. I don’t see anything original in it, t is just political and the usual thing. They talked about the ERGP, trying to grow the economy at seven per cent a year by 2020. Well, we are very far from that, I think they know that. So, I am not impressed about the NextLevel. Also, let’s not talk about the controversy over whether or not the concept was plagiarised. It shows you the absolute lack of originality in this government. Whether it is technical plagiarism or not, it is very clear that it is very similarly to something some other people did in the United Kingdom. So, mostly likely, in my view, it was just a copied design. Let’s move to Atiku Abubakar’s document. Now, the problem I have with that document is that it over promises. You know people make a lot of flowery promises. He talked about a $900 billion economy. That would mean
Moghalu growth of 12 per cent a year consistently. I don’t see us being able to achieve that within a short-range. I think he said up to 2025. We can likely grow by upper single digit and in my government that is what is going to happen. But to assume right off the bat you are going to be growing at double-digit to get to $900 billion, is not possible. Again, the Atiku document makes the mistake that a lot of economic thinking makes in this country. It is a focus on Gross Domestic Product growth. It is not a focus on transforming the society and transforming millions of the people from poverty into the middle class. It is not a focus on economic development. It talks about selling off the
The ďŹ rst thing to do is to take out the N500 billion Social Intervention Fund that the government has been budgeting for the past two years, which is total an unproductive venture, a citadel to waste and corruption
NNPC, I just can’t believe that because I don’t think that is the correct way to go. I think the NNPC should be partially privatised as I myself said severally months ago. I was the first presidential aspirant at that time to talk about the need to privatise 49 per cent or 51 per cent, with the other side going to the private sector. And when I talk about privatisation, I give you the details of how the concept would work. The problem with Nigeria’s politicians in the APC and PDP is that they make these flowery statements without telling Nigerians how it will work. When you say you will privatise the NNPC and the refineries, where will you privatise it? Who is buying the NNPC? I say that we would put the shares of the NNPC on the Nigerian Stock Exchange and at least 10 per cent of the ownership must be for the host communities. So, I am very clear when I talk about these things. The purpose for privatising the NNPC is to make sure that it efficient and to sell off Nigeria’s crown jewels to friends and cronies. I have heard many commentators say all the presidential candidates sound more or less the same. Maybe there could be variation in terms of details, but they are all saying same thing in terms of security, jobs, infrastructure and so on.
In you book, you talked about internal security, law and order. We have a sitting president who is a retired soldier and under his watch we have not been able to address the security challenge. You are not a soldier, so what is this your vision all about? The reason some people may think presidential candidates sound very much alike is because we all know the problem Nigeria faces. I don’t think there is anybody who doesn’t know what the real issues are. So, you must forgive us. But the difference, and you must be very discerning, is the solution to the problems. Listen carefully to all the presidential candidates and listen to me, and you cannot say we sound alike. When I speak, I don’t make promises. I have a plan and I have a plan to execute the plan. So, we don’t all have the same vision. Now, on the issue of security, first of all I want to say how sad and sorry I am for the families of our fallen soldiers. It’s always a sad thing when soldiers in any country are the subject of terrorists’ attacks and I don’t want to get too political about it because I want to focus on the human loss. But you asked me about CONTINUED ON PAGE 30
T H I S D AY Ëž Ëœ ÍľËœ Ͱ͎ͯ͡
27
For Better User Experience with PoS ‘Niyi Ajao Card payments on Point of sale (PoS) terminals in Nigeria have grown from a paltry 5,000 monthly volume in 2011 to 30 million in November 2018, all thanks to the success of the cashless Nigeria initiative launched by the Central Bank of Nigeria and all banks in Nigeria in 2011. In all, seven million cards made the 30 million card payments out of an estimated 40 million active cards in circulation in Nigeria. Other cards were generally used on Automatic Teller Machines (ATMs). Also, 45.3 per cent of the PoS transactions occurred at supermarkets and similar retail outlets, 14.1 per cent at fuel stations and 10.1 per cent at fast foods and restaurant locations. A further breakdown of the PoS transactions showed that 3.4 per cent were consummated at hotels, motels and resorts and two per cent at telecommunication service centers. Another two per cent took place at drug stores, pharmacies and sundry locations. In all, the number of installed PoS terminals has also grown from 10,000 in 2011 to 200,000 in November 2018. All this proves the indisputable success of the Cashless Nigeria campaign over this eight years period. The Bank of International Settlements (BIS) payment cards and terminals publication reported 380,000 POS terminals in use in South Africa, up to 1.6Million terminals in the UK and 620,000 terminals in Argentina. Card payment on POS terminals provides so much benefit for cardholders and businesses. Cardholders experience peace of mind and convenience without having to go through the rigor of handling and counting cash with the attendant risk of losing money to pickpockets. Businesses on the other hand derive the benefits of ease of account reconciliation, and avoiding the problems of revenue leakage, cash handling cost and inconvenience, and general inefficiency inherent in cash payments. Available statistics show that there are preventable challenges with the use of cards on PoS terminals in Nigeria. This piece is aimed at explaining one major challenge and a simple prescription that banks have in place to enhance user experience in PoS terminal usage for payments. Merchants and cardholders would experience improved card payment on PoS terminals if the advice herein contained is followed faithfully. Account Selection During Card Payment Process In Nigeria, the failure rate of card transactions on PoS terminals range between 13 and 15 per cent. That is, in every 100 attempts to process card payment on PoS terminals, 13 to 15 would fail, compared with 0.7 per cent failure rate of the NIBSS Instant Payments (NIP) service. That is, only about seven NIP fund transfer
transactions will fail out of 1,000 attempts. In-depth studies have revealed that while about half of the card payment failures is attributable to system glitches and GPRS signal problems in the PoS processing system, the other half is largely caused by the Account Selection feature which is peculiar to PoS terminal operation in Nigeria. That is the feature that makes the salesperson to ask you if it is your Current Account or Savings Account you want the POS terminal to debit as soon as you hand your payment card over, for insertion in the PoS terminal. Studies have shown that often times the cardholder will choose Current Account but the salesperson would go ahead and select Savings Account option in error or vice versa, so where the cardholder does not have funds in the Savings Account, the transaction would be declined. Also two to three seconds are wasted in every PoS payment process to confirm cardholders preferred account. This amounts to up to 800 hours cumulative time wasted daily given the current 1,000,000 average daily POS transaction volume. Also it is a breach of security and confidentiality for a cardholder to have to announce which of his/her accounts is liquid to a third party. Improving PoS Transactions Success Rate Every payment card has a default account tied to it by the card issuer, that is the bank that gave you the card. The default account tied to the card is either your Current Account, your Savings Account, or your Credit Card Account, depending on the choice you made at the point of applying for the card. So, to reduce card payment failure rates you are required to tell the salesperson to select ‘default’ account option on the PoS instead of Current/Savings Account that we are all used to in Nigeria at the moment. Accordingly, all banks have resolved that as from January 2019 salespersons should desist from asking cardholders about Current/ Savings Account. Rather the salesperson should just select the ‘default’ account option on the PoS terminal during card payment processing. In like manner, cardholders are required to tell the salesperson to use the ‘default’ account whenever they are confronted with Current/Savings account question. Furthermore, banks have all resolved that by January 2020 PoS terminals will no more provide the Current/ Savings Account option in their operating menus, so as to align Nigeria with best practice in PoS terminal operations. These measures are all geared towards reducing the failure rate of card payments on POS terminals by half in Nigeria, thereby giving cardholders and merchants/salespersons a better user experience with POS payments as it is witnessed in other countries.
always make use of the terminals, and where any of them become faulty or where the terminal is no longer required for payments processing such terminals should be returned to the Payments Terminal Services Provider (PTSP) or the bank who provided the POS terminal in the first place, to allow the terminal to be deployed to other account holders who would use them to derive the immense benefits of electronic payments. Another area of concern in PoS operations in Nigeria is that of inactive terminals. Banks invest a lot of funds to acquire POS terminals and necessary accessories to make them usable by merchants/ salespersons, some of who end up abandoning the terminals after collecting same from their
banks i.e. the terminals become inactive. Such inactive terminals constitute about 40 per cent of installed PoS terminals in Nigeria presently i.e. about 80,000 terminals out of the installed 200,000. To reduce this waste, business owners are advised to
Summary When next you give your payment card out to fulfill a payment, just tell the salesperson to select the ‘Default Account on PoS instead of asking if it is your Current or Savings Account you want debited.
In the first place, where I keep my money (whether in my current or savings account) should be confidential information that I should not gleefully announce to others! In the vein, salespersons are required to desist from asking cardholders if they want their Current or Savings Account debited during POS transaction processing, and should instead just select Default Account on the PoS terminal. By so doing PoS transaction failure rate will reduce significantly from the present 13-15 per cent and cardholders and salespersons will begin to enjoy better user experience. Ajao, is the Acting Managing Director/CEO, Nigeria Inter-Bank Settlement System (NIBSS) Plc
5 ) * 4 % ": t MONDAY, JANUARY 7, 2019
28
RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED th FRIDAY 4 -JANUARY 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER
ITEM OF IMPORT
AMOUNT
SN CUSTOMER
ITEM OF IMPORT
IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION
DATE OF USD EXFUND CHANGE SALE RATE 31-Dec-18 331.50
58,000.00
77
GUBABI AND COMPANY LIMITED
payment of Gubabi re-inforced fire resistant safe
DATE OF USD EXFUND CHANGE SALE RATE 31-Dec-18 345.50
1
REGAL CHEM NIGERIA LIMITED
2
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - CYCLOHEXANONE
31-Dec-18
331.50
23,000.00
78
DAG INDUSTRIES NIGERIA LTD
BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION
31-Dec-18
3 4
BUA SUGAR REFINERY LIMITED
7000MTS OF RAW SUGAR IN BULK
31-Dec-18
342.00
180,000.00
79
THE SLAY NETWORK LTD
DIVIDEND AND CAPITAL REPATRIATION
31-Dec-18
363.50 2,999,999.00
ADIREJE WEST AFRICA LTD
IMPORTATION OF GAZPROMNEFT HD50 205L
31-Dec-18
333.51
1,000.00
80
OLASHORE ABIMBOLA
CARD PAYMENT
31-Dec-18
360.00
4,972.89
5
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS
31-Dec-18
335.50
41,000.00
81
MAREN JONATHAN OBUKOWHO
EDUCATION
31-Dec-18
358.50
1,273.48
6
IRON PRODUCTS INDUSTRIES LIMITED
RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS
31-Dec-18
342.50
49,000.00
82
NICHOLAS PINDAR DIBAL
EDUCATION
31-Dec-18
358.50
3,813.60
7
HAFFAR INDUSTRIAL COMPANY LIMITED
IMPORTATION OF INDUSTRIAL RAW MATERIALS- SYNTHETIC TOW OF ACRYLIC FOR SPINNING
31-Dec-18
345.50
4,000.00
83
ECOBANK NIGERIA LIMITED
SALE TO CBN
31-Dec-18
357.00
253,045.27
8
DAILY NEED INDUSTRIES LIMITED
PURCHASE OF PHARMACEUTICAL REW MATERIALS
31-Dec-18
348.50
2,000.00
84
ODIETE IGHO PETER
PTA
31-Dec-18
358.50
2,500.00
9
DAG INDUSTRIES NIGERIA LTD
BAJAJ BOXER -BM100CC MOTORCYCLE IN CKD PACKED CONDITION
31-Dec-18
348.50
563,655.00
85
GIWA ISMAILA OLARENWAJU
PTA
31-Dec-18
358.50
3,000.00
10
TECHNOLOGY DISTRIBUTIONS LIMITED
IMPORTATION OF HP PROLIANT PERFORMANCE SERVER
31-Dec-18
330.50
1,000.00
11
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - METHANOL
31-Dec-18
331.50
10,000.00
12
TOMBO INDUSTRIES LIMITED
For purchase of raw materials
31-Dec-18
339.50
13,000.00
13
OVH ENERGY MARKETING LIMITED
BASEOIL AS PER PFI MB/040518
31-Dec-18
340.50
88,000.00
14
IRON PRODUCTS INDUSTRIES LIMITED
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS
31-Dec-18
342.50
68,000.00
15
SPECTRANET LIMITED
Wireless Communication Apparatus to be used in LTE Wide Area Network
31-Dec-18
345.50
9,000.00
16
MANTRAC NIGERIA LIMITED
24X OLYMPIAN GEP88-CKD DIESEL GENERATOR SET PRIME RATED @ 80kVA, 64eKW, 380/415volt, 50Hz, 1500rpm
31-Dec-18
348.50
348.50
AMOUNT 10,000.00 280,000.00
86
BADAMASI MUSA IBRAHIM
PTA
31-Dec-18
358.50
4,000.00
87
ADEKUNLE SAMUEL OLUWASEUN
PTA
31-Dec-18
358.50
4,000.00
88
ALERE OLUWAKEMI OPEYEMI
PTA
31-Dec-18
358.50
1,402.61
89
ALERE OLUWAKEMI OPEYEMI
PTA
31-Dec-18
358.50
600.00
90
ASIWAJU JOSEPHINE ADERONKE
PTA
31-Dec-18
358.50
1,148.30
91
NWACHUKWU EMMNAUEL NWANARI
PTA
31-Dec-18
358.50
4,000.00
92
AKIBA ARIT CHRISTINE
PTA
31-Dec-18
358.50
4,000.00
230,000.00
93
PENTAGON PLASTIC INDUSTRIES LIMITED
IMPORT OF SPARE PARTS FOR INJECTION MOULDING MACHINE
2-Jan-19
364.00
14,347.00
17
TOP STEEL NIGERIA LIMITED
FERRO SILICO MANGANESE
31-Dec-18
340.50
56,000.00
94
INTEGRATED FISHERIES COMP LTD
1477 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED
2-Jan-19
364.00
24,855.00
18
STARLINE NIGERIA LIMITED
FOR IMPORTATION OF INDUSTRIAL RAW MATERIAL FOR MANUFACTURING
31-Dec-18
338.50
35,000.00
95
A A RANO NIGERIA LTD
IMPORTATION OF 20,000MT OF GASOIL (AGO)
2-Jan-19
364.00
378,739.75
19
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - NORMAL BUTANOL
31-Dec-18
331.50
32,000.00
96
ODIBO-SATU FRANCIS AND DORIS
EDUCATION
2-Jan-19
358.50
14,995.00
20
FLOUR MILLS OF NIGERIA PLC
257.125M/TONS OF LOW DENSITY POLYETHYLENE OF GRADE NA 204 LDPE
31-Dec-18
342.00
350,000.00
97
UMEOHABIKE VIVIAN KAMDIRICHUKWU
EDUCATION
2-Jan-19
358.50
11,116.14
21
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS
31-Dec-18
335.50
44,000.00
98
ODIBO-SATU FRANCIS AND DORIS
EDUCATION
2-Jan-19
358.50
11,808.60
22
NAKS INTERNATIONAL CO LTD
PURCHASE OF DRIED ANIMAL FEED
31-Dec-18
338.00
68,000.00
99
ABUAH FRANK AFAM
PTA
2-Jan-19
358.50
4,000.00
23
EAGLE INDUSTRIES INTL CONCEPT LIMI
INSTANT FAT FILLED MILK POWDER 28% - FORTO 25KG
31-Dec-18
342.50
86,000.00
100 BELLO AISHA
PTA
2-Jan-19
358.50
4,000.00
84,000.00
101 EZEAKU CHIOMA
PTA
2-Jan-19
358.50
4,000.00
IMPORTATION OF 20,000MT OF GASOIL (AGO)
3-Jan-19
364.00
100,000.00
364.30 1,300,000.00
24
IRON PRODUCTS INDUSTRIES LIMITED
RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS
31-Dec-18
342.50
25
IRON PRODUCTS INDUSTRIES LIMITED
RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS
31-Dec-18
342.50
106,000.00
102 A A RANO NIGERIA LTD
26
OBOTICA INDUSTRIAL LTD
IMPORTATION OF NEW MOTORCYCLE INCKD
31-Dec-18
345.50
12,000.00
103 A A RANO NIGERIA LTD
IMPORTATION OF 20,000MT OF GASOIL (AGO)
3-Jan-19
296,630.00
104 CHAB INVESTMENT COMPANY LIMITED
IMPORTATION OF 1400 TONS OF AZ MOLDA, PLASTER OF PARIS BRANCD
3-Jan-19
360.00
1,035.94
105 SPACOE SERVICES CO. LTD.
CELLULOSE FIBRES FOR SHOE MATERIALS ONLY
3-Jan-19
358.50
20,000.00
27
DAG INDUSTRIES NIGERIA LTD
BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION
31-Dec-18
348.50
28
DANGOTE FLOUR MILLS PLC
MILLING WHEAT
31-Dec-18
338.50
400,000.00
29
REGAL CHEM NIGERIA LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - HDPE
31-Dec-18
331.50
20,000.00
106 M O MALIZE GLOBAL
SPEAKER
3-Jan-19
358.50
10,000.00
BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD
4-Jan-19
315.00
500,000.00
30
SABASTEEL INDUSTRIAL NIG LTD
HOT ROLLED STEEL (SHEETS)
31-Dec-18
335.50
82,000.00
107 DAG INDUSTRIES NIGERIA LTD
31
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL
31-Dec-18
335.50
60,000.00
108 A A RANO NIGERIA LTD
IMPORTATION OF 20,000MT OF GASOIL (AGO)
4-Jan-19
364.00
316,562.50
342.50 1,040,000.00
109 DELIFROST CATERERS NIGERIA LIMITED
LACTEL DAIRY DESSERT LONG LIFE
4-Jan-19
364.00
29,937.50
110 ECOBANK NIGERIA LIMITED
SALE TO CBN
4-Jan-19
357.00 1,465,992.35
111 OLASHORE ABIMBOLA
CARD PAYMENT
4-Jan-19
360.00
4,918.29
112 THE OTUNBA ADEKUNLE OJORA OFR,CON,JP
EDUCATION
4-Jan-19
360.00
4,242.20
32
BIMVENUS MULTIPURPOSE CONCEPT INTL
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL
31-Dec-18
33
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - XYLENE
31-Dec-18
331.50
38,000.00
34
BUA SUGAR REFINERY LIMITED
RAW SUGAR IN BULK
31-Dec-18
342.00
200,000.00
35
TULCAN ENERGY RESOURCES LIMITED
TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 10,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED
31-Dec-18
340.50
900,000.00
36
WIZCHINO ENGINEERING LIMITED
IMPORTATION OF BORING AND ROTARY DRILLING MACHINE
31-Dec-18
342.50
16,000.00
37
EAGLE INDUSTRIES INTL CONCEPT LIMI
FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG
31-Dec-18
342.50
58,000.00
38
IRON PRODUCTS INDUSTRIES LIMITED
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS
31-Dec-18
342.50
46,000.00
39
ASHOK LEYLAND NIGERIA LIMITED
PAYMENT OF VEHICLE PARTS
31-Dec-18
343.50
5,000.00
40
A A RANO NIGERIA LTD
IMPORTATION OF SPHERICAL TANK FARM SYSTEM EQUIPMENT
31-Dec-18
343.50 1,000,000.00
41
FAPA COMPANY LIMITED
PAYMENT OF GOODS(MOTORCYCLE SPARE SPARTS)
31-Dec-18
345.50
12,000.00
42
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS
31-Dec-18
335.50
129,000.00
43
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL
31-Dec-18
335.50
90,000.00
44
GBMT GLOBAL LIMITED
INDUSTRIAL RAW MATERIAL - HOT ROLLED STEEL COILS
31-Dec-18
338.00
67,000.00
45
TRALAT ENGINEERING N ENERGY SOLUTI
FILTER ELEMENTS 26''CYL SSW FILTER ELEMENT 26''CONE SSW
31-Dec-18
346.50
61,000.00
46
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL
31-Dec-18
335.50
80,000.00
47
CROPS GATE LIMITED
PAYMENT FOR AGRICULTURAL HERBICIDE
31-Dec-18
342.50
4,000.00
48
ZECO FARMS AND AGRO ALLIED IND LTD
PURCHASE OF NEW SPARE PARTS FOR RICE HULLER MACHINE
31-Dec-18
345.50
4,000.00
49
DANGOTE SUGAR REFINERY PLC
16,100MT BRAZILIAN CANE RAW SUGAR
31-Dec-18
338.50
600,000.00
50
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL
31-Dec-18
335.50
110,000.00
51
NATURAL PRIME RESOURCES NIGERIA LI
ACUTEX, ODORIFEROUS SUBSTANCE, SODIUM CARBONATE (DENS), SPECKLES
31-Dec-18
340.50
98,000.00
52
PRUDENT ENERGY AND SERVICES LTD
IMPORTATION OF PETROLEUM PRODUCTS
31-Dec-18
340.50
187,000.00
53
BIMVENUS MULTIPURPOSE CONCEPT INTL
HOT ROLLED STEEL (SHEETS)
31-Dec-18
342.50
127,000.00
54
JUBAILI AGROTEC LIMITED
AGRICULTURAL INSECTICIDES
31-Dec-18
345.50
26,000.00
55
UCHE-SYLVA INTERNATIONAL LIMITED
IMPORTATION OF ABS PLASTER OF PARIS
31-Dec-18
345.50
101,000.00
56
KEDILASO INTERNATIONAL LIMITED
LIQUID GAS COOKER,AUTOMATIC VOLTAGE REGULATOR
31-Dec-18
345.50
6,000.00
57
INTEGRATED FISHERIES COMP LTD
1477 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED
31-Dec-18
342.00
5,000.00
58
CHAB INVESTMENT COMPANY LIMITED
IMPORTATION OF 1400 TONS OF AZ MOLDA, PLASTER OF PARIS BRANCD
31-Dec-18
342.50
8,000.00
59
RICHYGOLD INTL LTD
IMPORTATION OF PHARMACEUTICAL RAW MATERIAL
31-Dec-18
345.50
1,000.00
60
DAG INDUSTRIES NIGERIA LTD
BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION
31-Dec-18
348.50
145,000.00
61
REGAL CHEM NIGERIA LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION
31-Dec-18
331.50
68,000.00
62
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - GLYCERINE
31-Dec-18
331.50
56,000.00
63
EDO CEMENT COMPANY LIMITED
MACHINERY FOR EDO CEMENT
31-Dec-18
340.00
600,000.00
64
REGAL CHEM NIGERIA LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL FOR BOOK PRODUCTION
31-Dec-18
331.50
72,000.00
65
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - PETROLEUM JELLY
31-Dec-18
331.50
24,000.00
66
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - IPEA
31-Dec-18
331.50
32,000.00
67
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:CHANNELS
31-Dec-18
335.50
70,000.00
68
SABASTEEL INDUSTRIAL NIG LTD
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL:BEAMS
31-Dec-18
335.50
71,000.00
69
SABASTEEL INDUSTRIAL NIG LTD
HOT ROLLED STEEL (SHEETS)
31-Dec-18
335.50
60,000.00
70
FESTO AUTOMATION LIMITED
IMPORTATION OF PNEUMATIC MACHINE PARTS FOR PRODUCTION LINES IN MANUFACTURING COMPANIES
31-Dec-18
337.50
1,000.00
71
BIMVENUS MULTIPURPOSE CONCEPT INTL
RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL
31-Dec-18
342.50
360,000.00
72
REGATTA INDUSTRIES LIMITED
IMPORT OF INDUSTRIAL RAW MATERIAL - IPA
31-Dec-18
331.50
3,000.00
113 THE OTUNBA ADEKUNLE OJORA OFR,CON,JP
EDUCATION
4-Jan-19
360.00
3,550.53
114 OJORA ADEYINKA A.
EDUCATION
4-Jan-19
360.00
12,000.00
115 OJORA ADEYINKA A.
EDUCATION
4-Jan-19
360.00
15,000.00
116 OBIEDELU COSMAS UCHE
EDUCATION
4-Jan-19
358.50
5,604.03
117 ASOWATA ALBERT OMOSERE
EDUCATION
4-Jan-19
358.50
5,276.86
118 THE OTUNBA ADEKUNLE OJORA OFR,CON,JP
EDUCATION
4-Jan-19
358.50
14,502.65
119 THE OTUNBA ADEKUNLE OJORA OFR,CON,JP
EDUCATION
4-Jan-19
358.50
11,674.34
120 OJORA ADEYINKA A.
EDUCATION
4-Jan-19
358.50
15,000.00
121 KOLAWOLE VINCENT OLADAPO
EDUCATION
4-Jan-19
358.50
11,307.56
122 THE OTUNBA ADEKUNLE OJORA OFR,CON,JP
EDUCATION
4-Jan-19
358.50
14,502.65
123 PROIDENTITY LTD
MUSICAL INSTRUMENT
4-Jan-19
358.50
20,000.00
124 VIVIAN OSCAR AKABUEZE NIGERIA LIMIT
TAILORING MATERIAL(SEWING THREAD
4-Jan-19
358.50
20,000.00
125 GREAT MEKON GLOBAL RESOURCES LTD
SEWING THREAD
4-Jan-19
358.50
20,000.00
126 SLOGAN ENGINEERING LIMITED
UNCOATED CRAFT PAPER AND BOARD
4-Jan-19
358.50
20,000.00
127 OJISON BEN INTERNATIONAL CO.LIMITED
DISCHARGE LAMPS
4-Jan-19
358.50
20,000.00
128 NMR INTERCONTINENTAL LIMITED
NEW ELECTRIC FORKLIFT & SPARE BATTERY
4-Jan-19
358.50
19,553.40
129 BENECHUKS MERCANTILE COM LTD
WATER PUMP
4-Jan-19
358.50
20,000.00
130 EDWIN OKEKE EMEKA NIG VENTURES
MERCEDES BENZ SPARE PARTS(FOG LAMPS LED)
4-Jan-19
358.50
20,000.00
131 MAXOFUONYE TRADING CO NIG
TIGER HEAD BRAND PAPER JACKET DRY BATTERY
4-Jan-19
358.50
20,000.00 20,000.00
132 L.Y.D- J ENTERPRISES
WATER PUMP
4-Jan-19
358.50
133 NATURE POWER PRODUCT NIGERIA COMPA
BULB
4-Jan-19
358.50
20,000.00
134 EBVAL INTERNATIONAL AGENCY
PLAIN ALUMINUM COIL
4-Jan-19
358.50
20,000.00
135 POWER BARZOON INTERBIZ
MERCEDES BENZ SPARE PARTS (FOG LAMPS LED)
4-Jan-19
358.50
20,000.00
136 OKWUS NIGERIA CABLES LIMITED
CABLES (OKWUS BRAND)
4-Jan-19
358.50
20,000.00
137 UANTEX VENTURES LTD
WATER PUMP
4-Jan-19
358.50
20,000.00
138 DEUS RESOURCES NIG LIMITED
SPEAKER
4-Jan-19
358.50
20,000.00
139 NEAT APPROACH INVESTMENT LTD
NEW ELECTRIC FORKLIFT, SPARE BATTERY & SPARE TYRES
4-Jan-19
358.50
19,553.40
140 NATURE PROJECT INVEST CO. NIG. LTD.
TIGER HEAD BRAND PAPER JACKET DRY BATTERY
4-Jan-19
358.50
20,000.00
141 VIGOURS RESOURCES LIMITED
AUTO INJECTOR
4-Jan-19
358.50
20,000.00
142 B.C EDU ENTERPRISE
UMBRELLA
4-Jan-19
358.50
3,000.00
143 WELLS SPLITTER ENTERPRISES
HOSPITAL EQUIPMENT-FIRST AID BOXES
4-Jan-19
358.50
20,000.00
144 OZEK PHARMACEUTICAL CO LTD
SURGICAL BLADE
4-Jan-19
358.50
20,000.00
145 GENKO WEST AFRICA LIMITED
BREATHING APARATUS
4-Jan-19
358.50
20,000.00
146 DUNAFIX OIL RESOURCES LTD
HOSPITAL EQUIPMENT- FIRST AID BOXES
4-Jan-19
358.50
20,000.00
147 USMAN ZARA SHERIFF
PTA
4-Jan-19
358.50
3,000.00
148 ARONIMO SAMUEL BABATUNDE
PTA
4-Jan-19
358.50
4,000.00
149 OJUBANIRE-AJALA OYEYEMI SALMOT
PTA
4-Jan-19
358.50
1,500.00
150 OGUNBIYI THEOPHILUS AYODEJI JAMES
PTA
4-Jan-19
358.50
4,000.00
151 OGUNBIYI HEIDI
PTA
4-Jan-19
358.50
4,000.00
PTA
4-Jan-19
358.50
4,000.00
73
C JIMSON NIGERIA LTD
PAYMENT FOR STATIC CONVERTE-AVR (500WATTS) MODEL SY-300W SUPERVISION BRAND, BABY DRY LOVE DISPOSEABLE BABY DAIPERS MINI FAN BLADE SV300Y, SUPERVISION BRAND
31-Dec-18
340.50
3,000.00
152 OLALOMI BABATUNDE MUSIBAU
74
SABASTEEL INDUSTRIAL NIG LTD
HOT ROLLED STEEL SHEETS
31-Dec-18
342.50
24,000.00
153 ASAKPOKU ENEMATA MOSES
PTA
4-Jan-19
358.50
2,500.00
154 GAMBO JAMILA
PTA
4-Jan-19
358.50
4,000.00
75 76
MANTRAC NIGERIA LIMITED IRON PRODUCTS INDUSTRIES LIMITED
VARIOUS OLYMPIAM GEP(22, 165)-CKD DIESEL GENERATOR SET AND VARIOUS CAT (C13-350, C18)-CKD DIESEL GENERATOR SET PRIME RATED @635kVA, 508eKW, 400volts, 50Hz, 1500rpm. RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS
31-Dec-18 31-Dec-18
348.50 342.50
6,000.00 88,000.00
155 OJIOKPOTA HENRY AREWE
PTA
4-Jan-19
358.50
4,000.00
156 DISU STELLA YETUNDE
PTA
4-Jan-19
358.50
2,539.80
T H I S D AY Ëž Ëœ ÍľËœ Ͱ͎ͯ͡
29
RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 4th-JANUARY 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER
ITEM OF IMPORT
DATE OF USD EXFUND CHANGE SALE RATE
157 OJEKUNLE TITILAYO
PTA
4-Jan-19
358.50
INSIDE BROAD STREET HeThat is Down‌
AMOUNT 1,000.00
158 AMITAYE ANTHONY
PTA
4-Jan-19
358.50
4,000.00
159 ATOUKUDU AKWAGBE
PTA
4-Jan-19
358.50
4,000.00
160 SALAMI RASHEED ALAO.
PTA
4-Jan-19
358.50
2,500.00
DATE OF CNY EXFUND CHANGE SALE RATE
AMOUNT
RETURNS ON UTILIZATION OF FUNDS SOLD (CNY) TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 4TH-JANUARY 2019 SN CUSTOMER
ITEM OF IMPORT
1
HONT GLOBAL SERVICES LIMITED
2 3
SEASONS TRADING SERVICES LIMITED YRA INTL AND COY LTD
FOR PURCHACSE OF FILM BLOWING MACHINE, AUTOMATIC SHOPPING BAG MAKING MACHINE, 4 COLOUR PRINTING MACHINE, SLITTING MACHINE, MINI TYPE FILM BLOWING MACHINE AND PLASTICS RECYCLING MACHINE IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR 7MM POLYCARBONATE SHEET, 10MM POLYCARBONATE SHEET, HCLIP, UCLIP
31-Dec-18
49.50
986.54
31-Dec-18 31-Dec-18
49.50 49.50
675,000.00 125,908.16
RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 4TH-JANUARY 2019 SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94
SOURCE OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK OTHERS CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CAPITAL IMPRT/FDI OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK INTERBANK DOMICILIARY ACCOUNTS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS EXPORT PROCEEDS DOMICILIARY ACCOUNTS OTHERS OTHERS OTHERS OTHERS EXPORT PROCEEDS EXPORT PROCEEDS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS CBN INTERVENTION CBN INTERVENTION
DATE OF FUND PURCHASE 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 31-Dec-18 2-Jan-19 2-Jan-19 2-Jan-19 3-Jan-19 3-Jan-19 3-Jan-19 3-Jan-19 3-Jan-19 3-Jan-19 3-Jan-19 3-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19 4-Jan-19
USD EXCHANGE RATE 356.00 356.00 356.00 356.00 356.01 356.00 356.00 356.04 356.00 356.00 307.00 307.00 340.00 339.49 341.50 338.00 335.35 331.00 344.22 362.50 354.98 356.00 354.99 354.93 354.98 354.99 356.00 354.98 354.98 354.97 354.99 355.00 354.98 314.50 306.95 363.00 306.95 355.00 310.00 306.95 306.95 364.70 363.00 363.30 307.00 355.00 364.52 307.00 363.00 363.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 355.00 357.00 357.00
TOTAL AMOUNT AVERAGE AMOUNT
SN 1
RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 4TH-JANUARY 2019 SOURCE DATE OF FUND PURCHASE CNY EXCHANGE RATE CENTRAL BANK OF NIGERIA 31-Dec-18 49.00 TOTAL AMOUNT AVERAGE AMOUNT
AMOUNT 254.87 39,925.77 70,526.68 359.23 162.23 336.42 63,314.34 3.36 84,719.31 1,858.44 20,000.00 295,379.26 1,332,000.00 613,000.00 735,000.00 1,035,000.00 974,000.00 437,000.00 4,938,285.00 2,999,999.00 25,123.91 1,384.98 33,441.19 40,330.30 18,088.82 16,285.16 32,028.75 41,655.34 22,872.63 23,655.57 49,298.67 11,185.10 22,043.27 300,000.00 10,000.00 417,941.75 20,000.00 1,941.61 32,258.06 579,491.15 11,881.45 14,845.40 100,000.00 1,300,000.00 133,107.82 8,818.70 5,110.88 148,309.61 140,000.00 206,500.00 25,485.91 23,345.39 42,018.40 49,621.80 138,740.06 171,782.62 86,080.58 34,124.34 24,889.00 13,511.76 14,335.61 13,207.94 29,941.20 27,366.02 49,479.76 33,698.18 31,617.35 21,923.15 34,206.73 36,420.20 27,174.94 40,166.64 41,946.11 122,426.13 31,379.03 46,566.78 32,871.80 162,969.62 31,818.37 33,096.99 32,720.75 38,418.78 41,191.36 63,166.04 23,793.20 57,844.75 49,094.99 33,644.63 43,160.78 39,592.06 35,192.60 24,624.11 1,000,000.00 1,000,000.00 21,363,380.49 227,270.01
AMOUNT 801,894.70 801,894.70 801,894.70
Obinna Chima Investors in the Nigerian stock market were certainly excited that 2018 has come and gone. This is because of the disappointing performance displayed by the Nigerian bourse last year, that made a lot of investors to suffer bruises. In fact, contrary to high expectations that the stock market would sustain its 2017 positive performance last year, it had closed 2018 with a decline of N1.898 trillion, while the Nigerian Stock Exchange (NSE) All-Share Index (ASI) depreciated by 17.8 per cent. Specifically, the decline in the stoc k m a r k e t w a s in contrast to the 42.3 per cent growth recorded in 2017 after three years of fall, which had made operators and other stakeholders to be upbeat that growth would be sustained last year. Not even the penny stock investors were spared as they also suffered huge capital losses. The sustained downswing in the performance of the stock market, which has continued in 2019, has been largely attributed to the uncertainty in the political environment. This even led to foreign portfolio investors (FPI) withdrawing more than N94.4 billion between July and September 2018, from the NSE. More so, the ongoing monetary policy normalisation in the United States and some advance economies also took its toll on the Nigerian bourse. The Fed Reserve hiked interest rate four times last year and that pushed the US central bank’s key overnight lending rate to a range of 2.25 per cent to 2.50 per cent. Owing to this, capital inflows in the economy declined consistently especially since 2018, while outflows more than doubled during this same period. Nevertheless, the fallen share prices clearly offer opportunity for investors to take advantage of low share prices. In his book, ‘Market Panic’, Stephen Vines stressed that in periods of sharp market decline “it has been demonstrated that those who bought at the height of the carnage were rewarded for their audacity.� Stock market panics are always the best time to make money because markets “always overreact; they
always correct themselves.� “Investors who are anxious to offload their shares at the first sign of market weakness are usually the same people who bluntly declare that they will stay away from the market while so much uncertainty persists and when prices seem to be in free fall,� Vine stated. Therefore, in order to take advantage of the opportunities offered by the current trend in the stock market, potential investors must take out time to understand what they are investing in before venturing into the market. They must also adopt a time horizon before investing. Investors must understand that the stock market is not a casino and should not be looked at from a short-term view. This is because history has shown that investors who go into the stock market without understanding what it is all about get their fingers burnt. Most importantly, stock market investors must understand the behaviour of different stocks and sub-sectors on the NSE so that stockbrokers who are always out to get their commission do not mislead them into buying ‘dead’ stocks. There are specific seasons and dispensation of different stocks and sub-sectors. The time of the conglomerates was in the 70’s and 80’s and between 2005 and 2009 was largely a period of boom for bank stocks and subsequently, food and beverages, construction, among others. Many people do make mistake by investing in industries that belong to the past where earnings probability and returns on investment are not visible, even in the long term, such as some insurance stocks on the NSE today. To this end, investors are expected to spend as much time selecting stocks as they do when buying new shoes. Similarly, research is extremely important to guide an investor in selecting stocks with good-looking fundamentals, reasonable prices and a fast-looking future. This is because value investors, that is, investors that seek out companies with solid earnings records and are prepared to hold the stocks over the long term, are those to benefit most in a period of market down turn. Indeed, the NSE, the Chartered Institute of Stockbrokers as well as the Securities and Exchange Commission (SEC) have big roles to play in driving awareness about the stock market. They must come out with a proper strategy to bring back retail investors to the market.
30
T H I S D AY Ëž Ëœ ÍľËœ Ͱ͎ͯ͡
MOGHALU: FUTURE OF YOUNG NIGERIANS AT RISK WITH FG’S EXCESSIVE BORROWING security, which is a broader question. Now, it is a tragedy of monumental proportion that a man who was a General in the Army promised to secure Nigerians, and security in this country has gotten worse under his leadership. It is not just Boko Haram, there is also the herdsmen clashes and so many other things. So, the problem is number one, it is clear that the hood does not make the monk. Please do not be deceived by the fact that somebody is a General. I would secure Nigeria far better as president of Nigeria in 2019, more than President Muhammadu Buhari has done. Number one, I would come to national security with a much better understanding of what national security means. The understanding of security in Buhari’s vision is a tunnel vision, it is just about Boko Haram. But national security is many things. It is Boko Haram, herdsmen, it is also the ever-increasing rate of poverty in this country. It has national security implication for the country. It is about cybersecurity and it is about the borders. If you don’t understand the problems fully, you will not be able to solve it. Secondly, I will bring a much more professional approach to the management of Nigeria’s security problem. If you look at the military chiefs, 99 per cent of them come from one part of the country and are of one religion. That tells you that the consideration for the leadership of our security architecture is not professionalism, it is parochialism. The government of president Buhari is not securing Nigeria, they are securing his regime and he thinks his ethnic and religious kith and kin are the only ones he can trust. That is one of the reasons security is breaking down in this country and nobody talks about it. Thirdly, I will have as president, the political will to secure Nigeria. You see the president when the herdsmen attack, you will see him being evasive, making apologies and turning himself into a prayer warrior. We elected him to secure this country, we didn’t elect him to pray. So, the point is that there needs to be political will and no matter whose ox is gored, we must secure our citizens. Fourthly, border security is important. Our borders in this country are not secure. I as president will secure Nigeria’s border. Finally, as president, I will create a completely new 21st century police force with 1.5 million men and women over a period of four years. As president, will you consider it important to seek technical assistance outside in terms of security? The real problem is to look inwards and regenerate our armed forces. Nigeria’s armed forces are focused on the wrong things. Nigeria’s civilian space has become increasingly militarised. You have ‘Operation Python Dance, Operation Lafiya Dole, Operation Crocodile Smiles.’ So, it is because our internal security of the police force has failed. So, the armed forces are increasingly being deployed for things that should be done by the police force and because of that their focus is on the wrong place. The focus of the army should be to defend Nigeria and our borders, to make us secure. The police should be strengthened and equipped. That is why I have my vision for national security. A new 21st century police force is absolutely essential. We have 350,000 policemen today and we are 200 million people. This country has serious security challenges. And one third of that 350,000 are guarding the big men. So, if we focus on our police so that they can take care of internal security, then the army will be professionalised to take care of external threats. Another issue is the relationship with our neighbouring countries- Chad, Niger Republic, Cameroon and others. The army should be focused on cross-border military intelligence. We don’t see evidence that, that is very strong. So, I will seek external collaboration if necessary, to make sure that Nigerians are secured once I become president. What is your plan for women empowerment?? My cabinet will be 50-50 gender parity. That is, one man, one woman. Are you being inspired by what is happening in Ethiopia?
Moghalu No, I had the inspiration before what happened in Ethiopia. The national gender policy requires 30 per cent of female representation, but I am going 20 per cent above that. Secondly, we are going to strengthen gender participation through education. Public education that attacks the root causes of gender bias is very important. Also, men would play a very important role in gender mainstreaming under my presidency. Also, under my presidency, you are going to see a 100 per cent doubling of women who are running for position in the National Assembly. Your book also talks about institutions and you say institution matters. Now, where are you going to bet the Nigerians that would transform those institutions given the culture and orientation of the average Nigerian. The second part is which institution are you likely to prioritise as a matter of urgency for reform and why? If we study the political and economic history of countries that are doing well economically and democracy is flourishing, you will find out that the secret of their success is independence institutions. So, institutions that are independent and strong are necessary to check absolute power and to hold politically elected leaders to accountability and to help in effective public administration. In Nigeria for example, look at the rule of law. The president has refused to obey court orders in a number of cases and there have been glaring disregard for the rule of law. What does that mean? It
The reason some people may think presidential candidates sound very much alike is because we all know the problem Nigeria faces. I don’t think there is anybody who doesn’t know what the real issues are
means that you are inviting anarchy. I think the political office holders have too much immunity and that needs to be curtailed, so that that their conducts can come under scrutiny. Secondly, I would look at institutions such as the central bank and set the EFCC free. The fight against corruption is failing because it is a political football that people are playing and pretending to be fighting corruption. The EFCC will not be reporting to the presidency and that will enable the fight against economic crimes and corruption to proceed on a proper basis and stop using it as a political tool. That is a very weak institution. What is your take on the country’s rising debt proďŹ le and how are you going to tackle it? The first thing I want to tell you about foreign debt is that once I become president in 2019, we are going to have a moratorium on foreign borrowing. We are going to stop foreign borrowing. Why? This is because it is unnecessary. It is a lazy man’s economics when you cannot manage your revenue effectively to generate enough revenue. Nigeria has a population of 200 million and if you cannot generate your revenue internally, it means you are not doing something right. Fiscal policy is based on two things – taxation and debt management. The economy is not strong enough to sustain the level of foreign debts. Over 60 per cent of all the revenues Nigeria earns today go to repaying our foreign debt. Another 20 or 30 per cent goes to paying salaries of civil servants. So, what is left for development? Nothing! So, they are compelled to go and borrow more. So, it becomes a cycle that is putting the future of the young people at risk. What about the Chinese loans which some have said come cheap? Please, nothing is free. In your book, why did you refer to the infrastructure deďŹ cit in the country as a conundrum? It is conundrum because the government’s approach to infrastructure is wrong. As president, my approach to infrastructure for a country as big as Nigeria, is that large scale infrastructure should be done
on the basis of public-private partnership, so that government’s funds are free for a lot of other things like the venture capital fund and social investment programmes. If you use the PPP model for major urban projects, they can recover their money. We have seen it in Lagos. The second Nigeria bridge project was supposed to be a PPP, but this government changed it. I am sorry to say this; the reason they change these things is because they like government to award contracts because politicians get rich from that process. That is why nothing gets done. The second point about infrastructure is that I am going to take a project and risk management approach to infrastructure management in Nigeria. We are going to get project management companies to help monitor all infrastructure projects and within two years of becoming president, we would complete all federal roads under construction. Even with the rains? Because we are told at times that the rainy season also affects infrastructure development? This is not the only country where it rains. I don’t understand why Nigerians keep giving these excuses for not being able to achieve anything. It is because the project never runs on time, they never stay within the budget and there is incompetence from inception. The purpose of many of those project is actually not to provide the infrastructure, but for political deals for people to get rich. How do you intend to get capital since you said you are going to stop foreign borrowing? The venture capital is a very important policy initiative to pipeline capital into the Nigerian economy. It doesn’t exist. The only place you get capital today is from the banks. Over 90 per cent of all the capital you see in this country comes from the banks and that is too much. It is imbalanced. In economies that function properly, you will have banks, venture capital firms, private equity, leasing companies and so many other things. But in Nigeria, everything is the banks. Then, those banks lend to only a small pool of people. As of 2015 when I last checked the statistics, 77 per cent of bank lending in this country goes to individuals and businesses in Lagos.
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Sigma Pensions Limited (Sigma) is one of the leading Pension Fund Administrators (PFAs) in Nigeria, providing pension administration and investment management to working Nigerians and retirees. We hereby share our outlook of the economic and investment landscape in 2019.
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Nigeria 2019 Outlook: Election downtime, tight monetary policy, drive subdued growth outlook After a period of strength, the rapid sell-off in crude oil in November and December 2018 amid a testy political climate is driving a cautious outlook regarding Nigeria’s macroeconomic environment in 2019. In our view, the investment landscape for the coming year will be shaped by: t
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'PS NVDI PG /JHFSJB T ÜOBODJBM NBSLFUT TUSVHHMFE VOEFS UIF XFJHIU PG IFJHIUFOFE QPMJUJDBM SJTL BIFBE PG UIF QPMMT "MTP B GSFTI DPODFSO PWFS DSVEF PJM QSJDFT JO B MFTT BDDPNNPEBUJWF HMPCBM ÜOBODJBM FOWJSPONFOU QSFTFOUT IFBEXJOET UP UIF EPNFTUJD JOWFTUNFOU MBOETDBQF *O XF OPUF UIBU /JHFSJB T MBSHF EFQFOEFODF PO DSVEF PJM GPS 'PSFJHO &YDIBOHF '9 SFTFSWFT BOE ÜTDBM SFWFOVFT QPTJUJPOT IFS QPPSMZ JO B TPGU DSVEF PJM QSJDF FOWJSPONFOU XIJDI XF FOWJTBHF PWFS UIF ZFBS 5IF implications of a less supportive current account balance for key economic variables are central in our thoughts around the macro economy, policy responses and asset price movements. A less supportive oil price and external environment over 2019 5IF DFOUSBM QPJOU GSPN PVS SFWJFX PG UIF HMPCBM NBDSPFDPOPNJD FOWJSPONFOU JT UIBU JO DPOUSBTU UP XIFO TUSPOHFS PJM QSJDFT VOEFSQJOOFE B GBWPVSBCMF FYUFSOBM CBMBODF GPS /JHFSJB UIF SFWFSTF JT MJLFMZ UP CF UIF DBTF JO 8F BEPQU B QFTTJNJTUJD WJFX PO PJM BNJE B HSPXJOH TVQQMZ EFNBOE JNCBMBODF SFøFDUJOH B NJY PG SJTJOH 64 4IBMF PJM QSPEVDUJPO BOE TVCEVFE HMPCBM FDPOPNJD HSPXUI BOE JUT JNQMJDBUJPOT GPS PJM DPOTVNQUJPO "DDPSEJOHMZ XF UIJOL BOZ 01&$ SFCBMBODJOH XJMM TUSVHHMF UP DMFBS B CVJMEJOH PWFS TVQQMZ QJDUVSF BOE FYQFDU UIF CFODINBSL #SFOU DSVEF PJM QSJDFT UP BWFSBHF CFUXFFO 64% CCM BWFSBHF 64% CCM (JWFO UIF MBSHF SPMF PG PJM JO /JHFSJB T FYQPSUT PVS DZOJDJTN BCPVU PJM QSJDFT GFFE UISPVHI to a weaker view on the current account balance in 2019. 0O UIF HMPCBM GSPOU XF UIJOL 64 NPOFUBSZ QPMJDZ XJMM DPOUJOVF PO UIF QBUI PG OPSNBMJ[BUJPO BOE FOWJTBHF GVSUIFS SJTF JO 64 bond yields curbing the quantum of foreign portfolio inflows to emerging/frontier markets. Overall, the balance of payments is likely to present headwinds to Nigeria’s economic performance in 2019 and in particular UIF FYDIBOHF SBUF Nigeria - A tale of two halves in 2019 with a political football match in H1 2019 5IF QSFTJEFOUJBM DPOUFTU QJUT JODVNCFOU 1SFTJEFOU .VIBNNBEV #VIBSJ PG UIF "MM 1SPHSFTTJWFT $POHSFTT "1$ BHBJOTU GPSNFS 7JDF 1SFTJEFOU "UJLV "CVCBLBS PG UIF 1FPQMF T %FNPDSBUJD 1BSUZ 1%1 BT QSJNF DBOEJEBUFT 8F UIJOL UIF FMFDUJPO JT HPJOH UP be keenly contested. Nevertheless, as the election matches both candidates by ethnicity and religion, we see limited risk of BO PVUCSFBL PG XJEFTQSFBE QPTU FMFDUJPO WJPMFODF (JWFO UIF UJNF MBH CFUXFFO UIF FMFDUJPO JO 'FCSVBSZ BOE USBOTJUJPO PO .BZ 29, we foresee economic policy inertia which will weigh on business and investment outlook in H1 2019 with implications for FDPOPNJD HSPXUI 0WFSBMM XF TFF (SPTT %PNFTUJD 1SPEVDU (%1 HSPXUI PG PWFS UIF ZFBS 0O UIF DVSSFODZ GSPOU XIJMF XF TFF UIF $FOUSBM #BOL PG /JHFSJB $#/ NBJOUBJOJOH UIF QFH BIFBE PG UIF FMFDUJPOT XF UIJOL BGUFSXBSET UIF $#/ XJMM CF VOEFS MFTT QSFTTVSF UP IPME UIF MJOF PO UIF DVSSFODZ BNJE B XFBLFOJOH DVSSFOU BDDPVOU 8F FOWJTBHF B XFBLFOJOH PG UIF FYDIBOHF SBUF UP BSPVOE /(/ BT XF BQQSPBDI UIF FOE PG UIF ZFBS 8JUI OP FYQFDUFE DIBOHFT UP LFZ QSJDFT GVFM FMFDUSJDJUZ BOE UIF FYDIBOHF SBUF PWFS ) JOøBUJPO JT MJLFMZ UP SFNBJO XJUIJO UIF CBOE )PXFWFS JO UIF TFDPOE IBMG PG UIF ZFBS XF TFF VQTJEF SJTLT UP JOøBUJPO PO BDDPVOU PG MJLFMZ DVSSFODZ QSFTTVSFT BT XFMM BT QPTTJCMF JODSFNFOUT UP GVFM BOE FMFDUSJDJUZ QSJDFT $POTFRVFOUMZ XF FYQFDU JOøBUJPO UP BWFSBHF PWFS F Fixed Income: Higher interest rates will drive outperformance over equities in 2019 "T FBSMJFS TUBUFE PVS WJFXT BCPVU B MFTT TVQQPSUJWF FYUFSOBM FOWJSPONFOU PWFS JNQMJFT EPXOTJEF QPUFOUJBM UP UIF FYDIBOHF SBUF /FWFSUIFMFTT XF UIJOL UIF $#/ XJMM DPOUJOVF UP EFGFOE UIF DVSSFODZ BU MFBTU PWFS ) XIJDI XJMM JOGPSN the continuation of a tight monetary policy. 0WFS NPTU PG XF UIJOL UIF UJHIU QPMJDZ TUBODF XJMM ESJWF B GPDVT PO MJRVJEJUZ TUFSJMJ[BUJPO XIJDI DPVME QVTI GSPOU FOE JOUFSFTU SBUFT UP BT IJHI BT BOE TVQQPSU CPOE ZJFMET BCPWF 4FU BHBJOTU UIJT IJHI IVSEMF BOE JO WJFX PG MPX GPSFJHO participation until clarity emerges on the political front, we think Nigerian equities will struggle for investor attention for much of 2019. Equities: Raise exposure to high interest rate beta names for equities, short oil and politics
^ĆľÄ?ĹľĹ?Ć?Ć?Ĺ?ŽŜ ŽĨ K/Í— ^ĆľÄ?ĹľĹ?Ć?Ć?Ĺ?ŽŜĆ? žƾĆ?Ćš Ć?ƉĞÄ?Ĺ?ĨLJ ĆŒÄžÄ‚ ŽĨ /ĹśĆšÄžĆŒÄžĆ?Ćš ĂŜĚ žƾĆ?Ćš Ä?Äž Ä‚Ä?Ä?ŽžƉĂŜĹ?ĞĚ Ä?LJ ƚŚĞ Ä¨Ĺ˝ĹŻĹŻĹ˝Ç Ĺ?ĹśĹ? ĚŽÄ?ƾžĞŜƚĆ?Í— Ď͘ Ĺ˝Ç€ÄžĆŒ ĹŻÄžĆŠÄžĆŒÍŹ ŽžƉĂŜLJ Ć‰ĆŒĹ˝ÄŽĹŻÄž Ĺ?ĹśÄ?ůƾĚĹ?ĹśĹ? Ä?ŽŜƚĂÄ?Ćš ĚĞƚĂĹ?ĹŻĆ? ĂŜĚ Ä?ĆŒĹ?ĞĨ Ĺ˝Ç€ÄžĆŒÇ€Ĺ?ÄžÇ Ĺ˝Ĺś Ä‚ĆŒÄžÄ‚ ŽĨ Ĺ?ĹśĆšÄžĆŒÄžĆ?ĆšÍ˜ ĎŽÍ˜ WĆŒĹ˝Ĺ˝Ä¨ ŽĨ ĆŒÄžĹ?Ĺ?Ć?ĆšĆŒÄ‚Ć&#x;ŽŜ ŽĨ ƚŚĞ Ä?ŽžƉĂŜLJͲ sÄ‚ĹŻĹ?Äš ĆľĆ?Ĺ?ŜĞĆ?Ć? >Ĺ?Ä?ĞŜĆ?Ğ͕ d y ĆŒÄžĹ?Ĺ?Ć?ĆšĆŒÄ‚Ć&#x;ŽŜ ÍžĹ?Ĩ ĂƉƉůĹ?Ä?Ä‚Ä?ůĞͿ Ĺ?Ć?Ć?ƾĞĚ Ä?LJ ĆŒÄžĹŻÄžÇ€Ä‚ĹśĆš 'Ĺ˝Ç€ÄžĆŒĹśĹľÄžĹśĆš ĆľĆšĹšĹ˝ĆŒĹ?ĆšÇ‡Í˜ ŽžƉůĞƚĞĚ ƋƾĞĆ?Ć&#x;ŽŜŜĂĹ?ĆŒÄžĆ? Ć?ŚŽƾůĚ Ä?Äž Ć?Ĺ?Ĺ?ŜĞĚ͕ Ć?ƚĂžƉĞĚ ĂŜĚ ĆŒÄžĆšĆľĆŒĹśÄžÄš Ä?LJ ĞͲžĂĹ?ĹŻ ƚŽ >Ĺ˝Ĺ?Ĺ?Ć?Ć&#x;Ä?Ć?͘Ä?Ĺ˝ĹśĆšĆŒÄ‚Ä?Ć&#x;ĹśĹ?Î›Ç Ä¨Ć‰Í˜Ĺ˝ĆŒĹ? ŜŽƚ ĹŻÄ‚ĆšÄžĆŒ ƚŚĂŜ Ϲ͗ϏϏƉž ŽŜ &ĆŒĹ?ĚĂLJ ώϹƚŚ :Ä‚ĹśĆľÄ‚ĆŒÇ‡ ĎŽĎŹĎĎľ Ç Ĺ?ƚŚ ƚŚĞ Ć?ĆľÄ?ĹŠÄžÄ?Ćš t&WͲ^ Ͳ :Ͳ K/ͲώϏĎĎľÍ˛ĎŹĎŹĎ >Ĺ˝Ĺ?Ĺ?Ć?Ć&#x;Ä?Ć? ^ÄžĆŒÇ€Ĺ?Ä?Äž WĆŒĹ˝Ç€Ĺ?ÄšÄžĆŒÍ• Ä‚ĆŠÄ‚Ä?ĹšĹ?ĹśĹ? Ä‚ĹŻĹŻ Ć?Ä?ĂŜŜĞĚ Ć?ĆľĆ‰Ć‰Ĺ˝ĆŒĆ&#x;ĹśĹ? ĚŽÄ?ƾžĞŜƚĆ? ĆŒÄžĆ‹ĆľĹ?ĆŒÄžÄšÍ˜ ^ĞĂůĞĚ ŜǀĞůŽƉĆ? žƾĆ?Ćš Ä?Äž ŚĂŜĚ ĚĞůĹ?Ç€ÄžĆŒÄžÄš ƚŽ t&W ZÄžĹ?Ĺ?Ć?ĆšĆŒÇ‡ Ĺ?Ĺś Ä?ƾŊĂ Ä?LJ ĎĎŽÍ—ĎŹĎŹWDÍ• &ĆŒĹ?ĚĂLJ ώϹƚŚ ŽĨ :Ä‚ĹśĆľÄ‚ĆŒÇ‡ ĎŽĎŹĎĎľ Ç Ĺ?ƚŚ ƚŚĞ Ć?ĆľÄ?ĹŠÄžÄ?Ćš Ä?ĹŻÄžÄ‚ĆŒĹŻÇ‡ Ç ĆŒĹ?ƊĞŜ ŽŜ ƚŚĞ ĞŜǀĞůŽƉ Ͳ t&WͲ^ Ͳ :Ͳ K/ͲώϏĎĎľÍ˛ĎŹĎŹĎ >Ĺ˝Ĺ?Ĺ?Ć?Ć&#x;Ä?Ć? ^ÄžĆŒÇ€Ĺ?Ä?Äž WĆŒĹ˝Ç€Ĺ?ÄšÄžĆŒ Ăƚ͗ hEt&W Ä?ƾŊĂ ŽĸÄ?Ğ͕ ĎŽ hĚŽ hĚŽžĂ ^ĆšĆŒÄžÄžĆšÍ• Ć?Ĺ˝ĹŹĹ˝ĆŒĹ˝Í• Ä?ƾŊĂ͕ EĹ?Ĺ?ÄžĆŒĹ?Ă͘ ^ĆľÄ?ĹľĹ?Ć?Ć?Ĺ?ŽŜĆ? Ç Ĺ?ĹŻĹŻ Ä?Äž ĆŒÄžÇ€Ĺ?ÄžÇ ÄžÄš Ä?LJ t&W ĂŜĚ ŽŜůLJ Ć?ĞůĞÄ?ƚĞĚ ĂƉƉůĹ?Ä?ĂŜƚĆ? Ç Ĺ?ĹŻĹŻ Ä?Äž Ä?ŽŜƚĂÄ?ƚĞĚ Ä¨Ĺ˝ĆŒ Ä¨ĆľĆŒĆšĹšÄžĆŒ Ć‰ĆŒĹ˝Ä?ÄžĆ?Ć?Ĺ?ĹśĹ?͘ ĞĂĚůĹ?ŜĞ Ä¨Ĺ˝ĆŒ Ć?ĆľÄ?ĹľĹ?Ć?Ć?Ĺ?ŽŜ ŽĨ K/ Ĺ?Ć? Ä?LJ Ϲ͗ϏϏƉž ŽŜ &ĆŒĹ?ĚĂLJ ώϹƚŚ :Ä‚ĹśĆľÄ‚ĆŒÇ‡ ĎŽĎŹĎĎľÍ˜ tKD E h^/E ^^ KtE Z^ Z E KhZ ' dK W Zd/ /W d ͘
'PS FRVJUJFT XF UIJOL 5JFS * CBOLT XJUI MJRVJE CBMBODF TIFFUT BOE MPX UFSN EFQPTJU TIBSF PG CBMBODF TIFFU GVOEJOH XJMM PVUQFSGPSN PUIFS CBOLT BT CBOLT XJUI UIFTF GFBUVSFT BSF XFMM QPTJUJPOFE UP CFOFÜU GSPN UIF IJHI JOUFSFTU SBUF FOWJSPONFOU 'PS OPO CBOLT XF CFMJFWF QPTU FMFDUJPOT B EF SJTLJOH PG UIF QPMJUJDBM QSFNJVNT PO /BJSB BTTFUT XJMM GBWPVS NVMUJOBUJPOBM OBNFT JO UIF 'BTU .PWJOH $POTVNFS (PPET '.$( TFDUPS XIFSF WBMVBUJPOT BQQFBS BUUSBDUJWF GPMMPXJOH UIF TFMM Pò BDSPTT UIF TUPDL NBSLFU PWFS UIF MBTU ZFBS 'SPN B NBSLFU GVOEBNFOUBMT QFSTQFDUJWF XIJMF XF SFNBJO CFBSJTI PO '.$( OBNFT JO view of weak consumer purchasing power, we see tactical opportunity for playing some highly defensive names with cheap valuations presently. 'PS DPOTUSVDUJPO NBUFSJBMT MJLF DFNFOU XF UIJOL UIBU MJLFMZ ÜTDBM QPMJDZ JOFSUJB JO ) XJMM MFBE UP B TMPXEPXO JO PWFSBMM DBQJUBM FYQFOEJUVSF QSPKFDUT BT XFMM BT CVJMEJOH BDUJWJUJFT UIJT EJNT SFWFOVF PVUMPPL GPS UIF TFDUPS Lastly, for the oil & gas sector, we note that a lower oil price outlook switches the dynamics of the industry in favour of EPXOTUSFBN DPNQBOJFT "MTP PVS WJFXT SFHBSEJOH MJLFMZ GVFM QSJDF BEKVTUNFOUT JO ) JNQMZ QPUFOUJBM FBSOJOHT FYQBOTJPO JO UIFTF EPXOTUSFBN DPNQBOJFT Risks Key risks to our 2019 outlook are the emergence of a more bearish case in crude oil prices and a protracted conclusion to the 2019 elections. Conclusion 5IF /JHFSJBO FDPOPNZ GBDFT BOPUIFS SPVOE PG PJM JOEVDFE QSFTTVSF PWFS )PXFWFS GPDVT JT MJLFMZ UP CF PO UIF FMFDUJPOT and less on economics. In a bid to keep economic variables in a neutral state, monetary policy will shoulder the burden of EFMJWFSJOH BO FDPOPNJD QPMJDZ SFTQPOTF UP UIF EFWFMPQJOH FYUFSOBM FOWJSPONFOU BOE XJMM UJMU UPXBSET B DPOUSBDUJPOBSZ TUBODF 8F UIJOL ÜTDBM QPMJDZ SFTQPOTF XJMM MJLFMZ CF EFMBZFE VOUJM NVDI MBUFS JO UIF ZFBS XIJDIFWFS XBZ UIF FMFDUJPOT HP (JWFO MJLFMZ GPSFJHO SFTFSWBUJPO UPXBSET /BJSB BTTFUT JO HFOFSBM PVS JOWFTUNFOU TUSBUFHZ QSJPSJUJ[FT B GPDVT PO BTTFUT XJUI IJHI DPSSFMBUJPO to interest rates over most of 2019. About Sigma Pensions Limited 4JHNB 1FOTJPOT -JNJUFE i4JHNBw PS iUIF $PNQBOZw XBT JODPSQPSBUFE JO BOE JT UPEBZ POF PG UIF UPQ 'JWF 1FOTJPO 'VOE "ENJOJTUSBUPST JO /JHFSJB XJUI "TTFU 6OEFS .BOBHFNFOU "6. PG PWFS / CJMMJPO BOE DVTUPNFS CBTF PG PWFS 4JHNB JT NBKPSJUZ PXOFE CZ "DUJT UISPVHI "DUJT(PMG /JHFSJB -JNJUFE "DUJT B -POEPO CBTFE 1SJWBUF &RVJUZ ÜSN JT POF PG UIF MFBEJOH &NFSHJOH .BSLFU 1SJWBUF &RVJUZ 'VOE .BOBHFST XJUI NPSF UIBO 64 CJMMJPO BTTFUT VOEFS NBOBHFNFOU Disclaimer The view(s) stated herein are expressed in good faith and are based on research, analysis as well as our understanding/evaluation of available public information. However, the information contained therein, including our view(s) and any assumptions on which they are based, may quickly change and become unreliable for various reasons, including changes in market conditions or economic circumstances. Sigma Pensions Limited is not bound to notify you of such change. Since investments entail exposure to certain risks, including market risks, we strongly advise that readers consider, independently, the suitability of the recommendation with their personal profile and objectives. Hence, no representation, warranty, undertaking or guarantee of any nature whatsoever is made or given concerning the accuracy, veracity or completeness of the information contained in this document, and in no event shall Sigma Pensions Limited be liable for any damages (whether direct, indirect, punitive, incidental, special, consequential or otherwise, including, but not limited to loss of anticipated profits, returns, benefits, or portfolio performance) arising out of, or in any way connected with, the use of the information contained herein.
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M O N DAY Ëž JANUARY 7, 2019
BUSINESS/MONEYGUIDE
CBN Makes First Forex Intervention of 2019 The Central Bank of Nigeria (CBN) last Friday, made its first intervention in the interbank sector of the foreign exchange (forex) market for 2019 with a total sum of $210 million injected into the wholesale segment and other sectors of the market. A breakdown of the figures obtained from the CBN on Friday showed that customers in the wholesale sector of the market received the sum of $100 million with the small and medium scale enterprises (SMEs) and invisibles sectors each getting $55 million to meet the needs of customers.
The Bank’s Director in charge of Corporate Communications, Mr. Isaac Okorafor, said the CBN continued from where it stopped in 2018 in order to maintain the stability being enjoyed in the market. While noting that the Bank had made commendable effort in keeping the exchange rates at the current levels, Okorafor reechoed the Bank’s Governor, Mr. Godwin Emefiele saying that the current capital flow reversals from the emerging markets were expected to bring out pressures on the market rates.
He, however, assured that, in spite of the anticipated pressures, coupled with the forthcoming elections, the Bank was committed to maintaining the current exchange rate policy, given the level of reserves. Quoting the Governor, Okorafor said the CBN was determined to sustain a stable exchange rate as it continues to put in place relevant measures to shore up the country’s reserves. Meanwhile, one United States Dollar (US$1) exchanged for N357 in the Bureau De Change (BDC) segment of the market on Friday.
Zenith Bank Launches Account Blocking Solution Poised to ensure its customers are protected and operate their accounts in a safe and secure environment, Zenith Bank has scored yet another first with the introduction of Account Blocking code *966*911#. A statement from the bank at the weekend, said customers who suspect their accounts have been compromised, or who lost/misplaced their debit (ATM) cards can dial the Block Account Code *966*911# on the phone numbers registered with the account to secure their
funds. This, it stated, became necessary as the bank plays deeper into the retail end of the banking industry, using its top-notch technology and array of innovative products as it works to deepen financial inclusion in conjunction with regulators of the nation’s financial system regulators. “Other codes as part of the Eazy Way banking offered by Zenith Bank include the *966# to ease account opening process by potential customers; while checking account balance has
never been easier than dialing *966*00#. “Customers who desire to reset their Personal Identification Number (PIN), or Password, the bank continued, can do so from the comfort of their homes with *966*60#. “To update Bank Verification Number (BVN), the statement said customers can dial *966*BVN#; and dial *966*Amount*MobileNo.# to buy airtime. By dialing *966*Amount*AccountNo.# for funds transfers,� the statement explained.
First Bank Highlights Educational Products First Bank of Nigeria Limited has said it is supporting schools with their business requirements to promote preparations for the school year. This, the bank stated that it achieves through its array of educational based products and solutions targeted at enabling schools acquire their required educational facilities to boost the continued expansion of their schools whilst empowering parents and guardians to seamlessly send their wards back to school. According to FirstBank, its educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary
(PLAS) and Salary Overdraft (SODA) which enhances parents’ capacity to pay their children’s school fees. It explained in a statement that the FirstEdu loan is targeted at private nursery, secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks, the bank explained. “With this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the target population by maintaining acceptable standard infrastructure at all times. This
product allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of school account with the Bank. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals. “The operational vehicle loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. The product terms and conditions is competitive,� it added.
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)
Zedcrest Capital Appoints Banzi Group Head, Marketing, Brand Communications New-age financial solutions powerhouse, Zedcrest Capital Limited has announced the appointment of Adebowale Banzi as its Group Head, Marketing and Brand Communications. In a statement, the company’s Chief Executive Officer, Adedayo Amzat, stated that the appointment was in line with the company’s growth strategy aimed at creating more wealth for its clients. Banzi, is a proficient technology enthusiast and communications specialist with experience across a broad range of competences in the fields of marketing and communications. He started his professional career with renowned Public Relations agency -Taijo Wonukabe Limited, where he cut his teeth as an Accounts Executive managing a range
of clients including Ikoyi Club 1938 and Eryca Freemantle. He joined Diamond Bank Plc as a Media Relations Officer in October 2011 and rose to the position of Team Lead, Internal Communications and Special Projects. At the bank, he was part of the team that delivered the award-winning Diamond Bank rebranding project in 2012 and was the Project Manager of TechFest –Nigeria’s largest gathering of technology entrepreneurs and stakeholders in May 2018. A beneficiary of the Shell Petroleum Development Company (SPDC) University Scholarship, Banzi holds a BSc. in Botany from Olabisi Onabanjo University and a professional Diploma in Digital Marketing from the Digital Marketing Institute, Ireland. He is an Associate Member of the
Advertising Practitioners Council of Nigeria (APCON) as well as the Chartered Institute of Public Relations (CIPR) UK. He has attended a number of local and international trainings on communication and new media. “Zedcrest Capital has over the last five years transformed into a one-stop shop for financial products –securities, investments, lending, currencies, payments, etc –serving a diverse customer base through several subsidiaries and cutting-edge technology. Just as we announced appointments to our Board of Directors last month, we are also strengthening our Management with requisite personnel to take our business to the next level. Banzi’s appointment is one of several we will be making this year as we embark on the next chapter of our growth trajectory,� Amzat said.
Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ
OPEC DAILY BASKET PRICE AS AT THURSDAY, 3 JANUARY 2019
The price of OPEC basket of fourteen crudes stood at $52.95 a barrel on Thursday, compared with $52.17 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), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
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M O N DAY ˾ JANUARY 7, 2019
MARKET NEWS
Vitafoam Shareholders to Get 25 kobo Dividend, Bonus Shares Goddy Egene Shareholders of Vitafoam Nigeria Plc have every reason to smile as the company has recommended cash dividend and bonus shares for the financial year ended September 30, 2018. The company recorded net profit of N601. 923 million in 2018, compared with a loss of N127. 690 million in 2017, while basic earnings per share (EPS) stood at 57 kobo in the review
period as against a negative 15 kobo in the preceding year. Based on the performance, the board of directors of the company has recommended a dividend of 25 kobo per share. The shareholders are also to receive a bonus share of one for five ordinary shares already held. The announcement of Vitafoam’s strong earnings prompted many investors to place buy order on the stock to take advantage of its current price.
P R I C E S MAIN BOARD
F O R
DEALS
According to market operators the company’s may continue attract high demand despite the general lull in the market. For instance, Managing Director and Chief Executive Officer, Network Capital Limited, Mr. Oluropo Dada ascribed the rally created by Vitafoam’s result to the associated value for both existing and potential shareholders: “The stock market is information - driven. It responds to every information from quoted
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
companies, regardless of the type of information. This is the beauty of the market in aggregating investors’ reaction to every bit of information or market hearsay. The 25 kobo dividend and one for five bonus is the fundamental factor driving Vitafoam’s share price. This is real. Everyone knows that the company’s current performance is far better than that of last year,”, Dada said. The Group Managing Director and Chief Executive Officer,
T R A D E D MAIN BOARD
A S
Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi attributed the company’s performance to a range of factors including access to finance, availability of raw materials and putting customers at the center of all the company’s activities among others. “We are enjoying improved funding through Bank of Industry (BOI)’s intervention, deliberate cost management, improved efficiency, customer centric approach to selling, innovative
thinking, market differentiation, government’s deliberate policy on forex trading and availability which has helped in sourcing of input materials at cheaper rates and also planning,” Adeniyi said. The company’s Chairman, Dr. Bamidele Makanjuola has always affirmed that Vitafoam thrives on innovation, team work among the staff and adherence to the highest standard of corporate governance at both the board and management level.
O F 0 3 / 0 1 / 2 0 1 9 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
˾ MONDAY, JANUARY 7, 2019
38
Monday, January 7, 2019
THISDAY AFRINVEST 40 INDEX
Bearish Performance Persists͙ ASI Down 1.3%W-o-W zĞƐƚĞƌĚĂLJ͕ dŚĞ ƌŽƵƚ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ĐŽŶƟŶƵĞĚ ƚŚŝƐ ǁĞĞŬ – ƚŚĞ ĮƌƐƚ ǁĞĞŬ ŽĨ ƚƌĂĚŝŶŐ ĂĐƟǀŝƟĞƐ ƚŚŝƐ Ticker
year – ĂƐ ŝŶǀĞƐƚŽƌƐ ƌĞĚƵĐĞĚ ĂŶĚͬŽƌ ĞdžŝƚĞĚ ƉŽƐŝƟŽŶƐ ŝŶ ƐƚŽĐŬƐ ĂŚĞĂĚ ŽĨ ƚŚĞ ĞůĞĐƟŽŶƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŵŽƐƚ ĐŽƵŶƚĞƌƐ ŽŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ƌĞŵĂŝŶ ƵŶĚĞƌǀĂůƵĞĚ͕ ƚƌĂĚŝŶŐ ŶĞĂƌ ϭ-LJĞĂƌ ůŽǁƐ͘ WĞƌƐŝƐƚĞŶƚ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ ŵĂƌŬĞƚ ďĞůůǁĞƚŚĞƌƐ - ACCESS (-
THISDAY AFRINVEST 40 1,265.98
26.6%
20.8%
7.4%
6.0x
0.7x
7.0%
-2.8%
-17.4%
34.1%
5.6%
5.0x
1.9x
8.3%
20.0%
2
Zenith Bank PLC
21.70
-4.4%
13.4%
-5.9%
-16.3%
23.7%
3.4%
3.7x
0.9x
12.6%
26.8%
79.50
1.0%
6.5%
-7.0%
-41.1%
13.8%
6.4%
26.6x
3.8x
4.7%
3.8% 3.8%
ϯ͘ϬйͿ ĚƌŽǀĞ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ϭ͘ϯй ůŽǁĞƌ t-o-t ƚŽ
Dangote Cement PLC
6
ϯϬ͕ϲϯϴ͘ϵϬ ƉŽŝŶƚƐ͕ zd ƌĞƚƵƌŶ ƐĞƩůĞĚ Ăƚ -Ϯ͘ϱй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĚĞĐƌĞĂƐĞĚ ďLJ Eϴϴ͘ϰďŶ ƚŽ Eϭϭ͘ϰƚŶ͘ ^ŝŵŝůĂƌůLJ͕
;Eϭ͘ϬďŶͿ ĂŶĚ DIAMOND ;EϬ͘ϴďŶͿ ůĞĚ ďLJ ǀĂůƵĞ͘
Divinden Earnings d Yield Yield
-17.9%
5
NEM ;ϭϰϲ͘ϰŵ ƵŶŝƚƐͿ ǁŚŝůĞ ZENITH ;EϮ͘ϬďŶͿ GUARANTY
P/BV
21.5%
4
DIAMOND ;ϰϬϭ͘ϯŵ ƵŶŝƚƐͿ UNIONDAC ;Ϯϲϴ͘ϯŵͿ ƵŶŝƚƐ ĂŶĚ
P/E
1.7%
Nestle Nigeria PLC
ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ
ROA
33.50
Nigerian Brew eries PLC
-0.81%
ROE
Guaranty Trust Bank PLC
3
ĚĞĐůŝŶĞĚ ϱϬ͘Ϭй ĂŶĚ ϰϳ͘Ϭй ƚŽ Eϰϭϭ͘ϲŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϭďŶ
Price Price Previous Current Change Change Price Weighting YTD Index to Change Date
1
ϭϰ͘ϳйͿ͕ STANBIC (-ϭϮ͘ϳйͿ ĂŶĚ NIGERIAN BREWERIES (-
ĂĐƟǀŝƚLJ ůĞǀĞů ǁĞĂŬĞŶĞĚ͕ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ
Current Price
13.2%
1,475.00
0.0%
9.3%
-0.7%
-5.2%
85.8%
26.3%
26.7x
20.8x
3.2%
186.00
0.0%
6.1%
-2.0%
-19.1%
20.1%
9.8%
19.4x
4.1x
5.6%
5.2%
FBN Holdings Plc
7.45
-4.5%
5.7%
-6.3%
-15.2%
6.6%
0.8%
5.3x
0.4x
3.4%
18.8%
7
Access Bank PLC
5.80
-5.7%
3.0%
-14.7%
-45.3%
14.1%
1.7%
2.4x
0.4x
10.9%
41.4%
8
United Bank for Africa PLC
7.90
1.3%
4.1%
2.6%
-24.1%
15.4%
1.8%
3.6x
0.6x
10.9%
27.9%
2.8%
35.8% 14.5%
9
Ecobank Transnational Inc
10
SEPLAT Petroleum Development C
14.00
0.0%
3.3%
0.0%
-14.0%
12.1%
1.0%
4.4x
0.5x
640.00
0.0%
3.8%
0.0%
2.2%
25.9%
15.3%
2.8x
0.7x
22.8%
11
Stanbic IBTC Holdings PLC
46.50
1.1%
4.0%
-3.0%
13.7%
35.7%
4.6%
6.9x
2.2x
2.2%
12
Unilever Nigeria PLC
36.30
-1.9%
2.7%
-1.9%
-9.7%
24.7%
11.5%
16.9x
2.5x
1.4%
5.9%
13
Guinness Nigeria PLC
72.00
0.0%
2.2%
0.0%
-23.4%
8.8%
5.0%
19.3x
1.8x
2.6%
5.2%
14
Lafarge Africa PLC
11.30
-1.7%
0.5%
-9.2%
-74.1%
-53.7%
-7.9%
0.8x
12.7%
-55.7%
15
Fidelity Bank PLC
1.92
-2.0%
1.2%
-5.4%
-25.6%
11.3%
1.5%
2.5x
0.3x
5.7%
39.9%
16
Oando PLC
4.60
-4.2%
1.2%
-8.0%
-23.2%
10.9%
1.7%
3.8x
0.3x
17
Dangote Sugar Refinery PLC
14.60
0.3%
1.0%
-4.3%
-28.3%
32.6%
16.4%
5.8x
1.7x
12.0%
17.2%
3.8%
13.1%
5.0%
13.3% 18.1%
26.1%
18
Okomu Oil Palm PLC
80.00
5.0%
1.6%
5.0%
18.2%
39.3%
29.7%
7.6x
2.6x
19
International Brew eries PLC
31.50
0.0%
0.5%
3.3%
-42.7%
24.6%
7.4%
33.0x
7.5x
ŵĂƌŬĞƚ ŐĂŝŶĞĚ ϭϮϳďƉƐ ĂŌĞƌ ǁŚŝĐŚ ŝƚ ŵĂŝŶƚĂŝŶĞĚ Ă ĚŽǁŶƚƌĞŶĚ
20
Flour Mills of Nigeria PLC
21.85
0.0%
0.6%
-5.4%
-24.7%
7.6%
2.3%
7.5x
0.6x
Ɵůů &ƌŝĚĂLJ ;ϰͬϬϭͬϮϬϭϵͿ͘ ^Ğůů ƉƌĞƐƐƵƌĞƐ ŽŶ DANGCEM,
21
Transnational Corp of Nigeria
1.16
-4.1%
0.6%
-12.1%
-21.6%
13.6%
3.0%
5.5x
0.7x
1.7%
22
UAC of Nigeria PLC
9.60
0.0%
0.4%
-1.5%
-43.2%
0.4%
0.2%
75.5x
0.4x
6.8%
23
Diamond Bank PLC
1.80
-10.0%
0.8%
-17.4%
14.6%
-5.8%
-0.7%
0.0%
-11.7%
34.6%
7.5%
7.1x
2.3x
8.4%
14.1%
2.5%
6.7%
1.0%
2.1x
0.2x
6.1%
47.4%
4.3%
16.2%
ƚ ƚŚĞ ƐƚĂƌƚ ŽĨ ƚŚĞ ǁĞĞŬ ĂŶĚ ĐůŽƐĞ ŽĨ ϮϬϭϴ ;ϯϭͬϭϮͬϮϬϭϴͿ͕ ƚŚĞ
NIGERIAN BREWERIES, GUARANTY and STANBIC ĚƌŽǀĞ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ϮϭϭďƉƐ ůŽǁĞƌ ŽŶ tĞĚŶĞƐĚĂLJ ĂŶĚ dŚƵƌƐĚĂLJ͕ ĂŶĚ ďLJ ƚŚĞ ĐůŽƐĞ ŽĨ ƚŚĞ ǁĞĞŬ͕ ƚŚĞ ĐƵŵƵůĂƟǀĞ ůŽƐƐ
24
Total Nigeria PLC
25
FCMB Group Plc
203.00
0.0%
0.6%
1.62
-1.8%
0.6%
3.0%
0.2x
1.3% -39.0%
26
11 PLC
184.80
0.0%
0.6%
-0.4%
-5.0%
38.0%
16.8%
6.2x
2.1x
27
Forte Oil PLC
29.60
-3.6%
0.4%
3.1%
-29.5%
84.6%
8.3%
12.1x
2.2x
28
PZ Cussons Nigeria PLC
12.30
0.0%
0.3%
1.7%
-41.8%
29
Cadbury Nigeria PLC
9.65
-4.0%
0.3%
-3.5%
-38.1%
4.7%
1.9%
33.7x
1.6x
1.7%
3.0%
Bearish Sector Performance
30
Presco PLC
64.00
0.0%
0.4%
0.0%
-6.6%
37.0%
24.8%
2.5x
0.8x
3.1%
39.6%
31
NASCON Allied Industries PLC
18.00
0.0%
0.4%
0.0%
-6.3%
47.0%
17.5%
9.4x
4.2x
8.3%
10.7%
ĐƌŽƐƐ ƐĞĐƚŽƌƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ĞƋƵĂůůLJ ŶĞŐĂƟǀĞ ĂƐ ϰ ŽĨ ϱ
32
UPDC Real Estate Investment Tr
6.60
0.0%
0.3%
0.0%
-34.0%
0.6x
8.4%
ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ t-o-t͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž
33
Union Bank of Nigeria PLC
6.00
-0.8%
0.3%
7.1%
-20.1%
5.3%
1.0%
10.9x
0.6x
34
Julius Berger Nigeria PLC
23.25
0.0%
0.3%
15.7%
-17.0%
17.3%
1.8%
6.4x
1.0x
5.2x
ĞdžƚĞŶĚĞĚ ƚŽ ϮϱϰďƉƐ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ
FBNH, ZENITH and DIAMOND͘
ǁĂƐ ƚŚĞ ďŝŐŐĞƐƚ ůŽƐĞƌ͕ ĚŽǁŶ ϯ͘ϵй ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ WAPCO (ϵ͘ϲйͿ ĂŶĚ CCNN (-ϳ͘ϱйͿ͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ĨĂůůŝŶŐ Ϯ͘ϳй ĂƐ ACCESS (-ϭϰ͘ϳйͿ ĂŶĚ ZENITH (-ϱ͘ϳйͿ ǁŝƚŶĞƐƐĞĚ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƐĞůů-ŽīƐ ŝŶ MANSARD (ϯ͘ϳйͿ͕ AIICO (-ϳ͘ϮйͿ͕ DANGFLOUR (-ϭϮ͘ϰйͿ ĂŶĚ NIGERIAN
35
Sterling Bank PLC
1.97
0.5%
0.6%
3.7%
74.3%
10.6%
1.1%
36
Dangote Flour Mills Plc
6.00
-9.8%
0.2%
-12.4%
-50.6%
0.0%
0.0%
/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐŽŌĞŶĞĚ ƚŽ Ϭ͘ϰdž ĨƌŽŵ Ϯ͘ϴdž ƌĞĐŽƌĚĞĚ ůĂƐƚ &ƌŝĚĂLJ ĐŽŶƐĞƋƵĞŶƚ ŽŶ ϭϵ ƐƚŽĐŬƐ ĂĚǀĂŶĐŝŶŐ ĂŐĂŝŶƐƚ ϰϰ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ CUSTODIAN ;нϭϲ͘ϮйͿ͕ JBERGER ;нϭϱ͘ϳйͿ ĂŶĚ VITAFOAM ;нϭϲ͘ϮйͿ ǁŚŝůĞ FCMB (-ϭϲ͘ϱйͿ͕ GLAXOSMITH (-ϭϰ͘ϱйͿ ĂŶĚ ACCESS (-ϲ͘ϴйͿ ůĞĚ ůĂŐŐĂƌĚƐ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƐĞůů ƉƌĞƐƐƵƌĞƐ ƉĞƌƐŝƐƚ ĚƵĞ ƚŽ ƉƌĞ-ĞůĞĐƟŽŶ ũŝƩĞƌƐ͘
1.0% 3.3%
12.20
-6.5%
0.2%
-15.9%
-43.5%
12.1%
7.2%
9.8x
1.7x
61.5%
31.50
-7.4%
0.2%
-9.6%
-11.8%
66.2%
30.2%
14.7x
9.8x
6.5%
6.8%
39
Beta Glass PLC
67.00
-1.9%
0.2%
-1.9%
30.6%
17.7%
11.5%
8.1x
1.3x
1.6%
12.3%
40
Transcorp Hotels Plc
6.10
0.0%
0.1%
0.0%
-15.4%
6.9%
3.8%
11.9x
0.8x
2.1%
8.4%
P ric e
P ric e C hg %
2.14
8.6%
LIVEST OC K
0.52
6.1%
SOVR EN IN S
T ic k er
Vo lum e
A IIC O
82.7
0.0%
71.1
-10.0%
D IA M ON D B N K
P ric e C hg %
0.21
5.0%
Z EN IT H B A N K
26.3
-4.4%
OKOM UOIL
80.00
5.0%
A C C ESS
23.8
-5.7%
GUA R A N T Y
33.50
1.7%
T R A N SC OR P
13.9
-4.1%
7.90
1.3%
ST ER LN B A N K
13.0
0.5%
ST A N B IC
46.50
1.1%
NA HCO
12.2
0.0%
NB
79.50
1.0%
FCM B
11.0
-1.8%
UN IT YB N K
1.00
1.0%
UB A
7.4
1.3%
ST ER LN B A N K
1.97
0.5%
FB NH
7.3
-4.5%
UB A
T o p 10 L o s e r s T ic k er
10.2%
T o p 10 T r a d e s b y V o l u m e
UP L
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 %
D IA M ON D B N K
1.80
-10.0%
B OC GA S
3.79
-10.0%
T ic k er
Value
Z EN IT H B A N K
574.3
P ric e C hg % -4.4%
A C C ESS
140.2
-5.7%
GUA R A N T Y
139.0
1.7%
D IA M ON D B N K
131.2
-10.0% -7.4%
VIT A F OA M
4.50
-9.8%
D A N GF LOUR
6.00
-9.8%
UA C -P R OP
1.74
-9.4%
CA P
67.4
R OYA LEX
0.21
-8.7%
NB
64.9
1.0%
ET ER N A
4.30
-8.5%
UN ILEVER
61.3
-1.9%
CA P
31.50
-7.4%
UB A
57.5
1.3%
1.72
-6.5%
FB NH
54.1
-4.5%
12.20
-6.5%
A IIC O
52.9
0.0%
GLA XOSM IT H
(A Dealing Member of the Nigerian Stock Exchange)
19.3%
0.5x 0.8x
Chemical and Allied Products P
C H A M P ION
Afrinvest Securities Limited (RC 603 315)
15.5%
GlaxoSmithKline Consumer Niger
T ic k er
in SEPLAT ;нϴ͘ϬйͿ ĂŶĚ TOTAL ;нϯ͘ϲйͿ͘
9.2% 4.3%
37
T o p 10 G a i n e r s
ƚŚĞ ůŽŶĞ ŐĂŝŶĞƌ ĨŽƌ ƚŚĞ ǁĞĞŬ͕ ƵƉ Ϯ͘ϵй ĨŽůůŽǁŝŶŐ ďƵLJ ŝŶƚĞƌĞƐƚ
1.2%
38
BREWERIES (-ϯ͘ϬйͿ ĚƌĂŐŐĞĚ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ϭ͘Ϭй ůŽǁĞƌ ĂƉŝĞĐĞ͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ǁĂƐ
8.2%
1.1x
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 ÍżËœ ͺ͸͚͜
39
MARKET NEWS
Lafarge Africa Shares Decline below Rights Issue Price Goddy Egene Bid by Lafarge Africa Plc to raise N89.21 billion from the capital market through a Rights Issue may face some challenges as the equity has declined below the issue price. The company had last month applied to raise the funds from existing shareholders by way of rights issue by issuing six new shares for every seven shares already held at N12.00 per share. Although the shareholders
had endorsed the rights issue, market operators said some of the shareholders may be discouraged from taking up their rights since the market price is lower than that of the rights issue. Lafarge Africa, which shed 72 per cent of its value in 2018, last week opened 2019 with a further depreciation. It declined by N1.20 from N12.50 to N11.30 per share, which is 70 kobo below the N12.00 right issue price. “If the stock continues to decline, this will be a bad
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
development because some of the shareholders will want to buy in the market since the price is lower and this may affect the capital raising exercise,� a stockbroker said. The board of the Lafarge Africa last September got shareholders’ nod to raise additional capital. And in order to create shares to accommodate future issuances, the directors equally asked for the authorised share capital of the company be increased from N5 billion to N10 billion by the
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 0301-2019, unless otherwise stated.
creation of 10 billion, additional ordinary shares of 50 kobo each, ranking pari passu in all respects with the existing ordinary shares of the company and that the new shares thus. The Chief Financial Officer (CFO) of Lafarge Africa Plc, Mr. Bruno Bayet, had said the company has a refinancing plan that is aimed at preparing it for future development in Nigeria, improving the company’s leverage as well as strengthen its profitability. Hence, the proposed
N89.21 billion right issue subject to all corporate and regulatory approvals. Speaking at the extra-ordinary general meeting (EGM), Chairman of Lafarge Africa, Mr. Mobolaji Balogun said: “The additional capital to be raised will further help to deleverage the company’s balance sheet and provide head room for the expansion of our business.� According to him, the board of directors is mindful of the support of all our shareholders
through the difficult but necessary journey to transform the company into a more agile and correctly financed business ready to benefit from the potential opportunities in Nigerian building materials (market). He also assured shareholders that restructuring of the capital structure of the company largely completed through the past year would help to significantly reduce the cost of financing and currency translation risk.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.84 0.85 0.12% ACAP Income Funds 0.63 0.63 10.39% 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 13.13% AIICO Balanced Fund 2.22 2.24 -0.28% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund N/A N/A N/A ARM Discovery Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A 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 12.91% Cordros Milestone Fund 2023 95.91 96.19 Cordros Milestone Fund 2028 98.40 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 N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A 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 12.23% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.68% 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 N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Nigeria Eurobond (USD) Fund - Institutional N/A N/A N/A FBN Nigeria Eurobond (USD) Fund - Retail N/A N/A N/A FBN Nigeria Smart Beta Equity Fund N/A N/A N/A 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 -1.76% Legacy Debt Fund 3.25 3.25 0.31% Legacy USD Bond Fund 1.03 1.03 0.04% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 12.55% Nigeria Entertainment Fund 107.19 107.46 6.84% 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 13.39%
Vantage Balanced Fund 2.15 2.17 1.73% Vantage Guaranteed Income Fund 1.00 1.00 15.45% Kedari Investment Fund (KIF) 124.92 125.11 8.53% 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 1.21 1.23 -0.30% Lotus Halal Fixed Income Fund 1,099.50 1,099.50 0.07% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.20 11.29 6.06% Meristem Money Market Fund 10.00 10.00 12.50% 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 1.34 1.36 4.81% PACAM Fixed Income Fund 12.21 12.26 0.01% PACAM Money Market Fund 10.00 10.00 14.43% 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 121.77 122.35 -6.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.71 1.71 15.24% 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 2,313.33 2,327.43 2.14% Stanbic IBTC Bond Fund 189.48 189.48 0.97% Stanbic IBTC Ethical Fund 0.94 0.96 0.00% Stanbic IBTC Guaranteed Investment Fund 247.27 247.31 2.07% Stanbic IBTC Iman Fund 162.89 164.74 -0.14% Stanbic IBTC Money Market Fund 100.00 100.00 12.55% Stanbic IBTC Nigerian Equity Fund 8,451.14 8,553.81 1.32% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 2.76% 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 11.08 11.23 5.23% Zenith Ethical Fund 12.40 12.52 3.65% Zenith Income Fund 20.79 20.79 8.02% Zenith Money Market Fund 1.00 1.00 12.39%
REITS NAV Per Share
Yield / T-Rtn
9.00 140.00 51.74
-20.11% 5.69% 1.79%
Bid Price
Offer Price
Yield / T-Rtn
10.42 115.66 87.46
10.52 118.05 89.09
-1.35% -1.43% -1.36%
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
3.89 7.27 14.45 11.78 142.88
3.93 7.35 14.55 11.98 144.88
-17.92% -23.89% -17.19% -39.89% 6.22%
NAV Per Share
Yield / T-Rtn
107.13
17.03%
INFRASTRUCTURE FUND 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 Ëž ÍľËœ Ͱ͎ͯ͡
CITYSTRINGS
Group Features Editor: Chiemelie Ezeobi Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒
Celebrating GKS' Feast of Tabernacle God's Kingdom Society recently held its annual Christian Feast of Tabernacle in Warri, Delta State. Mary Nnah writes that it was a colourful event as members from 104 branches in seven countries, who graced the occasion were treated to a potpourri of melodious music, traditional dances and preaching
A
t the annual Feast of Tabernacle of the God’s Kingdom Society (GKS), it's usually a colourful procession. This year was not different. At the beginning of the programme, from Salem City their voices heralded the good news accompanied by musical accoutrement as the convoy of vehicles trailed the members. Yearly, each ethnic group parades their unique traditional regalia to blend with their music, weaving every beat with contagious melodies that compels the Warri residents to join in the rhythm. Again, this year was not different. For this members, this colourful, joyful and melodious procession is one of their demonstrations of faith and allegiance to the Almighty God and His son, Jesus Christ. The Feast of Tabernacle of the GKS is an annual festival that pierces millions of hearts of members and it continues to mesmerise members from 104 GKSbranches scattered in seven countries, which includes- UK, USA, Canada, Liberia, UAE, Ghana and Nigeria. This year's festival was held from December 16 to 24 at the St. Urhobo Square, Salem City, Warri, Delta State. From all indications, the Christian Feast of Tabernacle was drawn from Leviticus 23, which talked about the institution of the feast by God, in the days of Moses the prophet, during the historic journey of the Israelites from Egypt to Canaan. This ordinance is what these members are implementing. With the message, ‘Heal me oh Lord and I shall be healed’, from the GKSPresident, Mr. Godwin Ifeacho, the congregation werr brought to terms with the fact that the world today is full of woes and iniquities. “We see different diseases that are plaguing mankind. Till date, some are incurable", he lamented. He however reminded them of one source of lasting healing in Jeremiah chapter 17 vs 14, adding that, “the Bible shows that sin is responsible for the troubles faced today including death. And the troubles of man have multiplied. But look on to God who cures all diseases�. He said spiritual healing is the panacea to save the world. “Nigeria and the world at large need spiritual healing, salvation and deliverance. We cannot continue in sin and expect grace to be with us. We need to repent," he added. Ifeacho found globalisation guilty of paving way for rapid spread of diseases. “Ironically, efforts by scientists, statesmen and philosophers to improve human wellbeing are creating other problems in the world", he lamented. Buttressing his point, the president cited the concept of globalisation, the flow of information, goods, capitals and people across political and geographic boundaries as contributing factors. While this is said to help in the alleviation of hunger and poverty, he added that the negative side of it was the increase in the spread of infectious diseases from South to North and increase in the risk of non-communicable diseases by transmission of culture and behaviour from North to South. Consequently, he listed some of the diseases ravaging the world and claiming millions of lives annually as: Bubonic plague, Measles, Syphilis, Leprosy, Malaria, Cancer, Tuberculosis, HIV/ AIDS, Ebola, Diabetes, Leptospirosis, Cholera, Diphtheria, Meningitis, Yellow Fever and Lassa Fever among others. He went on to bemoan that Wikipedia paints a more troubling scenario that though “many vaccines and cures have been developed for some of the worst diseases people suffer and because the evolution of disease organism is very rapid, even with vaccines, there is difficulty providing full immunity to many diseases". Despite experts' warning that another influenza pandemic is inevitable, Ifeacho gives a beam of hope for ultimate cure and healing. “It is God Almighty who can save mankind from the deadly situation they have found themselves in as stated in Psalm 103 verse 3�. While calling on all to repent in order to enjoy the healing God has promised, the preacher
From left, a top management sta with Arise TV Network, Mr. Emanuel Efeni and a Professor of English at the Department of English, University of Lagos, Hope Eghagha with other GKS members celebrating the Feast of Tabernacle
Some GKS woman trooping the streets of Warri during the feast enthused, “May God Almighty, who sustains the entire universe, continues to give us knowledge, understanding and faith to look to him at all times so as to be healed of all ailments�. The Assistant Chairperson, GKSWomen Fellowship Committee, London Branch, Mrs. Oyewo Ogbewo, moulded her words from the topic, ‘Emulating the characters and works of noble women in the Bible'. According to her, some names that topped the list of nobility from the Bible were: Ruth, Naomi,
The Feast of Tabernacle of the GKS is an annual festival that pierces millions of hearts of members and it continues to mesmerise members from 104 GKSbranches scattered in seven countries, which includes- UK, USA, Canada, Liberia, UAE, Ghana and Nigeria
Abigail, Elizabeth and Rahab as best illustration to drive home her point on the importance of exuding worthy characters whenever they go. According to her, adapting characters of virtue from the above listed women takes the fear of God. “If you fear God you will eschew evil. It is because there is no fear of God that is why bad things are happening today�. Clearly, she registered displeasure over women maltreating other women. “What could be the reason for lack of the fear of God especially among women with the way they treat fellow women? Check the way you treat your daughters-in-law and your househelps.� She further cited the Biblical Sarah and described her as beautiful, yet humble and submissive. “But never let your beauty get to your head. Be obedient, submissive and be a woman of integrity as seen in Genesis 12:11�, she futher charged women. After harping on the fear of God as the ultimate call to living a righteous life, she bowed out as the crescent-like stage became occupied by the next itinerary ; dancers, who competed to clinch the title for best performance. While the groups expressed their adulation to God in a blend of cultural display, the angelic choir rendered harmonious interludes that flowed mellifluously. Interestingly, the dance and music contest climaxed among GKS branches across the globe. Groups like Afesan GKS, Benin City; Ekiti Choral Group, GKS Ado Ekiti; Ughelli Orchestra, Men Folk Dancers, Efik dancers, Calabar; Itsekiri dancers, Warri; Yoruba Orchestra, Lagos; Anioma Choral Group, Asaba and Zumunta Dancing
Group, Abuja. Others are: Isoko Orchestra, Warri; Okpe Choral Group, Sapele; Aba Kingdomites Orchestra, Abia; Edo Choral, Rivers cultural group; Ijaw Orchestra, Yenogoa; Ofoni cultural group; Ekpakpame branch; Chidiebere Orchestra, Warri; Urhobo cultural group and Accra dancing troupe GKSGhana. “The colour you see this year will change next year at the Feast of Tabernacle. We may decide to get a new venue as the population is growing. God is blessing us and we are looking forward to it,� the Vice National Chairman of the People’s Democratic Party (PDP), South-south, Emmanuel Ogidi, said. He expressed joy over the turnout of people at the feast while calling on Nigerians especially politicians to fear God in all they do. “Election is fast approaching. Leaders and the masses should have the fear of God. We keep talking but people are no longer serving God in truth. But we will keep praying and talking until the people have a change of mind through God's touch�. While the guests and members enjoyed the nostalgic moments after the sermons, passers-by spied from across the spider web gates and over the fence. It was to get a first-hand taste of the melodious music festival and the feast. Truly, eight consecutive days could be lengthy and mind-numbing, but not the Feast of Tabernacles as every moment demanded attention- from the teachings to the electrifying potpourri of music and dance. You will have no choice but to dance your way from the seat to the centre stage. Indeed, it was a happy feast of tabernacle 2018.
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T H I S D AY Ëž ÍľËœ Ͱ͎ͯ͡
CRIME&SECURITY CRIME SITUATION REPORTS
SECURITY TIPS (PART 41) How safe are you with your personal staff? (ii) The burning questions one needs to ask himself/herself this new year are; that nanny, maid, steward, cook, security guards, driver, lesson teacher, etc, whether at home or in the office, how safe are we with them? Well, here are some useful tips when dealing with them: r$IFDL XIFSF UIF BHFOU UIBU CSJOHT UIFN MJWFT PS XIBUFWFS KPC IF EPFT r5IF IPVTFHJSMT OBOOJFT ZPV BMMPX UP TMFFQ JO ZPVS DIJMESFOT SPPN DPVME be an agent of the devil. They could be criminals. r%P ZPV LOPX UIBU ZPVS ESJWFS DPVME CF B XBOUFE QFSTPO CZ UIF QPMJDF JO another state for theft or kidnapping? Have you done a check on him with the police and do you have a 5x7 photograph of him? r/FWFS BMMPX ZPVS EBVHIUFST HFU UPP GBNJMJBS XJUI ESJWFST FTQFDJBMMZ XIFO they are below 16. r %SJWFST NVTU OFWFS CF BMMPXFE UP UBLF ZPVS DIJMESFO UP TDIPPM BMPOF 5IFSF must always be a female adult in the car. r%P ZPV LOPX UIBU ZPVS ESJWFS DPVME CF IZQFSUFOTJWF IBWF )#1 QPPS eyesight or he could have an enlarged heart, thus is not fit to drive? r *T ZPVS TFDVSJUZ HVBSE B DJUJ[FO PS B GPSFJHOFS GSPN /JHFS $IBE BOE #FOJO 3FQVCMJD )PX EJE DBO ZPV DPOĂ SN UIBU *G IF JT B GPSFJHOFS JT IF registered by the requisite organisation and eligible to work here? r/FWFS UBML BCPVU NPOFZ USBOTBDUJPOT PS DPTU PG ZPVS KFXFMMFSJFT PS WBMVBCMFT in the presence of your domestic staff. r /FWFS BMMPX IFMQ UJEZ ZPVS SPPN XIFO ZPV BSF OPU UIFSF *U JT B UJNF UIFZ search your room to know where valuable things are kept and waiting for the right time to operate and run away. Source: Unknown
L-R: The National Coordinator, NDLEA Celebrity Drug Free Club, Mr. Wilson Ighodalo; actor and ďŹ lm maker, Mr. Charles Inojie; actor, Mr. Arinze Okonkwo (both new inductees) and Director, T&R, Mrs. Felicia Ikechukwu, representing the NDLEA Chairman, at the most recent induction into the club
EMERGENCY NUMBERS FOR IMO STATE POLICE COMMAND B 1PMJDF $POUSPM 3PPN /PT PS C $PNNJTTJPOFS PG 1PMJDF D %FQVUZ $PNNJTTJPOFS PG 1PMJDF "ENJO E %FQVUZ $PNNJTTJPOFS PG 1PMJDF 4$**% F %FQVUZ $PNNJTTJPOFS PG 1PMJDF 0QT G "SFB $PNNBOEFS 0XFSSJ H "SFB $PNNBOEFS 0SMV I "SFB $PNNBOEFS 0LJHXF J 1PMJDF 1VCMJD 3FMBUJPOT 0GĂ DFS *NP 4UBUF SOURCE: Imo State Police Command
LAGOS CITIZEN COMPLAINT HOT CENTRE 1. 08067945296 2. 08063025274 3. 08063104759 4. 08113615350 5. 08113683077 6. 08096283148 7.,08096283173 8. 08089781657 9. 08126404930 10. 08081426895
Some other members of the drug free club
NDLEA Celebrity Drug Free Club and its Advocacy against Drug Abuse &WFSZ NFNCFS PG /%-&" $FMFCSJUZ %SVH 'SFF $MVC BSF passionate advocates for drug demand reduction, especially among the youths. These are celebrities who are determined to use their voice for good, and an outspoken advocate against drug abuse and addiction, as drug abuse problem simply can't be ignored any longer JO /JHFSJB 5IF $FMFCSJUZ %SVH 'SFF $MVC JT BO BEWPDBDZ BSN PG UIF /BUJPOBM %SVH -BX &OGPSDFNFOU "HFODZ /%-&" The prestigious club was inaugurated May 22, 2014 by /%-&" GPSNFS $IBJSNBO $IJFG &YFDVUJWF "MIBKJ "Imadu Giade. "U UIF MBVODI UIFO JO -BHPT the agency said it was aimed at promoting youth- oriented programmes that would provide alternative activities to drug involvement. Giade had at the inauguration of the club, which members comprised celebrities in the entertain-
ment and movie industries, said it would among others, “encourage youths to resist drug use , identify those who use and encourage them to seek help, as well as increase understanding of the dangers posed by alcohol, tobacco and other drugs". "DSPTT CPBSE UIF NFNCFST are carefully selected public figures, vetted and approved CZ /%-&" MFBEFSTIJQ 5IJT JT CFDBVTF /%-&" IBT TPMF prerogative to withdraw membership of anyone who does not meet up the rules and regulations of the club PCKFDUJWFT 4PNF PG UIF QSJNBSZ PCKFDUJWFT PG /%-&" $FMFCSJUZ %SVH 'SFF $MVC JODMVEFT r4FSWJOH BT SPMF NPEFM UP colleagues and youth in the society. r*ODSFBTF VOEFSTUBOEJOH PG the dangers posed by drugs and substance abuse with their platform. r&ODPVSBHJOH ZPVOH QFPQMF to resist any form of drug use
and any one with substance abuse issues to break the silence and seek for help. r4VQQPSU QSPNPUF ZPVUI oriented activities that promote healthy lifestyle in the society. r"EWPDBDZ DBNQBJHO BOE 1VCMJD 0SJFOUBUJPO TUJHNBUJTBtion against drug users. r1SPNPUJOH QPTJUJWF ZPVUI oriented programs that provide alternative activities to drug involvement. Wilson Ighodalo. National Coordinator, NDLEA Celebrity Drug Free Club Nigeria. www.drugsalvation.org www.facebook.com/wilson. ighodalo Instagram @wilsonighodalo -Wilson Ighodalo is a Trained and Certified United Nations Office on Drugs and Crime (UNODC) Master Trainer on Sensitisation on Drug and Drug Prevention, Treatment and Care (DPTC).
Source: The Lagos State Police Command
CITIZENS' COMPLAINT LINES FOR SARS r%*( %FQBSUNFOU PG 0QFSBUJPOT r*(1 9 426"% m$"--4 4.4 8IBUT"QQ Email: integrityxsquad@gmail.com. r*(1 .POJUPSJOH 6OJU JHQNPOPUPSJOHBCK!ZBIPP DPN r$1 '4"34 r'PSDF 1VCMJD $PNQMBJOU #VSFBV $BMMT 4.4 8IBUT"QQ $BMMT 4.4 8IBUT"QQ &NBJM CBJMJTGSFF!HNBJM DPN QSFTTGPSBCVKB!HNBJM DPN 5XJUUFS !1PMJDF/( XXX facebook.com/ngpolice. r1VCMJD $PNQMBJOU 3BQJE 3FTQPOTF 6OJU 1$336 m $BMMT POMZ m 4.4 BOE 8IBUT"QQ POMZ 5XJUUFS !1PMJDF/(@1$336 XXX 'BDFCPPL DPN 1PMJDF1$336 r/(04 $404 TFHB!BMJFOTmedialtd.com,08027757359, koredebello@caspertainment. agency, casperentertainment@ gmail.com, 09051133035oluogunsakin@hotmail.com and g.writer2011@gmail.com, 07037887630.
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MONDAY JANUARY 7, 2019 Ëž T H I S D AY
INTERNATIONAL
At Least 30 Killed in Gold Mine Collapse At least 30 people were killed when a gold mine collapsed in northeastern Afghanistan on Sunday, officials said, in the latest tragedy to strike the war-torn country. Another seven were injured in the incident in Kohistan district of Badakhshan province, district governor Mohammad Rustam Raghi told AFP. Villagers had dug a 60-metre (200-feet) deep shaft in a river bed to search for gold. They were inside when the walls fell in. “The people were using an excavator to dig a big hole in the river when it collapsed, trapping dozens of workers,� Raghi said. “At least 30 people have been killed and seven wounded.� It was not clear why the shaft collapsed, but
the provincial governor’s spokesman Nik Mohammad Nazari told AFP the miners were not professionals. “The villagers have been involved in this business for decades with no government control over them,� Nazari said. “We have sent a rescue team to the area, but villagers have already started removing bodies from the site.� Defense ministry helicopters have been dispatched to deliver cash to the families of the victims and airlift the wounded to hospitals, said Hashmat Bahaduri, spokesman for the National Disaster Management Authority. Bahaduri confirmed the casualty toll, but warned the figures could change. Families of the wounded will receive 10,000 afghanis
(about $130) in compensation, while those of the dead will get 50,000 afghanis, he said. Badakhshan is a remote, mountainous province in northeast Afghanistan
bordering Tajikistan, China and Pakistan. The impoverished region is prone to landslides, particularly in the colder months when heavy snow
blankets the province. Illegal mining is common in resource-rich Afghanistan, with the Taliban relying on the sector for much of its revenue.
Anxiety over Delayed Election Results in Volatile DR Congo The DR Congo was on tenterhooks Sunday, awaiting a new date for officials to announce the results of elections to replace Joseph Kabila as president of the volatile central African country. On Saturday, just hours before Sunday’s scheduled announcement of the provisional outcome, the electoral commission announced a delay until next week, without giving a specific date. Amid fears of vote tampering and calls from world powers for voters’ wishes to be respected,
commission president Corneille Nangaa said little over half of ballots had been collected. Insisting the commission should be allowed time to do its work, Nangaa decried what he referred to as “threats� from diplomats over the December 30 polls. Twenty-one candidates ran in the election to succeed Kabila, who has ruled the vast conflictridden country for almost 18 years. Among the frontrunners were Kabila’s handpicked successor
Emmanuel Ramazani Shadary and two opposition candidates: veteran heavyweight Felix Tshisekedi and newcomer Martin Fayulu. At stake is the political stewardship of a mineral-rich country that has never known a peaceful transition of power since independence from Belgium in 1960. Kabila was due to step down two years ago, but clung on to power, sparking widespread protests which were brutally repressed, killing dozens.
Saudi Arabia to Notify Women of Divorce by Text Message Saudi courts will notify women by text message when they get divorced, in a new regulation that took effect on Sunday, officials said. The measure approved by the justice ministry appears aimed at curbing seemingly rampant cases of men secretly ending marriages without informing their wives. “Women‌ will be notified of any changes to their marital status via text message,â€? the justice ministry said in a statement carried by state-run Al-Ekhbariya news channel and other local media. “Women in the kingdom will be able to view documents related to the termination of their marriage contracts through the ministry’s website.â€? The move comes as Crown Prince Mohammed bin Salman, the de facto ruler spearheads a liberalisation drive in the conservative kingdom, which has some of the world’s toughest restrictions on women. In June last year, women celebrated taking the wheel for the first time in decades as the kingdom overturned the world’s only ban on female motorists. The kingdom has also allowed women to enter sports stadiums, previously a maleonly arena, and is pushing for greater participation of women in the workforce as it seeks to diversify its oil-dependent economy. But in tandem with the reforms, the kingdom has seen a wave of arrests of women activists in recent months as it steps up a crackdown on dissent. The country also faces criticism over its male guardianship system, which allows men to exercise arbitrary authority to make decisions on behalf of their female relatives. On Sunday, an 18-yearold Saudi woman held at Bangkok airport said she would be killed if she was repatriated by Thai immigration officials.
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But most of the country’s minerals remain untapped as the raging conflict and lack of regulation deter international miners from exploiting the huge reserves.
The election, preceded by repeated delays, was carried out in a relatively peaceful manner. But tensions have built over the lengthy counting process amid fears the results could be manipulated to install Kabila-backed Shadary in the presidency. The electoral commission had promised to announce preliminary results on Sunday, followed by a definitive count on January 15. The president was due to be sworn in three days later.
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NEWS
NCC: How Nigeria Attained 30.9% Broadband Penetration Target Emma Okonji Fresh facts have emerged on how Nigeria attained and surpassed the country’s 30 per cent target for broadband penetration in December 2018. The Executive Commissioner, Stakeholder Management at the Nigerian Communications Commission (NCC), Mr. Sunday Dare, said at the weekend that the NCC used the UN data and available statistics as baseline in arriving at 30.9 per cent broadband penetration. According to him, the UN data has been consistent over the years, adding that the same data is equally used by the International Telecoms Union (ITU), which is an arm of the United Nations that oversees global telecoms activities. Dare noted that Nigerians predominantly relied on mobile networks to access the internet, including broadband networks, adding that broadband penetration is typically measured by the percentage of total population with access
to broadband networks. He, therefore, explained that although Nigeria had hovered around 21 and 22 per cent broadband penetration over the last couple of years, mobile subscribers in the country as at November 2018, reached a total of 168,729,005. Of this figure, 108,457,051, subscribed to internet access services provided by the major operators. “In terms of broadband services, a total of 58,965,478 were connected to the internet through 3G and 4G networks, including those provided by the Long Term Evolution (LTE)only service providers, such as Smile and nTel," Dare said. According to him, NCC took the total active broadband subscription figure of 58,965,478 and divided it by the country's population figure of 190,886,311, and multiplied it by a percentage of 100, using the UN’s projection as at December 2017, and arrived at a broadband penetration percentage of 30.9 per cent. He said issues could of
NCC Director, Umar Danbatta course be raised about using the UN figure as baseline, but he further explained that the NCC used that figure for consistency since that appears to be the baseline used by the ITU in its earlier studies. “This is why the World Bank asserted that increasing broadband by just 10 per cent in developing economies would deliver at least 1.38 per cent GDP increase per capita, while a 10 per cent increase in internet penetration would lead to about 1.12 per cent
increase in GDP per capita�, Dare added. Although some stakeholders are still sceptical as to how Nigeria suddenly attained and surpassed the 30 per cent broadband penetration, since the country hovered around 21 and 22 per cent broadband penetration for too long, Dare clarified that mobile broadband usage among Nigerians surged with smartphone penetration, which gave it a further boost. According to him, as Nigerians became heavy users of smartphones to access the internet on the go, broadband penetration in the country deepened. "As everyone knows, telecoms networks and infrastructure are critical enablers for any nation desirous of participating in the opportunities driving the next phase of world economic growth. The fourth industrial revolution demands democratised access to super-fast networks and digital platforms. Indeed, emerging economies which
underperformed in previous economic evolutions have a leapfrogging opportunity, which can be realised by giving their citizens affordable access to broadband networks and digital services," Dare said. He explained that although the telecoms sector was faced with challenges like Right of Way (RoW) charges, tedious approval processes across the states of the federation, issues with approvals for towers and masts, imposition of unstructured taxes and charges among others, the sector still managed to attain and surpass the 30 per cent broadband penetration target. "Despite being dogged by a myriad of issues, the sector has always held its own. Its contributions to GDP have been contritely high, peaking at 10.43 per cent in the second quarter of 2018. It has continued to boost employment both directly and indirectly, and it has provided a strong infrastructure backbone, which has facilitated higher levels of efficiency in practically all other sectors of
the economy. The attainment of 30 per cent broadband penetration indeed entitles the industry to a collective pat-on-the-back," Dare said. He added that the NCC’s assertion that Nigeria has attained 30.9 per cent broadband penetration was logical and supported by available data in the commission’s custody. The federal government, in 2013, issued the National Broadband Plan (2013-2018), which sets penetration targets for both fixed and mobile broadband throughout Nigeria. Of the many targets set by the document, the most prominent one was the projection that Nigeria must reach 30 per cent broadband penetration by December 2018. There was however a large dose of pessimism about the country’s ability to reach this target before the December 31, 2018 deadline. But few months before the deadline, Nigeria narrowly reached and surpassed the 30 per cent broadband target.
BUA, CBMI Sign Agreement on New 3MTPA Kalambaina Cement Plant
Ugo Aliogo
Less than one week after the listing of shares from the almost $1 billion merger between BUA Kalambaina Cement Company and Cement Company of Northern Nigeria where it also assumed majority stakes in the enlarged company, BUA Group has announced that it has signed another contract with world’s renowned cement manufacturing company, CBMI, for the construction of a new three million metric tonnes per annum Kalambaina Cement Line 2 in Sokoto State, North West Nigeria.
This comes barely 90 days after the completion of another three million MTPA BUA Obu Cement line 2 in Okpella, Edo State, Southern Nigeria and 7 months after the commissioning of its 1.5million MTPA Kalambaina Cement Plant line 1 in Sokoto State thus bringing BUA Cement’s total installed capacity to 11 million MTPA by the time the new project Is completed. Speaking at the contract signing ceremony for the plant in Sokoto State, Abdul Samad Rabiu, Executive Chairman/ CEO, BUA Group and Chairman of CCNN, disclosed that the
construction of the new three million mtpa kalambaina line was in line with BUA Cement’s strategic midterm expansion programme. According to Abdul Samad, the Nigerian market is still greatly underserved and with the projected growth in major infrastructure projects and spending over the next few years, it is important that local manufacturers are able to scale effectively to meet current and projected demand. Rabiu also added that this partnership between BUA and Sinoma CBMI is not the first as they were responsible for constructing the first BUA
Kalambaina plant in Sokoto State. “We are very confident that Sinoma CBMI possesses the necessary technical expertise given their track records in deploying cement plants across the world. � Mr. Tong Laigou, Chairman of CBMI, signed on behalf of CBMI construction. On BUA becoming Nigeria’s second largest cement producer by volume, Rabiu said that BUA’s strategic cement expansion programme which focused on key regional and export markets has seen it become the second largest producer of cement by volume in Nigeria this year whilst
solidifying BUA Cement’s leadership positions in the North-west, South-south and South-east markets of Nigeria. “We will continue to deliver quality products which has earned us the ‘King of Strength and King of Cement’ moniker amongst block makers who form the largest users of cement in Nigeria� It would be recalled that the Security and Exchange Commission had recently approved the merger of the Cement Company of Northern Nigeria Plc with BUA’s Kalambaina Cement Company Limited of Nigeria that saw
the enlarged CCNN become Nigeria’s 12th largest company by market capitalisation. BUA Group’s current cement assets include the six million MTPA Obu Cement I & II plants in Okpella, Edo State, the 500,000mtpa Edo Cement Plant, the 1.5million MTPA Kalambaina Cement Plant and the 500,000 Sokoto Cement Plant. The Group also owns over 90 per cent stake in the publicly listed Cement Company of Northern Nigeria Plc and is widely acclaimed for its high capacity utilisation, efficiency and quality of its products.
the completion of its three million MTPA-capacity Obu II Cement Plant in Okpella, Edo State. The NSE last week listed additional 11.886,823,200 shares of CCNN arising from the merger with Kalambaina Cement Company. With the listing of the shares, the total issued and fully paid up shares of the CCNN has now increased from 1,256,677,766 ordinary shares to 13,143,500,966 ordinary shares of 50 kobo each. Meanwhile, the stock market recorded a decline in the first week of 2019 despite the low prices of most stocks. However, analysts at CSL Stockbrokers Limited had said they did not see an immediate bargain hunting despite the low prices. “Although, we acknowledge that the broad sell off in the market has led to a significant moderation in the share
prices of stocks providing opportunities for bargain hunting, we think that the argument for “Buying the
dip� frequently advanced by money managers and traders is still too early to call for,� they stated.
INVESTORS COUNT GAINS IN SPITE OF VOLATILE STOCK MARKET led the stocks that put smiles on the faces of its investors. The stock, it was learnt, appreciated by 104.2 per cent. It was closely followed by Unity Bank Plc, which gained 101.8 per cent. Sterling Bank Plc also appreciated by 75.9 per cent, while NEM Insurance Plc gained 62.6 per cent, just as Learn Africa Plc chalked up 54.5 per cent. Caverton Offshore Services Group Plc closed the year at 48.8 per cent higher, while Vitafoam Nigeria Plc and Diamond Bank Plc fetched investors 46.6 per cent and 45.3 per cent, respectively. In the same vein, Custodian Investment Plc gained 45.2 per cent while C & I Leasing Plc amassed 37.9 per cent gain. Continental Reinsurance Plc garnered 36.4 per cent, while Fidson Healthcare Plc, Beta Glass Plc and Newrest ASL Nigeria Plc gained 33.7 per
cent, 33.1 per cent and 32.7 per cent, respectively. Market analysts said the jump in the share price of CCNN last year was justified given the high demand the stock enjoyed due partly to its merger with Kalambaina Cement Company. The merger was said to be the largest deal in the market in 2018. Speaking on the merger, Founder/Executive Chairman of BUA Group, Abdul Samad Rabiu, who is also the Chairman of CCNN, said the expanded CCNN would remain the market leader in its regional market of North-west Nigeria, which is the third largest market for cement in Nigeria by consumption. He added that CCNN would also continue to explore the huge opportunities that exist in the export markets of Niger, Burkina Faso and the West African region.
“Traditionally, the huge cost of transportation to CCNN’s home region from other cement plants in Nigeria – the nearest being about 900km away – has always given us a strategic advantage in that region over competing cement companies and brands. The expanded entity will leverage on the cost and energy efficiency of the newly commissioned Kalambaina Plant while providing additional value through its products in terms of better quality, higher yields and stronger cement than competing premium cement brands,� he said. With this merger, the total installed capacity of the merged entity will be two million metric tonnes per annum, which is expected to bring the total capacity of BUA’s cement operations to eight million tonnes per annum (MTPA) as the group recently announced
BUHARI: I STAND WITH THE MASSES, KNOWING THEY WILL SEE ME THROUGH on the part of the military. The president said, "I accept responsibility. But my understanding of security is that when there is a state of emergency, the president should not be tampering with heads of security. But we have to be careful. This is one of my personal experiences. I had been a governor. I had been a minister. I had been a head of state. I came back. Three times I tried to come to this office three times. Three times I ended up in Supreme Court. So, really, I measure the office very critically. "During the time of emergency, if you remove the heads of security, if you
are not careful, then you will create competition within the service. There are many officers in the Army but only one man can be the Chief of Army Staff. Only one man can be Chief of Air Staff. Only one man can be Chief of Naval Staff. Only one man can be Inspector-General of Police. "It was this administration that appointed all of them. I didn't know any of them really. I followed the records and I think l picked the best men. Of course, their performance may be a little disappointing... There is really what I can call fatigue. But I accept responsibility for not changing them. It is based on my experience.�
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NEWS
Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Military Deploys Troops, Equipment to Dislodge Boko Haram, ISWAP
Enlists member countries of MNJTF Invades Daily Trust, arrests two journalists
Kingsley Nwezeh in Abuja and Michael Olugbode in Maiduguri In its bid to reclaim its 2018 World Military Ranking as the 43rd country in the world with the greatest firepower, the Nigerian military has deployed thousands of soldiers, armoured tanks and fighter jets recover Baga, Borno State, and other towns lost to Boko Haram terrorists two weeks ago. It also enlisted member
countries of the Multi-national Joint Task Force against terrorism (MNJTF), notably Niger Republic and Chad, in the operation. This is coming as the Presidency last night ordered the military to vacate Daily Trust office. The military had commenced a clampdown on journalists over report claiming that some parts of the country have been captured by Boko Haram terrorists.
South-east Governors Vow to Resist Rigging by Security Agencies The South-east Governors’ Forum has vowed any attempt to rig the forthcoming the elections by security agencies. Governor David Umahi of Ebonyi State, who is the Chairman of the forum, gave the charge in Abakaliki, while receiving the General Officer Commanding the 82 Division of the Nigerian Army, Maj. Gen. Abubakar Maikobi. Umahi said the only way Nigeria will exist beyond 2019 is for credible elections to hold where all security agencies would be seen to be neutral. He charged the army to remain neutral and maintain a high level of professionalism in the discharge of its duties while the Operation Python Dance lasts,” he said. The governor urged the military to evolve workable policies that would earn the confidence of the zone and remain neutral in the coming elections. “The zone will not have
problems with any place the army chooses to establish its operational headquarters as long as it maintains its professional mandate of protecting the people. “The only way Nigeria will exist beyond 2019 is for credible elections to hold where all security agencies would be seen to be neutral,” he said. He called on officers and men of the Nigerian Army to be professional in the execution of their duties under the Operation Python Dance III in the zone. Umahi charged the army to be professional, to win the confidence of the people in the face of heightened tension, occasioned by the general elections. “The south east zone has been greatly troubled by the army’s presence, especially with its clash with members of the proscribed Indigenous People of Biafra (IPOB),” he said.
Buhari to Inaugurate APC Campaign Council Today Onyebuchi Ezigbo in Abuja President Muhammadu Buhari will today inaugurate the All Progressives Congress (APC) Presidential Campaign Council for the 2019 general elections. In a statement issued by the Director, Strategic Communications, APC Presidential Campaign Council, Festus Keyamo, it said event would take place at the International Conference Centre in Abuja. The formal inauguration of the APC national campaign team is coming after the party standard bearer, President Muhammadu Buhari, had already flagged off his presidential campaign for the South-south zone at the Uyo Township stadium in Akwa Ibom State last December. THISDAY gathered that the delay in the formation and inauguration of the council has been holding down activities at the APC campaign headquarters in Abuja. Before, only the offices of Director General and the Director of Strategic Communications
were fully operational. It is however expected that the inauguration of the campaign council would signal the commencement of full campaign activities. Members of the presidential campaign council expected at the inaugural ceremony include co-Chairman, Bola Ahmed Tinubu; Vice President Yemi Osinbajo and APC National Chairman, Adams Oshiomhole (Deputy Chairmen); Senator George Akume and Senator Ken Nnamani (Vice Chairmen). Other prominent members of the president’s campaign team include the Director General, Rt. Hon. Rotimi Amaechi; Senator A.O. Mamora and Waziri Bulama (Deputy Director Generals). Also,AlhajiAdamuAdamu and DeleAlake are to serve as secretaries to the campaign council while Senator Aliyu M. Wamakko is to serve as zonal director (North West); Senator Muh’d Ali Ndume (North East), Senator Abdullahi Adamu (North Central), Sola Oke (South West), Sharon Ikeazor (South East) and Senator Godswill Akpabio (South South).
To this end, some soldiers yesterday invaded the Maiduguri office of Daily Trust which broke the story of the fall of Baga and four other towns in northern Borno State to the terrorist group last week. The military had denied losing Baga to the terrorists but fleeing residents confirmed that ISWAP operatives were patrolling the streets and indeed conducting early morning prayers in mosques in the affected towns. By the accounts of the residents, the terrorists are in control of five towns notably Baga (host to the 7 Brigade
Headquarters of the Multinational Joint Task Force); Doron-Baga, Kross Kawwa, Bunduran and Kekeno. Defence spokesman, BrigadierGeneral John Agim, said the military was not disposed to disclosing any of its plans to launch a military offensive. “If we are planning a military offensive, we cannot tell you, otherwise we will be disclosing our plans,” he said. Also, the Nigerian Air Force spokesman, Air Commodore Ibikunle Daramola, declined to comment on the matter. However, other NAF sources
confirmed that jet fighters are already on ground, adding: “Our aircraft and pilots are already on ground in the North-east. We are poised to go.” THISDAY further gathered that signals had since been sent to thousands of soldiers drawn from different military divisions across the country, putting them on alert while hundreds of others were already deployed and massing around the affected towns. Also, armoured tanks and other military equipment were also moved into the “target” towns for the offensive.
Top military sources told THISDAY that the decision to launch the grand offensive informed several visits and meetings between the Defence Minister, Brigadier-General Mansur Dan Ali (rtd), and the Chief of Defence Staff, General Gabriel Olonisakin, who were both “specially assigned to review the preparedness of the military for the offensive.” The duo had several meetings with military chiefs already stationed in Maiduguri on the orders of President Muhammadu
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NO BITTERNESS IN POLITICS...
Governor Udom Emmanuel of Akwa Ibom State (left); and gubernatorial candidate of All Progressives Congress (APC) in the state, Obong Nsima Ekere, during the closing ceremony of the New Year prayer and Fasting Assembly of the Catholic Diocese of Uyo...yesterday
FG, NLC, ASUU Meet Today over Strike, Planned Protest Onyebuchi Ezigbo in Abuja The Minister of Labour and Employment, Chris Ngige will lead the federal government team, including the Ministers of Finance and that of the National Budget and Planning to a crucial meeting today with the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and other labour unions, as part of his efforts to avert the planned industrial action by the labour over the delay in the implementation of the recommended new minimum wage. The federal government negotiating team will also hold another round of discussions with the leadership of the Academic Staff Union of Universities (ASUU) in a bid to resolve their differences and reopen the country’s public tertiary institutions that have been shut down in the past one month. The issue in contention between the federal government and the organised labour movement is the N30,000 new national minimum wage, which the organised labour is demanding that the bill be
forwarded to the National Assembly for enactment. Instead of forwarding the bill, the federal government had said it would subject the report of the tripartite committee on minimum wage to a further scrutiny by a technical committee. On its part, the organised labour had reacted to what it described as undue delay tactics by the federal government, threatening to embark on nationwide protest beginning from Tuesday. A meeting was recently held between the government team and with the labour movement, represented by the NLC and TUC but it ended inconclusive. Addressing journalists at the end of the meeting last Friday, Ngige said the issues were not conclusively dealt with. He said although significant progress has been made in getting labour to understand the position of the government, there was the need for another round of talks today to agree on the period for the transmission of the National Minimum Wage Bill to the legislature. “No, the meeting is not deadlocked, we are continuing on Monday (today). We have
made substantial progress in our talks with labour in terms of the transmission of the New National Minimum Wage Bill to the National Assembly,” Ngige said. Also speaking on the outcome of the meeting, the NLC President, Ayuba Wabba, said the meeting was inconclusive as there were still some physical issues that needed to be concluded when they reconvene today. According to Wabba, “We have had a social dialogue bothering on the national minimum wage, as you are aware; and the meeting decided to adjourn and reconvene on Monday for us to do further consultations before the issues are concluded.’’ He said the issue at stake is to make sure that the minimum wage bill is transmitted, including other auxiliary issues that government said they were trying to put together. In the case of ASUU, the union is currently on an industrial action, which has stretched for over one month. ASUU had on November 4, 2018, embarked on nationwide strike over unfulfilled past
agreements by the federal government. Since the lecturers downed tools, several meetings have ended in deadlock, with the President of ASUU, Prof. Biodun Ogunyemi, and other leaders of the union insist that the federal government must fulfil agreements reached with the union in 2009, 2013 and 2017. While decrying the decay in infrastructure and equipment in public universities, ASUU had demanded N1.1 trillion to fund the university system, while condemning the failure by the federal government to pay the arrears of the shortfall in their salaries The last meeting between the federal government team and the ASUU delegation ended in a deadlock, with the lecturers expressing dissatisfaction. As for the dissatisfaction shown by ASUU leaders, Ngige said: “As a union leader, if one doesn’t get 100 per cent of what he wants, you won’t expect him to be smiling. Any meeting that you see people smiling, you know that somebody has cheated the other.’’
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Obi Dispels Rumours of S’East Leaders Working against PDP David-Chyddy Eleke in Awka The vice presidential candidate of the Peoples Democratic party (PDP), Peter Obi, has dispelled rumours that some leaders of the party in the South-east zone
are working against the party in the forthcoming presidential election. Obi, who addressed members of the party during an interdenominational service and reception organised for him
Arewa Community Endorses Buhari, Sanwo-Olu Jonathan Eze The leadership of the Arewa community in Lagos State has endorsed the presidential candidate of the All Progressives Congress (APC) and the gubernatorial candidate of the party in the state, Babajide Sanwo-Olu. In a statement jointly signed by the Chairman and Secretary of the group, Ahmad Kabiru Abdullahi and Alhaji Musa Sale respectively, the Arewa community in Lagos pledged their total support for Buhari and Sanwo-olu. While calling on traditional rulers to stay clear of politics, the group disassociates itself from previous endorsement of the candidate of the Peoples Democratic Party (PDP) in the state, Mr. Jimi Agbaje. The group said: “The Arewa community in Lagos is not in support or purported endorsement of any candidate. Those who
endorsed Agbaje are on their own. “We are also warning some prophets of doom who are threatening President Buhari to note that the Arewa community will not take it as it happened during the era of Ahmadu Bello. We are also calling on the Christian Association of Nigeria (CAN) and other responsible Christians to call those prophets to order; we want peace and unity in our country Nigeria.” While urging the people to disregard what they described as mischievous information over dissolution of the leadership of the Arewa community in Lagos, the group added that all the leaders in the 20 local government areas remain intact, adding that none of them has been removed neither replaced. “We remain united. We want peace and unity in our country Nigeria,” the Arewa community stated.
by the party in Anambra State, said the leaders of the party in the regions and all the members were working as one family. According to him, “Let me tell you all that PDP in the Southeast are working as one family, and when the votes are turned in, you will all see it. We are working as one family.” He reiterated that under the present government, Nigeria and its citizens have suffered greatly, promising that as vice president, he would ensure that major roads in the region
are completed as against the propaganda being peddled by the All Progressives Congress (APC) government. Meanwhile, Bishop of Awka Diocese of the Anglican Communion, Bishop Alex Ibezim, who officiated the service, said only servant leaders can salvage Nigeria. He said: “Our country needs servant leaders, leaders who can serve selflessly. “We lack leaders like Nehemiah. Nehemiah served in the king’s palace, but didn’t
take pay for the work he did. We need leaders like that but they are fast disappearing in Nigeria. We must pray to God to give us God-fearing leaders through this election. “Nehemiah was comfortable in the king’s palace, but he was more concerned about the welfare of the people of Jerusalem. Nigeria is characterised by war, hunger, and all manner of afflictions. All politicians here must know that and work to redeem the country.”
Other priests also took the opportunity to pray for Obi and his wife, Margaret, against any form of attacks as the elections draw near. The party received and presented PDP flags to new entrants, including Godwin Ezeemo, Yul Edochie and Hygers Igwebuike who were accompanied by their supporters. The reception was attended by big wigs of the party in the state, including senatorial and House of Representatives candidates of the party.
IG Must Go, CUPP Insists Udora Orizu in Abuja The Coalition of United Political Parties (CUPP) has declared that the continued stay of Ibrahim Idris as the Inspector General of Police (IG) after statutory retirement constitutes a threat to national security. In a statement issued yesterday, the CUPP National spokesperson, Ikenga Ugochinyere berated Idris, saying it amounted to impersonation and illegality for him to be parading himself as the Inspector General of Police. “The opposition coalition wishes to remind President Buhari of the sacred provision of Section 215(1)a of the 1999 Constitution which clearly holds that the president can only appoint a serving police officer as Inspector General of Police. This means that having reached the mandatory retirement age of 35 years of active service on January 3 2019, and the mandatory retirement age of 60 years while in service which comes up on January 15, 2019, the IG is constitutionally barred from being retained or reappointed as IG as he is no longer a serving police officer and his continued stay in office is illegal and an act of impersonation. There is no legal or documentary evidence to back up his stay as IG,” Ugochinyere insisted. He called on President Buhari to be courageous by announcing a replacement and not bow to the pressure to cement illegality in the core of the country’s security architecture due to his desperation to rig himself back to power knowing he has been rejected by the Nigerian people.
He said: “The uncertainty in the leadership of the police in such auspicious moment emboldens persons with sinister motives and demoralises senior officers of the force due to this abrupt and unlawful halt to their career progression. The law is clear on who can be appointed as Inspector General of Police and who cannot be appointed as Inspector General of Police and Mr. Ibrahim Idris is now in the latter group.” He further revealed that the coalition members would embark on a protest if the president fails to replace Idris. “It is flowing from this and to save our dear country from further drift from a government that lacks capacity to provide leadership to our country that the secretariat of CUPP hereby directs all coalition members in the 36 states to begin preparation for nationwide protests from January 15 if the retired IG is seen dressed in police uniform around the Force Headquarters. “The protests will be in front of the Police Command headquarters of every state and shall be continuous till the right thing is done. During the protests, there shall be a declaration that since Idris is no longer a police officer, he cannot be addressed as IG and a call to him to stay clear of the Force Headquarters, “ the statement said. He called on the president to be prepared to be held responsible in the event of anarchy, loss of lives and property if he follows the path of noxious plots to rig himself into power.
COURTESY VISIT...
L-R: Managing Director/ Chief Executive Officer, Transmission Company of Nigeria, Usman Gur Muhammed; Governor of Osun State, Mr. Gboyega Oyetola; and Deputy Governor of Osun State, Mr. Benedict Olugboyega Alabi, during the courtesy visit by the management of Transmission Company of Nigeria (TCN), at Governor’s Office, Osogbo...recently
MILITARY DEPLOYS TROOPS, EQUIPMENT TO DISLODGE BOKO HARAM, ISWAP Buhari. A competent military source also told THISDAY that member countries of the MNJTF were part of the drive to move against the terrorists, adding, “Members of the MNJTF will be part of the operation.” Chadian soldiers had some days ago decimated over 200 Boko Haram fighters operating around the borderline of Nigeria and Niger Republic. The Chief of Air Staff said recently at the International Air Power conference held at the NAF Centre in Abuja, that the Air Force had agreed with Chadian officials to launch air strikes from Chad’s airfields. Also speaking at the weekend, the Chief of Army Staff, Lt. Gen. Yusuf Buratai, charged soldiers to fight to finish even as it launched a special motorcycle section in Chibok, Borno State. In line with Buratai’s directive to the troops of Operation Lafiya Dole to take the war to their enclaves and flush out the remnants of the Boko Haram terrorists, the acting General Officer Commanding (GOC) of 7 Division Nigerian army and Commander Sector 1 Operation Lafiya Dole, Brigadier General
Abdulmalik Bulama Biu, charged troops under his command to redouble their efforts with renewed vigour, gallantry and doggedness in the fight against insurgency and terrorism in the region. The Commander of 28 Task Force Brigade Sector 1 of Operation Lafiya Dole, Brigadier General Mohammed Usman, also charged troops of 117 Task Force Battalion to be proactive and committed in the fight against terrorism while commissioning the battalion Quick Response Group (QRG) Special Motorcycle Section in Chibok. Usman stated that the motorbikes would certainly boost the fighting capacity and morale of the troops in the war against Boko Harram terrorists within the theatre of Operation Lafiya Dole especially around the Chibok general area. Meanwhile, the Presidency last night ordered the military to vacate the office of Daily Trust Newspaper. Some soldiers had earlier yesterday invaded the, Abuja, Lagos and Maiduguri offices of Daily Trust which broke the story of the fall of Baga and four other towns in northern
Borno State to the terrorist group last week. According to an eyewitness who spoke on condition of anonymity to THISDAY, some armed soldiers yesterday invaded Daily Trust regional office in Maiduguri, Borno State, and arrested the regional editor, Uthman Abubakar, and a reporter, Ibrahim Sawab. He said they requested for the third person who shared the byline, Hamza Idris, who incidentally is based in Abuja and remains the political editor of the newspaper. Telephone calls made to the two arrested journalists were not going through as their mobile phones were switched off. However, the military could not be reached for comments on the incident. Chief Executive Officer and Editor-in-Chief of Media Trust Limited, Mannir DanAli confirmed in a statement yesterday that the armed soldiers loaded in four vehicles occupied the head office of Media Trust Limited, publishers of the Daily Trust titles, for four hours, sending away journalists and other staff. “Before the siege was called off at about 9.30 p.m., the soldiers
has ransacked the newsroom and carted away dozens of computers and effectively strangulated the production of the Monday edition of the paper. Earlier in the day at about 4 p.m, another detachment of soldiers and plain cloth security officials went to the Maiduguri regional office of the company and conducted a search at the end of which they took away the Regional Bureau Chief, Uthman Abubakar and a reporter, Ibrahim Sawab. Neither the company nor the families of the 2 reporters have heard from them since. A production staff who was taken away from the Abuja head office alongside our computers was released after a period of detention at the Mogadishu barrack in Abuja,” the statement explained. “In Lagos, military men in seven vehicles arrived our offices at Textile Labour House in Agidingbi at about 9 p.m and remain there until the time of issuing this statement. “We have not been told of the reason for the military operation against this newspaper but suspect it may have to do with the lead story of the Daily
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Corrupt Politicians Leading Buhari’s Re-election Campaign, Fayose Alleges Victor Ogunje in Ado Ekiti The Peoples Democratic Party (PDP) Presidential Campaign Council in Ekiti State has challenged the All Progressives Congress (APC) to tell Nigerians the political history of those President Muhammadu Buhari will inaugurate today to lead his reelection campaign. The PDP campaign council led by former Governor of the state, Ayodele Fayose, said: “The corrupt people offloaded by the PDP are now the ones to tell Nigerians to reelect President Buhari. Where lies his integrity?” In a statement issued in Ado Ekiti yesterday by his Director of Media and Publicity, Lere Olayinka, the campaign council urged Ekiti people in particular and Nigerians in general to take note of those President Buhari will present today as vice chairmen (North and South), director general as well as zonal coordinators of
his campaign. According to the statement, “PDP, like every other organisation, had its fair share of bad elements, and we are happy that the party was able to purge itself of these corrupt elements. They are now comfortably calling the shots in the APC, playing leading roles in the reelection campaign of a president they told Nigerians had integrity. “At the top echelon of the campaign council of their Mr. Integrity is Rotimi Amaechi, a man who has lived close to 20 years of his existence on public fund, having spent eight years as Speaker of Rivers State House of Assembly and seven and half years as the State governor on the ticket of PDP. Out of 20 years of his political life, he has only spent four in APC. “Senator George Akume, who is the Vice Chairman (North) of the Buhari’s Campaign Council
was Governor of Benue State from May 29, 1999 to May 29, 2007, on the platform of PDP while Senator Ken Nnamani, who is the Vice Chairman (South) was Senate President between 2005 and 2007 on PDP platform. Senator Aliyu Wamakko, who is to lead Buhari’s campaign in the Northwest was elected governor of Sokoto State in 2007 and 2011 on the platform of PDP while his Northeast counterpart, Senator Ali Ndume, was elected to the Senate for Borno South
in 2011 as PDP candidate. In the North Central, Senator Abdullahi Adamu, a two term PDP governor of Nasarawa State is President Buhari’s campaign director. “Most importantly, Senator Godswill Akpabio, who is the Campaign Director for Southsouth was until a few months ago,, the PDP Leader in the Senate and he was two term governor of Akwa Ibom State as well as commissioner. “They have now rechristened these corrupt people that could
not fit into the reformed and rejuvenated PDP as progressives, with President Buhari giving them protection. Even properties seized from them when EFCC was still fighting corruption and not being used as attack-dog against opposition elements as being done by the APC government have all been returned. “Furthermore, they have been assigned with task of selling Buhari, an expired product, to Nigerians so that they can keep enjoying his protection at the
expense of suffering Nigerians. “Therefore, beyond the APC’s sing song of Nigeria not going back to the PDP 16 years of alleged corruption, the reality is that the leading lights of APC today are those the PDP found unworthy and offloaded to the political transfer market. And the way the APC is going with its desperate political recruitments, we only hope Nigerians won’t one day see Evans, the alleged kidnapper, mounting the rostrum to campaign for the reelection of the president.”
Air Peace Begins Direct Flights to Banjul Chinedu Eze Nigeria’s major airline, Air Peace, has announced that it would begin non-stop flights from Lagos to Banjul, the capital of The Gambia from today. With this development, the airline said it would no longer route its Lagos-Banjul flights through Accra, Ghana. Air Peace had earlier broken its connecting flights to Freetown, Sierra Leone and now operates direct Lagos-Freetown-Lagos flights. In a related development, Air Peace said it was consolidating its leadership of air services on the West Coast of Africa with scheduling of more flights on the Accra, Ghana route. The development, the airline said, would avail travellers an exciting opportunity to cut cost and travel time, pledging to continue to adjust its schedules to better serve its customers on the West Coast of Africa. “We are pleased to announce
the commencement of our non-stop flights to Banjul, the capital city of The Gambia, from Monday, January 7, 2019. We had routed our flights to Banjul through Accra, Ghana. The new schedule follows our experiment with direct flights from Lagos to Freetown. The pieces of feedback we have received from members of the flying public indicate that they prefer to take direct flights to Freetown and Banjul. The option saves air travellers money and time. “We have also increased our offering on the Lagos-Accra with more flights. The new Banjul and Accra flight operations,we are sure, will not only deepen our West Coast operations, but also deliver a variety of smart options to our valued customers. We are a customer-centric airline and the strategy of our leadership of the airline business in Nigeria and West Africa is anchored on attaching great importance to the feedback of our esteemed customers,” Air Peace said.
Ekere Preaches Peace, Embraces Emmanuel In a classic demonstration of his trademark politics of no bitterness, the gubernatorial candidate of the All Progressives’ Congress (APC) in Akwa Ibom State, Obong Nsima Ekere, yesterday, called for a peaceful election and publicly embraced his opponent, Governor Udom Emmanuel, during the closing ceremony of the New Year prayer and fasting assembly of the Catholic Diocese of Uyo. Ekere drew thunderous cheers and applause from thousands of worshippers and others present when he dramatically walked to where the governor was seated and embraced him moments after being honoured by the Catholic Bishop of Uyo, Dr. John Ayah, in appreciation of his (Ekere’s) contributions to the development of the church. The APC standard bearer’s gesture was commended by the clearly elated Bishop. The immediate past Governor of the state, Senator Godswill Akpabio,
who has been at loggerheads with his successor, did a similar gesture by going to greet Emmanuel after speaking at the ceremony. In his remarks, Ekere, flanked by Emmanuel, was emphatic on the need for peace during the forthcoming elections. “All I am saying is that you (the Catholic Church) must continue to pray for Akwa Ibom State because at the end of the day, all that we have is Akwa Ibom State. It’s not about APC. It’s not about PDP. It’s about Akwa Ibom State. And you know that God knows the end from the beginning. So, even as we stand here, God knows who the next governor will be. And so, all we have to do as Christians is to continue to pray. So, please, pray for us, sir (Bishop), pray for the political process. We need peace and we need security. We do not need to spill the blood of any Akwa Ibom child in the course of these elections.”
SEEKING DIVINE ENDORSEMENT...
Vice presidential candidate of Peoples Democratic Party (PDP), Mr. Peter Obi (left); and General Overseer, The Lords Chosen Charismatic Revival Ministries, Pastor Lazarus Muoka, during an international crusade organised by the church at Mgbidi, in Oru West Local Government Area of Imo State...recently MARY NNAH
Buhari Hosts Amosun, Ogun APM Gov Candidate President Muhammadu Buhari yesterday hosted Governor Ibikunle Amosun of Ogun State and the state governorship candidate of the Allied Peoples Movement (APM), Abdulkadir Adekunle Akinlade, at the Presidential Villa, Abuja. Amosun had been accompanied by the APM National Chairman, Alhaji Yusuf Dantalle, to visit the President in December 2018. Amosun had at the meeting, presented a letter of adoption of the president by APM as the party’s presidential candidate in the February 16 general elections.
The governor said the endorsement letter was given to him by the party for onward presentation to the president, adding that with the endorsement, President Buhari, whom he described as a man with good heart, would garner massive votes in the 2019 presidential elections. Amosun, who spoke to State House correspondents after yesterday’s meeting with the president, reassured the governing All Progressives Congress (APC) of the unalloyed loyalty and support of the government and people of his state to the renewal of Buhari’s
mandate for sustainable future of the country. Akinlade also told the correspondents that he would personally work towards the electoral victory of President Buhari in the forthcoming presidential election slated for February 16. Buhari and his visitors had a group photography where they all demonstrated the “4 + 4’’ symbol with their fingers, meaning another four years for governing APC in Presidential Villa. Meanwhile, the Presidency in reaction to media inquiries
following the repeated meetings of Buhari with the Ogun APM candidate, said the president will work for all APC candidates. A spokesperson of the president, Garba Shehu, stated this yesterday. “Following repeated media enquiries on the matter, the Presidency wishes to state in clear and unmistakable terms that as a party leader and a candidate on the platform of the All Progressives Congress (APC) in the coming elections, President Muhammadu Buhari will campaign for the party and all its candidates.”
Nigeria’s e-payment Transactions Hit N56.85tn Report from the Nigerian Interbank Settlement System (NIBSS) has indicated that Nigeria’s electronic payment (e-payment) services recorded transactions worth N56.85 trillion from January to September 2018. The report, obtained by the News Agency of Nigeria (NAN) yesterday, showed an increase of N16.4 trillion when compared to the N40.45 trillion that was recorded in the corresponding period of 2017. The report showed that most of the electronic transactions were done through the NIBSS
Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments. A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018. Also, the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017 to 650.06 million in 2018. The report further showed a rise of about N635 billion in the
use of PoS machines to carry out payments by Nigerians. Under the reviewed period, 98.73 million transactions worth N975 billion were carried out using PoS in 2017, while in 2018, the volume grew to 196.83 million, valued at N1.61 trillion. Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18 billion in 2017 to N1.22 trillion as at September 2018. Also, using the web payment channel, the total value of transactions under
the reviewed period rose from N129.24 billion in 2017 to N183.07 billion in 2018. However, the value of such transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018. Meanwhile, a Financial analyst, Dr Patricia Auta, has said the NIBSS report showed an increased awareness and use of technology by individuals and businesses in the country.
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PDP Insists Amina Zakari Should Resign or Re-assigned Chinedu Eze The Peoples Democratic Party (PDP) has insisted that a National Commissioner at the Independent National Electoral Commission (INEC), Mrs. Amina Zakari, should either resign or be re-assigned by the Chairman of INEC, Mahmood Yakubu. The call was made by one of the spokespersons of PDP Presidential Campaign Organisation for the 2019 election, Akin Osuntokun on AIT Programme, “2019 Election: In Search of Credibility”, monitored by THISDAY in Lagos. Osuntokun said in terms of perception, Zakari’s new appointment casts doubt on
the credibility of the February election, considering the fact that she is a niece to President Mohammadu Buhari by marriage and who recommended her to the former President Goodluck Jonathan that appointed her to INEC. “Amina Zakari said she is not related to the President by blood, but her relationship to Buhari fits the definition of a niece perfectly. So, her appointment has a conflict of interest. You should put people in public office without any conflict of interest. Opposition parties believe that Buhari wants to use her to manipulate the election and that is the perception,” Osuntokun said. He also noted that there has
been a trend under the Buhari administration, which he said has epitomised clannishness and nepotism, stressing that since the First Republic, the chairman of the electoral board or commission had always come from a different region
from where the incumbent president came from, but under Buhari “for the first time in the history of Nigerian democracy, the Chairman of INEC hails from the same region with the President.” Osuntokun also noted that
the allegation of using his niece to manipulate the election falls in line with the President’s refusal to sign the amended electoral law, which if signed would have enhanced a more transparent electoral system. “It is not about Amina
Zakari, it is about perception, transparency and accountability, as long as it can be implied that she has interest in the turn out of the election, she should resign or be re-assigned,” he said.
Abe Mourns Passing of Briggs The Senator representing Rivers South-East senatorial district at the National Assembly, Magnus Abe, has described the death of the Chairman of Moni Pulo Limited, High Chief Olu Benson Lulu Briggs, as a great loss to Rivers State and Nigeria. Abe in a statement issued in Port Harcourt yesterday by his spokesperson, Parry Saroh
Benson, said he received the news of the passing of the oil magnate, philanthropist and elder statesman with shock. Abe described the life of late Briggs as a great blessing not just to the Kalabari Kingdom but also to the state “where his achievements and legacies will remain evergreen in the minds of many.”
“I have known our late father for over three decades, from his days as a leader in the defunct National Party of Nigeria (NPN), where his eloquence, principled stance particularly on the issues of revenue derivation stood him out. It was, therefore, no surprise to many that he was able to participate effectively in the country’s oil and gas industry
as a major player at a time when Rivers’ people were traditionally excluded and marginalised from the sector. “His success in business is rightfully a source of pride to us all, and an inspiration to many, both young and old, that we should be more than agitators, we can become drivers in the oil industry like late Briggs.”
staff of the organisation confirmed the military onslaught on the media establishment, stating that staff had been ordered out of the premises, with laptops and computers seized and operations halted. “No reason, he said, was given for the action. IPC considers this development as a fresh threat to freedom of the press as well as the freedom and
individual liberties of journalists and other media professionals working in Daily Trust. The action of the military is also a threat to democracy with the presidential elections, less than two months away. The military is bound by the laws of the land and cannot in any circumstance be allowed to resort to extra judicial measures no matter its grievances,” Arogundade explained.
MILITARY DEPLOYS TROOPS, EQUIPMENT TO DISLODGE BOKO HARAM, ISWAP Trust on Sunday that dwelt on the military’s effort to retake some towns recently reported to have been lost to insurgents. Another clue is that during the invasion of our premises both in Maiduguri and in Abuja, the military men were asking for the reporters who wrote the story,” the statement added. “Media Trust Limited condemns this unlawful act and calls on the military authorities
to release the 2 reporters arrested in Maiduguri and return the dozens of computers that were taken from our newsroom. We also like to thank our colleagues in the media and all others who have been calling and supporting us in our hour of need. We also appreciate the efforts of some government officials who insist that there is a better way of handling relations with the media,” the statement said.
However, the federal government has directed the military to vacate the premises of the newspaper. Presidential spokesman, Shehu Garuba, said in tweet last night that the order has been complied with. “Issues between the military and the newspaper as they affect the coverage of the war in the North-east will be resolved through dialogue,”
he added. In a related development, the International Press Centre (IPC), Lagos, has condemned in strong terms, the forceful closure of Daily Trust Newspapers’ head office in Abuja and the organisation’s Maiduguri office by military personnel. According to a statement by the Director of IPC, Lanre Arogundade, senior editorial
Around the world, trade has been a major driver, as well as a consequence of economic development. More and more, countries realise the importance of trade links, and infrastructure to support them, in the development of sustainable economic ties as they compete in global markets. ,W ZRXOG EH GLIǥFXOW WR FRQVLGHU WKH QDWLRQDO GHYHORSPHQW RI WUDGH URXWHV DQG LQIUDVWUXFWXUH without reference to the international context and the development of regional trade. The physical infrastructure however, is just one aspect of the success of national facilities
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T H I S D AY ˾ MONDAY JANUARY 7, 2019
MONDAYSPORTS
Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Buhari Didn’t Order Pinnick’s Arrest, Says Presidency Duro Ikhazuagbe Attempts to drag the Presidency to rubbish the lofty gains made by the Nigeria Football Federation (NFF) under the watch of Amaju Pinnick fell flat yesterday as the Presidency in Abuja denied any directive for the arrest and prosecution of the NFF chief. A section of the sporting media had reported at the weekend that President Muhammadu Buhari had directed security agencies to arrest and prosecute Pinnick on allegations of bogus fraud at the Glass House running into billions of Naira. But in a swift response to the spurious news in circulation, the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, insisted last night that it was nothing but fake news. A statement by the Presidency warned those dropping the name of President Buhari in the allegation to desist from such. The statement read, “A press release in circulation in the last 24 hours, to the effect that President Muhammadu Buhari has ordered the arrest and prosecution of Amaju Pinnick, the NFF Chairman, is fake news because anyone familiar with the President’s unmitigated and unshakable commitment to the due processes of the law will not make such assumptions of the President. “The position of the President that allegations of criminal nature should be addressed only by investigation and law enforcement agencies, within the framework of the law has not changed. “It is not in the nature of President Buhari to say go and
arrest that man or woman as formed the practice in the past. “Rather, he allows all allegations of this nature to be addressed using the mechanism of the rule of law even as law enforcement and investigation agencies should not in any way be hampered in performing their duties. He warned those who are seeking to influence any investigation (if ever there is any) to desist from such. “At the same time, nobody should drop names to seek to influence the course of those investigations.” Earlier on Saturday, the NFF has described the news as outright falsehood, stressing that there was no such order from the Presidency. It also dismissed the so-called travel ban on Pinnick as part of the fake news from those who do not wish Nigeria football well. “The attention of the Nigeria Football Federation has been drawn to a news item circulating in a section of the media saying a directive has been issued by President Muhammadu Buhari that the President of NFF, Mr. Amaju Melvin Pinnick be prosecuted and that Pinnick has also been issued with a travel ban. “The report is completely unfounded and is only a product of the writer’s imagination. The NFF President, who is also the 1st Vice President of the Confederation of African Football, has not received any such message from any of the agencies mentioned by the writer and has also never been placed on travel ban. “Mr. Pinnick was in Accra, Ghana on Friday, 4th January
2019 for a meeting with NFF and CAF partners AITEO and returned to Nigeria the same day. He has been going about his lawful official and private activities unhindered. The NFF published its audited account in two major national newspapers (THISDAY and Daily Trust) on Thursday, 20th December 2018 and in another major newspaper (Vanguard) on Tuesday, 25th
acknowledgement message received after the registration was completed and also provide a valid means of identification,” explained the spokesman of the race. Thomas added: “For those that want to send others to collect on their behalf, they will have to write an authorization note to that effect.” Aside from the Teslim Balogun Stadium, there will also be another kit collection centre at the Tafawa Balewa Square (TBS) but collection will start at the venue from Wednesday. The Organisers explained further that the early distribution of kits and dual collection centres are all targeted at allowing for a seamless process. Meanwhile, arrangements
health on financial management. Our accounts are audited by the same company that audits FIFA-PriceWaterHouse Coopers. “Our lawyers will take up the matter of the fake news item with the newspaper company that first published it in its online edition. But we urge other media companies and outlets to be painstaking in verification of their news items.”
NNL SUPER 8 PLAYOFF
High Flying Bendel Insurance, Remo Stars in Battle Royale
2019 Access Bank Lagos Marathon: Collection of Running Kits Begins All is set for the 4th edition of the Access Bank Lagos City Marathon billed to take place on Saturday, February 2, 2019. In a statement issued by Head Communications and Media for the marathon, Olukayode Thomas, the collection of kits for intending runners that have completed the registration process will officially begin today. “The kit collection is starting quite early this year. From Monday, those that have successfully completed the registration process can come for their kits and goodie bags,” Thomas announced yesterday. He said the distribution of the kits would take place at the Car Park of the Teslim Balogun Stadium in Surulere. “To collect your kits, you only need to show the
It is laughable. “Before appointment into FIFA committees, Mr. Amaju and the two Nigerians in there passed rigorous integrity and eligibility tests. FIFA and CAF have not reported to anyone that their money is missing, and both organizations have been doing auditing of monies given to the NFF. Two years ago, FIFA handed the NFF a clean bill of
Manchester City players celebrating the 7-0 mauling of Rotherham to reach the 4th round of the English FA Cup…yesterday
Bendel Insurance FC of Benin and Remo Stars of Sagamu who both won their first games of the ongoing Nigeria National League (NNL) Super 8 Playoff in Aba yesterday are to meet today in a clash already expected to produce one of the four teams to be promoted to the topflight NPFL. Bendel Insurance defeated 10-man Delta Force 3-0 at the Enyimba International Stadium while Remo Stars
Pinnick
December 2018. Anyone interested in the Federation’s financial transactions can refer to those pages. “All incomes into the NFF from the Federal Government, FIFA and CAF from 2014 till now have been correctly recorded and reflected in our accounts. The NFF received nothing like the N59 Billion that the fake news reporters have been hawking.
are also in top gear to have the Marathon Expo from January 22 through to January 31st. Already, many top companies across the country have signified their intentions to be part of this year’s marathon expo which is an indication that the expo would be bigger than the previously held editions. Aside from more companies coming on to showcase their products, more fun, entertainment and chance for the public to win mouthwatering prizes have also been added to the 2019 Marathon Expo. The Access Bank Lagos City Marathon is an IAAF Bronze Label race and this year over 150,000 road runners from across the world are expected to participate.
also crushed 3SC by the same goal margin. The Benin Arsenal raced in front through veteran forward Charles Omokaro in the 12th minute. Insurance scored their second of the afternoon in the 15th minute when Michael Enaruna netted a brilliant free kick. In the 35th minute, Delta Force were reduced to 10 men when Nduka Eze was dismissed for dragging down
the opposition after he was adjudged to have been the last man. Emmanuel Uangboje increased the tally with 21 minutes left on clock for the Benin City side’s third goal of the afternoon after beating the offside trap. Remo Stars on the other hand set up the mouthwatery clash with Bendel Insurance with three unreplied goals against the Oluyole Warriors.
Edoka Owoicho got the curtain raiser in the 33 minute while Awoyemi Abiodun added the second in the 75th minute. Olufemi Oladapo made it 3-0 in the 85th. Both Delta Force and 3SC have a tough fixture to look forward to in the hope of salvaging something from the playoff. The two games will take place at the same Enyimba Stadium venue in Aba
2019 Elections: ‘Lagos Walk With Sanwo-Olu’ Holds January 12 As more and more Lagosians key into the vision of the Gubernatorial Candidate of the All Progressives Congress (APC) in Lagos, Mr. Babajide Sanwo-Olu, no fewer than 20,000 residents of the state would on Saturday show their support for him with an early morning 10-kilometre walk. Tagged “Lagos Walk With Sanwo-Olu”, the 20,000-man march is the initiative of the 39142 Group, which has been building huge grassroots support for Mr. Sanwo-Olu across the state. According to the 39142 Group in a statement, “the walk is scheduled to hold on the 12th of January, 2019. Converging point is Tafawa Balewa Square (TBS) and the route is through Awolowo Road and Falomo to end at Muri Okunola Park. Take off time is 7a.m.” The organisers of the exercise
noted further that online and offline activities for the success of the walk were in top gear, with the registration of over 20,000 Lagosians already accomplished. “Social Media buzz on the march is trending on Twitter under the hashtag #LagosWalkwithSanwo-Olu, which the 39142 Group launched via its twitter handle @greaterlag39142,” the statement stressed. While still insisting that Contacts, registration and other round-the-clock engagements with Lagosians are also on-going on the 39142 Group’s Instagram Account: @greaterlagosby39142 and facebook page: Walk4GreaterLagos and twitter: @greaterlag39142, it welcomes more Lagosians who want to be part of the healthy walk for life. The 39142 Group enjoined more Lagosians to embrace the vision
and agenda of the Lagos APC governorship candidate in order to keep the state on the path of steady progress initiated in 1999 by then Governor of the state and current National Leader of the APC, Asiwaju Bola Ahmed Tinubu. “We are supporting a great vision; a great mission for the Lagos of our collective dreams and it is clear that Mr. Babajide Olusola Sanwo-Olu is the right man for the job today. That is why we have been engaging Lagosians from all walks of life for Sanwo-Olu. The grassroots response to our engagements has been massive and without doubt Lagos is voting President Muhammadu Buhari, Mr. Babajide Olusola Sanwo-Olu and all other APC candidates across the state in this year’s General Elections,” the 39142 Group stressed in the statement.
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MISSILE Amina Zakari to PDP
“I’m not Buhari’s niece; I am not his cousin and, on this job, I was appointed since 2010 by President Jonathan. Prior to that, I was appointed as SA to President Obasanjo and I have done my work conscientiously over the years as a patriotic citizen of Nigeria. I don’t think I should be distracted now that elections are coming� – National Commissioner of the Independent National Electoral Commission (INEC), Amina Zakari, dismissing reports that she is a blood relation of President Buhari.
TONYELUMELU GUEST COLUMNIST
Everyone Needs a Little Help I n business the role luck plays in success and personal achievement is rarely discussed. If luck is mentioned, it is done with slight condescension, and usually dismissed as a product of hard work, not deserving significant attention. While hard work is paramount – and I have written extensively about the importance of working hard – history and my own experiences show that there is often a large element of success that hard work alone can not explain. It is simply not true that “you make your own luck.� I started my career as a salesman, a copier salesman to be specific, young, hungry, and hardworking, but the reality was that I was just one of thousands of young Nigerian graduates, all eager to succeed. How did I get from there to where I am now? Of course, hard work, resilience, a long-term vision – but also luck. A year later after earning my Master’s degree in Economics from the University of Lagos, I applied to join a new generation bank, Allstates Trust Bank. The bank’s one-page newspaper advertisement demanded a minimum 2:1-degree, but I applied regardless, submitting a cover letter and filled out application with my 2:2-Economics degree. By a stroke of luck, my application was reviewed by the Chairman/CEO, a painstaking man who carefully read my cover letter and was drawn to the confidence in my words. “I know I may not have met the qualifying criteria for the advertised roles, but I am intelligent, driven, ambitious and I will make the bank proud. My 2:2 degree does not demonstrate the full extent of my intelligence and ability, and I know I can do so much more.� He read those words and took a chance on me. Though “unqualified�, he decided to throw me a lifeline, an opportunity. I was invited to join the shortlist, followed by a long series of interviews and even more tests. At the end of a very rigorous process, I received good news – I had a place as an entry level analyst. Even now, I wonder: What if the Founder had not personally gone through my application? What if my application was rejected at the very beginning? What if I never got the opportunity to work at Allstates Trust Bank? The story continues: within 12 months at the bank, aged 27, I went from analyst to branch manager – the youngest ever bank branch manager at the time. I was hard working, energetic, creative and prioritised getting things done, but it was also good fortune that my bosses Toyin Akin-Johnson and Ebitimi Banigo took notice, and then, believed in me. They took a chance on me by appointing me as branch manager after an incredibly short time in the bank. They recognised in me the raw materials needed to make a good leader and were prepared to invest in me and my ability. My rise to Branch Manager within a short period is a great story but I know in my heart, I was lucky, as well as deserving. This position of branch manager was a solid platform which launched me into several top leadership roles. When we, a small group of hungry, determined, young outsiders, took over struggling Crystal Bank, it was as a direct result of the preparedness and exposure that we received early from our superiors and mentors. Without the intervention and goodwill
CBN Governor, Godwin EmeďŹ ele
of these people in my career, I would not have been prepared as I was to take on far greater roles. These learning opportunities laid the pathway to future achievements. Put simply, I was lucky enough to be identified and trusted so early on in my career, and this put me on a unique road to success. I keep this in mind – it is humbling and also drives much of what I do today. When I left UBA as Chief Executive Officer (CEO) in 2010 to pursue other interests, I
made a vow that through the Tony Elumelu Foundation, I would “institutionalise� luck and democratise access to opportunities for young Africans. I promised to leverage the success I have enjoyed, to spread luck and hope, provide opportunities and to empower the next generation of African entrepreneurs to succeed. Without luck in my early career, I would not be the man that I am today. I am a leader and philanthropist today because I encountered people who gave me a chance early in my career. It has been a lifetime goal to pay this forward in a transformative and impactful way. Over the past three decades I have spent as a banker, investor, and turnaround expert, I have had the opportunity to meet thousands of entrepreneurs, like me. Many of them young people, with incredible dreams and business ideas but without the experience or the access to mentoring and support required in order to build successful businesses. But most importantly, they have not yet been exposed to the right opportunity. Our entrepreneurs are hard at work across the continent, identifying gaps in the market for specific products and services, and bridging these gaps with their innovation and ingenuity. Yet, many of these budding entrepreneurs often lack the capital, the networks, the training, the support to take their small business to national or regional scale. All they need is a
helping hand, some luck, someone to believe in them and take a chance on them. This is what the Tony Elumelu Foundation offers: a platform that empowers African entrepreneurs– from business management training, to mentoring, to funding to networking – championing their cause and giving them a global voice to actualise their ambitions. This is precisely why I launched the USD$100 million Tony Elumelu Foundation Entrepreneurship Programme to empower the next generation of African entrepreneurs. Indeed, these may be the next UBAs (United Bank for Africa). So, when I am asked, “Tony, why are you and your family doing this? What is in it for you?� I smile and recount my own story of luck. Luck is real, it is powerful, and I am committed to spreading it as far as I can. I am a beneficiary of luck, and I am passionate about sharing it across the continent, to all 54 countries. I want our young aspiring entrepreneurs to apply. I want you to be a part of this global movement for good. I encourage you to be bold enough to let luck find you. There will be 1260 places open from January 1, 2019. Will you be among the lucky ones this year? Take a chance on yourself. Your future may begin today. Apply now at TEFCONNECT.COM t&MVNFMV JT UIF $IBJSNBO PG )FJST )PMEJOHT
Bridging the Trust Gap in Governance Femi Falana It is an undeniable fact that professionals have played a crucial role in the struggle of the Nigerian people for democracy, development and political stability in the last 100 years. The struggle for political independence was actually led by Mr. Herbert Macaulay, a civil engineer; Alhaji Ahmadu Bello, Alhaji Tafawa Balewa and Mrs. Funmilayo Ransome-Kuti – teachers; Dr. Nnamdi Azikwe and Chief Tony Enahoro- journalists; Chief Obafemi Awolowo, a lawyer; and Comrade Michael Imoudu, a trade unionist and many other accomplished professionals. In the first and second republics, the central and regional governments were led by seasoned professionals. It is on record that the Nigerian Bar Association under the leadership of the late Mr. Alao AkaBashorun and a group of professionals under the aegis of Concerned Professions teamed up with the human rights/pro-democracy movement to wage a titanic battle against a corrupt military dictatorship which culminated in the restoration of civil rule in May 1999. Incidentally, under the current democratic dispensation both chambers of the national assembly are headed by a medical doctor and a lawyer. The judiciary is headed by a lawyer while the Executive branch of the federal government is led by a retired military officer while his deputy is professor of law. Therefore, in examining the roles of professionals in sustainable democratic development in Nigeria we must interrogate why a country governed by accomplished professionals has become a failed state in many areas of human endeavour.
The basis of public trust in the government It is indisputable that the government of Nigeria is required to be built on trust. To that extent, elected officers are public trustees who are expected to administer the government for the benefit of the people. Accordingly, a duty has been imposed on all public officers to observe and apply the provisions of the fundamental objectives and directive principles of State policy embodied in Chapter II of the Constitution. Specifically, public officers are required to ensure that the security and welfare of the people shall be the primary purpose of government. The government shall direct its policy towards the provision of education and health, shelter, food for all citizens, a national living minimum wage for workers, old age care and welfare of physically challenged persons. In order to promote a sense of belonging and command loyalty among all the peoples, the composition of the federal, state and local governments shall recognize the diversity of the people while the economic system shall not be operated in such a manner as to permit the concentration of wealth in the hands of a few people or of a group. To prevent any person or group from engaging in the looting of the public treasury the State is duty bound to abolish all corrupt practices and abuse of power. To achieve the objective of promoting public accountability the Code of Conduct Bureau, the Independent Corrupt Practices and Other Offences Commission and the Economic and Financial Crimes Commission have been established to enforce all anti graft laws. The State shall ensure that the participation of the people in their government is guaranteed
in accordance with the provisions of the Constitution. The right to political participation has also been reinforced by Article 13(1) of the African Charter on Human and Peoples’ Rights (Cap A10) Laws of the Federation of Nigeria which states that “every citizen shall have the right to participate freely in the government of his country, either directly or through freely chosen representatives in accordance with the provisions of the law�. Even though political participation is constitutionally guaranteed the political system has been hijacked by a few people who have the economic wherewithal to fund the exorbitant fees required to seek nomination, campaign and win elections under the current political dispensation. It is common knowledge that the right to political participation has become a mirage for majority of citizens. In spite of several promises the government has failed to address the crises of poverty, unemployment and infrastructural decay. Such failed promises have led to a trust gap between the government and the governed. As public officers have failed to respect the Fundamental Objectives and Directive Principles of State Policy the people have lost confidence in the government. Since the people have been completely alienated from political power it is almost impossible to bridge the trust gap in the governance of the country. In fact, for ideological and political reasons, it is virtually impossible to bridge the trust gap or reconcile the neo colonial and neo liberal government with the people. NOTE: This piece is concluded in the online edition on www.thisdaylive.com
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