MONDAY 21ST JANUARY 2019

ASUU’s Demand Unrealistic, Can’t Be Met, Says FG To launch new revenue initiative on Friday Lecturers: We have lost confidence in govt

Obinna Chima and Kemi Olaitan in Ibadan The federal government has said the demand by the Academic Staff Union of Universities (ASUU) is

unrealistic and cannot be met. However, as the union meets with the federal government today, the association has stated that it has lost confidence in the government for making

promises it could not keep after agreements had been reached. Minister of Finance, Mrs. Zainab Ahmed, who made the federal government’s position known during an

interactive session with editors in Lagos at the weekend, disclosed that government would on Friday, launch a new initiative to enhance the country’s revenue. She also reeled out the achievements

of the administration. In addition, she revealed that presently, loans have been disbursed to 800,000 farmers under the Anchor Borrower’s Programme, with about N120 billion disbursed so far.

According to Ahmed, ASUU needs to face the reality that “the economy is not buoyant for us to pay them.” The university lecturers have Continued on page 9

Report Reveals How IOCs Steal Nigeria’s Crude Oil… Page 9 Monday 21 January, 2019 Vol 23. No 8678. Price: N250

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APC: Asking Buhari to Debate with Atiku an Insult Your antics failed, says PDP

Onyebuchi Ezigbo and Adedayo Akinwale in Abuja

STANDING WITH THE YOUTH... L-R: Minister of State for Petroleum, Dr. Ibe Kachikwu; Vice President Yemi Osinbajo; Edo State Governor, Mr. Godwin Obaseki; and his wife, Betsy, at Edo Youth Leadership Summit 2019, in Benin City… weekend

The All Progressives Congress (APC) has said that its presidential candidate, President Muhammadu Buhari, was not under any compulsion to attend the presidential debate organised under the auspices of the Broadcasting Organisation of Nigeria (BON). The party also described the visit of the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, to the United State, as a non-issue, adding that for him to have waited for 12 years, only to sneak out like a fugitive to the US, was enough to confirm that all was not well with him. Continued on page 9

Don’t Derail Democracy, Obasanjo Warns Buhari Likens his style to Abacha’s era Accuses president of using security agencies to fight opponents Calls on Nigerians, international community to stand up Presidency: You are jealous Iyobosa Uwugiaren and Onyebuchi Ezigbo in Abuja Few weeks to the presidential election, former president, Chief Olusegun Obasanjo, has accused President Muhammadu Buhari of using security institutions to fight all critics and opponents, warning that this could derail the nation’s fledgling democracy. The former president equated the president’s style to

the era of late former military Head of State, General Sani Abacha. In a statement titled, ‘’Point for Concern And Action,’ Obasanjo also said he has serious doubt about the Independent National Electoral Commission’s (INEC) integrity, impartiality and competence to conduct a fair, free and credible election. But in a quick response to his concerns, the president’s

party, the All Progressives Congress (APC), said the former president was reminding Nigerians of his ugly past when elections were allegedly manipulated under his watch. The party’s National Publicity Secretary, Malam Lanre Isa-Onilu, said Obasanjo is yet to adjust his mind to the fact that things are no longer the way they used to be during his era, adding that

as far as APC is concerned, vote will count in the next general election. He said, "Obasanjo cannot imagine that it is possible for a government to allow INEC the statutory independence that it has. We have had 93 elections since APC came to power, and we are sure that all those elections were conducted without any interference from this government. "So, we can understand

where the former president is coming from; his past is hunting him. The 2003 and 2007 elections were nothing to write home about and those elections happened under President Obasanjo. So, for us in APC votes must count. We are going to have a free, fair and credible election. We have no reason to want to rig election because our achievements speak for us.’’ But Obasanjo warned

Nigerians and the international community of being passive in the unfolding political events in the country, and said the price of liberty and sustenance of the nation’s democracy is eternal vigilance and appropriate reaction to ward off iniquities. He advised Nigerians to be ready to pay that price and not rely on hollow words of

INEC Insists Rivers Elections Will Not Be Postponed… Page 8

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PAGE EIGHT

INEC Insists Rivers Elections Will Not Be Postponed Reiterates APC remains excluded Adedayo Akinwale in Abuja The Independent National Electoral Commission (INEC) has promised that it will conduct on schedule all strands of elections slated for the February 16 and March 2 in River State. The electoral body also said that elections would be contested only by political parties and candidates whose names were published by the commission on the January 17, 2019 and those whose names would be published on January 31, 2019. The clarification by INEC might not be unconnected with the allegation by the Peoples Democratic Party (PDP) that the electoral umpire contemplates accommodating the All Progressives Congress

(APC) in the general elections in Rivers State. The main opposition party had said that such suggestion by INEC was distasteful and only points to a collusion with the APC in its plot to stalemate electoral processes in some strategic states to pave the way to postpone elections in such states and use compromised security forces to effect massive rigging, as was the case in the 2018 Ekiti and Osun States governorship elections. However, INEC National Commissioner and Chairman Voter Education and Publicity, Mr. Festus Okoye, told THISDAY yesterday that INEC would not postpone and has no intention whatsoever of postponing any of the strands of elections as the condition or conditions for the

postponement of any election does not exist in Rivers State. According to him, “The commission reiterates the fact that only the political parties and candidates whose names appeared on the List released by the commission on the 17th day of January 2019 will contest the February 16, 2019 elections in Rivers State and it is only the parties on that list that will be on the ballot on election day and returns for the election will also be made on the basis of such parties and candidates. “The election will, therefore, be conducted on the basis of the political parties and candidates that emerged through valid party primary elections and whose names have been published by the commission.�

DON’T DERAIL DEMOCRACY, OBASANJO WARNS BUHARI callousness. He warned that the derailment of Nigerian democracy would be a monumental disaster comparable to the disaster of the Nigerian first military coup, adding that Nigerians must not allow such a disaster to happen. He urged the international community, which played an admirable role in warning INEC, of course, to no avail on the Osun State gubernatorial election, to send more people to the field to observe and work out punitive measures against INEC and security officials especially the Police and politicians, who stand to gain from INEC's misconduct, which he said is ‘’obviously encouraged by the executive arm of government’’ and who must be held responsible for the violence that will follow. Obasanjo said such measures could vary from denial and withdrawal of visas from the people concerned and their families to other more stringent measures, including their accounts being frozen, and taking them to International Criminal Court (ICC), if violence emanates from their action or inaction. He said, ‘’Today, another Abacha era is here. The security institutions are being misused to fight all critics and opponents of Buhari and to derail our fledgling democracy. ‘’EFCC, police and Code of Conduct Tribunal are also being equally misused to deal with those Buhari sees as enemies for criticising him or as those who may not do his bidding in manipulating election results. Criticism, choice and being different are inherent trade mark of democracy; if democracy is derailed or aborted, anarchy and authoritarianism will automatically follow.� He said he was concerned as a democrat, who believed that with faithful and diligent practice of democracy, the nation could get over most of its political problems and move steadfastly and sure footedly on the course of stability, unity of purpose, socio-economic growth and progress for all. He argued that democracy becomes a sham if elections are carried out by people who should be impartial and neutral umpires, but who show no integrity, acting with blatant partiality, duplicity and imbecility, warning that for all

democrats and those carrying out the process of elections, there must be the redline that must not be crossed in tactics and practices of democracy. According to Obasanjo, ‘’I personally have serious doubt about the present INEC's integrity, impartiality and competence to conduct a fair, free and credible election. And if the INEC is willing, will the ruling party and government allow it? From what we saw and knew about Osun State gubernatorial election, what was conclusive was declared inconclusive despite all advice to the contrary. ‘’The unnecessary rerun, if viewed as a test-run for a larger general election, would lead people to expect incidences of deliberately contrived, broken or non-working voting machines or card readers, confusion of voters as to their voting stations; inadequate supply of voting materials to designated places, long line to discourage voters and turning blind eyes to favour the blue-eye political party of INEC because the commission's hands will be tied to enable hatchet men and women to perform their unwholesome assignment.� Obasanjo said that the joke about INEC would seem real, saying that when INEC was asked if the commission was ready for the election and if it expects the election to be free, fair and credible, the INEC man was reported to have said in response, “We are ready with everything including the results!� Obasanjo advised Nigeria not to allow democracy derailed, saying no individual or group has monopoly of violence or gangsters, and that they must not forget that in human interaction, reactions are normally greater than action, though opposite. According to him, ‘’It is no use, at this juncture, to keep lamenting about the failure, incompetence, divisiveness, nepotism, encouragement and condonation of corruption by Buhari administration as there is neither redeeming feature nor personality to salvage the situation within that hierarchy. ‘’You cannot give what you don't have. Bode George put it bluntly in his statement of December 3, 2018 when he said: ‘The other day, the VicePresident of Nigeria, Professor Yemi Osinbajo - a learned man, an enlightened person in all parameters – was seen at

various markets in Lagos State and Abuja distributing N10,000 each to market women. “What an absurdity! It was indeed an obscene display of executive recklessness and abuse of office. Pray, where did the money come from? Was it budgeted for in the appropriation law? In more civilised nations, Osinbajo would have been impeached and prosecuted for gutting our collective treasury. “What an act by a Senior Advocate of Nigeria, number two man in the executive hierarchy; and what is more, a pastor of one of the Christian movements led by a revered, respected and upright church leader, Pastor E. A. Adeboye. Osinbajo must have gone for, if you can't beat them, join them. ‘’A great pity indeed and which makes people ask the questions. Any hope?’ “Yes, for me, there is hope. Osinbajo has shown the human weakness and proved the saying that the corruption of the best is the worst form of corruption. His explanation that it was their government programme can only be construed to be very shallow and lopsided, if not an out-rightly idiotic programme.’’ Also expressing concern over the proposed trial of the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, the former president alleged that Buhari and his ‘’hatchet men’’ in the coming election think that the judiciary must be primed in their favour, saying that is the reason Onnoghen has been harassed and prosecuted for non-declaration of his assets without following the Constitution and the law, just to make him conform or set him aside for a Buhari man to take over or act. He alleged that the president and his people believe no stone should be left unturned to rig Buhari in, adding that it seems to be a ploy to intimidate the judiciary as a whole in preparation for all election cases that will go before them. He asked, ‘’Where and how will all these stop? Typically, with overwhelming outrage and condemnation, we are told that the presidency denied knowledge of the action. But the vice president told us that the president knew of the action on Saturday night for everything that has been prepared for Monday morning. Haba VP, it doesn't happen that way. ‘’Nobody should take

Okoye noted that the commission has consistently maintained that it is a constitutional body and would obey and comply with orders and judgments from properly constituted courts of law. He stated, “On the basis of this resolve, the commission excluded all the candidates of the All Progressives Congress (APC) for member of the Senate of the Federal Republic of Nigeria in respect of any constituency in Rivers State, and members of the House of Representatives in respect of any constituency in Rivers State from the list of candidates published on the 17th day of January 2019.� Okoye stressed that in so doing, the commission is complying fully with the two judgments of the Federal High

Court, Port Harcourt Judicial Division, delivered on the January 7, 2019 by Justice J.K. Omotosho in suits No: FHC/ PH/CS/144/2018 and FHC/ PH/CS/149/2018. In the suit, he said the court ordered that the APC is not entitled to participate in the 2019 general elections for all elective positions for Rivers State constituencies namely; the office of Governor of Rivers State, member of House of Assembly of Rivers State, member of the National Assembly in respect of any constituency in River State. Okoye stressed that INEC has complied with the order of the court and the APC as a political party did not feature in any of the lists of the aforementioned positions released by the commission.

He added, “Similarly, the party will not feature in the ballot papers and other documents and materials released or to be used for the conduct of the listed strands of elections. “In the two judgments of the 7th day of January 2019 by the Hon. Justice J.K. Omotosho, the Federal High Court did not order the commission to postpone any election on account of the orders given and the INEC has no intention of postponing the 2019 general elections in Rivers State or in any other part of Nigeria. “The commission will, therefore, conduct elections in Rivers State on the 16th of January 2019 and the 2nd of March 2019 for candidates and political parties qualified to contest the election.�

such measure against any of the four in hierarchy below the president or any of his ministers without his knowledge and indeed his approval. But if that can happen to the Chief Justice of the Federation, the fifth man in the hierarchy of government, without the knowledge, let alone the approval of the president, then it speaks for the type of government we have, which means the president is not in charge let alone being in control and no Nigerian must take anything for granted.’’ Obasanjo advised Nigerians not to trust the Buhari government in his current promise to take Nigeria to the next level. He described him as inflexible, insincere, dubious, intolerant, never accepts responsibility when things go wrong and impervious to reason and advice for change. “If you cannot change your mind, you cannot change anything is the assertion of George Bernard Shaw.� Obasanjo said what is happening under Buhari's watch can be likened to what the country witnessed under late Gen. Abacha in many ways. He said when Abacha decided that he must install himself as Nigerian president by all means and at all costs, he went for broke and surrounded himself with hatchet men who on his order and in his interest and at high costs to Nigeria and Nigerians maimed, tortured and killed for Abacha. He added, ‘’Buhari has started on the same path in mad desperation. From available intelligence, we have heard of how Buhari and his party are going about his own self-succession project. They have started recruiting collation officers who are already awarding results based on their projects to actualise the perpetuation agenda in which the people will not matter and the votes will not count. ‘’It is the sole reason he has blatantly refused to sign the revised Electoral Reform Bill into law. His henchmen are working round the clock in cahoots with security and election officials to perfect their plan by computing results right from the ward to local government, state and national levels to allot him what will look like a landslide victory irrespective of the true situation for a candidate who might have carried out by proxy

presidential debate and campaigns. ‘’The current plan is to drape the pre-determined results with a toga of credibility. It is also planned that violence of unimaginable proportion will be unleashed in high voting population areas across the country to precipitate re-run elections and where he will be returned duly elected after concentration of security officials as it happened in Osun State.� He said, ‘’Buhari has intimidated and harassed the private sector, attacked the National Assembly and now unconstitutionally and recklessly attacked and intimidated the judiciary to cow them to submission.’’ Obasanjo appealed to Buhari to desist from ‘’evil with manipulation and desperation’’ because, according to him, evil has repercussion especially, as man who should watch and be mindful of his self-acclaimed and packaged integrity.’’ He added, ‘’At the end of the day, those who goad you on will leave you in the lurch. You will be left alone, naked and unheralded. In defeat, which must be Buhari's fear leading to desperation, he and his co-travellers can still maintain modicum of decency, and exhibit fear of God in their actions.’’ Obasanjo said while Nigeria must appreciate Buhari for the little he has done and allow him to depart for home in peace if he allows free, fair, peaceful and credible elections, Nigerians must also tell themselves that Nigeria deserves better at this point in time than what Buhari is capable of offering. ‘’History will note that he has been there. Nigeria now needs a man with better physical and mental soundness, with an active mind and intellect. Let me say again that Nigeria belongs to all Nigerians and exists for the benefit of all Nigerians and non-Nigerians who desire to live or do business in and with Nigeria. ‘’The attitude of it is my turn and I can do what I like with impunity will not last because Nigeria is created by God and it will outlive all evil machinations and designs against the overall interest of Nigeria’’, Obasanjo stated. Speaking about the deteriorating security situation in the country, Obasanjo said with the teaming up of Boko

Haram and Islamic State's West Africa Province (ISWAP), Boko Haram is stronger today militarily than they have ever been. He added that Boko Haram has also been empowered by the Nigerian government through payment of ransom of millions of dollars which each administration disingenuously always denies. According to him, ‘’With ISIS being liquidated in Iraq and Syria, Africa is now their port of concentration. Soon, they may take over Libya which, with substantial resources, is almost a totally failed state. When that happens, all African countries North of Congo River will be unsafe with serious security problems. ‘’The struggle must be for all West African, Central African, North African and most East African States. Nigeria has to play a vanguard role in this struggle as we have much to lose. This administration has reached the end of its wit even in handling all security issues, but particularly Boko Haram issue, partly due to misuse of security apparatus and poor equipment, deployment, coordination and cooperation.’’ For those Nigerians that are being intimidated or threatened by this administration, Obasanjo advised them to trust in God and stand firm, saying ‘’Tough times do not last forever, but tough people invariably survive tough times.’’

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NGN NGN 0.02 0.22 0.06 0.67 0.60 6.75 0.22 2.48 0.08 0.91 NGN 0.85 7.75 0.05 0.48 5.30 55.00 JAIZBANK 0.04 0.50 RESORTSAVINGS 0.02 0.26 HPE Nestle Nig Plc â‚Ś1,450.00 Volume: 300.804 million shares Value: N3.765 billion Deals: 3,318 As at Friday 18/1/19 See details on Page 37

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NEWS

Report Reveals How IOCs Steal Nigeria’s Crude Oil Country loses estimated N995.2bn annually Chineme Okafor in Abuja A new report on the age-long crude oil theft in Nigeria has revealed how International Oil Companies (IOCs) in the Niger Delta region steal and siphon large volumes of crude oil from the country undetected by her authorities. The report revealed the revenue losses over the last few years, and estimated that the country lost N995.2 billion annually to oil theft. According to the report, various strategies used include small-scale pipeline tapping, bunkering and over lifting. While all three types of theft are not mutually exclusive, they each have different sources, actors, markets, and revenue streams. Although the report carried out by Nigeria Natural Resources Charter (NNRC) did not quantify how much oil IOCs often steal from the country, it, however, explained that when they do, they always resort to a high-wired network of onshore and offshore operators, sellers, financiers, as well as logistics and security firms to pull it through. The report, which was obtained by THISDAY, explored the political economy of oil theft in Nigeria, its causes, dimensions and efforts to curb the practice, which have largely been unsuccessful.

It reviewed previous discussions on oil theft and some of the key recommendations that have been made on addressing the issue, and contextualised the problem, and types of oil theft that occurs in Nigeria. The report said, “There are several categories of oil theft in existence; small-scale pipeline tapping, bunkering and over lifting. While all three types of theft are not mutually exclusive, they each have different sources, actors, markets, and revenue streams. “They have seen increased cooperation on ground as profits soared with little deterrence from enforcement agencies. Several investigations have highlighted the complicity between state actors, oil companies and militant elements in all categories of theft." The report stated that over lifting is another form of oil theft in Nigeria. "It refers to the underestimating of the total number of barrels received at any point of the extraction process (but typically after it has been refined) in order to sell the remaining on the black market. “Underestimation can happen because when oil is drilled and transported via pipelines it also contains sand and water. The sand and water inflate the volume being transported so the

EFCC boss, Ibrahim Magu refined volume is never equal to the volume received at the refinery," it stated. Giving further insight, it said: “Over lifting occurs at tank farms, refineries and distribution centres. Most of these are owned and operated by national and international oil companies. "These sharp practices have been reportedly going on for a long time and a reason why many assume oil companies are complicit in oil theft. “The complexity and secrecy behind over lifting makes it hard to track and measure, as the figures for the amount of crude drilled in reserves vary widely.�

Nigeria Loses N995.2bn Yearly to Oil Theft The report designed to help governments and societies effectively harness the opportunities created by natural

resources, stated that it provided an updated assessment of oil theft in the country as well as the consequential revenue losses over the last few years, and estimated that the country lost N995.2 billion annually to oil theft. “Oil theft involves a number of participants working in a complex web of illicit transactions. The value chain is made up of on the ground and overseas operations, sales, financiers, logistics, and security,� it added. According to it, unconfirmed reports have equally stated that every fifth ship of loaded crude oil from Nigeria was not recorded but given falsified documents. IOCs, it said, also allegedly take advantage of the 10 per cent margin of error allowed on every tanker to gain extra revenue by overestimating how much is lost. “Underestimation can take place at each stage of the value chain from drilling, transportation, loading, and shipping; potentially creating a wide gap between records and reality. “Companies also reported to use over lifting to avoid Petroleum Profits Tax by declaring less than actually produced. The NNPC often reports figures they are given by companies and does not independently verify the numbers to ensure compliance,� the NNRC report added.

In retrospect, it said the federal government in 2016 sued Shell Petroleum Development Company of Nigeria Limited (SPDC) and its allied Shell Western Supply and Trading Limited for about $407 million as part of its battle to recover all monies gotten through undeclared and under-declared lifting for oil between 2013 and 2014. “Data from Nigerian export records were reconciled with shipments of oil into the US including its bills of lading, oil vessels name used for the shipment, date of arrival at the destination ports and ports of origin. Explaining government’s 2016 lawsuit against SPDC, the report said: “The comparison showed that the crude oil shipments declared to have been exported from Nigeria was less than what was declared to have been imported into the US, using the same shipment by the same vessel on the same bill of lading. It said on the other hand, some other shipments were not declared by the defendants to the requisite authorities, particularly the preshipment inspection agents. In some instances, the crude oil shipments were completely undeclared.� Further on potential volumes of oil stolen from Nigeria, it said, “Assessments on the volume of

oil theft vary vastly and most available figures are estimates. Several reports estimate that one barrel out of every ten produced is stolen, while anecdotal evidence suggests that up to 50 per cent of product flowing through pipelines could be lost. “Since 2007, Nigeria’s largest oil producer, Shell has only had sabotage and theft related spills across all of its global operations occurring in Nigeria. Stolen crude is typically exported overseas or refined in artisanal refineries for local consumption. “Losses due to oil theft and pipeline infractions average at up to 300,000 barrels per day for the first quarter of 2018, with up to 200,000 of this potentially stolen while the remainder is lost to shut-ins as a result of pipeline damage, down time and deferred production. “The impact of such large losses is immense and translates to severe revenue shortages for the federal government of our estimate of N995.2 billion per annum. The security costs, environmental damage and loss of investments in the region as a consequence of oil theft are estimated at $55 billion over the last decade. "These losses are greater than the combined health and education allocations in the 2018 budget.�

IPPIS yet, saying the government was working to finalise their inclusion. Ahmed said the directive was that by March, all universities not yet on the IPPIS would be included. “We have a number of initiatives that are currently ongoing. There is the presidential fertilizer initiative to which today has succeeded in revitalising 18 moribund fertiliser blending plants from 10, that were operational in 2017. “Because of this we have been able to save $150 million in foreign exchange from materials that we would have had to import for the use of these plants. “We have been able to produce up to six million bags of fertilizers as well as saved on subsidies that used to exist on fertilizer,� she said.

In a related development, ASUU yesterday said it has lost confidence in the federal government for making unfulfilled promises after agreements have been reached. The union has also insisted that the government must show concrete evidence of the payment

of at least N50 billion revitalisation funds for it to consider suspending the strike. Other conditions attached to the suspension of the strike by the union include presentation of concrete evidences of the payment of the promised N20 billion earned academic allowances and showing how the balance of N85 billion will be paid with timelines. The President of the union, Prof. Biodun Ogunyemi, who made these disclosures while speaking with journalists in Ibadan, the Oyo State capital, said members of the union have resolved that only concrete evidence of implementation of agreement signed with the union by the government would make them return to the classrooms. According to him, while ASUU has rejected government’s proposal of N20 billion, which is to be paid in two tranches on the revitalisation of universities, the union is asking government to include the earned academic allowances into the 2019 budget which is still being worked on by the National Assembly. The ASUU boss lamented that the country's ruling class does not see education as a priority but prefer to create new education colonies of private educational

institutions which cannot meet the needs of Nigerian children. “We want them to pay N50 billion immediately as a sign of commitment this quarter and for the next three quarters government can pay N50 billion in each quarter. So our members have rejected the N20billion proposed by them that will be spread over two quarters in 2019. Our members have insisted on the release of at least N50 billion. In relation to earned academic allowances which they have an outstanding N105 billion our members are saying that even if N20 billion is released it should be stated clearly that it is only for ASUU members and the balance promised to be paid in four installments with attached timelines to the balance and figures. "In 2017, this government promised to mainstream the earned academic allowances into the budget so that we won’t be coming to talk about arrears. If government had put that into the 2018 budget, we would not be talking about arrears now. Our members are saying government should take steps to mainstream it into the 2019 budget and that it is not late because they (National Assembly and executive) are still working on the budget,� he said.

saw through the fabrications.� Ologbondiyan added that Buhari’s failure in all his plots against the former vice president signposts his eventual failure before him (Atiku) at the February 16, 2019 presidential election, as Nigerians have since reached a consensus to vote him in as their next president. He noted that if Buhari has anything to tell or ask Atiku, he should be bold to meet him at an open debate any day, any time and at any venue. Meanwhile, the APC has said Atiku’s visit has backfired as the issues around his image remained largely unresolved. Before Atiku’s sudden visit to the US, the APC campaign groups had labelled him a wanted criminal in the US, saying the former vice president has a corruption charge hanging on his neck.

However, in a statement issued yesterday by the Director, Strategic Communications, APC Presidential Campaign Council, Mr. Festus Keyamo, SAN, the APC described the visit as a non-event. "We were not surprised by his visit to the US. For us, this visit is really a non-event considering the issues involved in the forthcoming election. However, we have bad news for those who think this is a momentous event for Atiku Abubakar: the visit was nothing but a downright catastrophe because rather than dispel the fact of indictments hanging over his head," he said. While faulting the visit, APC said it was an anomaly that the candidate of the major opposition party in Nigeria sneaked into America and did not meet large sections of political leaders of

similar ideologies and persuasions towards which he claims to be inclined. APC's presidential campaign council said the visit had all the trappings of a fugitive sneaking into America under a “special diplomatic waiver.� It noted that for the candidate of the major opposition party in Nigeria, it is an absolute disaster that the visit was not announced ahead of time in Nigeria, with his programmes and itinerary clearly spelt out. According to the APC, the style of Atiku's travel to the US was a clear departure from the "decent and customary minimum standard of such visits". The APC presidential campaign further punched holes in what the PDP sees as a major political point, saying that Atiku could not address a single international press conference during the visit.

ASUU’S DEMAND UNREALISTIC, CAN’T BE MET, SAYS FG been on strike since November 5, 2018. Among other demands, the lecturers are demanding the payment of their outstanding revitalisation fund of N1.1 trillion, which they insisted the government should be releasing in tranches of N220 billion to be spread over the four quarters of 2019. But Ahmed, who was responding to a question on the matter explained, “ASUU is on a strike again, and for us in government, the strike is something that has become a matter of routine and it saddens us. “We were told by ASUU that some years back there were some negotiations and some commitment by the previous administration to provide ASUU about N1. 1trillion. They are asking for N1.1 trillion, where will we get N1.1 trillion to give to ASUU? “It is not realistic; so we told them the best we can is N20 billion and we gave them N20 billion last year. “And this year also the government has also approved another N20 billion to give to them and that is being processed.� The minister, who urged the lecturers to be understanding,

noted that the deficit in the education sector cannot be addressed in one year. “As we speak, the Accountant General is processing N20 billion for ASUU, and another N15.8 billion in what is called earned arrears. “So, ASUU needs to face the reality that the economy is not buoyant for us to pay them N1.1 trillion. It is simply not possible. Because the resources are not available for us to do that even if they are, you have to also ask whether the university system as it is structured has that absorptive capacity.� Continuing, she said the federal government’s whistle- blowing initiative has yielded a significant amount of returns. She disclosed that as of September 2018, total recoveries made by the government through the policy was put at N8.5 billion, and $465 million, she said. In addition, about 1,050 investigations are currently ongoing, by the anti-corruption agency. “And we expect significant recoveries from these efforts as well. The Voluntary Asset and Income Declaration Scheme (VAIDS) programme closed in June 2018, it yielded revenues of N92.7 billion in declared tax

liabilities, N35 billion of these have been collected, the balances we have negotiated for the tax payers to pay over a period of two years.

FG Launches New Revenue Initiative on Friday The minister disclosed that the federal government would on Friday launch a new initiative to enhance the country’s revenue. She explained, “We also have now, as a result of the effort, an increased tax payers’ base by five million. From the 14 million that we inherited, the taxpayer base has grown to 19 million. “But in a country of 200 million people, this is still very insignificant. So, the Federal Inland Revenue Service, the Ministry of Finance and its agencies are working at various means to continue to expand the tax base. “Other initiatives that we are working on are the asset tracing policy, the Efficiency Unit in the Ministry of Finance and the use of the government integrated payroll system as well as the continuous implementation of the Integrated Personnel Payroll Information System (IPPIS).� She pointed out that there are still agencies that are not on the

We Have Lost ConďŹ dence in FG, Says ASUU

APC: ASKING BUHARI TO DEBATE WITH ATIKU AN INSULT Speaking at a press conference yesterday in Abuja, the National Publicity Secretary of the APC, Mallam Lanre Isa-Onilu, said Buhari did not have to explain his absence from last Saturday's presidential debate, because there are several other platforms available to him. He said it is an insult for anyone to expect the president to come to the level of the former vice president and others seeking power. Onilu said, "The president doesn't have to give any reason at all for not attending that debate. The debate is just one of the several platforms that are available for our candidate to engage with the public; we cannot exhaust all the platforms. “So we pick the platforms that are most impactful and we are the ones in the position to determine, which platform we want to use.

Debate with who? That is an insult, that the president will come debate with who?’’ Onilu said contrary to issues being raised by the main opposition party and its candidate about the absence of the president at the debate, Buhari considers the engagement he had on that day, commissioning projects more important and rewarding. However, the PDP Presidential Campaign Organisation (PPCO) has said that Buhari and the APC were so disturbed about Atiku’s acceptance by the international community that they wasted billions of naira from the coffers of the Niger Delta Development Commission (NDDC) to organise a failed protest in the US. The Director of Media and Publicity, Mr. Kola Ologbondiyan, in a statement yesterday, said the presidency should hide its face in shame that after spending billions

of naira in propaganda to stop the trip, Atiku, freely travelled to the US. He stressed that unlike the president’s wasteful trips, Atiku engaged in fruitful sessions with critical international business entities on ways to revamp the country’s economy ruined by Buhari. Ologbondiyan stressed, “President Buhari and the APC were so disturbed about Atiku Abubakar’s acceptance by the international community that they wasted billions of naira from the coffers of the NDDC to organise a failed protest in the US. “When that failed, they attempted to use the Minister of Information, Alhaji Lai Mohammed, to threaten and level spurious allegations against Atiku Abubakar, which also came to naught, as the entire world

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NEWS

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

Presidency Accuses Obasanjo of Jealousy Omololu Ogunmade in Abuja The presidency late last night reacted to the latest letter by former President Olusegun Obasanjo in which he accused President Muhammadu Buhari of plotting to rig the forthcoming general election, saying the former president is only jealous of Buhari. Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement, said in contrast to Obasanjo’s claim, the forthcoming polls would be free and fair, adding that the outcome of the election would teach both the former president and the Peoples Democratic Party (PDP) a lesson

because Buhari will win by a wider margin than he did in 2015. The statement, which accused Obasanjo of failing to allow successive leaders to freely function since he first left office as a military head of state in 1979, also claimed that the former president was only jealous of Buhari because the latter allegedly has greater esteem than him. It also alleged that the letter was written with the intention of rescuing the former president’s alleged corrupt establishment. “As repeatedly said of him, since Chief Obasanjo left office in 1979, he never let every succeeding leader of the country function freely, and this included the one

he personally handpicked against all known rules drawn up by the party that put him in the office of the President. But Chief Obasanjo is jealous because President Buhari has more esteem than him and the sooner he learns to respect him the better. “It is a notorious fact that in dealing with any leader that he failed to control, he resorted to these puerile attacks. As the grand patron, more correctly the grandfather of corruption as described by the National Assembly, Chief Obasanjo released

today’s letter purely for the reason of rescuing his thriving corruption establishment. “The elections starting in February will be free and fair as promised the nation and the international community by President Buhari. “What Chief Obasanjo and his co-travelers in the PDP should expect is that from the outcome, we will teach them a political lesson that they will never forget. This margin will be much bigger than we had in 2015,” the statement stated in part.

The statement also described as untrue Obasanjo’s claim that both Buhari and the All Progressives Congress (APC) had been recruiting collation officers whom he accused of already awarding results in pursuit of their perpetuation agenda. It added that contrary to Obasanjo’s claim, Buhari was rather working hard to improve on records of elections that he met. in 2015. The statement added: “This language of his 16-page letter, likening President Buhari to

General Sani Abacha, a man he dreaded and the one who jailed him under military laws is most unfitting from a former President of Nigeria. “The claim that President Buhari has put in place rigging machinery is both outlandish and outrageous. We are unable to get the words to describe a 90-year old liar, except to say that by the publication of this tissue of lies against the President, he Obasanjo, not the President will fall from everyone’s esteem.”

Bakare Urges Military to Justify N6tn Allocation in 10 Years Segun James The General Overseer of the Latter Rain Assembly, Pastor Tunde Bakare, has urged the military to justify its huge allocation for the past 10 years, saying it is very embarrassing that despite over N6 trillion allocated to the Nigerian Armed Forces in the last 10 years, soldiers still complain about obsolete equipment to prosecute insurgences in some part of the country. Bakare, in his state of the nation address with the theme: The Prophetic Portrait of Nigeria in its Latter Days, said that the reported odds faced by the soldiers fighting for the country is a cause for serious concern. According to him, “between 2008 and 2018, N6 trillion has been allocated to the Federal Ministry of Defence. Between 2012 and 2014, it received a whopping 19.9 per cent of the total budget on average. Under the current administration, defence has received a significant percentage of the annual budget. “In 2016, for instance, the ministry was allocated N443 billion out of N6.06 trillion;

in 2017, N469.8 billion out of N7.44 trillion; and in 2018, N576.4 billion out of N9.12 trillion. In 2017, N6.8 billion was budgeted for defence equipment, while Operation Lafiya Dole and other operations of the armed forces received N78 billion. With these relatively huge allocations, even with average budget performance, the allegations that our soldiers fight under poor conditions are intolerable”. “If we further consider the fact that recurrent expenditure has been fully performed as overhead costs are covered, then it becomes inconceivable that any soldier risking his or her life for the Nigerian state should be owed a dime of his or her allowance. Even more disturbing is the 2017 investigative report that soldiers in the theatre of war lack basic necessities such as food, uniforms and footwear, despite the fact that a portion of their wages is questionably deducted as feeding allowance. “These reports, in addition to the 2018 protests by soldiers deployed in the theatre of war, give cause for concern especially against the backdrop of the recent resurgence of the terrorists.”

Presidential Panel Condemns Torture of Suspects Members of the Presidential Panel on the Reform of the Special Anti-Robbery Squad (SARS) of the Nigeria Police have deplored the continued use of torture as a tool of interrogation by security agents in the country. The panel, led by the Executive Secretary of the National Human Rights Commission (NHRC), Tony Ojukwu, expressed this opinion shortly after its on-the-spot visit to SARS’ main detention centre in Guzampe, Abuja on January 18 this year. Speaking on the panel’s findings, Ojukwu said members of the panel encountered detainees with scares and serious injuries, “which they (the detainees) made us understand were as a result of torture.” He said, in view of this finding, the panel has summoned the investigation police officers (IPOs) handling cases involving suspects with such injuries, and some other senior supervising police officers to appear at its on-going sitting in Abuja.

Ojukwu called for the adoption of intelligence-led policing and scientific investigation methods as against the reliance on torture by investigator. He argued that the deployment of force by the police and other investigating agencies always result in the destruction of vital clues and intelligence that would have aided in crime prevention and detection. He said the condition of facilities in the detention centre requires urgent improvement, because not only are the facilities inadequate, detainees were kept in over-crowded and smelly cells, with inadequate access to food, medicine and healthcare. Ojukwu added: “We found that some of them are sick and have not been taken to hospital. We were told that nurses visit them on a daily basis. But, some of them (detainees) complained that they pay for the drugs that they need to get well. It is important that the medical facilities here are kept up to date so that we don’t have cases of death in detention.”

CELEBRATING NEW PROJECT...

L-R: President, Lagos Country Club, Mr. Tajudeen Akande; Akarigbo of Remoland, Oba Adewale Ajayi; Business mogul, Sir Kessington Adebutu; his wife, Kofoworola; and trustee of the club, Aare Kola Oyefeso, at the inauguration of the club’s new Gate House, in Lagos... yesterday

Insurgency: Buratai Seeks Support from South Korea Army kills five Boko Haram terrorists in Borno Kingsley Nwezeh in Abuja and Michael Olugbode in Maiduguri In a renewed bid to defeat the rampaging terrorists in the North-east, the Chief of Army Staff, Lt. General Yusuf Buratai, has visited South Korea. This is coming as the Nigerian military has sustained the clampdown on the Boko Haram militants in Northern Borno State, killing five terrorists and destroying some of the group’s military hardware. Buratai’s visit, which was at the instance of KIA Motors Corporation, was aimed at improving the capacity building of the Nigerian Army by South Korea in the areas of military logistics, intelligence gathering,

army aviation and military vehicle manufacturing. Buratai visited the Chairman, Joint Chiefs of Staff of the Korean Armed Forces, General Park Hanki, in his office. During the visit, the duo emphasised the need for more collaboration between the South Korea and the Nigerian military, especially in the areas of training and equipment support. They also promised to further enhance the relationship between the Korean military and the Nigerian Army. Buratai also paid a similar visit to Chief of Staff, Republic of Korean Army, General Kim Yong-woo, where they exchanged ideas, and harped on the need for further collaboration between

the two armies. A statement issued by the Army Headquarters in Abuja said Buratai was also at the Defence Acquisition Programme Administration (DAPA), at Duteopbawi-ro, Yongsan-gu, Seoul, an equivalent of Defence Industries of Nigeria (DICON). While there, he interacted with the Minister in charge, Mr. Wang Jung Hong, and other management staff of DAPA on ways of further collaboration between DAPA and the Nigerian Army. As part of his itinerary, the COAS also visited the Headquarters of 11th Infantry Division of the Korean Army, at Hong Cheon. On arrival, he was received by

the Commander, Major General Kim, who briefed him on the organisation, operations and exploits of the Division. “The Division also displayed the sophistication and potency of some of the formation’s equipment and armoured fighting vehicles for the Nigerian delegation. “The COAS and members of his delegation were at the corporate headquarters of KIA Motors Corporation, Gwangju, where they were received and briefed by Director Special Vehicle Global Sales Group, Mr. Il -Tae Kim. “Thereafter, they were conducted round the company’s manufacturing plants, particularly the KIA Light Tactical Vehicles manufacturing plants”, the statement said.

Another Nigerian Tortured to Death in South Africa, Union Alleges Nigerians living in South Africa have expressed displeasure at the alleged killing of a Nigerian, Celestine Nwokeocha, 36, by the South African Police. The President of the Nigerian Union in South Africa, Adetola Olubajo, expressed the feeling of Nigerians to the News Agency of Nigeria (NAN) on the telephone from Pretoria, South Africa, yesterday. He said witnesses alleged that Nwokeocha was tortured and beaten to death in his house at Sasolburg area of Free State Province by the police on January 15.

“An inquest docket has been opened at Zamdela Police Station, Sasolburg, with case number 183/01/2019. “Also, Independent Police Investigation Department (IPID) is involved in the case and we have been assured that justice will be served in the matter,” he said. Olubajo said that two witnesses, Nonso, a Nigerian and Palesa, a South African, were arrested by the same police officers who allegedly killed Nwokeocha. “The witnesses, however, appeared in court on January 17, but while the South African, Palesa, was granted bail, Nonso,

who is a Nigerian, was denied bail. “Autopsy has been done by one Dr. Humphris and no sign of any substance was found in the deceased stomach. “But there are bruises on his face, blood in his mouth and two bruises on his chest; a sign of lack of oxygen,” the president said. He advised Nigerians resident in Sasolburg to stay calm and remain law-abiding, while the union works to find justice for the deceased. According to him, Nigerians are advised to avoid engaging in activities that will jeopardise the successful prosecution of the

alleged police officers. “Nwokeocha is survived by his wife and seven-month old baby girl,” Olubajo said. The office of the Consulate General of Nigeria in South Africa has condemned the killing of Nwokeocha. The Vice-Consul, Information and Culture, Laren Jingina, said: “The Consulate detests in strongest terms, infringements of the law by security agents. “The consulate demands compliance with the due process of the law, adding that if it suspects infringement by anyone it will do the needful.”

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Thank ThankYou You Dear Valued Client, On behalf of the entire Board, Management and Staff of Meristem Securities Limited, I would like to express my sincere appreciation for your continued support over the years which has repeatedly played out in our success. At the beginning of the year, we assured you of our commitment to provide exceptional client service and value adding experiences across all our service channels and touchpoints. Looking back at the achievements and milestones recorded thus far, the trust you placed in us, in our commitment to grow wealth for you has yielded tangible results. 2018 was a year of honours and firsts. As usual, in our trail-blazing manner, it is with great honour and a sense of pride I bring you news that we have successfully walked our talk in becoming the first and only Global Investment Performance Standards (GIPS) compliant firm in Nigeria. Meristem Wealth Management Limited having fulfilled all the requirements of the GIPS through its Asset Management Division has emerged the first indigenous Nigerian asset Manager to claim compliance with GIPS. GIPS, a standard set by the CFA Institute, is the standard for best-practice among investment management firms globally and our compliance demonstrates a firm-wide commitment to ethical best practices. Claiming compliance with GIPS is no mean feat but it’s worth achieving for you, for the culture and for the investment terrain in Nigeria. In the same year 2018, Meristem Wealth Management Limited also grew her assets under management (AUM) to N260.95 billion in 2018. The awards came back to back for Meristem Stockbrokers Limited emerging as Digital Broker of the year 2018 at the maiden edition of the Nigerian Stock Exchange Bull’s Award and Stockbroker of the Year at the BusinessDay Banking and Financial Institution Awards (BAFI). As an organization with growth in our core, in 2018, we spun-off our long-operating Corporate Finance unit into a wholly independent subsidiary as Meristem Capital Limited (MCL) to meet your financial advisory and fund-raising needs. I am delighted to also let you know that our other businesses; Meristem Trustees Limited and Meristem Registrars and Probate Services performed creditably well through their enhanced products offerings and exquisite customer service. Being aware that we are a product of the society in which we operate we took time out to engage in some socially responsible initiatives such as partnership with Life Bank Nigeria where staff volunteers in May 2018 donated tens of blood pints collectively to children in need of blood transfusion. Also, we partnered with Change Africa Foundation to raise funds for six orphanages while promoting financial literacy amongst millennials through the sponsorship of Konamii 2018. In the same light, we partnered with Niola Cancercare Foundation, to raise cancer awareness in communities and provide free screening for individuals at IJOYA 2.0. We are ready, willing and able to do more for you in 2019. In 2019, we will be upgrading our contact center to a 24/7 round the clock center. You can reach out to us either through email at contact@meristemng.com or by calling us on 01-2717350 or any of our social media handles all day, every day. In 2019, our stockbroking business will be setting up a margin lending facility to enable you increase your participation in the stock market while leveraging funds loaned from us. Similarly, we have worked out a commission refund policy where we refund the sell-side commissions on sell transactions in loss within a 3-month period on our stockbroking platform. With the best assurance to continue growing wealth for you, I wish you a profitable year.

Wole Abegunde Group Managing Director

Wealth Management

Financial Advisors

Registrars & Probate

Stockbrokers

Trustees

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T H I S D AY Ëž Ëœ Í°ÍŻËœ Ͱ͎ͯ͡

COMMENT

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

NIGERIA’S FOREIGN EXCHANGE RESERVES

Nigeria’s foreign exchange reserves reflects the fortunes of the country at different times, writes Salisu Na’inna Dambatta

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here was a triumphant mood in the Central Bank of Nigeria (CBN) in particular, and the wider national financial sector in general, when it came to light that Nigeria’s foreign exchange reserves stood at a solid US$43. 230 billion. This was despite shedding US$18.55 million between the last trading day of 2018 and the first trading day of 2019. The reserves grew from US$41.990 in November 2018 to US$43.230 billion by first January, 2019. It is the highest for January in six years and therefore worthy of celebration. The amount was that much despite the current volatility in the price of Nigeria’s blend of crudes, the main earner of the country’s income in hard currency. Currently oil prices have been drifting around US$50s per barrel, while the CBN regularly injects an average of US$210 million to meet the foreign exchange needs of importers and payments for services. Each Bureau de Change (BDC) is now allocated US$75, 000 weekly, instead of the previous US$40, 000 to ensure the stability of the market. However, to ensure accountability and strengthen transparency, a letter from the CBN to the BDC dated December 20th, 2018, says that every BDC is expected to submit an audited annual financial statement, giving details of its sales of the foreign exchange it bought from the CBN, the one it bought from autonomous market, total forex sold in US dollars translated to Naira and the total commission earned. The regular foreign exchange injection by the CBN is an element of its policy aimed at stabilizing the value of the Naira. The CBN Governor, Godwin Emefiele said in Indonesia during the International Monetary Fund (IMF) and the World Bank Group’s annual meeting in October 2018 that preserving the value of the naira was paramount, while building foreign exchange reserves is the ultimate goal. The spokesperson of the CBN, Mr. Isaac Okorafor, emphasized that the regular foreign exchange intervention was aimed at “sustaining the high level of stability in the forex market and continually ease access to hard currency by customers in the different sectors.� In fact, the CBN’s deliberate policy of foreign exchange supply was reported to have gone up by 118 per cent, reaching US$48 billion in 2018. It was less than half of that sum in 2017 at US$22 billion. About US$16 billion of the US$48 billion went into the settlement of matured forward contracts and the outflow caused by Foreign Portfolio Investors (FPIs) shifting their capital to take advantage of other markets in the world. Indeed, the CBN regular intervention can be said to have achieved its goal of keeping the exchange rate at well below the over N506 low it touched per US dollar in February 2017, a situation that caused serious uproar and possibly aggravated the recession that retarded Nigeria’s economic growth for most of that year. One other policy that contributed in building the foreign exchange reserves to that level and yet protected the naira against rapid depreciation against other currencies was the exclusion of access to foreign

THE REGULAR FOREIGN EXCHANGE INJECTION BY THE CBN IS AN ELEMENT OF ITS POLICY AIMED AT STABILISING THE VALUE OF THE NAIRA

exchange for the importation of 41 items. Fertiliser was included in December 2018 to increase the items to 42. The inclusion of fertilizers among the items not valid for foreign exchange by a CBN circular of December 10, 2018 has raised some eyebrows as it is seen as capable of impeding crop production and over time reversing the success of the much-praised Anchor Borrowers’ Scheme being driven by the apex bank. The inclusion of fertilizer, honestly, requires a vigorous communication to properly explain its objectives to farmers who now largely misconstrue it as unexpected and possibly detriment to their interest. At the time the CBN clarified that the importation of the items was not banned, but only that importers of those goods are no longer qualified to buy foreign exchange from the CBN or the official foreign exchange market to import those items. Doubtlessly, the measure contributed in reducing the pressure on the exchange rate of the Naira against other currencies. The 10-page revised guidelines for the operation of the Nigerian inter-bank foreign exchange market issued on June 15, 2016 also had a sobering impact on meeting the CBN’s objectives of “enhancing efficiency and facilitating a liquid and transparent, Foreign Exchange (FX) market.� The strict monitoring aspect of how the foreign exchange dealers, especially banks, sell it to end users in the guidelines, contributed in sustaining the value of the naira. The banks have to publish the names of individuals and corporate bodies that bought hard currencies from them as part of the transparency regime in foreign exchange trade. The record of Nigeria’s foreign exchange reserves presents a fascinating scenario which reflects the fortunes of the country at different times and the variables that influence its accretion or erosion. Suffice it to report that at a stage Nigeria was so low at foreign exchange reserves that it could boast of only US$63. 22 million in June 1968. However, 40 years later, it reached an all time high of US$62. 08 billion in September 2008. But as it is today, there was no clear breakdown of the composition of the amount in the forex reserves both 1968 and 2008. The question is: is it in cash accessible by the CBN or just paper, Gold, Special Drawing Rights with the IMF that can hardly be utilized by the CBN? Aside protecting the value of the naira and growing foreign currency reserves for the country among other functions, the CBN pays 80 per cent of its operating surplus to the federal government. In 2017 for instance, the CBN made such payments in the sum of N50.613 billion, being 80 per cent of the net income of N70.17 billion for that year. That remittance was in line with the provisions of the Fiscal Responsibility Act 2011, which says that 80 per cent of the net income will be paid to the federal government. Dambatta, a journalist and former director in the Ministry of Finance, wrote from Abuja

THE STRUGGLE FOR GOVERNMENT HOUSE, UYO Eseme Eyiboh writes that APC governorship candidate, Nsima Ekere, has what it takes to right the wrongs in the system

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f anyone really wants to know how Akwa Ibom has fared as a state in the last three years, the state of education is a good index, particularly performance in the West African School Certificate Examination (WASCE) in the past three years. From 14th position in 2015, the state dropped to 17th in 2018. That is to say, education suffered a sharp deterioration since 2015 when the current administration came into power. Presently, poor funding, poor learning environment, poor teacher-student ratio, and lack of motivation for teachers characterize education in the state. What do you expect when budgetary allocation for education has been consistently below the UNESCO recommended minimum of 26 per cent? At 1.6 per cent in 2018, the same percentage pegged for 2019, the truth is glaring: Akwa Ibom State is grossly underfunding the future of the coming generation. And there is no gainsaying that without government changing hand come next election, the education sector will continue on the downward spiral. This is why the agenda of Nsima Ekere, APC governorship candidate, is warmly welcome with optimism and excitement. Salvaging the educational sector requires nothing short of a complete overhaul and Ekere hit the right chord with his plan which calls for a declaration of a state of emergency in the education sector. If elected as Governor of Akwa Ibom State in the coming election, according to his agenda, the first six months of his administration will witness a summit of stakeholders and experts who will discuss, review and chart a new working plan for education in the state. His plans, majorly a special intervention fund of N30 billion for the upgrade of libraries, laboratories, sport facilities and construction of new school blocks; dramatic increase of education funding from the current 1.6 per cent of the state budget to a target 25 per cent by 2023 and revision of curriculum to reflect 21st century realities, etc.,–strongly reflect his passion to bring quality to education in the state. He is reinforcing his plan with motivational

package from N25, 000 bursary for tertiary institution students every session to an annual award for the overall best-performing secondary school in the state in WASCE/NECO exams to award for the best-performing secondary school in the sciences in the state in WASCE/NECO that will raise education to a whole new level in which all stakeholders are aware that a solid foundation is being laid for future greatness. Again, Ekere has demonstrated that he is not afraid to modernize. And where action is required, he is not one to waste time on rhetoric. That much is the message from his plan to computerized teaching and learning process and to tweak the curriculum to suit the modern skills and competencies required for future world leaders. He is bringing home the latest trend in education around the world. His commitment, foresight and innovativeness with regard to educational policy and programmes can be attributed to his upbringing, being raised by teacher parents. In this, the state can take comfort: that Nsima Ekere, himself an embodiment of quality education, will do his best possible to restore the glory of Akwa Ibom education. He can be counted upon to deliver on his promise. It has to be said that the state’s shambolic health situation is a challenge awaiting Nsima Ekere’s takeover of the government house in Uyo come May 29, 2019. The decadence is summed up by a single fact: Infant mortality rate in the state is one of the highest in the country at 69 deaths per thousand. Low government spending on the health sector largely caused the problem of healthcare in Akwa Ibom. Just a few years back, Akwa Ibom was being touted as a potential medical tourism destination. Today, the hospitals are understaffed, plagued by insufficient facilities and incapacitated by a low supply of drugs and supplies. In accordance with his “Health with Hope� policy, Ekere plans to commit a substantial part of the state’s resources to the development of state-of-the-art tertiary health care facilities. The plan he unveils,

calls on the people to envision a Nsima Ekere-led administration where the teaching hospital provides world-class treatment, where everyone has access to affordable and quality health care, where the state is replete with primary and secondary health care facilities. The calculation is simple: powered with funds, more job opportunities will be created in the health sector; with more jobs opportunities, the health sector will be able to generate more revenue; with more revenue, the sector will attract skilled doctors and manpower to the state. A holistic health programme, as he proposes, encompasses health insurance that will ensure that all citizens can avail the best quality healthcare. Here is where his Better Healthcare Initiative (BHI) fits in. From the look of it, the initiative aims to make the state’s existing 424 primary health care provider more effective. There is also a rural arm of BHI, titled Better Rural Health+Care Initiative (BrHI), conceived to handle preventive health care service on malaria, diabetes and blood pressure control, immunization and vaccination, ante and post-natal care. Also, a new ambulance scheme (BHI+Ambulance) to handle medical emergencies is part of the health programme. In the blueprints is the proposed establishment of Ibom Medical City “as a flagship project using existing facilities at the Ibom Specialist Hospital to provide tertiary medical services to our people and to serve as a regional centre of medical excellence.� Overall, there is no better way of turning a state into a destination for medical tourism. In the area of social protection, the “Ekere manifesto� seeks to revamp the status quo where aged and retired citizens are perpetually owed their gratuities and pension, and the citizenry is overwhelmed with uncertainty for their future. A good, working social protection traditionally ameliorates the impacts of insecurity, poor health, and other factors of economic and social vulnerability. It is along this philosophy that Ekere’s strategy is forged. He is offering among other interventions, a social

assistance programme that is a cocktail of benefits, including cash transfers, child welfare, and disability benefits, (especially to the poor), a social insurance (that is a contributory scheme that helps cover against risks and vulnerabilities) and a labour market programme that help people secure employment in both the short and long-term that will tide the people over and protect them against the hardship of life. This “working document� as the manifesto appears to be, is designed to impact on every member of the society, women and children included. This is reflected by the plan to domesticate the National Gender Policy wherein 35% target of women and youth participate in governance through affirmative action. They will ensure that women are given political support and all entitlements needed for substantial participation in political and economic processes. Those familiar with the positive development that comes with equal rights and empowerment, now can vouch safe that in a government headed by Ekere, women are going to play crucial roles as agents of change. A slew of other initiatives, tackling of maternal and child mortality rates, curbing child trafficking, abuse and molestation with Child’s Right Act and operationalising federal government’s free nutritional meals for children in all public primary schools indicate that issues of women and children are central to the APC government rearing to make its way into the Government House in Uyo come 2019. With the Third Pillar of his agenda Education, Health and Social Security, Ekere gives hope to the populace. The agenda is an assurance the “coming ONE� is concern about the situation of the people and the future of the state. Great men never lived in vain; they always populate the biography of their age and time. Indeed our Akwa Ibom State deserves the best! Hon Eyiboh is the erstwhile spokesperson of the House of Representatives and current Chairman, Cross River Basin Development Authority

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EDITORIAL The Cost Of Darkness To Businesses Power outages eat deeply into business profits

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t is a notorious fact that the epileptic nature of power supply makes Nigeria one of the harshest environments to do business and this renders the country less competitive. In the face of fitful electricity supply, individuals and businesses resort to self-help by generating their own power. Yet privately generated electricity also comes at a huge cost. This is aside the negative implications of the more expensive and self-generated electricity on the cost of living, on business profitability, on the incidence of poverty, and on health, safety and the environment. From Kano to Calabar, Abuja to Abakaliki, indeed across the country today, there is hardly any part that does not presently experience power failure on a daily basis. In most of these places, several days go without electricity with its resultant effects on socio-economic activities. Today, the promise that the reforms in the power sector would lay a solid foundation for sustainable power generation and service efficiency and would lead to increased access to electricity, engender private sector investments, improve infrastructure ANALYSIS OF FIRMas well as create LEVEL DATA FROM employment for the growing population of THE NIGERIA WORLD jobless Nigerians, has BANK ENTERPRISE a mirage. SURVEY SHOWED THAT become This much is ELECTRICITY SUPPLY contained in a recent IS CONSISTENTLY THE World Bank report BIGGEST CONSTRAINT which revealed that TO DOING BUSINESS IN Nigerian businesses experience an average THE COUNTRY of 239 hours of power outage every month. This, the report says, accounts for nearly seven per cent of the business losses recorded by these enterprises, adding that most private enterprises are now forced to resort to self-generation at a high cost to themselves and the economy. Going by the figures, about US$0.20 to 0.30 per kilowatt hour (kWh) is spent on self-generation by the enterprises as compared to the current grid based tariff of US$0.16 per kWh. The situation

Letters to the Editor

results in economic losses in excess of $25 billion annually to the country. Analysis of firm-level data from the Nigeria World Bank Enterprise Survey showed that electricity supply is consistently the biggest constraint to doing business in the country. It equally added on geopolitical region case-by-case analysis that electricity or the lack of it, is the most important obstacle in all regions except the northwest geopolitical region. Younger firms, exporters, and manufacturers, the report noted, are from its discovery most likely to identify electricity access as a key obstacle to their productivity yet, having a reliable electricity supply is consistently associated with higher levels of economic productivity.

D T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR DAVIDSON IRIEKPEN MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

THE PRESIDENT NIGERIA NEEDS

“

The Accidental Public Servant” is an envelope of Nasir el-Rufai’s thoughts and General Yakubu Gowon whispered, “Money is not Nigeria’s problem, but how to spend it”. After decades of accidental spending, Nigeria officially became the world’s poverty capital in 2018. In the same fiscal year, Norway retained her spot as home to the world’s largest sovereign wealth fund. The Government Pension Fund of Norway is worth over $1 trillion in assets and stocks. Albert Einstein said “you cannot solve a problem with the same thinking that created it” and Romans 6:1-2 asks, “Shall we continue in sin that grace may abound? God Forbid”. Therefore, what must Nigeria do differently to evolve? Nigerians will not forget January 2019 in a hurry. On the 17th of January, Alhaji Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) suddenly appeared in the US. APC is yet to recover from Atiku’s stunt. On the same day, PMB addressed Great Ogboru, APC’s gubernatorial candidate for Delta State as APC’s presidential candidate. In 2007, Nigerians had cause to cast doubts on Yar’Adua’s health. Obasanjo famously asked, “Umaru are you dead?” Nigerians are expressing concerns over PMB’s fitness for 2019, “baba are you tired?” As the 2019 presidential election gathers momentum, Nigerians must conscientiously consider the two leading candidates, PMB of APC and Atiku of PDP. The days of accidental voting are gone forever. Norway made a deliberate decision to invest her crude oil revenues wisely, it paid off. Nigerians must now make a deliberate decision to invest their

ata from the Advisory Power Team in the office of the Vice-President, Prof. Yemi Osinbajo, have shown that on the average, Nigeria is only able to generate and distribute 4000 megawatts (MW) to power its economy and light up its homes. Amplifying this, the World Bank report further stated that annual per capita electricity consumption of Nigeria is 147 kilowatt hour (kWh), which is a fifth of the average low middleincome country consumption of 736kWh and a twentieth of the global average consumption of 3,298kWh. Because the country’s power supply system is mostly unreliable, the World Bank report argues that it does not just push businesses to seek off-grid alternatives or causes economic losses but also creates payment apathy by consumers who don’t feel obligated to pay for electricity services they consider to be unreliable. For a very long time now, the challenges of poor electricity supply and its attendant impacts on businesses have headlined conversations in almost every economic summits or fora in Nigeria. But it is now time to move such conversations from the meeting rooms to the fields. Notwithstanding, we are hopeful that the recently initiated Energising Economy Programme (EEP) which the Rural Electrification Agency (REA) is implementing in key economic hubs will serve as a lift for electrifying businesses in Nigeria.

PVCs wisely. Nigeria’s crowning as the world’s poverty capital and the prevalent despair within Nigeria shows that APC is an accidental party. PDP is also an accidental party. She fielded an accidental candidate for the 2015 presidential elections and suffered a resounding defeat. The 2019 presidential election was meant to be an occasion for the youths to take over power. Unfortunately, the hilltop Generals and octogenarians have proven that they are more organized and unified in their quest to retain power. How can one explain the failed consensus candidate idea that was floated by Durotoye, Moghalu, Sowore and overseen by Ezekwesili? The famous four have gone back to the trenches as presidential candidates of four different political parties. In political waters, they are classified as spoilers. It is not too late for them to save face by endorsing the best candidate between Atiku and PMB. The youths have lost out but Nigeria’s next and 16th president must be young at heart. Norway’s economic success has proven that the term resource curse is fake news. Norway imbibed long-term thinking, the result is $1 trillion in assets and stocks. On the contrary, Nigeria relishes accidental thinking. The result is politics of pettiness and poverty. All hope is not lost, 2019 affords Nigerians another opportunity to vote wisely. A youth would have been ideal for 2019 but the hypothetical youths in the 2019 presidential race lack tact and teamwork. The hilltop Generals and octogenarians have it. Baba is fit campaigning. Daddy Cool is emboldened returning from the US. The next president of Nigeria must replicate the Norwegian model. Dr. Enameguolo Orugbo jetageNG@gmail.com

WAMAKKO AND POLITICS OF SOKOTO STATE

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he politics of Sokoto State cannot be completed without the name of Senator Aliyu Magatagarda Wamakko. Senator Wamakko who rose from being a teacher, deputy governor, to governor and now a senator, has become a household name in Sokoto’s politics. The Aliyu’s politics of development has since become a moving train transiting the length and breadth of the state. With Senator Aliyu Wamakko in charge of Sokoto politics, the ordinary man has been better off in the state. The Sokoto educational and health revolution can be attributed to Wamakko’s commitment and foresight to transform the lives of people in the state. The eight years of Wamakko as governor has brought enviable record of services delivery. Wamakko’s passion for sound and qualitative education led to the establishment of Sokoto State University. Besides, the huge investment in primary and secondary education had increased pupils/student enrolment. Courtesy of Wamakko’s selfless leadership, Sokoto State has become a reference in development of education not only within the Northern region but also the country at large. It is on record that Senator Aliyu Wamakko had attracted investments in all aspects of human development. This was achieved through the formulation of good and sound policies. Within those eight years in power, Wamakko had succeeded in lifting thousands of people from abject poverty. The success story in agriculture sector, which empowers thousands of farmers in the state, is to his credit. No wonder, the “Alu slogan” has become the household song in Sokoto. Senator Wamakko is a grassroots politician and down-to-earth philanthropist. His house is a mecca of sorts. As a listening leader, he is accessible and ready to assist his people anytime. Idris Musa Pambegua, Kaduna State

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5 ) * 4 % ": t MONDAY, JANUARY 21, 2019

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Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

Drowned in Troubled Rivers

Nseobong Okon-Ekong and Ojo Maduekwe write that the ruling All Progressives Congress (APC) muddied its own waters when it shunned the rule of law to mishandle its party aairs in Rivers and Zamfara states

Amaechi

Wike

F

ew weeks to the 2019 presidential election, the ruling All Progressives Congress (APC) remains muddied in troubled waters, having failed in its several attempts to upturn decisions of the courts and the Independent National Electoral Commission (INEC) not to field candidates in any of the 2019 elections that would hold in Rivers and Zamfara states. Last week, the INEC Secretary, Rose OrianranAnthony, in a signed document released the commission’s final list of candidates that would be contesting in next month’s Presidential and National Assembly elections with the ruling APC missing out in Rivers and Zamfara.

Sadly for theAPC, in both states, the party won’t be fielding candidates for the 109 Senatorial, 360 House of Representatives, 29 Governorship and 991 State House of Assembly elections taking place on either of Saturday 16th February, 2019 and Saturday 2nd March, 2019. In Rivers, businessman and factional heir to the party’s gubernatorial ticket, Tonye Cole, has made peace with fate. He no longer addresses himself as the APC governorship candidate for Rivers State, but “The Coordinator of the campaign of President Muhammadu Buhari in Rivers State.� A suit filed by the Peoples Democratic Party (PDP) in the state at a Federal High Court, had asked the court to compel INEC from recognising

Cole

the APC candidates in the gubernatorial, Senate, House of Representatives and House ofAssembly to be held during the general election. Justice Kolawole Omotosho in the ruling favoured the PDP’s prayers. In obedience to the court judgment which nullified the party primary that elected him candidate, Mr. Cole in a statement released last Friday by his media office, said since the courts only barred candidates of the state APC in the elections, he would go on to campaign for his party’s presidential candidate and incumbent president, Muhammadu Buhari. The statement quoted him as saying that while he and other affected stateAPC candidates would

“await judicial pronouncements on the matter,� he added that, “As loyal party members who are waiting for the decision of the courts, we shall campaign for President Buhari and theAPC at this time. When we do, we shall not be campaigning for Rivers candidates.� In Zamfara, the APC having been barred from fielding any candidate for the 2019 elections, continues to clutch on straws. While the party in the state has opted to support the reelection bid of Buhari, ironically the party still hopes on not only contesting but winning in the 2019 elections. While receiving members of the Buhari/ Osibanjo Continuity Group (BSCG), the state APC Chairman,Alhaji Lawal Liman, was quoted

‘Rivers State Has Clear Preference for PDP’ Mr. Emma Okah, Rivers State Commissioner for Information tells Nseobong Okon-Ekong that, with or without the APC, the PDP will still win elections in the state The PDP in Rivers State has been accused of meddlesomeness in the affairs of the APC, with a view to weakening the party. Is this view true or misplaced? Rivers PDP has no hand in the self-inflicted injury that the APC visited upon itself. The matter which gave rise to the conflict arose within the APC and didn’t concern the PDP at first until the courts reached decisions. The judgments became law and elevated the matter to the public realm. The PDP merely took action to enforce a court judgment. The main cause of the problem is impunity and disregard for due process. The PDP like other political parties has its share of problems in some states. Would it be sensible to also accuse the APC of meddlesomeness in those states? Should the election go ahead without

QUICK FACTS: r5IF "1$ IBT GBJMFE JO JUT TFWFSBM BUUFNQUT UP upturn decisions of the courts and the Independent National Electoral Commission (INEC) not to field candidates in any of the 2019 elections that would hold in Rivers and Zamfara states r*/&$ IBT SFMFBTFE JUT à OBM MJTU PG DBOEJEBUFT UIBU would be contesting in next month’s Presidential and National Assembly elections with the ruling APC missing out in Rivers and Zamfara r" TVJU à MFE CZ UIF 1FPQMFT %FNPDSBUJD 1BSUZ (PDP) in the state at a Federal High Court, had asked the court to compel INEC from recognising the APC candidates in the gubernatorial, Senate, House of Representatives and House ofAssembly to be held during the general election. Justice Kolawole Omotosho in the ruling favoured the PDP’s prayers r*O 3JWFST UIF DPVSU KVEHNFOU CBSSJOH $PMF BMTP

participation of a vibrant opponent like the APC, can a win for the PDP be considered as representing the wishes of the people of the state? PDP is the preferred party in Rivers State. Since 1999, PDP has won elections in Rivers. So with or without the APC, the PDP will still win elections in the state. The PDP wishes the APC well but if the status quo remains and they are out of the ballot, the PDP will face the other parties remaining with devastating blows. The issue of representing the wishes of the people has been settled. Rivers has a clear preference for the PDP.

of the APC can only result in unused energy.

Does the removal of the APC from the electoral contest in Rivers State make it easier for the PDP? The PDP is campaigning and ready to go into the election as if every party is on the ballot. There is no easy election and the absence

How will these political development affect the future of Rivers State? The development in the APC will affect Rivers positively. It affirms God’s supremacy that no man can take His position. It serves as a lesson to politicians that it is better to play by the rules. It will further lead to reconciliation by the opposing political leaders in the state. Above all, and it is important for people to know that you don’t play God. The APC in the state has been behaving as if federal might and security agencies and INEC will hand over Rivers votes to them to the detriment of the PDP. They have even gone ahead to prepare result sheets and secured security officers who will rig the elections for them against the PDP but God has shown that He is God. So man should be careful in undoing the innocent.

barred his opponent, Senator Magnus Abe, from parading himself as a governorship candidate of the APC in the state r#BDLFE CZ UIF .JOJTUFS PG 5SBOTQPSUBUJPO 3PUJNJ Amaechi, and national leadership of the APC, Mr. Tonye Cole, resigned his board directorship of a private organisation last September to contest the party’s ticket, and was alleged by his opponent to have won under controversial circumstances. Reacting to his ‘victory’, Senator Abe, together with a faction of the party loyal to him, conducted a parallel primary, wherein he claimed to be the authentic governorship candidate of the APC in Rivers r#PUI QSJNBSJFT IBWF CFFO OVMMJĂ FE CZ B GFEFSBM high court, which then also restrained INEC from recognising any one of them r5IFSF XBT B QFOEJOH TVJU CFGPSF +VTUJDF Chinwendu Nwogu of the Rivers State High Court which required that all parties to the suit,

including the state APC, to stay action until the issues were resolved, but the party disregarded the court judgment r"CF IBE UBLFO UIF TUBUF "1$ BT MFE CZ "NBFDIJ to court in protest of him and his loyalists being excluded from participating in a congress sanctioned byAmaechi. Justice Nwogu granted SenatorAbe’s prayers restraining theAmaechi faction of the party in the state from organising the statewide congress. Rather than maintain status quo until the case was resolved, the Amaechi faction went on with the congress and elected a state party executive, with the chairman, Ojukaye Flag-Amachree, being one of his ally r5IF 'MBH "NBDISFF MFE FYFDVUJWF XFOU PO to defy the court’s order and proceeded with the primary elections which produced Mr. Cole as the APC governorship candidate, and the other candidates r5IF NBJO PQQPTJUJPO 1%1 IBT CFFO UIF à STU

Okah

beneficiary of the unending crisis rocking the ruling APC in both Rivers and Zamfara r'PS UIF QSFTJEFOUJBM FMFDUJPO UIFO DBOEJEBUF of theAPC, Buhari, had managed to garner a meagre WPUFT PVU PG B UPUBM WPUFT DBTU PG XIJMF UIF 1%1 IBE r*O ;BNGBSB UIFSF BSF SFQPSUT PG NFNCFST PG the APC decamping to other parties in the state, having rightly suspected that the party won’t be QBSUJDJQBUJOH JO UIF HFOFSBM FMFDUJPOT 0WFS supporters of the APC in Zamfara were reported to have visited the residence of the governorship candidate of PDP, Dr. Bello Mohammed Matawalle, in Gusau, asking that they be welcomed into the PDP r5IF DSJTJT JO ;BNGBSB JT BT B SFTVMU PG UIF governor’s selfish ambition to be the sole arbiter of the party leadership in the state, sidelining his deputy, Malam Ibrahim Wakkala, and some other state APC members that make up an opposing group called the G8

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MONDAY DISCOURSE

Oshiomhole

Yakubu

as saying, “We are working hand in hand with all stakeholders to ensure APC wins all elective positions in the state.� The crisis in the Rivers APC makes a mockery of some members of the party who insist that their party is not factionalised. The court judgment barring Cole also barred his opponent, Senator Magnus Abe, from parading himself as a governorship candidate of the APC in the state. Observers believe the state APC is the architect of its own undoing. Backed by the Minister of Transportation, Rotimi Amaechi, and national leadership of the APC, Mr. Tonye Cole, resigned his board directorship of a private organisation last September to contest the party’s ticket, and was alleged by his opponent to have won under controversial circumstances. Reacting to his ‘victory’, Senator Abe, together with a faction of the party loyal to him, conducted a parallel primary, wherein he claimed to be the authentic governorship candidate of the APC in Rivers. But, as it stands, both primaries have been nullified by a federal high court, which then also restrained INEC from recognising any one of them. The Rivers APC, it appears, muddied its own waters through its disregard for the rule of law. There was a pending suit before Justice Chinwendu Nwogu of the Rivers State High Court which required that all parties to the suit, including the state APC, to stay action until the issues were resolved, but the party disregarded the court judgment. It was blatant disregard for the rule of law and court processes when during the tussle for the control of the state APC, Abe had taken the state APC as led by Amaechi to court in protest of him and his loyalists being excluded from participating in a congress sanctioned byAmaechi.

Justice Nwogu granted Senator Abe’s prayers restraining the Amaechi faction of the party in the state from organising the statewide congress. Rather than maintain status quo until the case was resolved, the Amaechi faction went on with the congress and elected a state party executive, with the chairman, Ojukaye Flag-Amachree, being one of his ally. The Flag-Amachree-led executive went on to defy the court’s order and proceeded with the primary elections which produced Mr. Cole as the APC governorship candidate, and the other candidates. The case that began at the State High Court, has now moved up to the Supreme Court, but, while the matter remains pending at the apex court, the national chairman of the APC was caught presenting the party’s flag to Mr. Cole in Akwa Ibom state, recognising him as the governorship candidate of the party in Rivers. The same Oshiomhole had insisted the APC would field candidates for all elective positions in the state in the 2019 general elections, despite a contrary decision reached by the INEC saying otherwise. Expectedly, the main opposition PDP has been the first beneficiary of the unending crisis rocking the ruling APC in both Rivers and Zamfara. In Rivers, the incumbent governor, Nyesom Wike, and other candidates of the PDP contesting for the Senate, House of Representatives and State House of Assembly seats, will be contesting largely unopposed. For the 2015 presidential election, then candidate of the APC, Buhari, had managed to garner a meagre 69,238 votes, out of a total votes cast of 1,584,768, while the PDP had 1,487,075. If this happened when the APC in Rivers was more united as a party and in their drive to unseat the

Secondus

It is being alleged that the opposition parties in the state, headed by the duo of Matawalle and Shinkafi are closing rank to frustrate the APC from compromising INEC to renege on its decision disqualifying APC, having failed to meet the stipulated deadline to field candidates. The APC’s undoing in Rivers stems from the party’s national leadership failure to tame the personal ambition of Amaechi. Being the immediate past governor of the state, Amaechi, in hoping to correct the impression that his failure to deliver the APC’s candidate in the 2015 governorship election was not because he was incapable, threw decorum to the wind when he installed his allies to lead the APC in the state. But Amaechi’s followers have argued that all he wanted was a break from fielding a ‘core’ politician as the governorship candidate of the party in the state. An agreement on this was supposedly reached by interested parties like Dakuku Peterside and Dumo Lulu-Briggs to permit the emergence of a technocrat and an ‘unusual’ politician, in the person of Tonye Cole. However, Abe insisted he wanted a chance to test his popularity at an internal party contest. The crisis in Zamfara, like in Rivers, is also as a result of the governor’s selfish ambition to be the sole arbiter of the party leadership in the state, sidelining his deputy, Malam Ibrahim Wakkala, and some other state APC members that make up an opposing group called the G8. The ZamfaraAPC crisis began with the dispute between the governor, Abdulaziz Yari and the G8 members on whether to conduct a direct or indirect primaries in choosing candidates that would represent the party at every level of elections in the coming elections. While Yari wanted indirect primaries, the G8 members favoured direct primary.

PDP, one wonders how the party would fare in the coming weeks. Based on past elections which observers said were characterised by violence, rigging, breakdown of law and order, and an unnecessary show of federal might, the PDP in Rivers is relieved that the absence of APC in the coming elections in the state would minimise tension. Observers had in recent past listed Rivers as one of the states to expect violence in the 2019 elections. The United States Institute of Peace (USIP) 2018 electoral violence risk assessment on Nigeria, had named Rivers, along withAdamawa, Anambra, Ekiti, Kaduna, Kano, Lagos, and Plateau as states at “greater risks of election violence.� The case is no different in the Zamfara APC. There are reports of members of the party decamping to other parties in the state, having rightly suspected that the APC won’t be participating in the general elections. Over 400 supporters of the APC in Zamfara were reported to have visited the residence of the governorship candidate of PDP, Dr. Bello Mohammed Matawalle, in Gusau, asking that they be welcomed into the PDP. It appears even smaller opposition parties in Zamfara, parties one wouldn’t expect, are reaping from the APC’s whirlwind of troubles. Gubernatorial candidate of the All Progressive Grand Alliance (APGA) in Zamfara, Alhaji Sani Abdullahi Shinkafi, says no fewer than 5000 unverified APC and PDP supporters have so far defected and joined his party. “Just recently I have received, more than 5000 supporters from APC, PDP and other political parties in the state who joined our party, APGA and we are still expecting more supporters every day,� Shinkafi said recently while speaking with newsmen in Gusau, the Zamfara state capital.

‘The Support We Have in Rivers State is Unbelievable’ At a session with Nseobong Okon-Ekong, Director of Strategic Communications for the Tonye Cole Governorship Campaign, Mr.Tonye Princewill argues that the APC’s current travails in the state has unwittingly provided a rallying point to unite its members

With different judicial pronouncements against the participation of the APC in the elections in Rivers State, what course of action is open to the party? The judicial course of action has to be followed humbly to its conclusion. We are almost there. It’s a process, not an event. We believe that the law is on our side and we are confident that in the final outcome, we will be proved right. Those who seek refuge in wickedness will be thoroughly disappointed. Of that, I have no doubt. In the meantime the politics is going on. At the grassroots level, we are not allowed to campaign, according to a court order Wike (Governor Nyesom) secured, but we’re allowed to gather. Necessity they say is the mother of invention. Does the APC regret internal strife,

Princewill

which is making the Rivers election look like a walk-over for Gov. Nyesom Wike and the PDP?

know the people involved on our side, you fall in love with them.’ They mean no harm. They are driven by principle and they are after the greater interest.

Looking back, there may have been one or two things we could have done differently but I won’t go so far as to use the word regret. We were meant to go through this. Nothing good comes easy. Those of us who have been battling for years, look forward to interesting times, because we know that that is when you will know who you are and who your friends are. You mature a lot faster. What was our crime? Amaechi made enemies for supporting Buhari. Amaechi is DG for the Buhari campaign and is seen as one of the influential ministers in this government. This makes him a target. Amaechi said let us bury our ambitions to build the party. Tonye Cole decided to leave his business to contest elections. Tonye Cole was picked over and above seasoned politicians. We dared to confront the evil of Wike; none of this so-called crime is a cause for regret. I say to many people, ‘once you

You make it sound like everything is all good Yes. As sweet as that sounds, going after the greater interest will first offend people close to you. Politics in Nigeria is about your caucus. Not your people. Once a greater interest comes into the picture, the first to complain will be your inner family. They want everything for themselves. Ambition is a selfish driver. It can send even the best of friends in different directions. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

OSUN GOVERNORSHIP ELECTION TRIBUNAL UPDATE

PDP Closes Case, Calls 80 Witnesses By Our Reporter At the resumed proceedings of the Osun State Governorship Election Tribunal, the petitioner, Senator Nurudeen Adeleke, who was the gubernatorial candidate of the Peoples Democratic Party (PDP) called another staff of the National Human Rights

Commission who gave evidence on the violence and general air of malpractice that allegedly marred the rerun Osun gubernatorial election of September 27, 2018. He was thereafter cross examined by defense counsel for the All Progressives Congress (APC), Alh. Lasun Sanusi (SAN). In the same vein, a staff of Centre for

Election Transparency and Advocacy gave evidence which followed similar pattern of the previous witnesses. In all, the petitioner called 80 witnesses who have testified, submitted their evidence, which have been adopted by the tribunal as exhibits. Adeleke closed his case at the tribunal

last Friday. The respondents; Independent National Electoral Commission (INEC), Gov. Gboyega Oyetola of Osun State and the APC will commence their defense arguments from today, Monday, January 21. Each has 10 days to controvert the petitioner’s case.

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FEATURES

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

Expectations, Pitfalls to Avoid for New Police IG Though the new Inspector General of Police, Mohammed Abubakar Adamu, has started on a good footing by pledging to restore the battered image of the service, Chiemelie Ezeobi however writes that there are some pitfalls to avoid in office as the 20th indigenous police chief

The new Inspector General of Police (IG), Mohammed Abubakar Adamu, being decorated by President Muhammadu Buhari and the former IG, Ibrahim Idris

I

t's a new dawn for the Nigerian Police all things being equal with the recent appointment of Mohammed Abubakar Adamu, as the 20th indigenious Inspector General of Police. His appointment was heralded by the retirement of his predecessor, Ibrahim Kpotun Idris, on January 15, 2019, having attained 60 years of age.

Handover When the news first filtered out, it was met with sceptism given the body language of the presidency on Idris' retirement. It was soon proven to be true, setting the ball in motion for the official handover of baton. First, he was decorated by the president before the handover proper. At the handover, Idris had thanked President Muhammadu Buhari for the opportunity given to him to serve under his administration as the 19th IG, while also expressing gratitude to all Nigerians for the cooperation and support they accorded him and the entire personnel of the service during his tenure. He further enjoined them to extend the same level of support and assistance to his successor. Although he hadn't delved much into his strategic plans, Adamu had succinctly said he was out to repair the battered image of the police. Putting one of such plans to motion was the immediate appointment of a new Force Public Relations Officer (FPRO) in the person of Frank Mba, an Assistant Commissioner of Police. Mba, a one-time FPRO under former IG, Mohammed Abubakar (rtd), took over from acting DCP Jimoh Moshood, who was redeployed to other national assignment. His appointment was lauded in virtually all quarters given the pedigree he possesses.

Deliverables Barely a day after settling down, the IG outlined his potential deliverables in office, just after he admitted that the service had been lacking in transparent, responsive, motivational, accountable, and knowledgeable leadership. He listed some of derivables as retaining the present crop of senior officers,

reviewing the promotion process, providing the right leadership, as well as restoring the lost glory of the Nigeria Police, which he lamented remains a concern to governments at all levels, citizens, human rights groups, the international community and indeed well-meaning officers. According to him, his appointment represents a call to duty and a charge to restore the dwindling primacy of the Nigeria Police within the internal security architecture of our beloved country, adding that commanding the largest police force in Africa, particularly, at this crucial time that the country is faced with multi-faceted security challenges and at the

All that you desire, from my experience, is a transparent, responsive, motivational, accountable, and knowledgeable leader who will not only treat you with the dignity you deserve in your line of duty, but who is sensitive to your welfare, needs and fair in the manner your promotion and other reward regimes are addressed. The absence of this level of leadership has always been the missing link in policing in Nigeria

peak of preparations for the general elections, is undoubtedly an arduous task. He said: "However, it remains a fact that the service is blessed with some of the finest officers anywhere in the world that are not only intellectually gifted and exceptionally dedicated, but professionally sound enough to surmount these tasks if the right leadership is provided. Amongst you seated in this hall today are some of such thorough-bred and passionate professionals who can hold their own among their peers and have consistently distinguished themselves in complex national and international engagements. "All that you desire, from my experience, is a transparent, responsive, motivational, accountable, and knowledgeable leader who will not only treat you with the dignity you deserve in your line of duty, but who is sensitive to your welfare, needs and fair in the manner your promotion and other reward regimes are addressed. The absence of this level of leadership has always been the missing link in policing in Nigeria "It is my firm conviction, therefore, that if the quality personnel potentials of the force are blended with purposeful and motivational leadership at strategic levels within the organisational hierarchy of the force, the lost glory of the Nigeria Police Force which remains a concern to governments at all levels, citizens, human rights groups, the international community and indeed well-meaning officers and men of the force shall be restored. "With my appointment and assumption of duty, I am determined to draw on my national and international policing leadership experience to bridge this missing link. I assure you on this day that I will provide the highest possible level of professional and responsible leadership for you while trusting that you shall march hand-in-hand with me as dependable professional colleagues, to advance the fortunes of the force."

Demands on Personnel To whom much is given, much is also expected. For Adamu, while he has pledged to ensure that officers and men are taken care

off, he also demand that they play their part. He said: "I hereby demand that you henceforth resolve to abstain from conducts that will drag the police into disrepute and put your career in jeopardy, and join me in the common course of changing the narratives of policing in the country for good. In giving effect to this, in the coming days, I shall unfold before you and the nation the strategic focus of my leadership.

Conduct During Elections He also delved into the thorny issue of the forthcoming general elections, which undoubtedly would be a litmus test that will set the tone of his tenure. On this Adamu said, "Asides our routine operations, we have within the short term, two major national assignments where our professionalism and commitment to duty will once again be subjected to national and international scrutiny. First, is the conduct of the Presidential and National Assembly elections on 16 February, 2019 and second is the Governorship, State Assembly, and Federal Capital Territory Area Council Elections on Saturday, March 2, 2019. "These national engagements are of immediate priority to my leadership and, hence, in the next few days, the nation shall witness concerted police deployments and other activities which will all be directed at ensuring quality election security service delivery by the police, being the lead agency in election security management. While with your support, I am confident that we have the operational capacity to ensure the success of both exercises, i am not unaware of the possible security threat that some misguided political actors and their followers may attempt to pose during the general elections. "To such elements, I must sound a note of warning that as a nation, we have had enough of electoral violence. Hence while the Nigeria Police under my watch shall work with the Independent National Electoral Commission (INEC) and sister security agencies in guaranteeing a peaceful and secure space for all political parties and the citizens to freely exercise their electoral rights, we shall not hesitate to identify, isolate and bring to deserved justice any person or group that attempts to threaten

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FEATURES our sacred democratic order "To the unrepentant felons that may want to put our common will to test, the message is being relayed here loud and clear that in securing the law abiding citizens during the elections, we shall not hesitate to deploy our potent assets to deal firmly and decisively with electoral deviants. Consequently, I call on political actors to assist the police and other law enforcement agencies in sustaining the gains recorded in our democratic journey. "They should always remember that politics is a game guided by rules and it behooves them to play the game within the dictates of such rules. On our part, we assure the nation of our determination to play our roles fairly but firmly towards guaranteeing a peaceful electoral process and a credible outcome."

Pledge to the Civil Populace To the over 180millions that he is expected to protect, Adamu said: lLet me end this inaugural address by assuring the citizens that I am mindful of their yearnings for a policing system that will not only assure them of their safety, but treat them with civility and hold their rights sacred. While I promise on behalf of officers of the force that their deserved aspirations will be met henceforth, I also call on the citizens to work with the police in the interest of community safety and national security "I am similarly not oblivious of the concerns of the federal government on the Nigeria Police. I am mindful of the fact that President Muhammadu Buhari is desirous of bequeathing a citizens-friendly, operationally efficient and ethically-guided police system to the country. The president (sic) envisions a police that will take the lead in internal security operations engage intelligence-led, technology-supported and community driven policing principles in the attainment of its mandate, and play an active role with the Armed Forces in restoring civil authority in the North-east. I assure the country that I will provide the requisite leadership for the Nigeria Police to meet these expectations and address the concerns."

Pitfalls to Avoid But however soothing his pledge appears to be, there are certain pitfalls this present IG must avoid if he doesn't want to go down the anals of history as a bad cop. Perhaps it would be fitting to go down memory lane to all the drama that happened with Idris appointment and the subsequent action he took that heat up the polity and why this present IG needs to avoid the same pitfalls. Skipping all those who were gunning for the topmost echelon of the police job, Buhari had picked Idris, leading to the mass retirement of some eggheads in the police. Soon enough, he was dodged with allegations of past misdemeanor, purportedly ranging from cowardice during a Boko Haram raid in 2012 raid in Kano, where he locked himself up as the terrorist group maimed lives; his alleged affairs with subordinates, and even his alleged role in 2015 election in Kano. All these allegations were never answered when he assumed office as the 19th indigenous IG. Soon after his appointment, his first missle was targeted at his seniors and coursemates. In promoting him, the presidency had skipped over 12 other senior CPs, over 22 senior AIGs, and of course over the seven most senior DIGs. THISDAY had exclusively reported how he wrote to the presidency to terminate their appointments. His second salvo was at his predecessor, Solomon Arase. He had alleged that the former IG went away with 22 vehicles including two seven series BMW, an accusation that Arase did not take lying low. For weeks

All eyes on Adamu

Reforming the battered image of the police should be priority unending, the duo threw accusations at each other. It was later alleged that his attack against Arase was based on the four administrative querries given to him over his purported incompetent performance as CP.

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Those initial actions by Idris soon set the pattern for his administration; controversy upon controversy. While he sometimes might not be in the middle of a controversy, his men were, as they put their foot one after the other in their mouth. Another issue he battled with was his alleged partisan conduct during elections. Charity they say begins at home, so the onus lies on this IG as a former peace keeper to foreign nations, having spent many years on peacekeeping in different countries across the world to bring to bear skills and replicate in the service. It is therefore without gainsaying that if there is one thing that will either make or mar this present IG, it would be his disposition during the forthcoming general elections. Although it is often said that 'he who pays the piper determines the tune', it would do the IG a whole of good if he shuns partisanship across board. A tough call one might say, but totally doable with grith and integrity. Unlike the former IG that fought on all fronts, thereby leaving his flanks unprotected, it would behoove Adamu to shun that line of action and act civil to all, whether individuals or organisation. In essence, diplomacy is key. Neglect of personnel welfare is another key pitfall. Again, this IG has a clean slate to write his story on. The welfare of personnel should be paramount as an efficient workforce is one that is motivated. You can't motivate one who

isn't being taken care of properly. Another downside of the police is the numerous sharp practices they indulge in including bribery, false arrests, extra- judicial killing and even illegal torture. All these and more should be looked into by the IG.

Dossier The IG took over as the 20th Indigenious Inspector General of Police from Ibrahim Kpotun Idris, on January 15, 2019 after he was decorated by the President President Muhammadu Buhari. Adamu hails from Lafia, Nasarawa State and is a holder of Bachelor of Science degree in Geography. He enlisted into the force on February 1, 1986 as Cadet Assistant Superintendent of Police. Adamu is a versatile and seasoned police officer, a professional per excellence. He attended several Senior Officer Courses on Law Enforcement, Crime Prevention, Control and Management within and outside Nigeria. Before his appointment as the Acting IG, he was a Directing Staff at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos, Plateau State. He was Commissioner of Police in Ekiti and Enugu States and also Assistant Inspector General of Police in charge of Zone 5 Police Command Headquarters, Benin, Edo State, as well as a one time director of peacekeeping operations.

KEY FACTS ABOUT NEW IG t#BDLHSPVOE Mohammed Abubakar Adamu was born on September 17, 1961, in Lafia, Nasarawa state t&EVDBUJPO - Adamu started his primary education in 1968 at Dunama Primary School, Lafia, Nasarawa and finished in 1974 before he proceeded to Government Secondary School, Obi, also in Nasarawa in 1975, where he obtained his West Africa School Certificate (WASC) in 1979. - He also attended the School of Basic Studies at Ahmadu Bello University for a pre-degree programme before he was admitted into the same university in 1980, graduating with a Bachelor of Science Degree (Hons) in Geography in 1983.

- After his compulsory one-year National Youth Service at Government Teachers College, Wamba, formerly in Plateau State but now in Nasarawa, he was employed as a Geography teacher at Government Day Secondary school, Gunduma, Keffi, Plateau in 1984. He left teaching as Vice Principal of the same school in 1986 for the Nigeria Police Force in 1986. t1PMJDF $BSFFS He joined the Nigeria Police Force as a Cadet Assistant Superintendent of Police in 1986 and trained at the Police College, Ikeja, Lagos and was subsequently posted to Imo State to work as the Divisional Crime and Administrative Officer at the Mgbidi Police Station, Mgbidi.

However, between 1988 and 1989, he served as the officer in charge of general investigations at the Nigeria Police Force (NPF) Zone 6, Headquarters, Calabar, Cross River State. In 1990, he was transferred back to Lagos He became the Deputy Commissioner of Police (DCP) in Ekiti State in 2010 before his transfer to Kaduna to serve in the same capacity in 2012. In 2014, he was promoted and became the Enugu State Commissioner of Police. After successfully completing his course at the National Institute of Policy and Strategic Studies (NIPSS), Kuru, Jos, he was made the Assistant Inspector General of Police Zone 5 Benin, comprising Bayelsa, Delta and Edo

State Commands. Internationally, he served in the Interpol Headquarters in Lyon, France, as a specialised officer in Economic and Financial Crime Directorate, where he rose to become the first black African to be the Assistant Director in the Interpol headquarters in Lyon, France. He later became the vice-president of Interpol. For all this and many more, Adamu was awarded the most outstanding community policing command/commissioner of police in Dubai, in 2014 by Patrick Agbambu-led Security Watch Africa Awards (SWA), one of the foremost security award body across the continent.

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IMAGES

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

L-R: Globacom’s Lagos Public Sector Account Manager, Mrs. Justina Abdulateef; Delta State Governor, Senator Ifeanyi Okowa, his wife, Mrs. Edith Okowa and, Globacom’s Head, Enterprise Sales, Mr. Eric Uwaoma displaying the Telecommunications Company of the Year Award won by Globacom at the Independent Newspaper Limited Awards 2018 held in Lagos...recently

L-R: All Progressives Congress National Woman Leader, Hajia Salamatu Baiwa; Wife of Ogun State Governor, Mrs Olufunso Amosun; Wife of the Vice President, Mrs Dolapo Osinbajo; Wife of Oyo State Governor, Mrs Florence Ajimobi; Wife of Imo State Governor, Mrs Nkechi Okorocha; and Wife of Ekiti State Governor, Erelu Bisi Fayemi, at the APC Southwest Women and Youth rally to drum support for the reelection of President Muhammadu Buhari, held at the Adamasingba Sports Complex, Ibadan... recently

L-R: Corporate Communications and External Aairs, GTBank, Modupe Philips; Chairman, Lagos First Generation Heritage College and Association (LAFGHECA), Risikat Yossuf; Principal, Queens College, Yakubu Oyinloye; and Corporate Communications and External Aairs, GTBank, Bisoye Balogun, during the press conference on Gtbank 2019 Masters Cup season 8 in Lagos... recently PHOTO: ETOP UKUTT

L-R: General Manager, Strategy & Marketing, PAN Nigeria Limited, Mr Bawo Omagbitse; MD/CEO PAN, Ibrahim Boyi, and Director General, Nigerian Automotive Design and Development Council (NADDC) Egr. Jelani Aliyu at the unveiling of New PEUGEOT Pick-Up in Abuja...recently

L-R; An Indian Business Executive, Mr. Abhi Shek; Head of Chancery,India High Commission, Mr. Shubbu Ramesh and General Secretary, Indian Cultural Association, Mr. Sanjeev Tandan at the Pravasi Bharitya Divas anniversary celebrations in Lagos...recently

L-R: MultiChoice Talent Factory Academy Director; Femi Odugbemi; Senior Manager, Content Relations Dolby Laboratories, Vikram Joglekar; Regional Manager, Africa Dolby Laboratories, Quinton Schmidt and, Chief Executive OďŹƒcer, MultiChoice Nigeria, John Ugbe during the MultiChoice Talent Factory - Dolby Masterclass Series held at MultiChoice headquarters, Victoria Island Lagos...recently

L-R: Daughter-in-law of Oyo State Governor, Mrs. Fatimah Ajimobi; Daughter of the governor, Mrs. Abimbola Obagun; state Governor, Senator Abiola Ajimobi; and his wife, Florence; when the governor received the Vanguard Newspaper Governor of the Year Award, at Eko Hotel, Lagos...recently

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T H I S D AY Ëž Ëœ Í°ÍŻ, 2019

BUSINESSWORLD

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

ÍŻ Íś Ëœ Í° ÍŽ ÍŻ ͡ MONEY MARKET OVERNIGHT OBB

REPO 16.17% 15.33%

CALL 1-MONTH 3-MONTH

17% 16.25 % 16.88%

S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

360.68% 0.05% 1.04%

S & P INDEX 1/4 TO DATE YEAR TO DATE

1.04% 1.04%

EXCHANGE RATE N306.85/1US DOLLAR* ĚŠ

Quick Takes Marriott Launches Loyalty Program

UNVEILING 2019 MACROECONOMIC OUTLOOK

L-R: Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo; Group Managing Director, AfrinvestWest Africa Limited, Mr. Ike Chioke; Deputy Managing Director, Mr.Victor Ndukauba; Head, Research, Mr. Robert Omotunde and Associate, Afrinvest, Mr. Jolomi Odonghanro, at a media briefing during the unveiling of the firm’s 2019 macroeconomic outlook report in Lagos‌recently ETOP UKUTT

Limit Your Foreign Exchange Exposure in 2019, FSDH Tells Firms Obinna Chima The anticipated hike in interest rate by the Federal Open Market Committee (FOMC) of the United State Federal Reserve is expected to have a negative impact on foreign capital inflows into Nigeria as well as on foreign exchange (FX) rate. Owing to this, analysts at FSDH Merchant Bank have advised companies in Nigeria to limit their FX exposure. They gave this advice in their macroeconomic and financial markets outlook (2019 – 2021) titled: “Bumpy Road Ahead – Policy Options and Strategies,� unveiled at the weekend. In fact, the firm predicted that the US Fed may raise the rate three times in 2019 to a range of 3.00%- 3.25%. However, FSDH Research does not expect a rate hike at the January 2019 meeting. The FOMC will have its first

ECONOMY 2019 meeting on 29-30 of January. Providing insights on the report, the Head of Research and Strategy at FSDH Merchant Bank Limited, Mr. Ayodele Akinwunmi, also advised companies to adopt FX hedging strategies as well as embark on import substitution strategies and invest in sectors that have export content to grow revenue. On the other hand, he urged the federal government to develop the non-oil export sector of the economy, in order to increase FX earnings for the country as well as adopt a uniform FX rate regime and simultaneously the removal of subsidy. Akinwunmi, stressed that further increase in the interest rate in the international financial market may lead to higher interest expense on FGN borrowings from the international

market than the existing loans; rise in yields on fixed income securities may rise lead to increase in interest expenses for corporates; increase in interest rates on foreign debt; monetary policy challenges and pressure on foreign currency and decrease in global financial liquidity which may affect financial flows into the Nigerian financial market. “FSDH Research expects the average crude oil price to drop in 2019 compared with that of 2018. A significant decline in the crude oil price will have negative fiscal and monetary implications for the Nigerian economy. “The US and China trade war may also lead to a drop in the demand for crude oil leading to a drop in price. China and US account for about 33 per cent of the global crude oil demand. The OPEC production cut may reduce the

Nigerian government’s revenue if crude oil price does not rise to compensate for the output cut. This will increase fiscal deficit, also put pressure on exchange rate, inflation rate and interest rates,� he explained. Therefore, Akinwunmi advised Nigerian policy makers to implement policies that would lift aggregate demand in the domestic economy, saying investment in critical infrastructure would grow key sectors of the economy and allow for stronger buffers against external shocks. It is also important to invest in human capital, quality education and healthcare in order to increase productivity in the country, he said. He predicted an adjustment in the value of the exchange rate toward N390/US$ in 2019. FSDH Research estimated a Continued on page 24

Insurers Seek Collaboration against Uninsured Vehicles Ebere Nwoji With the recent statistics from Nigeria Insurers Association(NIA) that only 2.5 million out of a total 12 million vehicles plying Nigerian roads have genuine motor insurance cover, insurance sector operators have reiterated their resolve to ensure that the remaining 9.5 million uninsured vehicles on roads are insured. The insurers also expressed optimism in doubling their premium income this year through various activities that would ensure that Nigerians understand the benefits of insurance and that only genuine insurance underwriters receive premium from the public.

INSRURANCE The Chairman, Nigeria Insurers Association (NIA), Mr Tope Smart, said this at a press briefing held in Lagos recently. According to him, insurers were seeking for the support of law enforcement agencies and other relevant government bodies to not only ensure that the remaining 9.5 million vehicles with fake or without insurance certificates are brought to book for disciplinary action that will compel them to get genuine insurance but also enforce other compulsory insurances in Nigeria. Smart, said one of the goals the

NIA set to achieve this year was to block every parallel insurance market set up by fakers through which insurance premium drip off in the industry. He said the association set to achieve this by making Nigerians understand the benefits insurance would give to them and willingly patronise genuine operators. He said the NIA had in addition to its implementation of the Nigeria Insurance Industry Data base since 2011, this year intensified fight against insurance certificate fakers through the launch of the Unstructured Supplementary Service Data (USSD) code *565*11# . He also said the association is currently partnering with

fintechs for the digitalisation of the marine insurance certificate. He said these efforts were geared towards ensuring significant growth of the industry’s premium in the current year and in reducing frictions on Nigerian roads. Motor third Party insurance, is one of the compulsory insurance policies in Nigeria that has suffered abuse from touts. The compulsory insurance policies are those which every person must have or face penalties for default. The Motor Third Party Insurance as required by the Motor Vehicles (Third Party Insurance) Continued on page 24

Marriott International has unveiled Marriott Bonvoy, the new loyalty brand replacing the current loyalty brands – Marriott Rewards,The RitzCarlton Rewards and Starwood Preferred Guest (SPG) – and reecting the unmatched beneďŹ ts, single loyalty portfolio and experiences announced last year. Marriott Bonvoy is built on the belief that travel enriches us all and has the power to enrich the world. Marriott Bonvoy launches on February 13 when the logo and branding begins rolling out across all consumer touchpoints, including on property, marketing and sales channels, digital, mobile and co-brand credit cards, bolstered by a multimillion-dollar global media campaign starting in late February. “Marriott Bonvoy marks an evolution in travel because it represents more than a loyalty program,â€? the Global Chief Commercial OďŹƒcer, Marriott International, Stephanie Linnartz said. “Marriott Bonvoy is a travel program designed to bring to life our extraordinary portfolio of global brands in 129 countries and territories, while also providing endless inspiration for members to keep traveling and pursuing their passions.â€? Linnartz continued, “Represented by a simple, bold and modern logo, Marriott Bonvoy is welcoming and optimistic. Our 120 million members have access to the world’s leading hotel portfolio at the best room rates and member beneďŹ ts, as well our collection of Moments experiences that bring exploration and discovery of the world to the forefront.â€? Beginning on February 13, Marriott Rewards Moments and SPG Moments would become Marriott Bonvoy Moments, which together with Marriott Moments will feature approximately 120,000 experiences in 1,000 destinations available for purchase or by redeeming points.

Star Lager Shines at Concert

The City of Lagos came alive recently as Star Lager hosted thousands of fans and consumers at Dj Kaywise’s anticipated, Joor concert. The event held at the Abesan Mini Stadium, Abesan Estate, Ipaja, Lagos.It was a non-stop entertainment from top notch musicians dancers and comedians. At the show, fans and lovers of music were treated to great performances from street kings Mr Real, Slimcase, Small Doctor, the sensational Tiwa Savage, Reekado Banks, Mayorkun and others as they left the crowd asking for more. The energetic stage performances were captivating as the audience went on an unending sing-along of their favourite songs all through. It was an experience worth witnessing.The audience not wanting to be outdone by the music stars took up to the stage to display some dance moves. According to Portfolio Manager, National Premium Brands, NB Plc, Sarah Agha, “We are excited to be a part of this year’s Joor Concert. As a brand we are centered on giving back to our esteemed consumers for their loyalty. We take pride in delivering highly engaging and memorable moments to our consumers nationwide. By bringing them closer to their celebrities, we’re enabling them step into the brighter side. And we are determined to keep upgrading these experiences.� Star Lager has, since December 2018 provided memorable experience for consumers with One Lagos Fiesta, Wizkid VIP Experience, Olamide Live In Concert, Burna Boy Live, Warri Again and Uli Music Festival.

Halogen Security Bags ISO CertiďŹ cation

TheInternationalOrganisationforStandardisation(ISO)hasannounced the elevation of Halogen Security Company Limited, Nigeria’s premier enterprise security risk solution company to its certiďŹ cation category of ISO 9001:2015 Halogen achieved the new ISO certiďŹ cation recently following a rigorous certiďŹ cation exercise in which representatives of the International Organisation for Standardisation conducted a companywide audit of Halogen’s operations. The exercise which took the ISO representatives to all Halogen oďŹƒces nationwide, featured exhaustive interrogation of Halogen’s executives, systems, processes and operations, with a view to determining the company’s compliance with ISO’s stringent quality management system (QMS) stipulations. The new ISO 9001:2015 certiďŹ cation further builds on Halogen’s previous ISO certiďŹ cation in the category of ISO 9001: 2008. “By this feat, Halogen re-validates itself as one of a highly exclusive group of Nigerian businesses who subscribe to and subject themselves to the strict standard of operation (SOP) protocols developed by the international organisation for Standardisation,â€? a statement explained.

“TI believe the committee will complete its work this month. They were given three months and that report will be completed this month and passed to the president and the president will advise us on how to make full benefit of the AfCFTA�

Minister of Industry, Trade and Investment,

Mr. Okechukwu Enelamah

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BUSINESSWORLD LIMIT YOUR FOREIGN EXCHANGE EXPOSURE IN 2019, FSDH TELLS FIRMS

real Gross Domestic Product (GDP) growth rate of 1.94 per cent in 2018 and predicted a growth rate of 2.48 per cent in 2019. “The real GDP in 2018 showed improvement but the economy remains fragile. The real GDP growth rate still remains sluggish – lower than the population growth rate in the country of about 2.78 per cent. As at third quarter 2018, the three largest sectors of the economy, which account for 56 per cent of the total GDP, recorded positive growth rates. FSDH Research notes that other dominant sectors of the economy which contracted during the quarter recorded lower contractions than were recorded in second quarter of 2018,� the report stated. In terms of the opportunities in the Nigerian economy, the report noted that the agriculture INSURERS SEEK COLLABORATION AGAINST UNINSURED VEHICLES

Act of 1950, is the minimum insurance that owners of motor vehicles plying Nigerian roads are required to have. The policy covers liability for death or bodily injury to a third party arising from the use of the vehicle. Section 68 of the Insurance Act 2003 extends the liability to cover damage to the property of a third party to the tune of N1 million. It also makes it a criminal offence not to have a motor vehicle third party insurance policy and the penalty for non-compliance is imprisonment for one year or a fine of N250,000 or both. The Director General of NIA, Mrs Yetunde Ilori, warned Nigerians to ensure they renew their expired Motor Third Party Insurance Certificates, saying through the use of IT solutions, any uninsured vehicle could be detected and tracked down at any spot.

Group Business Editor

Obinna Chima

NEWS

Lokpobiri Urges Traders to Boycott Smuggled Products James Emejo in Abuja The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri has urged traders across the country to desist from patronising smuggled items as well as report those in possession of such to both security and regulatory agencies for punitive measures. Addressing women traders under the umbrella of the National Association of Nigerian Traders (NANTS) which held a peaceful campaign against illegal importation of foods and indiscriminate use of chemicals on food items, over the weekend, he said smuggling posed a fundamental problem to the country, adding that the federal government had set up a committee headed by the vice president and which included other relevant agencies to tackle the menace. He said the only way to defeat smuggling was for traders to blacklist identified products and increase their patronage of made in Nigeria products. He also warned of costly health concerns as some of the food preservation chemicals are unsafe for human consumption, some of them used to preserve dead bodies in mortuaries. The minister said: “And one point that we have always laboured to make is this collaboration with the traders because no matter the efforts you make, smuggling always continue.

“But if the traders do not buy these smuggled products, that is the beginning of the end of smuggling. He assured the traders of the ministry’s support to address the menace. He said: “I also want to enjoin you to please to sustain this campaign, it should not just be a one-day campaign. Somebody said here that today, we have children of between three to five years dying of kidney disease. Where did that come from? “It is because of the

smuggled food we eat. We are smuggling not only rice, we are smuggling poultry products, poisoned fish. And it is important for people to know that most of the smuggled poultry and fish products are preserved with what they used to preserve dead bodies.� “So anybody who is selling any of those products- fish, chicken or turkey that is frozen should know- unless he got it from a Nigerian poultry farm- know that what you are selling is preserved with

L-R: General Secretary, Nigeria Labour Congress, Dr. Peter Ozo-Eson; Managing Director, Heritage Bank, Ifie Sekibo; Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf; Founder/ Chairman, FATE Foundation, Mr. Fola Adeola; Former Minister of National Planning, Dr. Shamsuddeen Usman; Lecturer at the Lagos Business School, Dr. Doyin Salami; and General Manager/ Editor-in-Chief, Vanguard

‘Data Authentication, Detection Will Boost Financial Inclusion’ Emma Okonji The Chief Technology Officer of Social Lender, Bade Adesemowo, has said investment in data authentication and detection software by deposit money banks and other financial institutions can expand their loan database, improve services and boost the Central Bank of Nigeria’s (CBN) financial inclusion strategy. He said data authentication remained a challenge in Nigeria, adding that less than 10 per cent of adults have viable credit bureau data while less than 50 per cent have required data in Africa. In America, according to him,

“About 20 per cent of the adult population lacks access to formal credit. That is a significantly smaller market size, but a market gap all the same. This is where Social Lender comes in. There’s a need for an alternative measure of trust for the huge population. This alternative scoring solution is Social Lender’s Social Reputation Score.� He said the company’s solution could detect fake data, saying innovative service would boost financial inclusion and bring more development to the financial sector. Social Lender’s platform come with the capacity to authenticate loan applicants’ data based on social reputation before authorization is given by

the banks and financial institutions, which is paramount to the financial inclusion strategy. “Our system is actually training itself - machine learning - based on data we have acquired to improve performance of transactions on the system�, Adesemowo said. Social Lender offers customers access to microcredit based on their social reputation in their community while unbanked and under-banked Nigerians without access to formal credit can also benefit. This service focuses on social reputation on mobile, online and social communities. He stated that the platform was designed in such a way to

Air Peace Emerges Airline of theYear

AgriBusiness/Industry Editor

Chinedu Eze

Comms/e-Business Editor

Major Nigerian carrier, Air Peace has pledged to sustain its high safety standards and would continue to bring Nigeria honour in the global aviation industry. The airline made the promise after emerging as the airline of the year at Independent Awards 2018, held in Lagos. Organisers of the awards, Independent Newspapers Limited said the airline was chosen for impacting the aviation industry

Jonathan Eze 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)

gling will kill us. The best way to kill smuggling is to say no to selling of smuggled products.� He stresses that those selling smuggled items should be reported to security and regulatory agencies for proper action. The women traders led by Mrs. Ruth Agbo wielded placards with various inscriptions including ‘Cook local rice; encourage Nigerian processors; Trade Nigerian rice; support Nigerian farmers among others.

ECONOMIC DISCOURSE

Capital Market Editor

Goddy Egene

what they use to preserve dead bodies.� Lokpobiri said: “And that’s why it is so important that we sustain this campaign. You have taken the lead and I believe this campaign should take place all over the country because these smuggled products are sold all over the country so we can save all Nigerians who would have been victims to some of these smuggled products.� “The truth is that it is either we kill smuggling or smug-

in many great ways. In a letter to the Chairman/ Chief Executive Officer of Air Peace, Mr. Allen Onyema, the management of the newspaper said, “The Selection Committee considered how you have redefined flight operations in Nigeria by bringing to bear a regime of safety and comfort for travellers at a phenomenal level. “Your leadership in the Nigerian aviation industry is loud enough for all to see. For instance, in September 2018, Air

Peace signed an agreement with Boeing for the acquisition of 10 new 737 MAX 8 aircraft, making history as the first airline in West Africa to add such airliner to its fleet. “Besides, your company also set a new record with the acquisition of Boeing 777 aircraft, making you the first and only Nigerian airline to procure and register the brand of airliner in the country. Its arrival, no doubt, has further expanded your service profile to several other countries. The newspaper noted that

provide loan applicants’ data on the social community to banks and other financial institutions irrespective of locations. He said that there was need to “close the huge financial exclusion gap� and expand the options for financial institutions in data gathering for loan applicants before authorisation. He informed that established global financial institutions use credit history, credit bureau data and credit scores to arrive at lending decisions. Product Owner of Social Lender, Mudi Ogboru, said financial technology is a viable tool that has the capacity to reach the unbanked individuals in the

country “Banks today are serving about 40 million unique individuals in a country of about 200 million unique individuals. Fintech stakeholders can collaborate and build a strong network to deliver financial services to over 100 million Nigerians who the banks are not serving�, Ogboru said CEO of Social Lender, Faith Adesemowo informed that the company collaborated with several FinTech firms to create healthy competition in the industry, saying that the company is focusing on expansion to other countries to propagate financial literacy and inclusion.

since air commenced flight operations, “we observed with satisfaction that your organisation has been able to focus on developing a customer-centric brand personality that speaks to safety, innovation, dynamism, comfort, fun, sincerity, affordability and quality service. These corporate traits have given you a unique identity in the Nigerian aviation industry.� Meanwhile, Air Peace has dedicated the award to its loyal customers, saying it was grateful for the support given it

to excel in its flight operations. It pledged to sustain the high standards of its flight operations and bring Nigeria honour in the global aviation industry with its planned international flights to Dubai, Sharjah, London, Houston, Guangzhou-China, Mumbai and Johannesburg. The airline commended Independent Newspapers for boldly recognising merit, saying the company had acted consistently with the brand integrity it had been reputed for in the media industry.

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BUSINESSWORLD

MARKET REPORT

Equities Market Gains 3.9% as Investors Renew Buying Interest Goddy Egene Nigeria Plc led the price gainers with 10 per cent, trailed by Ikeja Hotel Plc with 9.3 per cent. Royal Exchange Plc and C & I Leasing Plc garnered 9.0 per cent apiece. NEM Insurance Plc, AXA Mansard Insurance Plc and United Capital Plc chalked up 8.6 per cent, 8.3 per cent and 8.0 per cent respectively. Conversely, Newrest ASL Services Plc led the price losers with 9.4 per cent followed by Veritas Kapital Assurance Plc with 9.0 per cent. Neimeth International Pharmaceuticals Plc shed 8.5 per cent, just as First Aluminum Nigeria Plc went down by 8.3 per cent. Activity level also strengthened as volume and value traded surged 126.7 per cent to 300.1 million shares and 199.2 per cent to N3.2 billion. Diamond Bank (100.7 million shares), GTBank (39.4 million shares ) and UBA (26.2 million shares ) were the top traded stocks by volume, while GTBank(N1.3 billion), Zenith Bank (N463.0 million) and Diamond Bank (N209.4 million) were the top traded by value.

The stock market made an unexpected recovery last week as investors embarked on bargain hunting in stocks perceived to have attractive valuation. After falling 17.8 per cent last year the market had opened the New Year on bearish note due to weak demand for stocks ahead of the general elections. However, some discerning investors decided to take advantage of prices of some stocks that had hit record lows. Hence, the return of the bulls to the market leading to seven days of gain. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated 3.9 per cent last week to close at 31,005.17, while market capitalisation ended higher at N11.562 trillion. Similarly, all other indices finished higher with the exception of the NSE Banking Index that depreciated by 1.04 per cent while the NSE ASeM index closed flat. The NSE Industrial Goods Index led with 12.7 per cent gain, followed by the NSE Insurance Index with 5.5 per cent, while NSE Consumer Goods Index and NSE Oil & Gas Index went up by 2.7 per cent and 0.59 per cent in that order. However, commenting on the market performance, analysts at Cordros Capital Limited said: “In spite of this week’s rally, our view continues to favour cautious trading pattern in the equities market amidst brewing political jitters ahead 2019 elections, and the absence of a positive market trigger. However, we the positive macroeconomic fundamentals to drive recovery in the long-term. Daily Performance The Chief Executive Officer of the NSE, Mr. Oscar Onyema, had on Monday, explained why the market declined last year. He had said it was the trend globally as most emerging and frontier markets closed weaker. He noted that in Nigeria, the market would remain volatile in the first half (H1) of 2019 before it will recover in second half (H2). “Accordingly, we anticipate volatility in equities market in H1 in 2019 with enhanced stability post-elections. We believe swift approval and implementation of the 2019 budget may have a positive impact on the companies’ earnings as well as consumer spending. Therefore, we anticipate a return of listings during the year with an uptick in market activity during the H2 of 2019,� Onyema said. Also, last Tuesday, the market the maintained bullish trend with the NSE ASI rising 0.4 per cent to close at 30,583.21, while market capitalisation added N45.7 billion to close at N11.4 trillion. The renewed demand has continued to boost prices of stocks. And buying interests in Dangote Cement Plc, Nigerian Breweries Plc among other bellwethers influenced the positive performance on that day. But Neimeth International Pharmaceuticals Plc led the price gainers’ chart with 9.4 per cent, trailed by NEM Insurance Plc with 9.7 per cent. Sovereign Trust Insurance Plc went up by 9.0 per cent, while Royal Exchange Plc and Jaiz Bank Plc chalked up 8.3 per cent and 8.0 per cent respectively. PZ Cussons Nigeria Plc, Union Diagnostic & Clinical Services Plc

Market Turnover In terms of turnover, investors traded 1.270 billion shares worth N13.463 billion in 16,476 deals were traded last week in contrast to a total of 1.265 billion shares valued at N14.074 billion that exchanged hands in 19,278 deals the previous week. However, the Financial Services Industry remained the most active recording 1.131 billion shares valued at N10.573 billion traded in 10,352 deals. The Consumer Goods Industry followed with 37.744 million shares worth N1.628 billion in 2,054 deals. The Conglomerates Industry occupied the third position with 37.699 million shares worth N102.918 million in 566 deals. Trading in the top three equities namely, Diamond Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc accounted for 696.955 million shares worth N8.509 billion in 3,753 deals.

and Wema Bank Plc garnered 7.7 per cent, 7.4 per cent and 5.1 per cent in that order. Cement Company of Northern Nigeria Plc and Forte Oil Plc appreciated by 4.5 per cent and 2.5 per cent respectively. Conversely, Etranzact Plc led the price losers with 9.8 per cent, trailed by Resort Savings and Loans Plc with 9.6 per cent, just as Cornerstone Insurance Plc shed 9.0 per cent. NPF Microfinance Bank Plc went down by 8.1 per cent, while First Aluminium and AXA Mansard Insurance Plc depreciated by 6.0 per cent and 4.6 per cent in that order. By Wednesday, the market had recovered N235 billion in three days following gains recorded by bellwether stocks. The market capitalisation rose from N11.124 trillion to N11.329 trillion in three days, while the NSE ASI rose 2.1 per cent from 29,830.70 to close at 30,460.68 in the three days. However, on Wednesday alone, accounted for 1.07 per cent bolstered by gains in bellwether counters such as Guinness Nigeria Plc, Forte Oil Plc, Dangote Cement Plc and United Bank for Africa Plc among others.

A total of 24 stocks appreciated compared with 16 others that depreciated. Sovereign Trust Insurance Plc and Veritas Kapital Assurance Plc led the price gainers with 10 per cent apiece. Guinness Nigeria Plc followed with 9.6 per cent, just as Honeywell Flour Mills Plc and NEM Insurance Plc chalked up 9.5 per cent each. Custodian Investment Plc added 9.4 per cent just as Niger Insurance Plc, Union Diagnostic and Clinical Services Plc and University Press Plc garnered 9.1 per cent, 8.0 per cent and 5.2 per cent respectively. UBA was also among the price gainers, rising 2.0 per cent or N0.15 to close at N7.45 per share as investors took position ahead of dividend announcement by the bank. The board of directors of the bank will meet soon to approved its 2018 financial accounts and recommend a final dividend for the year. Having paid an interim dividend for the half year, expectations are high that UBA will give a dividend that is higher than what was paid the previous year. Beta Glass Plc led the price losers with 10 per cent trailed by Northern

Nigerian Flour Mills Plc with 9.2 per cent. Resort Savings and Loans Plc shed 8.8 per cent, while PZ Cussons Nigeria Plc and Neimeth International Pharmaceuticals Plc 8.3 per cent and 4.6 per cent in that order. Activity level was, however, mixed as volume traded increased 1.9 per cent to 305.8 million shares while value traded declined 35.3 per cent to N2.1 billion. The top traded stocks by volume were Diamond Bank (141.2 million shares), Fidelity Bank Plc (18.6 million shares ) and GTBank (17.4 million shares) while GTBank(N577.7 million), Zenith Bank (N357.1 million) and Diamond Bank (N296.6 million) were the top traded by value. The stock market appreciated further on Thursday as the bulls consolidated their hold on the market. As a result the NSE ASI appreciated 0.58 per cent to close higher at 30,137.53, while market capitalisation added N64.4 billion to end at N11.2 trillion. Buying interest in Zenith Bank Plc, Dangote Sugar Refinery Plc and Stanbic IBTC Holdings Plc propelled the positive performance. However, Cement Company of Northern

Price Gainers and Losers Meanwhile, 38 equities appreciated in price last week higher than 22 recorded the previous week, while 29 equities depreciated in price, lower than 44 of the previous week. NEM Insurance Plc led the price gainers with 43.3 per cent, trailed by Sovereign Trust Bank Plc Insurance Plc with 30 per cent, while Royal Exchange Plc chalked up 28.5 per cent. Cement Company of Northern Nigeria Plc garnered 25.5 per cent just as Custodian Investment Plc and Union Bank of Nigeria Plc gained 21.7 per cent and 12.5 per cent. Other top price advancers included: Dangote Cement Plc (10.1 per cent); Regency Assurance Plc (10 per cent); Unity Bank Plc (9.6 per cent) and Ikeja Hotel Plc (9.3 per cent). On the contrary, Resort Savings & Loans Plc led the price losers with 29 per cent, followed by Beta Glass Plc with 17.9 per cent. Linkage Assurance Plc shed 13.8 per cent, while Berger Paints Nigeria Plc and E-Tranzact International Plc lost 9.8 per cent. NewRest ASL Nigeria Plc went down by 9.4 per cent, just as Livestock Feeds Plc depreciated by 9.4 per cent. Other top price losers were: Livestock Feeds Plc (9.4 per cent); Northern Nigeria Flour Mills Plc (9.2 per cent); Cornerstone Insurance Plc and WAPIC Insurance Plc (9.0 apiece).

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NCS Seme Command Generates N1bn in One Month Eromosele Abiodun The Seme Area Command of the Nigeria Customs Service (NCS) has announced a revenue and seizure of contraband goods worth N1.055 billion in the month of December 2018. Controller of the command, Comptroller Muhammed Uba, who announced this in a chat with newsmen in Seme, said the command generated the sum of N623 billion, representing about 92 per cent of the command’s target allocated. Uba, said among the seized items recorded within the period included 22 fairly used vehicles and six means of conveyance, 6,753 bags of 50kg foreign rice which is equivalent to over 11 trailer truck valued at N157 million, 25 jerry cans of vegetable oil worth N573, 750 and 50kg bags of sugar with a Duty Paid Value ( DPV) N567, 000. Others were: 25 litres of PMS with DPV of N106,500, 21 cartons of tinned tomatoes worth N127,575, two sacks of used shoes worth N67,500 and 91 parcels of hard drugs/

narcotics which he said have been handed over to National Drug Law Enforcement Agency (NDLEA). According to him, “Notable amongst the seized vehicles are Toyota Coaster Van (2014 model), Toyota Landcruiser Prado (2011), Mercedes Benz GLK 350 (2010), Toyota Sienna (2013), Toyota 4Runner (2014) and a host of others. The combined duty paid value (DPV) for the vehicles stands at N177,314,091. The gand total for both seizures and revenue is N1.055 billion.� Uba said seven suspects were arrested in connection with the seizures, adding that “one of the suspects Difo Kenneth Cornelius, who was transferred to the NDLEA Seme Command in August 2018, has been prosecuted successfully and was imprisoned for a term of two years on 30th November 2018 for unlawfull possession of 7kg of cannabis.� He said with the inauguration and subsequent movement of the command to the Joint Border Post of Seme-Krake, the operations of the command will

be further enhanced through cooperation, collaboration and regional integration by facilitating the free movement of persons and services, reduction of trade and logistic costs, increasing inter- regional trade, increase of government revenue by eliminating trade barriers, reduction of delays, operating cost and availability of baseline data for impact assessment. He assured stakeholders that the command would not only surpass this year’s revenue target but would further strengthen its anti-smuggling operations against trans-border crimes through intelligence driven operations and continuous partnerships with other relevant agencies for effective border management to stem the unlawful activities of “daredevil criminals� “We, however, assure members of both local and business communities that the command will increase dialogue, enlightenment and robust stakeholder engagements for seamless operations through the modern Joint Border Post.

Apapa Road Construction Excites Port Users Port stakeholders have commended the construction company handling the twokilometre Apapa Wharf road as the construction of the road nears completion and ready for use. The reconstruction, which ignited the chronic and dreaded gridlock at Apapa began two years ago, and defeated all solutions, including the Presidential directive of a 48hour to free the road, after an earlier directive of the Lagos Government failed. The road is been reconstructed through Public Private Initiative (PPI) by AG Dangote, supervised by the Federal Ministry of Works and Housing, from funds raised by the Dangote Group, the Nigeria Flour Mill and the Nigerian Ports Authority (NPA). Speaking on the development,

Terminal Manager Hull Blyth Nigeria Limited, Mr Donald Obilonu, said the completion of the road would bring relief to transporters, who were hitherto worse hit by the bad conditions of the road. According to him, the bad nature of the port road had made transporters to increasing haulage fare above 100 per cent, a situation that had pitched them against operators and regulators most times. “They keep saying that the tear and wear the trucks are subjected to on the bad road and coupled with delays that trucks encounter in getting to port, that in most cases then takes up to a whole week, made them to hike fares, �Obilonu said. The manager, who expressed

excitement on the commencement of construction on the Tin Can port road, said that port users would be most grateful to see it completed on time. On his part, Port Manager, Bhosource Business Support Services Limited, Mr Francis Odusanya, said that the completion of the road would fast track businesses at the port. “As an investor most of the factors and variables one plots in as a result of the traffic congestion and its attendant unforeseen expenses will be off the radar,� he said. A Terminal Manager with ENL Consortium Limited, Mr Andrew Young said there has been improvement in accessing the port since mid- December when trucks were allowed to use the road.

Firm Wins NIMASA’s Award One of the leading port operators, Tin Can Island Container Terminal (TICT) has been conferred with the Terminal Operator of the Year Award by the Nigerian Maritime Administration and Safety Agency (NIMASA). The award was conferred on TICT in Lagos recently, at the NIMASA Corporate Dinner and Merit Awards chaired by former Head of State, General Abdulsalami Abubakar and attended by the Secretary to the Government of the Federation, Boss Mustapha, the Minister of Transportation, Rotimi Amaechi, and the Director-General of NIMASA, Dakuku Peterside, among other dignitaries. TICT owns and operates Terminal B of the Tin Can Island Port, Lagos. The terminal has three berths with operation capacity of 360,000 twenty-foot equivalent units (TEUs), a shore length of 770 meters and a backyard of

240,000 square meters. Since it won the federal government’s concession to develop and operate Terminal B of the Tin Can Island Port in 2006, TICT has invested about N70 billion ($225 million) on the provision and development of facilities at the terminal. The terminal has also improved on service delivery and trained top quality manpower, giving rise to professional and effective service delivery at the port. Ship turnaround time at the terminal remains one of the best, as vessels spend only a few hours at berthing point to discharge their consignments as against over 30 days spent for the same purpose before the 2006 port concession. In November 2017, TICT made history when it unveiled the first set of female harbour crane and Rubber Tyre Gantry (RTG) operators in Africa. The operators – Oni Taiwo

Omotayo; Tina Onwudiwe; Adewale Adegoroye; Adeniran Maltida and Ajayi Oluwaseun were the first set of women to be trained in heavy-duty cranes operation in the country and the entire Africa. “What is interesting is that we were able to bring in women operator into our industrial equipment conduct, which means that it is an additional opportunity for women in Nigeria and also a role model within and beyond the continent that women can actually turn into equipment operator in what has traditionally been a man dominated industry. “Nigeria is the largest economy in Africa and Nigeria is also showing the way for women employment into the port industry. So it is setting the pace for others within Nigeria and Africa as well,� TICT had said during the unveiling of the female crane operators in 2017.

INSIDE BROAD STREET

AfrinvestForeseesTightContest inPresidential Election

Buhari With less than one month to Nigeria’s presidential election, Afrinvest West Africa Limited has predicted that the poll will “once again be a tight contest between the two leading political parties.� The firm disclosed this in its macroeconomic review of 2018 and outlook for 2019, titled: “On the Precipe,� unveiled at the weekend. According to the Deputy Managing Director, Afrinvest West Africa Limited, Mr. Victor Ndukauba, the contest would be similar to 2015 when President Muhammadu Buhari of the All Progressives Congress (APC) unseated President Jonathan and the Peoples Democratic Party (PDP) which had hitherto been in power for 16 years. According to Ndukauba, the macroeconomic outlook for 2019 is largely dependent on the outcome of the general elections and the likely impact it would have on the overall economy. “In 2015, anti-corruption, security and the economy were on the ballot. President Buhari was considered an honest politician who would fight corruption and a former army general capable of resolving Boko Haram insurgency as well as security issues in the Niger-Delta. Similarly, President Buhari received wide approval because he promised social interventions to reduce poverty. “This was because despite robust growth under the PDP, inequality and poverty worsened. “Going into the 2019 elections, these issues are still on the ballot, but the larger part of the conversation has been focused on the economy,� he explained. Growth in Nigeria has retreated to below long-term growth rate of six to seven per cent, just as unemployment and underemployment have worsened at 23.1 per cent and 20.1 per cent respectively in third quarter 2018 (8.2% and 18.3% respectively in Q2:2015), According to a report by the Brookings Institution, Nigeria now has the highest number of poor people in the world – making Nigeria the world’s poverty capital. Also, while security has improved slightly, the risk of instability is still elevated across regions. In the North-east, Boko-Haram continues to wreak havoc. Nevertheless, the report predicted that in 2019, the currency faces a downside risk. It noted that foreign capital flows may remain constrained due to both political risk and elevated interest rate in advanced economies. This, it noted, would heavily impact Nigeria’s external position and weaken external reserves accretion. “However, the Central Bank of Nigeria has guided towards a tight monetary policy stance which should help attract capital inflows. We also expect a stable current account surplus to support reserves accretion, if oil production remains steady at 2.1 million barrels per day as expected, and oil prices remain above US$50 per barrel. “Overall, we believe the exchange rate will remain stable, especially in first half of 2019, since the CBN has ample reserves for interventions. However, we note that pressure on the currency will intensify in second half of 2019. Hence, we may see a depreciation in the currency to N401/$1, mirroring the rate of 12-month non-deliverable forwards quoted

on Bloomberg,� the firm stated in the report. Furthermore, it noted that the likely emergence of a new Central Bank of Nigeria Governor by mid-2019, may result in a new exchange rate policy, just as it forecasted that monetary policy would remain tight this year. “The monetary policy environment has remained tight since 2016 despite weak economic growth. While growth has stayed below population growth rate of 2.6 per cent since 2016, inflation has remained elevated at double-digit – slowing to 12.2 per cent monthly average in 2018 (2017: 16.5%). “With price stability as objective, the MPC retained Monetary Policy Rate at 14 per cent, with a corridor of +2%/-5% in 2018, as well as cash reserve ratio at 22.5 per cent and liquidity ratio at 30 per cent in 2018. “Looking forward, the guidance offered by the Bank so far is that the restrictive monetary policy stance will remain in place for the early part of 2019. “This is due to expected inflationary pressures from food shortages, fiscal spending and possible implementation of a new minimum wage of N30,000/month. “In our view, food shortages and a devaluation in exchange rate are the biggest threats to inflation, as well as pricing adjustments for electricity and petrol,� Ndukauba explained. On his part, the Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo, anticipated that in 2019, the equities market would remain unfavoured by investors until after elections, “which wraps up in March 2019, when the effect of the negative sentiment is expected to dissipate.� “This makes calling the market herculean. Nonetheless, we modelled market return scenarios around expectations on domestic monetary and fiscal policy, possible election outcomes, momentum of economic growth, dynamics of funds flow and outlook on global growth with the possible effect on policy normalisation. “Although we are positive on equities market performance post-elections, our expectation hinges on possible scenarios amidst the various risk factors envisaged for equity investing in 2019. “We conceptualised three major possible outcomes that could play out irrespective of the winner of the presidential elections. These outcomes include the pessimistic case, the base case and the optimistic case. The pessimistic case, with a probability of 40 per cent envisions a less likely post election violence characterised by slower than expected pace of economic growth in addition to negative signals in monetary policy management and increased pace of policy normalisation, especially from the Bank of England (BoE). On the other hand, it stated that in the event that status quo is maintained in major policy disposition with successful and violence - free elections, irrespective of the winner, this would result in a base case. Finally, the optimistic case was the least likely scenario with a probability of 10 per cent, where the firm believed that a change in monetary and fiscal policy to drive investments would improve macroeconomic

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Udoma: Private Sector Investments Required to Boost Growth The Minister of Budget and National Planning, Senator Udoma Udoma, in this interview, says the Nigerian economy is in a better position today, compared to where it was in 2015, when the present government took over. He insists that the Economic Recovery and Growth Plan has been helpful in driving economic growth, saying the 2019 budget proposal will support the government’s diversification efforts as well as ensure inclusive and sustainable growth for the economy. Obinna Chima presents the excerpts: Can you give us a highlight of the 2019 Appropriation Bill recently presented to the National Assembly? The aim of the budget is to restore the economy to a diversified, inclusive and sustainable growth path. That is the thrust of the Economic Recovery and Growth Plan (ERGP). I have to say that the ERGP has put us on a better position today that when we started in 2015. Not where we want to be, but in a much better place. So, the budget is a budget of continuity and it reflects the various reforms and initiatives of the ERGP and roadmap to economic prosperity. The benchmark oil production is 2.3 million barrels, oil price $60 per barrel and exchange rate N305 to a dollar and inflation rate 9.98 per cent. We also have growth rate target of 3.01 per cent for 2019. As you can see, the expected revenue is slightly less than 2018. The expected revenue is N6.9 trillion, whereas in 2018, it was N7.1 trillion. And the expected revenue was slightly less because they were some revenue items which it was clear that we were not able to achieve. We tried very hard to increase independent revenue, but we couldn’t achieve them. Therefore, we have cut the projection down to N624.580 billion. As you must have heard, we are not satisfied with the revenue. Our whole target is to find ways of increasing revenue. It is because of the revenue situation that the budget is slightly smaller this year and because we don’t want to continue borrowing. Because of the commitment to the minimum wage and in paying salaries, the amount we provided for in the recurrent expenditure will rise from N3.52 trillion in 2018, to N4.72 trillion. So, there is substantial increase in our recurrent expenditure. That was the reason the president set up the technical committee. It was meant to look for additional revenue and make sure that paying a higher minimum wage and with the consequences of the salary adjustment which normally follows a minimum wage increase, that we would still be able we spend on capital infrastructure such as roads, education and health. That was why the committee was set. The committee is simply to look at how to raise additional revenue, so that as our wage bill goes up, we get more revenue to ensure that our spending on capital infrastructure is not reduced. We are also bringing the projected deficit from N1.95 trillion to N1.859 trillion and it is still within the Fiscal Responsibility Act. We want to ensure that our Debt Service to Revenue ratio does not rise, because ultimately you pay your debt from revenue. So, it is a very prudent budget. I know many people have said what we need is a larger budget. We all want a larger budget. Indeed, Nigeria deserves a much larger budget. Our budget is too small for our needs and everybody can see that. However, we have to find the money. There is no point having a large budget that you can’t fund. So, this is a budget we believe we can fund. But I believe that as we get more revenue, we would continue to increase the size of our budget. But the argument is that the impact of the 2018 budget wasn’t felt and there is also the argument that compared to the country’s population, the size of the national budget is still very small. What is your take on this? We need to increase the size of our budget. But what we are looking at is sustainability. So, when you realise that your pattern of expenditure is increasing, you need to do something. It is not something that can be done in the short-term. All these things take

Udoma time and some even require legislation. So, we can see that recurrent expenditure is rising and capital budget is getting smaller. So, we put up a committee so that as we go on, we can now raise revenue, so that our capital budget will not suffer. We have a long-term strategic plan. It is not a one-year thing and you can see that from the Economic and Recovery Growth Plan. You can see from the budget that recurrent is rising while capital is getting smaller. But

That the budget is slightly smaller this year and because we don’t want to continue borrowing. Because of the commitment to the minimum wage and in paying salaries, the amount we provided for in the recurrent expenditure will rise from N3.52 trillion in 2018, to N4.72 trillion

we provided for it because we believe that salaries must be paid and if you notice, he is directed all state governments to make sure they pay salaries. So, what we are doing is to increase our revenue, so that we can pay salaries and still have enough resources for our capital expenditure. Having said that, we need to ensure that the government is not just about paying salaries. We need to ensure that the government has revenue to be able to meet it other obligations. Don’t you think the crude oil assumption in the 2019 proposed budget is over ambitious? The current oil production is about 2.09 million barrels per day and you are saying we shouldn’t be ambitious and that we should just stay where we are? I don’t think so. I think we should challenge the NNPC. They have the capacity to produce 2.5 million barrels per day. Let us not say because we are producing 2.09 million barrels per day, that we should remain at that. No. you challenge them and we believe we can achieve it. The Senate President recently described the 2019 budget proposal as ‘hopeless.’ Do you think the document your ministry prepared is hopeless? You know the Senate President is the Director General of the campaign of the Peoples Democratic Party, so what else do you expect him to say? I think a number of comments were made by the Atiku Campaign Committee and we have

responded to them. Comments were made that the budget is too small and that we need to spend more. Yes, we know, but they didn’t suggest where the money would come from. They were also comments about the oil price and other benchmark and we have responded. Since 2015, the level of GDP growth the country has recorded has been way below what we used to have before then. What explains the new normal of an average of two per cent GDP growth we have seen in Nigeria in the past three years? If you look at the ERGP, our target is seven per cent GDP growth. But you don’t start from minus zero and get to seven per cent overnight. And what I think we should be looking at is the direction of movement. Are we moving towards that target? I will like us to be growing at, at least seven per cent and that is our focus and we can only do that year-by-year. So, the Economic Management Team meet every week, we look at the indices and we tweak where we can. One of things that will help is an increase in private sector investments, but it takes time. Even if a company wants to build a factory, just the planning of the factory alone takes time. But if you look at the budget and our programme, we are doing special economic zone in partnership with the private sector, in all the six geo-political zones. We are trying to make sure that within those zones we have CONTINUED ON PAGE 30

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UDOMA: PRIVATE SECTOR INVESTMENTS REQUIRED TO BOOST GROWTH power, water and everything required. We are looking at the Ariaria market in Abia State, markets in Lagos. So, we are looking at small and medium scale enterprises as well as the large ones. Basically we are firing on all engines in order to achieve that seven per cent target. But we are not going to make it in 2019 and by 2020, you can be talking about five per cent or more. One thing about the economy is that it takes some time to get momentum, but once you get the momentum you grow rapidly. So, what we are doing right now is to build up that momentum. Why is that every year, especially on the expenditure side, we see some items being repeated annually? It depends. A lot of infrastructure projects take time. For instance, if you are doing a road that takes about four years, you see some of the items repeated. But let’s face it. Even in our homes, if you are going to do your family budget year after year, you will be amazed at how many items will re-occur in your family budget. Talk about cars for instance, no agency buys all the cars that it needs in one year because there are not enough resources. There is no agency where all the cars they have were bought in one year. So, the cars would be replaced as at when they fall due for replacement. So, some of the fleets would be due for replacement this year, while some would be due to next. So that is why you see vehicles in the budget every year. Same with computers. You have an agency that has 500 computers, they are not going to buy all of them in one year. The budget won’t even allow that. It would be bought in piecemeal. Another thing is that just because it is in the budget for a given year does not mean it was bought. This is because sometimes, due to paucity of resources, the budget is not fully implemented and if it is not fully implemented, the item is repeated and carried over to next year. It doesn’t mean it is same items that are being bought over and over. In 2018 budget there was provision for the sale of some power assets such as the Yola Disco and Afam Power Plant which didn’t take place last year. Do you still have plan to see these assets? Yes, as you are aware, the process of selling those assets, late last year, the Bureau of Public Enterprises announced that they have carried forward the sale to 2019. So, we have carried forward the projections. In 2018, we projected about N300 billion from the sale of those assets. We have even moderated the projections down in 2019 to N210 billion. The process is ongoing and the projected revenues have been captured in the 2019 budget. Is the ERGP actually feasible and does the ERGP have a self-sustaining mechanism in case another administration takes over? You will recall that in the development of the ERGP, we did extensive consultations and I spent quite some time with the National Assembly across party lines. We also spent some time with the states across party lines, the private sector and we took on board all the views of every one. And when the document came out, there was unanimity that, this is the blueprint that can take Nigeria to where we want to be – a diversified, inclusive and sustainable growth. And so, I believe that being a document that everybody was part of, then that document must be fully implemented. It is moving in the right direction and what the president has told those of us involved in governance is that we should focus in trying to make sure that the economy doesn’t slow down or doesn’t suffer because of the election and that we should concentrate on our work. That is what we have been concentrating on and that is why you don’t see me make political statements. So, this is a national document and a document that everybody believes and shares. Of course, a new government will want to fine-tune one or two things. But from all indications, it is same government that is going to be there. This is a document that can transform Nigeria. In the course of your role as a minister, you have had challenges, can you share some of these challenges with us. Also, you had a very long private sector experience and today you are a minister. What can you say about public service delivery in Nigeria? You know the management of people and

Udoms resources – whether in the public or private sector – it is same. So, anybody who has had experience at the high level in the private sector as I had, as Chairman of Union Bank, Chairman of UAC as well as building one of the largest law firms. I started the law firm just myself and my clerk and now we have other partners and overall we have over 100 staff. So, I have experience in motivating people and managing people. So, that has helped. So, I am just here as minister to do my best and eventually, go back to the private sector. My father always told me that whatever success you make in life, if you don’t give something back to your nation and your people, then you have failed. So, what I am doing today as a minister is my way of giving back to my country. Let’s go back to the 2019 proposed budget. I had an interview with the chief executive of ďŹ rm who also faulted the proposal. Ac-

Our problem is revenue. We are not able to maximise the revenue potential of this country. Our tax collection for instance is still low. So, you can imagine if we can move our revenue level to about 12 per cent of Gross Domestic Product. It will immediately knock down the debt service to revenue ratio. That is why I keep on saying that what we have is a revenue problem and not a debt problem

cording to him, assuming the president wins, given the frosty relationship between the executive and legislature, they may frustrate its passage and that if the opposition wins may throw away the budget proposal. Have you considered any of these scenario? I think that basically, a government has to manage situations. So, you have to reach out and find common ground, which is what I have been doing. So, you will find out that whether the Senate President is in PDP, I meet with him and brief him. I do same with the Speaker. This is because you are dealing with the office. So, we need to sit down and find common ground with the National Assembly. I believe that all members of the National Assembly are nationalists and at the end of the day, they would want to see a situation where this country improves. So, we sit down and engage. There is nothing that can be achieved unless we engage. You listen to them to hear the issues that they may have and you explain because ultimately, without their support, you can’t do anything. So, we would engage them. This government’s high debt level and its expanding debt service ratio as well have remained a concern to Nigerians. Are you not worried about this I think this is something we have addressed quite a lot. Our problem is not a debt problem; it is a revenue problem. Our debt is quite low, relative to most comparative countries. But our problem is revenue. We are not able to maximise the revenue potential of this country. Our tax collection for instance is still low. So, you can imagine if we can move our revenue level to about 12 per cent of Gross Domestic Product. It will immediately knock down the debt service to revenue ratio. That is why I keep on saying that what we have is a revenue problem and not a debt problem. So, we must go after revenue. The problem with revenue is that ultimately, it means getting Nigerians to pay taxes. So, you can’t do it dramatically. To ask for more tax, you have to show people what you are doing with the tax you have collected. But we are not asking people who do not have money to pay tax. We are asking people who earn money to pay tax. But if we are able to

show people how we are using the money, then they would gladly pay more. You know sadly, for so long, we depended on oil revenue. The fastest growing economy in Africa today, they don’t have oil. So, that over reliance on oil is part of our problem. So, we are working on it. But it is not easy. People don’t like to pay tax and so you have to take it step by step. Look at our agencies, we try to see how they can generate more revenue. For instance, for years, the Joint Admission and Matriculation Board (JAMB), for years it was returning less than N500 million and when a new person was appointed, he returned N7.8 billion in the first year. So we need more of such and we must find a way to reward people who perform. Generally, in the private sector, that is how we do it. We tie compensation to performance. But it is more difficult in the public sector and we must find a way of tying compensation to performance. You have all sorts of challenges in the public sector. But challenges are meant to be overcome. I do not believe that there is any challenge in Nigeria today that we cannot surmount. It is a question of application and doing the right thing continuously for a long time. If you look at those countries that we always talk about, they did the right things for years. Sometimes, it takes about five years before results start manifesting. But Nigerians expect it in six months. We are on the right track and what we need to do is stay on that path and don’t be discouraged and over a period of time, we would see a dramatic change and even surpass the seven percent growth rate we talked about. Once again, in Nigeria we have the capacity to grow and that capacity is what we must leverage on to get Nigeria to where it ought to be. What is the implementation level of the 2018 budget? We now have the final numbers for last quarter. We reckon that the total performance is about 75 per cent. That means we didn’t spend about N2.2 trillion of what we projected to spend. Sadly, bulk of that shortfall comes from drop in capital revenue, where we had projected about N2.8 trillion to be spent.

31

5 ) * 4 % ": t MONDAY, JANUARY 21, 2019

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5 ) * 4 % ": t MONDAY, JANUARY 21, 2019

5 ) * 4 % ": t MONDAY, JANUARY 21, 2019

33

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5 ) * 4 % ": t MONDAY, JANUARY 21, 2019

5 ) * 4 % ": t MONDAY, JANUARY 21, 2019

35

36

M O N DAY Ëž JANUARY 21, 2019

BUSINESS/MONEYGUIDE

CBNTasksVarsities, Others on Agric Research Nume Ekeghe The Deputy Governor in charge of the Economic Policy Directorate at the Central Bank of Nigeria (CBN), Dr. Okwu Joseph Nnanna has challenged universities and research institutes in the country to find solutions to challenges confronting Nigeria’s agricultural sector. A statement quoted Nnanna to have said this in Uturu, Abia State at the weekend, while delivering the 26th Pre-Convocation Lecture of Abia State University entitled: “Diversification of the Nigerian Economy through the Agricultural Sector�. While acknowledging that much had been done by various institutions in developing improved agricultural technologies, he noted that a lot more research still needed to be done to in developing and adopting technologies and innovative ways to combat issues relating to pests and diseases in addition to new techniques in biotechnology for agricultural activities.

The deputy governor also noted the crucial role played by the private sector in economic diversification through access to affordable credit facilities and other opportunities that support innovation and exploitation of untapped resources. In spite of this, he regretted that Nigeria still lacked the human capacity with entrepreneurial and innovative skills to drive the economy to the height of industrialised economies. According to him, universities remained knowledge and innovation hubs where fresh ideas could be developed and used in industry for economic transformation, adding that research and development were invaluable in the transformation of agricultural systems, increasing productivity and driving innovation in economies across the globe. Rationalising the need for diversification of the Nigerian economy away from crude oil, Nnanna said the country’s vulnerability to the oil sector did not augur well for the long-term economic stability

and development of Nigeria. He therefore emphasised the need for all stakeholders, including the government, private sector, organised labour and research and academic institutions to actively participate in the process of diversifying the economy. He cited inadequate requisite infrastructure, poor storage and processing facilities, low public-private-partnership and underdeveloped value chain as some of the challenges of economic diversification in Nigeria. He, however, said the fiscal and monetary authorities in the country were doing the needful to fast-track economic diversification in Nigeria, particularly in agriculture through crops such as rice, cassava, fish, cotton, maize, oil palm, soya beans, all of which the country has comparative advantage. On the part of the CBN, he said the Bank would continue to implement both conventional and non-conventional policies to sustain macroeconomic stability in the country.

Nnanna

MARKET INDICATORS

EFInA Appoints Diei CEO The Enhancing Financial Innovation and Access (EFInA) has announced the appointment of Mr. Esaie Diei as its Chief Executive Officer. In this capacity Diei, would be responsible for leading EFInA and ensuring that the organisation continues to advance on its mission of facilitating the emergence of an all-inclusive and growth-promoting financial system in Nigeria. Diei brings a deep experience of working at senior level in financial inclusion and in financial markets; strong relationship management experience with the ability to effectively engage with diverse stakeholders; and a strong understanding of the operation, challenges, technical and political context of the Nigerian financial system. He has over 30 years professional experience in management, product development, marketing and digital innovation. Diei is an alumnus of ESCA (Ecole Superieure de commerce d’Abidjan), a highly rated Business School in Cote d’Ivoire in partnership with the University of Brighton (United Kingdom).

Diei began his career at IBM in 1998 as a sales manager before moving to United Bank of Africa (UBA) in 1999, as Head, Card & Payments. In 2009, he was appointed Group Head, Prepaid Card Business and in this capacity he played an important role in UBA’s digital banking transformation. Esaie took up an appointment with Globacom in 2014 as Group Head, Mobile Financial Business and led the company’s digital transformation in mobile payments. In 2017, he was appointed the CEO, MoneyMaster Limited, a Globacom subsidiary focused on digital financial business. Diei has made substantial contributions to the development of financial inclusion in Nigeria particularly through his work on the Central Bank’s Committee set up to develop the regulatory framework for licensing superagents where he served as vice chairman. He was one of 40 Digital innovation experts from Africa selected by the Consultative Group to Assist the Poor (CGAP) in 2011 to participate at a gathering in Washington DC

MONEY AND CREDIT STATISTICS called to examine the challenges and opportunities which existed in promoting financial inclusion through innovation. Commenting on the appointment, EFInA’s Board Chair, Mr Segun Akerele said: “Esaie has the right mix of experience in leadership, digital innovation and management needed to lead the next phase of EFInA’s growth. “We are happy he has agreed to join us as he shares the values and aspirations of this company and its donors. On behalf of the Board of Directors. “I wholeheartedly welcome Esaie to EFInA and wish him every success.� In response, Diei stated that: “I am excited to join this wonderful team of highly driven individuals who are investing their skills and efforts in advancing access to financial services and opportunities for the poor in Nigeria. “I am confident that working together with our stakeholders we will be able to achieve our goals and meet Nigeria’s Financial Inclusion targets by 2020.�

(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)

Kairos Capital Targets Increased Market Share Kairos Capital Limited has expressed its prepared to increase its market share in the financial market, through the delivery of superior services and product offerings. Managing Director of the firm, Mr. Sam Chidoka, said this in an interview in Lagos, recently. Kairos Capital is an Issuing House, a newly licenced financial advisory firm and an underwriter that commenced operations last September. Chidoka, said the strategic intent of the firm is to grow capacity, show capacity and be bold. “We intend to use this year as a year of announcement to show capacity. We have a couple of clients we are working with and in the next few months, the transaction we have done will be hitting the market and people will see what we have done. “So we clearly want to see

Kairos as a market leader. We believe in co-competition. We believe in collaboration and competition. We are not coming to the market to just compete, but we have had friends in the market and we still have friends and we want to co-compete. “We want to continue to build capacity in collaborating with them on their transactions and they collaborating with us on our transactions while we compete. “So the idea is to have Kairos stand out in the market in the next few years and probably start to diversify our investment types over time that in the next future,� Chidoka said. According to him, in the next 24 months, the firm would be focused on corporate finance, capital raising, advisory, divestitures, spinoffs, management, takeovers and such transactions.

“We are absolutely very confident. The team at Kairos has combined experience of over 60 years. And so what we hope to offer in the market, our unique selling point is the fact that we intend to work with our clients very closely. “We are not going to be all things to all men. We intend to have some unique clients that we would service over and over. What we hope to do is to work with our clients from when they are issuing to when they are not issuing because in the financial advisory space, we find that there are a lot of things going on with clients that if you are not close to them they won’t confide in you. b“We expect that by the second quarter, we will be taking one firm to Nigerian Stock Exchange for listing,� he explained.

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 WEDNESDAY, 16 JANUARY 2019

The price of OPEC basket of fourteen crudes stood at $59.52 a barrel on Wednesday, compared with $58.24 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

37

M O N DAY ˾ JANUARY 21, 2019

MARKET NEWS

NEM Insurance Rises 43% as AFIG Funds Acquire 29.9% Stake Goddy Egene Shares of NEN Insurance Plc soared by 43 per cent last week as the stock market reacted positively to 29.9 per cent equity acquisition by a leading African private equity fund manager, Advanced Finance and Investment Group(AFIG Funds). With this acquisition, AFIG Funds has become the largest shareholder in NEM Insurance. It also signified the commence-

ment of a strategic partnership between AFIG Funds and NEM, as the company embarks on its next growth phase as a top-tier player within the Nigerian Insurance Industry. Speaking on the development, Group Managing Director of NEM Insurance, Mr. Tope Smart said: “We are delighted to welcome AFIG Funds as a significant shareholder in NEM at such an exciting time in the company’s evolution. This

P R I C E S MAIN BOARD

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partnership with AFIG Funds is the outcome of several years of constructive engagement, as well as a thorough internal strategic process to identify and engage with the best long-term institutional partner for our company. We look forward to continue to benefit from AFIG Funds’ extensive experience investing in strong African companies particularly in financial institutions. We believe this partnership will accelerate

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the realization of our growth ambitions within Nigeria and across the continent. We are confident this will be a fruitful and mutually rewarding partnership.” Also commenting, CEO of AFIG Funds, Mr. Papa MadiawNdiaye, said: “We are excited about our partnership with NEM Insurance and the company’s strong growth prospects. NEM is one of the fastest-growing, best-capitalised

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and most consistently profitable underwriters in Nigeria. Our decision to invest in NEM during an election year in Nigeria, which is a time when foreign investors tend to shy away from emerging markets, is testament to our strong belief in the prospects of the Company and in the resilience of the broader economy. We are keen to begin working with management, the Board of Directors and other shareholders to execute on the

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many promising initiatives to further unlock the Company’s significant potential.” Director of Investments at AFIG Funds, Mr. Kelechi Okoro, said: “Through our engagement with NEM over the last several years, we have had the opportunity to observe its solid trajectory, and to develop confidence in the management team’s ability to seize growth opportunities in the increasingly competitive landscape.”

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˾ MONDAY, JANUARY 21, 2019

38

Monday, January 21st, 2019

ƋƵŝƟĞƐ DĂƌŬĞƚ ŝŶ ϮϬϭϵ͙ ůů ĞƚƐ ,ŝŶŐĞ ŽŶ ůĞĐƟŽŶ 2.

EĞǁ ůŝƐƟŶŐƐ

ĞdžƉĞĐƚĂƟŽŶ ĨŽƌ ĐŽƌƉŽƌĂƚĞƐ͛ performances varies across

KƵƚĐŽŵĞƐ

'ŝǀĞŶ ƚŚĞ ƐƵƐƚĂŝŶĞĚ ĚƌŝǀĞ ƚŽ ŝŶĐƌĞĂƐĞ ƉƌŽĚƵĐƚ ŽīĞƌŝŶŐƐ ŝŶ

ƐĞĐƚŽƌƐ͕ ǁŝƚŚ ŽƵƌ ŽƉƟŵŝƐƟĐ ĞdžƉĞĐƚĂƟŽŶƐ ƟůƚĞĚ ƚŽǁĂƌĚƐ ƚŚĞ

We opine that some of the expected drivers of market

ƚŚĞ ŵĂƌŬĞƚ ďLJ ƌĞŐƵůĂƚŽƌƐ͕ ĐŽƵƉůĞĚ ǁŝƚŚ ƚŚĞ ĞdžƉĞĐƚĞĚ

ĂŶŬŝŶŐ ƐĞĐƚŽƌ͕ ĞƐƉĞĐŝĂůůLJ ƚŚĞ dŝĞƌ-ϭ ƉůĂLJĞƌƐ ƚŚĂƚ ŚĂǀĞ

ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ϮϬϭϴ ƐƟůů ŚŽůĚ ƚƌƵĞ͕ ĂůƚŚŽƵŐŚ ǁĞ ĚŽ ŶŽƚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƐĞŶƟŵĞŶƚ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ ƐŽŵĞ ŶĞǁ ůŝƐƟŶŐƐ

ŚŝƐƚŽƌŝĐĂůůLJ ĚĞŵŽŶƐƚƌĂƚĞĚ ƌĞƐŝůŝĞŶĐĞ ĂŵŝĚƐƚ ƚŽƵŐŚĞƌ

ĞdžƉĞĐƚ ƚŚĞ ŝŵƉĂĐƚ ƚŽ ďĞ ƐĞĞŶ ƵŶƟů ĂŌĞƌ ƚŚĞ ĞůĞĐƟŽŶƐ͘ ĞŝƚŚĞƌ ďLJ ǁĂLJ ŽĨ ƌŝŐŚƚƐ Žƌ /ŶŝƟĂů WƵďůŝĐ KīĞƌŝŶŐ ;/WKͿ ŝŶ

ŽƉĞƌĂƟŶŐ ĐŽŶĚŝƟŽŶƐ͘ tĞ ĂůƐŽ ĂŶƟĐŝƉĂƚĞ ŝŵƉƌŽǀĞĚ

ŐĂŝŶƐƚ ƚŚŝƐ ďĂĐŬĚƌŽƉ͕ ǁĞ ĨŽƌĞĐĂƐƚ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ϮϬϭϵ͘ /Ŷ ƚŚĞ ƉƌĞĐĞĚŝŶŐ LJĞĂƌ͕ ƐĞǀĞƌĂů ĐŽŵƉĂŶŝĞƐ ŝƐƐƵĞĚ ƌŝŐŚƚƐ

ƉĞƌĨŽƌŵĂŶĐĞƐ ĨƌŽŵ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĐŽŵƉĂŶŝĞƐ – as

ƐƚƌĞŶŐƚŚĞŶ ŝŶ ϮϬϭϵ ĂŶĚ ǁĞ ŚŝŐŚůŝŐŚƚ ƐŽŵĞ ŬĞLJ ƚŚĞŵĞƐ ƚŚĂƚ – D z < Z͕ > & Z' ĂŶĚ Dhdh > E &/d^ – ǁŚŝůĞ ƚŚĞ

ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƟŽŶƐ ŝŵƉƌŽǀĞ – ĂŶĚ Kŝů Θ 'ĂƐ ĐŽŵƉĂŶŝĞƐ –

ĂƌĞ ĂŶƟĐŝƉĂƚĞĚ ƚŽ ƐŚĂƉĞ ƚŚĞ ŵĂƌŬĞƚ͘

ŽŶůLJ /WK ǁĂƐ ĨŽƌ ^ŬLJǁĂLJ ǀŝĂƟŽŶ ,ĂŶĚůŝŶŐ ŽŵƉĂŶLJ WůĐ

ĂƐ ĞĂƌŶŝŶŐƐ ĂƌĞ ƉƌŽũĞĐƚĞĚ ƚŽ ďĞ ďƵŽLJĞĚ ďLJ ŝŶĐƌĞĂƐĞĚ Žŝů

;^ , KͿ͕ ĂůƚŚŽƵŐŚ ƚŚĞƌĞ ǁĞƌĞ ďƌŽĂĚ ĞdžƉĞĐƚĂƟŽŶƐ ĨŽƌ ƚŚĞ

ƉƌŽĚƵĐƟŽŶ ĂŶĚ ƉƌŝĐĞƐ͘

ϭ͘ WŽƐƚ- ůĞĐƟŽŶ ^ƚĂďŝůŝƚLJ >ĞĂĚŝŶŐ ƚŽ ZĞƚƵƌŶ ŽĨ &ŽƌĞŝŐŶ ůŝƐƟŶŐ ŽĨ DdE EŝŐĞƌŝĂ ;DdEEͿ ƐŚĂƌĞƐ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ^ƚŽĐŬ džĐŚĂŶŐĞ͖ ŚŽǁĞǀĞƌ͕ ƚŚŝƐ ƉůĂŶ ǁĂƐ ƐƚĂůůĞĚ ĂŶĚ ŝƐ ŶŽǁ /ŶǀĞƐƚŽƌƐ ,ŝƐƚŽƌŝĐĂůůLJ͕ ĨŽƌĞŝŐŶ ŝŶǀĞƐƚŽƌƐ ŚĂǀĞ ďĞĞŶ ƚŚĞ ŵĂũŽƌ ƉĂƌƟĐŝƉĂŶƚƐ ŝŶ ƚŚĞ EŝŐĞƌŝĂŶ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ͖ ŚŽǁĞǀĞƌ͕ ŝŶ ϮϬϭϴ͕ ĚŽŵĞƐƟĐ ŝŶǀĞƐƚŽƌƐ ĐŽŶƚƌŝďƵƚĞĚ ƚŚĞ ďƵůŬ ŝŶ ƚĞƌŵƐ ŽĨ ŵĂƌŬĞƚ ĂĐƟǀŝƚLJ͘ dŚŝƐ ǁĂƐ ůĂƌŐĞůLJ ĚƵĞ ƚŽ ƚŚĞ Ğdžŝƚ ŽĨ ĨŽƌĞŝŐŶ ŝŶǀĞƐƚŽƌƐ ĨƌŽŵ ƚŚĞ ĚŽŵĞƐƟĐ ŵĂƌŬĞƚ ĂƐ ŽƵƞůŽǁƐ ƐƚŽŽĚ Ăƚ EϲϬϱ͘ϱďŶ͕ ƌĞůĂƟǀĞ ƚŽ ŝŶŇŽǁƐ ŽĨ Eϱϱϯ͘ϱďŶ ĂƐ Ăƚ EŽǀĞŵďĞƌ

ĞdžƉĞĐƚĞĚ ŝŶ ϮϬϭϵ͘ 'ŝǀĞŶ ƚŚĞ ƉĞĚŝŐƌĞĞ ŽĨ DdEE͕ ǁŚŝĐŚ ŝƐ Ă ƐƵďƐŝĚŝĂƌLJ ŽĨ ƚŚĞ ^ŽƵƚŚ ĨƌŝĐĂŶ ĐŽŵƉĂŶLJ DdE 'ƌŽƵƉ ĂŶĚ ƚŚĞ ďŝŐŐĞƐƚ ƚĞůĞĐŽŵŵƵŶŝĐĂƟŽŶƐ ŽƉĞƌĂƚŽƌ ŝŶ EŝŐĞƌŝĂ͕ Ă ůŝƐƟŶŐ ŽĨ ƚŚŝƐ ŵĂŐŶŝƚƵĚĞ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ĚƌŝǀĞ ŝŶƚĞƌĞƐƚ ĂŶĚ ĂĐƟǀŝƚLJ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͕ ĂƐ ǁĞůů ĂƐ Ɛƚ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ͘

4.

^ƵƐƚĂŝŶĞĚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ DĂĐƌŽĞĐŽŶŽŵŝĐ /ŶĚŝĐĂƚŽƌƐ

tĞ ďĞůŝĞǀĞ ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ Žŝů ƉƌŝĐĞƐ͕ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞƐ ĂŶĚ &y ůŝƋƵŝĚŝƚLJ ǁŝůů ƌĞŵĂŝŶ ŵĂũŽƌ ĐŽŶƐŝĚĞƌĂƟŽŶƐ ĨŽƌ ŝŶǀĞƐƚŽƌƐ ŝŶ ϮϬϭϵ ĂŶĚ ƚŚĞ ŽƵƚůŽŽŬ ŽŶ ƚŚĞƐĞ ŝŶĚŝĐĂƚŽƌƐ ƌĞŵĂŝŶ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂŶĚ ƐŚŽƵůĚ ƐƵƉƉŽƌƚ ŵĂƌŬĞƚ ĂĐƟǀŝƚLJ͘ Ɛ ƌĞŐĂƌĚƐ ĞdžƚĞƌŶĂů ƌĞƐĞƌǀĞƐ͕ ŝŶĐƌĞĂƐĞĚ Žŝů ƉƌŽĚƵĐƟŽŶ ĂƐ ǁĞůů ĂƐ ŚŝŐŚĞƌ Žŝů ƉƌŝĐĞƐ ƌĞƐƵůƚĞĚ ŝŶ ƐƵƐƚĂŝŶĞĚ ĂƉƉƌĞĐŝĂƟŽŶ͕

ϮϬϭϴ͘ /Ŷ ϮϬϭϵ͕ ǁĞ ĞdžƉĞĐƚ ĨŽƌĞŝŐŶ ŝŶǀĞƐƚŽƌƐ ƚŽ ƌĞƚƵƌŶ ƚŽ ƚŚĞ

ǁŝƚŚ ƚŚĞ ƌĞƐĞƌǀĞƐ ůĞǀĞů ĞdžƉĂŶĚŝŶŐ ĨƌŽŵ h^Ψϯϴ͘ϴďŶ ĂƐ Ăƚ

EŝŐĞƌŝĂŶ ŵĂƌŬĞƚ ĂŌĞƌ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ŽĨ ƚŚĞ ĞůĞĐƟŽŶƐ ĂŶĚ ĂƐ 3.

ŽƌƉŽƌĂƚĞƐ͛ ĂƌŶŝŶŐƐ WĞƌĨŽƌŵĂŶĐĞ

ĞĐĞŵďĞƌ ϮϬϭϳ ƚŽ h^Ψϰϯ͘ϮďŶ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϴ͘ >ŝŬĞǁŝƐĞ͕

ƐƵĐŚ ĂŶƟĐŝƉĂƚĞ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞ͘ /Ŷ ϮϬϭϴ͕ ŝŶǀĞƐƚŽƌ ƌĞĂĐƟŽŶ ƚŽ ƉŽƐŝƟǀĞ ĐŽƌƉŽƌĂƚĞ ĞĂƌŶŝŶŐƐ

ǁŚŝůĞ Žŝů ƉƌŝĐĞƐ ŵŽĚĞƌĂƚĞĚ ŝŶ Yϰ͗ϮϬϭϴ͕ ƚŚĞ ďƌŽĂĚ ŽƵƚůŽŽŬ

&ƵƌƚŚĞƌŵŽƌĞ͕ ŐŝǀĞŶ ĐƵƌƌĞŶƚ ƉƌŝĐŝŶŐ ŽĨ ƚŚĞ ŵĂƌŬĞƚ͕ ǁŚŝĐŚ ǁĞ ǁĂƐ ǁĞĂŬ ŐŝǀĞŶ ƌŝƐŬ ĨĂĐƚŽƌƐ͘ ,ŽǁĞǀĞƌ͕ ǁĞ ŽƉŝŶĞ ƚŚĂƚ

ƌĞŵĂŝŶƐ ůĂƌŐĞůLJ ƉŽƐŝƟǀĞ ĂƐ KW н ƚĂŬĞ ƐƚĞƉƐ ƚŽ ŬĞĞƉ ƉƌŝĐĞƐ

ďĞůŝĞǀĞ ŝƐ ĂƩƌĂĐƟǀĞ –ĞǀĞŶ ŵŽƌĞ ĂƩƌĂĐƟǀĞ ŝŶ ĚŽůůĂƌ ƚĞƌŵƐ – ĨŽůůŽǁŝŶŐ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ŽĨ ƚŚĞ ĞůĞĐƟŽŶƐ͕ ŝŶǀĞƐƚŽƌƐ ǁŝůů

ĞůĞǀĂƚĞĚ͘ &ŝŶĂůůLJ͕ &y ůŝƋƵŝĚŝƚLJ ǁŚŝĐŚ ŝƐ ĂŶŽƚŚĞƌ ĨĂĐƚŽƌ ƚŚĂƚ

ǁĞ ĞdžƉĞĐƚ ĨŽƌĞŝŐŶ ŝŶǀĞƐƚŽƌƐ ƚŽ ƚĂŬĞ ĂĚǀĂŶƚĂŐĞ ŽĨ ƚŚŝƐ ǁŚŝůƐƚ ƉůĂĐĞ Ă ƉƌĞŵŝƵŵ ŽŶ ŝŶǀĞƐƚŵĞŶƚ ĚĞĐŝƐŝŽŶƐ ďĂƐĞĚ ŽŶ

ŝŶǀĞƐƚŽƌƐ ǁŝůů ŬĞĞŶůLJ ĐŽŶƐŝĚĞƌ ŝŶ ĚĞĐŝĚŝŶŐ ƚŽ ŝŶǀĞƐƚ ŝŶ

ĚŽŵĞƐƟĐ ŝŶǀĞƐƚŽƌƐ ǁŝůů ƌĞĂĐƚ ĂĐĐŽƌĚŝŶŐůLJ͘

ĨƵŶĚĂŵĞŶƚĂů ĂŶĂůLJƐŝƐ ŽĨ ĐŽŵƉĂŶŝĞƐ ĂƐ ŽƉƉŽƐĞĚ ƚŽ

EŝŐĞƌŝĂ͕ ƐŚŽǁƐ ŶŽ ƐŝŐŶƐ ŽĨ ďĞŝŶŐ ƐŝŐŶŝĮĐĂŶƚůLJ ƉƌĞƐƐƵƌĞĚ

ƐƉĞĐƵůĂƟǀĞ ƚƌĂĚŝŶŐ͘ ,ĞŶĐĞ͕ ǁĞ ďĞůŝĞǀĞ ƚŚĂƚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ

ŐŝǀĞŶ ƚŚĞ ĂƉƉƌĞĐŝĂďůĞ ůĞǀĞůƐ ŽĨ ƌĞƐĞƌǀĞƐ͘

ĐŽƌƉŽƌĂƚĞƐ ǁŝůů ďĞ Ă ŵĂũŽƌ ĐŽŶƐŝĚĞƌĂƟŽŶ ŝŶ ϮϬϭϵ͘ KƵƌ

Source: Afrinvest Research

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

Brokerage Ayodeji Ebo

Investment Research | aebo@afrinvest.com

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde

| romotunde@afrinvest.com

Jolomi Odonghanro | jodonghanro@afrinvest.com

39

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

MARKET NEWS

eTranzact Get Shareholdersâ&#x20AC;&#x2122; Approval to Raise N7 billion Goddy Egene eTranzact International Plc, an electronic payment solutions provider, has received the approval of Shareholders of the company to increase its authorised share capital from N2.1 billion to N9.1 billion and raise additional capital of N7 billion. The approval was given at an extra-general meeting (EGM) held in Lagos. Speaking at the EGM, Chairman of eTranzact, Mr. WoleAbegunde, said the decision

to raise additional capital became imperative considering the need of the Company to expand its operations, deepen its market share and to remain competitive in the financial technology industry. According to Abegunde, the capital to be raised will be used to upgrade and enhance the companyâ&#x20AC;&#x2122;s technology infrastructure and network security systems and also to improve on its service delivery. He further stated that the company will also invest in its agent

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

network expansion programme, human resources and employee development. Also, speaking at the EGM, the Managing Director/CEO of eTranzact, Mr. Niyi Toluwalope, said that the injection of additional equity will enable the companyâ&#x20AC;&#x2122;s management to strategically maintain its leading position as a key market leader within the electronic payment industry. The eTranzact boss affirmed that the company will acquire

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 17Jan-2019, unless otherwise stated.

state-of-the-art infrastructure, ensure that it retains the best skill set available, achieve a fast response rate, reduce downtime, and expands its service offerings and market reach. Prior to the approval, the company had explained that the financial technology industry has witnessed rapid development within the last three years in line with developments in the electronic payment system within the banking industry and the initiative of the Central Bank of

Nigeria (CBN) and the federal government to promote financial inclusion as part the general macroeconomic framework. â&#x20AC;&#x153;This rapid development in the electronic payment system(EPS) has led to the emergence of many key players and stiffer competition with the industry. The financial, technological, workforce and corporate governance requirements have also changed to an unprecedented level as a result of key reforms within the sector.

In a bid to remain competitive and also to ensure the sustainability of the-business, the board has deemed it important for the company to increase the funding of the business through the injection of additional equity. The funding will be used to upgrade and enhance the Companyâ&#x20AC;&#x2122;s technology infrastructure and network security systems and also to improve on its service delivery among other lawful purpose(s),â&#x20AC;? the firm said.

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 155.34 155.45 -1.89% Afrinvest Plutus Fund 100.00 100.00 11.00% Nigeria International Debt Fund 279.05 279.23 2.17% 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 -0.09% ACAP Income Funds 0.62 0.62 10.72% 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 13.00% AIICO Balanced Fund 2.23 2.25 0.21% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 16.93 17.44 -7.33% ARM Discovery Fund 362.47 373.40 -6.84% ARM Ethical Fund 28.61 29.47 4.72% ARM Money Market Fund 1.00 1.00 12.97% 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 99.21 99.91 -1.95% AXA Mansard Money Market Fund 1.00 1.00 13.53% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 14.13% Paramount Equity Fund 11.43 11.72 -2.40% Women's Investment Fund 100.33 102.90 -2.18% 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 13.00% Cordros Milestone Fund 2023 96.19 96.46 Cordros Milestone Fund 2028 98.88 99.30 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 12.38% Coronation Balanced Fund 0.83 0.83 Coronation Fixed Income Fund 1.13 1.13 0.95% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 12.67% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.76% 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 NA NA N/A FBN Heritage Fund 141.03 142.21 -1.66% FBN Money Market Fund 100.00 100.00 13.36% FBN Nigeria Eurobond (USD) Fund - Institutional 114.66 115.10 0.68% FBN Nigeria Eurobond (USD) Fund - Retail 114.44 114.89 0.73% FBN Nigeria Smart Beta Equity Fund 145.46 147.46 -3.03% 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 1.18 1.20 -2.91% Legacy Debt Fund 3.26 3.26 0.53% Legacy USD Bond Fund 1.03 1.03 0.22% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,931.62 2,960.02 -1.77% Coral Income Fund 2,776.49 2,776.49 1.38% 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 12.42% Nigeria Entertainment Fund 106.70 107.04 6.31% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 12.41%

Vantage Balanced Fund 2.13 2.14 -1.16% Vantage Guaranteed Income Fund 1.00 1.00 16.00% Kedari Investment Fund (KIF) 120.16 120.34 -3.81% 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 1.22 1.24 0.29% Lotus Halal Fixed Income Fund 1,076.06 1,076.06 0.63% 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 11.11 11.20 -3.40% Meristem Money Market Fund 10.00 10.00 12.82% 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 1.37 5.13% PACAM Fixed Income Fund 12.29 12.34 0.64% PACAM Money Market Fund 10.00 10.00 12.63% 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 119.60 120.13 -0.95% 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 1.01 1.01 0.65% 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 2,304.91 2,316.79 1.72% Stanbic IBTC Bond Fund 191.91 191.91 2.25% Stanbic IBTC Ethical Fund 0.92 0.94 -2.11% Stanbic IBTC Guaranteed Investment Fund 248.28 248.32 2.48% Stanbic IBTC Iman Fund 162.21 164.04 -0.56% Stanbic IBTC Money Market Fund 100.00 100.00 12.86% Stanbic IBTC Nigerian Equity Fund 8,286.72 8,386.61 -0.62% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 3.00% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.19 1.20 -0.59% United Capital Bond Fund 1.60 1.60 0.22% United Capital Equity Fund 0.70 0.71 -2.10% United Capital Money Market Fund 1.00 1.00 13.20% United Capital Eurobond Fund 107.34 107.34 0.08% United Capital Wealth for Women Fund 1.08 1.08 -1.45% 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 10.94 11.09 2.64% Zenith Ethical Fund 12.30 12.41 2.02% Zenith Income Fund 20.88 20.88 8.37% Zenith Money Market Fund 1.00 1.00 12.30%

REITS NAV Per Share

Yield / T-Rtn

5.95 117.86 51.79

-39.35% 0.06% 0.03%

Bid Price

Offer Price

Yield / T-Rtn

10.38 112.53 86.04

10.48 114.97 87.66

-1.63% -4.05% -2.95%

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

3.79 7.06 14.25 12.82 144.88

3.83 7.14 14.35 13.02 146.88

-5.25% -7.38% -4.67% 3.68% 0.93%

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

40

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46

MONDAY JANUARY 21, 2019 ˾ T H I S D AY

INTERNATIONAL

Eight UN Peacekeepers Killed in Attack in Northern Mali Eight UN peacekeepers were killed and several wounded while repelling an attack by armed assailants near a village in northern Mali on Sunday, the West African nation’s UN

mission said. However, the identity of the attackers was not immediately clear. UN peacekeeping and French forces are stationed

in northern Mali to combat well-armed jihadist groups seen as the gravest threat to security across Africa’s Sahel region. “The clash near Aguelhok occurred on Sunday following an attack by assailants in many armed vehicles,” the UN peacekeeping mission in

Mali (MINUSMA) said in a statement. It said peacekeepers had thwarted the attack, but eight died and several were wounded. The mission’s chief Mahamat Saleh Annadif demanded “a robust, swift and concerted response.” A 2015 peace deal signed

by Mali’s government and separatist groups has failed to end the violence. Islamists have also staged assaults on highprofile targets in the capital, Bamako, and in neighbouring Burkina Faso and Ivory Coast. French forces intervened in Mali in

2013 to drive back fighters who had hijacked a Tuareg uprising a year earlier, and some 4,000 French troops remained there. The UN Security Council then deployed peacekeepers, which have been targets of a concerted guerrilla campaign.

DR Congo’s top court Sunday declared Felix Tshisekedi president after disputed elections, outraging opponents who alleged a stitch-up as an African Union delegation prepared to head to the volatile country. Announcing the final results of the much-delayed poll, the Constitutional Court threw out a legal challenge by runner-up Martin Fayulu. It declared Tshisekedi the winner, paving the way for him to take over from longterm leader Joseph Kabila. The chairman of the African Union, Rwandan President Paul Kagame, was due in Kinshasa on Monday after it and other international bodies voiced concern over the results. Fayulu has described the outcome as an “electoral coup”. He has alleged that Tshisekedi promised to protect Kabila’s political and financial interests in return for helping ensure his victory. Fayulu called on world powers to reject the results, declaring himself “the only legitimate president”. “I ask the entire international

community not to recognise a power that has neither legitimacy nor legal standing to represent the Congolese people,” he said of Tshisekedi. Tshisekedi’s victory was provisionally announced earlier this month by the Independent National Election Commission (CENI) but it was challenged both at home and abroad. On Sunday, the Constitutional Court, which is made up of Kabila’s allies, said Fayulu’s claims were “unfounded”. It said he had failed to prove any inaccuracies in the figures, describing his call for a recount as “absurd”. “Only the CENI has produced authentic and sincere results,” judge Noel Kilomba said. The court went on to declare Tshisekedi as the “President of the Democratic Republic of Congo by simple majority”. The Financial Times and other foreign media have reported seeing documents that confirm Fayulu as the winner. The influential Roman Catholic Church, which says it deployed 40,000 observers to monitor the poll, has also

dismissed the official outcome. The electoral commission had previously scheduled the swearing-in of the next president for Tuesday. Awaiting Sunday’s court announcement, Hundreds of supporters of Tshisekedi gathered outside the court holding placards saying “No to interference” and “Independent country” as riot police stood nearby.

Leader of the country’s oldest and biggest opposition party, the Union for Democracy and Social Progress, 55-year-old Tshisekedi has never held high office. The dispute has raised fears that the political crisis that began when Kabila refused to step down at the end of his constitutional term in office two years ago could turn into a bloodbath.

Iran Denies Allegations of Links to German Army Spy DRC Court Declares Tshisekedi President

Iran’s Foreign Ministry on Sunday denied the allegations by Germany regarding the recent arrest of a suspect claimed to be spying for Iran. The Foreign Ministry spokesman, Bahram Qasemi, said in a statement that the alleged person has had no connections with Iran. “We are not surprised to hear such news amid baseless accusations fabricated by those

who seek to ruin Iran-Europe relations at this important and sensitive juncture,’’ Qasemi said. German federal prosecutor’s office said on Tuesday that they were investigating a suspected spy for Iran in Germany’s army Bundeswehr. The 50-year-old suspect is a German-Afghan national and was caught on Tuesday in western Germany.

Trump Attacks Top Democrat for Rejecting Mexico Wall Deal United States President Donald Trump bitterly attacked top Democrat Nancy Pelosi on Sunday after she rejected a deal on immigration and the Mexico border wall that would end a 30-day-old government shutdown. Pelosi, speaker of the House of Representatives, on Saturday called Trump’s offer of temporary protections for about a million immigrants in return for $5.7 billion to fund the wall a “non-starter.” “Nancy Pelosi has behaved so irrationally & has gone so far to the left that she has now officially become a Radical Democrat,” Trump tweeted. “She is so petrified of the ‘lefties’ in her party that she has lost control.” “…And by the way, clean up the streets in San Francisco, they are disgusting!” he added,

Hundreds Detained after Zimbabwe Protests as UN Denounces Crackdown The United Nations on Sunday urged an end to a brutal security crackdown and an internet blackout as hundreds of Zimbabweans were arrested during anti government protests. The government has said three people died during the unrest that broke out last Monday after President Emmerson Mnangagwa raised fuel prices by 150 per cent. Lawyers and activists say the toll was much higher and that security forces used violence and carried out mass arrests to quell the unrest. Among the around 400 people charged by magistrates on Friday was pastor Evan Mawarire, a rights activist who rose to prominence as a critic of Robert Mugabe’s rule and led a national protest in 2016.

in a seemingly gratuitous aside. Pelosi is from San Francisco. The offer also was assailed by prominent anti-immigrant voices, which denounced it as tantamount to amnesty. “No, Amnesty is not a part of my offer. It is a 3-year extension of DACA,” Trump said in another tweet, referring to former president Barack Obama’s program to shield undocumented immigrants who entered the country as children.

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MONDAY JANUARY 21, 2019 ˾ T H I S D AY

49

NEWSEXTRA

Corruption: Atiku Lists 30 Accused Persons Working for Buhari Shola Oyeyipo in Abuja The rivalry between the ruling All Progressives Congress (APC) and the main opposition Peoples’ Democratic Party (PDP) took a new dimension yesterday

when former Vice President and presidential candidate of the PDP, Alhaji Atiku Abubabar, reeled out 30 names working with President Muhammadu Buhari who are all accused of corruption, in one way or the other.

Analysts Rule Out Interest Rate Cut as MPC Meets Obinna Chima As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) commences its first meeting in 2019 today, financial market analysts have ruled out the possibility of a cut in interest rate, on the eve of the country’s general election. The two-day meeting is the 265th of the committee. At its last meeting in November 2018, the MPC had maintained the Monetary Policy Rate (MPR) at 14 per cent, with the asymmetric corridor at +200 and -500 basis points around the MPR; it also retained the Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) at 22.50 per cent and 30 per cent, respectively. The MPC has kept the policy rates at the current levels since July 2016. The Group Managing Director of Afrinvest West Africa Limited, Mr. Ike Chioke, while commenting on his expectation from the meeting, said given the “political calendar, I dare say that the MPC would not want to make any changes.” He added: “They would probably keep all the rates and variables the same and not change it.” On their part, analysts at FSDH Merchant Bank Limited, in a report, stated that looking at possible policy options open to the MPC members, they would vote to maintain interest rates at the current levels. It, however, pointed out that

“the CBN may continue to use the open market operations to manage liquidity in the banking industry in order to maintain price stability.” Data from the CBN showed that the growth in key monetary aggregates in Nigeria fell short of the targets set by the CBN for the country. This development, according to FSDH Merchant Bank, supports the argument for an expansionary monetary policy to boost credit creation. However, the firm in the report reiterated that the current structural rigidities in the country need to be addressed in order to make lending attractive for banks. “Therefore, unconventional policies are required to boost credit creation and business expansion to stimulate growth. Measures that remove the risks inherent in the economy will encourage credit expansion and this will support sustainable growth. FSDH Research believes maintaining rates is still advisable. However, we expect the CBN to continue to use the sales of government securities to manage inflation expectation and exchange rate stability. “FSDH Research observes that the positive impact of the proceeds of the US$2.86 billion on the external reserves is now waning. The external reserves at US$43.10 billion as at 15 January 2019 are estimated to cover about nine months of imports.”

CUPP Alleges Plot to Use N-Power Beneficiaries to Manipulate Elections Udora OrizuinAbuja The Coalition of United Political Parties (CUPP) has raised the alarm over an alleged ongoing recruitment of beneficiaries of the federal government’s N-Power as ad hoc staff for the 2019 elections. It also claimed to be in possession of ‘very reliable information from a credible source that President Muhammadu Buhari’s relative, Amina Zakari will be in charge of the recruitment and training of the Ward/LGA/State Collation and returning officers during the polls. In a statement issued by CUPP spokesperson, Ikenga Ugochinyere, the coalition alleged that the president wants to use “the beneficiaries of his failed N-Power scheme to technically rig the election.” “President Buhari has said that the main thrust of the N-Power scheme is to harness Nigeria’s young demography through appropriate skill development, providing a structure for large scale and relevant work skills acquisition and development

and linking outcomes to fixing inadequate public services and stimulating the larger economy. “ Yet, under his administration, Nigeria took over as the nation with the highest number of extremely poor people, with 87 million people in extreme poverty and growing by six people every minute,” CUPP said. The coalition urged the INEC Chairman, Mahmood Yakubu, to ensure the credibility of the polls, which he promised Nigerians by making sure that no N-Power beneficiary is recruited as ad-hoc staff in the election, adding that it was clear the so-called beneficiaries are going to be used by President Buhari and his All Progressives Congress (APC) cohorts to rig the elections. “This administration has failed Nigerians time and time again. It’s clear to them they will lose the election in a free and fair fight, so they are resorting to all manner of ploys to rig the elections, including recruiting beneficiaries of their failed N-Power scheme which has failed to lift Nigerians out of poverty.”

Some notable names among the allegedly corrupt APC chieftains, according to Atiku, include; former governor of Edo State and National Chairman of the APC, Adams Oshiomhole; a serving senator and former Governor of Nasarawa State, Abdullahi Adamu; Lagos socialite and Director General of Nigerian Tourism Development Corporation (NTDC), Folarin Coker; the Minister of Information, Alhaji Lai Mohammed; former Lagos State governor and National Leader of the APC, Senator Bola Tinubu; Chief of Staff to President Muhammadu Buhari, Alhaji Abba Kyari; sacked former Secretary to the Government of the Federation (SGF), Babachir Lawal; the Chief of Army Staff, Lt. Gen. Tukur Buratai; the minister of state transport (Aviation), Senator Hadi Sirika; The First Lady, Hajia Aisha Buhari; and the Executive Director, National Film and Video Censors Board, Mr. Adedayo Thomas; former governor of Bauchi State, Adamu Muazu; former Osun State Deputy Governor, Senator Iyiola

Omisore; former pension chief, Abdulrasheed Maina; former Minister of State for Defence, Senator Musiliu Obanikoro; and former governor of Abia State, Chief Orji Uzor Kalu. Also listed is the Bauchi State government under Governor Isa Yuguda; former governor of Akwa Ibom State, Senator Godswill Akpabio; Vice President, Prof. Yemi Osibanjo; Kano State Governor, Abdullahi Umar Ganduje; a two-term former governor of Jigawa State, Alhaji Seminu Turaki; in-law to President Buhari, who is the Executive Secretary, Border Communities Development Agency (BDCA), Alhaji Junaid Abdullahi, and former governor of the state who is currently in charge of Buhari’s campaign in Sokoto State, Alhaji Aliyu Wamako. Others are; the gubernatorial candidate of the APC in Imo State and a close associate of President Buhari, Senator Hope Uzodimma; serving Minister of Transportation and Director-General of the Buhari Campaign Organisation in 2015, who has been charged with the task

of ensuring that Buhari is elected a second time, Hon. Rotimi Amaechi; and the embattled Zamfara State governor, Alhaji Abdul’ aziz Yari. Others include the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru; and the suspended Director-General, National Intelligence Agency (NIA), Mr. Ayodele Oke. While Oshiomhole was linked with petitions over allegations of large scale corruption, during his days as governor of Edo State by a human rights crusader, Bishop Osadolor Ochei, the PDP also pointed accusing fingers in his direction in connection with alleged financial inducements during the last APC primaries. Adamu, one of President Buharis’s allies in the Senate, is being prosecuted alongside 18 others for allegedly stealing N15 billion from the treasury through contracts awarded when he was governor for eight years. While Coker faces N3billion fraud charge, Lai Mohammed was alleged to have begged his

subordinates at the National Broadcasting Commission (NBC) for a ‘loan’ of 13 million to enable him travel to China. Tinubu’s Alpha Beta is facing N100 billion corruption allegation, according to Atiku’s Special Assistant on Public Communications, Mr. Phrank Shaibu who released the 30 names and the corruption allegation against eaqch of them. The statement alleged Babachir’s involvement in the infamous grass-cutting scandal as the SGF. Shaibu alleged that Buratai allegedly bought two Dubai mansions for $1.5 million; Sirika was accused of siphoning over N1.2 billion on a phony Nigeria Air project, which was eventually suspended by the federal government. The First Lady was said to have made the list for reporting her ADC, Sani Baban-Inna, to the security agencies over allegation of swindling members of the public of the sum of N2.5 billion.

GRAND COALITION...

R-L: Speaker, House of Representatives, Hon. Yakubu Dogara; Elder statesman, Alhaji. Bello Kirfi; Bauchi State PRP governorship candidate, Prof. Ali Pate; and PDP governorship candidate, Senator Bala Mohammed, at a press conference announcing formation of a grand coalition of political parties and stakeholders against the governor of Bauchi State, at NUJ Secretariat, Bauchi...yesterday

Falana Writes NHRC, Demands Probe of IDP Camp’s Bombing Human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana (SAN), has written to the National Human Rights Commission (NHRC), demanding a probe of the January 17, 2017 bombing of the Internally Displaced Persons (IDP) camp in Rann, Borno State, by a fighter jet of the Nigerian Air Force (NAF). In the January 17 letter addressed to the Executive Secretary of NHRC, Falana said the tragic incident was not reported to the Accident Investigation Bureau (AIB), which is saddled with the responsibility of investigating aircraft accidents in Nigeria. He also said victims and the families of those that died in the attack were not compensated as promised by NAF authorities. The letter read, “On January 17, 2017, dozens of people were

killed while several others were injured after a Nigerian Air Force jet was reported to have bombed a camp in Rann, Borno State, where thousands of families displaced during the offensive against Boko Haram militants were sheltering. “A non-governmental organisation, Medicins Sans Frontieres, said its staff in the area had seen at least 200 people wounded and 50 dead following the bombing and expected the death toll to rise. “But the chairman of Kale-Balge Local Government Area, Babagana Malarima, said, ‘We buried 234 persons in Rann after the bombs were dropped on the IDP camp. We have two other injured persons that died while in the hospital in Maiduguri.’ “Instead of reporting the tragic incident to the Accident

Investigation Bureau which is saddled with the responsibility of investigating aircraft accidents in Nigeria, the authorities of the Nigerian Air Force decided suo motu to investigate the immediate and remote causes of the bombing of the IDP camp. “Although the report of the inquiry was not made public, the Nigerian Air Force blamed the bombing of the camp on an accident. In a statement credited to the NAF spokesperson, Air Commodore Olatunkubo Adesanya, it was said that ‘no NAF pilot leaves his base with the intention of going to kill the same set of people he greatly sacrifices day and night to protect.’ “Apart from expressing its deepest regrets to all concerned, the NAF promised that all

necessary measures would be taken to prevent a recurrence of the unfortunate incident. “To cover up the humanitarian disaster, NAF claimed that the IDP camp was not properly marked! While soliciting the understanding and support of all Nigerians and members of the international community regarding the tragic incident, the panel of inquiry and the NAF authorities have failed to address the payment of compensation to the people who were injured and the families of those who were killed in the bombing incident.” Falana said the reasons given by the military panel that investigated the accident that it occurred because the camp was not marked showed it was a case of official negligence.

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Emefiele: Dangote Refinery, Fertiliser Plant Will Transform Nigeria Fertiliser plant for inauguration April

Peter Uzoho The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has described the $9 billion Dangote Refinery and the fertiliser plants, which are under construction at the Lekki Free Trade Zone, as transformational projects for Nigeria. Emefiele said this at the weekend during a facility tour of the project site in Epe, Lagos. He was accompanied by the Deputy Governor, Financial System Stability, CBN, Mrs. Aisha Ahmad; President of the Dangote Group,Alhaji Aliko Dangote; top officials of the company, as well as project engineers. Addressing journalists after the tour, the CBN governor noted that the fertilizer plant, which has been completed and due for inauguration in April, is twice the size of Eleme Petrochemical.

He also said when the refinery takes off in the first quarter of 2020, Nigeria would not only be self-sufficient in the production of refined petroleum products, but would join the league of countries that export petroleum products to other countries. Emefiele said, “You all will attest to the fact that this is certainly a transformational project for Nigeria, and it totally keyed into the objectives of President Muhammadu Buhari that says that we need to think about how to conserve foreign exchange and diversify the economy. “And to put it in proper perspective, by the time you dimension the size of foreign exchange that we use in importing petroleum products into the country today, it is at least the one third of the foreign exchange that the Central Bank spends to import items into Nigeria today. “By the time we also add the 42

items that we have, which of course, certainly we are going to increase maybe to 50, in due course because we are going to be more aggressive in ensuring that food items that are being imported into this country, that more and more of them are added into the FX Restriction list. “I’m saying by the time we add the savings from the production and export of petroleum products, by the time we also add the foreign exchange that we spend on food items, close to almost 55 to 60 per cent of what Central Bank or what the government spends in funding, the foreign exchange operations would have been saved in the country. Furthermore, Emefiele said: “I am

truly looking forward that I will be alive the time this comes to fruition. We need to thank the President of Dangote Industries, for this gigantic project. I’m sure that if he knew the scope of the project that he was going into at the time he conceived of it, with the kind of stress he goes through today in trying to actualise this project, he probably would not have gone into it. “But I want to thank him, I want to congratulate him, thank him for persevering this stress. About 18 months ago when I came here, I said that we would support anybody, any Nigerian company that takes priority for manufacturing items, for agriculture items along the entire

value chain.” Emefiele restated the support of the CBN to any local company that is interested in diversifying the Nigerian economy and joining government in making sure that they equally partner with the government in restructuring the base of the Nigerian economy. This support, he explained could come both in form of funding and in providing the foreign exchange required for the importation of manufacturing items needed for the project. While noting that the country stand to gain from the venture, Emefiele stressed that the projects would create

millions of jobs for Nigerians. He however, disclosed that the CBN contributed almost about N75 billion to support the refinery project, and that the project was also being supported by foreign banks. He added, “You will imagine, N75 billion is just a drop compared to about $9billion that this project is costing. But we will continue to show support to individuals and companies that display the determination to help government, to support the government and support the Central Bank of Nigeria in restructuring the base of this country.”

Ekweremadu Urges Electorate Not to Go Home After Casting Ballots Deji ElumoyeinAbuja The Deputy President of the Senate, Senator Ike Ekweremadu, has advised Nigerians to stay around the polling centres after casting the ballots to ensure that their votes counted, insisting that the guidelines of the Independent National Electoral Commission, (INEC), never stipulate that people should go home after voting. Ekweremadu blamed the misinformation on persons who wanted to rig the forthcoming elections. He stated this during a campaign rally at Egede/Umuoka Ward, Udi Local Government Area of Enugu State, the electoral ward of the senatorial candidate of the All Progressives Congress (APC), where he (Ekweremadu) was overwhelmingly endorsed. The Senator said he was sure of victory for himself and the PDP in Egede/Umuoka Ward as completed and ongoing projects he attracted to the Ward and neighbouring communities would earn him victory. “It is not true that you must go home after voting. You have to stay around to have your votes counted, signed, and a copy given to the agents. We will keep vigil on Election Day and ensure our victory”, he said. “They say Udi is the headquarters of the APC in the South-east and I tell them it is not true. Although in every 12, there is always a Judas, but the Judases are in great minority. Udi is PDP. Besides, our works speak for us. “Last year, the traditional rulers of Egede, the town union, politicians, women and youth came to greet and endorse me in Enugu. “They reminded me that there was a water project we inaugurated for them in 2014, which had stopped working. I told them that I would ensure that it would start working again before the end of January 2019. I just inaugurated the rehabilitated borehole and water is flowing as I speak. “We have the UmuovuAnekeze-Umuanum-Okwum

Egede Erosion Control project. First section starting from the market/church was asphalted in 2016, while another section started in 2017 with earthworks and drainage is still ongoing for 2018 budget. We attracted the ongoing Umulumgbe-Affa-IkedimkpaAmaozalla-Egede-Awhum Federal Road to make life better for our people. “The Solar Street lights, ICT equipment for the secondary school here, plus Ikeoha Foundation scholarships, adult literacy centres, health outreach, and other empowerment programmes speak for us. “There are new electricity projects, road project, school project, and a water project in Umoka through our Water-for- All Programme in Enugu-west. “So, just as in 1999, 2003, 2007, 2011, and 2015, when we won 100 per cent, we will also return PDP 100 per cent in all elections in 2019”, he stated. He, however, urged the people to resist every provocation to violence. “Ours is politics without bitterness. I have helped my opponent with a job in the Office of the Attorney-General before. After the 2019 elections, we will find a job for her again. No bitterness”. Speaking, Member representing Ezeagu/Udi Federal Constituency, Hon. Dennis Amadi, who is also the candidate of the PDP for the same Constituency in the 2019 elections, recalled that Ekweremadu’s presence at the National Assembly had brought immense transformation to the senatorial district. “The N39 billion contract for the dualisation of Enugu-Makurdi road, which passes through the heart of Udi North was possible because we have such an accessible and ranking Senator like Ekweremadu. The Umulumgbe-Affa-IkedimkpaAmaozalla-Egede-Awhum Federal Government road project was possible because we have a Senator, who understands our challenges and silently gets things done. “We also have a PDP governor working for our people,” Amadi added.

GRAND RALLY...

The governorship candidate of All Progressives Grand Alliance (APGA) in Imo State, Senator Ifeanyi Araraume (middle), acknowledging cheers from a huge crowd of supporters, during the official flag-off of campaign in Owerri, Imo State...recently

Fayemi Faults Atiku over Comment on Ekiti’s Economic Blueprint Inaugurates Buhari’s campaign team in Ekiti Victor OgunjeinAdoEkiti The Governor of Ekiti State, Dr. Kayode Fayemi, has clarified that he never sought economic blueprint from former Vice President Atiku Abubakar to govern the state after winning the July 14, 2018 elections. He said the statement credited to Atiku that he approached him to seek his input on the state’s economic blueprint to engender good governance in the state was not only deceptive but not the true position of things.

The governor had also assured the All Progressives Congress (APC) that the party will work hard for President Muhammadu Buhari to win Ekiti in the next presidential poll. Fayemi while inaugurating Buhari/Osinbajo campaign council, which he chaired, with Dr. Olusegun Osinkolu as its Director General on Saturday, said the target is to deliver all the 2,195 pilling units to the party, which he said would be actualised through hardwork. In a statement signed yesterday

by Fayemi’s Chief Press Secretary, Yinka Oyebode, Fayemi said: “our attention has been drawn to media reports of a meeting of the Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku with the business community in Lagos on Thursday. “The PDP candidate was quoted as saying that Fayemi, had upon his election last year July, approached him for an economic policy document and that he obliged him one. “We would like to believe that

the former vice president was misquoted on this matter as nothing of such ever happened. “For the sake of the public, it is important to set the record straight, Governor Fayemi never had any personal encounter with vice president Abubakar when he ran for office in 2007 and he could not have asked him for policy ideas then and even in 2018 when he ran for his second term. While Fayemi has always extended usual courtesies to the former vice president, the two men have not seen in the last two years.

PDP, Kwara North Stakeholders Sign Pact on Power Shift Hammed Shittu in Ilorin Senate President and national leader of the Peoples Democratic Party (PDP), Dr. Bukola Saraki and stakeholders of the party in Kwara State yesterday night signed a pact with traditional and political leaders from the northern part of the state, agreeing to a shift of power to the north by 2023. By implication, the party’s gubernatorial candidate, Alhaji Razak Atunwa, will spend only one term if the party wins the forthcoming election on March 2, 2018. The pact was revealed at a

press conference addressed by the party’s state chairman, Alhaji Kola Shittu and Director General of the PDP campaign council in the state , Professor Suleiman Abubakar. Abubakar who read the communique issued at the end of the meeting, indicated that traditional rulers from the zone as well as the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari witnessed and endorsed the Memorandum of Understanding(MoU). It was also agreed at the meeting that, Kwara North will produce the Secretary to

the State Government (SSG) and Speaker if the PDP wins the 2019 election in the state. “The sole purpose of the meeting was for us to have an understanding on specific terms on issues bordering on power shift, cohesion, giving sense of belonging and inclusiveness to our people across all the three Senatorial Districts. “The conclusion of the meeting is that there will be power shift to Kwara North in 2023. Also, the positions of Speaker of the Kwara State House of Assembly and Secretary to Kwara State Government have been zoned to

Kwara North in the post- May 2019 government. “The understanding has been committed to writing and signed by all key stakeholders present. “The stakeholders present at the meeting included Saraki; Governor Abdulfatai Ahmed; gubernatorial candidate of the party, Hon. Atunwa; Speaker of the State House of Assembly, Dr. Alli Ahmed; Director General of the Mandate 2019, Prof. Abubakar Sulaimon; Chairman of the Party, Kola Shittu, and other leaders of the party in the three senatorial districts.

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Araraume: Let’s Secure Present, Future Generations of Imo Udora Orizu in Abuja The Imo State governorship candidate of All Progressives Grand Alliance (APGA), Senator Ifeanyi Araraume, has said that an APGA-led government, with him at the driver’s seat, will reposition education, health, collapsed infrastructure base, security, agriculture and industrialisation. He also warned that the present and future generations of Imo State will not forgive the good people if they remain passive and indifferent as the state burns and their dreams for a virile

state dashed on the altar of ‘’incompetent, corrupt, fraudulent and visionless leadership,” as they currently have in the state. Araraume stated this while addressing massive crowd that witnessed the flag-off of his campaign, at the 40,000-capacity state stadium that was occupied by his supporters during the week. Paying tribute to the founding fathers of Imo State, like Sam Ounaka Mbakwe, Ndubuisi Kanu, Chief R.B.K Okafor and others, the governorship candidate said that a critical look at the state’s political trajectory, since the exit of those

great leaders, shows a complete leadership failure, betrayal of hope and derailment of the dreams of the founding fathers. “As patriots, we are determined to take up the challenges of recovering Imo and rebuild it to restore the hope of our people in their state and future. An APGA-led government with me at the driver’s seat will reposition education, health, our collapsed infrastructure base, security, agriculture and industrialisation. ‘’On education, we shall ensure adequate funding of the sector, capacity building; prompt payment

of salaries of lecturers and teachers -- for adequate motivation, which will enhance learning in all our educational institutions.’’ The two-time senator said it is regrettable that almost all the professionals course in the Imo State University are not accredited by the National Universities Commission (NUC), noting that Medicine and Law faculties are the worst hit. ‘’On assumption of office, my government will quickly put measure in place in concert with the NUC to secure accreditation for all the courses in the state

university. ‘’The Imo State Polytechnic in Umuagwo will also receive a new lease of life as all its courses will get full accreditation under my watch, as governor. We shall encourage the missionary schools with subventions and grants to enable them run their schools more effectively. ‘’We will genuinely implement free education at both tertiary and secondary school levels. A synergy will be created between the education sector and the state’s economy to ensure that our institutions run courses and

produce graduates that will serve the manpower needs for the economy. Education is our greatest industry and it will receive the attention it deserves,” Araraume added. He further promised that agriculture will remain the mainstay of Imo State’s economy, as over 70 per cent of the people, who live in the rural areas, are engaged in agriculture, adding that extension services will be offered to the rural farmers with incentives to enable them produce more for domestic consumption and for commercial purposes.

PDP: APC’s Activities in Taraba Threat to Democracy Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) has said the activities of APC’s governorship candidate in Taraba State, Sani Abubakar Danladi, who has allegedly resorted to violence, having realised that there is absolutely no hope for him and his party in the March 2, 2019 governorship election, is a threat to democracy. PDP alleged that the APC governorship candidate, who is also personally well reputed for acts that contravene free and fair elections, has been boasting that he has the backing of the federal government and some godfathers in Abuja, who have no stake in the peace, unity and development of Taraba State in this ignoble project. According to the spokesman of PDP, Kola Ologbondiyan, “It is an incontrovertible fact, known to all, that Taraba State is a long established stronghold of the Peoples Democratic Party (PDP) and that Governor Darius Ishaku has the undiluted backing of overwhelming majority of the electorate across the state, due to his sterling performance in office.” Ologbondiyan stressed that the PDP has full information of how the APC is working with enemies of Taraba State to inject confusion and escalate insecurity in the state so that the governorship election would be deferred to enable the federal authorities and security agencies have the opportunity to perpetrate the type of massive rigging that

took place in Ekiti and Osun States governorship elections in 2018 and award victory to the APC. He added that having being exasperated and frustrated by the popularity of the PDP and Governor Ishaku, the APC, which is stuck with the most unpopular candidate in the election, is bent at triggering confusion and bloodletting so as to ambush and truncate the electoral process in the state. The PDP spokesperson said, “On Thursday January 17, 2019, the APC, hiding under the guise of campaign unleashed mayhem on Wukari, a major town in Taraba State. Right from Gindin Dorowa, about 40 kilometres to Wukari City, thugs recruited by the APC governorship candidate, went on shooting spree, destroying PDP billboards all the way to Wukari. “From the Wukari Yam market, APC thugs continued shooting their way into the town as if they were on a mission to conquer the town, while destroying PDP campaign materials including billboards, posters. “The shooting and unbridling of mayhem continued until they arrived to the city centre and close to the Aku Uka Palace where another political party was also holding a rally, just as they did in Karim on December 26, 2018 during which they prevented the PDP senatorial and House of Representatives candidates from campaigning.”

NCS Generates over N1.8bn in Sokoto OnuminyaInnocentinSokoto The Nigeria Custom Service (NCS) Sokoto State Area Command, which comprises Kebbi, Zamfara and Sokoto States, has stated that it generated N1,860,839,482.63 as revenue for the year 2018 . The comptroller of the command, Alhaji Umar Gimba, stated this while briefing journalists in his office. Gimba added that the amount represents 94 per cent of 2018 target of N1,970,021,840.00 with a growth of 26.59 per cent in revenue with an increment of N390,922,463.30 from the revenue collected in 2017. He told journalists that an increment was recorded against N 1.4 billion collected along with N450.5 million seizures in 2017. “While fulfilling its mandate, NCS Sokoto command has generated N1,860,839,482.63 as revenues for the year 2018. According to him, the command

superseded its targets in four consecutive months within the period. Gimba explained that 247 cases of contraband seizures were recorded with total Duty Paid Value of goods worth N454,830,190,73. He added that cases of seizures increased when compared with 204 cases occasioned in 2017 with duty paid value of N450,509,395.00 The comptroller added that N4,320,795.73 increase was recorded which showed that the command had improved on its fight against smuggling in the area with an increase of only 43 cases seizures higher than 2017. Gimba appealed to citizens to shun smuggling as it affects the nation’s economy and inhibits the government from achieving its planned target for overall development of the country. He thanked the officers of the command and intelligence unit for their untiring effort which he attributed the improvement to.

WELL DESERVED HONOUR...

L-R: Former Chief of General Staff and Baba Ijo, United African Methodist Evangelical Church, Abule Ijesha, Lagos, Lt. Gen. Oladipo Diya (rtd); Otun Baba-Ijo, Chief Folorunso Oladepo; and a Patron of the church, Senator, Anthony Adefuye, during the presentation of award to Adefuye at the church’s 2019 Annual National Conference in Lagos,... yesterday.

Bauchi Govt Arming Thugs with Assault Rifles, Dogara Alleges DavidsonIriekpen The Speaker of the House of Representatives, Hon Yakubu Dogara, has disclosed plans to unleash violence on the people of Bauchi State during the forthcoming elections, adding that he has evidence that the state government has procured assault rifles for that purpose. He also debunked insinuations that he is opposing Governor Mohammed Abduallahi Abubakar’s re-election because he is not originally from the state. Speaking at a press conference by a coalition of political parties and stakeholders united against the Bauchi State government, Dogara said they had uncovered

a government sanctioned plot to perpetuate violence on unprecedented scale to ensure that the present administration continues to rule over the affairs of the state against their will. “Now, we have heard, with some evidence, that violence on unprecedented scale is being planned in order to ensure that whether we like it or not in Bauchi State, they will maintain the status quo. Now, the reason why I must address this is because we are all aware, most of us, including journalists, of a young man who came out to polling booth with an assault rifle and the picture was captured, I can even name his name if you want. I can say one his name is Ilela, you can

fill the gap. “Now, my worry is that this thing is being encouraged by the government of the state, all of you know that but the warning I will deliver is that they should desist from planning to kill our brothers and sisters, our uncles and our relations in Bauchi State. If someone does not have his own relations in the state and that is why he trying to promote violence, I want to say categorically here that he should desist from doing so. And some of our brothers that are conniving with him, by the time this crisis comes, his own sister is not going to be killed because he doesn’t have them, he doesn’t have uncles that will be killed, he doesn’t have brothers and

sisters that will be killed and nephews and nieces that will be killed but we all have them. “But in spite of all those things, the resolve of all the people of Bauchi State, as has always been, is to cast their votes, to stay there till their votes are counted and until the results are known and by so doing, as we always done, the will of the people will prevail. Now, if anyone is killed, the chief promoter of this violence, we are deliveringthiswarning,wewillnotonly defeat him, we will ensure that we get a bus that may escort all that he has, maybe 10-seater bus out of the state so that we can live in peace that Bauchi is known for and make the kind of progress that is needed,” he stated.

Atiku’sVisit to US Can’t Erase His Image Deficit, Says APC Onyebuchi Ezigbo in Abuja The All Progressives Congress (APC) has said that the recent visit of the presidential candidate of the Peoples Democratic Party (PDP), former Vice President Atiku Abubakar, has backfired as the issues around his image remained largely unresolved. The party said that it earlier predicted that being a presidential candidate, that Atiku planned to use the status to enjoy immunity from prosecution. In a statement issued

yesterday by the Director, Strategic Communications, APC Presidential Campaign Council, Festus Keyamo, the APC described the visit as a non- event. “We were not surprised by his visit to the US. For us, this visit is really a non-event considering the issues involved in the forthcoming election. However, we have bad news for those who think this is a momentous event for Atiku Abubakar: the visit was nothing but a downright catastrophe

because rather than dispel the fact of indictments hanging over his head,” he said. While faulting the visit, APC said it was an anomaly that the candidate of the major opposition party in Nigeria sneaked into America and did not meet large sections of political leaders of similar ideologies and persuasions towards which he claims to be inclined. APC’s presidential campaign council said the visit had all the trappings of a fugitive sneaking

into America under a “special diplomatic waiver”. It noted that for the candidate of the major opposition party in Nigeria, it is an absolute disaster that the visit was not announced ahead of time in Nigeria, with his programmes and itinerary clearly spelt out. According to the APC, the style of Atiku’s travel to the US was a clear departure from the “decent and customary minimum standard of such visits”.

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South-west First Ladies Rally Women for Buhari Victor Ogunje in Ado Ekiti The wife of Ekiti State Governor, Bisi Fayemi, and other first ladies in the south-west region have assured that the women and youths will vote massively for President Muhammadu Buhari and his Vice, Professor Yemi Osinbajo, on the February 16 presidential poll. They added that the people of the South-west, particularly the women and youths have come to realise that re-electing President Buhari guarantees four more years of progress and meaningful development for the country. Mrs. Fayemi who spoke on behalf of the First ladies of the All Progressives Congress (APC) said this during APC South-west women and youths presidential

zonal rally held in Ibadan at the weekend. “The Southwest is secured for President Buhari and Osinbajo, we know that the South-west is ready for another level. We know what it means to know the road and not take the wrong direction. We are ready for the next level and fully prepared to move into it.” The rally, which was chaired by wife of President Muhammadu Buhari, Hajiya Aisha Buhari, who was represented by the wife of the Vice President, Mrs. Oludolapo Osinbajo, was held at the Liberty Stadium, Ibadan as part of the Next Level Nigeria Buhari/Osinbajo 2019 presidential campaign strategy. Fayemi’s wife said the South-west teams have mobilised delegates from their respective states. “We want to show our support

for President Buhari and to let him know that in all six states of the South-west they can count on our votes in very significant numbers. Nigerian is going forward to the next level, we are not going backwards and we are here as women of the APC to say four more years of President Buhari and four more years of progress and development for our country.” The rally was well attended by wives of the Governors of Ekiti, Osun, Oyo, Ogun, Ondo, and Osun States and also wives of the Governor of Kebbi and Nasarawa States, chairperson of the Southwest Governors’ Wives forum, Florence Ajimobi, APC National Leader/ National coordinator, Hajia Salamatu Baiwa and Chief Mrs. Kemi Nelson, APC South-west women leader among others.

Atiku, Obi Condole with Jimoh Ibrahim over Mother’s Death The Atiku/Obi Campaign Organisation has commiserated with the Ondo State-born business mogul, Mr, Jimoh Ibrahim, on the loss of his beloved mother. The organisation stated that the Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, and his running mate, Mr. Peter Obi, were deeply grieved by the sad incident. The campaign outfit, in a statement issued by the Director-General of its Ondo State chapter, Mr. Eyitayo Jegede (SAN), lamented the departure of Ibrahim’s septuagenarian mother, and urged him to take solace in the fact that his aged mother

lived a fulfilled life. “The Peoples Democratic Party’s presidential candidate, Alhaji Abubakar Atiku; his running mate, Mr. Peter Obi, and all members of the PDP family pray the Almighty to comfort you and the entire members of your family in this trying moment. “The importance of a mother to a child cannot be quantified, and we can only urge you and your siblings, as well as other members of your distinguished family to be strong in this trying moment, taking consolation in the fact that Mama lived a fulfilled life,” the organisation stated. The campaign body further recalled the sterling roles played by Ibrahim some years back to

secure the release of his mother, who was kidnapped by some hoodlums while still residing in the Okitipupa area of Ondo State. “We particularly cherish a statement credited to you then when asked how much was spent to secure the release of your mum and you responded: ‘my mother is priceless.’ “We share in your pains, as Madam Theresa Jimoh was a woman deserving the respect of all peoples of good conscience, having worked hard in life to ensure that all her children succeed in their various endeavours. Once again, be strong and may the Almighty comfort you,” the statement said.

My Mum Didn’t Die from Candle Fire, Says Dipo Jimoh Contrary to reports that Mrs. Theresa Jimoh, the mother of businessman, Jimoh Ibrahim, died from candle fire, which engulfed her apartment, one of her children, Dipo, said she died from family mismanagement. Dipo, who released a brief statement on the incident yesterday, denied that the deceased was killed by a candle fire.

He, however, said he would release a detailed statement later. According to him, “Dipo Jimoh, last-born and the closest son to the late mother — Mrs. Theresa Jimoh, recently graduated from Columbia University. Dipo, the MD/CEO of Barama Energy Resources, has denounced the claim that the root cause of his mother’s death was candle fire and that her remains were

deposited in a morgue by Lagos State Emergency Management Agency. “Dipo has promised to face any heavyweight individual or group who plans to misinterpret or confuse the populace about the root cause of his mother’s death. “My mother died as a result of family complications and mismanagement.”

Adenuga Wins Businessman of theYear at Daar Awards Chairman of telecommunications company, Globacom, Mike Adenuga Jr., has been adjudged the ‘Businessman of the Year’ by a team of judges at the 3rd Daar Awards held in Abuja which was attended by top government functionaries and captains of industry at the weekend. At the same event, Globacom was voted the Best Customer Service Company of the Year. Adenuga was singled out for honour based on his keen eyesight for juicy investment opportunities and a knack to succeed where others fail. According to the citation, his telecoms network, Globacom is a network to be reckoned

with across the continent and his prospecting company, Conoil Producing, has the enviable record of being the first indigenous venture to strike crude oil in shallow waters. In the case of Globacom, the company stood out sharply among gladiators in a sector where the competition is very keen among unrelenting players. “Globacom was found to be growing very fast as a result of several attractive and userfriendly packages which offer a lot of appeal to pre-paid and post- paid phone users, thus making its services the most accessible and most accessible.” The citation stated that Globacom was the first to launch the 4G LTE network

nationwide, offering instant efficient broadband internet to millions of Nigerians at speeds that are several times faster”. Receiving the awards on behalf of the awardees, Globacom’s Regional Manager, North Central, Kemi Kaka, said the awards were a call to greater services. He said he was not surprised that the company was chosen as the best company in customer service and the Globacom’s founder, Adenuga jr. who is already a multiple award winner, as the Businessman of the Year. He thanked the organisers for the awards and pledged that it would stimulate them to do more for humanity, Nigeria and Africa.

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

Enugu Rangers Fly into CAF Confed Cup Group Stage Duro Ikhazuagbe

Enugu Rangers cruised into the money-spinning group stage of the CAF Champions League yesterday with aggregate 4-2 defeat of Bantu FC of Lesotho. Just like the 2-1 result from the first leg away a fortnight ago, the Flying Antelopes ended the clash at the Nnamdi Azikiwe Stadium in Enugu by the same goal margin. However, it was the visitors that got the curtain raiser as early as the 13th minute when Lehlohonolo Fothoane gave Bantu FC that lead. But the Flying Antelopes who were not ready to be humiliated in front of their faithfuls at the Cathedral in Enugu fought back gamely with Ajani Ibrahim drawing the home team level in the 19th minute. Tope Olusesi provided the assist. Godwin Aguda took the game beyond the reach of the visitors when he added a second to make it 2-1 (aggregate 4-1) and

sealed a place for the Enugu team in the group stage. The first time Rangers played in the group stage of the competition was in 2004. The draw for the group stage will be staged today in Cairo, Egypt. Earlier on Saturday, Nigeria’s representatives in the CAF Champions League, Lobi Stars of Makurdi lost 1-0 to ASEC Mimosa in their second group match in Abidjan, Cote d’Ivoire. Lobi secured a 2-1 win over Mamelodi Sundown of South Africa in Match-day one, but in Abidjan their hopes of at least a draw was dashed as the reigning Coted I’voire Premier League champions got the narrow win. The only goal in Saturday’s game was scored from the penalty spot it in the 13th minute through Ahmed Diomede. The Nigerian flag-bearers tried to fight their way back into the game, but the Abidjan based team stood their ground to claim the maximum three points.

Kwara, Wikki Win as Heartland Grabs Only Away Victory in Lafia Kwara United FC moved to the top of Group A of the Nigerian Professional Football League (NPFL) yesterday with a 3-2 defeat of Enyimba. The Ilorin team is just one point better that the People’s Elephant. Wikki Tourists who defeated Niger Tornadoes 2-1 is third on the log. Ibrahim Mustapha had fired Enyimba into an early lead in the 12th minutes before Segun Alebiosu leveled scored in the 31st. Joseph Osadiaye scored from the spot kick to hand Enyimba a 2-1 lead. But Alebiosu agained restored parity 2-2 in the 68th minute with a brilliant shot. Mohammed Usman however sealed the first win of the NPFL season for Kwara United in the 73rd minute of the match. At the Dipo Dina Stadium in Sagamu, Bendel Insurance got the lead in the 58th minutes through Charles Omokaro but Victor Mbaoma drew Remo Stars level in the 76th minute to share points one apiece. In Group B of the NPFL, Heartland have now climbed to the summit after two wins, same points with second placed El-Kanemi

Warriors who however have lesser goal difference. FC Ifeanyi Ubah is third with five points, while Go Round FC, Kano Pillars and Plateau United are all one point less. Plateau United recorded their first win of the season yesterday when they trounced El Kanemi Warriors 2-0. Plateau United had earlier recorded a draw and a defeat in their previous two games. In Kaduna, newly promoted Kada City kicked off their NPFL campaign with a 2-1 win at home against Gombe United. Umar Mohammed fired in from a free-kick to give Kada City the lead in the 19th minute. Enesi Sani equalized after thirty seconds for Gombe United. Sadiq Suleiman restored Kada’s lead with a half volley. In Kano, Chris Madaki denied Akwa United FC maximum points at the Sani Abacha Stadium when he headed past Jean Efala to restore parity for the Sai Masugida. Ndifreke Effiong had shot Akwa United into the lead after 22 minutes. Go Round was forced to a goalless draw at home to FC Ifeanyiubah.

NPFL MATCHDAY 3 GROUP A Wikki 2-1 Tornadoes Kwara Utd 3-2 Enyimba Remo Stars 1-1 Insurance Postponed Rangers v Sunshine Rivers Utd v Katsina Utd Lobi v MFM FC

GROUP B Go Round 0-0 IfeanyiUbah Nasarawa 0-1 Heartland Plateau Utd 2-0 Elkanemi Kano Pillars 1-1 Akwa Utd Kada City 2-1 Gombe Utd Postponed Yobe Stars v Abia Warriors

With Mamelodi Sundowns beating Wydad Casablanca in the other game, all the

teams are level on three points apiece. Lobi Stars who have lost

all the away games in this year’s CAF Champions League will be playing host

to Moroccan club, Wydad Casablanca in their next group game.

Godwin Aguda celebrating Rangers passage to the money spining CAF Confederation Cup stage

WINTER TRANSFER

Barcelona Drops Ighalo Interest for Congolese Forward Femi Solaja

The dream of Super Eagles forward, Odion Ighalo, to play for FC Barcelona has vanished following the absence of his name in the final three short list of strikers the club aims to sign this winter transfer. Although Ighalo had hoped to return to English Premiership or any other top league in Europe, it was the

interest shown by the Catalan side 10 days ago that ignite his ambition of becoming Nigeria’s highest profiled player in the current Super Eagles make-up. The Catalan club is desperately in need of a back up striker since the exit of Munir El Haddadi to Sevilla. But last night, the former UEFA Champions League champion, according to Diaro Sports, have narrowed

their shortlist to three players with DR Congo international striker, Cedric Bakambu who previously played for Villarreal FC as the main target with ‘out of favour FC Chelsea striker, Alvaro Morata and Calos Vela as the other choices in reckoning. Bakambu is currently a player of Beijing Sinobo Guoan in the Chinese Super League. He was signed on for €40 million.

The striker is one of the best paid foreign players in China. Barcelona coach, Ernesto Valverde, is said to be interested in the player because his skills sooth the team’s style of play. With 10 days to the end of the transfer window, the Spanish giants are reported to be pressurizing the player to hand over transfer request to his present employer to facilitate smooth switch to Camp Nou.

ZENITH /DELTA PRINCIPALS’ CUP

Zonal Stage Begins Today in 10 Centres A total of 26 teams that emerged champions at the local government levels will from today begin hostilities as the zonal stage of the third edition of the Delta State Principals’ Cup takes centre stage in 10 different venues in the state. All secondary schools in Delta State were involved in the competition from the preliminary stage which started in October 2018. The zones with three teams each will produce just one winner

while eight teams will come of the process as quarterfinalists for the ongoing edition. Head of the Organizing Team for the competition, Tony Pemu, said yesterday that all was set for the zonal elimination series slated for between January 21 and January 25. “It gets tougher as we go on but we are all set in every area of the operations to ensure a smooth running of the tournament. Everything is set. The schools have also been working hard

to excel and move into the final stages,” Pemu said. The Zenith/Delta Principals Cup organizer shed more light on how the eight quarterfinalists will emerge at the end of the zonal series. “We have just eight zones but 10 centres in the zonal series. Some centres are A and B where only one team will come out. We have been very transparent with all the fixtures and our operations. All the teams are allowed to be part of it,” Pemu added.

At the Hussey College, Warri, Ughelli North champions will tackle Burutu LG winners while at the Ughelli Township Stadium, Ndokwa West Champions will take on the winners of Bomadi Local Government. In other matches billed for today, Oshimili North champions will clash with Aniocha South at the Pilgrims Baptist Grammar School while Aniocha North and Ika North East will lock horns at the Adaigbo Secondary School, Ogwuashi-uku.

NCF Hosts Rwanda Female National Cricket Team on a Bilateral Tour The Nigeria Cricket Federation (NCF) is scheduled to host the Rwandan Female National Cricket Team on a one-week Tour of the country from Wednesday January 23rd to Wednesday January 30th 2019. This is the first time ever they will be coming to Abuja. The Tour is the first leg of a bilateral international friendly series between both countries and would take place at the newly constructed wicket pitch inside the National Stadium in Abuja.

The return leg is schedule for June 2019 in Kigali. President of the Nigeria Cricket Federation, Professor Adams Yahaya Ukwenya, yesterday described the development as a major achievement for Nigerian cricket and a pointer that the strides being made back home by the federation were been noticed across the continent. “The relationship we have with Rwandan Cricket is the first

of its kind for Nigerian cricket and it is mutually beneficial. We are looking forward to extending it in all ramifications, by exploring different ways we can leverage to grow the game; on the field, including technical and the management capacities for both federations. We also hope the effect would impact the growth of the game across the continent,” he said. In preparation for the Tour, the Nigeria female national team has

been camped in Kaduna State for the last three weeks for players to jostle for slots in the team that will engage the Rwandan team in the six encounters scheduled during the visit. Vice President of NCF, Uyi Akpata, stressed that the Rwandan Tour of Nigeria provides an opportunity for the national female team to be tested in skill and depth ahead of the busy schedule they have this year.

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MISSILE Ortom to Buhari â&#x20AC;&#x153;If Buhari wins he will continue to prosecute Miyetti Allah agenda which explains why they have endorsed him, Buhari cannot solve farmers/herders crises, because apart from romancing with Miyetti Allah groups, he is not in charge but rather a cabal is ruling the countryâ&#x20AC;? â&#x20AC;&#x201C; Benue State Governor, Samuel Ortom, deriding President Muhammadu Buhariâ&#x20AC;&#x2122;s capacity to resolve the lingering crises between farmers and herdsmen across the country.

TUNDERAHMAN Momodu and His Obscene Obsession RIGHT OF REPLY

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haka Momoduâ&#x20AC;&#x2122;s tirades go beyond aggressive journalism. What motivates him is something that stands on the wrong side of the pathological. He seems possessed of some irrational phobia concerning Asiwaju Bola Tinubu. Judging from Momoduâ&#x20AC;&#x2122;s latest article, the old animus he holds against Tinubu for not inviting him to be part of his team should have ebbed by now. Instead, Momodu keeps the fire of hatred burning. He seeks revenge for an insult that never happened. A man has a right to choose the team of his liking. Momodu cannot deprive Tinubu or anyone else of that right. Momodu should get on with life and do something constructive instead of brimming with anger over what might have been. Momodu has published at least four articles in as many months on Tinubu, repeating the same hackneyed lines again and again. His desire to snipe at Tinubu beclouds his reasoning. When it comes to Tinubu, Momodu becomes so apoplectic that he cannot manage the simple exercise of counting to two. For instance, after publishing the article titled â&#x20AC;&#x153;Lagos Shall Be Free Part 2â&#x20AC;? last October, someone must have kindly whispered into his ear that there was never a part one of this screed. Momodu really sunk low in his latest off-target hit piece, â&#x20AC;&#x153;Tinubu Tightens the Noose,â&#x20AC;? published last Friday. In his babble, Momodu claimed Tinubu â&#x20AC;&#x153;labels others corrupt and awards them gold medals for corruption when he is more deserving of them.â&#x20AC;? However, Momodu can offer no evidence of the corruption he alleges. Tinubu was beloved by neither Presidents Obasanjo nor Jonathan. They commanded their agencies, particularly the Economic and Financial Crimes Commission, to subject Asiwaju to every investigation imaginable. Obasanjo left no aspect unattended in trying to destroy Tinubu. If there was something to be found, Obasanjo surely would have used to guillotine Tinubu as he was the only person standing between Obasanjo and his dream of one-party domination of Nigerian politics. Momodu claims one of Tinubuâ&#x20AC;&#x2122;s awful deeds was that â&#x20AC;&#x153;he picked from a three bedroom flat in Surulere, with an old Mercedes Benz (flat boot) and a Sagem mobile phoneâ&#x20AC;? a close aide and made him â&#x20AC;&#x153;the occupant of the seat of power in Alausa.â&#x20AC;? Tinubu should perhaps be flattered that Momodu attributes so much power to him. Momodu has not the courage to name the aide because naming the aide would refute the very argument Momodu is trying to make. The mystery aide is none other than Babatunde Raji Fashola. By all estimates, Fashola was an excellent governor. Momodu could not say otherwise, thus he tried to blur Fasholaâ&#x20AC;&#x2122;s identity. Moreover, as Minister of Power, Fashola doubled the power output of this nation in four short years when Momoduâ&#x20AC;&#x2122;s PDP wasted 16 billion dollars in 16 years without improving our power supply. If Tinubu is to be adjudged by the people he selects for his team, he is clearly vindicated by selecting a Fashola. The writer tried another put-down by claiming that President Buhari breached all norms in designating Asiwaju the

Tinubu

Co-chairman of his campaign. Regarding a sitting president allowing someone else to manage their campaigns, Momodu asked, â&#x20AC;&#x153;Now, tell me who does that?â&#x20AC;? Well, let me tell him: Every American president of the 20th and 21st centuries, including the two Roosevelts, two Bushes, one Kennedy, one Clinton and one Obama. They did as Buhari has done. Also, if you go to Canada, UK and other democracies, you will see that the elected heads of government did similarly. Not to follow this pattern would be the anomalous and wrong thing to do. Perhaps Momodu is confused. So perhaps a sports analogy might help him understand better. Take a tennis player or a boxer. In both cases, the athlete has a manager, who helps him achieve his goals. But no one in his right mind would confuse the manager for the athlete. Perhaps the difficulty is that Momodu had once been a pugilist himself. If so, he was likely not a very good one for his writings bear strong evidence of a man, who has suffered too many blows to the head. Momodu also cries about Alpha Beta, the accounting firm. He says that a petition written to EFCC last year against Alpha Beta, â&#x20AC;&#x153;a company he is suspected to own a major stake in,â&#x20AC;? had been gathering dust on the EFCC shelf. What Momodu forgot to add is that the person who filed the petition has absconded from Nigeria. That person fled after having bilked Alpha-Beta. Let that person return to Nigeria to see which petition has more validity. In this and in most things, Momodu sides with the fugitive from justice because Momodu himself is a fugitive from the truth. Lest we forget, it was the ingenuity of Tinubuâ&#x20AC;&#x2122;s government that brought Alpha Beta. Because of this innovation, the Internally Generated Revenue of Lagos moved from N600 million in 1999 to over N25 billion monthly today. Powered by this increase in IGR, Lagosâ&#x20AC;&#x2122;s economy today is ranked fifth in Africa and social services in the state have improved across the board. Alpha Beta also has been invited by many states and other countries to do for them what was done for Lagos. Momodu then chirped: â&#x20AC;&#x153;Now consider that a petition dated January 9, 2019 against the Chief Justice of Nigeria, Justice Walter Onnoghen, was investigated with supersonic speed and by January 11th charges had

been filed against Onnoghen at the Code of Conduct Tribunal, CCT, without following due process.â&#x20AC;? What Momodu neglects to say is that undergirding the matter of the inaccurate assets declaration is the matter of an unexplained large sum of American dollars in the accounts. Momodu should explain the presence and source of these funds as the justice is having a very rough time telling the people how the money fell into his lap. Momodu also claimed Tinubu recently boasted in Osogbo that he was richer than Osun State. This is patently fake news. During the election there, Asiwajuâ&#x20AC;&#x2DC;s paid a courtesy call on Ataoja of Osogbo to seek royal blessing for the aspiration of Governor Adegboyega Oyetola, then APC governorship candidate. What Asiwaju said on that occasion was that Oyetola, a successful private sector player, had achieved success in that sector; that Oyetola was not running for governorship because he wanted to help himself with the stateâ&#x20AC;&#x2122;s resources. How this clear and innocuous statement could be distorted into being depicted as a show of arrogance shows the danger of the reckless journalism that has become Momoduâ&#x20AC;&#x2122;s trademark. Momodu seems incensed that Governor Ambode failed at the APC governorship primary. Showing his inconsistency, Momodu does not complain about Ambodeâ&#x20AC;&#x2122;s path to the governorship as he complained about Fasholaâ&#x20AC;&#x2122;s even though the two are similar. Well this is not so strange at all. Momodu is doing his paymasterâ&#x20AC;&#x2122;s bidding; consistency and veracity are early and frequent casualties of a mercenary pen. Momodu has the nerve to claim the APC primary was flawed but he neglects to say in what way. The only flaw Momodu really sees is that he disliked the outcome. Over 1 million Lagosians voted in an open, transparent exercise. The result was clear and resounding. The Lagos primary was as fair and visible as they come. Momodu would be hard pressed to point to a primary in his beloved PDP that equals the high quality attained in Lagos. Alas, the counterfeit democrat Momodu reveals his true colors. He is unwilling to accept the voice of the people. If he does not get his way, he falsely paints that as a lack of democracy. Momodu is guilty of the very thing he accuses Tinubu of doing. If he had the power, Momodu would surely substitute his single voice for the collective decision of nearly 1million Lagosians. Momodu then criticized the appointment of Hakeem Muri-Okunola as the Head of Service. Here, Momodu needs a basic lesson in the state civil service. In 2015, Governor Ambode retired in one fell swoop 21 Permanent Secretaries in the state civil service. Because this purge did not occur at the hands of Tinubu, Momodu accepts it as being proper. A direct consequence of this massive removal of a score of senior officials is that Muri-Okunola became the second most senior civil servant. With the subsequent retirement of the head of service, Mrs. Folasade Sidikatu Adesoye, in December, again at the behest of Governor Ambode, Muri-Okunola became the next in line to be the number one civil servant in the state. That he was Tinubuâ&#x20AC;&#x2122;s PA several

years ago should not be used to somehow erase his many years of distinguished service to the state. Armed with a first degree in Law from University of Lagos and a Master in Business Law from the University of London, HMO began his career as Company Secretary at the Lagos State-owned Ibile Holdings from where he moved to the Ministry of Lands as Executive Secretary and later Perm Sec between 2005 and 2011. Since then, he has been Perm Sec Ministry of Youths and Social Development. There is no doubt about HMOâ&#x20AC;&#x2122;s ability and competence. But for Momodu and his irrational way of thinking to have worked for Tinubu is now a disqualifier for higher office. Yet, if this is so, why does not Momodu write that Governor Ambode should not be where he is. Momodu dare not stray across this line because he knows the confines of the smear job he has been hired to do. Momodu even descends to talk about Asiwajuâ&#x20AC;&#x2122;s mien. Momodu cavils that Tinubu is not an eloquent speaker. He says Tinubuâ&#x20AC;&#x2122;s gait is not inspiring. He even says Tinubuâ&#x20AC;&#x2122;s cap is oversized. Mr Momodu, you really have ladled the sauce too thickly. If what you say is so true, then I must ask, how can a man who cannot talk, walk, or even dress properly reach the place of immeasurable power that you ascribe to him? Momodu, you evidently have in abundance these traits which you claim Tinubu lacks. Yet, look at what you are reduced to doing: yelping through the window like a pet left outside in the rain. Letâ&#x20AC;&#x2122;s give you a quick lesson in civics and perhaps a nice towel to dry you off. You are wrong to think that leadership boils down to how you talk, walk or even your sartorial flair. All of these things are superficial, if not vain. If a smooth tongue was all that is needed, then any auctioneer, carnival barker or confidence man would be the worldâ&#x20AC;&#x2122;s great leader. If walking was the litmus test, glamor models would also be the worldâ&#x20AC;&#x2122;s leading statesmen. If clothing really made the man, I suppose your tailor would be our president. Thank goodness none of this is true. What distinguishes a true leader is his vision, his capacity to solve problems and his compassion for people. In these things, Asiwaju excels. It is because of these qualities that he remains an influential and prominent leader. He is far from the leviathan you claim. He is a humane and caring person with much forbearance and tolerance for people wronging him. He even has goodwill toward you despite your enmity toward him. He is someone who wants the best for Lagos and is willing to open the door to allow talented people to work according to their abilities. Thus, keep your fancy talk, swaggering walk and your dressy haberdasher. These things will make you flash for a moment but they get you nowhere important. True progressive leadership withstands the test of time. This is the place where Asiwaju resides and into which you canâ&#x20AC;&#x2122;t even muster a visitorâ&#x20AC;&#x2122;s pass. t3BINBO GPSNFS &EJUPS 5)*4%": 5IF 4VOEBZ /FXTQBQFS JT .FEJB "EWJTFS UP 5JOVCV

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