2019 Budget: More Troubles, OPEC Pegs Nigeria's Output at 1.6mbd Chineme Okafor in Abuja The implementation of Nigeria’s 2019 budget is faced by a fresh threat as crude oil production adjustment agreed by member countries of the Organisation of Petroleum Exporting Countries (OPEC)
and non-OPEC, led by the Russian Federation in December 2018, has lowered Nigeria's daily oil production level to 1.685 million barrels per day (mbd), THISDAY has learnt. With oil price around $80 during the period of the
preparation of the 2019 budget, the federal government had ignored the $50 per barrel oil price benchmark proposed in the Economic Recovery Growth Plan (ERGP), and proposed a $60 per barrel oil price for the budget. However, from a 2018 peak
of $86 per barrel last October, oil price had dropped to $48 per barrel before rebounding to $61 as at yesterday. To fund the N8.83 trillion budget, the federal government also predicated the estimates on the production of 2.3 million barrels per day.
But a document containing the production adjustment commitments made by OPEC member countries showed that Nigeria is voluntarily curbing 53,000 barrels per day (bd) of her crude oil from getting to the international market. This was part of the
agreement reached at the 175th meeting of the OPEC Conference and fifth OPEC and non-OPEC ministerial meeting, which held in Vienna, Austria last December. In the document posted Continued on page 48
Emefiele Insists Economy on Track, MPC Retains 14% Interest Rate... Page 48 Wednesday 23 January, 2019 Vol 24. No 8680. Price: N250
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Council of State Approves N27,000 as Minimum Wage Labour rejects figure FG to pay N30,000 Council satisfied with INEC arrangements for elections Omololu Ogunmade and Onyebuchi Ezigbo in Abuja The National Council of State (NCS) rose from its first meeting in 2019 at the State House yesterday, approving N27,000 as the new national minimum wage.
The council, which also received briefings from the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, on INEC's preparation for the general election, approved all the arrangements put in place
by the commission for the conduct of the forthcoming polls, saying it was satisfactory. Briefing State House correspondents at the end of the meeting, the Minister of Labour and Employment, Dr. Chris Ngige, said the council also approved the transmission
of a new National Minimum Wage Bill to the National Assembly. Ngige explained that even though the minimum wage benchmark, as approved by all relevant organs, including the council of state, is N27,000, the federal government has
on its part, resolved to pay N30,000 as the minimum wage to federal workers. Ngige, who also explained that the N27,000 approved by the NCS was the nation's benchmark on minimum wage, was swift to add that no employer could go below it,
adding that anyone who wants to pay above the figure, like the federal government, is free to do so, and promised that the bill would be sent to the National Assembly before the close of work on Wednesday. Continued on page 52
Onnoghen Goes on Appeal as CCT Rejects High Courts’ Orders Adjourns to January 28 for motion on jurisdiction Davidson Iriekpen in Lagos and Alex Enumah in Abuja The lead counsel to the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, Chief Wole Olanipekun (SAN), has vowed to appeal yesterday’s ruling by the Code of Conduct Tribunal (CCT), dismissing the orders of three high courts and the National Industrial Court that restrained it from proceeding with the arraignment of Onnoghen by the Code of Conduct Bureau. The four courts had in separate rulings restrained the CCT from proceeding with the arraignment of the CJN pending the suits brought before them. After taking arguments yesterday from both Onnoghen and the federal government’s lawyers, the CCT had in a split decision held that the orders of the four courts were not bidding on it and slated next week Thursday for hearing on the motion challenging its jurisdiction. Olanipekun, who spoke to THISDAY last night, said the notice of appeal to be filed at the Court of Appeal in Abuja was already in progress and would be filed any time soonest. He added that while appeal would not necessarily be
about Onnoghen, it is about strengthening Nigeria’s jurisprudence. The CCT in the split decision of two to one had discountenanced the orders of the courts on the grounds that the orders were made by courts of equal jurisdiction and the CCT is a special court empowered to handle exclusively the issues relating Continued on page 10
TOP GAINERS NGN NGN LINKAGEASSURE 0.06 0.67 REDSTAR 0.40 4.80 NAHCO 0.27 3.49 ROYALEXCHANGE 0.02 0.29 OANDO 0.30 4.70 TOP LOSERS NGN MCNICHOLS 0.04 0.39 SOVERTRUST 0.02 0.22 CCNN 1.90 25.00 WAPICINSURANCE 0.02 0.40 NEMINSURANCE 0.10 2.50 HPE Nestle Nig Plc ₦1,450.00 Volume: 245.987 million shares Value: N2.443 billion Deals: 3,320 As at yesterday 22 /1/19 See details on Page 39
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ON THE WORLD PLANE... President, Dangote Group, Alhaji Aliko Dangote (left), and President Emmanuel Macron of France at the second edition of the Choose France Summit, in Versailles… yesterday
Atiku Better than Buhari, Obasanjo Insists… Page 10
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WEDNESDAY, ÍşÍťËœ ͺ͸͚Π˞ T H I S D AY
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Atiku Better than Buhari, Obasanjo Insists Former president is election rigger without peer, says Tinubu Your comment reckless, improper, PDP tells APC leader Iyobosa Uwugiaren in Abuja, Ejiofor Alike and Eromosele Abiodun in Lagos Former president, Chief Olusegun Obasanjo, yesterday reignited the war of words between him and President Muhammadu Buhari’s administration, saying that the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, is several times better than Buhari. But in another comment on the recent utterances of the former president, the National Leader of All Progressives Congress (APC) and Co-Chair of the APC Presidential Campaign Council, Senator Bola Tinubu, described Obasanjo as a rigger without peer, stressing that the ways of the former president were not the ways of the ruling party. The PDP, however, replied Tinubu last night, saying his comment on Obasanjo was reckless and improper and asked him to show more respect to his elder. Obasanjo, who made the assertion in an interview he granted the BBC Pidgin monitored in Lagos, said Atiku would perform “two times better� than Buhari. The former president said Buhari has shown “utter incompetence, condones evil and corruption.� He stressed that anyone could steal the whole country and go scot-free as long as he belongs to the ruling APC. He added that the reason he is backing Atiku is because, of the two choices before Nigeria for the immediate, Atiku is better, adding that his former deputy has shown remorse and admitted his past misdeeds. The former president was however, quick to say that Atiku is not the messiah, adding that the PDP presidential candidate is not a saint and has not claimed to be one. Obasanjo stated, “Atiku is not a messiah; he is not a saint.
Fortunately, he has not claimed to be. He has not claimed a fake sanctimoniousness. He came here. He acknowledged his past misdeeds and showed remorse,� Obasanjo said. “I am a believer and a Christian as such and the teaching of God in my own religion is to forgive so that you can be forgiven. In fact, it goes further that if you do not forgive, you have no right to expect God’s forgiveness. “I’m a sinner and I want God to forgive me sins. So, if anybody who has offended me comes to ask for forgiveness, I must forgive him. That’s number one. “Number two, the choice that we have for the immediate in Nigerian situation today and the immediate is 2019 is between the candidate of party APC and PDP. The other minor parties will line behind or not sufficiently relevant. “So, if APC puts down Buhari and PDP puts down Atiku, and from what I know of Buhari and what you know, what he has done and shown is utter incompetence, nepotism, condones evil and misconduct, including corruption. “The weakness of the body, mind and the totality of Buhari, compared with Atiku, I believe Atiku will perform two times better than Buhari. “Now, you can steal the whole of Nigeria and if you belong to APC, you are safe. Corruption is not only stealing money; nepotism is a form of corruption.� He stated that all the things he said about Atiku in the past remains the same, stressing that no one has come to controvert his claims. Obasanjo in the interview insinuated that Buhari’s government accommodates corrupt politicians who defect to the APC while the government has been waging a war on perceived opponents in the name of fighting corruption. The former president also
insisted that, “Even if you steal the whole of Nigeria, once you join APC, you are safe.� When asked what his perception of the ruling party is, he said, “Now, you can steal the whole of Nigeria, and if you belong to the APC you are safe. But you can steal N10 and criticise Buhari and his government, even when you stole that N10 about 15 years ago, they will come and say look you stole N10, you have seen that.� This is not the first time Obasanjo has criticised Buhari in the past few days. The former president had at a press conference held last Sunday at his Ota Farm residence, called out Buhari for what he described as the mismanagement of the Nigerian economy, security and anti corruption fight. He had also said that the president is not fit to rule Nigeria again while throwing his full weight behind the former vice president.
Obasanjo is Election Rigger Without Peer, Says Tinubu Meanwhile, Tinubu yesterday described Obasanjo as a rigger without peer, stressing that the ways of the former president were not the ways of the ruling party. In his formal response to Obasanjo’s recent letter where he chastised Buhari and his administration, claiming the president was preparing to rig the 2019 poll, the former governor of Lagos State said Obasanjo was projecting on to the APC the misconduct he would perpetrate if he were still in power. “There is no election, which occurred under Obasanjo’s watch or in which he participated that did not involve cheating on his part. Even the late President Umaru Musa Yar’Adua admitted that he was the beneficiary of a
flawed election engineered by no other than today’s vociferous complainant,� he said. Tinubu, in a statement titled, “Chief Obasanjo – At War against His Own Deeds,� said Obasanjo should be the last person to complain about election rigging. He said, “Moreover, Chief Obasanjo should be the last to complain about election rigging. His administration was an unalloyed miscarriage of justice and of the best aspirations of the Nigerian people. We all know he was not elected in 1999. He was handed Nigeria on a silver platter; perhaps because Nigeria was so easily given that he went about treating the nation as if it was a less than precious thing; he thought it was a cheap give-away not a privilege to govern this nation.� Tinubu accused Obasanjo of trying to convert Nigeria’s young democracy into a one -party state. According to the former Lagos State governor, the PDP had boasted that they would rule for 60 uninterrupted years without boasting that they would govern well during even one year of the 60 years. He also accused the former president of handing over the economy to a tight group of cronies, and turning what should be a modern economy into a version of the mammoth trading companies that dominated the 17th and 18th century. He alleged that the Transcorp conglomerate was intended to be a throwback to monopolistic enterprises such as the East Indian Company where a select handful would control the national economy’s strategic heights. “We hoped that Obasanjo would personify statesmanship, thus showing the way to a more benign political culture. Instead, he bickered and feuded with his vice president and mostly anyone who dared remind him that he was human and thus infallible,� Tinubu said.
Reacting to Obasanjo’s allegation that the case of Chief Justice of Nigeria’s assets declaration was evidence of future vote-rigging by intimidating the judiciary, Tinubu argued that Obasanjo ignored the large cache of dollars in the CJN’s account and the millions of dollars that passed through the accounts.
PDP: Tinubu’s Comment Reckless, Improper The PDP took up Obasanjo’s battle yesterday, reprimanding Tinubu over his comments on the former president and said his tirade sounded like a ‘’disrobed ruler facing a pang of defeat as he watches his empire being legitimately taken.’’ According to the PDP in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, ‘’It is shocking that Asiwaju of Lagos can be in cahoots with President Buhari, a known anti-democrat, who has always been in league with all known dictators, while at the same time claiming to be on the side of democrats. ‘’It is, however, not a surprise that Tinubu is in severe pain because President Obasanjo exposed their rigging plans. Asiwaju had always won elections for himself and his cronies through rigging and this account for his bitterness. ‘’His reliance on rigging was typified in the Osun election, where results were manipulated in order not to disgrace the fading politics of the Asiwaju of Lagos.’’ PDP stated that Obasanjo, contrary to Tinubu’s claims, did not at any time, assure the party that he holds sway throughout the South-west and as such will deliver Osun State to the PDP, adding that ‘’the people’s candidate, Atiku Abubakar,’’ did not also claim to have rigged election in the
South-west. He added, ‘’However, if Tinubu today denies his affinity with Atiku Abubakar, which is well known in the entire nation, then he can deny even his own existence. “Moreover, it is an established fact that Obasanjo remains a statesman and a global figure that always speaks truth to power and puts the interest of our nation above all. ‘’It is on record that President Obasanjo and PDP genuinely fought corruption in this country. With the establishment of ICPC, EFCC, SFIU in the police as well as the Nigerian Security and Civil Defence Corps (NSCDC) to investigate economic crimes and corruption activities as well as trial of Nigerians believed to have committed wrongdoings. ‘’Under President Obasanjo, there were no sacred cows in the fight against corruption, unlike what we are witnessing today, in which corruption has become pervasive under the nose of President Buhari in the presidential villa.’’ PDP described as ‘’ridiculous,’’ Tinubu’s attempt to justify the sharing of N10,000 each to traders, in the market by Vice President Yemi Osinbajo, saying the PDP believes that Asiwaju of Lagos has not read, and like President Buhari, is also unaware that the same poor people, which Osinbajo claimed to be helping with his ‘tradermoni’ voodoo, chased him out of the UTC market in Abuja. PDP said it is shameful that Tinubu can compare any administration in the history of the nation to the Buhari administration, saying ‘’Nigerians have never been this hungry, our purchasing power has never been this low, our fault lines have never been this manifest and our nation has never been turned into a huge funeral parlor as we have witnessed under President Buhari’s incompetent, divisive and colossally corrupt administration.’’
ONNOGHEN GOES ON APPEAL AS CCT RE JECTS HIGH COURTS’ ORDERS to assets declaration. The position of the CCT was made by the Chairman, Mr. Danladi Umar, and was supported by another judge, Mr. Juli Anabor, who aligned herself with the chairman’s position, while a third judge, Mr. Williams Atedze, gave the dissenting judgment. Umar had in his ruling held that those who obtained the orders of the High Court were busybodies because they are not parties in the matter at the tribunal. He maintained that the orders of the high courts and that of the National Industrial Court are null and void on account of being inconsistent with the provisions of the Constitution, adding that section 246 makes it crystal clear that the tribunal has unquantified jurisdiction to hear any assets declaration case as may be referred to it by the Code of Conduct Bureau (CCB). Umar also disagreed with the request to adjourn the trial indefinitely, on the grounds of a pending appeal at the Court of Appeal, contending that section 306 of the Administration of Criminal Justice Act (ACJA), 2015, did not make provisions for stay of proceedings in a criminal matter and that in the instant case, it shall not be entertained. The second member of the
panel, Atedze in his dissenting ruling, held that it would result to judicial anarchy for the tribunal to proceed with the trial in view of the four subsisting court orders and the pending appeal at the Court of Appeal. According to him, orders are binding on the tribunal until they are set aside in view of section 287(3) of the 1999 Constitution, which allows court orders to be enforced in all parts of the county, stressing that the CCT cannot operate in isolation. “Having summarised argument from both parties, it is my submission that CCT as a creation of law is bound by the existing court orders to avoid judicial anarchy,� he held. But Olanipekun speaking with THISDAY yesterday, disagreed with the majority ruling, describing the CCT’s declaration of the orders of the Federal High Court and National Industrial Court as null and void as strange to Nigeria’s jurisprudence. He said, “We will appeal the ruling of the CCT not because of Justice Onnoghen, but in the interest of the country’s jurisprudence. The Court of Appeal has to espouse on the issue. In my little knowledge of the law, I have never heard where an order of court will be declared null and avoid by another court.
“The notice of appeal is almost ready and would be filed any moment from now.� The federal government had slammed a six-count charge of false asset declaration against the CJN. Onnoghen had earlier been scheduled for arraignment last week, January 14 but, the arraignment could not take place due to improper service of the charge on him, forcing the tribunal to adjourn to January 22. However, between the last adjourned date and yesterday, when the matter came up for hearing, three different courts and the National Industrial Court, Abuja had all given orders, restraining the CCT from going ahead with the trial. First was Justice Evelyn Maha of the Federal High Court Abuja, who on January 14, issued an order exparte restraining the defendants, including the tribunal from taking any further steps on the matter pending the hearing of the main suit. The order was extended to January 28. Similarly, Justice Sanusi Kado of the National Industrial Court of Nigeria on same January 14, ordered all parties to maintain status quo, pending the hearing of the suit challenging the alleged move by the federal government to remove Onnoghen from office as CJN owing to the charges
filed against him at the CCT. Justice Kado on January 21, while extending the order till January 29, ordered that the enrolled order and the Motion on Notice be served on the CCT chairman through substituted means and pasted on the office of the tribunal. While Justice Valentine Ashi of the Federal Capital Territory (FCT) High Court in his ruling on an exparte brought before it ordered parties to maintain status quo as it existed on January 15, Justice Inyang Ekwo of the Federal High Court, Abuja restrained President Muhammadu Buhari, the Attorney-General, the CCT and other defendants from taking further steps in the matter of the CJN pending the hearing of the substantive suit before the court. But reacting to the orders of the four courts yesterday, the CCT in a split decision of two to one, discountenanced the orders of the court on the grounds that the orders were made by courts of equal jurisdiction, and the CCT is a special court empowered to handle exclusively the issues relating to assets declaration. The position of the CCT was made by the Chairman, Danladi Umar and was supported by Justice Juli Anabor, who aligned herself with the chairman's
position, while Justice Williams Atedze gave the dissenting judgement. "Having analyzed the situation, I have come to the conclusion that the order issued by the Federal High Court and the National Industrial Court is not binding on the tribunal. This is because the tribunal is established by the Constitution of the Federal Republic of Nigeria under the 3rd schedule to adjudicate on matters relating to asset declaration", he said. "It is imperative to state that the tribunal is empowered by the constitution to adjudicate on matters of asset declaration exclusive of any other court and so therefore any other court cannot stop the tribunal from continuing with the case before it". Umar in his ruling also pointed out that those who obtained the orders of the High Court were busy bodies because they are not parties in the matter at the tribunal. He maintained that the orders of the High Courts and that of the National Industrial Court are null and void to the extent of their inconsistency with the provisions of the Constitution, adding that section 246 makes it crystal clear that the tribunal has unquantified jurisdiction to hear any assets declaration case as may be referred to it by the
Code of Conduct Bureau (CCB). Umar also disagreed with the request to adjourn the trial indefinitely, on the grounds of a pending appeal at the Court of Appeal, adding that section 306 of the Administration of Criminal Justice Act, ACJA, 2015, did not make provisions for stay of proceedings in a criminal matter and that in the instant case, it shall not be entertained. The other member of the three-man panel of the CCT, Atedze in his dissenting ruling held that it would result to judicial anarchy for the tribunal to proceed with the trial in view of the four subsisting court orders and the pending appeal at the Court of Appeal. According to him, the orders are binding on the tribunal until they are set aside in view of section 287(3) of the 1999 Constitution, which allows court orders to be enforced in all parts of the county, stressing that the CCT cannot operate in isolation. "Having summarised argument from both parties, it is my submission that CCT as a creation of law, is bound by the existing court orders to avoid judicial anarchy", he held. He further held that the issue of jurisdiction of the tribunal to entertain the charge against Continued on page 48
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T H I S D AY Ëž Ëœ Í°ÍąËœ Ͱ͎ͯ͡
COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
IS INEC AN UNBIASED UMPIRE? (2)
Sonnie Ekwowusi argues that INEC should bar Amina Zakari from the collation centre for the sake of its credibility
T
he INEC should understand that “free, fair and credible elections� means that the 2019 election should not only be free, fair and credible but should manifestly be seen by fairminded and informed members of the public to be free, fair and credible. Appearance is at the heart of the rule against bias or likelihood of bias. Bias may take different forms but the main two forms of bias are actual and apprehended or imputed bias. Imputed bias is assessed objectively, by reference to conclusions that may be reasonably drawn from the actions, utterances and behaviour of umpires such as INEC. It is not enough for INEC to say that it is organizing a “free, fair and credible elections�: INEC must be seen to be manifestly organizing, through its actions, utterances and behaviour, free, fair and credible elections. Obviously by retaining President Buhari’s niece Amina Zakari as INEC chief collation officer, INEC would not be seen by fair-minded and informed members of the Nigerian public to be organizing free and credible elections. The rule against bias or likelihood of bias is predicated on the perception of the fair-minded and informed members of the public. The basis for the rule is to maintain public confidence in a public institution such as the judiciary that is vested with the power to adjudicate on any justiciable issue affecting the civil rights and obligations of citizens or electoral bodies such as INEC that organizes elections and oversees the implementation of election procedures. If, for example, an incorruptible judge notices that a law suit involving his niece is about to be brought to his court for his adjudication he would definitely disqualify himself from presiding over such a law suit involving his niece even though he is an incorruptible judge. Why? Because of likelihood of bias. Because members of the public would go away thinking or saying that the incorruptible judge was biased in favour of his niece even though, as I earlier stated, the incorruptible judge is above board. Applying the same analogy, Amina Zakari cannot preside over the collation of results in an electoral contest in which Buhari her uncle is a major contestant even though she is incorruptible. Therefore INEC has no option but to replace Amina Zakari with another INEC staff. The retention of Amina Zakari would whittle down the remaining confidence of members of the public in INEC. Public perception, whether reasonable or unreasonable, matters in an election as crucial as the 2019 election. You will recall that when Mrs. Amina Zakari was initially appointed the acting INEC chairman the appointment was trailed by criticisms. Why? Because the public knew at that time that Amina Zakari was a relative of President Buhari. Consequently Amina Zakari was dropped and Prof Yakubu appointed in her stead as the substantive INEC Chairman. Now the same Amina Zakari has been retained as the chief collation officer of INEC in an election in which her uncle is a major contestant. Therefore INEC has no option but to ask Amina Zakari to step down as chief INEC collation officer. The registered political parties under the aegis of the Inter-Party Advisory Council are also alleging that INEC is conspiring with the ruling party APC to recruit pro-APC staff to conduct the 2019 elections. This is a serious allegation which should not be dismissed with a wave of the hand. Rather than dismissing the allegation, the onus is on INEC to supply superior arguments, if any, to rebut or counter the allegation. INEC could begin by publishing in the newspapers the names and designations of all the INEC Resident Electoral Commissioners, returning officers and staffers officiating in the 2019 elections. Of all INEC officials, the RECs are
PUBLIC PERCEPTION, WHETHER REASONABLE OR UNREASONABLE, MATTERS IN AN ELECTION AS CRUCIAL AS THE 2019 ELECTION
the most powerful and influential. The RECs are the representatives of INEC at the state level. The role of RECs is critical for the success of any election. The duties of the RECs include monitoring the activities of all INEC ad-hoc staff/RECs as well as provide for proper verification of election results. In fact, the INEC relies heavily on RECs verifications in authenticating the election results on the presupposition that RECs are people of unquestionable integrity. Who are the current RECs officiating in the 2019 election? Are they secret card-carrying members of any political party? Can INEC vouch for the character of the current RECs? The answers to these questions will determine to a large extent whether the 2019 election will be free and fair or not. Unfortunately some of the current RECs for the 2019 election were hurriedly handpicked and appointed by President Buhari. Their integrity is still untested. Another allegation coming from some quarters is that INEC has tampered with the election guidelines as well as the accreditation methods. Obviously tampering with the election guidelines and methods would lead to massive election rigging. Therefore INEC should not change the goal post. Since President Buhari has refused to assent to the Electoral Bill (as amended), INEC should revert to the 2015 election guidelines and 2015 accreditation method in the conduct of the 2019 election. Some are also complaining that the E-Collation portal has been tampered with in such a way that it no longer shows location, time and date of collation of results. This is also a very serious complaint which must not be overlooked because the validity of the 2019 election is predicated on the credibility of the E-Collation portal. Therefore unless INEC rectifies the aforesaid fault, the E-Collation portal would be an engine of fraud. If INEC is still contemplating setting up polling booths in Niger Republic, Chad, Mali and other neigbouring countries in other to enable the so-called internally-displaced Nigerians who are outside Nigeria to cast their votes, it must stay action on it. Apart from being illegal and unconstitutional, setting up pooling booths in neigbouring countries is an invitation to mass rigging of the elections. Instead of wasting resources in erecting pooling booths in Niger Republic and others, INEC should use the same resources in ensuring that non-Nigerians, under-age children and foreign Okada riders infiltrating Nigeria through our porous border are not hired to vote in the North-Eastern and North-Central areas of the North. In my view, the most important issue at the moment in the much-vaunted 2019 election is whether or not INEC is a biased or an unbiased umpire in the conduct of the election. If INEC is biased in favour of President Buhari and the APC, then we have succeeded in wasting our time. Sensing that the Presidential election might be rigged in favour of Buhari, the U.S. Congress last week threatened to sanction the Buhari government or INEC officials that would be complicit in rigging the Presidential election. In a long essay entitled, Points for Concern and Action, elder Statesman Dr. Olusegun Obasanjo calls for action on what he understands as the rigging of the 2019 elections by Buhari and the APC. The aforesaid essay is a must read. In it, Obasanjo stated that democracy becomes a sham when people organizing an election in a democracy are not impartial. Citing the mass rigging that occurred in the last Osun State Gubernatorial election as an example, Obasanjo said that he and many Nigerians have lost confidence in Prof. Mahmood Yakubu led-INEC
OBI, STATISTICS AND DEVELOPMENT IMPERATIVES Statistics are vital for planning, writes Esin Suji
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ot quite long ago, a widely-broadcast debate was organized for some of Nigeria’s Vice-Presidential candidates, prominent among who were Professor ‘Yemi Osinbajo of the ruling All Progressives Congress [APC] and a former State Governor, Mr. Peter Obi of the Peoples Democratic Party [PDP] – the main party in opposition. It was an exciting experience for millions of Nigerians to listen to some of their compatriots who seek to manage their country’s affairs from 2019. In the same vein, discerning Nigerians looked out for what could give them assurance that, indeed, Nigerians may yet witness a new dawn in the 2019-2023 tenure. While the incumbent Vice-President Professor Osinbajo understandably spoke of about the declared achievements of the Buhari administration and plans for the future, Peter Obi largely presented statistics on some of the critical elements of the state of the Nigerian nation at large. Interestingly, the questions and Peter Obi’s responses were focused largely on the economy, which is constitutionally the main schedule of the Vice-President of the Federal Republic of Nigeria. Expectedly, some rather lame flak were fired at Obi to the effect that he was not a statistician or computer-robot and that his figures were not correct. This piece is not playing jury for the debate [Nigerians are doing that already], but it is pertinent not to miss or be distracted from the fundamental issues. In the first instance, as a serious, focused decision-maker, must one be a statistician to have access to the facts and figures of one’s country or area of interest? Secondly, statistics are fluid and not static; that is why we have a National Bureau of Statistics [NBS] as well as smaller similar operations in the
Federal and State Ministries, Departments & Agencies [MDAs]. Thirdly, the statistics presented by Peter Obi were from respectable sources and therefore, verifiable. Take these living examples: Nigeria’s official unemployment figure has been quoted at 18.8% for over a year now, and it was barely a week after the ‘VP Debate’ that the National Statistical Office – National Bureau of Statistics [NBS] – reported that the figure had risen to 23.1%; with additional 3.3 million people unemployed. So, with the benefit of hindsight, Peter Obi was being modest with the figure he presented five days earlier. Then, there is the more worrying revelation by the Statistician-General of the Federation, Dr. ‘Yemi Kale, in mid-November this year, that the federal government had not released funds for the bureau to complete Nigeria’s unemployment report. Obi’s traducers also questioned the integrity of certain other statistics he presented. Pray, again, let the readers of this piece both verify the following facts & figures and the stature of their sources in the national and global scheme of things: ‘Nigeria used over 50% of its revenue to service debt’ [Nigeria’s Debt Management Office (DMO) reported that Total Debt Service as a percentage of FGN Retained Revenue was 58.56% in 2017]; ‘Nigeria’s total debt stock was N22.7 trillion - about US$80 billion;’ [DMO June 2018 report put the figure at N22.38 trillion (US$73.21 billion using an official exchange rate of N305.70/US$. Include the US$2.8 billion Eurobond issued in November 2016 bring the total debt stock to US$76.01 billion]; ‘Mexico’s GDP & GDP per capita are over US$1 trillion & over US$8,000 respectively’. [The World Bank, 2017]; ‘South Africa’s stock market capitalization is US$900 billion’. [Stock Market Clock, March 2018]; ‘Nigerian bank loans made
up 15% of GDP’. [The World Bank on Domestic Credit to the Private Sector as a Percentage of GDP]; ‘Nigeria has the highest number of poor persons at 87 million – growing by 6 persons per minute’ [Brookings Institution on “The Start of a New Poverty Narrative�, 2018]; ‘Nigeria’s Human Development Index ranking moved from 152 to 157’. [HDI Human Development Statistical Update, 2018]; ‘Nigeria’s Global Competitiveness Index rating moved from 124 to 127’. [Global Competitiveness Reports]; ‘Nigeria’s Stress ranking is 148 of 149’. [Stressful Cities Ranking]; ‘Nigeria has the highest number of out-of-school children’. [BBC and UNICEF]; ‘While the federal government budgeted N340 billion for Health & N400 billion for Education, it paid over N1 trillion on Fuel (PMS) subsidy’. [Minister of State for Petroleum and FG Budget Office]. Facts do not lie. Peter Obi’s comparison of Nigeria with certain countries such as South Africa, Mexico, China and Turkey is in order because they used to be at some kind of par with us. Pray, does it not make great sense to desire to know how or why your erstwhile mates, so to speak, have left you behind? Is there not something to learn from their experiences? It is terribly ironical that we are more focused on purchasing or acquiring the best from countries that have made it, than on promoting our local assets and talents. That is why we easily boast of having purchased marble from Italy, Ford from the USA, extension cable from England, apples from South Africa, flowers from Kenya, roofing sheets from Dubai, rugs from Arabia, Caviar from Iran, champagne from France and so on. So, who is playing the ostrich here – Peter Obi or his lame traducers? As early as Basic or ‘O’ level Economics, literate
persons learn that planning without facts is a recipe for confusion and the attendant adverse outcomes. This is particularly evident in our multi-ethnic country with a large population spread over an extensive land mass. Today, with all the sophistication of modernity, those in the public trust are still comfortable with basing their decisions on lugubrious “guestimates’. At various platforms, many people in the public trust appear comfortable with declarations like: “Nigeria has a population of over 180 million�, Nigeria has a population of about 200 million�, “Nigeria has about X million out-of-school children�; “Nigeria has about X million IDPs�; “Government has over X million employees�; “Our crude oil production is about X million barrels per day�; “About X billion barrels of crude oil are lost to oil thieves every year�; “We have over this & over that; and about this & about that�. Can we really make meaningful progress on such premises? An acknowledged hallmark of the great nations we so much admire is their firm grasp of relevant statistics – facts and figures – that enable them plan for the present and the future; and with commendable outcomes. Indeed, the availability of statistics has continued to facilitate and enhance their ability to identify, project and fulfil their development imperatives. One of the interesting revelations from the ‘VP Debate’ about the Nigerian situation is that the facts and figures are out there. With the political will and enablement, Nigeria boasts of the relevant professionals who can go into the field and get us the information policy- and decision-makers will work with and the tremendous benefit of the citizenry; which is what governance is all about. Suji wrote from Owerri
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T H I S D AY WEDNESDAY, JANUARY 23, 2019
EDITORIAL Insecurity In The North-West The authorities could do more to secure the zone
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orthwest of Nigeria is lurching towards chaos. The eruption of insecurity across some Northwestern states is a concern not only for the authorities but indeed all of us. Armed robbers and kidnappers, who mainly operate on motorcycles, are freely roaming many of the major streets and have turned a large swathe of Zamfara, Kaduna, Katsina and recently, Sokoto States into a bandit territory. Several villages have been displaced on account of this onslaught, while economic activities, particularly agriculture, which is the mainstay of the affected region, are being paralysed. The level of desperation, especially in Katsina, the home state of President Muhammadu Buhari, is such that many of our citizens are reportedly fleeing to neighbouring Niger Republic for abode and safety. Until recently, the North-west zone was a template and shining example THE CURRENT CULTURE of geo-political OF IMPUNITY IN OUR stability and peaceful COUNTRY WILL NOT END co-existence among Nigerian communiUNTIL PEOPLE WITH In the eye of the CRIMINAL TENDENCIES ties. public, the zone was REALISE THAT THE LAW insulated from the CAN, AND WILL, ALWAYS security challenges CATCH UP WITH THEM to lives and property that has become the frightening badge of other parts of the region, notably the North-east and North-central zones. Sadly, while the Boko Haram insurgents are still fighting over the control of the North-east and the killings by sundry armed militia and herdsmen are yet to abate in North-central, scores of bandits are now gradually taking over the north-west, thus putting the entire northern region at risk. In Zamfara State, where this crisis is prevalent, armed bandits and other criminal elements, who specialise in cattle rustling have killed many innocent people as a result of their uncurbed activities. Their bestiality now makes many people in the communi-
Letters to the Editor
ties to now sleep with only one eye open out of fear of attack and abduction to unknown destinations. As of now, the cattle rustlers have extended their tentacles to other states in the North-west, with the affected state governments and security agencies becoming helpless. Only recently the armed bandits on several motorcycles killed 26 persons in Sokoto State after a broad day light raid on several villages in the herding settlement of Rabah district.
T T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR DAVIDSON IRIEKPEN MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE
T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com
TO OUR READERS Letters in response to specific publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.
IN PRAISE OF BUHARI’S DEMOCRATIC FREEDOM
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Nigeria’s democracy is steadily improving with deeper understanding of the culture and tenets among the people, and strengthening of the institutions that guarantee free and fair elections… I emphasize free and fair elections at all times”, President Muhammadu Buhari, while receiving Governor General of Canada, Her Excellency Rt. Hon. Julie Payette, at the Presidential Villa, Abuja. I am confident in this topic I took up to write on. It is my writ and I challenge anyone who thinks otherwise. Such person cannot withstand the challenge with sincerity. President Muhammadu Buhari has broken the record to be the only Nigerian president who has virtually provided the level ground for democracy to thrive in all ramifications, not partially like before, in Nigeria. Please, do not be in a haste to judge me. Take your time and read through. Truth is hard to accept but it is the exalted abstraction that defies defeat; it prevails, however long it may take. Buhari commands an unparallel leadership charisma. His democratic regime has deepened democracy in Nigeria. He has won the love of Nigerians and the people of the world as a rare gem in democratic institutionalization. Let me pinpoint areas where Buhari has been recognized as the first. For the first time in Nigeria, money politics is becoming
he hopelessness of this situation was portrayed by the Governor of Katsina, Aminu Bello Masari, who lamented that the state had become unsafe. He said that bandits and kidnappers have laid siege to the state and have made everyone vulnerable to attack, irrespective of their positions in society. “No one, including myself, is safe; I’m not safe. Our state is currently under serious siege, by bandits, kidnappers, with cattle rustlers taking the third position. Kidnapping is now the order of the day in Katsina State,” Masari declared nervously. Masari’s portrayal of the situation is dire and a declaration of lack of confidence in the response by the federal government to this festering and dangerous security situation. We are at a loss as to why banditry is being allowed to thrive in the northwest given the costly experience in the north-east and north-central where Boko Haram insurgency and herdsmen brutality have claimed lives, displaced communities, destroyed property and rendered economic activities almost impossible. The federal government has claimed it has responded to this new danger by creating a division of the Nigeria Army in Sokoto and established a new brigade in Gusau, while a new one is in the offing in Birnin Kebbi. But we are yet to see the impact of troops’ deployment and that of other security agents towards curbing the activities of the bandits, who have continued to inflict a reign of terror and bloodletting on the affected states. Yet, as we have always stated, the current culture of impunity in our country will not end until people with criminal tendencies realise that the law can, and will, always catch up with them.
obsolete. The borders are very tight against “importation” of hard currency by politicians. Thanks be to the Nigeria Customs Service (NCS) for job well done. The Central Bank of Nigeria (CBN) is tightly monitored against financial sharp practices. Buhari has warned against the use of any money from the government treasury for his re-election campaign. He reiterated his commitment to eliminate corruption in campaign financing in the country and directed cabinet ministers to take advantage of technology to reach out to voters on the need to return the APC-led administration. This is the first time an incumbent president will openly make such proclamation. Nigerians want change and Buhari has proven beyond doubts that he can deliver that change. He has taken drastic actions to ensure that Nigerians are no longer swayed by money politics. Though it will take sometimes to fully materialize, the 2019 electioneering experience is just the starting stage. The Sunday edition of Punch Newspaper on April 19, 2015 reported former President Jonathan as demanding for the audit and refund of election campaign funds of N2tn. The same report exposed the PDP party officials as to have spent the money on the acquisition of car and property. This can be described as a high level of financial recklessness. Muhammad Ajah, Abuja
USE DEBATE TO SUSTAIN DEMOCRACY
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he botched debate between Muhammadu Buhari and Atiku Abubakar appeared to be a well-laid agenda by both parties to deprive Nigerians an opportunity to interrogate them in the forthcoming election, February, 2019. A debate between political opponents offers voters an opportunity to listen to, interrogate the policies and programmes of the candidates to make informed independent opinions. We are bewildered that the only explanation given by one of the candidates was that he was busy elsewhere with a political campaign, while the one appeared to want to use the opportunity of the debate to settle a political point. But that should not be the case. Several weeks before the botched debate between the presidential candidates, the one involving the Vice- Presidential candidates of the PDP and APC afforded Nigerians an opportunity to gauge the peculiar idiosyncrasies of the candidates and therefore it began to introduce a measure of commitment by an electorate albeit already disenchanted with the political process. Political debates are a tonic. They boost and sustain interest, galvanize voters and introduce further debates, and energize the democratic process. The only way for Nigerians to re-establish interest in the political process is for both political candidates to meet to sell to Nigerians their manifestoes rather than to rented crowds. Bob MajiriOghene Etemiku, deputy exec. director, Civil Empowerment & Rule of Law Support Initiative
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T H I S D AY ˾ WEDNESDAY JANUARY 23, 2019
MIDWEEKPOLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
NEWSMAKER Containing the Uproar over the Presidential Debate Vanessa Obioha writes that the blaze on social media over the recent presidential debate may not significantly impact on the outcome of the contest
Abubakar
R-L: Ezekwesili, Durotoye and Moghalu
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session with Kadaria Ahmed days before the scheduled debate where he gave his thoughts on some of the burning issues in the economy and his plans for the next four years, if reelected. That interaction too generated some interesting reactions on Twitter but that will be a discussion for another day. That earlier decision to ignore the debate was challenged by Atiku who said he will only be at the debate if Buhari attends, which, in a way makes sense. What is the need of attending a debate when your main opponent is missing? On Twitter, the pro-Buhari followers mocked Atiku for walking out of the debate simply because Buhari wasn’t available. They queried the intention of the PDP presidential candidate. Was it to intimate the public on his plans or to attack the president?
he go-to-rant social media platform Twitter brimmed with caustic opinions over the absence of President Muhammadu Buhari, who is the presidential candidate of the All Progressives Congress (APC) and his counterpart, Alhaji Atiku Abubakar of the Peoples Democratic Party (PDP) at the presidential debate organised by the Nigeria Election Debate Group and Broadcasting Organisation of Nigeria. Google Trends ranked the presidential debate as one of the most searched topics on Saturday, owing to outbursts on Twitter. The Twitter firestorm can be classified in three parts: pro-Buhari, pro-Atiku and others Initially, Buhari’s campaign team hinted that the president may not attend the debate which of course is not constitutionally mandatory. After all, the president had an interactive
Buhari The president had no concrete excuse to miss that debate, an opportunity for him to prove to the people why he indeed deserves a second chance. It is not the first time Buhari missed an opportunity to redeem his image. Last year, during the French president, Emmanuel Macron’s visit to Nigeria, the president failed to use Macron’s visit to Afrika Shrine, home to votaries of the Afrobeat legend Fela Anikulapo-Kuti to reconcile with the family as well as Nigerians. Apart from that, the president’s image makers could have leveraged on the opportunity of the debate to redeem the president’s brand. But again, pride reared its ugly head.
Pro-Atiku followers, on the other hand, thumped their chest and flexed their muscles that their candidate despite his busy schedule still made it to the Transcorp Hilton venue of the debate. They queried what excuse Buhari supporters may have. They concluded that Buhari is too weak to run the country, while Atiku is not. The others who cut across the followers of the presidential candidates of the Allied Congress Party of Nigeria (ACPN), Dr. Oby Ezekwesili, Youth Progressive Party (YPP), Prof. Kingsley Moghalu and the Association for New Nigeria (ANN), Mr. Fela Durotoye mocked the two dominant parties in the election for failure to show up, stating that Nigerians do not need old men to rule them anymore. Truth be told, each group made a valid point.
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Abubakar Finds HisVoice Against Traducers Nseobong Okon-Ekong writes that the presidential candidate of the Peoples Democratic Party, Alhaji Atiku Abubakar who has carried the stigma of alleged corruption for a long time has finally found the courage to fight his opponents
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igeria’s two major political parties have been at each other’s throat over allegations of corruption, hurled from one group at the other. For a long time, former Vice President and Presidential Candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar was on the receiving end of these accusations. Abubakar has struggled to defend himself, often saying that speculations that his acclaimed wealth accrued from underhand transactions could not be substantiated. This did not deter his traducers. They only became bolder. But it looks like the period when Abubakar was presented as the poster boy of corruption in Nigeria is over. The PDP Presidential candidate has now taken the fight to his opponents. The public communication arm of his campaign organization has released a catalogue of personalities who are President Muhammadu Buhari’s allies and members of the All Progressives Congress (APC) whose image are smeared with evidence of dirty monetary deal. The document is aptly branded, ‘President Muhammadu Buhari’s Hall of Shame.’ Chronicling the alleged wrong doings of
these individuals, the publication is targeted at stirring the public towards probing the supposed integrity of Buhari. If his party, the APC has become a ‘next of corrupt politicians’, then members of the APC carry a moral burden that cannot allow them to point accusing fingers at another allegedly corrupt person. The Hall of Shame document posited that the Buhari administration was only chasing shadows by trying to drag Atiku Abubakar into the mud, which has now become the natural habitat of APC top leaders. “President Buhari and his APC are criminal enablers and harborers of looters of our collective patrimony and this document “Buhari’s Hall Of Shame” is a scorecard of failure, incompetence, nepotism and a President’s proclivity to harbouring indicted and other famed thieves of our patrimony. “Recall that, the former acting Director General of the National Intelligence Agency, Ambassador Mohammed Dauda, in a sworn testimony to the House of Representatives Committee on National Security and Intelligence, revealed that President Buhari’s kitchen cabinet comprising Abba Kyari
Keystone Bank (Former BankPHB)”. The former Vice President then asked what the Assets Management Corporation of Nigeria (AMCON) was doing before now when it refused to name Atiku as one of those behind the collapse until now that the leaders of APC see that he is just a few days from becoming Nigeria’s president, and wondered whether the revelation was at the instance of the new owners. “Why was Atiku’s name not mentioned when Bank PHB collapsed? Is it because the APC and its goons know that they will be defeated in next month’s election? Or is the APC government acting on behalf of Buhari’s family who are reportedly the new owners of the bank?” he asked. The former VP describes the Bank PHB story as diversionary and a calculated attempt to divert the attention of Nigerians from the failure of the APC government to deliver the dividends of democracy.
and former Secretary to the Government of the Federation, Babagana Kingibe, had pressured him to share the $44 million Ikoyi millions. After giving his sworn evidence, Ambassador Dauda was dismissed and has now gone underground. This is President Buhari’s style of fighting corruption. “The hawks seem to have finally convinced Buhari to frame Atiku in some bogus N156million alleged scam, which they claimed is responsible for the collapse of Bank PHB. Assuming but not conceding that this allegation is correct, can N156million Naira collapse a bank with a reserve portfolio in excess of N25bn? But Nigerians are wiser and I am sure, would resist any devilish plot by some APC crooks who believe that it is either the President wins reelection or our democracy is truncated,” Atiku said. “By this latest allegation of the Federal Government through the office of the Minister Of Information, it is clear that the responsibility of AMCON has been appropriated. In appropriating the responsibility of AMCON. It is therefore no more a matter of speculation that Buhari and his family members are the new owners of
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OSUN GOVERNORSHIP ELECTION TRIBUNAL UPDATE
Again, INEC Seeks Adjournment By Our Reporter The Independent Electoral Commission (INEC)was again unable to present its witnesses at yesterday s hearing at the Osun State governorship election tribunal even after the previous day’s scathing reprimand by the Tribunal Chairman, Mohammed Sirajo. Proceedings opened with the INEC counsel, Mr. Kpodum, apologising for the
incident and pledging that INEC will be more alive to its obligation to ensure a hitchfree presentation of witnesses. However, he did not live up to his promise. After presenting some electoral documents for admission as exhibits, he again sought for adjournment on the ground that their witnesses were still on their way. Among documents tendered by the INEC counsel were the certified true copies of
election results for some units in five local government areas. He also tendered the certified true copies of the list of PDP party agents for 25 local governments of Osun state namely Oriade, Ife South, Ayedire, Ife North, Isokan, Ede South, Orolu, Odo otin, Ifelodun, Obokun, Ede North, ifedayo, Ila, Atakumosa East, Ilesa west, Irepodun, Boluwaduro, Ife East, Irewole, Ife central, Ayedade, Ilesa East, Ejigbo, Iwo
and Olaoluwa. Meanwhile, more chieftains of the APC appeared in court today. Bola Ilori and Ajibola Bashiru were in court alongside some of their followers. An APC member whispered; “We are here to see what is happening, the reports we are getting are not palatable. “ The sitting was adjourned till tomorrow (today).
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T H I S D AY ˾WEDNESDAY JANUARY 23, 2019
POLITICS Again, ANRP Calls for Upward Review of 2019 Budget Udora Orizu in Abuja The Presidential Candidate of Abundant Nigeria Renewal Party (ANRP), Tope Fasua has for the fourth time led hundreds of protesters to the National Assembly in Abuja to demand from lawmakers, upward review of 2019 national budget to the tune of N15trillion. Fasua, who spoke to journalists at the entrance of National Assembly complex after submitting a letter of demand to leadership of both chambers argued that the N8.83trn appropriation budget presented by President Buhari was too small for the country. According to him, “The budget is too small, and as you can see, what this placard I’m holding says that Nigeria budget only holds 60% of its GDP. Other countries hold 40% of their GDP. We have been on this and you know it is not easy to achieve anything in this country except you protest and consistent on what you’re doing. “Luckily, the Ministers of Budget, Finance and Co, have listened to what we are saying but they have not communicated officially but we saw some of their statements in the newspapers. Part of our involvement in this is that we are not only in politics just for politics sake but for impact on the people of Nigeria.” “The budget has been transmitted to the National Assembly, it is now in the court of the National Assembly, we are very vehement that the National Assembly should have a total review of that budget, we are ready to be called for discussions to show them the way we can increase our revenue.” Fasua lamented that Nigerians are so dehumanized to the point that they no longer demand for good governance. “The budget of a country is the most important document in a country, in any given year. Our people are so dehumanized that they are not even asking for better governance anymore, they think
this is the best they can achieve and it’s highly unfortunate.” It would be recalled that President Muhammadu Buhari had on Wednesday December 17, 2018 presented N8.83trn budget estimates to a joint session of the National Assembly for their consideration. The 2019 national budget proposal is N300bn lesser than the N9.12trn, which was the size of the 2018 budget. The President said the fiscal document was predicated on an oil production estimate of 2.3 million barrels per day and an exchange rate of N 305 to a dollar. He also proposed a Gross Domestic Product growth rate of 3.01 per cent and an inflation rate of 9.98 per cent. The total projected revenue, according to the President, is N 6.97trn, which is three per cent lower than the 2018 estimate of N7.17 trn. Buhari said the expected income consisted of oil revenue projected at N3.73trn and non-oil revenue estimated at N1.39trn. He explained that the sum of N8.83trn was estimated as the total expenditure with N4.04trn being recurrent expenditure and N2.031trn as capital expenditure. He said apart from being less than the 2018 appropriated expenditure estimate of N 9.12 trn, the proposed budget was higher than the N 8.6trn originally proposed by the executive to the National Assembly for 2018. He added that the budget deficit was projected to decrease to N 1.86trn (or 1.3 per cent of GDP) in 2019 from N1.95 trn projected for 2018. Fasua, however, commended Minister of Budget and Planning, Senator Udo Udoma for reacting to their demands on the small 2019 budget by saying they would look into it but he added that Udoma’s comment was “too futuristic” saying they need a quick intervention from National Assembly on its upward review as the budget is in the hands of lawmakers.
Lagos Residents Cry to Ezekwesili for Rescue from Poverty Nseobong Okon-Ekong Traders and residents of Lagos State have lamented that they are suffering and need a leader like Dr. Obiageli Ezekwesili to rescue them. According to them, the economic hardship in the country is taking a toll on them and their families. They made the complaints when the presidential candidate of the Allied Congress Party of Nigeria, Ezekwesili, stormed the Sabo and Tejuosho markets in Yaba area of the state. One of them, who identified herself as Rebecca, said, “We need money. We are suffering. Help us, come to our rescue. We are finding it very difficult to survive.” Another trader, Emem Akpan, said, “I pray that you will emerge. We are tired of fake promises. Public schools are no longer good and we cannot afford private schools.” The ACPN presidential candidate, who initially met with the market leaders and supporters, said that she would tackle hardship in the
country when she emerges as the President. She reiterated her dedication to lifting 80 million Nigerians out of poverty, noting that she would make masses-friendly policies. “I will make policies that will drive our economy. We need to allow private investors to operate conveniently to make our economy advance and grow at a desired rate. We will fully support private sectors to create jobs and also digitalise governmental processes,” Ezekwesili said. She added, “Poverty can destabilise a country. Regions that poverty have made them homeless have shown to us that poverty is a destabiliser. We must tackle poverty with a sense of urgency. We need to enact policies that will aid the productivity of hard working Nigerians. “Nigeria has a major productivity problem. When I emerge, we will not start crying when our oil price decreases. Oil will not hamper our growth anymore. I want our children to have global opportunities.”
Opposition Parties, Lawyers Storm CCT Headquarters Over Onnoghen’s Trial Udora Orizu A group of Opposition Politicians, Lawyers, Civil Society Groups, under the aegis of National Interest Defenders on Tuesday laid siege on the headquarters of Code of Conduct Tribunal (CCT) to protest the ongoing trial of Chief Justice of Nigeria, Walter Nkanu Onnoghen. The protesters, who were led by some of the leaders of Coalition of United Political Parties, were armed with placards with various inscriptions such as: “Amaechi, El-Rufai, Akpabio,
Malami, APC; brains behind Onnoghen’s trial”, “CCT trail of Onnoghen is unconstitutional”, Mr Danladi Umar decline jurisdiction”, among others. The CJN’s travail has generated a lot of reactions from many Senior Advocates of Nigeria following a petition submitted to Code of Conduct Bureau by former aide to President Muhammadu Buhari, Dennis Aghanya. The National Coordinator and Joint Spokesperson of the group, Ikenga Ugochinyere who addressed journalists, during the protest warned
President Buhari to stop pretending and showing ignorance of what Presidency cabals are doing to destroy the sacred judiciary. “President Buhari should know that he and all members of the Presidency cabal would be held personally held responsible if for any reason there is a breach of peace and the country descends into anarchy,” he said. Ugochinyere reiterated that efforts to issue any warrant of arrest against Onnoghen will throw Nigeria into confusion, adding the ruling party should
stop plot to “illegally” remove CJN from office after which “a pro-APC judge would be installed as acting Chief Justice of Nigeria. He said, “The President wants install a pliable Justice to help APC get favourable judgements from the Supreme Court in the Rivers and Zamfara APC crisis, in the presidential election and in the states where they are afraid they will lose elections and the states include, Akwa Ibom, Delta, Lagos, Benue, Imo, Kwara, Plateau, Kaduna, Abia and Sokoto states.”
PRESIDENTIAL CONDOLENCE TO HER MAJESTY
L-R : The Vice President, Prof Yemi Osibajo; Regent of Iworoko-Ekiti, HRH, Bolanle Ogundano; and Ekiti State Governor, Dr Kayode Fayemi; during the Vice President’s condolence visit to Iworoko-Ekiti over the recent accident in the community
People’s Trust Presidential Candidate Challenges Buhari, Abubakar to Debate
rNFD Berates their Absence Nseobong Okon-Ekong The Presidential candidate of the People’s Trust (PT), also known as the Third Force Movement, Mr. Gbenga Olawepo-Hashim has challenged the presidential candidates of the All Progressives Congress (APC), President Muhammadu Buhari and Peoples Democratic Party (PDP), Atiku Abubakar to a presidential debate following the duo’s absence at the Nigeria Election Debate Group and/Broadcasting Organisation of Nigeria organized presidential
debate. According to OlawepoHashim, “the Nigerian electorate deserve to scrutinize the candidates and programmes of the two behemoth that have come to be known as the “two evils of Nigerian politics. Their absence under whatever excuse(s) shows their contempt for the electorates. The PT presidential candidate however, congratulated the candidates of the ACPN, Mrs. Oby Ezekwesili; YPP, Mr. Kinsley Moghalu and ANN, Mr. Fela Durotoye for their brilliant
performance at the debate. “The three candidates advertised to the world, a teaser of what stuff new generation of political leaders are made off”. Mr. Olawepo-Hashim however, called on the NEDG/BON to organize another debate to include People’s Trust, the biggest of the newly registered political parties that had been unfairly excluded. “We have complained about this in the past, a new debate will be a good way to cure the debate platform of that error. There is no problem in making a mistake by excluding us, but it will be dishonourable
not to seize a good opportunity to correct your error”. The PT presidential candidate further called on the organizers to also include promising politicians like Omoyele Sowore and other who may be interested in the next round of the debate. According him, it is fundamental not to allow the APC and PDP escape public scrutiny. Mr. Hashim emphasized it will not matter to them if APC is represented by another person other than the President ,Buhari, who obviously is unfit and does not have the presence of mind for long conversation.
Osinbajo Bemoans Capacity of Fake News to Cause Harm Udora Orizu Vice President, Professor Yemi Osinbajo has decried the rate of fake news on the social media, noting that its capacity to cause great harm wasn’t in doubt. Osinbajo, informed that the advancement in technology was one of the causes of fake news, even as he said he was once a target. “The reason why fake news is now news is because of the greater dimensions of content.” The VP, while delivering his speech at the BBC ‘Beyond Fake News’ conference, held in Abuja, themed, “Nigeria 2019: countering fake news’,
disclosed, “ I think aside from the damage done to the credibility and integrity of public information, the capacity of fake news to cause harm, fear, and even fatal violence has been said over and over again.” According to him, “If nothing is done urgently, a time will come when nothing will be believed. “The capacity of fake news to cause great harm is not in doubt at all. Everyone now wants to wake up and blog, and we now have a lot of misinformation on the social media. Unlike the traditional media, which is ethically binding, the social media cannot really be regulated as such, collaboration is needed
tackle the menace of fake news.” Similarly, Nobel Laureate, Professor Wole Soyinka, said fake news has the capacity to start another World War. He said, “If we are not careful World War III will be started by fake news and that fake news will be probably generated by a Nigerian. We should use technology to fight the menace of fake news, it’s a collective responsibility. Legislation is very important, when you have sufficient legislation to deal with those who purvey false news, laws of libel, slander and the crime called identity theft. All we need to do is to tell the law enforcement agencies and the
attorney general to treat this particular crime a little bit more seriously to understand that it undermines society, stability and debases knowledge. It distraughts the mentality of the younger vulnerable generation.” Soyinka added that those who create fake news are sick in the head and they are also cowards because they lack a conviction of their own and so they transfer to other people what they really are thinking. Also speaking, INEC commissioner Festus Okoye noted that false and deliberately planted information can create confusion and lead to complete breakdown of law and order.
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325
Call for Better Policing Reforms Sunday Ehigiator writes that the leadership of the Network on Police Reform in Nigeria after reviewing the major policing issues in 2018, has called for more effective reforms across board
S
ince Nigeria’s return to democracy in 1999, there has not any considerable and effective reforms in police and policing in Nigeria. Year 2018 was not different. Stories of police abuse, corruption and partisanship thrived.
Reviewing the Police Act However, one significant development stood out last year- the progress that has been made with the effort to review the colonial Police Act, which still regulates the Nigerian Police, 75 years after it was promulgated in 1943 by the British colonial masters. Sadly, 59 years after independence, the Nigerian Police shouldn't still be governed by a colonial law, which has seen no comprehensive review since its initial promulgation. While Senator Bala Ibn Na’Allah, the sponsor of the bill and the senate committee are pushing for the review of the bill, the senate leadership had received a lot of commendation from Network on Police Reform in Nigeria (NOPRIN), for leading the renewed albeit longstanding civil society effort in the push for the passage of the bill, we still wait on the house to conclude on it. The effort to review the Police Act has been long-drawn, starting from 2004 with slow progress being made over the years. The current initiative culminated in the Senate public hearing was on December 5, 2018; the closest we have ever come to having the colonial law reviewed. The bill seeks to bring the police up to date in conforming to modern democratic policing. It seeks to change the colonial orientation and philosophy of policing which focuses on regime protection and control of populations to democratic policing, which focuses on service and protection of the people. The police should be accountable to multiple constituencies including the people through elected representatives, not just the executive arm of government. The police should be accountable to the law and not a law unto itself. The police should serve the interest of the larger population not the ruling party or government. Policing Issues in 2018 As in previous years, police abuse persisted in 2018 partly due to the absence of a legal framework that meets modern policing needs. Civil society completely supports the passage of the Police Reform Bill because the bill provides the new legal framework needed to significantly reform the Nigeria Police. Addressing journalists during a media briefing in Lagos, the National Coordinator of NOPRIN, Mr. Okechukwu Nwanguma, believes that besides the progress made in the push for the passage of the Police Reform Bill, there were the usual incidences and tales of police abuse, corruption and police partisanship in 2018. According to Nwanguma, “in fact, under the then Inspector General of Police, Ibrahim Idris, whose tenure expired January 2019, police partisanship was elevated to the level of state craft�. Speaking in specifics, he said: “The only good news with regards to police professional conduct, law enforcement accountability and transparent and responsible policing came from Lagos State Command under Mr. Imohimi Edgal. He did things differently as we would demonstrate in this review. Besides Lagos State, in terms of com-
NOPRIN National Coordinator, Okechukwu Nwanguma
mitment to professional policing, accountability and fighting crime with due regards to, and respect for, human rights, the same sad experiences and stories of the past were repeated everywhere else in 2018. “In 2018, police brutality especially by officers on road blocks and checkpoints and at police stations featured prominently. Towards the end of the year, in December 2018, one case trended on social media. The Rivers State Police Public Relations Officer, Nmandi Omoni confirmed the arrest of a police officer who shot a passenger in the leg at a police checkpoint. A
Further constitutional amendments would also be necessary in future to insulate the police from political control. Relevant sections of the constitution need to be expunged or amended to remove operational control from the president and make the police accountable to multiple constituencies
video of the young man in a pool of his own blood with sympathisers gathered around him was trending online for several days with many of those who watched it condemning the action of the policeman. "It was gathered that policemen who were on stop and search had demanded N100 from each commercial bus driver passing through the area. However when it got to the turn of a bus marked G.U. Agofure, the driver said he had no money to give to the cops, a development that made the policemen stop the vehicle. One of the passengers alighted to tell the policemen to allow the bus which was conveying passengers from Warri to Port Harcourt to continue on the journey. Angered by the passenger's action, one of the cops allegedly shot him in the leg before the victim was taken to a hospital after much appeal to the policemen. “As with previous years, the Christmas season in 2018 also witnessed increased number of checkpoints set up by the police and other security agencies for the harassment and extortion of vehicle users and disruption of traffic flow, leading to delays and complicating the suffering of citizens travelling home for Christmas in the South-east region of Nigeria. Many cases of extortion and detention of some travellers who could not afford money came to the attention of NOPRIN. “The persistence of police violence, abuse and corruption, and the impunity that protected the perpetrators, particularly, operatives of SARS, led to the emergence of the end-SARS movement. This was another significant event in 2018. The movement caught fire spreading beyond the frontiers of Nigeria as it waged a vigorous and sustained campaign for the disbandment of the notorious SARS. The outcome of this popular and effective campaign was the presidential directive on the IGP to reform SARS. “While attention was focused mainly on SARS, some operatives of the Inspector General of Police’s Intelligence
Response Team (IRT) were also involved in many egregious acts of brutality, torture, killings and extortion. The positive development of IRT’s great and commendable exploits in arresting high profile kidnappers and armed robbers across the country, under the able and gallant leadership of DCP Abba Kyari, was tainted by the criminal activities of some of its operatives especially in Lagos and Ogun States. “Another issue is the suppression of critical voices. Apart from Samuel Ogundipe, the Premium Times reporter and several other traditional and social media practitioners who suffered police brutality, the police also targeted political activists. “2018 also witnessed the breaking up of citizens’ protests. In Imo State, for example, police authorities, acting at the behest of the State Governor, Rochas Okorocha broke up protests, brutalised and arrested peaceful protesters. There were also the usual cases of unlawful detention, torture, extortion and killing of suspects in police custody in Imo State Police Headquarters. “Under Commissioner of Police, Dazuki Galadanchi, Chris Ezike’s successor, police abuses continued. It was under Galadanchi that over 100 protesting women aged between 20 and 80 were tear gassed, arrested and detained in a crowded cell and later charged to court and remanded in prison, provoking a national outrage. “Another prominent development in 2018 was the re-enactment of the 2015 scenario of politically-motivated attack on the legislature. In the heat of the Legislature-Executive face off, the National Assembly had gone on recess. The Presidency urged the NASS to reconvene from their recess to consider the budget for INEC, but the NASS refused on the suspicion that the Presidency was using a familiar tactic with the grand plan to impeach the Senate President and the Speaker of the HOR over defections of some members of the ruling party to the PDP. In the early hours of Tuesday, July 24, 2018 police and SSS operatives simultaneously laid siege on the residences of the Senate President, Bukola Saraki and the Deputy Senate President, Ike Ekweremadu. It was a clear repeat of the same reckless abuse of power and outright brigandage witnessed under the previous regime�.
Way Forward On way forward, the coordinator said, “The National Assembly should push through with the Police Reform Bill to repeal and re-enact the colonial Police Act which addresses most of the problems and challenges plaguing the Nigerian police. The president should also demonstrate genuine commitment to police reform by assenting to the bill when passed by the senate. "Further constitutional amendments would also be necessary in future to insulate the police from political control. Relevant sections of the constitution need to be expunged or amended to remove operational control from the president and make the police accountable to multiple constituencies. "President Buhari should show regard for public opinion and the rule of law. He should order an end to political desperation and the use of security agencies as repressive tools to achieve political interest instead of prioritising national security and the progress and development of Nigeria over personal political ambitions. Nigerians must remain vigilant and take their destinies in their hands�.
5 ) * 4 % ": t WEDNESDAY, JANUARY 23, 2019
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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 % ͯʹ˛͜͜Ϲ
S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
͹ʹ͎˛ʹ͜Ϲ 0.05% 1.04%
S & P INDEX 1/4 TO DATE YEAR TO DATE
1.04% 1.04%
EXCHANGE RATE ͹͎ʹ˛͜ͳ˚ͯ ̊ ̊
Quick Takes CBN Deputy Gov. Disowns e-Mail Address
MAIDEN VOYAGE
L-R: Executive Director, Sahara Group,Tope Shonubi; Managing Director, West Africa Gas Limited (WAGL), Roland Omoregbe; Chief Executive Officer, Asharami Synergy Plc, Moroti Adedoyin-Adeyinka; Managing Director, Petroleum Products Marketing Company, Umar Isa Ajiya and Manager, Projects Engineering, LNG Investment Management Services of NNPC, Theophilus Aholu, at a ceremony to mark the delivery of 7,000 metric tons of LPG, following the maiden voyage of MTSahara Gas, a newly acquired LPGVessel owned by WAGL (an NNPC/Sahara Group JV) to Nigeria‌recently
Micro Pension to Raise Pension Assets by N3tn, Says PenCom Ebere Nwoji The National Pension Commission (PenCom), has said the micro pension scheme which will be launched this month will add additional N3 trillion to the existing N8.45 trillion pension assets. The commission, which also said the scheme would bring in about 20 million contributors into the contributory pension scheme(CPS), stated that all was set for the official launch of the scheme nationwide. Micro pension is a pension scheme for the self- employed and persons operating in the informal sector. The Contributory Pension
PENSION Scheme established under Section 3(1) of the Pension Reform Act, 2014 provided for the inclusion of the informal sector into the scheme. Since then, PenCom has been trying to reposition its operations to ensure that it captures the informal sector. The Head, Corporate Communications of PenCom, Peter Aghahowa, said to ensure seamless operations, PenCom, together with pension fund operators, have built robust information technology (IT) infrastructure that would support the initiative.
“The commission has also had engagements with informal sector groups such as the Nigerian Union of Textile, Garment and Tailoring Workers of Nigerian (NUTGTWN), a body consisting of self-employed tailors and garment workers; partner trade associations, non-governmental organisations (NGOs) and religious bodies in a bid to persuade them to subscribe to the micro pension plan�, he stated. The Acting DirectorGeneral, PenCom, Mrs. Aisha Dahir-Umar, had said the implementation of the scheme would improve the standard of living of the informal sector participants at retirement and
reduce dependence on extended family for support. According to her, the micro pension plan, when operational, would capture self-employed people, especially, those with irregular income, usually in the informal sector and are largely financially uninformed with limited or no access to financial services, especially, pension plan. The Head, Research & Corporate Strategy, PenCom, Dr. Farouk Aminu, had, at a forum in Lagos, said, the commission was working on ensuring that the plan commenced as planned, noting that, the initiative would Continued on page 24
Analysts Outline Factors that Will Drive Stock Market in 2019 Goddy Egene As stakeholders continue to review the performance of the equities market in 2018, market analysts at Afrinvest (W.A) have highlighted four key factors to drive the market in 2019. The Nigerian stock market declined by 17.8 per cent in 2018. In a special report, Afrinvest stated that they expect market performance to strengthen in 2019, saying however, that the market would be shaped by four factors. They are post-election stability, new listings, macroeconomic indicators and corporate earnings. According to Afrinvest, historically, foreign investors have been the major participants in
INVESTMENT the Nigerian equities market. However, in 2018, domestic investors contributed the bulk in terms of market activity due to the exit of foreign investors from the domestic market. “In 2019, we expect foreign investors to return to the Nigerian market after the conclusion of the elections and as such anticipate an improvement in performance. Furthermore, given current pricing of the market, which we believe is attractive –even more attractive in dollar terms –we expect foreign investors to take advantage of this whilst domestic investors will react accordingly,� the investment banking firm said.
The firm’s analysts added that given the sustained drive to increase product offerings in the market by regulators, coupled with the expected improvement in sentiment, they anticipate some new listings either by way of rights or Initial Public Offering (IPO) in 2019. “While the only IPO was for Skyway Aviation Handling Company Plc (SAHCO), although there were broad expectations for the listing of MTN Nigeria (MTNN) shares on the Nigerian Stock Exchange; however, this plan was stalled and is now expected in 2019. Given the pedigree of MTNN, which is a subsidiary of the South African company MTN Group and the biggest telecommunications
operator in Nigeria, a listing of this magnitude is expected to drive interest and activity in the market, as well as boost market capitalisation,� they said. On macroeconomic indicators, they said factors including oil prices, external reserves and FX liquidity would remain major considerations for investors in 2019 and the outlook on these indicators remain largely positive and should support market activity. “FX liquidity which is another factor that investors will keenly consider in deciding to invest in Nigeria, shows no signs of being significantly pressured given the appreciable levels of reserves,� Continued on page 24
The Central Bank of Nigeria (CBN) said its attention had been drawn totheactivitiesoffraudstersimpersonatingsomeprincipaloďŹƒcers of the Bank in an attempt to defraud unsuspecting members of the public. Of particular concern to the Bank was the recent message sent from an e-mail purportedly belonging to the Deputy Governor, Corporate Services, Mr. Edward Lametek Adamu, transacting a phony business deal. “We wish to inform all members of the public, particularly members of the social media community that oďŹƒcials of the CBN do not communicate with emails outside the @cbn.gov.ng domain. “No principal oďŹƒcer of the Bank will transact business or ask you to transact business with any other platform outside those ending with @cbn.gov.ng. “The CBN also wishes to warn the public that it will not be liable for any ďŹ nancial transaction which may have transpired between people and scammers who have created emails or social media accounts in the name of principal oďŹƒcers of the Central Bank of Nigeria. “For the avoidance of doubt, the Central Bank of Nigeria maintains only the social media platforms as listed on the CBN website, www. cbn.gov.ng. If in doubt about the authenticity of an email, document or telephone conversation purportedly coming from or on behalf of the CBN, please send an email query to contactcbn@cbn.gov. ng or call +2347002255226 before taking any action in relation to the correspondence.
Shoprite to Appeal $1.4m Fine
South Africa’s Shoprite said on Monday it would appeal against a 20 million rand ($1.4 million) ďŹ ne handed to its ticket-selling subsidiary by the country’s Competition Tribunal, which found agreements signed by the ďŹ rm had hit competition. Thejudgmentwasannouncedaheadofasimilarcasethatiscurrently before the tribunal, which relates to a later time period and is more serious because the company is included as a respondent and it carries a recommended ďŹ ne of 10 percent of the turnover of Shoprite’s retail unit. According to Reuters, the initial case, covering 1999-2012, was referred to the tribunal in 2010 after ďŹ ve rivals of ticket seller Computicket, owned by Shoprite since 2005, complained the business abused its dominance by signing exclusive agreements with clients. “There is suďŹƒcient ... evidence to suggest that the exclusive agreements had resulted in anti-competitive eects,â€? the tribunal’s judgementsaid.“ComputicketwillappealtheCompetitionTribunal’s ďŹ nding,â€? Shoprite, South Africa’s biggest retailer, said in response. In December, Shoprite was named as a respondent to another case brought to the tribunal by South Africa’s Competition Commission, which recommended ďŹ ning both Computicket and Shoprite’s retail division as much as 10 percent of their annual turnover.
CEO Seeks Prosperity in Africa
The key to African economic emergence lies in removal of barriers, increased connectivity between nations and infrastructure development, DP World’s Group Chairman and Chief Executive OďŹƒcer, Sultan Ahmed Bin Sulayem, told African leaders and top executives in Dakar Senegal.“We be believe in the viability of Africa, we believe in investing in the continent during our investment in Senegal we improved eďŹƒciency and volumes 135 percent in 10 years,â€? Mr Bin Sulayem told the audience at the Africa Emergence Conference2019inDakarSenegal. Addressingapanelonhowprivate institutions can help support emergence in Africa with President Macky Sall of Senegal and Prime Minister Mahatir Mohammed of Malaysia, Sulayem explained how economic emergence was dependent on increasing inter African trade and infrastructure development. “The removal of trade barriers is very important. In Africa taris are 50 per cent higher in than in Latin America and Asia,â€? he said. “Intra regional trade in Africa is only 12 per cent while in Europe, Asia and Latin America, it is over 50 per cent, we need to improve this to prosper,â€? he added.
“So, certainly, our non-oil tax rSome of the indicators in the Ease of Doing Business composition do not properly capture the critical variables in our own environment.Issues of power, transportation, security and our regulatory environment are not captured. We need to address all these other variables that are not on the list of the ease of doing business parameters� DG, Lagos Chamber of Commerce and Industry,
Muda Yusuf
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MICRO PENSION TO RAISE PENSION ASSETS BY N3TN, SAYS PENCOM enhance the growth of pension assets in the country. He stressed that the plan, has the potential to generate about N3 trillion to the pension assets, while it intends to mobilise about 12 million contributors within five years. On benefits to be derived, Aminu, noted that selfemployed people and workers in the informal sector would reap by participating in the plan, adding, the scheme, in addition to providing income for people at old age and inculcating a savings culture through highly protected and regulated investment, would afford them the opportunity to connect to other programmes of government while helping to finance infrastructure across the country. “Subscribers could, as well, use the balance in their Retirement Savings Accounts (RSAs) as equity contribution for residential mortgages and support their businesses�, he said. He stated that additional benefits to self-employed persons and informal sector workers include the cover provided under the pension protection fund (PPF). ANALYSTS OUTLINE FACTORS THAT WILL DRIVE STOCK MARKET IN 2019 they said. They said after the conclusion of the elections, investors would place a premium on investment decisions based on fundamental analysis of companies as opposed to speculative trading. “Hence, we believe that performance of corporates will be a major consideration in 2019. Our expectation for corporates’ performances varies across sectors, with our optimistic expectations tilted towards the Banking sector, especially the Tier-1 players that have historically demonstrated resilience amidst tougher operating conditions. “We also anticipate improved performances from Consumer Goods companies –as economic conditions improve –and Oil & Gas companies –as earnings are projected to be buoyed by increased oil production and
Gas Flare: Nigeria Extends Window for Market-based Scheme Chineme Okafor in Abuja Nigeria has extended the cutoff date for prospective investors willing to participate in its ambitious market-based gas flare programme, the Nigerian Gas Flare Commercialisation Programme (NGFCP), to submit their Statement of Qualification (SOQ). THISDAY gathered from the Programme Manager of the NGFCP, Mr. Justice Derefaka, that the window for the SOQ submission which was supposed to have closed last week, has been extended by 39 days, and would now close by the end of end of February. “Please note that the submission date for the NGFCP Statement of Qualification (SOQ) has been extended to Thursday, 28th February, 2019 as opposed to the initial submission date of Sunday, 20th January, 2019. “Each Applicant is required to complete and submit a SOQ and pay the SOQ submission fee by 17:00 hours West Africa time on or before the SOQ submission deadline of Thursday, 28th February, 2019 in order to qualify for consideration as a Qualified Applicant (QA) and not a day after. Each Applicant is responsible for preparing and delivering its SOQ in the required format,� said Derefaka, in the noted. Derefaka, equally explained that the NGFCP would only consider parties who have
registered on its web portal to participate in the bidding process, adding that the programme will only interface with interested parties through the web portal. Late in 2018, Derefaka, disclosed Nigeria would need at least $3.5 billion inward investments to activate the new market-based initiative it has set up to end the practice of
gas flaring at oil fields in the Niger Delta by 2020. Speaking at the 36th edition of the annual conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) which held in Lagos, Derefaka, had explained the $3.5 billion sought by Nigeria, will be brought in by investors willing to participate in the NGFCP
which he claimed has immense benefits. He stated then that the $3.5 billion investment would give annual returns worth $1 billion to the country. “The NGFCP economic analysis also shows that with the US3.5 billion inward investments pumped in to implement the NGFCP, huge social and economic benefits would accrue
to host communities in the Niger Delta, investors and the national economy as a whole. “Benefits would include curbing pollution, climate change, global warming impacts in local communities and providing households with clean energy, particularly in unlocking LPG (cooking gas i.e. produce 600,000 MT of LPG per year),� Derefaka, said then.
SUPPORT FOR SMES
L-R: CEO, Wragby Solution, Gbenga Iluyemi; Intelligent Cloud Microsoft Mea Emerging Markets, Wale Olokodana; Deputy Managing Director, First Bank, Gbenga Shobo; Director, Microsoft Middle East & Africa, Arjan Oude Kotte and Group Executive, e-Business and Retail Products, FirstBank, Chuma Ezirim, at the FirstBank-Microsoft SME Partnership Launch, held in Lagos‌recently
Nigeria, Canada Move to Revive Bilateral Agreement The governments of Nigeria and Canada have commenced moves to revive a stalled bilateral agreement between both countries. This was disclosed during a courtesy visit of the new Canadian High Commissioner to Nigeria Mr. Philip Baker, to the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah in Abuja recently. Baker, who expressed delight to be in Nigeria after working in Ethiopia, said Canada was ready to collaborate with Nigeria in key areas like mining and aviation in which his country is well developed. He was quoted in a statement
to have commended the minister on the country’s efforts and achievements on the Ease of Doing Business and on the economy. He said the task before him was to increase trade between the two countries as a means of building future relationships. He therefore sought to know what could be done together. Welcoming the High Commissioner, Enelamah said he believed that Baker’s African experience would be useful during his work in Nigeria. He appreciated the relationship between the two countries and said they must make it count. “We will collaborate with you,
we will work with you,� the minister assured. Earlier, the High Commissioner had raised the issue of the stalled bilateral treaty and called for a resolution. A Foreign Investment Promotion and Protection Agreement (FIPPA) was signed by Nigeria and Canada in May 2014, which Canada ratified in 2014. But Nigeria decided not to ratify the agreement because it was later found unbalanced and not consistent with Nigeria’s 2016 bilateral investment treaty (BIT) model. Nigeria has therefore requested for the amendment or renegotiation of the agreement. Explaining Nigeria’s position,
the Executive Secretary of Nigeria Investment Promotion Council (NIPC), Yewande Sadiku, said under a country-focused investment promotion strategy, the NIPC had undertaken diligent process of identifying countries that are strategic to Nigeria’s quest for direct investments. “The deep-dive analysis conducted to determine the priority countries was based on five broad criteria related to Nigeria’s trade relations, global and sectoral investment flows, and Nigeria’s strategic relationships. “Twenty countries were identified as being of strategic
importance for investment promotion. NIPC is now working on building strategic relationships with the top 3-5 countries.� She said although Canada is among the 20 countries of strategic importance, Nigeria’s new policy considers investors’ rights but ensures that Nigeria is not disadvantaged. Having listened to all the parties involved, including officials of the ministry, Enelamah urged them to take the necessary steps to resolve the issues speedily. He was confident of the ability of Nigeria and Canada to harness their mutual interests and synergies effectively.
NANTS Opposes e-Commerce Negotiations at World Economic Forum James Emejo in Abuja Group Business Editor
Obinna Chima
Capital Market Editor
ÙÎÎã Ă‘Ă?Ă˜Ă? AgriBusiness/Industry Editor
Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ äĂ? Comms/e-Business Editor
Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent
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Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) Ă“Ă˜ĂŽĂ‹ ĂœĂ™Ă•Ă? (Labour) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Cap Mkt) ÔÓÙĂ?Ă™Ăœ Ă–Ă“Ă•Ă? (Energy) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Nation’s Capital) Reporters
Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (Maritime)
Citing lack of due consultations with economic stakeholders, the National Association of Nigerian Traders (NANTS) has opposed moves by the federal government to send a delegation to the forthcoming World Economic Forum (WEF) in Davous, Switzerland to participate in negotiations on electronic commerce (e-commerce). NANTS President, Mr. Ken Ukaoha, told journalists at a media briefing that since December 2017, when Nigeria’s key representatives committed to some agreements and declarations during the 11th WTO ministerial conference in Buenos Aires, Argentina, there
had not been any stakeholder engagement on the agreements which included e-commerce. He said those who made commitments on behalf of the country “have not till today made any attempt at facilitating dialogue or consultation on the subject of e-commerce among economic stakeholders so as to secure a national position that would be canvassed at every given time and space.� He said its decision to resist participation was based on three key issues including the fact that Nigeria is a member of the World Trade Organisation (WTO) and that there is currently no mandate to negotiate e-commerce rules at the WTO, adding that the current mandate
is merely to examine various issues. The NANTS president said: “We are worried that in spite of these assertions, during the Buenos Aires MC11, some countries agreed to ‘initiate exploratory work together towards future WTO negotiations on trade-related aspects of electronic commerce’. “Arising from this, since then, a number of meetings have been held at the WTO ongoing those who would like to negotiate e-commerce rules and some countries are planning to issue a political statement for launching plurilateral negotiations on ecommerce at a breakfast meeting at the WEF in Davos.� He said the Nigerian traders
expressed dissatisfaction about the current situation where the country was being dragged into the negotiations albeit through the back door without proper analysis and due consultations on the merits and demerits as well as implicit evaluation of the country’s capacity to either negotiate or benefit from e-commerce. He argued that though proponents of e-commerce disguised their proposals in the trojan horse of being necessary to unleash development through the power of SMEs using e-commerce, it comes with its adverse economic impacts especially for developing economies including Nigeria. According to him, although e-commerce could aid job
creation and development as well as expand innovation, increase consumer choice and increase global connectedness, it is nevertheless deficient in other aspects. Ukaoha said: “But this is not the same as having binding global rules written by Google for its benefit. Again, given low levels of broadband penetration and the fact that only five per cent people in developing countries use e-commerce platforms, the probability of domestic e-commerce to grow in the developing countries and benefit their SMEs absolutely appears to be low.� Account to him, though Nigeria is one of the technically advanced countries in Africa.
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Gas-fired Buses to Save Nigeria $2.5bnYearly Hamid Ayodeji The planned introduction of gas-fired buses is expected to save Nigeria over $2.5 billion yearly, by reducing the cost of fuel in the transportation and power generation sector by over 30 percent. It is also expected to reduce the cost of bus ticket for passengers. The strategic alliance between European Technologies for Africa (ETEFA) and Power Gas for the clean economic and safe transportation programme under the gas flare monetisation projects, intend deploy the gas-fired city buses for commercial transportation. Disclosing this in a media briefing in Lagos, the Power Gas General Manager, Sumeet Singh, stated that the country’s gas flare activities if captured and processed,
could power up to 200,000 gas-fired city buses and trucks for commercial use. Singh, who noted that as a domestically available natural resource, effective utilisation was extremely important, adding that it was vital to sustain a cleaner environment. He added: “The introduction of over 200,000 commercial gas-fired city buses and trucks for transportation will lower the cost of ticket prices for passengers, while doubling the power generation capacity of the country and also improving the quality of the environment.� In his remarks, the European Technologies for Africa’s (ETEFA) Chief Executive Officer, Johann Rieger, revealed that in order to show the full potential of the economies
of the compressed natural gas (CNG) city buses, they collaborated with leading European partners, “to develop a high quality 12-meter compressed natural gas city bus prototype which its local testing will begin with strategic local partners middle of 2019, for the special needs and infrastructure requirements in Nigeria.� Rieger, stated that this initiative would boost employment, technology transfer and strategic knowledge sharing. He also noted that the ETEFA is ready to support local manufacturers with the technology to manufacture such buses to be directly licenced in the country. “Depending on test results and respective orders, local serial production could start by one of the well-established car manufacturers in Nigeria by 2020,� he added.
ATN,TTI to Launch Drivers’Training Certification Hamid Ayodeji The collaboration between Austrian Technologies Nigeria Limited (ATN) and Test and Training International (TTI) have introduced a world class Drivers’ Safety Training Certification (DSTC) for drivers in Nigeria. The partnership would train, evaluate and certify driving instructors, fleet managers and drivers on tracks, in line with international standards. The certification would be implemented in collaboration with Federal Road Safety Commission (FRSC), with the aim of developing a network of drivers’ training tracks with participation of local investors across the country. Disclosing this at a media briefing in Lagos, the Lagos State Corps Sector Com-
mander, FRSC, Hyginus Omeje, stated that human factor in road accidents was fundamental. Omeje, who noted that the lack of traffic education and basic understanding of the consequences of careless driving, improper driving training in road and safety procedures, were factors contributing to road accidents. He added that drivers’ education was of great need in the country. He added: “Most Nigerian truck drivers are schooled by experienced colleagues with inadequate training, after years of serving as motor boys.� In his remarks, the Chief Executive Officer of Austrian Technologies Nigeria Limited (ATN), Johann Rieger, stated that besides hundreds of new skills, at-
tractive working places and extensive knowledge transfer, Nigerians would benefit in the reduction of the number of accidents. Rieger, stated that transport companies would benefit, as a result of the decrease in loss of manpower, damaged vehicles, lost goods and reduction of insurance premiums. He added that they would be able to employ certified drivers based on international standards. “The government and FRSC will profit from improving efficiency in road safety, boost employment and the economic growth of the country. “Consumers will benefit from lower cost of logistics and transport and as a result, lower cost of goods,� he added.
FCMB Founder Promotes Culture The founder of First City Monument Bank (FCMB) Otunba Subomi Balogun has stressed the need to embrace cultural values in order to promote unity and progress in the country. Balogun, said this in Ijebu Ode, Ogun State, during the yearly Ojude Oba Festival, sponsored by the bank. Speaking with journalists recently, after this year’s edition, Balogun explained that the event to organised to pray and thank God. On his active involvement in the promotion of the tradition and culture of Ijebuland, he said: “Quite a lot of the roles I play are either hereditary or bestowed on me by the current people of Ijebuland. Originally, I’m part of Ijebu royalty. “About 28 years ago, I was elected Asiwaju of
Ijebu Christians at the age of 63. The Ijebu Christians hold in high esteem the Asiwaju. The Ijebu society is very unique; all of us are intertwined. There is no one, who is a Christian and does not have a Moslem relation, and there is no one who is a Moslem and does not have a Christian relation. “God has his own way of answering prayers. It is not the way we mortals perceive it. We are a praying people. And I’m convinced that the good Lord hears our prayers and grants all that we ask from Him. “So, as I usually say, the blessings of God Almighty, and all the things we desire from Him, are always for us to see but you need to be gifted before you can appreciate the awesomeness of the Almighty God. I for
one will admit at any time that I am in God’s hands, and the Omnipotent, the Omnipresent is always around me, guiding me, His light showing through me.� Balogun said despite his age, he would continue to be involved in promoting the Ijebu culture. “I’m not in any retirement; through the grace of God, I still have my faculties. Not many people at 85 years still sit down like me. Not many people at 85 could walk around without a walking stick. Apart from the royal beaded walking stick, which to me is a fashion, all of you will see is that I am agile. Talking about what I miss, there is nothing. The only thing I’m looking for is the grace of God and I’m not being metaphorical. I believe in it,� he added.
ELEVATING TO THE NEXT LEVEL Marie-Therese Phido
MarketingTrends to Look Out for in 2019 Marketing as we know it has assumed so many dimensions that keeping up with the trends and how we can amplify our brands and messaging as well as ensure we are using the right marketing channel and medium is critical to the success of our businesses going forward. Many people believe it is difficult keeping up with the emergence and technological advancement of the trends and envisage that immense growth will happen in 2019 and we are spoilt for choice. These trends include gaming, through to voice, to AI driven content and social commerce will greatly impact marketing and sales. Most organizations in Nigeria, will have to decide which of these trends will be relevant to them. The important thing to note, is to use each trend chosen to achieve your objectives in order to get maximum results from your marketing investment. Trends to consider in 2019 according to John Hall and me, include the following: Content has become core to marketing One of the biggest trends in content marketing is that it’s all but taken over marketing departments. Content has become core to everything. You have to create a content marketing plan. Many people say content is King. It is pivotal to growth. Chatbots will offer beneďŹ ts beyond customer service Audiences are looking for more authentic, helpful interactions with brands, and they want those touchpoints to happen on their terms. Chatbots can help you meet your audience members where they are and inform your marketing strategy with insights directly from them at the same time. According to recent research, 73 percent of marketers say they use their website analytics to research their audience, but only 42 percent say they use actual audience conversations. That’s a missed opportunity for better relationships and better messaging, and if marketers want to close that gap, they might want to look into chatbots. Not only do chatbots give you insight into exactly what your audience members are looking for and when, but they also make it easy to deliver that information to them — all while collecting those insights to refine your messaging in the future. It’s a win-win,and that’s why it should be on your radar in 2019. Alternative search formats Just as there are different ways to communicate your message, there are different ways for audience members to search for
Many people believe it is difďŹ cult keeping up with the emergence and technological advancement of the trends and envisage that immense growth will happen in 2019 and we are spoilt for choice. These trends include gaming, through to voice, to AI driven content and social commerce will greatly impact marketing and sales
your content. Voice search is on the rise, and with Google announcing plans to make visual content more useful in search, marketers need to be prepared for the rise of alternative search. According to the recent research, more than half of marketers increased their use of image-based content, and more than one-third increased audio-only content. This indicates marketers are moving in the right direction by producing more and different types of content for audiences. But if you’re creating different kinds of content without also thinking through how your audience will find it, it’s not going to do a lot of good. As we go into 2019, prioritizing multimedia content and alternative search will be important. Security and data privacy will be major concerns Online security and the protection of personal information are growing demands for all consumers, and marketing leaders must accommodate this development. As audience trust in media declines and concern over privacy grows, marketers will need to put the processes in place to responsibly collect, store, and protect their audience members’ information to maintain the trust they’ve worked so hard to earn. Rise of ArtiďŹ cial Intelligence (AI) The impact and interest of artificial intelligence on content marketing is rising. Marketers are beginning to better understand AI’s capabilities in boosting marketing initiatives, especially in social media and consumer behavior. This enables them to customize their activities and better understand consumer behavior, which leads to richer insights to adapt in new situations at all time. The speed of the machines over human analysis offers huge benefits in terms of understanding your audience, competitors and content positioning. Personalization and authenticity will separate successful marketers from those who just contribute to noise. To be honest, there’s no good reason in this day and age for anyone to receive generic messages and completely irrelevant offers in his or her inbox (or anywhere, for that matter). With the endless amount of data you have available, the technology that can analyze it and help you put it to use, and the tools available to scale that information across interactions, your audience members should feel special all the time. They’re already bombarded with more content than they can handle, and you don’t want to just add to the noise. Technology doesn’t have to make you more impersonal. It can make marketers better communicators. Use it to (securely) collect relevant data, and turn those data points into insights that can guide your messaging. The more advanced these tools get, the higher your audience’s expectations for genuine, helpful, personalized content will be. So rather than dive headfirst into each trend as it emerges, remember the members of your audience and what is truly best for them. That should be your guiding light. Assess everything carefully, make sure you’ve got a plan to actually measure whatever you try, and always prioritize your audience experience. In 2019, we need to up our marketing capabilities in order to ensure we are getting the best out of our investments in both time and monetary terms. !
Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng
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Growing Investor Confidence The decision of Abraaj to convert $10 million loan in C & I Leasing to equity is a show of confidence in the company and Nigerian economy, writes Goddy Egene Last year foreign investors withdrew over N606 billion from the equities market because of shift to higher yielding assets with lower risks in developed countries, coupled with concerns of political risks in Nigeria, due to the upcoming general elections. As the elections draw closer, there are apprehensions that more foreign investors may pull out from the market. Although the apprehensions are not misplaced, some foreign investors are increasing their stakes in companies in which they have seen good prospects. Abraaj, managers of Aureos Africa Fund, is among investors who have seen value in Nigerian stock market and are consolidating their investment instead of withdrawing. Consequently, Abraaj has decided to convert $10 million (N3.6 billion). The Aureos Africa Fund had advanced the $10 million unsecured, redeemable, convertible loans stock to C & I Leasing. The loan matured at the end of 2018. However, instead of asking for the repayment of the loan stock, Abraaj said it would be converted to equity in the C & I Leasing, a development financial analysts said is a show of confidence in the company and Nigerian economy. Commenting decision by convert the loan to equity, the Managing Director/CEO of C & I Leasing, Mr. Andrew Otike-Odibi said: “This development is positive for our business as it improves the capital structure of the company and helps position it favorably for additional capital raise from the market in first quarter of 2019.� Market analysts said the foreign investors must have seen the positive trend the company has recorded in the recent times and bright future prospects. C & I Boats
Corporate background C& I Leasing Plc was listed on the Nigerian Stock exchange (NSE) in 1996 and it has evolved from being a simple consumer finance leasing company to a diversified, operating lease company with presence in six states in Nigeria, investments in Ghana and Dubai and has a staff strength in excess of 5,000. Following the Nigerian Local Content Act in 2010, C & I Leasing diversified into the maritime sector offering offshore marine services to upstream oil and gas companies. The company commenced its marine business with four patrol boats which have increased over the years to a fleet size of 22 vessels consisting of crew boats, patrol boats, pilot boats, platform support vessels and tug boats tied in mid to long term contracts for diverse offshore services. These range from security to handling, fire-fighting and elevation among other services. This diversification has significantly improved the performance of the business with cumulative average annual growth rate in its gross earnings of 38 per cent over the past 5 years. C&I Leasing recently signed a 10 year contract for the provision of two harbour tugs with NLNG. Boosting marine business In an apparent move to boost its marine business, C & I Leasing bought out the 27.5 per cent stake in C & I Petrotech Marine Limited (CPML). As a result of the transaction CMPL became fully owned subsidiary of C & I Leasing Plc. Otike-Odibi, had said the firm’s journey into marine sector as a service provider for the oil and gas sector actually started through CPML joint venture in 2010 and has over the years culminated in the ownership of over 20 vessels consisting of crew boats, pilot boats, patrol boats, and platform support vessels for providing services such as line and hose handling, berthing and escort services, mooring support, fire-fighting, pollution control, security and floating and self-elevating platforms. “This is clearly reiterating our commitment to growing our marine services business and gaining leadership in the field. It is hoped that this buyout will further the company’s drive to restructuring and repositioning our
Andrew Otike-Odibi MD C&I Leasing
marine business for enhanced profitability,� he added. Following the increase in stake in CPML, the company acquired two new Tugboats to its fleet. They are: ‘MV Chidiebube’ and ‘MV Folashade’, both vessels are owned by the company in joint venture agreement with SIFAX Marine Limited and are to be deployed immediately for a long term assignment with Nigerian Liquefied Natural Gas (NLNG). According to the company, it is committed to becoming the most preferred marine partner for the international oil companies (IOCs) in Nigeria. “We will continue to follow through on all that needs to be done to meet their needs. These new vessels have been built to specification for the assignment ahead and we are confident they will deliver even beyond expectation. With every new contract and acquisition,
we are careful to take the learnings from the past and improve continuously to serve our clients better. We are sure they will be very pleased with MV Chidiebube and MV Folashade, “it said. Future prospects The company successfully raised N7 billion bond earlier in 2018 as part of activities aimed at enhancing its overall competitive positioning. The positioning is to take advantage of the growth the leasing industry is expected to witness. As a popular financing tool, leasing provides an important leverage in modern business. Its flexible nature allows it to compete favourably against traditional finance sources such as bank loans, bonds among others. And the leasing industry is still expected to blossom further owing to various Government initiatives aimed
at re-inflating the economy and the increasing relevance of leasing to capital formation. Also the increasing relevance of leasing to capital formation and focus on agriculture will create an extensive market for the leasing business, as a whole range of equipment would be required across the Agric value chain, from planting, harvesting, processing and storage to distribution. Analysts said an experienced company such as C & I Leasing will benefit significantly from these business opportunities. According to them, focus on agriculture will create an extensive market for the leasing business, as a whole range of equipment would be required across the “Agric value chain, from planting, harvesting, processing and storage to distribution. Special focus on infrastructure will unlock business opportunities for the leasing industry as specialised and general equipment would be needed to support the massive construction expected to take place in the rail, roads, power, housing among others. The manufacturing sector including the micro, small and medium enterprises (MSMEs) presents significant opportunities for leasing, as the demand for assets for productive ventures is expected to continue to increase,� they said. Another emerging business opportunity lies in the healthcare and education sectors with appreciable inroads already being made at C & I Leasing with contracts to provide school buses as well as ambulance services for clients in education and health sectors. Meanwhile, C & I Leasing has said for the outsourcing business there is a drive to leverage technology to maximize efficiency, improve speed and ease of delivery to clients on all range of requests from recruitment to payroll and other business processes for Human capital management. “This automation of processes will allow for growth and capacity to serve even more clients without compromising on quality service and efficiency. The company’s Ghanaian subsidiary, Leasafric Ghana, is the largest provider of both outsourcing and fleet management services in Ghana. With a fleet size of over 1,000 vehicles providing service to all the major businesses in Ghana, the company is poised to continue to deliver good returns to shareholders,� it said.
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Path to Sustainable Growth Nigeria will benefit immensely from the Dangote Refinery and fertiliser plants when completed as both would contribute significantly in reducing the country’s import bill, writes Obinna Chima With crude oil production capacity of about 2.5 million barrels per day, Nigeria unfortunately imports about 92 per cent of petrol consumed in the country daily. The country is one of the largest consumers of petroleum products in Africa, and accounts for over seven per cent of Africa’s total refined products consumption, importing over one million tonnes of petrol monthly. With importation, the four refineries in the country have been left in near comatose state, with jobs being created for other countries. Nigeria ranks as Africa’s largest producer of oil and the sixth largest oil producing country in the world. However, regardless of its abundant resources, the country continues to face a myriad of problems as the country has continued to find it difficult to convert its unique advantages into economic and social benefits for majority of its citizens because of its complete dependents on imports. In fact, the country has been described as a prime example of resource curse, a situation where wealth from natural resources leads to poor economic growth and development and an increased likelihood of civil and ethnic tension. However, it is expected that the $9 billion Dangote Refinery and the fertiliser plants, which are under construction at the Lekki Free Trade Zone, if completed would have a far -reaching positive effects on the lives of Nigerians and help in transforming the economy. It is also expected to facilitate Nigeria’s age-long quest for economic diversification. The refinery project, if completed, would be the largest single petroleum refinery in the world with capacity to process 650,000 barrels per day of crude oil. It is expected to help the country conserve the foreign exchange spent on the importation of petroleum products, thereby strengthening Nigeria’s external reserves lead to a significant reduction in the country’s import bill. In addition, in terms of employment opportunities, 100,000 indirect employments through retail outlets are expected to be created and it would also enhance availability of petroleum products in the country. Central Bank’s Intervention The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, described the plants 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. 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
R - L: President of Dangote Group, Alhaji Aliko Dangote; Governor, Central Bank of Nigeria (CBN), Mr. Godwin EmeďŹ ele; Deputy Governor, Aishah Ahmad and Group Executive Director, Dangote Industries, Devakumar Edwin, during an inspection tour of the Dangote ReďŹ nery and Petrochemical Company in Lagos ‌ recently
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 stands 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
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
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.� The Lagos Chamber of Commerce and Industry (LCCI), had said the investments would not only reduce the perennial congestion in Apapa seaports, but also reduce the address the chaotic traffic situation in the area. President of the LCCI, Mr. Babatunde Paul Ruwase, described the project as massive. According to him, the impact on the petroleum sector would be spectacular. He expressed excitement over the pace of work at the refinery and fertiliser plants, which he described as a game changer for the oil sector, saying it would help end importation of petroleum products by the country. “This project is the first of its kind. There is no investor in Nigeria that has developed the courage to come up with such gigantic project. From what we have seen today, we now have a better perception about the project. From what we have seen on ground, it shows that the project is a reality and it is possible for Nigeria to become exporter of petroleum product,� he said. Bold Step Dangote who put the cost of building the fertilizer plant at $2 billion, however revealed that apart from the N75 million given to support the refinery project, the CBN under Emefiele also gave his group N50 billion to support the fertilizer project. Dangote said: “But more importantly is the moral support that we’re actually receiving from you (Emefiele), encouraging us to make sure that we continue with these transformative projects. Most likely people don’t understand what these projects mean; what they mean is that they are transforming the Nigeria’s economy. “The biggest problem that we have really is that Nigeria imports more than what we produce like any other African country. But by the time we finish the fertilizer plant, I think Nigeria will be the largest fertilizer exporting country in Africa, not even in sub-Saharan Africa. “We will also be the largest exporter of petrochemicals, maybe head to head with South Africa because of SAWSO, and then we will be the biggest actually in Africa in exporting petroleum products.
“So the change in terms of importing 90 per cent of what we consume and also exporting about one third out of the country. So it’s a major transformation, and also the gas pipeline which we want to do is actually three billion-scope, which is equivalent to NLNG today, and these are all projects that I believe will transform the economy of Nigeria.� He added that currently, more than 26, 000 people have been employed and that by the time the projects picked up fully, especially with the establishment of filling stations, almost 80,000 people would have been employed in the facilities. Business Expansion Dangote also disclosed that he intends to step up exports of cement and other commodities from Nigeria from this year as he focuses on foreign markets to boost sales and generate much-needed hard currency. He said he expects to have eight million tonnes of cement to start exporting from July and was commissioning a 650,000 barrel per day (bpd) refinery near Lagos - set to be Africa’s biggest - next year. The export drive would expand further from 2020. “By next year we will start exporting more than two million tonnes of ammonia out of our three million tonnes’ capacity and we will export more than 35 per cent of petroleum products and about 30 million tonnes of cement,� he told Reuters. He did not identify which foreign markets he was targeting. Availability of hard currency in Nigeria would not be an issue provided oil prices stayed relatively buoyant. “If the price of oil stabilises at $60, I don’t think we would have any problem,� said Dangote, who according to Forbes is currently worth $10.5 billion. OPEC member, Nigeria, suffered severe dollar shortages after prices of crude, its top export and main source of foreign exchange, plunged in late 2014, prompting the introduction of capital controls in 2015. It now has multiple exchange rates against the U.S. currency and has been selling the dollar on the interbank market to boost liquidity after floating the local naira currency for investors. “We are looking forward and making sure that we supply more forex in the domestic market,� Dangote said. Nigeria used to spend around $2.5 billion a year to import cement but with increased investment it has become a net exporter. Dangote said his firm, Dangote Cement, could earn about $600 to $700 million annually from cement export.
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Sekibo: Entrepreneurship, Bedrock for Economic Growth The Managing Director/Chief Executive Officer of Heritage Bank, Mr. Ifie Sekibo, in this interview, restates the bank’s commitment to supporting micro, small and medium scale enterprises, saying that are the bedrock of development for any country. Nume Ekeghe presents excepts: What should customers and stakeholders of Heritage Bank be expecting from the bank in 2019? For Heritage Bank, it has been an interesting journey for us. We came at a time when the market was almost turning into depression in the international space and there was quantitative easing in the United States and the markets where going down. But somehow, we were able to find a space in the area of SME banking and retail. And we have kept on that promise to be able to make SMEs bankable, not necessarily by throwing money at them, but being able to educate our entrepreneurs on the need for cooperation and the need for partnership to run their businesses. That has paid up overtime because we have seen more cooperation amongst entrepreneurs. We have consolidated their businesses and they have gone into areas they wouldn’t have been able to go into. Young lawyers have been able to come together to help nurse these small organisations to keep proper records in terms of their incorporation and records in terms of how they do business. Again, small accounting firms have been able to put together a system for these companies on how they put their records together for tax purposes and we have able to measure their progress over the period. So I think that as a bank, we have lived up to a promise especially on our cause which was the SME clinic which has helped SMEs to grow. We have also taken that a bit further to grooming new entrepreneurs to in the ‘the next titan’ which we are on our fifth season this year, where we allow young minds come in and develop businesses, ideas and take them from scratch unto a platform where they are able to express themselves on national television on what they can do on the development space for our country. And I believe going forward; we are going to continue in the space of SMEs because it is the bedrock of development for any development of every country. On the back of that is the challenging issue that most of our people don’t have financial services products they can latch on too. So, there is the whole financial inclusion strategy being spearheaded by the Central Bank of Nigeria (CBN) and we are latching onto it. Agency banking is also vehicle to which we are trying to help the financial inclusion strategy for the country and we believe that as we increase that space, you would pull more people into the economy thereby increasing development in the country. One trend we have seen in the industry is that the appetite for loan has dropped. What do you think is responsible for this? It is a function of the general economy. If a sector is not growing, there is no need going to borrow because if you have an economy that is not growing and you borrow into that sector, you are destroying capital. And the last thing you want to do in a growing economy is to destroy capital. When they say customers are not growing, it is because customers are being realistic. So the reason for not much borrowing in the industry is because the income that would sustain that borrowing doesn’t exist. And we need to create avenues to make those incomes begin to come back to life for us to borrow again. What do you think are the policy options to enhance human development in the country? The policy options are a lot. I don’t want to jump in and say what the policy options should be. What we have canvassed is that in dealing with the policy options, for either a new government or a continuing government is that it should be all inclusive. It shouldn’t be just human capital development or economic growth, it has to be inclusive. We have to take a view on if we are planning to pull out ‘X’ percentage of people below the poverty line to above the poverty line and then what would it take. Do we also need to reduce our infrastructure deficit and what would it take and
Sekibo
if we need to increase our social investment? But in all this, there is thin line that runs through them which is if there is no savings, there is no investment and if there is no investment, there can be no development. So we need to walk through that trend and until we have a policy that addresses this trend we would not be able to achieve or inclusive development. What would be the outlook for the banking sector this year? I try not to be a soothsayer, but we all believe that it will stay stable. We have seen the naira stay stable almost all year last year. We have election campaigns almost ending and the naira has stayed stable without any major fluctuation and we believe that it will continue. We believe that after the election, the portfolio investors who normally takes flight even if there is no election, would come back and you will see the capital market rise again.That is my prediction. The Payment Service Banks are expected to commence operations this year, how are commercial banks including yours getting ready to take up the likely competition that will arise? I’m sure you will find time to read the guidelines that have been issued. They are not lending banks. They are essentially going to assist us. For us it is an enabler for the financial inclusion, it is not necessarily a competition. Yes, it is competition to the extent that we will compete with them in the financial inclusion space, our agency banking products will compete with their payment platform, but we all have
Agency banking is also vehicle through which we are trying to help the ďŹ nancial inclusion strategy for the country and we believe that as we increase that space, you would pull more people into the economy thereby increasing development in the country
very good payment platforms. For most of us, our payment platforms have developed much more than they could even be able to compete with. But for us, it is important that we have such other organisations that helps the lower side of our economy where people put money under their beds or leave money in their stores and when fire comes it destroys both the money and their investment and it is back to square one. We need to eliminate that; we need to bring in as much people under the formal platform so we can measure them. Today we don’t have good measurement for how much money is in circulation in Nigeria because we don’t even know. But if we can get these new institutions join us to expand the financial inclusion space we believe it is better for everybody and it is better for the economy. Heritage Bank is known for innovation, what innovations should customers be expecting in 2019? Am sure you are all aware that the Octopus platform which is a digital bank in itself is currently running. We have gone through the testing phase and we are already beginning to launch it. This year we see full blown engagement with our Octopus platform. The reason the platform is interesting is that it is not just a payment platform, it is a social engagement platform, it is a community. It is not only a community of social activities, it is a community of economic activities and it can go way beyond the borders of Nigeria. So those are the kinds of innovation we bring to the table. We also allow our customers on that platform to trade amongst themselves, to do e-commerce on that platform. Not only are they able to do commerce, they are able to do citizenship services on that platform. So there is a convergence of technology and commercial services and being able to project that into the wider society for the basis of development of the whole economy. In terms of International Financial Reporting Standard (IFRS) 9, how does it affect banks including Heritage Bank? IFRS 9 is essentially a risk-based activity where we are trying to make sure that we measure what we have and we are able to report our financial strengths as true and near reality as can be. So, when you move between the generally acceptable accounting standards which is the GAP methodology and the IFRS, there is always
some level of disparity as to what constitutes a proper assets deficient. For example, if today I own this asset and it cost me N10 to buy, is it still N10 ten years after? Or if I lend money to somebody and he is unable to pay after a particular number of years, is it still possible that he can pay that money? What has changed in the economy to make him pay? Have you been able to measure those things? Essentially it allows banks to measure their assets, both risk assets and physical assets in a way that it will reflect their strengths, and taking ahead of the curve, projections that you think could possibly happen or issues that could affect the possibility of anything going wrong and taking the hit ahead of time. Yes, it will affect us at the initial point when we are taking the hit, initially when we are beginning. But it is a zero sum game for me. So, initially, yes we are all going to feel a jolt. There will be a depression in some of our earnings because we are taking more hit, but again it speaks to the strength of the bank and that strength of the bank is what the customer needs to be comfortable about. After such conversations you have a bank that is still able to carry your liabilities. Two years ago you mentioned that Heritage Bank will be listing on the Nigerian Stock Exchange. When are we likely to see that happen? I want to predict, a good prediction for that matter, it will not be this year, but it will definitely be listed on the stock exchange especially now that we are expecting new investors, and one of their core expectations is that we will list in the nearest future. So we will list. You talked about your bank expecting new investors, are you considering merging or acquiring another institution as we have seen in the industry recently and do you foresee more M&As in the industry? There may be mergers and acquisitions in the economy and I am happy to see them happen. Yes, investors are coming because they are happy with our returns. We are one of the companies that have returned good results on the financial institutions side. So investors are always very happy with the kind of returns that we make. So, yes, they will come and we are expecting more investments and I expect that as those investments take place, mergers and acquisitions may take place this year. Both local and foreign investors.
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EDUCATION Celebrating LASPOTECH at 40, Meeting Knowledge-driven 21st Century Demands The Lagos State Polytechnic rounded off its 40th anniversary with a management retreat; it provided an opportunity for its stakeholders to reflect on how to better reposition the institution to meet the 21st century demand of knowledge and creativity in the production of quality technical skills. Funmi Ogundare reports
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ike many developing countries in Africa, Nigeria is facing a serious unemployment problem coupled with declining standard of living, increasing disparity between the urban and rural regions of the country, and inadequate social and physical infrastructures to meet the needs of a rapidly growing population in the 21st century. To meet the needs of the growing population, polytechnics sit between labour and the market by ensuring that the workforce has the necessary skills to meet 21st century industry demand, especially in a knowledge-driven economy. In an effort to ensure that the needed skills are harnessed for the production of youths that are ready for the job market, the Lagos State Polytechnic (LASPOTECH) commemorated its 40th anniversary with series of activities, including community relations programme, seminar/film show on the history of LASPOTECH, 40th anniversary public lecture/exhibition titled ‘Repositioning Education for Technological Development and Food Security’, long service awards to staff, thanksgiving service, among others. Currently, the polytechnic, formerly known as the Lagos State College of Science and Technology and established with the promulgation of Lagos State Edict No. 1 of 1978 with retroactive effect from June 1, 1977, is developing human capital for the realisation of its transformation to a university. It has also collaborated with the Commonwealth Association of Polytechnic in Africa (CAPA) in staff training, research and development, as well as membership and support of the African Network of Scientific and Technological Institution (ANSTI). Aside these, its academic board also approved the commencement of general agriculture for all students, aimed at mobilising them for the realisation of mass production of agricultural produce, poultry and fish farming, as well as encouraging food security and producing food for its communities. Other achievements include adopting the International Public Sector Accounting Standards (IPSAS) and commencing the process of implementing Enterprise Resource Planning (ERP) for smooth operation of the institution, equipping its bakery with modern facilities for the production of bread, obtaining patent rights for a fuel-less electric power generating set, automatic car jack, and biogas energy system developed in the polytechnic by staff and students. To round off the programmes, it held the 2019 management retreat with the theme ‘LASPOTECH, 40 Years of Existence: What Next?’, which afforded participants the opportunity to share ideas in an effort to reposition the country’s polytechnics to meet the 21st century demand of knowledge, skills and creativity in the production of quality technical skills, emphasising strong industry validated technical training, entrepreneurship and innovation education. For five days, the participants, who were the institution’s principal officers, deans of schools and directors of non-academic and service department discussed the way forward for the polytechnic. Some of the issues brought to the fore by the participants included the need to embrace technology tools, such as coding which is the language of today
L-R: Former Rector, Lagos State Polytechnic, Chief Olawumi Gasper (1999-2007); pioneer Principal (1977-1980), Dr. Hakeem Oseni; the current Rector, Mr. Samuel Olayinka Sogunro (2015 till date) and a former Rector, Mr. Ayodele Iginla (2007-2011), during the polytechnic’s 40th anniversary dinner in Lagos‌ recently and the future. They said the use of codes to creatively solve problems and emphasis on the training of students on the development of applications, should be the focus of each polytechnic. They expressed concern about the absence of a robust, well-modelled and adequately monitored entrepreneurship and vocational education system that offer opportunities for youths to get decent work and jobs, noting that this is a key factor responsible for the massive movement of the youths abroad in search of greener pastures. In his paper titled ‘Polytechnic in Nigeria: The Next Level’, a former Rector of the polytechnic and the pioneer Executive Secretary, Lagos State Technical and Vocational Education Board (LASTVEB), Chief Olawumi Gasper stressed the need to reposition polytechnics in the country as a one-stop shop entrepreneurship
The polytechnic of the 21st century must be a post-secondary institution, offering knowledge, skills, creativity and strong in innovation, producing young entrepreneurs to grow start-ups
institution for the training of multilevel workforce and apprenticeships, offering diverse qualifications/awards at postgraduate, graduate, diploma, certificate and apprenticeships. According to him, “the polytechnic of the 21st century must be a post-secondary institution, offering knowledge, skills, creativity and strong in innovation, producing young entrepreneurs to grow start-ups.� While emphasising on the next level of polytechnics in the country, he called on all stakeholders to embrace the polytechnics as a one-stop shop for technical/ vocational trainings, entrepreneurship trainings and innovation to support the formal Technical, Vocational Education and Training (TVET) system. He said the move would produce skills and competences for innovation and creation of new ideas and products in the enterprises from where jobs and future prosperity will derive. “The new multi-level trainings should emphasise acquisition of knowledge, skills, innovation, preparing the learners at respective levels not only for competence and innovation, but also for higher qualifications in the same institution. The desired qualification will therefore determine entry and exit in the multi-level training institutions.� Gasper challenged the participants to come up with pathways on how to “de-flood� the streets of Lagos of the youths roaming about for white collar jobs in a situation of high demand for competent technical skills and get them prepared for the economy of the future, adding that it is only by so doing that the polytechnics can lay claim to relevance in the economy. The Rector, Mr. Samuel Sogunro in his address, highlighted the achievements of the polytechnic in 2018, most notably the hosting of the seventh edition of the International Conference on Infrastructure
and Development in Africa (ICIDA), in collaboration with University of Johannesburg, South Africa; Kwame Nkrumah University of Science and Technology, Ghana; and Bells University of Technology, Ota, Nigeria; and obtaining the LASPOTECH 101.9FM Radio Station license from the National Broadcasting Commission (NBC), already equipped by the state government for operation. “Various equipment were also fabricated in the School of Engineering, some of which include palm oil processing plant, break wear sensor on automobile, multi-purpose juice extractor, threshing, shelling and cleaning machine, water level controller, electronic c-caution, among others,� he said. The Chairman, Governing Council, Professor Tajudeen Gbadamosi admonished the participants to commit to technology and adoption of other innovative approaches for the production of the much desired high quality technical skills, entrepreneurship, innovation and competences required to drive industrial transformation and grow start-ups. The Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh, who was represented by the Permanent Secretary, Office of Special Adviser, Dr. Shamsideen Allison, reiterated the continuous support of the state government to the polytechnic. Papers were also presented by the Director of University of Ibadan, School of Business, Professor Nike Osofisan, who spoke on ‘Ensuring Lagos State Polytechnic as a Top Ranking Global Institution’; a former Vice-Chancellor of the University of Lagos, Professor Oye Ibidapo-Obe, on ‘Financial Solvency of Tertiary Institution: Challenges and Solutions’; as well as the Vice-Chancellor, Lagos State University (LASU), Professor Lanre Fagbohun, who spoke on ‘Using Leadership for Growth and Stability in a Tertiary Institution.’
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UNILAG Inaugurates TV Station for Educational Advancement Funmi Ogundare The University of Lagos (UNILAG) recently inaugurated its television station Channel 184, which will serve as a reference point for educational advancement, documentaries, quality entertainment and sports. The station will also promote the culture of its immediate communities by regularly highlighting their ideas, languages, customs, folklores and social behaviours in line with the provision of the National Broadcasting Commission (NBC)’s Code. Briefing journalists on the development recently, the ViceChancellor, Professor Oluwatoyin Ogundipe said the TV station would also have a time belt for its distance learning teaching packages and would also be deployed to keep its students and
wider community informed of developments in the university through the dedication of one hour to UNILAG news. “UNILAG TV Channel 184 will also serve as an instructional facility for our distance learning students,� he said, adding that the station will fly on the platform of Star Times Digital Broadcasting. “With state-of-the-art equipment and technical facilities in place, the TV station will deliver premier local, national and international news as they unfold, and become the most trusted news source in Nigeria by being impartial, creative, factual and credible, timely and innovative. Our team of world class professionals would inject fresh ideas and energies that would take broadcasting to the next level in Nigeria.� He recalled when the institution pioneered its campus radio
broadcasting in the country in 2004, adding that when President Muhammadu Buhari approved its TV license in November 9, 2017; it was cheery news celebrated among its three campuses. “It has always being our dream to have a television station. In tandem with Walt Disney quotation that if you can dream it, you can do it, the University of Lagos has blazed the trail again by establishing the first campus television station not only in Nigeria, but in the whole of West Africa. “To see to the actualisation of the noble dream of having a functioning TV station, I constituted the University of Lagos Multi Media Ventures Board under the leadership of Professor Muyiwa Faleye in April 2008 to mid-wife the speedy actualisation of the project.�
Ogundipe said the Multi Media Venture will operate as a private body organisation without the interference of the management of the institution, adding that the members should be able to run it effectively, employ staff and ensure it is competitive. “It is a TV station given to the university; we must operate in such a way that it will be competitive. The things that they will not bring in are those things not approved in the university like sexual explicit adventures. We will monitor it such that what we have in other stations will not be allowed, but there will be an interplay between entertainment and research,� he said. The VC expressed hope that before the end of the year when the National Universities Commission (NUC) is conducting its ranking, the university will be commended for its efforts.
Some management and sta members of Corona Schools’ Trust Council, during their 2019 Sta Day in Lagos‌ recently
Corona Honours Staff for Passion, Dedication The Corona Schools’ Trust Council recently held its annual Staff Day to celebrate and appreciate the importance of its staff, who have consistently demonstrated the passion to mould and influence the lives of the future generation of leaders. The event provides an opportunity for the Governing Board to reward and recognise deserving members of staff who during the past school year, took advantage of the opportunities within the system and excelled by sustaining their professionalism, creativity, commitment, ethics and self-development; it is also a day to celebrate members of staff for their loyalty to the organisation.
The Staff Day also serves as a team bonding forum in appreciation of each individual staff’s contribution to the Corona Schools’ vision to be Nigeria’s leading educational institution, focused on and dedicated to providing well-rounded and proudly Nigerian young men and women, equipped for continuous learning, self-mastery and leadership. In her remarks, the Chief Executive Officer, Corona Schools’ Trust Council, Mrs. Adeyoyin Adesina said: “As we celebrate our employees at our annual Staff Day, we are reminded that no marketing effort or social media buzz can be a substitute for what
we do at Corona Schools. Our people make the differenceparents, students, teaching and non-teaching members of staff. “The experience we deliver in our schools, the strength and equity of our brand, and the primary reason for our current and future success is because of all of you.� She added: “Our diverse strengths and skills drawn together by a common passion for providing world-class education to children have continuously made us relevant in the education sector. The niche of world-class education that has been earned by our great institution is part of what contributes to the success
story of Corona.� She attributed the success of the past six decades to diverse expertise and relevant experience which form a solid platform to build a bright future, hence, the theme for this year’s celebration, ‘Rising beyond Borders’. Adesina reiterated the Corona Schools’ Trust Council’s commitment to the wellbeing and professional development of its workforce, adding, “as we celebrate, let us be reminded that this is a clarion call never to relent in our hard work and reaffirm our commitment to the continuous improvement and take our beloved organisation to the greater heights.�
OAU Conducts Hitch-free Exams amidst ASUU Strike Yinka Kolawole in Osogbo The 2017/2018 Rain Semester examinations of the Obafemi Awolowo University (OAU), Ile-Ife have commenced under a generally peaceful and conducive atmosphere, even as students applauded the university management for keeping its promise that the examinations will hold as scheduled, contrary to claims by the institution’s branch of the Academic Staff Union of Universities (ASUU) that the examinations will not hold as
its members have been on strike. A release from the university’s Public Relations Officer, Abiodun Olanrewaju, stated that the examinations commenced at exactly 8 o’clock on January 14 across the designated lecture theatres and halls and all students whose courses were scheduled sat for the examinations. The Vice-Chancellor, Professor Eyitope Ogunbodede, who, in company of other officials of the university, went round the venues to observe the conduct of the examination, expressed satisfaction
with the arrangements for the examination and its successful take-off. He lauded the contributions and support of some academics in the university, who have thrown their weights behind the management’s efforts at regularising the academic calendar, adding that posterity will not forget them. The release added that the university has succeeded in dealing a decisive blow on the antics of some “fifth columnists� who are fond of causing students, parents and guardians heartache
on account of frivolous and perennial disruptions of academic calendar of the university. The institution’s chapter of ASUU had falsely claimed that the students have not been sufficiently and effectively taught to be examined since its members have been on strike since November 4, 2018. The claim was faulted in a six-page rebuttal issued by the university management with an assurance that the examinations will go on as scheduled in the university’s academic calendar.
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Ă˜Ă™ĂĄ ĂšĂœĂ?Ă?Ă“Ă?Ă?Ă–ĂŁ ĂĄĂ’Ă‹Ăž ĂŁĂ™Ă&#x; Ă‹ĂœĂ? Ă‹Ă?Ă?Ă?Ă?Ă?Ă“Ă˜Ă‘Ë› Ă? Ă“Ăž ĂšĂœĂ™Ă‘ĂœĂ?Ă?Ă? Ă“Ă˜ Ă?Ă™Ă—ĂšĂ‹ĂœĂ“Ă?Ă™Ă˜ ÞÙ ÞÒĂ? Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžËŞĂ? ĂšĂœĂ?Ă Ă“Ă™Ă&#x;Ă? ĂĄĂ™ĂœĂ• Ă™Ăœ Ă“Ă? Ă“Ăž Ă‹Ă˜ Ă?Ă Ă‹Ă–Ă&#x;Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? Ă’Ă“Ă? ĂĄĂ™ĂœĂ• Ă“Ă˜ Ă?Ă™Ă—ĂšĂ‹ĂœĂ“Ă?Ă™Ă˜ ÞÙ Ă’Ă“Ă? Ă?Ă–Ă‹Ă?Ă? Ă™Ăœ ĂŽĂ™ĂœĂ—Ă“ĂžĂ™ĂœĂŁ Ă—Ă‹ĂžĂ?Ă?ËŁ ĂœĂ? ĂŁĂ™Ă&#x; Ă‘ĂœĂ‹ĂŽĂ“Ă˜Ă‘ Ă?Ă?Ă?Ă™ĂœĂžËœ Ă‹ĂŒĂ“Ă–Ă“ĂžĂŁËœ ĂœĂ?Ă‘ĂœĂ?Ă?Ă?Ă“Ă™Ă˜ Ă™Ăœ ĂŽĂ?Ă‘Ă?Ă˜Ă?ĂœĂ‹ĂžĂ“Ă™Ă˜ËŁ Ă‹Ă?Ă’ Ă™Ă? ÞÒĂ?Ă?Ă? Ă?ÞËÞĂ?Ă? Ă’Ă‹Ă? ˊÚÙÖÓÞÓĂ?Ă‹Ă–Ă–ĂŁ Ă?Ă™ĂœĂœĂ?Ă?Þ˪ ĂĄĂ‹ĂŁĂ? Ă™Ă? Ă?Ă?Ă?ĂŽĂ“Ă˜Ă‘ ĂŒĂ‹Ă?Ă• Ă“Ă˜ ĂĄĂœĂ“ĂžĂ“Ă˜Ă‘Ë› Ă?Ăž Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă¤Ă?ĂŽË Ă?Ăž ÞÒĂ? Ă?Ă?ÒÙÙÖ˪Ă? Ă‹Ă?Ă‹ĂŽĂ?Ă—Ă“Ă? Ă?Ă‹Ă–Ă?Ă˜ĂŽĂ‹Ăœ Ă‹Ă˜ĂŽ Ă?ĂžĂ‹ĂœĂž Ă?Ă‹ĂœĂ–ĂŁ ÞÙ Ă?ÙÖÖĂ?Ă?Ăž Ă’Ă? ÞÙÙÖĂ? ĂŁĂ™Ă&#x;ËŞĂŽ Ă&#x;Ă?Ă? ÞÙ Ă—Ă‹Ă•Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă Ă‹Ă–Ă&#x;Ă‹ĂžĂ“Ă™Ă˜ Ă?Ă&#x;Ă?Ă’ Ă‹Ă? ĂžĂ?Ă?Ăž ĂœĂ?Ă?Ă&#x;Ă–ĂžĂ?Ëœ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ?ËŞ Ă?Ă?Ă–Ă?Ě‹Ă‹Ă?Ă?Ă?Ă?Ă?Ă—Ă?Ă˜ĂžËœ ÙÞÒĂ?Ăœ ĂžĂ?Ă‹Ă?Ă’Ă?ĂœĂ?ËŞ Ă‹ĂšĂšĂœĂ‹Ă“Ă?Ă‹Ă–Ă? Ă‹Ă˜ĂŽ ĂŁĂ™Ă&#x;Ăœ Ă™ĂĄĂ˜ Ă“Ă—ĂšĂœĂ?Ă?Ă?Ă“Ă™Ă˜Ă?Ë› ÞÒĂ?Ăœ Ă?Ă™Ă&#x;ĂœĂ?Ă?Ă? ÞÙ Ă’Ă?Ă–Ăš ĂŁĂ™Ă&#x; Ă?Ù××Ă?Ă˜Ăž Ă™ĂŒĂ”Ă?Ă?ÞÓà Ă?Ă–ĂŁ Ă‹ĂœĂ? ĂœĂ?Ă?Ă™ĂœĂŽĂ?ĂŽ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ?ËŞ Ă“Ă˜Ă Ă™Ă–Ă Ă?Ă—Ă?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ Ă?Ă™Ă˜ĂžĂœĂ“ĂŒĂ&#x;ĂžĂ“Ă™Ă˜ ÞÙ Ă?Ă˘ĂžĂœĂ‹Ě‹Ă?Ă&#x;ĂœĂœĂ“Ă?Ă&#x;Ă–Ă‹Ăœ Ă‹Ă?ÞÓà ÓÞÓĂ?Ă? Ă‹Ă˜ĂŽ Ă™Ă&#x;Ă?Ă? ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă?Ă?Ë› Ă™Ă&#x; Ă—Ă‹ĂŁ ĂĄĂ‹Ă˜Ăž ÞÙ Ă?Ă?Ăž Ă&#x;Ăš Ă‹Ă˜ Ă‹Ă?Ă?Ă?Ă?Ă?Ă—Ă?Ă˜Ăž Ă?ĂŁĂ?ĂžĂ?Ă— Ă?Ă‹ĂœĂ–ĂŁË› Ă’Ă“Ă? Ă“Ă? Ă?ĂœĂ“ĂžĂ“Ă?Ă‹Ă– ÞÙ Ă?Ă&#x;Ă?Ă?Ă?Ă?Ă?Ă?Ă&#x;Ă–Ă–ĂŁ ĂĄĂœĂ“ĂžĂ“Ă˜Ă‘ ĂŁĂ™Ă&#x;Ăœ Ă?Ù××Ă?Ă˜ĂžĂ?Ë› Ă™Ă&#x; Ă?Ă‹Ă˜Ă˜Ă™Ăž Ă‹Ă?Ă?Ă™ĂœĂŽ ÞÙ Ă‹Ă?Ă?Ă?Ă?Ă? Ă™Ă˜ ÞÒĂ? Ă?ÚÙÞ Ă‹Ă? ÞÒÓĂ? Ă“Ă? Ă–Ă“Ă•Ă?Ă–ĂŁ ÞÙ ĂŒĂ? Ă‘Ă&#x;Ă?Ă?Ă? ĂĄĂ™ĂœĂ•Ëœ Ă&#x;Ă˜Ě‹Ă?Ă&#x;ĂŒĂ?ĂžĂ‹Ă˜ĂžĂ“Ă‹ĂžĂ?ĂŽ Ă?ÞËÞĂ?Ă—Ă?Ă˜ĂžĂ? Ă‹Ă˜ĂŽ ĂŽĂ‹Ă—Ă‹Ă‘Ă“Ă˜Ă‘ ÞÙ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ?ËŞ Ă?Ă’Ă‹ĂœĂ‹Ă?ĂžĂ?ĂœĂ?Ë› ÒÙÙĂ?Ă? ĂŁĂ™Ă&#x;Ăœ ĂĄĂ™ĂœĂŽĂ? Ă?Ă‹ĂœĂ?Ă?Ă&#x;Ă–Ă–ĂŁË› Ă™Ă&#x; Ă?Ă‹Ă˜Ă˜Ă™Ăž Ă?Ă&#x;Ă— Ă&#x;Ăš Ă‹ Ă’Ă&#x;Ă—Ă‹Ă˜ ĂŒĂ?Ă“Ă˜Ă‘ Ă“Ă˜ Ă‹ ĂŒĂ™Ă˘ ÞÒËÞ˪Ă? Ă™Ă˜Ă–ĂŁ Ă‹ Ă?Ă™Ă&#x;ÚÖĂ? Ă™Ă? Ă“Ă˜Ă?Ă’Ă?Ă? ĂĄĂ“ĂŽĂ? Ă‹Ă˜ĂŽ ĂŽĂ?Ă?ĂšË Ăž Ă“Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ÞÙ ĂĄĂœĂ“ĂžĂ? Ă”Ă&#x;ĂŽĂ“Ă?Ă“Ă™Ă&#x;Ă?Ă–ĂŁ ĂĄĂ’Ă?ÞÒĂ?Ăœ Ă™Ăœ Ă˜Ă™Ăž ĂŁĂ™Ă&#x;ËŞĂœĂ? ĂĄĂœĂ“ĂžĂ“Ă˜Ă‘ Ă?ĂšĂ‹ĂœĂ“Ă˜Ă‘Ă–ĂŁË› Ă? ĂšĂœĂ™Ă‹Ă?ÞÓà Ă?Ëž ĂŽĂ™ Ă˜Ă™Ăž ĂĄĂ‹Ă“Ăž Ă?Ă™Ăœ ĂœĂ?ĂšĂ™ĂœĂž Ă?Ă‹ĂœĂŽ ÞÓ×Ă? ÞÙ ĂŽĂ?Ă–Ă“Ă Ă?Ăœ Ă‹Ă˜ĂŁ ĂŒĂ‹ĂŽ Ă˜Ă?ĂĄĂ?Ë› Ă™Ă?Ăž ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă‹ĂšĂšĂœĂ?Ă?Ă“Ă‹ĂžĂ? Ă•Ă˜Ă™ĂĄĂ“Ă˜Ă‘ ÞÒĂ? Ă?Ă“ĂžĂ&#x;Ă‹ĂžĂ“Ă™Ă˜ Ě‹Ă‘Ă™Ă™ĂŽËœ ĂŒĂ‹ĂŽ Ă™Ăœ Ă&#x;Ă‘Ă–ĂŁËœ Ă?Ă‹ĂœĂ–ĂŁË› Ă’Ă‹Ăž ĂĄĂ‹ĂŁËœ ÞÒĂ?ĂŁ Ă?ÙÙÚĂ?ĂœĂ‹ĂžĂ? åÓÞÒ ĂŁĂ™Ă&#x; ÞÙ Ă?Ă’Ă‹ĂšĂ? ÞÒĂ?Ă“Ăœ Ă?Ă’Ă“Ă–ĂŽ Ă?Ă‹ĂœĂ–ĂŁ Ă‹Ă˜ĂŽ Ă?Ă™ Ă‹ĂœĂ? ĂšĂœĂ?ĂšĂ‹ĂœĂ?ĂŽ Ă?Ă—Ă™ĂžĂ“Ă™Ă˜Ă‹Ă–Ă–ĂŁ ÞÙ ĂœĂ?Ă‹ĂŽ ÞÒĂ? ĂœĂ?ĂšĂ™ĂœĂž Ă?Ă‹ĂœĂŽË› Ù××Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă˜Ă‘ ĂĄĂ?Ă–Ă– åÓÞÒ ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? ĂŒĂ?Ă?Ă™ĂœĂ? Ă‹Ă˜ĂŽ Ă‹Ă?ĂžĂ?Ăœ ÞÒĂ? ĂœĂ?ĂšĂ™ĂœĂž Ă?Ă‹ĂœĂŽ Ă“Ă? Ă Ă?ĂœĂŁ Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜ĂžË› Ă‹ĂœĂ?Ă˜ĂžĚ‹ Ă?Ă‹Ă?Ă’Ă?ĂœĂ?ËŞ Ă?Ă™Ă˜Ă?Ă?ĂœĂ?Ă˜Ă?Ă?Ă? Ă?Ă‹Ă˜ Ă’Ă?Ă–Ăš ÞÙ Ă?Ă‹Ă?ÓÖÓÞËÞĂ? ÞÒÓĂ?Ë› Ă?ĂžĂ‹ĂŒĂ–Ă“Ă?Ă’ Ă‹ ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ă‹Ă– ĂœĂ‹ĂšĂšĂ™ĂœĂž åÓÞÒ ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? Ă™Ă˜ ÞÒĂ?Ă?Ă? Ă™Ă?Ă?Ă‹Ă?Ă“Ă™Ă˜Ă?Ë› ĂœĂ?Ă‹ĂžĂ? Ă‹ ĂšĂ?ĂœĂ?Ă™Ă˜Ă‹Ă–Ă“Ă¤Ă?ĂŽ Ă™Ăœ Ă“Ă˜ĂŽĂ“Ă Ă“ĂŽĂ&#x;ËÖÓäĂ?ĂŽ ËŠ ĂœĂ™Ă‘ĂœĂ?Ă?Ă? ĂœĂ‹Ă?Ă•Ă“Ă˜Ă‘ Ă?Ă?Ă™ĂœĂŽ ĂŁĂ?ĂžĂ?Ă—ËŞË› Ă’Ă“Ă? ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?Ă—ĂŒĂ™ĂŽĂŁ Ă‹Ă˜ĂŁ Ă?Ă™Ă˜Ă?Ă?ĂœĂ˜Ă? ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? Ă‹ĂŒĂ™Ă&#x;Ăž ÞÒĂ? Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžËœ ĂŁĂ™Ă&#x;Ăœ ĂžĂ‹ĂœĂ‘Ă?Ăž ĂŒĂ?Ă’Ă‹Ă Ă“Ă™ĂœĂ?Ëœ ĂĄĂ‹ĂŁĂ? ĂŁĂ™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?Ă&#x;ĂšĂšĂ™ĂœĂž ÞÒĂ? Ă?ĂžĂ&#x;ĂŽĂ?Ă˜Ăž ÞÙ Ă‹Ă?Ă’Ă“Ă?Ă Ă? ÞÒĂ?Ă— Ă‹Ă˜ĂŽ ÞÓ×Ă? Ă?Ă?Ă‹Ă–Ă?Ă? Ă“Ă˜ ĂĄĂ’Ă“Ă?Ă’ ĂŁĂ™Ă&#x; ĂšĂœĂ™ĂšĂ™Ă?Ă? ÞÙ Ă‹Ă?Ă’Ă“Ă?Ă Ă? Ă?Ă’Ă‹Ă˜Ă‘Ă?Ă? Ă“Ă˜ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜Ăž ĂŒĂ?Ă’Ă‹Ă Ă“Ă™ĂœË› Ă˜ĂžĂ“Ă—Ă‹ĂžĂ? ĂŁĂ™Ă&#x;Ăœ Ă’Ă?Ă‹ĂŽĚ‹ ĂžĂ?Ă‹Ă?Ă’Ă?ĂœËœ ÞÒĂ? Ă?ĂžĂ&#x;ĂŽĂ?Ă˜Ăž Ă‹Ă˜ĂŽ ÞÒĂ? ĂšĂ‹ĂœĂ?Ă˜ĂžĂ? Ă™Ă? ÞÒÓĂ? ËŠĂ?Ă‹ĂœĂ?Ě‹ĂšĂ–Ă‹Ă˜Ă˜Ă“Ă˜Ă‘ËŞ Ă?Ă?Ă?Ă™ĂœĂž Ă‹Ă˜ĂŽ Ă™ĂŒĂžĂ‹Ă“Ă˜ ÞÒĂ?Ă“Ăœ Ă?Ă™Ă˜Ă?Ă?Ă˜Ăž ÞÙ Ă&#x;Ă?Ă? ÞÒÓĂ? ÞÙÙÖ˛ Ă’Ă“Ă? ĂœĂ?Ă?Ă™ĂœĂŽ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹Ă?Ă?Ă?Ă?Ă?Ă“ĂŒĂ–Ă? ÞÙ ÞÒĂ? Ă?ĂžĂ&#x;ĂŽĂ?Ă˜Ăž Ă‹Ă˜ĂŽ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă•Ă?ÚÞ Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?Ă˜ĂžĂ“Ă‹Ă–Ë› Ă™ ×ËÞÞĂ?Ăœ ĂĄĂ’Ă‹ĂžËœ Ă‹Ă–ĂĄĂ‹ĂŁĂ? ĂœĂ?Ă—Ă?Ă—ĂŒĂ?Ăœ ÞÒËÞ ĂŁĂ™Ă&#x; Ă‹ĂœĂ? ĂĄĂœĂ“ĂžĂ“Ă˜Ă‘ Ă‹ĂŒĂ™Ă&#x;Ăž Ă?Ù×Ă?Ă™Ă˜Ă?ËŞĂ? Ă?Ă’Ă“Ă–ĂŽËœ Ă?Ù×Ă?Ă™Ă˜Ă? ĂĄĂ’Ă™Ă?Ă? ĂšĂ‹ĂœĂ?Ă˜ĂžĚ™Ă?Ěš ÖÙà Ă?Ëœ Ă?Ù×Ă?Ă™Ă˜Ă? ĂĄĂ’Ă™Ă?Ă? Ă&#x;Ă˜Ă?Ă™Ă˜ĂŽĂ“ĂžĂ“Ă™Ă˜Ă‹Ă– Ă‹Ă?Ă?Ă?ĂšĂžĂ‹Ă˜Ă?Ă? ÞÙ Ă‹Ă˜Ă™ĂžĂ’Ă?Ăœ Ă?Ă?ÒÙÙÖ Ă—Ă‹ĂŁ ĂŽĂ?ĂšĂ?Ă˜ĂŽ Ă™Ă˜ ĂĄĂ’Ă‹Ăž ĂŁĂ™Ă&#x; ĂĄĂœĂ“ĂžĂ? Ă‹Ă˜ĂŽ Ă–Ă‹Ă?ÞÖã Ă?Ù×Ă?Ă™Ă˜Ă? ĂŁĂ™Ă&#x;ËŞĂ Ă? Ă™Ă˜Ă–ĂŁ Ă•Ă˜Ă™ĂĄĂ˜ Ă?Ă™Ăœ Ă‹ Ă?Ă—Ă‹Ă–Ă– Ă?ĂœĂ‹Ă?ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ?Ă“Ăœ Ă–Ă“Ă Ă?Ă?Ë› Mrs Kehinde Omoru writes from the UK
Bassey Andah Memorial Lecture Holds January 26 This year’s edition of the Bassey Andah Memorial lecture is scheduled to hold on January 26, 2019 at 10 am. The annual lecture, the 20th in the series, was instituted by the Bassey Andah Foundation, in honour of late Professor Bassey Andah, who was a renowned anthropologist, archaeologist, historian, Africanist scholar and researcher. The lecture with the theme ‘Corruption and the Development of Nigeria’ will hold at the University of Calabar
International Conference Centre. The memorial lecture will feature eminent guest speakers, including, Mr. Peter Obi, former Governor of Anambra State and vice-presidential candidate of the Peoples Democratic Party (PDP), as well as Professor Sola Akinrinade, the Provost, Anti-Corruption Academy of Nigeria (ACAN). The event will also attract participants from both public and private sectors and representatives of the international community.
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CITYSTRINGS
ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒
Anglican Communion Rolls Out Drums for Centenary Celebration Activities marking 100 years of the Diocese of Lagos Anglican Communion kicked-started on a sober note as the diocese rolled out its drums for the one-year long celebration holding from January to December 2019 with series of events. Mary Nnah writes
L-R: Public Relations OďŹƒcer, Lagos Anglican Diocese, Ven. Seyi Pirisola; Synod Secretary, Segun Oladehinde; Diocesan Bishop of Lagos, Rt. Rev. Humphrey Olumakaye; Assistant Synod Secretary, Ven. Tunde Oduwole; Diocesan Communicator, Mr Dotun Makinwa and Assistant Admin to the Bishop, Ven. David Adebayo, at the news brieďŹ ng on the forthcoming centenary celebration of the diocese in Lagos
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he ceremonial splendour of the centenary celebration of the Diocese of Lagos Anglican Communion took off with a certain level of sobriety as members of the diocese started off with a 14-day fasting and prayer session, thanking God for what He has done over the years, in addition, seeking for His leading and presence as they hold the year-long activities to mark the diocese's 100 years of existence. So, in a sober moment, the diocese commenced the celebration with a 14-day fasting and praying, which was rounded off on Tuesday, January 15, with a mega prayer convention held at the Cathedral Church of Christ, Marina, Lagos. Speaking in Lagos, Wednesday, during a press briefing to announce activities marking the diocese centenary anniversary celebration, the Lord Bishop, Diocese of Lagos, Anglican Communion, Rt. Rev. Humphrey Olumakaiye, urged Nigerians to pray fervently for hitch-free elections and peace in the nation even as they prepare to cast their votes in the forthcoming national elections. Olumakaiye who believes that prayer is a necessity to the development of a nation, explained that prayer is not a problem to the development of a nation or individual but an asset to the development of any nation, noting that Nigerians cannot pray enough. He therefore encouraged Nigerians to pray without ceasing, particularly at this point in time. The cleric revealed that the diocese is planning to have a convention ground somewhere in Lagos, noting that, “inside the convention ground, a place will be carved out as “Garden of Gethsemane�, which shall be place of prayer for individuals to pray and get answers to their prayers.� He said further that the diocese will continue to impact the society positively and influence the nation for good, while it will also continue to collaborate with the government in making life worth living for people. He added that the diocese even prays that the forthcoming election in Nigeria will be peaceful and also, credible leaders will be elected.
Centenary Celebration Highlights The Diocese of Lagos Anglican Communion, inaugurated in the year 1919 as the first Anglican Diocese in Nigeria, clocked 100 years this year and the celebration runs from January to December 2019. And precisely by December 10, 2019, the diocese shall hold the grand finale of the centenary celebration. Other activities lined up to mark the100 years anniversary is the unveiling of the Centenary
Logo and the Centenary City which holds on January 26 at the City Hall, Catholic Mission Street, Lagos by 6pm while on February 23 at the Cricket Pitch, TBS, the centenary rally will hold and this will involve all the members of the diocese and even Anglicans across the length and breadth of the nation, who are going to come together for the rally. Olumakaiye said further that as still part of the celebration, there shall be, “Centenary Diet- a 40 day special journey in the word of God between March 6 and April 20. “We want to go deep into the word of God. We want to expose our members to the living word of God. So we are having 40 days of intensive study of the word of God�, he added. On April 28, the Diocese will hold the Centenary Festival of Hymns at Our Saviour’s Church TBS, Lagos from 4pm. Also there would be a Nehemiah’s Summit, another great platform for open discussion on the journey so far - after 100 years, what next? According to the cleric, this is going to be a great platform where all Anglicans across the nation will gather at Our Saviour’s Church TBS, Lagos by 9am. The centenary Synod will come up around May 5 to 9 at the Anglican Cathedral Marina, Lagos, Our Saviour’s Church TBS, Lagos and the Faith Plaza and at the Synod these years, the diocese will be considering “The Fate of Our Fathers after Hundred Years�. Collection of Centenary Signatures will come up on June 1 while the Centenary Women conference will come up from July 15 to 21. The Centenary Youth Conference will hold from July 31 to August 3 at the Youth Camp Ground, Igbooye, Epe, Lagos State while the Centenary Girls’ Guild Camp will hold from August 1 to 4. The centenary celebration will continue with the Children’s Camp from August 7-10 at the Faith Plaza while the Memorial 21 Days fasting and praying will hold from August 1-21 in all churches, which would be rounded off with a Mega Prayer Convention on August 21. There would be Choir Festival and Competition in September. The month of September will also witness the Bishop Cup/Football Completion matches. The Centenary Health Week in all the parishes will come up between October 13 and 19 as organised by the Diocesan Health Commission. Furthermore, the Centenary Gallery of after hundred years, will come up on November 2, this will be followed by Lagos Citywide Unity Crusade from November 27 to 29.
The Centenary Cultural days which holds on November 30 will be followed by the anniversary lecture come December 4. Coming closely will be the Festival of Faith on December 7. Another major event on the line up is anniversary thanksgiving, which comes up on December 8 and then on December 9 will be the Gala Night where heroes and legends of Lagos Diocese will be celebrated. Holding at the Harbour Point Vitoria Island, Lagos the day will witness awards to deserving members of the diocese – those both dead and alive, that have contributed greatly to the development of the diocese and finally, the grand finale of the centenary celebration, which has the theme, “Stronger, Deeper and Higher�, will take place on December 10, at the Cathedral Church of Christ, Marina, Lagos, where the diocese will be holding the centenary thanksgiving.
Giving Back After a hundred years, the diocese deemed it fit to give back to the society, thereby adding value to people’s lives. To this end, plans are on ground to build a mega city that would be all-encompassing. “In our bid to give something greater back to the next generation that will forever be cherished as we have cherished the diocese given to us 100 years ago, we have decided to build a Centenary City between Lekki-Ibeju-Epe axes. We have already got the land and right now we are trying to tidy up things. It is going to be a vast land of about 2000 plots of lands�, Olumakaiye said. The Centenary City, he said will encompass empowerment and youth development centre, rehabilitation centre, game village and sporting centre; convention ground, retreat centre, St. Luke’s Global Hospital with international standard; women empowerment centre, resorts, amusement park and low income housing estate to take care of the people irrespective of their religions. The initial amount to be expended to achieve the planned mega city is estimated at N5billion. “Any moment from now, we would move to site in a bid to actualise this dream and you know, if you can see beyond the invisible, you would do the impossible. We are a royal people and this is a huge project that we are passionate about as a diocese and we want to actualise this dream by the grace of God. Anglican Communion is great and well-structured and we want to thank God that we have the people that God has so much blessed us with. And we discovered that our leaders were not extravagant at all. "All God has blessed us with; we have given back to the society. When you look around you
would discover that it is only established churches like the Anglican that has made impact in the development of our community. We have schools around, hospitals and so on and we are not interested in acquiring wealth for ourselves because we believe that we are all on a borrowed seat and so we are not so attached to this world and that is why you see us this way." He said this wasn’t the first time that the church would be doing such, but they just intend to make this particular project outstanding. “We have projects of this nature all over the country but we just want to make this particular one very unique. It is a huge project and for a start we are committing N5billion into it. And by divine grace of God, we are going to raise the fund internally by the members of our church and we pray God to help us. God is still in the business of creation and He is ready to make use of us to bring something great back to the society and to make our environment worth living�, the cleric said.
Stronger Body Speaking on the significance of anniversary’s theme, “Stronger, Deeper and Higher�, to individuals and the nation as large, he said, “We are looking back from where we started, where we are and where we hope to be. And I believe that if our leaders are led by God in running affairs of country, the nation would be better for it.� He said that it was high time the leaders of the country took a leaf from how the church has been well structured over many years as well as from how the administration of the church has been ran. “I mean, you, can see that after 100 years, the Anglican Communion is still growing Stronger, Deeper and Higher, despite all the persecutions over the years. That is how you know a growing church. Many of the new generation churches that started a few years ago have vanished but for us after 100 years, we are waxing stronger. And we shall continue to grow higher and higher�, he said. Olumakaiye quickly seized the opportunity to thanks all the eminent people, philanthropists and individuals who have so committed to the greatness of the diocese. He made special reference to Gen TY Danjuma, who also happens to be to the grand patron for the centenary celebration. Meanwhile, as the diocese pioneers yet another first in the country, their prayers was that God should see them to the end of the project and that the diocese will continue to remain on top as the ray of hope and symbol of leadership in the nation.
5 ) * 4 % ": t WEDNESDAY, JANUARY 23, 2019
37
38
W E D N E S DAY Ëž JANUARY 23, 2019
BUSINESS/MONEYGUIDE
AMCON Seeks Investors for Polaris Bank Nume Ekeghe åÓÞÒ Ă‹Ă‘Ă?Ă˜Ă?ĂŁ ĂœĂ?ĂšĂ™ĂœĂž The Asset Management Corporation of Nigeria (AMCON) is to seek new investors to take over Polaris Bank Limited after elections next month, adding that it is taking stock of the bank’s assets ahead of a sale. Spokesman for AMCON, Mr. Jude Nwauzor, told Reuters that: “The election season has slowed down things.â€? Nigerians will vote on February 16, in a presidential election where incumbent Muhammadu Buhari is seeking a second term.
“We would advertise for expressions of interest from investors after elections and commence the sale process,� Nwauzor said. Some of Nigeria’s banks have faced tough times since low oil prices put pressure on their business of lending to the oil and gas industry. The country emerged from a recession in 2017, but economic growth remains sluggish and this has weighed on credit growth. Polaris Bank was set up last year to take over the assets of Skye Bank which collapsed and had its operating licence
revoked by the Central Bank of Nigeria. Polaris was then transferred to the state-owned ‘bad bank’ for sale to investors. AMCON has previously sold three other nationalised banks. The AMCON spokesman said the corporation was seeking to recover debts owed to Polaris that were non-performing and had asked for proposals on repayment. AMCON was set up in 2010 to take on non-performing loans from banks as part of the country’s efforts to resolve a financial crisis at that time.
NSE CEO Urges Higher Governance Standards The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has called on African businesses to embrace higher governance standards to facilitate the inflow of funds needed to position the continent to leverage gains of the Fourth Industrial Revolution (4IR). Onyema made the call at the ongoing 2019 World Economic Forum in Davos in an interview with Asharami TV, a Sahara Group thought leadership platform. The NSE boss told Asharami TV’s Pearl Uzokwe that the NSE had since established a governance regime that required premium companies to abide by globally accepted best practice in terms of its reporting, operations, processes as well as commitment to the Sustainable Development Goals (SDGs).
He said the platform had inspired businesses to revamp their governance machinery, with particular emphasis on self-appraisals, peer reviews and continuing stakeholder engagement. “The quest for good governance is now a global force that is driving the movement of investible funds and shaping the narrative for investors seeking to expand their frontiers. To adequately leapfrog into the Fourth Industrial Revolution, Africa needs to ramp up its level of digitalization and this would require huge funds. Good governance is now the only sure way to growth and the NSE is working with listed companies and other stakeholders across the globe to deepen compliance,� he said. Commending Sahara Group
for playing a frontline line role in galvanizing private sector involvement in driving the SDGs, Onyema said the movement of talent, investment and goodwill is increasingly being determined by how much a business is committing to embracing Environmental, Society and Governance (ESG) tenets. “In addition to strong financial performance and profitability, businesses must be involved in enhancing the well-being of the world. There is no doubt that the only assurance that a business will be around for a sustained period will be a function of how invested they are in promoting the SDGs in collaboration with various stakeholders. It is exciting to see Sahara Group, an African brand leading this conversation on a global stage,� he added.
CEO, AMCON, Ahmed Kuru.
MARKET INDICATORS MONEY AND CREDIT STATISTICS 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)
Fidelity Bank Rewards More Customers Winners in the recent ‘Get Alert in Million’ promo of Fidelity Bank Plc were yesterday presented with the cash and consolation prizes they won at the draws. In all, N16 million was given out to the winners. At the draw last week, the winners were Steven Oriase, Kareem Amodu, Evangelina Moughalu, Raphael Omoijate, Ogechukwu Mike, Musa Abubakar, Onwuharaonge Kingsley, Blessing Uwadiegwu, Ukamaka Joy, and Nwankwo Onyeka, who all won N1 million respectively, and Umaru Gagi, Abdulrahman Olanrewaju, and Chioma Patience, that won N2 million apiece. Abdulrahman Olanrewaju, Steven Oriase, Kareem Amodu were present to receive their cash. Speaking on behalf of the
MD/CEO, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, the Executive Director, Shared Services and Product of the bank Mrs. Chijioke Ugochukwu, said other recipients had received their winnings across all the zones nationwide. She said: “This is our eighth promo in 11 years since we started this journey and in that time we have made significant contribution to the lives of our customers. This promo is very special to us because we have dedicated it exclusively to the improvement of the living standard of our customers by availing winnings in the form of cash which we know solves a lot of problems and the cash in questions runs into millions. “There is no cash award in this promo that runs below on million.
There are two categories of draws and this is the monthly category and this is the third monthly draw that has produced 13 cash winners and 18 consolation prize winners.� She further added: “Today, for the Lagos zone, we would be presenting two cash wins of N1 million and three consolation prizes of a TV Fridge and generator. Similar draws would go across all the zones and in total, 31 winners that have emerged would be given their prizes.� Also present, where representatives from the National Lottery Regulatory Commission, Consumer Protection Council and Lagos lottery board to ensure accountability and transparency. Other prizes presented were Television sets, refrigerators and generators
Ozigbo Resumes asTranscorp President/CEO Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation of Nigeria Plc (Transcorp) and owners of the award-winning Transcorp Hilton Abuja and the iconic Transcorp Hotels Calabar hosted a farewell/ welcome dinner in honour of its immediate past Managing Director/CEO, Valentine Ozigbo who has been elevated to the role of the President/CEO of Transcorp Plc and Owen Omogiafo the current MD/CEO of Transcorp Hotels Plc. The event held in Abuja also saw the outgoing and incoming General Managers of Transcorp Hilton Abuja, Etienne Gailliez
and Kevin Brett celebrated. Also, the event featured different presentations from classical music, award presentations, and vote of confidence speeches from notable personalities who were present to honour these icons including Prof. Charles Soludo, former Governor of the Central Bank of Nigeria; among others. Ozigbo, in his speech alluded his excellence and success as the MD/CEO of Transcorp hotels Plc to his background and great mentors whom he served under their tutelage, according the highest accolades to the Chairman of Transcorp Plc, Tony O. Elumelu
for years of mentorship. Speaking about his successor, Owen Omogiafo, Valentine was quoted in a statement to have said: “I couldn’t have found a better person to succeed me and I am confident that she will do better, I have seen her strong execution skills and I can attest that she will do even better than me.� The Chairman of Transcorp Hotels Plc, Emmanuel Nnorom in his remarks appreciated Ozigbo for maintaining and deploying high-level of corporate governance and for driving positive transformation in Transcorp Hilton Abuja and Transcorp Hotels Calabar.
(MILLION NAIRA)
MARCH 2018
26,267,136.53
---- Credit to Government (Net)
3,823,345.45
---- Memo: Credit to Govt. (Net) less FMA
5,433,209.43
---- Memo: Fed. and Mirror Accounts (FMA)
-1,609,863.98
---- Credit to Private Sector (CPS)
22,443,791.08
--Other Assets Net
-17,583,220.85
Reserve Money (Base Money)
6,746,646.49
--Currency in Circulation
1,668,378.21
--Banks Reserves
4,357,551.58 Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹
Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ
OPEC DAILY BASKET PRICE AS AT MONDAY, 21 JANUARY 2019
The price of OPEC basket of fourteen crudes stood at $61.49 a barrel on Monday, compared with $60.90 the previous Friday, 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
39
W E D N E S DAY ˾ JANUARY 23, 2019
MARKET NEWS
Equities Market Rebounds on Gains by 26 Stocks Goddy Egene The stock market rebounded yesterday as 26 stocks appreciated after recording a decline on Monday. The market had depreciated on Monday after seven consecutive days of price rally. However, the bulls returned yesterday, lifting the Nigerian Stock Exchange (NSE) All-Share Index to close higher at 30,736.88, while market capitalisation added N1.6 billion to close at N11.462
trillion. Linkage Assurance Plc led the price gainers with 9.8 per cent, trailed by Redstar Express Plc with 9.0 per cent. Nigerian Aviation Handling Company Plc chalked up 8.3 per cent, just as Royal Exchange Plc and Oando Plc garnered 7.4 per cent and 6.8 per cent in that order. Zenith Bank Plc was among the price gainers as investors position for announcement of dividend for the year ended
P R I C E S MAIN BOARD
F O R
DEALS
December 31, 2018. Zenith Bank went up 1.4 per cent to close at N21.80 per share yesterday. The bank on Monday said its board of directors had approved the audited financial results. In a notification to the NSE, the Company Secretary-General and Counsel, Zenith Bank, Mr. Michael Otu, said that the results were approved on January 18. “Consequent upon the approval, the said audited accounts will be forwarded to the Central
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
Bank of Nigeria (CBN) for approval in line with regulatory requirements after which the bank will notify the exchange of the results,’’ Otu had said. Conversely, 10 stocks dipped in value led by MCNichols Plc with 9.3 per cent, followed by Sovereign Trust Insurance Plc with 8.3 per cent. Cement Company of Northern Nigeria Plc shed 7.0 per cent, while WAPIC Insurance Plc went down by 4.7 per cent among others.
T R A D E D MAIN BOARD
A S
Meanwhile, activity level fell as volume and value traded declined by 51.0 per cent and 56.0 per cent to 245 million shares and N2.4 billion. In terms of volume, the most active stocks were Diamond Bank (71.6 million shares), Access Bank (27.0 million shares) and GTBank (27.0 million shares while the top traded stocks by value were GTBank(N848.0 million), Zenith Bank (N236.0 million) and Seplat (N193.8 million).
O F
On a sectoral basis, performance was mixed with two sectors appreciating while three declined. The NSE Oil & Gas Index advanced the most, up 1.7 per cent. The NSE Banking Index followed with a rise of 0.8 per cent. On the flip side, the NSE Industrial Goods Index shed the most, down 2.5 per cent, while the NSE Consumer Goods Index and NSE Insurance Index shed ices 0.3 per cent and 0.4 per cent respectively.
1 5 / 0 1 / 2 0 1 9 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
˾ WEDNESDAY, JANUARY 23, 2019
40
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Thisday Afrinvest 40 Index up 0.48% Yesterday, the Thisday Afrinvest 40 Index gained 48bps to
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MARKET NEWS
NSE, Afrinvest Launch Indices to Boost Equity Investment Goddy Egene The Nigerian Stock Exchange (NSE) and Afrinvest Securities Limited have launched of two new factor indices, the NSEAfrinvest Banking Value Index (NSE-Afr BVI) and NSE-Afrinvest High Dividend Yield Index (NSEAfr HDYI). The indices has been available real-time on both NSE and Afrinvest WA websites since Monday, January 21, 2019. The exchange explained in a statement that NSE-Afr BVI and
NSE-Afr HDYI were designed in response to requests for applicable benchmarks for measuring value in banking stocks and high dividend stocks listed on the NSE. According to the statement, they will serve as tools for investment managers and corporate treasuries seeking appropriate benchmarks to evaluate the performance of their portfolios to a segment of the banking sector or high dividend orientation as applicable. The indices can also be used as the performance target in index-replicating financial products
A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
such as Exchange Traded Funds and derivatives. Commenting on the development, the Chief Executive Officer of the NSE, Mr. Oscar Onyema said: “In view of rising demand for financial products that adequately meet the needs of market participants, particularly investors, the exchange is pleased to collaborate with Afrinvest West Africa on these novel index strategies. The indices consider the fundamentals of underlying securities. We commend Afrinvest
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 21Jan-2019, unless otherwise stated.
for its product innovation and for leveraging the Exchange’s Index calculation and management expertise.� He added that the exchange is committed to driving sustainability of our marketplace and supporting investable product creation endeavours by stakeholders to enhance the depth of the market. “We will continue to welcome innovative solutions to identifiable gaps in the capital market,� the NSE boss asserted. Also commenting, Group
Managing Director, Afrinvest West Africa, Mr. Ike Chioke, said: “Afrinvest West Africa is proud and excited at the rollout of the new indices in collaboration with the NSE. It is our belief that this partnership will serve as a veritable proponent for more forward-thinking initiatives meeting market needs. On the back of these indices, investors will now enjoy the benefits of proxies that seek out dividendpaying stocks and value-oriented banking stocks listed in Nigeria.�
The NSE-Afr BVI and the NSE-Afr HDYI like all other NSE indices will align with the NSE’s Index committee’s governance standards. The Nigerian bourse began publishing the NSE 30 Index in February 2009 and on July 1, 2008, developed four sectoral indices. Similarly, it developed the NSE Pension Index in 2013 with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.
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 154.96 155.10 -2.12% Afrinvest Plutus Fund 100.00 100.00 11.00% Nigeria International Debt Fund 279.32 279.54 2.27% 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 -0.14% ACAP Income Funds 0.62 0.62 10.88% 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 0.38% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund N/A N/A N/A ARM Discovery Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 14.13% Paramount Equity Fund 11.42 11.72 -2.45% Women's Investment Fund 100.37 102.95 -2.14% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 13.22% Cordros Milestone Fund 2023 96.11 96.37 Cordros Milestone Fund 2028 98.74 99.15 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 12.53% Coronation Balanced Fund 0.82 0.83 Coronation Fixed Income Fund 1.13 1.13 0.97% 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 12.86% 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 141.41 142.60 -1.39% FBN Money Market Fund 100.00 100.00 13.54% FBN Nigeria Eurobond (USD) Fund - Institutional NA NA N/A FBN Nigeria Eurobond (USD) Fund - Retail NA NA N/A FBN Nigeria Smart Beta Equity Fund 145.10 147.25 -3.27% 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 -3.02% Legacy Debt Fund 3.27 3.27 0.67% Legacy USD Bond Fund 1.03 1.03 0.27% 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 2,939.67 2,968.20 -1.51% Coral Income Fund 2,780.07 2,780.07 1.51% 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 12.70% Nigeria Entertainment Fund 106.74 107.11 6.30% 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 12.44%
Vantage Balanced Fund 2.12 2.14 -1.33% Vantage Guaranteed Income Fund 1.00 1.00 16.02% Kedari Investment Fund (KIF) 120.20 120.38 -3.78% 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 0.51% Lotus Halal Fixed Income Fund 1,076.90 1,076.90 0.71% 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 11.02 11.10 -4.19% Meristem Money Market Fund 10.00 10.00 12.72% 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 5.12% PACAM Fixed Income Fund 12.31 12.36 0.83% PACAM Money Market Fund 10.00 10.00 12.62% 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 120.25 120.75 -0.42% 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 0.69% 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 2,309.26 2,323.26 1.96% Stanbic IBTC Bond Fund 191.72 191.72 2.15% Stanbic IBTC Ethical Fund 0.93 0.94 -1.58% Stanbic IBTC Guaranteed Investment Fund 248.31 248.35 2.49% Stanbic IBTC Iman Fund 163.04 164.87 -0.06% Stanbic IBTC Money Market Fund 100.00 100.00 12.86% Stanbic IBTC Nigerian Equity Fund 8,327.91 8,428.56 -0.14% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 3.02% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A ZENITH ASSETS MANAGEMENT LTD info@zenith-funds.com Web: www.zenith-funds.com; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 10.93 11.08 3.30% Zenith Ethical Fund 12.30 12.41 2.48% Zenith Income Fund 20.92 20.92 8.48% Zenith Money Market Fund 1.00 1.00 12.39%
REITS NAV Per Share
Yield / T-Rtn
5.95 117.98 51.79
-39.35% 0.05% 0.00%
Bid Price
Offer Price
Yield / T-Rtn
10.48 112.93 86.90
10.58 115.38 88.53
-0.69% -3.71% -1.98%
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
3.77 7.20 14.25 13.49 144.75
3.81 7.28 14.35 13.69 146.75
-5.73% -5.50% -4.69% 9.08% 0.84%
NAV Per Share
Yield / T-Rtn
107.13
17.03%
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
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WEDNESDAY, ÍşÍťËœ ͺ͸͚Π˞ T H I S D AY
NEWS
Emefiele Insists Economy on Track, MPC Retains 14% Interest Rate More items to join CBN’s FX restriction list Foreign reserves now $43.28bn James Emejo in Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has allayed fears over the shape of the economy, insisting that using prevailing performance, the nation’s economic fortunes are not in bad shape as being portrayed in some quarters. He maintained that capital flows into the domestic economy has continued unabated after an initial lull. Emefiele’s optimistic outlook came as the apex bank’s Monetary Policy Committee (MPC) again retained the Monetary Policy Rate (MPR) at 14 per cent. The CBN governor, who addressed journalists at the end of the two-day MPC meeting in Abuja, stated that the country has witnessed a convergence of the foreign exchange market among other laudable achievements. Noting that it was unfair for people to say that the economy has not done well, he added that it was not a fair comment to both government and monetary and fiscal authorities in the country. For instance, Emefiele disclosed that the country's external reserves increased to about $43.28 billion as at January 21. On his assessment of the economy amid the latest accretion to the reserves, Emefiele said: “It is important for me to say if we think of where we are coming from and I like to use some numbers, precisely in September 2008, Nigeria's reserves was about $62 billion, GDP was 7.2 per cent and inflation was 15 per cent. “By January 2014, GDP was 6.2 per cent, inflation had trended downward to 8 per cent and reserves were $40 billion. “Let's not forget that we were in a period of prosperity in terms
of crude prices between 2009 and 2014 with no shut-ins in pipelines, with high crude oil price and yet reserves dropped. “Now, from about the end of 2014, we started another round of global crisis. The global crisis resulted in stagflation in Nigeria, GDP dropped to 2.79 per cent in 2015, went further and contracted to negative of 1.85 per cent 2016: improved in 2017 to 8.2 per cent and then up. “We are expecting hopefully that 2018 would end at about 1.8 per cent. Inflation was 15 per cent in 2008, dropped to 8 per cent in 2014 and 2015. It moved up to about 9.5 per cent and by January 2016, it had moved up to 18.7 per cent in 2017,� he said. “Today, as a result of all the actions and activities of both the monetary and fiscal policies supported by the government reserves is up, went up to $39 billion 2017 and 2018, we closed at 42.5 billion,� he stated. According to Emefiele, there was a return of confidence by foreign investors as a result of the confidence in the management of the Nigerian foreign exchange market, adding that as at close of work Tuesday, reserves stood at $43.28 billion.� Continuing, the CBN boss said: “We've seen FX stability in the market and some of you would recall that some time in 2016 up to early 2017, of course, we had currency crisis. We had capital flight and we saw a situation where exchange rate even in the black market had moved up in February to N525 and I was told that by March it would hit N1000 and the Lord knows what it would have hit in April or May of 2017. “But as a result of the actions of the CBN, today all marketsin fact, the bureau de change market had come down to about
EmeďŹ ele N360. Today, they are even selling at slightly below N360. “So we have seen a convergence of the foreign exchange market in Nigeria today. When people sit and say that the economy has not done well, I think it is not a fair comment to be made both on government and monetary and fiscal authorities in the country today,â€? he argued. On the decisions of MPC after its meeting, the CBN Governor said the Committee resolved to leave the Monetary Policy Rate (MPR), otherwise known as interest rate at 14 per cent. It also retained the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent. The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the economy. Emefiele said all 11 members of the MPC voted to keep the policy parameters unchanged from their current levels. He pointed out that the observed and recent high foreign capital inflow into the Nigerian economy, despite the perception of election risk was evidence of the confidence of the international community in
the country’s macroeconomic management and provided a compelling reason for the committee to await clarity on macroeconomic performance after the general elections in February and March 2019. He stressed that going by the observed risk confronting the economy, including the global and domestic inflationary pressures, which have intensified the risk of currency depreciation, the MPC was of the view that a loosening option was very remote. According to him, weighing the balance of its judgment on price stability conducive to growth, the MPC felt that tightening would result in the loss of the gains so far achieved, noting that this may drive the banks to re-price their assets; thus increasing the cost of credit as well as elevating credit risk in the economy, adding that it will also worsen the position of non-performing loans of the banks. The MPC further observed that tightening monetary policy would dampen investments and hamper improvements in output growth, given the already fragile growth performance so far achieved. According to Emefiele: “The Committee noted with satisfaction, the performance of the economy in 2018, highlighting the achievements in key macroeconomic indicators in the face of global uncertainties and domestic challenges. In particular, it noted the stability in the exchange rate, stable accretion to external reserves, moderation in inflation and the low but gradual improvement in real GDP growth in the last six consecutive quarters commencing from Q2 2017. “The MPC noted that given
ONNOGHEN GOES ON APPEAL AS CCT RE JECTS HIGH COURTS’ ORDERS CJN must first be resolved, submitting that status quo must be maintained by adjoining proceedings sine die until all contending issues are resolved. Although the Chairman ordered that the motion challenging the jurisdiction of the tribunal be moved immediately, counsel to the defendant, Chief Wole Olanipekun, SAN, however, informed the tribunal that the response of the complainant, federal government was served on him late Monday and as such needed time to study the response and then filed reply on point of law. Counsel to the federal government, Aliyu Umar, SAN, agreed that the government's response was served late on the defendant, prompting the
Chairman to adjourned further proceedings till Monday, January 28. Earlier, Umar who led nine other government counsels informed the tribunal that the business of the day was to arraign Justice Onnoghen and hear two applications. One of the applications, he said, was filed by the prosecution, praying the tribunal for an order directing CJN Onnoghen to step aside from office, while the second application by the defendant is challenging the jurisdiction of the Tribunal to hear the suit. The prosecution lawyer, while observing that Onnoghen was not present in court, said since the arraignment cannot take place without the defendant being in court it is pertinent
to find out if the defendant was served with the charge. Responding, Olanipekun who led 43 other Senior Advocates and 80 lawyers, disagreed with the prosecution that the matter was adjourned for arraignment. He said it was adjourned specifically to hear two pending applications. He said, however, that there have been intervening orders between the last sitting and today. He informed the tribunal of the various orders by the Federal High Court Abuja, the National Industrial Court Abuja, the Federal Capital Territory High Court and Federal High Court Abuja restraining the parties including the Code of Conduct Tribunal and Chairman, who are also parties to the suits
from proceeding with the trial pending the determination of the suits. Olanipekun further informed the tribunal that CJN Onnoghen is also a party to the suits in which the Federal High Court had ordered the parties to maintain status quo. He said that a senior counsel in the defence team had written the tribunal and furnished it with all the processes filed in the four suits and the respective orders of each of the Courts. Besides, Olanipekun who informed the tribunal of Justice Onnoghen's appeal at the Court of Appeal, urged the tribunal to adjourn the matter indefinitely pending the determination of the matter at the appellate court. He also urged the tribunal to respect the orders of the courts,
global economic conditions and the risk confronting emerging markets and developing economies in recent times, as well as the limited productive capacity of the economy, the managed float foreign exchange management regime of the CBN has delivered the most optimal results when compared with other emerging markets in recent times,� he said. The committee, he added, considered the risks to the global economy, noting the downward revision in projected global output in 2019, the adverse impact of the trade war between the U.S and its major trading partners, likelihood of lower crude oil prices, impact on capital flows of continued monetary policy normalisation. “The committee commended the government’s focused expenditure on investment in infrastructure and urged the federal government to sustain the pace towards addressing the infrastructural deficit in Nigeria. “It noted that the immediate impact of this approach on GDP may be slow in coming, but will eventually expand the economy’s productive base, reduce unemployment and increase aggregate demand in a more sustainable manner and over a long period of time,� he said. Fielding questions from journalists, the CBN governor further disclosed that items that could be comfortably produced locally would soon be added to the list of items banned from accessing foreign exchange. The apex bank recently hinted that it would increase the number of items currently banned from accessing funds from the FX market to 50 items from the current 42 items. Reinforcing the bank’s resolve
while briefing journalists Tuesday Emefiele said: “The CBN will get even more aggressive to see to it that all food items that can be produced and consumed in Nigeria and are currently being imported into Nigeria: that we would go through our records and once we convince ourselves that these products can be produced in Nigeria, we would place them on the FX restriction list. “What does that mean? That you cannot source foreign exchange from the Nigerian foreign exchange market to import those items into Nigeria. “But if you have free dollars, you can bring it in but that you will not be able to even make payments for those items from dollars sourced from the Nigerian foreign exchange market.� According to him, “This is because we think that the initial policy that the CBN had put in place in the past to cut import and diversify the structure of the Nigerian economy is yielding results and we will continue to be that aggressive.� The CBN governor also foreclosed any plan to free-float the naira, warning that it could instigate a currency crisis with implications for capital flight and massive depreciation. The apex bank, he equally said, will be aggressive in supporting smallholder farmers who go into cultivation of wheat in the country. Also, reacting to a teaser that a presidential candidate had recently criticised some of the CBN policies and indicated he would remove capital control or free-float the Nigerian currency to allow free importation of goods if elected president, the CBN said encouraging imports and free-floating the currency could be damaging to the economy.
restraining it from taking further steps until all pending issues are resolved However, the government lawyer, while conceding that the Court of Appeal may have taken over the case by virtue of Onnoghen's appeal there, he submitted that there was no order from the Court of Appeal stopping the tribunal from proceeding with the matter. Umar also submitted that the tribunal is not subjected to the supervision of the Federal High Court and the Industrial Court hence their orders cannot be binding on the tribunal. Umar said if he would have to concede to the Court of Appeal and allow the matter at the tribunal to be adjourned indefinitely, then he would have to move application asking
Onnoghen to step aside as the CJN pending the determination of the matter. He pointed out that the government application is not seeking to remove Onnoghen from office but that he stepped aside as CJN pending the determination of the charges against him. However, counsel to the defendant urged the court to dismiss the government submissions, stressing that the issue of jurisdiction must first be resolved before the tribunal can entertain any application by counsel. At this stage, the CCT Chairman announced a short adjournment to enable the tribunal take a decision on the restraining orders of the four courts.
willing to cut. “It was more of the mechanics of how do you present it to the market as opposed to the substance of the resolution itself and that was what we broke yesterday and decided to take a break and come back with cool heads today,� he said then. He also explained that the output cut was as a matter of fact in the best interest of Nigeria, adding that with larger oil volumes in the market weakening prices, Nigeria would have found it difficult to implement its budget for 2019. Asked then if the cut had any
impact on Nigeria’s budget with regards to production volume, he said: “It has but has the potential of saving your budget matter of fact, because if we don’t, prices were already sliding..." “If you look at the value of 40,000 barrels versus the gap of earning $70 per barrel - I would imagine that prices would hover around $65 or more, and if we didn’t do that, the budget will be dead. This was a savings mechanism to hold the money than holding the barrels. Technically, Nigeria is not effected, it is a win for Nigeria.�
2019 BUDGET: MORE TROUBLES, OPEC PEGS NIGERIA'S OUTPUT AT 1.6MBD on the OPEC webpage, Nigeria declared its reference oil production level to be 1.738mbd out of which 53,000bd would be deducted, and 1.685mbd allowed into the market. The 1.685 million barrels per day, however, exclude condensates, which could increase Nigeria’s crude exports to over two million barrels per day. With the condensates, Nigeria’s daily output is still below the 2019 budget benchmark. The country, it was also learnt, would be the largest African producer in terms of volumes
to contribute to the production cut agreement. Angola, which declared a reference production volume of 1.528mbd will contribute 47,000bd to the agreement while Algeria with 1.057mbd production level will contribute 32,000bd. Other African producers like Congo, Equatorial Guinea, Gabon, South Sudan and Sudan will contribute 10,000bd, 4,000bd, 6,000bd, 3,000 bd, and 2,000 bd respectively. Libya is exempted from the agreement on account of unrest, which has affected the country’s
production. Collectively, the document stated that OPEC member countries would cut 812,000bd of oil, while 10 non-OPEC countries will cut 383,000bd to bring the expected volume of oil to be taken out of the market effective from this month to 1.195mbd. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had told THISDAY that Nigeria could not be said to be comfortable with its current oil production levels, but did not ask to be exempted from the cut. The minister initially disclosed
that the country could contribute up to 40,000bd to the cut, representing about 2.5 per cent of her 1.7mbd production level at that time. “We didn’t ask for exemption; we wanted to make sure everybody shared in the pain. If some happenstance occur, you are expected to come back to ask for exemption. “There was a lot of difficulties in getting everybody together. You know the traditional difficulties in relationships between Saudi Arabia and Iran. While everybody was willing to cut, some countries were not
WEDNESDAY JANUARY 23, 2019 ˾ T H I S D AY
49
NEWS
Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Danjuma Raises the Alarm over Plot to Rig Elections Wole Ayodele in Jalingo A former Chief of Army Staff, General Theophilus Yakubu Danjuma (retired), has alleged that there is a plot by some people he described as elements of primitive democracy to rig the
general election in several parts of the country. Speaking yesterday at the inauguration of a medical laboratory at Rufkatu Danjuma Maternity Hospital in Takum, Taraba State, the former Minister of Defence further revealed that
I’m Impressed with INEC’s Preparation, Buhari Tells EU Observers Udora Orizu in Abuja President Muhammadu Buhari yesterday expressed satisfaction with the level of preparations made by the Independent National Electoral Commission for the forthcoming general election. The Special Adviser to the President on Media and Publicity, Mr Femi Adesina, in a statement, said the president made his feelings known when he met with members of the European Union Observer Mission, who are in Nigeria to observe the forthcoming election. They met with the president at the State House, Abuja. The President also told the EOM, led by the Chief Observer and member of the European Parliament, Maria Arena that he was optimistic that the electoral body would deliver on its mandate of a credible poll. Buhari said he had listened earlier in the day, to the INEC Chairman, Prof. Mahmood Yakubu, when he briefed the National Council of State. He said, “I am happy and impressed with the briefing he gave. I hope that the confidence he exuded and the intellect he brought to bear on the report will be justified at the end of the day.” The president told the EU delegation that Nigeria had grown its electoral system incrementally, getting better year after year. “Having participated in elections four times in the past, I would say that since 2015, technology has helped the credibility of our elections,” he said. Buhari said Nigeria with over 250 cultural groups across religions and ethnic groups, with each group canvassing for identity and primacy in the affairs of the nation, “patriotism demands that we identify the nation’s best interest and go with it.” He stressed that the ruling All
Progressives Congress (APC)-led administration had the good sense to identify national interests to include security, peace and stability, improved economy, jobs creation and the campaign against corruption. He noted that the party was not wrong in 2015, and is not wrong going into the election this year with the same issues in its campaigns. The President thanked the delegation for taking interest in Nigeria’s elections, and in the affairs of the nation generally. The EOM team, accompanied by Ambassador Ketil Karlsen, Head, European Delegation to Nigeria and ECOWAS, said that the EU had observed every election in Nigeria since 1999, and had come here again for the next one, following an invitation by INEC. The delegation promised impartiality and neutrality in the monitoring of the elections Meanwhile, the European Union (EU) Group has expressed its plan to assess the conduct of the media by monitoring key television and radio stations, newspapers as well as the social media, even as it deploys 40 observers to monitor the polls. The observer group also said it will observe the opening of the polling units, the voting process, the counting of votes, tabulation of results, any election complaints and appeals that arise before, during or after elections and will issue a preliminary statement giving their assessment of the electoral process up until that point. Arena, while addressing journalists in Abuja, yesterday revealed that a team of 11 election experts were in Abuja, adding that 40 experienced long-term observers had been deployed in pairs around the country on Monday to cover all the states.
FG Declares Lassa Fever Outbreak, Activates Emergency Response The federal government yesterday declared a Lassa Fever outbreak in the country. This followed the increase in the number of Lassa Fever cases reported in states since the beginning of the year, the Nigeria Centre for Disease Control (NCDC), said. The viral disease is contracted from the feaces of the multimammate rat and often transmitted via human to human contact. NCDC in a press statement released yesterday said there has been an increase in the number of Lassa Fever cases reported from many states across the country since the beginning of the year. Recent epidemiological data
showed that this trend usually occurs during the dry season, between January and April. “As at January 13, a total of 60 confirmed cases have been reported in eight states,” NCDC said. Declaring an outbreak means the NCDC has activated an Emergency Operations Centre (EOC) to coordinate a response. The national EOC includes representatives from the World Health Organisation (WHO), Federal Ministry of Agriculture and Rural Development, Federal Ministry of Environment, US Centers for Disease Control, as well as other partners.
there is a sinister plan to cause unrest and mayhem in some states, including Taraba aimed at systematically manipulating the elections. Danjuma’s allegation is coming less than three days after former President Olusegun Obasanjo accused the All Progressives Congress (APC)- led federal government and the Independent National Electoral Commission (INEC) of planning to rig the forthcoming elections. Danjuma however, advised the people of Taraba State to be very cautious of the intrigues so
as not to fall prey of the plot of the evil elements just as he urged them to remain calm in the face of any provocation. While urging the people of the state to remain vigilant and steadfast, the elder statesman charged them to protect their votes by ensuring that their votes and the choices they made at the polls are counted. “We must be careful, if we want another four years for our able Governor Arch. Darius Ishaku. We must work hard for peace in addition to just registering and
obtaining our Permanent Voters Cards (PVCs). “There is no need for us to fight ourselves because they will use police and soldiers to destabilise us and rig elections. It is in our best interest to ensure there is peace. We will suffer all provocation, because there is going to be enough provocation between now and the time of election. “Those behind this plot know that they will not win election if there is peace. I want to call on you not to sell your votes because you will be selling your birthright if you do so.
“I beg everyone of you to maintain peace so that there are no surprises and so that we can have peaceful elections and there is no postponement as a result of instability. “The last time, even when Darius political party was the ruling party, he was made to go into a run-off three times. This time, they have perfected rigging. Once you don’t win the first time they will sit down and write the result in the run-off for their candidate. This is the primitive democracy we have in Nigeria today,” he said.
NO ILL FEELINGS...
L–R: President Muhammadu Buhari; Senate President , Dr. Bukola Saraki; and former President Olusegun Obasanjo, at the Council of State meeting held at the Council Chambers of the Presidential Villa , Abuja …yesterday GODWIN OMOIGUI
Lack of Quorum Stalls House’s Budget Consideration Passes bill criminalising estimated billings SholaOyeyipoinAbuja For the third time since the beginning of the year, the scheduled second reading of the 2019 Appropriation Bill by the House of Representatives was again postponed yesterday when the Leader of the House, Hon. Femi Gbajabiamila, urged his colleagues to defer the debate to Wednesday (today) due to the lack of quorum. This is coming as the lawmakers have passed a bill seeking to criminalise estimated billing in the country, among other things. The lower legislative chamber passed the bill yesterday after considering the report of its committee on power sector. The report was adopted unanimously after the Deputy Speaker, Yusuf Lasun, put it to a voice vote. The bill aims to criminalise
estimated billing and make the installation of prepaid meters compulsory for all power consumers in Nigeria. Bill estimation is a standard practice used by power providers when an actual meter reading is not available for billing purposes. Sponsor of the bill and Majority Leader, Femi Gbajabiamila, had said it was not justifiable to continuously charge consumers for power not consumed. With fewer than 45 members in attendance yesterday, the inability to form the required quorum of 120 members forced the Deputy Speaker, to call on Gbajabiamila to move a motion for the second reading. Already, discrepancies in some figures and wordings of the budget were also said to have been spotted by the lawmakers. Pleading for a 24-hour
postponement, Gbajabiamila said: “Mr Speaker, may I crave your indulgence and that of the House to step this bill down the second reading of this bill till tomorrow. I have received several appeals from members because of the importance of the budget, so that they can have 24 hours for them to go through it; to know all the details and aspects of the bill. I crave your indulgence to allow this to be stepped down till tomorrow.” Reacting to the appeal, Lasun said: “Since the Leader, as the leader of the business of government; it is true that the Leader is the leader of government business here, and I am aware too that members started getting copies of the Appropriation Bill 2019 just Thursday last week. “Of course we are expected to be considerate. And so, we are going to give a rare opportunity of acceding
to the request of stepping down the commencement of the debate till tomorrow, Wednesday, January 23, 2019. The commencement of the debate is stepped down accordingly.” He, however, implored those interested in the budget debate to register with the secretariat. Already, some interested lawmakers have shown readiness to contribute to the debate. Before Gbajabiamila’s intervention, Lasun had told the lawmakers that the budget was to be taken for second reading. “As the Speaker said, we are going to commence debate on 2019 budget.” He said the earlier delay in taking the budget was due to some discrepancies in some figures and wording of the budget, which he said have been corrected.
FG Concessions Terminal ‘B’Warri Old Port for N105.24bn Ndubuisi Francis in Abuja Propelled by a desire to enhance service delivery, boost efficiency, modernise port development as well as relieve it of the burden of financing, among others, the federal government has finally consummated the concessionning of Terminal ‘B’ Warri Old Port in Delta State. The concessionaire, Ocean & Cargo Terminal Services Limited,
had in June 2018 emerged the preferred bidder with a financial bid of $100,782,147.53 (about N105.2238 billion). Speaking in Abuja at the signing ceremony for the concession, the Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, said: “Government expects nothing less than strict adherence to the terms of the
concession agreement from the concessionaire.” Okoh reminded Ocean & Cargo Terminal Services Limited that the pursuit of its business objectives must be tailored in a way that would assist in the realisation of objectives of the federal government’s ports concession programme. The programme under the management of the BPE, he said, commenced in 2005 and
culminated in the concession of over 23 terminals to private operators. According to him, it represents one of the success stories of the privatisation and commercialisation programme in Nigeria and a credible testimony of the viability of the Private Public Partnership (PPP) model in the development and delivery of critical public infrastructure in Nigeria.
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Atiku: Nigerian Economy Growing at Only 2% Under APC Adedayo Akinwale in Abuja The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, has berated the All Progressive Congress (APC) for destroying the country’s economy, saying the economy is crawling at two per
cent, as against six per cent under PDP government. Atiku made the comment yesterday at the Dan Anyiam Stadium, Owerri, capital of Imo State, during the Southeast rally of the party, where he urged Nigerians to reject the APC and cast their votes for the
PDP Asks Buhari to Prosecute APC Leaders Adedayo AkinwaleinAbuja The Peoples Democratic Party (PDP) has rejected in its entirety the idea of an Interim Government, allegedly being mooted by the Minister of Information and Culture, Alhaji Lai Mohammed, on behalf of the presidency. The main opposition party has also called on President Muhammadu Buhari to go beyond the prosecution of former Secretary to the Government of the Federation (SGF), Babachir Lawal and former Director-General of the National Intelligence Agency (NIA) and prosecute other leaders of his party, who had been openly indicted of corruption by several institutions. The Director of Media and Publicity of the PDP Presidential Campaign Council, Mr. Kola Ologbondiyan, in a statement yesterday said the suggestion of an Interim Government, under ‘’any pretext, context or contemplation’’ could only come from desperate and unpatriotic minds in a failed administration or political party that has lost hope of being re-elected in a free, fair and credible election due to its manifest incompetence
and corruption. “The PDP cannot accept any form of unconstitutional governance and a contraption like an interim government because it is confident of a landslide victory on February 16, given the overwhelming support, which it’s presidential candidate, Atiku Abubakar, enjoys among Nigerians across the board”, the PDP’s spokesman stated. Ologbondiyan said the party had already alerted Nigerians that Mohammed had let out ‘’APC’s ignoble plan B” of “if we can’t have it, then destroy it”, which PDP said will cause violence, derail the electoral process and blame it on the opposition, not minding the damage such could cause the nation, including human and material losses. He stated, “Every Nigerian knows the desperation of the APC and the Buhari Presidency ahead of the 2019 general election, leading to their resort to threats, intimidation and clamp down on dissenting voices, as well as, assault on institutions of democracy, in the face of incontrovertible indices pointing to their imminent crushing defeat at the polls.
Police Release Melaye The police yesterday released the Senator representing Kogi West at the National Assembly, Senator Dino Melaye after charging him on nine counts bordering on obstruction and resistant to lawful arrest. He was arraigned alongside his domestic worker, Silas Omenka, before Justice Halilu Yussuf of the Federal Capital Territory High Court. Justice Yussuf had ordered the police to release the senator after spending 15 days in detention without being charged to court. But the police quickly filed the charge against him while perfecting his bail conditions. The accused pleaded not guilty
to the charges. Justice Yussuf while ruling on a fresh bail application moved by Melaye’s counsel, Mike Ozekhome (SAN), said the bail conditions set for the lawmaker last week should be maintained. Ozekhome urged the court to sustain the bail conditions as granted on Friday, which he said his client had already met but the police refused to release him. The lawyer for the Inspector General of Police, Magaji Labaran, did not oppose the bail application. Ozekhome, argued that Melaye had been given his passport to travel abroad and returned to the country.
Babalakin Eulogises Femi-Pearse The Pro-Chancellor of the University of Lagos (UNILAG), and Senior Advocate of Nigeria (SAN), Dr. Wale Babalakin, yesterday emphasised the need to celebrate outstanding people like the late Prof. Ayodeji Femi-Pearse, in the society. Babalakin spoke yesterday at UNILAG’s College of Medicine, Idi-Araba, during the commendation service for the late Femi-Pearse, who was, at various times in his life, the provost of the College; Pro-Chancellor of the Lagos State University (LASU); Chief Medical Director of the Lagos University Teaching Hospital (LUTH); Acting Vice-Chancellor of UNILAG; and founder of Whispering Palms Resort, Badagry. The senior lawyer described the late
Femi-Pearse as“an outstanding family man, a great scholar, a phenomenal university administrator, a resourceful man and a man of dignified ancestry”. Explaining that the late Femi-Pearse was unanimously described as a great teacher by many people, Babalakin added that: “It will be very difficult to find anybody in the academia, who has combined all the positions he held during his lifetime. “I am very proud to be associated with him and may his great soul rest in peace. He left behind the legacies of service, dedication, teaching and research. He gave everything he had to his country. I hope we will continue to celebrate people of his pedigree.”
PDP for them to have their future guaranteed. At the rally which was attended by the National Chairman of the party, Uche Secondus; Atiku’s running mate, Peter Obi; Senate President, Bukola Saraki; his deputy, Ike Ekweremadu; governors of Enugu, Ebonyi, Abia States, Ifeanyi Ugwuanyi, Dave Umahi, Okezie Ikpeazu respectively; Imo State governorship standard bearer of the party, Emeka Ihedioha; former Secretary to the Federal Government (SFG), Anyim Pius
Anyim, among others, Atiku urged Nigerians to ensure that they cast and protect their votes, accusing the ruling party of plan to rig the elections. According to him, “They have destroyed our economy. When PDP was in government, we were growing at six per cent. Today, we are less than three per cent, and our population is growing at three per cent. Now our people are poor, this is what APC has brought to us. We have promised to restore the economy; to get the economy growing again so that
there would be prosperity, jobs for all of you.” Atiku added that the reason the party held the rally in Imo State was because the party would take over the state in the next election. He added, “Therefore, I want you to make sure that on the 16th of next month after voting, you remain here to protect your vote because the APC is not campaigning. They are not talking to you. They are not communicating to you. All what they are banking on is to rig. Therefore, stand and protect
your votes and come out and vote. “We have promised jobs for our young men and women. You either have an employment or business. We will help you set up your businesses. We pledge that we are going to restructure this country. APC is not going to do it. Therefore, don’t vote APC. It is an evil party. Since Nigeria’s existence, we have never seen so many young men and women that are unemployed. They have turned this country into the headquarters of poverty in the world.”
INVESTMENTS ON THEIR MINDS…
Executive Director International Trade Centre, Ms. Arancha Gonzalex (left), and governorship candidate of All Progressives Congress (APC) in Lagos State, during a meeting to promote investments in the state, held ahead of the World Economic Forum in Davos, in Geneva... yesterday
NAF Redeploys 27 AirVice Marshals, 45 Other Senior Officers Kingsley Nwezeh in Abuja Nigerian Air Force yesterday announced the redeployment of 27 Air Vice Marshals (AVMs) and 45 other senior officers. A statement issued in Abuja said other senior officers affected include 30 Air Commodores, eight Group Captains, four Wing Commanders and three Squadron Leaders. Among those affected by the new postings are AVM Emmanuel Anebi who is now the Chief of Policy and Plans, NAF Headquarters (HQ NAF), and AVM Nurudeen Balogun, who has been appointed as the Chief of Defence Policy and Plans at the Defence Headquarters (DHQ). In addition, AVM Charles Otegbade has been appointed
as the College Secretary, National Defence College while AVM Rufus Ojuawo is taking over as the Chairman Air Expo and International Liaison Secretariat. Other appointments include those of AVM Napoleon Bali as the new Air Officer Commanding (AOC), Special Operations Command, Yenagoa, AVM Oladayo Amao as the new Chief of Training and Operations at HQ NAF, AVM Abdulganiyu Olabisi as the new AOC Logistics Command, Ikeja and AVM John Baba as the new AOC, Tactical Air Command. Also, AVM Mahmoud Ahmed has been redeployed as the Air Secretary, HQ NAF, AVM Remigus Ekeh appointed as the new Chief of Standards and Evaluation at HQ NAF, while AVM Ibukun Ojeyemi
becomes the new Director of Policy at HQ NAF. Furthermore, AVM Musibau Olatunji is now the Director of Air Engineering at HQ NAF, while AVM Peter Uzezi has been appointed as the new AOC Mobility Command. Also appointed are AVM Dahiru Sanda, who is now a Directing Staff at National Institute of Policy and Strategic studies, AVM Ismaila Yahaya as the new Director of Training at HQ NAF, AVM Idi Lubo as Director NAF Transformation at HQ NAF, AVM Mohammed Yakubu redeployed as the Chief of Logistics HQ NAF and AVM Emmanuel Wonah as the new Director of Sports at DHQ. Similarly, AVM Paul Jemitola has been appointed as the new Director Research and Development at HQ NAF, AVM Anderson Kassimu as Director Civil Military Relations at
DHQ and AVM Ibrahim Ali as the new Deputy Commandant, Air Force Institute of Technology, Kaduna. Meanwhile, AVM Musa Tanko is to take over as Director of Space Utilization at DHQ while AVM Musa Muktar has been redeployed as the new Chief of Aircraft Engineering at HQ NAF. In addition, AVM Maxwell Nnaji has been appointed as the new Chief of Communication Information Systems at HQ NAF, AVM Emmanuel Chukwu as the new Director Earth Observation at Defence Space Administration and AVM Aliyu Bello as the new Chief of Staff at Headquarters Special Operations Command, while AVM Olusegun Philip is to take over as the new Director of Evaluation at HQ NAF.
ThreeYears After, Police, Interior Ministry Reconcile Kuni Tyessi inAbuja The Nigeria Police Force (NPF) has reconciled with the Federal Ministry of Interior after three years of strained and cold relationship. The Minister of Interior, Lt. Gen. Abulrahman Danbazau (rtd) stated this when the new acting Inspector General of Police (IG), Abubakar Adamu, paid a courtesy visit to the ministry. Danbazau, who stressed that the ministry’s relationship with the police had been severed for the past three years, noted that
it affected the force especially as it was not recognised on the 25 memos the ministry presented to the Federal Executive Council (FEC) in the last three years. Earlier, the IG reiterated the NPF’s commitment towards participating in activities of security operations in the country. He solicited the support of the ministry in ensuring an efficient and effective policing of the nation. While acknowledging that the relationship between the ministry and the ex-IG was not cordial, Dambazau commended the police
boss for taking the right step to mend the damaged relationship. He said: “We are happy you took this step. We were having a cordial relationship with the police under IG Solomon Arase but when IG Idris came in, our relationship became strained. He never related with us. We were relating with the DIG of Police in charge of Operations. “In three years, we have presented 25 memos to the Federal Executive Council in terms of policy and projects but none of the 25 memos that went to FEC included
the Police.” Dambazau emphasised the need for the two to have a cordial relationship, stressing that the numerous security challenges bedevilling the country demanded collaboration among government institutions. Adamu had pleaded with the minister to give the Police the opportunity to be involved in the ministry’s activities. “If we have not been cooperating the way we should, we are retracing our steps now,” he pleaded.
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Kwara LP Guber Candidate Raises the Alarm over Threat to Life The gubernatorial candidate of the Labour Party ( LP) in Kwara State, Issa Aremu has raised the alarm of danger to his life by some unknown persons. He told journalists yesterday at the sideline of the debate organised for five political parties by the Kwara Coalition of Business and Professional Associations (KWACOBPA) in Ilorin, the state capital that the threat to his life might not be unconnected with political development in the state. Answering questions on critical issues on economy, peace and security at the interactive session, Aremu regretted that Kwara State, which was known as a state of harmony has witnessed serial day light robberies in such commercial cities like Offa and Omuaran. He argued that there can
be no development without peace, adding that the Labour Party underscored peace as a critical success factor in the push for what he called “Kwara renewal”. Aremu who hailed the security forces for maintaining peace, however, noted without sustaining jobs to keep the youth gainfully engaged, youth violence was inevitable. He promised mass jobs by re-industrialising Kwara State. He advised contestants in the forthcoming general election to promote peaceful issues based campaigns, adding the eyes “should be on the political ball not on the legs”. He said contestants have the right “to disagree on policy issues but must not necessarily be disagreeable as brothers and sisters”.
Church Holds Annual Event The Chapel of Transfiguration will be organising its yearly spiritual event featuring live praise, worship and healing on January 25. According to a statement by the General Overseer of the Church, Pastor Femi Ogunsanya, the 2019 supernatural praise night tagged: ‘Encounter 4.0’ would witness performances from gospel artists such as Pat Uwaje king,
Segun Obe, Monique, Beejay Sax, Bidemi Olaoba, Tope Alabi, Mike Abdul, Church Encounter heroes and the secret of David dancers. Ogunsanya said: “The praise night which is expected to commence from 7p.m to 5a.m, at Laspark Ground, Dangote Round About, Ebute, Ikorodu shall witness a g re a t o v e r f l o w. ”
The LP candidate revealed that some unknown people in two cars with Kwara and National Assembly number plates, respectively were allegedly on his trail Monday morning in Abuja and disclosed that he had notified the new Acting Inspector General of Police (IG), Mohammed Abubakar Adamu, in a letter he made available to the media. He therefore urged the IG to take “prompt action” to ensure his physical protection throughout the campaigns and beyond”. The Labour Party candidate suggested that the state governor, Alhaji Ahmed Fatai, should partner the state police command, Department of State Services ( DSS) and INEC to ensure free and fair elections. He advised that the state governor as a state chief security officer should ensure secured campaigns through preventive measures as opposed to what he called “panicky ban measures after avoidable clashes and violence”. Aremu also urged all political parties to emulate the peaceful and organised approach of the LP so as not undermine the electoral process as well give excuse for what he called “antidemocratic forces” to undermine the forthcoming elections.
CENTRAL BANK OF NIGERIA www.cbn.gov.ng
TENDER NOTICE CENTRAL BANK OF NIGERIA ON BEHALF OF DMO OFFERS NIGERIAN TREASURY BILLS Notice is hereby given by the Central Bank of Nigeria on behalf of DMO that the Federal Government of Nigeria Treasury Bills of 91, 182 and 364-day tenors amounting to N7,851,744,000 N69,565,347,000 and N177,219,063,000 respectively would be issued by Dutch auction on Thursday, January 31, 2019. All Money Market Dealers should submit bids through the CBN S4 WEB INTERFACE between 9.00 a.m. and 11.00 a.m. on Wednesday, January 30, 2019. Each bid must be in multiple of N1, 000 subject to a minimum of N50, 001, 000. Authorized Money Market Dealers are allowed to submit multiple bids. A bid may be for authorized Money Market Dealers own account, Non – Money Market Dealers or interested members of the public. The result of the auction would be announced by 11.30 a.m. on Wednesday, January 30, 2019. The Bank reserves the right to reject any bid. Allotment letters would be issued for successful bids on Thursday, January 31, 2019, while payment for the successful bids should be made to your account with Central Bank of Nigeria not later than 11.00 a.m. on Thursday, January 31, 2019. 7KH %DQN UHVHUYHV WKH ULJKW WR YDU\ WKH DPRXQW RQ R൵HU LQ OLQH ZLWK PDUNHW UHDOLWLHV SUHYDLOLQJ DV DW WKH SHULRG RI DXFWLRQ RI WKH 1LJHULDQ 7UHDVXU\ %LOOV *29(510(17 6(&85,7,(6 2)),&( &(175$/ %$1. 2) 1,*(5,$ $%8-$
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Rivers APC Primary Tussle: Supreme Court Reserves Ruling on Competence of Appeal Alex Enumah in Abuja The Supreme Court on Monday reserved ruling on the competence of the appeal filed by Rotimi Amaechi’s faction of the Rivers State Chapter of the All Progressives Congress (APC). The five-man panel led by Justice Mohammed Datijo, fixed ruling on a date to be communicated to parties after listening to the submissions of counsel in the matter. The Supreme Court had last December adjourned till March 8, 2019 to determine the legality or otherwise of primary elections the APC conducted in Rivers State for the purpose of nominating its candidates for the 2019 polls. The appeal marked SC/1070/2018, was lodged before the court by 22 chieftains of the party led by one Abdullahi Umar. The appellants, through their lawyer, Henry Bello, urged the Supreme Court to re-affirm the ruling it delivered on October 22, and nullify outcomes of the primary election that produced Cole and other candidates in the faction of the party that is loyal to Amaechi. The appellants equally urged the apex court to dismiss a pending appeal marked CA/ PH/198/2015, which the said faction lodged before the Port Harcourt Division of the Court of Appeal. But, the Apex Court reconvened on Monday, about two months earlier than the planned date for delivery of its judgment in the suit. The sitting yesterday was
sequel to an application by the appellants requesting the Supreme Court to speed up the judgment in line with the provisions of the 4th Alteration of the Electoral Act, which stipulates a 60 days’ time frame for the matter. Bello submitted that though the court ought to deliver its judgment before January 1, however “the court cannot do anything because the matter has become status bar”. He therefore, prayed the court for leave to address it orally on the need for the Apex Court to deliver a judgment striking out the appeal, adding that the appellants motion of December 17, 2018, have been overtaken by the expiration of time. However, Justice Datijjo, noted that outside the appellants motion, there is also the need for counsel to address the Apex Court on the competence of the appeal, adding that the Supreme Court will not be competent in the first place to sit on an appeal that arises from an incompetent appeal at the Court of Appeal. Responding, Bello drew the panel’s attention to paragraph 4 of the Appeal Court’s record, wherein he submitted that the respondents did not oppose the motion of the applicants and urged the court to grant the relieves sought by the applicants. “ The order of the trial court is a consent order and specie of consent judgment “, he said. He therefore submitted that the appeal against the judgment of the trial court was not competent, and urged
the Apex Court to so hold and strike out the appeal for being manifestly and grossly incompetent. Respondents counsel, Lateef Fagbemi (SAN), however drew the court’s attention to the fact that there are two different appeals; the first, on the interlocutory injunction and the other after the judgment in the substantive suit. He said the appeal after the substantive suit has been struck out by the Court of Appeal on the grounds that it was an appeal against a consent judgment. He said the appeal before the court is not a consent judgment, as the dispute over
representation was not resolved by the lower court. He further submitted that the matter before the Apex Court is not a preelection matter as what is been challenged is the election of officers to the wards, local government and state Congresses of the APC. After taken submissions from counsel in the matter, Justice Datijjo announced that ruling on the competence of the appeal has been reserved to a date that would be communicated to parties. It would be recalled that the apex court had on October 22, nullified an interim order of the Court of Appeal in Port
Harcourt, which gave APC the nod to conduct its ward, local government and state congresses in Rivers State. In a ruling that was delivered by Justice Centus Nweze, the Supreme Court, faulted the appellate court for halting the execution of a Rivers State High Court order that barred APC from going ahead with its planned congress, pending the determination of a suit that was entered by Umar and the 22 others. It noted that the high court had on the basis of the said suit, issued injunctive reliefs that expressly forbade the APC from conducting congress in
the state. According to the Supreme Court, Justice Chiwendu Nwogu of the High Court gave the interim order of injunction on May 11, the same day that some hoodlums loyal to a faction of the party, besieged the high court premises in Port Harcourt. It observed that despite the attack and the restraining order from the high court, which was further reaffirmed on May 13, the APC which was a respondent in the matter, went ahead and conducted its ward, local government and state congresses on May 19, 20 and 21.
COMMENDATION SERVICE…
L-R: Pro-Chancellor, University of Lagos (UNILAG), Dr. Wale Babalakin (SAN); children of the late Prof. Ayodeji Femi-Pearse – Mrs. Yinka David-West, Mr Juni Femi-Pearse, and Mrs. Mimi Ade-Odiachi; and UNILAG Vice-Chancellor Prof. Oluwatoyin Ogundipe, at the Commendation Service in honour of the late Femi-Pearse at the College of Medicine, Idi-Araba, Lagos...yesterday.
COUNCIL OF STATE APPROVES N27, 000 AS MINIMUM WAGE According to the minister, since the provision of national minimum wage in the Constitution is in the exclusive list, it cannot be exclusively handled by the executive, hence the need to send it to the National Assembly for its own legislative input. He also said that after the apex legislative body would have concluded legislating on the bill, it would be returned to the president for his assent. It is expected that the intervention of the NCS yesterday would put paid to several months of controversies on national minimum wage. Whereas the organised labour had initially demanded an upward review of the current N18,000 minimum wage to N65,500, the tripartite committee constituted by President Muhammadu Buhari in 2017 recommended N30,000 after intense negotiations with stakeholders. But the governors rejected N30,000 as minimum wage and proposed N22,000, while the federal government proposed N24,000. In the same vein, the organised private sector, which had initially proposed N25,000 later succumbed to pressure from the organised labour and reviewed its proposal to N30,000. Ngige said, “The issue of national minimum wage, as you are aware, we have had
a series of consultations on the new national minimum wage starting from the inauguration of the tripartite committee in September, 2017 by Mr. President. “This committee was to handle all the issues surrounding the new minimum wage. It made use of laws, constitution, conventions on minimum wage fixing and specialist bodies like the National Bureau of Statistics, NISER and all other bodies that have to do with economic research’’, the Minister added. “The Federal Executive Council received the report; after a tortuous debate, at that level, treated it. The National Economic Council comprising the governors and the vice-president chairing, looked at the report and finally today, the council of state. These three organs have permitted Mr. President now to transmit to the National Assembly the new National Minimum Wage Bill. “Thus, in consonance with the fact that the issues of national minimum wage prescription is in the exclusive list, second schedule, item 34 and being on that list, it is not a job that can be done by the executive alone. The president has to transmit the bill to the National Assembly and the National Assembly will take legislative action and return the bill that has been so treated to the president for his assent. “So, a bill will now be
transmitted to the National Assembly that will amend the 1981 Act and 2011 Act. The highlight is what you want to know. The figure of N27,000 monthly has been approved for transmission to the National Assembly. The frequency of the review of the bill is five years, to get it in consonance with pension law of the federation as enshrined in the constitution. “Exemptions to this bill will be establishments that are not employing people up to the number of 25. The various times prescribed have also been altered in the bill and will be sent to the National Assembly before the close of work tomorrow (today).” In his own briefing, the governor of Ondo State, Mr. Rotimi Akeredolu (SAN), said INEC chairman briefed the council on its arrangements for the forthcoming general election, saying the clear-cut briefing was so encompassing that everyone in the meeting was convinced that INEC was ready for the conduct of the general election. According to him, the briefing by the INEC Chairman convinced everyone in the chamber that all arrangements put in place so far by the electoral commission were sufficient to give the anxious nation free, fair and credible polls. He said, “The council was briefed by the INEC Chairman and the briefing as accepted by everybody was very lucid,
very clear, all encompassing. The chairman also took the council through all the processes for states and national elections. “He informed the council about the preparedness of INEC and everybody was convinced that INEC was ready for the election. Everything is in place. Questions were put across to him and he answered. “We all concluded that INEC should make a presentation to the nation on its preparedness for the election to convince all that it is prepared for free and fair elections.” Akeredolu also said all necessary arrangements including the process of accreditation of voters had been duly put in place, adding that instead of using collapsible ballot boxes, transparent ballot boxes would be used and all had been imported. Akeredolu also said the INEC Chairman reported to the council that the entire money budgeted for the election had been released to the commission adding that necessary consultations with stakeholders including artisans and unionists had begun. The governor added that INEC chairman also assured the council that the commission would not go beyond the category of persons it has always engaged for the conduct of elections, pointing out that vice-chancellors, students and youth corps members as the case
may be, would be engaged for the conduct of the forthcoming polls. Meanwhile, at the NCS meeting presided over by Buhari yesterday, former president, Chief Olusegun Obasanjo, and Buhari whom he had accused of plotting to rig the general election on Sunday, warmly exchanged greetings and shook hands with each other. But the Chief Justice of Nigeria, Justice Walter Onnoghen, former military president, Gen. Ibrahim Babangida (rtd), and House of Representatives Speaker Yakubu Dogara, were absent at the meeting. The meeting, which began at 11a.m. also, had in attendance, former President Goodluck Jonathan, Gen. Abdulsalami Abubakar and former Head of Interim National Government, Chief Ernest Shonekan. Others in attendance were Vice-President Yemi Osinbajo, Senate President Bukola Saraki; National Security Adviser (NSA), Gen Babagana Monguno (rtd); Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha; Head of Service of the Federation, Mrs. Winifred Oyo-Ita; Federal Capital Territory (FCT) Minister, Malam Mohammed Bello; and Minister of Labour and Employment, Senator Chris Ngige. Also present were governors of Osun, Kebbi, Zamfara Plateau, Ebonyi, Adamawa, Edo, Lagos,
Niger, Borno, Ogun, Ekiti, Kogi and deputy governors of Bauchi, Kaduna, and Rivers States.
NLC Rejects Figure Meanwhile, the Nigeria Labour Congress (NLC) has rejected the N27,000 new National Minimum Wage adopted by the National Council of State. The NLC General Secretary, Mr. Peter Ozo-Eson, who made this known to journalists last night, said that the council of state has no jurisdiction to fix another amount after a Tripartite Committee had submitted its report. “It is abysmal of government to be delaying the submission of an Executive Bill to the National Assembly and by wrongfully adopting N27,000 through the council of states,” he said. Ozo-Eson, however, said the NLC has called an emergency National Executive Council meeting for Friday to weigh on the deadline given to government within which to submit an executive bill to the National Assembly. The NLC scribe added that the federal government was only pushing for a shutdown of the economy with its latest action, warning that workers should not be held responsible for any development after its NEC meeting on Friday.
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W E D N E S DAY Ëž JANUARY 23, 2019
SPORTS
ĂœĂ™Ă&#x;Ăš ĂšĂ™ĂœĂžĂ? ĂŽĂ“ĂžĂ™Ăœ Duro Ikhazuagbe Ă—Ă‹Ă“Ă– duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Transfer: Mikel Completes Switch to Middlesbrough Femi Solaja Super Eagles Captain, John Mikel Obi has completed his move to Middlesbrough after passing a medical yesterday. According to UK’s Sun, the former Chelsea midfielder, 31, travelled from London to the north-east yesterday after agreeing personal terms. Two-time Premier League winner Mikel will join up with his new team-mates this morning after spending the past two years at Tianjin TEDA in the Chinese Super League. Even with a year left in his contract with the Chinese team, the Nigerian captain was not ready for life in the lower league in the Far East but would rather play in the Championship in England. He parted ways with TEDA on mutual consent. Roma and Wolfsburg are two other European teams that showed interest in the midfielder who spent over a decade at Chelsea’s Stamford Bridge. Mikel is believed to have weighed the option of a return to England because his wife and two young children are
based there. The UEFA Champions League winner will be part of a Tony Pulis side looking to bring Premier League football back to the Riverside next season. Boro currently sits fifth in the Championship table and seven points off leaders Leeds. Pulis’ men host Newport County on Saturday in their fourth round FA Cup clash before travelling to promotion rivals West Brom on February 2. Boro isn’t short of central midfielders but Pulis believes the physical, imposing and experienced Mikel can further strengthen the department. Mikel has played as both a holding midfielder and in a more advanced No.10 role for both club and country in the past. He left Chelsea for Tianjin Teda two years ago but didn’t settle in China and still believes he’s got plenty to offer in a challenging and competitive division, while accepting English clubs won’t be able to offer anywhere near the lucrative salary he was earning in Asia. Mikel hasn’t played for Nigeria since last summer’s World Cup but is being urged
to return to the national scene ahead of this summer’s African Cup of Nations. Mikel’s Coach at both the Under-20 World Cup and the Rio Olympic Dream Team, Samson Siasia said yesterday
that the gangling midfielder wants to get back to proper fitness before the AFCON 2019 in Egypt. “One thing we should know is that Mikel has not played for a while now, and he is
trying to move to another club. I believe he wants to secure his job situation before he will worry about the Super Eagles.� Mikel has vast experience of the English game, having played more than 350 games
for Chelsea during his 11-year stay at Stamford Bridge. He has quite the CV, having won two Premier League titles, three FA Cups, the League Cup, Champions League and Europa League.
John Mikel Obi has ended his sojourn in Far East as he joins Middlesbrough
NPFL‌NPFL‌NPFL‌
Bendel Insurance FC Holds Thanksgiving Mass to Celebrate Promotion Management and players of Bendel Insurance Football Club of Benin held a Thanksgiving Mass at the St Paul’s Catholic Church, in Benin City, to celebrate the team’s promotion to the Nigerian Premier Football League (NPFL). The club, on the back of
unprecedented support from the Edo State Governor, Mr. Godwin Obaseki and his deputy, Rt. Hon. Philip Shaibu, gained promotion to the Nigeria Premier Football League after 11 years in the lower division. In his sermon during the
service that was also attended by officials of the state government, Reverend Pascal Omono, said it was important to always thank God for his blessings, admonishing members of the football club not to neglect God as he saw them through to the Premier Football League.
‌Ilechukwu PredictsTough Outing against Rangers Mountain of Fire and Miracles Ministries FC Head Coach, Fidelis Ilechukwu, has predicted a tough game today against CAF Confederation Cup campaigners, Enugu Rangers. MFM FC will battle Rangers in one of the Match-day 4 fixtures of Group A of the ongoing Nigeria Professional Football League (NPFL) season which will be decided at the Soccer Temple, Agege Stadium. The two teams have faced each other in this same fixture on five occasions. MFM won one of the games. The Flying Antelopes on the other hand claimed the full points in two of the meetings while the remaining two ended in a draw but Ilechukwu believes his wards have all it takes to
overcome the visitors. “We are prepared very well to face Rangers in tomorrow’s game and we are not going to leave any stone unturned because the three points is very important. “As you can see there were a lot of draws and as well away win in Sunday’s games and it shows everybody is doing well to get results. We have prepared very well. We have a lot of good preparation knowing fully well that Rangers is a very good side,� he told MFM FC Media. The Nnewi-born tactician also talked about the quality in the visitors’ team and the importance of the game to his team. “Rangers have one of the best coaches in Nigeria without any
sentiment and when the best coach is around he must gather the best players as well. MATCH-DAY 4 Group A Katsina Utd v Wikki Tornadoes v Remo Stars Insurance v Kwara Utd Sunshine v Rivers Utd Enyimba v Lobi MFM FC v Rangers Group B Akwa Utd v Plateau Utd Gombe v Kano Pillars IfeanyiUbah v Yobe Stars Heartland v Go Round FC Elkanemi v Nasarawa Abia Warriors v Kada City
Remo Stars Banished to Oshogbo for CrowdViolence After deliberations on reports and evidence from the attack on match officials by supporters of Remo Stars FC at the end of Match Day 3 fixture against Insurance of Benin, the League Management Company (LMC) has fined the club a total of N6m and directed that the club play its next three home matches in Oshogbo, Osun State. Chairman of Remo Stars FC, Hon. Kunle Soname was also banned from further
participation in the next three Nigeria Professional Football League (NPFL) matches and fined N500,000 for granting a media interview in which he made comments that brought the league to disrepute. Soname was also charged for conducts and utterances that did not show positive example to players and supporters. Also charged and sanctioned is the club’s Team Manager, Mr. Yinka Ajayi who has been
suspended for the rest of the season from all NPFL matches. Remo Stars stands to forfeit three points should such incident occur again during the season while the club was also directed to assist relevant security agencies to apprehend and prosecute two of their supporters identified as Akintan Yinka and Zico. The sanctions are a fall-out of the pitch invasion and attack on match officials at the end of the match which ended 1-1.
“For the good fight you fought, God has uplifted you and you must try not to neglect Him. In all you do, God must be number one; do not seek power outside Him,� the Reverend said. Chairman, Edo State Sports Commission, Godwin Dudu-
Orumen, said the club held the thanksgiving service to give thanks to God for his kindness and mercy. “What God has done for us is wonderful. Bendel Insurance is a way of life and for nearly 12 years, we were at the lower division, but by God’s
Grace, we have returned to the Premier League. We know that it is because of God’s power that we are where we are now,� the chairman said. Bendel Insurance will play their first home game in the topflight today in Benin City against Kwara United.
New Cardiff Player, Sala, Confirmed on Missing Aircraft Premier League footballer Emiliano Sala was on a light aircraft which went missing over the Channel Islands. The ÂŁ15m Argentine striker, 28, was one of two people on board the Piper Malibu which lost contact off Alderney in the Channel Islands on Monday night. Cardiff City, which signed Sala from French club Nantes in a record deal on Saturday, said it was “very shockedâ€?. Guernsey Police said there was “no traceâ€? of the Cardiffbound flight and has suspended
the search for the night. “We have found no signs of those on board,� the force tweeted. “If they did land on the water, the chances of survival are at this stage, unfortunately, slim.� Sala’s father, Horacio, told Argentine TV channel C5N, he heard the news from a friend. “I didn’t know anything. I couldn’t believe it,� he said. “I’m desperate. I hope everything goes well.� Meanwhile, John Fitzgerald,
chief officer of the Channel Islands Air Search, said the probability of finding anyone alive from the missing aircraft was “reducing very rapidly�. Cardiff signed Sala for a club record fee after protracted negotiations with Nantes and he was due to join his new teammates for training on Tuesday. He has been among the top scorers in France in recent years and had scored 13 league and cup goals this season, third behind Kylian Mbappe and Nicolas Pepe.
ZENITH /DELTA PRINCIPALS’ CUP
Sapele LG, Others Battle for Q’finalTickets Quarterfinalists will begin to emerge from today as the Delta State Principals’ Cup enters crucial stages in 10 centres scattered across the state. This edition that is the third in the series, after its revival courtesy of a partnership between the Governor Ifeanyi Okowa government and the management of Zenith Bank, is now in the zonal stage. After the first round matches were played on Monday in various centres, some schools have taken big steps toward
picking tickets to feature in the last eight stage of the developmental tournament aimed at helping talented footballers attain their potential from tender age. Obule Integrated School defeated Ogbeh Ijoh Grammar School 3-0 in a match that saw Gift Edirin record a brace with one goal in each half (42nd and 60thminutes). It was Omom Simon who opened scoring in the 25th minute for the representatives of Sapele Local Government
who will now need one win in their match today to book a quarterfinal place. In another match, Aniocha North defeated Ika North East representatives 2-1 to also keep their last eight ticket alive. Ukwani defeated Isoko South 1-0 while Isoko North beat Patani also 1-0. Warri South recorded the same slim victory over Uwvie. Udokwa West and Bomadi played a goalless draw just as Ughelli North and Burutu ended their encounter 1-1.
Wednesday January 23, 2019
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INEC to Politicians
“Following recent consultations with stakeholders across the six geo-political zones in Nigeria, the attention of the commission was drawn to a fresh plan by some political actors to use food vendors around polling units with large voter populations as collection points for cash-for-votes as well as other forms of material inducement to voters on election day. We are aware of this trick. It will not work” – The Independent National Electoral Commission (INEC) exposing the plans of some politicians to use food vendors as agents for vote-buying during elections.
ALEXOTTI OUTSIDE THE BOX
alex.otti@thisdaylive.com
Of Evolution, Revolution and Disruption a Requiem for Crude Oil “The measure of intelligence is the ability to change” – Albert Einstein
C
harles Robert Darwin (1809-1882) was an English naturalist, geologist and biologist. He propounded the theory of evolution which has become a very important, albeit controversial contribution to science. In his theory, he reached a very important conclusion; those species that cannot adapt to change, face extinction. This is the summary of my piece today and it is important to relate it to Nigeria. Darwin’s Theory of Evolution contends that all life descended from a common ancestor and that are all related. It presumes the development of life from non-life, insisting on a purely naturalistic (undirected) “descent with modification”. His main thesis was that complex creatures naturally evolve from more simplistic ancestors over time. “In a nutshell, as random genetic mutations occur within an organism’s genetic code, the beneficial mutations are preserved because they aid survival - a process known as “natural selection.” These beneficial mutations are passed on to the next generation. Over time, beneficial mutations accumulate and the result is an entirely different organism (not just a variation of the original, but an entirely different creature).” All these he documented in his famous book titled, “On the Origin Of Species” published about 160 years ago. The summary of Darwin’s thesis is that man was not created but evolved from an ape. The logic of the thesis is that, a more simplistic animal like an ape, developed into man, a more complex one. While this theory became popular with most scientists, those of us who believe in creation have asked why the evolution of man from ape stopped. One should have seen more apes evolve into full grown human beings, but it does appear that after the Darwinian evolution theory, apes stoped mutating into humans. Surely, there must be a missing link somewhere. I can confirm that the debate continues unabated. Revolution, on the other hand, has different connotations. It is defined as ‘a complete change in thinking, in how things are done or set of beliefs’. It can also be defined as a sudden change of government by a large mass of people, usually in a violent manner, eg, the French Revolution which overthrew the monarchical government and installed a republic by force. The kind of revolution that is important to this essay today is the one that leads to a complete change in how things are done. They happen gradually through inventions and accelerated obsolescence. The different phases of the industrial revolution would very well make our list of the revolutions in question. According to Wikipedia,“the Industrial Revolution was the transition to new manufacturing processes in Europe and the US, in the period from about 1760 to sometime between 1820 and 1840. This transition included going from manual production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power, the development of machine tools and the rise of the factory system.” While the industrial revolution started in Britain, it quickly spread to other parts of Europe and America. The major industry that benefited from the revolution was the textile industry. This industry also benefitted from the use of “modern” equipment to aid production. The Industrial Revolution led to a major change in almost all facets of life. These changes were, amongst other places, felt in lifestyle, income, and population. Societies where it occurred, began to enjoy higher standards of living and their demographics changed dramatically. Life would not be the same again. This phase in civilization had even more consequences. For
Minister of State for Petroleum, Ibe Kachikwu instance, long-held beliefs, some of them the kernel of certain religious beliefs, came under questioning. People who were stuck to the past would be swept away by the rapid changes taking place in the different economies. New products were flooding the market. People moved away from the agrarian economies to the manufacturing economies. One of the major changes was the enhancement of trade as division of labour was not only introduced, but it became an imperative. This was because people who manufactured one set of goods had to sell to the market and procure the many other goods and services they could not produce. Following 1870, rapid economic growth began to occur across the West and these were fueled by newer innovations that came in the wake of what has been described as the Second Industrial Revolution. These new innovations included new steel making processes, the large-scale manufacture of machine tools, and the use of increasingly advanced machinery in steam-powered factories. Innovations rapidly expanded into Chemicals, Cement, Gas lighting, rail transportation, paper machine and glass making. Then entered the new stage of development in the change trajectory, which some people have made attempts to fit into a different stage of industrial revolution. Some have given it different names but for the purpose of this essay, I have chosen to call it the ‘disruptive technology phase of human development’. This phase relates to the use of technology to disrupt earlier held beliefs and thinking and render not only many products useless but also many people around the world jobless. I am talking of the brave new world of Robotics, Artificial Intelligence, 3D Printing and Electric Vehicles. I have chosen to limit this discussion to Electric Vehicles (EVs) because this disruption is one among the various others, that is bound to hit us very hard as a country in a very short time. EVs were first produced in the UK in 1884 by Thomas Parker but it made very little impact at that time. One of the most popular brands of EVs, Tesla was launched by a South African called Elon Musk, who lives in California. Musk is a maverick engineer and tech whiz kid. After obtaining degrees in Physics and Economics, in the USA, he commenced a doctorate degree programme which he gave up on almost immediately and plunged into the world of Information technology. His meteoric rise in the world of Hi Tech began when he founded an online financial services and email payment system X.com in 1999. Subsequently, he turned it into an online payment platform, Paypal which he eventually sold in 2002. Since then, Musk has founded many other companies
including SpaceX – Space Exploration Technologies Corporation and Tesla Motors in 2008. Of all of Musk’s companies and technological forays, it is clear that Tesla Motors is the one that would mark him out as one of the leading scientific minds of this generation and probably, of all times. The simple value proposition of Tesla Motors is to produce cars that are powered by alternative energy sources other than fossil fuels. The dream of functional EVs had been around for quite some time. The concept had made a giant leap from the fertile imagination of science fiction writers a long time ago to the research laboratories of engineers and finally now, the factory floor. As a matter of fact, many automobile companies were already engaged in advanced research on it, and some prototypes had already been manufactured. But a broad range of issues conspired to militate against mainstreaming the concept and making the EV a viable mass market product. High production costs and low battery performance ranked high among such challenges. It is to the credit of Musk’s bulldog tenacity, technological prowess and vision that have altered the equation and provided a lift for the EV concept to gain traction. Today, the EV as a mass market consumer product has become an imminent reality. Its rise raises the spectre of the inevitable end of another age, one which we are all used to – the age of the combustion engine. It will bring into full bloom what I call the technologies of the new age. These technologies, which will impact not only the automobile industry, include - Artificial intelligence, Robotics, Virtual and Enhanced Reality, block chain and several others. The use of alternative (renewable) energy sources to power automobiles is the final frontier in this generation’s journey of discovery in transportation. Informed analysts project that it is the catalyst that will recreate the world and reshape it into innovative and wondrous forms. As industrial revolutions go, this one promises to be even more disruptive than the Industrial Revolution. In fact, I shudder to think of the full dimensions of its impact. My instinct is that unless the processes are well managed, the overall impact may be cataclysmic and explosive, especially for our country in particular and Africa, generally. Understandably, there are many, among them even those who ought to know who are still in denial about the reality of the EV and its inexorable rise and dominance. Their plight is understandable, even if sadly. They still luxuriate in the comfort zone where fossil fuel is king. But the allure of low costs which have been the main advantage of fossil fuel, has worn dry. Advances in production technology, especially in the area of battery costs and life span, is rapidly narrowing the cost gap between EVs and gasoline powered automobiles. Tesla’s mid range Model 3 which it launched in July 2017 has a factory price of about $45,000. Battery performances have also improved remarkably. A fully charged battery can now drive for up to 399km (highway) and 430km (city). Bringing it home, it means that a fully charged Tesla Model 3 can travel from Lagos to Port Harcourt or from Abuja to Kano without needing to be recharged. These advances have boosted the appeal of the EV’s. Accordingly, demand has spiked across the globe, apart from Africa. By 2014, 700,000 EV’s were sold worldwide. But last year, about 4 million EV’s were sold worldwide. Bloomberg projects that by 2025, EVs may become cheaper than gasoline cars. When that happens, then the disruption will be complete. According to projections, EVs will then dominate the automobile market and all new car sales. Certainly, there are other factors driving the exponential growth of the EV revolution. The growing international awareness of the need for climate control has prompted a rash
of policies by various governments in different parts of the world, targeted at ensuring cleaner energy and climate control. The concerted efforts of environmental activists and public policies have finally forced the hands of automakers. In different countries, governments have enacted legislation prohibiting the manufacture of gasoline vehicles. Many countries have set targets for stopping the production of gasoline-powered vehicles. For instance, Norway has set a target of 2025, while India, Netherlands, Israel and Japan, amongst some others, have set a 2030 date. China has set up a policy team to study the whole phenomenon of EVs. As a result of all these, it is now estimated that 11 million EVs will be sold annually by 2035, with half of that number in China which is currently the largest car market in the world. Industry experts are predicting that about 50m EVs will be manufactured globally by 2040. To many people, especially in the developed world, this is cheery news. But to many others, especially we in Africa, it is certainly not. The question to ask is: what preparations are we making at the official, corporate and personal levels? More specifically, what is our governments at the various levels doing, to prepare for the enormous changes which are inevitable? Since oil emerged as Nigeria’s primary foreign exchange earner, it has remained the soul of our national life. Over 70% of the nation’s foreign exchange revenue comes from the export of crude. Obviously, the decline of gasoline powered automobile and the emergence of alternative sources of energy would spell the doom of fossil fuel. In a recent study by Bloomberg, it emerged that countries that are heavy crude oil importers are also in the forefront of the move to legislate against gasoline automobiles. The implication of that is quite obvious. The demand for crude oil is declining globally. So the elementary question which arises is, “If Nigeria can no longer sell crude oil, how can it earn foreign exchange to finance her imports?” For long, the need to diversify the Nigerian economy was quite compelling. Sadly, our policy makers chose to fiddle like Nero while Rome was in flames. So successive governments squandered tons of dollars and with it the opportunity to recreate our country and ensure a meaningful life for our children and posterity. So while other societies transited into more focussed and knowledge based economies, we dawdled and clung to narrow, primordial worldviews often no different from the primitive superstitious narratives of our forefathers. We abandoned education and skill development. We did not improve or increase our infrastructure stock. Now the chickens have come home to roost and our date with history may just be around the corner. What then are our options? The first order of business is fostering credible and effective leadership. In fact, history has shown that it is leadership that has made the difference in all the societies that have made quantum leaps in progress. Providentially, this is an election season. We now hold our fate in our own hands. We have before us the opportunity to begin a process of saving ourselves, and it is not as arduous as some people think. All it takes is for you to make time out and cast your vote, or you will be one of those who moan about how things are going wrong, but who are not willing to bring about the required change. It is imperative that we choose the right leadership at every level; visionary, intelligent and knowledgeable leaders. The era of mediocrity should be over. The tasks in hand are rather urgent and compelling. Nigerians should eschew the narrow sentiments that often determine electoral choices and take a bold stand for the common good. The world is changing rapidly. The new world cannot wait for Nigeria.
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