MONDAY 18TH MARCH 2019

UBA Earnings Hit N494bn, Makes N106.8bn Profit Records significant asset growth Progress driven by market share gains across Africa Goddy Egene The pan-African financial institution, United Bank for Africa Plc, has announced its audited 2018 financial results

with impressive growths achieved across major financial lines.

According to the 2018 financials filed at the Nigerian Stock Exchange last Tuesday,

the Africa’s global bank’s gross earnings grew by 7.0 per cent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The bank’s total assets

also grew significantly by 19.7 per cent to an unprecedented N4.9 trillion for the year under review.

These results, according to financial analysts largely

demonstrate the benefits of the group’s Pan-African footprints with continued growth in market share in key countries of operation across Africa. The contributions of

ex-Nigeria subsidiaries at 40 per cent, again confirms the strong footing of the group’s franchise in Africa.

Continued on page 8

Lawan, Gbajabiamila May Emerge APC’s Choice for Senate Presidency, House Speaker... Page 12 Monday 18 March, 2019 Vol 24. No 8743. Price: N250

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INEC: We Didn’t Request for Military Deployment in Collation Centres Says Atiku’s request for election materials made on Friday Promises to attend to it APC describes commission’s decisions on Rivers, Bauchi States polls as Illegal PDP insists electoral body’s verdicts proper, asks Tambuwal be declared Sokoto gov-elect Presidency: APC leaders upset Buhari won’t interfere with conduct of extra election Iyobosa Uwugiaren, Omololu Ogunmade Onyebuchi Ezigbo and Adedayo Akinwale in Abuja Following the unprofessional conduct of some military personnel during the March 9, 2019 governorship and state Houses of Assembly elections, especially the invasion of the collation centre in Port Harcourt, Rivers State, the Independent National Electoral Commission (INEC) has said that it did not request for the deployment of soldiers in its collation centres.

“I am not aware that the commission requested for the deployment of soldiers in collation centres,” INEC National Commissioner and Chairman of Voter Education and Publicity Committee, Mr. Festus Okoye, told THISDAY yesterday.

He said the commission

would, therefore, hold high level meetings with the leadership of security agencies before the conduct of supplementary elections scheduled for Saturday to avoid a repeat of what happened in the earlier elections.

The electoral body had fixed March 23, 2019 for conduct of supplementary elections to conclude the process and make returns in the governorship elections in Adamawa, Sokoto, Bauchi, Benue, Kano and Plateau States, which it had earlier declared as inconclusive.

Though the commission later reversed itself on Bauchi State as it approved the resumption and conclusion of the collation of results of Tafawa Balewa Local Government Area, after the committee set up by the commission established that Continued on page 8

Power Sector Loses N108bn Revenue in Three Months... Page 10

CELEBRATION TIME...

L-R: Ogun State Deputy Governor-elect, Mrs Noimot Salako-Oyedele; Governor-elect, Prince Dapo Abiodun; Oyo State Governor, Senator Abiola Ajimobi; and his wife, Florence, during Abiodun's courtesy visit to the governor in Ibadan... on Saturday

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MONDAY, ͚΀˜ ͺ͸͚Π˞ T H I S D AY

PAGE EIGHT INEC: WE DIDN’T REQUEST FOR MILITARY DEPLOYMENT IN COLLATION CENTRES the result in Polling Units and Registration Areas are available and in safe custody.

The committee also established that the number of cancelled votes for the four polling units in Ningi Local Government Area, which was recorded as 25,330 in form EC40G (1) was incorrect, as the actual figure is 2,533.

Similarly, after the invasion of the collation centre in Port Harcourt, the commission had on March 10, 2019, suspended all electoral processes in Rivers State having determined that there was widespread disruption of collation of results of the elections conducted on March 9, 2019.

The commission subsequently set up a factfinding committee to assess the situation and report back within 48 hours.

But after a week of silence, the committee set up by INEC established that the governorship and state assembly elections in the state took place in most of the polling units and results were announced.

The committee also established that the results from 17 local governments out of 23 are available and are in the commission’s custody, adding that the declaration and returns for 21 state constituencies out of 32 were made prior to the suspension.

The committee stated: “INEC expresses its displeasure with the role played by some soldiers and armed gangs in Rivers State, disrupting the collation process and attempting to subvert the will of the people. “INEC is committed to expeditious completion of the collation process where results of the elections have been announced.�

INEC, therefore, assured Nigerians that it would issue detailed timelines and activities for the completion of the election on Wednesday, March 20, 2019.

However, while responding to THISDAY enquiry yesterday, INEC National Commissioner and Chairman Voter Education and Publicity, Mr. Festus Okoye, said that the meeting with the security agencies would focus on professionalism and the proper role of security agencies engaged in election security.

He stressed that the meeting would underlie the importance of delivering supplementary elections that would meet the requisite threshold of credibility and transparency.

The National Commissioner noted that Nigerian people want an election that reflects the true voting preferences of the people.

Okoye explained further that at the national level, the commission has an inter-agency consultative committee on election security, saying that the committee meets quarterly and as at when due to review election security related matters and the different arms of the security services part of the committee.

He said: “On election security, there is no dispute whatsoever that the Nigerian Police is the lead agency on election security. However, based on its numerical strength and the size of the country, polling units and constituencies, the lead agency invites sister agencies to assist in providing security at the inner cordon of polling units. “Security officers in the inner cordon do not bear arms. At the outer cordon are mobile police officers that can intervene rapidly when there is a challenge at the polling unit or when there is breakdown of law and order. The police drew up their deployment plans for the various collation centers and shared with the commission. “Section 29(3) of the Electoral Act 2010 (as

amended) provides that the commission can only request for the deployment of the Nigerian Armed Forces only for the purposes of securing the distribution and delivery of election materials and protection of election officials.�

Okoye said that the commission requested and received tremendous assistance from the Nigerian Air Force in airlifting and distribution of sensitive materials, stressing that the Navy has also been assisting in protecting election officials on the high seas.

On military deployment, he stated: “I am not aware that the commission requested for the deployment of soldiers to the collation centres. “Constitutionally, the police can request for the assistance of the Nigerian Army in certain circumstances. The commission will continue to rely on the Nigerian Police Force as the lead agency on election security. “The police and the commission will continue to enjoy the cooperation and assistance of other agencies especially in the inner cordon of the polling units. “The commission does not deploy the military.

The military are engaged in internal security operations in some states of the federation and it is the Commanderin-Chief and the Senate of the Federal Republic of Nigeria that can determine their deployment. Our expectation is that all the security agencies involved in election security must remain apolitical, professional and act ethically.�

Atiku Only Requested for Materials on Friday, Says INEC The electoral umpire also denied refusing the Peoples Democratic Party’s (PDP) presidential candidate, Alhaji Atiku Abubakar, access to

election materials in line with the Court of Appeal’s order asking it to turn in the materials for the PDP candidate for his perusal.

INEC also said that the Nigerian Army and other security agencies are being engaged on what should be their level of involvement in the supplementary elections.

The PDP recently accused the electoral commission of denying its candidate, Atiku, access to inspect the documents and materials used in the February 23 presidential election.

The main opposition party said that the leadership of the commission led by Prof. Mahmood Yakubu had refused to obey the March 6 ruling of the Court of Appeal, directing it to allow the party to inspect the electoral materials and document used for the presidential election.

The National Publicity Secretary of the party, Mr. Kola Ologbondiyan, in a statement Saturday in Abuja, said this was a deliberate and wicked ploy by INEC, acting in cahoots with the APC, to frustrate the peoplebacked resolve by Atiku and the PDP to timeously file and mention their petition at the Presidential Election Tribunal.

He said that the leadership of INEC and the APC were seeking to frustrate the party’s court option, seeing that the documents and materials would expressly show that Atiku clearly won the election by the votes directly delivered at the polling units across the country as well as expose how the commission and the Muhammadu Buhari presidency manipulated the results.

But speaking with THISDAY yesterday in Abuja, INEC said the statement by the main opposition party was not correct. ‘’It is not true that the PDP and its presidential candidate were denied access to election’s materials. That

is not correct. To the best of my knowledge, we only received their request last Friday. And we are always available to attend to them whenever they are ready,’’ the INEC Director of Voters Education and Publicity, Mr. Oluwole Osaze-Uzzi told THISDAY yesterday.

INEC recently condemned what it described as the role played by some soldiers and armed gangs in Rivers State, which it said led to the disruption of the electoral process.

In a statement dated March 15, Okoye said the action was an attempt to subvert the will of the people.

According to him, this was part of the submissions made after the commission set up a fact-finding committee to assess the situation in the state.

On their parts, EU and other international election monitors had said that going by their evaluations, many aspects of the general election, particularly the involvement of military personnel, were not in conformity with international best practice.

Following reports of widespread violence and other forms of intimidation in the state, collation of results and other activities for the governorship and state assembly elections were suspended on March 10.

Reiterating the INEC’s statement, Uzzi-Iyamu told THISDAY yesterday that the electoral commission was engaging the Army and other security agencies on what should be their level of involvement in the planned supplementary election, stating that the electoral law clearly states the level of the security agencies’ involvement in an election.

INEC’s Decisions on Rivers, Bauchi States’ Elections Illegal, Says APC

UBA EARNINGS HIT N494BN, MAKES N106.8BN PROFIT Despite the challenging business environments in Nigeria and across key markets in Africa, the bank’s Profit Before Tax was quite impressive at N106.8 billion, a 2.4 per cent growth, compared to N104.2 billion in 2017 financial year. In the same vein, the Profit After Tax rose by 1.4 per cent to N78.6 billion, compared to N77.5 billion recorded in 2017.

Due to lower foreign exchange trading income, operating expenses grew by 4.1 per cent to N197.3 billion, compared to N189.7 billion in 2017.

Reflecting the modest appetite of the bank in the year under review as well as impact of IFRS 9 implementation, net loans recorded a prudent 3.9 percent growth to N1.72 trillion while customer deposits increased by a remarkable 22.5 per cent to N3.3 trillion, compared to N2.7 trillion recorded in the corresponding period of 2017, reflecting increased customer confidence and enhanced service channels.

Furthermore, Shareholders’ Funds decreased marginally by 4.8 per cent to N502.6 billion, reflecting the impact of International Financial Reporting Standards 9 (IFRS 9) implementation.

Commenting on the result, the Group Managing Director/ CEO, Mr. Kennedy Uzoka, noted that the year 2018 was important for the group, as it gained further market share in many countries of operation.

More so, the CEO was excited at strategic achievements made in the year, including the start of wholesale banking operations in London, as it seeks to leverage the Group’s unique network across Africa.

UBA also opened its 20th African operation. “Defying the relatively weak economic growth in Africa, earnings were positive and we grew our balance sheet by 20 per cent, driven by the 23 percent growth in our deposit funding. In a period of economic uncertainty, we have focused on retail deposit mobilisation, with exciting results. “We recorded a 48 per cent year-on-year growth in retail deposits and improved our CASA ratio to 77 per cent, optimising our funding mix, which will enhance our net interest margin (NIM), over the medium term,� Uzoka said.

Uzoka remained confident that the bank’s performance would be even stronger in the years ahead and shareholders would enjoy even greater dividends, as the group is well

positioned to take advantage of imminent fiscal reforms across many economies in Africa, a positive outlook, which should stimulate new opportunities in infrastructure, manufacturing, agriculture and resource sectors.

He continued: “Our operations in the United Kingdom now offer end-toend trade, treasury, structured finance, wholesale deposit taking and ancillary services.

With this development, we are better positioned to fulfill our aspiration of deepening trade and capital flows between Europe and Africa.

We are also pleased with the market acceptance of our new operation in Mali. “Having said this, I am excited by the profitability of our ex-Nigeria subsidiaries, which now contributes an impressive 40 per cent earnings to the group. At the moment, our Nigerian business is benefiting from our product and operational focus, gaining market share - most importantly, the increasing penetration of our retail offerings is reassuring as this fundamental progress aligns with our strategy of focusing on sustainable growth. “With great optimism, we look forward to a more rewarding 2019 for our

shareholders, as we further sweat our resources and optimize productivity towards delivering superior returns.�

Also speaking on the performance, the Group CFO, Mr. Ugo Nwaghodoh, said the improving mix of the bank’s funding base and asset pricing, reinforce a positive outlook on Net Interest Margin (NIM) and broader balance sheet efficiency.

He said: “Whilst considerable investment in people, digital transformation and channel enhancement masked cost efficiency gains within the year, with cost-toincome ratio at 64 per cent, we are convinced that our diligent execution of new initiatives will ensure the reduction of Cost to Income Ratio (CIR) towards our medium-term target. “Our balance sheet is being positioned to take full advantage of market swings and our strong 25 per cent capital adequacy ratio provides headroom for growth, even under a BASEL III scenario. As it stands, UBA has started the year on a good note and should sustain the momentum, as we work towards improving our Return on Average Equity (RoAE).�

United Bank for Africa Plc is a leading pan-African financial

services group, operating in 20 African countries, as well as the United Kingdom, the United States of America and with presence in France.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited which had been operating in Nigeria since 1949.

The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria - Africa's largest economy - UBA has become one of the leading providers of banking and other financial services on the African continent.

The bank, which was awarded the Best Digital Bank in Africa by the Euromoney awards in 2018, provides services to over 17 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

The shares of UBA are publicly traded on the Nigerian Stock Exchange and the bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

The APC yesterday deplored some of the decisions taken

by INEC on the inconclusive elections recorded in six states, especially Rivers and Bauchi.

The party urged INEC to put a halt to what it described as madness and brazen illegality.

INEC had declared as inconclusive elections in six states – Adamawa, Bauchi, Benue, Kano, Plateau and Sokoto during the governorship election.

In a statement issued yesterday by APC’s National Publicity Secretary, Mallam Lanre Isa-Onilu, APC claimed there was an unholy alliance between Rivers State Governor Nyesom Wike, the PDP and INEC to impose the PDP candidate on the people.

The party said that it was concerned and deeply troubled by the unfolding events in Rivers State.

APC said that Wike was losing until INEC stepped in to halt the process, apparently to save him from impending defeat.

"The desperation of the PDP governorship candidate, Governor Nyesom Wike, to remain in office, even if it means destroying the state, killing its people and throwing the state into turmoil and crisis is clear," it said.

According to APC, it is on record that Wike through the Rivers State Resident Electoral Commissioner (REC), Mr. Obo Effanga, engaged PDP card-carrying members as Local Government Area (LGA) Collation Officers to skew the elections in favour of Wike and the PDP. APC asked the INEC Chairman, Prof. Mahmood Yakubu, to immediately redeploy Effanga from Rivers State in order to avoid crisis.

The APC also contested the declaration of the governorship election result of Benue State inconclusive, saying there was no doubt that its candidate, Mr. Emmanuel Jime, won the election.

The party called on INEC to declare its candidate the winner of the governorship poll, in line with the Electoral Act. It claimed that its candidate Continued on page 10

TOP GAINERS ROYALEXCHANGE JAIZBANK NEIMETH UNIONBANK OANDO TOP LOSERS IKEJHOTEL STERLINGBANK UNITEDCAP

NGN NGN 0.03 0.35 0.03 0.54 0.02 0.67 0.15 7.00 0.10 5.85 NGN 0.23 2.07 0.19 2.31 0.20 2.80 AFRIPRUD 0.25 3.80 FCMB 0.11 1.85 HPE Nestle Nig Plc â‚Ś1,545.00 Volume: 209.618 million shares Value: N3.329 billion Deals: 3,329 As at Friday 15/3/19 See details on Page 35

% 9.3 5.8 3.0 2.1 1.7 % 10.0 7.6 6.6 6.1 5.6

9

5 ) * 4 % ": t MONDAY, MARCH 18, 2019

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE SUMMARY AUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2018 The Board of Directors of UBA Plc is pleased to announce the Group’s results for the year ended December 31, 2018 Consolidated and Separate Statements of Comprehensive Income GROUP In millions of Nigerian Naira Interest income Interest income on amortised cost and FVOCI securities Interest income on FVTPL securities Interest expense Net interest income Allowance for credit losses on financial and non-financial instruments Net interest income after impairment on financial and non-financial instruments Fees and commission income Fees and commission expense Net trading and foreign exchange income Other operating income Employee benefit expenses Depreciation and amortisation Other operating expenses Share of gain of equity-accounted investee Profit before income tax Income tax expense Profit for the period

BANK

2018 362,922 360,583 2,339 (157,276) 205,646 (4,529)

Restated 2017 325,657 324,991 666 (118,025) 207,632 (32,895)

2018 265,698 263,359 2,339 (129,396) 136,302 (4,257)

Restated 2017 227,335 226,669 666 (95,093) 132,242 (30,433)

201,117 93,997 (28,551) 31,675 5,451 (71,158) (11,801) (114,383) 419 106,766

174,737 82,937 (16,967) 49,063 3,900 (68,972) (10,091) (110,589) 204 104,222

132,045 53,488 (20,964) 12,818 9,500 (41,537) (8,670) (81,330) 55,350

101,809 51,530 (11,891) 31,210 6,188 (42,343) (7,058) (76,650) 52,795

(28,159) 78,607

(26,674) 77,548

(14,303) 41,047

(11,399) 41,396

(21,264) -

12,151 2,476

-

2,476

(14,498) (777) (36,539)

13,225 (83) 27,769

(14,498) (777) (15,275)

13,275 (83) 15,668

Other comprehensive income Items that may be reclassified to the income statement: Exchange differences on translation of foreign operations Fair value changes on available-for-sale equity investments Fair value changes on investments in debt securities at fair value through other comprehensive income(FVOCI): Net change in fair value during the period Net amount transferred to the income statement Items that will not be reclassified to the income statement: Fair value changes on equity investments designated at FVOCI

Other comprehensive income for the period, net of tax Total comprehensive income for the period Profit for the period attributable to: Owners of Parent Non-controlling interest Profit for the period Total comprehensive income attributable to: Owners of Parent Non-controlling interest Total comprehensive income for the period Earnings per share attributable to owners of the parent Basic and diluted earnings per share (Naira)

3,266

-

3,266

-

3,266 (33,273) 45,334

27,769 105,317

3,266 (12,009) 29,038

15,668 57,064

75,359 3,248 78,607

75,004 2,544 77,548

41,047 41,047

41,396 41,396

44,426 908 45,334

98,930 6,387 105,317

29,038 29,038

57,064 57,064

2.20

2.19

1.20

1.17

Dec. 2018

BANK

*Restated Dec. 2017 1 Jan. 2017

Dec. 2018

Report on the summary consolidated and separate financial statements Opinion The summary consolidated and separate financial statements (the “summary financial statements”), which comprise the summary consolidated and separate statements of financial position as at 31 December 2018 and the summary consolidated and separate statements of comprehensive income for the year then ended are derived from the audited consolidated and separate financial statements (the “audited financial statements”) of United Bank for Africa Plc (“the Bank”) and its subsidiary companies (together the “Group”) for the year ended 31 December 2018.

In our opinion, the accompanying summary financial statements are consistent in all material respects, with the audited financial statements, in accordance with the requirements of the Companies and Allied Matters Act, the Banks and Other Financial Institutions Act and the Financial Reporting Council of Nigeria Act. Summary financial statements The summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards, the Companies and Allied Matters Act, the Financial Reporting Council of Nigeria Act, the Banks and Other Financial Institution Act and other relevant Central Bank of Nigeria circulars applied in the preparation of the audited financial statements of the Group and Bank. Therefore, reading the summary financial statements and the auditor’s report thereon, is not a substitute for reading the audited financial statements and the auditor’s report thereon.

The audited financial statements and our report thereon We expressed an unmodified audit opinion on the audited financial statements in our report dated 15 March 2019. That report also includes the communication of key audit matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period.

Directors’ responsibility for the summary financial statements The directors are responsible for the preparation of the summary financial statements in accordance with the requirements of the Companies and Allied Matters Act, the Banks and Other Financial Institutions Act and the Financial Reporting Council of Nigeria Act. Auditor’s responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), ‘Engagements to Report on Summary Financial Statements.

Consolidated and Separate Statements of Financial Position GROUP

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS TO THE MEMBERS OF UNITED BANK FOR AFRICA PLC

*Restated Dec. 2017 1 Jan. 2017

Report on other legal and regulatory requirements In accordance with our full audit report, we confirm that:

In millions of Nigerian Naira ASSETS

i. we did not report any exceptions under the sixth schedule of the Companies and Allied Matters Act;

Cash and bank balances Financial assets at fair value through profit or loss Derivative assets

1,220,596 19,439 34,784

898,083 31,898 8,227

760,930 52,295 10,642

1,015,199 19,439 34,784

727,546 31,898 7,911

610,910 52,295 10,642

Loans and advances to banks Loans and advances to customers Investment securities: - At fair value through other comprehensive income - Available for sale - At amortised cost - Held to maturity Other assets Investment in equity-accounted investee Investment in subsidiaries Property and equipment Intangible assets Deferred tax asset TOTAL ASSETS

15,797 1,715,285

20,640 1,650,891

22,765 1,505,319

15,516 1,213,801

19,974 1,173,214

23,850 1,090,355

1,036,653 600,479 63,012 4,610 115,973 18,168 24,942 4,869,738

593,299 622,754 86,729 2,860 107,636 16,891 29,566 4,069,474

693,634 37,849 2,925 93,932 14,361 33,060 3,504,470

925,892 84,265 49,642 2,715 103,777 97,502 6,911 21,862 3,591,305

423,293 242,185 77,949 1,770 103,777 89,285 5,846 27,178 2,931,826

288,592 31,192 1,770 70,702 80,252 4,905 29,696 2,539,585

99 174,836 3,349,120 120,764 8,892 683,532 29,859

123 134,289 2,733,348 98,277 7,668 502,209 65,741

14 109,080 2,485,610 111,209 5,134 259,927 85,978

99 30,502 2,424,108 84,299 706 657,134 29,859

123 15,290 1,877,736 68,759 1,108 502,209 65,741

14 30,484 1,698,859 73,514 522 259,927 85,978

28 4,367,130

40 3,541,695

62 3,057,014

3,226,707

2,530,966

2,149,298

17,100 98,715 168,073 199,581 483,469

17,100 98,715 152,872 240,861 509,548

18,140 117,374 138,010 160,714 434,238

17,100 98,715 89,217 159,566 364,598

17,100 98,715 97,677 187,368 400,860

18,140 117,374 109,539 145,234 390,287

19,139 502,608 4,869,738

18,231 527,779 4,069,474

13,218 447,456 3,504,470

364,598 3,591,305

400,860 2,931,826

390,287 2,539,585

276,758

ii. the Bank has disclosed the information required by the Central Bank of Nigeria circular on insider related credits; iii. the Bank paid penalties in respect of contraventions of certain sections of the Banks and Other Financial Institutions Act and relevant circulars issued by the Central Bank of Nigeria during the year ended 31 December 2018.

244,424

For: PricewaterhouseCoopers Chartered Accountants Lagos, Nigeria Engagement Partner: Samuel Abu FRC/2013/ICAN/00000001495

15 March 2019

LIABILITIES Derivative liabilities Deposits from banks Deposits from customers Other liabilities * Current tax liability Borrowings Subordinated liabilities Deferred tax liability TOTAL LIABILITIES EQUITY Share capital Share premium Retained earnings * Other reserves EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT Non-controlling interests TOTAL EQUITY TOTAL LIABILITIES AND EQUITY

Ugo A. Nwaghodoh Group Chief Finance Officer FRC/2012/ICAN/00000000272

Tony O. Elumelu , CON Chairman, Board of Directors FRC/2013/CIBN/00000002590

Kennedy Uzoka Group Managing Director/CEO FRC/2013/IODN/00000015087

GROUP Dec. 2018

Dec. 2017

Dec. 2018

Dec. 2017

116,660 6.45%

114,753 6.72%

53,991 4.24%

55,292 4.59%

Total impaired loans and advances (N’Million) Total impaired loans and advances to gross risk assets (%)

Number Description Pending Complaints B/F Received Complaints Resolved Complaints Unresolved Complaints Escalated to CBN for Intervention Unresolved Complaints Pending with the bank C/F % of complaint/transaction volume

BANK

Amount claimed

Amount Refunded

6,008 494,120 484,546 16

2018 (N'Million) 11,577 403,490 406,887 235

2017 (N'Million) 1,147 57,201 27,309 19,462

2018 (N'Million)

3,366

2017 (N'Million)

319

15,566 0.19%

7,944

11,577

2018

2017

15,566 599,956 588,965 8 26,549 0.17%

The statement of financial position, statement of comprehensive income, statement of changes in equity, report of the independent auditor and specific disclosures are published in compliance with the requirements of S.27 of the Banks and Other Financial Institutions Act. The information disclosed have been extracted from the full financial statements of the bank and the group and cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the bank and the group as the full financial statements. Copy of the full financial statements can be obtained from the Registrars of the bank.

Mali

Africa’s Global Bank

www.ubagroup.com

10

MONDAY, ͚΀˜ ͺ͸͚Π˞ T H I S D AY

NEWS

Power Sector Loses N108bn Revenue in Three Months Chineme Okafor in Abuja

Nigeria’s power sector has lost N108.652 billion revenue between January and March due to various constraints, representing an increase of about N10.924 billion or 11.17 per cent from the revenue lost during the same period in 2018, according to the operational data obtained from the Office of the Vice President, Prof. Yemi Osinbajo.

The statistics from the Advisory Power Team (APT) in Osinbajo’s office also stated that about 2,978 megawatts (MW) of electricity have not been able to get to the national grid within the period under consideration because of challenges of gas supply to generation companies (Gencos) as well as unavailability of transmission and distribution infrastructure.

The report, however, explained that the average constrained megawatts was higher than the 2,597MW recorded during the same period in 2018, while average supply to the grid within the periods were 4,062MW for 2019 and 3,875MW for 2018.

According to the report, 53,043 metric million standard cubic feet (mmscf) of gas has so far been

supplied to Gencos for power production in 2019.

This was also lower than the 54,480mmscf of gas that was sent to Gencos within the same period in 2018.

Disclosing the activities of the sector on a daily basis in 2019, the report stated for instance that: “On March 09, 2019, average energy sent out was 4,181MW (down by 28.25MW from the previous day). 2,295.5MW was not generated due to unavailability of gas.

33.8MW was not generated due to unavailability of transmission infrastructure, while 1,226MW was not generated due to high frequency resulting from unavailability of distribution infrastructure.� “The power sector lost an estimated N1,707,000,000 on March 09,2019 due to insufficient gas supply, distribution infrastructure and transmission infrastructure. “The dominant constraint on March 09, 2019 remained unavailability of gas constraining a total of 2,295.5MW from being available on the grid.

Estimated amount lost to insufficient gas supply, distribution, transmission and water reserves to date in 2019 - N100,106,000,000 (One hundred billion one

Minister of Power, Works and Housing, Babatunde Fashola hundred and six million naira only),� it added.

Similarly for the previous day, it reported that: “On March 08, 2019, average energy sent out was 4,210MW (up by 31.33MW from the previous day).

2,472MW was not generated due to unavailability of gas.

33.8MW was not generated due to unavailability of transmission infrastructure, while 852.4MW was not

generated due to high frequency resulting from unavailability of distribution infrastructure. “The power sector lost an estimated N1,612,000,000 (One billion six hundred and twelve million naira) on March 08, 2019 due to insufficient gas supply, distribution infrastructure and transmission infrastructure. “The dominant constraint

on March 08, 2019 remained unavailability of gas constraining a total of 2,472MW from being available on the grid.�

Further, it stated that the sector on March 10, had an average power output of 4,021MW, but could not generate 2,774.05MW due to unavailability of gas; 34.7MW due to unavailability of transmission infrastructure, and lost an estimated N1.348 billion.

On March 11, it explained that 4,114MW was generated while 2,793.58MW; 176MW and 168.6MW were not due to gas supply, transmission and distribution challenges, with the revenue loss for the day estimated at N1.506 billion.

For March 12, 4,442MW was generated but not 2,512.5MW; 31MW; and 440MW due to gas, transmission and distribution constraints. N1.432 billion was estimated to have been lost on that day to these constraints.

The trend continued on March 13, when 4,438MW - down by 4.82MW, was generated and 1,818MW; 42.7MW and 1,497MW could not be generated due to gas, transmission and high frequency issues. Estimated loss for the day was N1.612 billion.

“On March 14, 2019, average energy sent out was 4,141MWH/Hour (down by 296.63 MWH/Hour from the previous day). 1,776MW was not generated due to unavailability of gas.32.4MW was not generated due to unavailability of transmission infrastructure, while 863.5MW was not generated due to high frequency resulting from unavailability of distribution infrastructure.

The power sector lost an estimated N1,283,000,000 on March 14, 2019 due to insufficient gas supply, distribution infrastructure and transmission infrastructure. “On March 15, 2019, average energy sent out was 4,427 MWH/Hour (up by 286.34 MWH/Hour from the previous day). 1,797.52MW was not generated due to unavailability of gas.

32.6MW was not generated due to unavailability of transmission infrastructure, while 1,013.5MW was not generated due to high frequency resulting from unavailability of distribution infrastructure. The power sector lost an estimated N1,365,000,000 on March 15, 2019 due to insufficient gas supply, distribution infrastructure and transmission infrastructure,� added the statistics.

Though the governor said the INEC was yet to communicate to him the reasons for cancellation of votes in the 136 polling units, he said it was necessary to draw the attention of the electoral umpire to its guidelines for the exercise.

He stated that the issue of margin difference was technical and alien to the Nigerian constitution which stipulates a simple majority and 25 per cent of votes cast in a two-thirds majority of states of the federation, as basis for determining a winner. “This technical reason of margin differences has not been applied in Osun and Ekiti elections,� Tambuwal said arguing that since he secured the higher number of votes at the concluded election, he ought to have been declared the winner.

He said: “Going by Section 179(2) of the Constitution as amended, there was no clause that gave room for inconclusiveness.� “The Returning Officer, up till now, has not told us why (we should have a) re-run in each of the polling units.

The Electoral Act is very clear on reasons for re-run or inconclusiveness. “Where there is violence or malfunctioning card reader machine, what is expected is to record zero vote in such polling unit(s). “If INEC did not do the needful, I will approach the court to test the viability of the Commission’s technicality.�

Mr Tambuwal argued that votes have been cast and he was clearly ahead with the highest number of votes in more than two-thirds areas of the state.

He said INEC needs to declare the result.

Leaders Upset Buhari Won’t Interfere in Conduct of Extra Election

INEC: WE DIDN’T REQUEST FOR MILITARY DEPLOYMENT IN COLLATION CENTRES obtained the highest number of legitimate votes obtained with the usage of the card reader.

Reacting to the planned supplementary election in Kano, APC said the opposition PDP was engaging in self-deceit and had been deluding itself on its nonexistent electoral chance in Nasarawa Local Government Area of the state.

"Considering what happened in the inconclusive election widely characterized

by PDP vote buying and voter intimidation, relevant agencies must ensure that such anti-democratic practice is not repeated," it said.

As for the supplementary poll in Bauchi State, APC said it was opposed to INEC's decision on the governorship election results from Tafawa Balewa Local Government Area in Bauchi State, as signed and announced by the electoral body's Okoye.

The party alleged that there was a close relationship between Okoye, who chaired the fact-finding committee and Yakubu Dogara of the PDP, adding that it had rendered him inappropriate for the fact-finding exercise on Bauchi State.

It said that INEC has failed to adhere to the fundamental principle of fair-hearing by not inviting its agents during the hearing to ascertain the circumstances leading to the cancellation of the Tafawa Balewa Local Government election result.

"INEC's decision is illegal as the electoral body has contravened the provisions of the Electoral Act 2010 as amended," APC said.

PDP Insists INEC’s Verdicts Proper, Asks Tambuwal be Declared Sokoto Gov-elect

But in a swift response yesterday, the PDP reiterated that INEC’s position on Bauchi, Adamawa and Rivers States were proper and also asked the commission to proceed to declare Governor Aminu Tambuwal as the governor-elect of Sokoto State.

According to the party, it is ludicrous that the APC could seek to play the victim when all material facts have established that the ruling party militarised, perpetrated violence and unleashed mayhem on Nigerians in the elections.

It recalled in a statement

by Ologbondiyan last night that even the recent US States Department’s Bureau reports showed that state apparatus of power was used for intimidation and electoral violence to favour the government.

It noted that in Kano, the people known to be incorruptible and had always detested leaders who were corrupt and incompetent, adding they have always elected governors that were acceptable to the ordinary people.

It stressed that the corruption and incompetence of the Governor Ganduje administration was, therefore, distasteful to the people and that was why they had collectively rejected the APC and rallied with the PDP, adding that all the shenanigans by the APC and compromised INEC officials in Kano would be unachievable.

The party spokesperson said that Rivers State had been an impregnable home of the PDP since 1999, stressing that the results of all the elections held in the state, including the state House of Assembly showed that the PDP was in control of

the state.

He described APC as a vicious interloper in the state, which it said had been perpetrating violence and killings as a means to subvert and truncate the electoral process since it had no candidate in the election.

It said it was clear the people of Benue State preferred it, adding that it was in a clear lead with 81,000 votes.

"In Bauchi, the PDP has already been elected and this reality cannot be altered by the APC. INEC had already established that the APC compromised its official to declare Tafawa Balewa LGA as inconclusive and had restored the votes that were stolen by the APC. It is imperative for APC to accept the fact that its bunch of broom has become famished,� the PDP said.

"In Sokoto, the people have given us the mandate. The constitution provides for simple majority of votes.

The declared results show that our candidate clearly won and that is why our candidate has been mandated to go to the court to seek interpretation of the section of the constitution that deals with the declaration of results�, it said, adding that INEC should do the needful by declaring its candidate, Tambuwal as governor-elect.

PDP’s comment on Sokoto was part of the pressure on INEC to declare Tambuwal as governor-elect of the state as there were indications at the weekend that the tension in the seat of the Caliphate might worsen if the incumbent governor who was enjoying a clear lead in the poll is denied victory.

A top politician from Sokoto who spoke on condition of anonymity told THISDAY that tension was building up in the state

over fears of plans to stop Tambuwal for another term in office.

He said though the governor appeared to be the popular choice of his people as shown in the collated results of the guber poll, the power brokers of the APC were bent on taking the state, which they consider strategic to the party’s future political plans.

He said: “The powers that be should declare Tambuwal as the authentic winner of the March 9 governorship election in Sokoto State.

The collated result showed that he won the election by the simple majority which is what the constitution provides. They should not set the seat of the Caliphate on fire.

The PDP had expressed fears of a plan by the ruling party and INEC to repeat what happened in the Osun governorship election where the PDP lost to the APC under controversial circumstances.

A video recording between the INEC Admin Secretary in Sokoto and a collation officer, which trended over the weekend further escalated fears of interference in the coming supplementary election.

The video which was in Hausa but translated to English showed an exchange between the INEC Admin Secretary in Sokoto and the collation officer, which suggested attempts to skew the election in favour of APC. In the results declared

by INEC, Tambuwal was leading his closest rival, Mr. Ahmed Aliyu of the APC, with a margin of 3,413 votes.

Speaking on the development at a press conference, the governor had observed there was no cause for the election to be declared inconclusive.

Presidency:

APC

Meanwhile, the presidency last night said members of the APC had been upset by the refusal of President Muhammadu Buhari to yield to their pressure to interfere in the forthcoming supplementary polls in favour of the APC. According to the presidency, while party men had been criticising Buhari for declining to interfere in the scheduled polls, the PDP on the other hand, had been bashing the president over its belief that the president was planning to interfere in the polls.

Since the elections were declared inconclusive, some APC governors including those affected by the development had been visiting the Presidential Villa to hold secret talks over the polls with both the President and Vice-President Yemi Osinbajo.

But Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement at the weekend said Buhari had come under criticism from party men over his refusal to accede to their requests.

The presidential spokesman who argued that Buhari had sworn to protect the constitution of the Federal Republic of Nigeria, described the criticism of the president over what he described as his refusal to abuse his powers as ridiculous and unacceptable.

It therefore warned against inciting citizens to violence through polarising statements as the supplementary polls draw near, pointing out that INEC had the sole responsibility to handle the entire electoral process.

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MONDAY MARCH 18, 2019 ˾ T H I S D AY

NEWS

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

Lawan, Gbajabiamila May Emerge APC’s Choice for Senate Presidency, House Speaker Segun James As the ninth National Assembly begins to take shape with the Independent National Electoral Commission (INEC) making returns in over 95 per cent of the country’s senatorial districts and federal constituencies, the lobby for the leadership of the federal legislature has become more intense, THISDAY has learnt.

Understandable, the battle has been within the All Progressives Congress (APC) that has majority of members in both chambers of the National Assembly, and intent on avoiding its mistake that led to leadership crisis in the eight National Assembly, the party hierarchy is said to be putting its heads together to select its choice of candidates for leadership

positions in the federal legislature.

Several meetings, according to THISDAY sources, have been held in the nation’s capital city of Abuja to get the APC hierarchy to zero in on trusted legislators it feels would make the job of President Muhammadu Buhari, who now has a second term of four years, easier.

Already many aspirants have shown up with the North having a larger quantum than the South, raising fears that with its numerical strength it might take most of the leadership positions.

In the prevailing eight assembly, both the Senate President and the Speaker of the House of Representatives are from the North in spite of the fact that the president is from the geo-political divide

10 Students Killed, Scores Wounded in Imo Cult War Peter Uzoho Ten students have so far been mulled down and several others severely wounded in the raging cult war rocking the Federal Polytechnic, Nekede, in Imo State.

The killings carried out by rival cult groups on vengeance mission, have been going on unchecked for one week.

Victims were either shot or clubbed to death before being decapitated by the dare-devil cultists.

It was reliably gathered that the clash between two rival cult gangs, the Ayes and Baggers confraternities had lasted over two weeks Residents of the host community who have been witnessing broad-day massacre, have all fled their homes for fear of being attacked.

Meanwhile, academic activities have grounded to a halt in the polytechnic, while students have all deserted their hostels.

The school authorities had placed a restriction on movement in and out of the school after 6 p.m.

According to one of the students who didn’t want his name mentioned: “We are under attack by cultists.

Please help us to inform the police because our lives are in danger.

“Since ten days now there is serious cult clash between two disagreeing cult groups. They said it is a supremacy war. No fewer than ten persons have been shot dead.

The visibly scared student added: “Since I gained admission into this polytechnic I have never seen it this bad. The gunshots are frightening. Please don’t

mention my name”.

An indigene of one of the host communities who does not also want his name in print, said since the deadly cult clash started they have been locking themselves inside their houses.

According to the middle aged man: “here in Umudibia Nekede we are sleeping with our eyes wide opened. There is this boy they killed around our neighbourhood few days ago.

“The boys are members of different cult groups are on a rampage. Please inform security agencies to come to our rescue immediately.”

Meanwhile, a detachment of police from the state Police Command had been deployed to the polytechnic and other troubled areas, while several arre s t s h a ve been made.

The Police Public Relations Officer, Orlando Ikeokwu, confirmed that some suspects, including those with arms, have been arrested.

Ikeokwu said that the operation ,which led to the arrest of the suspects was carried out by the Anti-Cult Department of the command.

Rector of the polytechnic, Martin Aligbe, in a telephone chat, said: “We have not confirmed any of the victims to be our student. The cult clashes are happening in the villages, it is not happening in our campus.

“But our concern is that our students live in the villages where these clashes are taking place.

We have equally reached out to the police.”

of the country.

The situation, said APC party watchers, arose largely as a result of the failure of its leaders to act promptly in allotting the positions to the various zones.

That, explained an analyst, was also due to the fact that the party’s constitution, unlike the main opposition Peoples Democratic Party’s (PDP), does not recognise zoning of political offices even when its leaders apply the principle in practice.

“Our leaders are determined to correct this and are working on it,” a senior official of the APC told THISDAY yesterday, saying the growing consensus is that the Senate president should come from the North, while the Speaker of the House of Representatives should emerge from the South.

Accordingly, he said, the growing plan is to allot the position of deputy president of the Senate to the South, while the deputy speaker

post would move up North.

According to the reliable source, the thinking of the party leadership is that the since the president is from the North-west, the Senate presidency should go to the North-east. The deputy Senate presidency, he added, is being contemplated for either the South-east or the South-south.

The source explained that the South-west is being tipped for the Speakership, while the North-central might get the deputy speaker slot.

Although the presidency had said last week that Buhari would not interfere with the choice of the leadership of the federal legislature, the source said that is improbable as the president’s handlers have told him that the source of the hostility towards him by the current National Assembly was because he was not firm during the choice of its leadership.

“I think this time around, he is conscious of the need to make input and work for the emergence of the leadership of the legislature.”

Multiple presidency sources told THISDAY at the weekend that presidential foot soldiers have gone to work, using trusted newly elected legislators to identify and push its preferred candidates.

He hinted that for the position of Senate president, the current Leader of the Senate, Senator Ahmed Lawan, was being tipped and might emerge as the preferred candidate of the party. He said the Leader of the House, Mr. Femi Gbajabiamila, is also looking good as the party’s preferred candidate for the slot.

According to the sources, the main argument for the choice of the duo is their ranking status. Both have been in the National Assembly since 1999.

“Both of them having held leadership positions in the assembly and having demonstrated loyalty to the party, are found to be more suitable if the party is to avoid the stress of the last three and a half years plus,” an impeccable party source told THISDAY. However, other legislator with strong links to the party leadership’s ambition is said to be threatening the zoning formulae. Mention is made of Senator Oluremi Tinubu, wife of the party’s National Leader, Senator Bola Tinubu, whose ambition to become the deputy president of the Senate might truncate the calculation of the party to yield the speakership to the South-west.

“The South-west cannot pick up both positions,” a source said, adding that this is a real problem given the influence of the Tinubu in the party.

REVIEWING PERFORMANCE SCORECARD…

L-R: Group Company Secretary, Transnational Corporation of Nigeria Plc (Transcorp) Plc, Ms. Helen Iwuchukwu; Chairman, Mr. Tony Elumelu; and President/CEO, Mr. Valentine Ozigbo, at the 13th Annual General Meeting of the company held in Transcorp Hilton Hotel, Abuja…weekend

Gbenga Daniel Set to Join APC A former Governor of Ogun State and Director General of Atiku Abubakar Campaign Organisation, Gbenga Daniel, has joined the All Progressives Congress (APC), saying his political supporters have pleaded with him to lead them to the ruling party.

The alleged plea came barely 24 hours after Daniel announced his resignation from partisan politics, even as hundreds of his political supporters have called upon him to rescind the decision.

The supporters cut across all the local governments in Ogun State.

Daniel had announced his intention to retire from partisan politics in a letter to the National Chairman of the

Peoples Democratic Party (PDP), Uche Secondus.

Daniel’s supporters, who converged on his Asoludero residence in Sagamu GRA, held a stormy meeting with him yesterday, during which they urged him to lead them to the APC, instead of abandoning them in what they called ‘political wilderness.’

Daniel’s loyalists anchored their demands on the fact that they had worked with him towards the emergence of the Ogun State Governor-elect, Dapo Abiodun, of the APC. The ex-governor had convened a stakeholders’ meeting of his loyalists under the aegis of OGD Political Family to formally address them and announce his exit from partisan

politics.

But hundreds of members of his OGD political family in the state who thronged the venue of the meeting expressed their displeasure with his retirement.

Some of those who spoke at the meeting included a former chairman of Ogun/Osun River Basin, Iyabo Apampa; former Director-General of Ladi Adebutu Campaign Organisation, Waliu Taiwo; a former Special Assistant to Daniel on Youths, Ifekayode Akinbode; and senatorial candidate of the Peoples Democratic Party, Jelili Amusan, among others.

Akinbode led other members of the OGD Political Family to prostrate for Daniel, while women held his legs, pleading

passionately that he should lead them to APC. Amusan also led members in a voice vote, where they all resolved to collectively join APC. Speaking with journalists shortly after the meeting, Daniel said, “Basically, they said I could resign from PDP. “They said I must lead them to APC and they also said I could not retire from politics.

That is the summary of what I heard.”

When asked what his next line of action was, the ex-governor said, “Now, we have to take a look at it.”

When asked if he was ready to go to APC, Daniel said, “What else can I say?

My people have spoken.”

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T H I S D AY Ëž Ëœ ÍŻÍśËœ Ͱ͎ͯ͡

COMMENT

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

BOOST FOR LAGOS’INFORMAL SECTOR

Tayo Ogunbiyi writes that state is investing more in the sector for growth and productivity

E

conomists and experts have defined the informal sector as “the part of an economy that is neither taxed nor monitored by any form of government, the activities of the informal sector are not included in the Gross National Product (GNP) and Gross Domestic Product (GDP) of a country. They are the workers who are self-employed, people who earn a living through self- employment, in most cases they are not on payrolls, and thus are not taxed. This sector may be invisible, irregular, parallel, non-structured, backyard, underground, subterranean, unobserved or residual�.

According to statistics, the informal economy accounts for about 15% of employment in developed countries such as the United States. In sub-Saharan Africa, it is 72%, if agricultural employment is included it is beyond 90%. In other words the informal sector accounts for a higher percentage of employment in developing countries, which means that the sector is a crucial tool in employment generation. It contributes to the general economy in many developing world. The informal economy is an important source of livelihood for individual, families and communities. It is also a powerful tool in the fight against poverty.

In Nigeria, informal economic activities encompass a wide range of small scale, largely self-employed activities most of which are traditional occupations and methods of production.

They include the hair maker, barbers, shoe makers, artisans, domestic workers, traditional birth attendant, vulcanizer, thrift collectors, market women, and so forth.

The informal sector constitutes over 40% of Nigeria’s economy and is estimated to grow more. Research shows that the growth of the informal sector may be attributed to changing social or economic environment. In Nigeria, for instance the high rate of unemployment and economic recession account for the increased growth of the informal sector as a lot of white collar workers were relieved of their jobs and in the bid to survive many are becoming self-employed. It is no doubt that the informal sector is a veritable tool for wealth creation, employment, grass root mobilization, growth and development.

Determined to build an inclusive, progressive government and vibrant economy the Lagos State Government is engaging the informal sector productively as it informs, enlightens and educates and thus challenging the sector to be relevant and effective stakeholders in the state. The government was able to do this through the state Ministry of Information and Strategy which organized public enlightenment programmes for artisans, market women, traders, and the likes. The ministry engages them through their various association on a daily bases in order to key them into the state government policies and

THE INFORMAL SECTOR ACCOUNTS FOR A HIGHER PERCENTAGE OF EMPLOYMENT IN DEVELOPING COUNTRIES, WHICH MEANS THAT THE SECTOR IS A CRUCIAL TOOL IN EMPLOYMENT GENERATION

programmes. As such, they become aware of government policies and activities and are not left behind in the scheme of things. It is important to note that these policies cannot be effective without the co-operation of the informal sector which is the major target of these policies.

Many informal workers do their business in unprotected and unsecured places, without formal contract, formal protection, workers benefit or social protection but that is fast changing, as governments continue to invest in the sector for growth, productivity and regulation. For instance the Lagos State Ministry of Wealth Creation and Employment hosted the Stakeholders forum for Tradesmen and Artisans in the state.

The target of the interactive forum was to stimulate greater interaction with the leadership and operators in the sector at various levels and also afford the state government the opportunity to identify problems bedeviling the sector, problems such as obsolesce of equipment and skills of artisans, lack of access to institutional finance and lack of institutionalized welfare/ Pensions scheme.

Identification and registration of artisans was done by the Ministry of Wealth Creation and Employment and about 250 trade associations have been identified in the state till date, in addition over 80 trades associations have also been registered by the ministry. The ministry also provided means of identification for registered artisans in Lagos State.

Through the Lagos State Ministry of Commerce, Industry and Cooperatives, the government has also been able to render social services to artisans through their associations.

This has exposed them to formal and informal trainings that have helped in upgrading their service. Artisans and tradesmen are also regularly trained to enhance their operations and provide competitive advantage.

As the center of commerce and business hob of Africa, Lagos State has taken critical steps to encourage growth in the informal sector. It also has policies that promote growth of small and medium scale enterprises. The state government is equally creating an enabling environment for businesses to thrive while also making registration of businesses less cumbersome though the ease of doing business initiative.

The objective of all this is to attract more investment and encourage businesses that are not registered to come forward and improve government regulation of the sector for optimal growth and economic sustenance.

At a time when the federal government is making efforts to reduce over reliance on oil, rejuvenating the informal sector and, indeed, other sectors of the economy remains an enthralling option. This is the path that Lagos is toeing.

Ogunbiyi is of the Ministry of Information & Strategy, Alausa, Ikeja

RIVERS OF‘FAKE’SOLDIERS The will of the people should be allowed to prevail, writes Emmanuel Onwubiko

F

or a long time to come, the last governorship poll in the country will be rated as the worst in terms of organizational poverty and in the role of security forces during elections.

Perhaps the governorship poll has contributed in a very significant way to create spectacular public image fiasco and long lasting damage to the Nigerian Army, much more than the ongoing counterterrorism campaigns in the North East of Nigeria.

At no time in the history of Nigeria, with the exception of the three-year civil war of the late 60’s, has the corporate image of the army been this muddied and abused.

The Nigerian Army Is however stridently making claims that fake soldiers were behind this trend of outright criminal hijack of electoral materials. The army has also blamed politicians for these cases of violence during the polls.

The direct cause of these cocktails of fiasco for the army are related to the alleged political interferences in the governorship elections in some parts of Nigeria currently controlled by the leading opposition Peoples Democratic Party in the oil rich Niger Delta region such as Rivers, Bayelsa and Akwa Ibom States.

However, the alleged ignominious role of the army has received worldwide bashing with specific reference to what some armed operatives did in Rivers State which resulted in the suspension of the governorship election. The British government has pointedly accused the army of interference.

The Coalition of United Political Parties descended heavily on the army, describing the alleged military interference in the governorship and House of Assembly elections in Rivers State in unprintable words.

The coalition’s national spokesman, Imo Ugochinyere, described the soldiers’ action as an assault on democratic institutions.�

He said, “We hereby raise the alarm loud enough for all lovers of democracy to hear that an electoral war is looming in states like Rivers over the desperate moves by to announce fake governorship election results in favour of an unknown and non-existence party called AAC‌This is an assault on democratic institutions in the country and should be resisted and condemned by all lovers of democracy within and outside the country.â€?

The Independent National Electoral Commission has also accused the Nigerian Army and the Nigerian Air Force of allowing its personnel to take over its office in Rivers State. However, INEC has lately exonerated the Air Force but had yet to withdraw the accusation against the army. It said the operatives of the two services were preventing those legitimately authorized to be in its office from gaining access. INEC’s head of department of voter education and publicity in Rivers State, Edwin Enabo said, “The INEC office is under siege by men in army uniforms, uniforms of the Air Force and police who have taken over. They are stopping and screening people.

They are clearing results before they enter the office to the extent that up till

now no collation has been done. We don’t understand where the people are deployed from. We are not accusing the Nigerian Army or the Nigerian Air Force, but we say the people right now in the office are wearing uniforms of Army and Air Force.

If they are not from them, we are calling on them to come and rectify the situation and allow our officers to enter with their results without molestation and harassment.�

The Inter-Party Advisory Council (IPAC), Rivers State, had also called on the National Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, to disregard the call by some All Progressives Congress (APC)sponsored governorship candidates for the transfer of the State Resident Electoral Commissioner (REC), Mr. Obo Effanga and the administrative secretary of INEC. State Chairman of IPAC, Precious Baridoo, speaking on the heels of the suspension of Rivers governorship and House of Assembly elections, and the call by AAC for the immediate removal of Effanga, said the call by a few governorship candidates was aimed at creating an ugly atmosphere to rig the last election.

The IPAC, which represents 86 registered political parties and 54 governorship candidates in the state, berated the glaring interference of the Nigerian Army in the recent elections, insisting that from the outcome of the result collated, the PDP candidate, Nyesom Wike was leading.

He stated: “We also strongly condemn the criminal use of the Nigerian Army to

abduct electoral officers and snatch alreadycollated results for the purpose of rigging the governorship election in favour of the APC supported candidate. We condemn the military for disrupting the collation process for the governorship election in Rivers State.

We call on President Muhammadu Buhari to take immediate steps to punish all the military personnel involved in this coup against democracy. “We commend the Rivers State governor, Nyesom Wike, for his peaceful and calm disposition, despite the provocative actions of the APC and the military in the face of the fact that Rivers people overwhelmingly voted for him,� Baridoo stated.

The PDP had also flayed what it called a subversive act by soldiers, and called on all lovers of democracy, to unite against this brazen attack on our democracy. In a statement issued by the PDP National Publicity Secretary, Kola Ologbondiyan, the party said, “Nigerians watched in bewilderment as soldiers, in the company of APC thugs, invaded polling units in Rivers State, unleashed violence on voters, disrupted polling processes and hauled away electoral materials, just because the APC is not in the ballot, following its self-inflicted exclusion from the election.�

The onus is on the army to clear their name. It is good that an investigation is ongoing. The will of the Rivers State people must be sacrosanct. Let no federal institution be used to thwart the will of voters.

Comrade Onwubiko is heads Human Rights Writers Association of Nigeria

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T H I S D AY MONDAY, MARCH 18, 2019

EDITORIAL Nigeria’s Latest Eiti Ranking NEITI should keep up the good work

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he board of the Extractive Industries Transparency Initiative (EITI) recently adjudged Nigeria to have achieved Satisfactory Progress, the highest rating in the implementation of all the requirements of the 2016 EITI Standard. This positive news about our country and the increasing openness of its most strategic, and still opaque, sector is commendable. However, this rare recognition should lead to more, not less, transparency and accountability in the Nigerian oil and gas sector.

All EITI-implementing countries go through a process of validation every three years. This is a quality assurance mechanism designed to ensure that the implementing countries stay on track in their commitment to transparency in a sector prone to opacity while those found wanting are given an opportunity to improve or be suspended or delisted. The validation process includes review of EITI audit reports, documentation of processes, and stakeholders’ consultations. After being appraised against 33 requirements, the countries IN THE EITI VALIDATION, are ranked in terms of NIGERIA AND NORWAY progress made in four ways: No Progress, ARE PLACED AS Inadequate Progress, EQUALS: THEY Meaningful Progress, ARE TWO OF THE and Satisfactory SEVEN COUNTRIES Progress.

TO HAVE ACHIEVED In this particular SATISFACTORY instance, Nigeria was PROGRESS OUT OF THE assessed against 30 requirements. It 33 EITI COUNTRIES achieved Satisfactory Progress in 28 requirements and achieved “Beyond” in two.

While Beyond is used to assess individual requirements to acknowledge areas in which implementing countries go beyond the requirements, it is not used for the overall assessment.

Nigeria’s overall ranking by EITI has pleasantly surprised many and is significant for a number of reasons. One, this is a country that constantly ranks low in most transparency and governance indexes such as the ones by Transparency International, the Mo Ibrahim Foundation and the Natural

Resources Governance Institute (NRGI). Two, Nigeria is usually seen as the opposite of Norway in terms of transparency and management of extractive resources. But in the EITI validation, Nigeria and Norway are placed as equals: they are two of the seven countries to have achieved Satisfactory Progress out of the 33 EITI countries that have gone through validation so far. And three, a country mostly mentioned in the negative in global circles is seen not just to be doing something right but also to have something to teach others.

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

he Chairman of EITI, Fredrik Reinfeldt, a former Prime Minister of Sweden, made this third point well. He said: “Nigeria’s implementation of the EITI Standard remains in many respects a model for implementing countries globally.” This is thus a significant moment for Nigeria and for President Muhammadu Buhari under whose watch this happened, and to all Nigerians.

Worthy of particular commendation is the Nigeria Extractive Industries Transparency Initiative (NEITI), the national body that coordinates the implementation of EITI in the country.

The contributions of other government agencies, companies, and civil society groups involved in the EITI process in the country are also worthy of praise.

For those familiar with Nigeria’s leadership and pathbreaking role in EITI, this ranking would not have come as a big surprise. Since voluntarily signing on to the initiative in 2003 and commencing implementation in 2004, Nigeria has always gone beyond the minimum and has always raised the bar in the EITI community. This should continue.

Nigeria also needs to learn from and catch up with others in enthroning transparency in contracts and beneficial ownership. It is also important not to buy into the fiction that this rating means that Nigeria’s extractive sector is now squeaky clean. No, it is not. There is still a world of things to be done to improve the transparency, efficiency and accountability of the Nigerian National Petroleum Corporation (NNPC), and the overall management of the sector. NEITI itself needs more political, operational and enforcement supports from the government so that it can do more for the country.

Above all, NEITI reports need to be taken more seriously by various stakeholders that should also endeavour to implement its recommendations.

TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor

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SOUTHEAST AND LEADERSHIP OF NATIONAL ASSEMBLY

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uilding a cohesive society starts with delivering justice to all and protecting the interest of not just a few, but all in the composite unit. Justice is the adhesive which cements the foundations of attuned societies. And it is the scaffold on which national balance rests. Mauritius is a poly-ethnic island country in Africa. The nation is a congruence of different peoples of Indian, African, European and Chinese descent. But this tiny country is the most advanced democracy on the continent. It has been able to manage the disparate interests by maintaining a balance of power in its parliamentary system of government.

In 2016, the Economist Intelligence Unit described Mauritius as a full democracy. It has also been projected to be the first developed country in the third world.

Nigeria cannot exit the jungle, if it does not put the piece to the puzzle of political justice. It will always take one step forward and five steps backwards.

Nigeria is like a locomotive operated by different drivers who take turns at the engine, and when one driver makes effort to get it moving, another one tries to sabotage him. This cycle is repeated as the drivers take turns. How can such a country move forward?

The attempt to scheme out the south-east in the politics of the national assembly leadership should be interrogated by every Nigerian who truly holds this country dear. In 2015, the south-east had no representation in the leadership of all the arms of government. This was rationalised at the time with a bogus claim, “the zone did not produce any ranking senator or member of the house of representatives on the platform of the APC”.

And in 2019, the same game is at play. Ahmed Lawan has been singled out to be the president of the senate and Femi Gbajabiamila “anointed” to be the speaker of the house of representatives. If this crystallises, with Buhari and

Osinbajo as heads of the executive; Lawan and Gbajabiamila as leaders of the legislature and Ibrahim Tanko as the head of the judiciary, the entire government will be in the hands of two groups in a multi-ethnic country.

Really, it will be dangerous for national coagulation to allow this imbalance.

The refrain that there is no “ranking APC senator” from the south-east is a moot point. This is not entirely true. Besides, there are senators from the southeast elected on the platform of the APC. The rules of “ranking” can be circumvented for the sake of national balance and cohesion. I believe achieving political balance and fostering unity is more important than any rule which only favour a few.

We must protect our unity. Imagine if it was the other way around. Imagine if it was the southwest or the north that is facing this obvious political marooning. Repeating a bad precedent and rationalising it with political niceties will only deepen recriminations and provide ammunition for future generations to trade hate. Every day young people on social media trade hate over what Azikiwe and Awolowo did and did not do in the 1960s and 70s.

Both men have been blamed for being the fount of Nigeria’s political challenges - depending on the divide.

While the Igbo blame Awolowo for introducing ethnic politics into the system, the Yoruba blame them as well for the same reason.

Today, our political leaders and particularly a certain godfather, for selfish reasons, are introducing “maroon politics” into the system, creating minefields for future ethnic wars and bashing by their actions.

How bleak is the future of our unity?

Righting the wrongs of yesterday and avoiding the pitfalls of tomorrow begin with doing justice to all and making compromises where necessary.

Fredrick Nwabufo, fredricknwabufo@yahoo.com

THE UNJUST WILL INHERIT INJUSTICE

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f you don’t like something you will continuously oppose it. But if you don’t like something and you also refuse to oppose it as you gradually begin to be assimilated by it, you will also begin to lose your dislike for it.

Because I hate injustice, I know that to keep quiet is to begin to be assimilated by injustice.

As a result I begin to accommodate certain level of injustice to the extent that over time I will fully become one of the unjust people in the society.

People do injustice not because they prefer injustice to justice. It is because as selfish and greedy people they cannot afford to be on the side of justice.

This is especially having done their profit and loss rationalization. But what they have failed to also take into consideration is that as the saying goes “he who laughs last laughs best,” or that “the patient dog eats the fattest bone.”

In other words, accumulation of injustices will eventually lead the unjust becoming victim of injustice, while accumulation of justice is like sowing a seed and the harvest is bound to be enormous. No one harvests what he did not sow.

Basil Odilim Enwegbara,basil_enwegbara@yahoo. com

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

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

A Gaping Sore Point Nseobong Okon-Ekong writes that the role of the military in the electoral process remains a gaping sore point

Military rolled out for duty

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t is not completely right to claim that the Nigerian military has been apolitical, owing to the circumstances that the country found itself at independence; the military was not able to divorce itself completely from governance.

Therefore, when the first civilian government was sacked through a military coup, barely six years after, it was the fulfilment of a prophecy by many. A couple of military interventions in the governance of Nigeria followed before the birth of this current democratic experiment, known as the Fourth Republic, which is 20 years on. With exception of a few states, National elections have, largely, been concluded across the country.

However, one of the gaping sore points of the recent national elections was the role of the military in the electoral process. Ordinarily, it is widely believed that the Nigerian Armed Forces have no role whatsoever in the conduct of elections in the country.

Mr. Femi Falana, a Senior Advocate of Nigeria has argued that the maintenance of internal security, including law and order during elections, were exclusive responsibilities of the Nigeria Police. Citing Section 215 of the 1999, he said it was erroneous for INEC to insist that only the military could guarantee security during elections. “Once INEC has discharged its constitutional duty of fixing election dates, the onus is on the Police to provide security and maintain law and order,� Mr. Falana said. “Since election is not a military duty, the police force is at liberty to collaborate with other law enforcement agencies like the Nigeria Customs Service, Nigerian Civil Defence Corps, and Nigerian Prisons Service, etc.�

Mr. Falana accused former President Olusegun Obasanjo of dragging the military into the conduct of elections when he illegally deployed troops to manipulate the

2003 general elections.

However, he said the courts have consistently advised the Federal Government to desist from involving the Armed Forces in the conduct of elections.

Citing the Appeal Court ruling in Yussuf versus Obasanjo, 2005, 18 NWLR (PT956), 96, he quoted the court to have said, “It is up to the police to protect our nascent democracy and not the military, otherwise the democracy might be wittingly or unwittingly militarized.

This is not what the citizenry bargained for in wrestling power from the military in 1999.

Conscious step or steps should be taken to civilianize the polity to ensure the survival and sustenance of democracy.�

In another ruling in the case between Buhari and Obasanjo, 2005, 1 WRN 1 at 200, the court again held that “In spite of the non-tolerant nature and behavior of our political class in this country, we should by all means try to keep armed personnel

of whatever status or nature from being part and parcel of our election process. The civilian authorities should be left to conduct and carry out fully the electoral processes at all levels.�

In upholding the judgment of the lower court, the Supreme Court in Buhari v Obasanjo, 2005, 50 WRN 1 at 313, held that the State is obligated to ensure “citizens who are sovereign can exercise their franchise freely, unmolested and undisturbed.�

Mr. Falana also cited two recent rulings by the Federal High Court and the Appeal Court that barred the government from deploying troops for election duties.

He cited the ruling on the Ekiti governorship election where the Appeal Court held that even the President of Nigeria has no powers to call on the Nigerian Armed Forces and to unleash them on peaceful citizens, who are exercising their franchise.

However, the argument for the deployment

‘Army Will Support INEC, Police for Successful Elections’ There has been sustained threat by the Nigerian Army to deal ruthlessly with any of its personnel involved in electoral malpractice. For instance, during a visit to the Nigerian Army Corps of Signals in Lagos, Chief of Army Sta (COAS), Lt. Gen. Tukur Buratai issued a similar caution. Though soldiers have brazenly outed these warning, there have been no known consequence “All officers and soldiers must remain apolitical and exhibit exceptional professionalism in the forthcoming tasks. You must report any unwholesome activities up the chain of command once it is beyond your powers of command. The full weight of the Armed Forces Act will be visited on any personnel found culpable of committing any electoral malpractice.â€?

Buratai said that the Nigerian

Army would continue to provide military aid to civilian authorities to guarantee security of the nation and “will support the Independent Electoral Commission, the Nigeria Police and other security agencies in conducting successful elections.’’ “This is a further validation of my vision of providing the necessary resources and infrastructure to motivate Nigerian Army personnel in the discharge of their professional

duties. “As you are aware, the Nigerian Army and indeed the nation are beset by a plethora of security challenges that have tasked our resources, ingenuity and resilience. Despite these, the welfare of troops remains priority in all my considerations and actions. My conviction is that a well-motivated force, even with scare resources, can vanquish any external or internal foe.�

Buratai

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MONDAY DISCOURSE

Yakubu

Falana

Adamu

of soldiers to assist in keeping the peace during the period leading to; and on election day is that INEC does not have the numerical strength to carry out the task require of it.

For the 2019 elections, INEC insured one million ad hoc staff and electoral officials who would participate in the forthcoming general elections. The chairman of INEC, Prof. Mahmoud Yakubu, said, “The sheer number of Nigerians that we require to prosecute elections means we cannot rely only on our staff. The commission has a staff strength of a little over 16,000 and on elections day, we would require the services of over a million Nigerians. We draw most of our ad hoc staff from the National Youth Service Corps, so we insured the corpers and other election duty staff and we would continue to do so.�

As the Nigerian Army personnel continue to be increasingly engaged in various internal security operations across the country, elections day duty have been added to this list.

According the army authorities,“95 per cent of Nigerian Army troops were engaged in security duties during the general elections.

Out of this, almost 40 per cent are in the North East.�

Nigeria is credited with 181,000 total military personnel, 172, 400,000 available manpower, those fit for service stood at 40, 710,000, citizens reaching military age stands at 3, 456,000. Out of the total military personnel, 124, 000 are active while 57,000 are reserved. There have been calls from some quarters that only military personnel who are on the reserved list should be engaged in elections day duties.

Twice, in the course of the current political dispensation, former military rulers were voted into office as civilian presidents. This

distinction is held by President Muhammadu Buhari and former President Olusegun Obasanjo. The involvement of military personnel in the electoral process became pronounced during the tenure of Obasanjo, particularly leading to his second tenure in 2003 when he allegedly ‘captured’ the South-west states.

But stakeholders in the Nigerian polity have never stopped raising the alarm on the dangers of dragging the military into politics. The Peoples Democratic Party (PDP) spokesperson, Mr. Kola Ologbodiyan, has, at different times, cautioned the Chief of Army Staff, Lt. Gen. Tukur Buratai, to refrain from acts that will suggest the military is not apolitical. The party said President Buhari’s order for the army to participate in the electoral process is an aberration of Nigerian laws and a recipe for crisis. “Gen. Buratai is counseled to note that the loyalty of the military is to the state and that the Ppesident lacks the powers, under our laws, to deploy soldiers for the conduct of elections. “Our party urges Gen Buratai to concentrate on his very demanding assignment of protecting the territorial integrity of our nation and ending insurgency rather than dabbling into partisan politics at the risk of our national cohesion.� The PDP further counseled President Buhari and Gen. Buratai, to end their rationalizing of military option, stressing that the courts have previously ruled that soldiers are not needed to guarantee peaceful elections. “It may interest President Buhari to know that the judgment was sequel to a suit filed by the APC Leader in the House of Representatives, Femi Gbajabiamila, seeking a declaration that deployment of soldiers during elections is illegal and unconstitutional. “In case,

President Buhari is not aware, as usual, the court directly held that “the Armed Forces have no role in elections� and if soldiers must vote, they must do so in their barracks. “The PDP therefore cautions President Buhari not to allow his desperation to push him to corrupt the patriotism of our military and use them against innocent Nigerians, whose only demand is for a free, fair and credible election.�

Reacting to the situation in Rivers States, the Executive Director, We the People, Ken Henshaw described it as a charade because the Nigerian Army has already taken a position by claiming that those who disrupted collation were thugs in military uniform.

Henshaw, who was an observer during the elections in the state said the army decided to set up the committee following the damning indictment slammed on it by INEC for the unprofessional role its personnel played. “Nothing will come out of this because the Nigerian Army has taken a position in this matter already by claiming that thugs in military uniform disrupted the election.

So, they mean thugs drove fake tanks, fake armoured personnel carriers and were armed with AK47 all over the state, yet nobody was arrested?�

His position for thorough investigation was supported by a retired director of State Security Service, Dr. Toyin Akanle who has expressed serious concern about the composition of the committee saying the army should have considered other segments of the society in the composition of the committee. He said, “They military needs to get to the root of this issue, if not, before they know it, the confidence of the people in the military would be completely eroded. This is because for the people to see people in

military uniforms snatching ballot boxes and intimidating even INEC officials, it is not the best and I don’t want to believe that they are members of the armed forces, but if they are, it is very unfortunate.�

After the 2015 elections, 38 senior officers were retired for alleged election interference in the elections. In 2019, just four years after, it looks like history is about to repeat itself.

In another incident, the PDP, in Warri North Local Government Area of Delta State has accused men of the Nigerian Army, 19 Battalion, of complicity in the governorship and Houses of Assembly elections in the state.

A chieftain of the party in Koko, Chief Attie Okorodudu, yesterday, said: “We have it on good authority that the Army is guilty of carrying out electoral fraud in parts of Delta State, precisely Warri North and Sapele councils. “They claimed to have escorted electoral materials, but unfortunately the materials being escorted by the Army did not get to their destinations, yet results emerged from such areas.� He condemned the actions of the Army during the polls, alleging that its personnel presided over electoral fraud perpetrated in some parts of Warri North and Sapele councils.

Media reports indicate that more than 50 people could have been killed in different elections day incidents. While this report is mainly concerned about those who met their untimely death as a result of the involvement of the military in the elections, there is still no clarity on where to lay the blame, until the reports of the different investigations are presented and made public. What is not in doubt, however, is that deaths were reported in Rivers, Kogi, Bayelsa, Akwa Ibom, Borno, Delta, Kano and Oyo states.

‘Security Agencies Let INEC Down’ Independent National Electoral Commission (INEC) National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, has condemned the manner of interference of security personnel in the recent national elections. His statement may have addressed the situation in Rivers State, but this reects what is happening in most parts of the country “Collation centres were invaded by some soldiers and armed gangs resulting in the intimidation and unlawful arrest of election officials thereby disrupting the collation process. Consequent upon the foregoing, the commission expresses its displeasure with the role played by some soldiers and armed gangs in Rivers State disrupting the collation process and attempting to subvert the will of the people; and will engage the security agencies at

QUICK FACTS: r5IF SPMF PG UIF NJMJUBSZ JO UIF electoral process is one of the gaping sore points in the recent national elections r*U JT XJEFMZ CFMJFWFE UIBU UIF Nigerian Armed Forces have no

national level and the Inter-Agency Consultative Committee at the State level to demand neutrality and professionalism of security personnel in order to secure a peaceful environment for the completion of the elections. The leadership of the commission, based on the broad observation of election monitors, is not particularly comfortable. The commission did all that was expected of it in terms of preparing for that elections. Unfortunately, those who

still cannot wean themselves off this mentality of violence during elections wreaked havoc. Security agencies, in the observation of election monitors, let the commission down.

Some observers are of the view that, penultimate Saturday’s elections in some states did not meet the irreducible minimum standards expected.

The commission will engage with key stakeholders in Rivers State with a view to ensuring a smooth and peaceful completion of the process.

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cal strength to carry out the task require of it, the commission has about 16000 staff r'PS UIF FMFDUJPOT */&$ engaged 1,000,000 adhoc staff r QFS DFOU PG /JHFSJBO "SNZ troops were engaged in security duties during the national elections.

Okoye

Out of this, almost 40 per cent were in the North East r "GUFS UIF FMFDUJPOT TFnior officers were retired for alleged election interference in the elections r"O VOTQFDJGJFE OVNCFS PG persons met their untimely death during the national elections

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FEATURES

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

Taking Stock of Itafaji Building Collapse Chiemelie Ezeobi and Sunday Ehigiator who for three days covered the rescue operations at the collapsed three-storey building in Lagos, write that poor crowd control management, lack of willpower on part of government and lackadaisical attitude of landlords of the structurallydefective houses are to be blamed for the disaster

Lagos State Governor, Akinwunmi Ambode and GM LASEMA, Mr. Adesina Tiamiyu at the scene

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hat do you tell a mother who had just lost her 10-year-old son? How do you remain stoic as a man who lost his brilliant six-year-old son breaks down? How do you assuage the guilt of a couple who scrapped to gather their children’s school fees only for them to end up dead in school? How do you look the families that recorded 20 casualties in the face and assure them that all will be well?

An impossible task you might say but these were the burning questions while talking to the bereaved parents of the school pupils and other families who died last week Wednesday, March 13, after a three-storey residential building located at Itafaji caved in and buried both the residents and some pupils of the primary school located at the pent house.

Almost a week after, the shock is yet to wear off for the affected families, expectedly so. They keep hoping against hope that they will wake up from the nightmare. That was not to be so, as the government on Friday released the bodies of the 20 fatalities to the bereaved families, while medical practitioners battle against time to save those who are still fighting for their lives in the hospital.

The Collapse When the sun rose that fateful day, the residents of Itafaji prepared for the day with no inkling of the impending danger at hand. As usual, they sent their kids to school while they went about their daily business. But that day, the outcome of that decision had a different ending; death, pains and tears unending.

By 10.am, disaster struck. The target was a three-storey residential building with a school; Ohen Primary School on its pent house. THISDAY checks had revealed that the school occupied the third floor while tenants occupied the second floor and block of shops made sales on the ground floor.

Prior to the disaster, some of the pupils were outside observing their Physical Exercises (PE) in batches, while others were in the class waiting for their turn.

Suddenly, without giving any sign, the building caved in, burying both the pupils upstairs and

the residents who were in their respective homes.

Thankfully, the first responders at the scene who immediately rallied round initially rescued some of the pupils and rushed them to the General Hospital, Marina. The first day of the rescue operations, nine were confirmed dead and about 30 persons rescued. The second day which saw the rescue team reach ground zero, the death rate rose to 14 and the survivors at 40. However, present figures by the ministry of health put the fatality rate at 20. The rate was on the high side because the building had over 20 rooms and had about eight persons living in a room.

After confusion about the casualty and fatality rate, the state ministry of health were on Friday finally able to harmonise the figures. According to the Commissioner for Health, Dr. Jide Idris, 20 corpses were brought to Lagos state mortuaries from the site, while 45 survivors were received and were managed by government Health facilities, notably Lagos Island General Hospital, Massey Street Children Hospital, Onikan Health Centre., Gbagada General Hospital, LASUTH, National Orthopedic Hospital, Igbobi and LUTH. He said that as at Friday morning, 14 persons (10 children and four adults) are still receiving medical attention at Lagos Island General Hospital for various levels of injury. According to the Medical Director of Lagos Island General hospital, Dr Ismail Ganikale, more survivors will still be discharged from this hospital to their families.

Causative Factors Preliminary investigation at the time of the collapse has pointed out some issues like old foundation, weak structure and a terrain that is prone to collapse.

But a thorough investigation afterwards had revealed that the cause of the collapse could be traced to the ongoing construction of a drainage around the old building, which they had just recently dug round the building few days ago and might have likely weakened the foundation.

Checks also revealed that the collapsed building wasn’t the only with weak foundations and structurally deficit structures. A lot of houses had been marked by the Lagos State Building Control Agency (LASBCA), but they never got around to demolishing those marked until the

incident happened.

Poor Crowd Control Management According to Wikipedia’s definition of crowd control, “it is the act of controlling in order to prevent the outbreak of disorder.� But for the umpteenth time, disasters of this magnitude again highlighted the nation’s poor crowd control management, which is a crucial factor in any emergency. With each disaster, the underbelly of poor control management keeps being exposed.

And with each disaster, a clarion call keeps being made about ensuring crash courses and enlightenment campaigns for security personnel’s in handling large crowds. At the last count, many have carelessly lost their lives through poor crowd control in Nigeria.

It was no different at Itafaji. The crowd were triple of the emergency teams on ground. From every nook and cranny they trooped to the site, thus hampering rescue operation. For each person rescued, another died because of the lack of air.

All in the guise of trying to help, they posed more danger to the victims.

Emergency services had to resort to pumping oxygen into the cracks to sustain those trapped.

But did that send a message to the crowd to thin out? Certainly not, rather they kept swelling in their ranks. Some were there to while others swirled to make away with whatever loot they could lay their hands on. Some simply pickpocketed rescue workers and others in the crowd.

Therefore, such incidents question the role of emergency management agencies in managing such situations, because in cases of disaster, crowd management must take into account all the elements of planning, organising, directing and evaluating. Thus, experts posit that for such to work, considerable emphasis, they noted, should be placed on continuous sensitisation campaigns.

The Bereaved For Abdul-Fatai Ayo-Ola, who lost his sixyear-old son, Abdul-Fawas Ayola, the pain is like a gaping wound. His decision to send him to the school was because of its sound educational system. Ayo-Ola did not just loose his son, he also lost three of his nephews in one fell swoop.

The pain he felt when his son was brought out

dead will forever be etched in his heart.

Ayo-Ola is not alone in his pains, there are tons of others who suffered similar loss. Iya Idris, was one of such people. Her son Maleek Soetan Akanbi died in the collapsed building. Her loss is more painful given that her son would have been safe if she didn’t send him back to school when he came home twice during the day.

More pathetic was the fact that he died on his 10th birthday. When Maleek woke up happy on that fateful day with all hopes to clock his 10th birthday, he had no inkling that death was around the corner.

Lamenting she said: “My son Maleek clocked 10 on the day of the incident. Few days before his birthday, he told me that he wants to give his teacher a gift on his birthday and also his classmates in school. And I assured him I will give him all he wants to take to school when the day comes. When he first went to school that morning, he forgot the things I had bought for his birthday and what he was supposed to take to his teacher in school, so he returned back home for it. “After taking that to school, he came back home again for the second time to pick another thing. I don’t know what it was but I cautioned him to return to school as soon as he is done.

After a while that I noticed that he didn’t return home again, I left for shop in Idumota. I opened my store for business with the mindset that he was already in school. Then I got a call that his school had collapsed to the ground. That was when I immediately picked a bike to the school from my shop. “On getting there, I met the situation on ground and those in charge of the ambulance told me to go and check for my son at the Marina General Hospital. So I went there with other parents with hopes that as they bringing them, we would see our children alive. I saw some injured on the head and those with broken limbs that they used oxygen on to enable them breath. But when they brought my son, it was his corpse they brought together with corpses of children between ages one and two; those in the creche. “My heart is heavy. He started the school from creche and was supposed to finish primary school in few months time. He was in primary six. The government has done me bad. Bad in

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FEATURES the sense that when he was rescued out of the wreck alive, he was still breathing. But as at when they placed Maleek in the ambulance, there was no oxygen. They just left him in the ambulance without attending to him. He was still breathing. The government has done me bad and I hand them over to God. He died in the ambulance as they were moving him to the hospital.�

Maria Adeyemo is the mother of the twins, Taiwo and Kehinde, who were both victims of the collapse. While the eldest of the twin-a boy-died in the hospital from injuries sustained, the youngest is still fighting for her life in the intensive care unit. Having lived in the building for just two years, they saw no indication that the building would collapse anytime soon.

She said, “we were blessed with twins-Taiwo and Kehinde Adeyemo and both attended the school located on the third floor of the building. Unfortunately, they were both involved in the accident and even though they were both rescued, we lost Taiwo shortly after. We burried him yesterday, while Kehinde is still receiving treatment at the hospital.�

Also recounting their ordeal when the news filtered in she said: “Both their father (Sunday Adeyemo) and I had both left for work. I have a shop at Idumota and that’s where I was when the phonecall came in that our house had collapsed.

I got there and two of them were rescued alive. I was so happy until one of them died. They were just seven years. Their father is so devastated.

He has just been taken to one of his friends place so to change his clothes which he has had on since yesterday.�

Local responders

Blame Game While the government was quick to blame the residents of the area for preventing the demolition of marked buildings in the area, which resulted to the collapse, the affected families beg to differ.

Governor Akinwumni Ambode, who visited the site on the day of the collapse, said most of the buildings were previously marked for demolition but the team met stiff resistance from the residents.

He said: “Most of the buildings in the area had been marked for demolition, but some property owners in the area defy such notices. Going forward, structural defective buildings would be demolished. The first observation is that this is an old building. The building is not technically a school, it is a residential building that was actually accommodating an illegal school so to speak on the second floor. “Like we have said, we have been carrying out a lot of integrity tests on the buildings in this neighborhood and as you can see, some of them have been marked for demolition but we get resistance from landlords. But we must continue to save lives and we would intensify our efforts to see that those have failed our integrity test, we would ensure that they are quickly evacuated and we bring the structures down.�

Ambode had also said that a full scale investigation would be carried out immediately rescue operations are concluded, vowing that those found culpable would be severely dealt with in accordance with the relevant laws.

In response to the government’s accusations, Ayo-Ola had this to say: “This is a big tragedy in Lagos Island but the main blame is on government because the school is very sound academically.

Let’s forget about the government tagging it as an illegal school of the environment it was located in. They are very okay, academically.�

Debunking claims that the affected building had been marked thrice for demolition he said: “I can show you the picture of the building, it wasn’t marked at all. It was painted. Except it was marked before the building was renovated because my son just spent two years in the school, but I wasn’t aware before I took my son there.�

Another area he faulted the government agencies that carried out rescue operations was the lack of adequate oxygen to go round the trapped children.

He said: “I must note here that most of the rescue team came without oxygen; which is very very bad. This is part of the reason why I blamed the government. They should have realised that based on the fact that most of the victims are children, they won’t have much strength as an adult and would need oxygen to aid their survival at the point of rescue before they get to hospital.�

The teeming crowd at the scene of the building collapse, which hampered rescue operations Fashola, there used to be machine that they place on houses to test their fitness and if the houses isn’t safe, it is immediately demolished. But it all stopped during Ambode’s time. Ambode stopped it. And instead what they do now is just come and mark any house without testing it and force the owners to settle them with bribe. “And even when they genuinely mark an unsafe house, the owner goes and settle them with money and they give him permission for renovation. This is bad. Government must look into this before we all die in this area. We tenants are innocent but we suffer the brunt most because the landlords don’t live in the house but collect rent as high as N500,000 for a room self-contain here in Lagos Island. Now my son is dead and I blame his death on government.

As you saw when Ambode came here, they threw pure water at him and didn’t want to see him. This is because the people are angry with what they are doing to us here. Now my son is no more.�

Adeyemo also debunked claims that their building was marked for demolition and they refused to move. According to her, “we had no idea because the house was just renovated when we moved in. The landlord and agents never mentioned to us anything of such.�

Medicine After Death Damning Allegations Iya Idris on her own part made some grievous allegations about the said marked buildings. She alleged that the agency in charge just arbitrarily marked buildings without conducting any tests.

She said: “In the days of Governor Babatunde

While many were quick to lay blame on the footsteps of the developer for poor workmanship and the landlord of the building who allegedly ignored the evacuation order, LASBCA’s culpability cannot be ignored, having marked the building for demolition but failed to do it.

Lending his voice to the call for the demolition of structurally deficit buildings, the National Leader of All Progressives Congress (APC), Bola Tinubu, had also urged the Lagos State Government to fast-track the demolition. Tinubu who said the children who died in Wednesday’s building collapse on Lagos Island did not deserve to die the way they did, described the incident as tragic.

In a condolence message made available by his Media Adviser, Mr Tunde Rahman, the chairman commiserated with the families of the victims, praying that God would comfort them and grant repose of the souls of the young ones.

Tinubu said, “If after the collapsed building had been found to be weak and marked for demolition and everybody had done what was required of them, perhaps this terrible incident would have been averted. On its part, the government must fast-track demolition arrangements once a building is discovered to be weak and deserving of being pulled down to save lives.�

Thus last Friday, two days after the collapse occurred, LASBCA finally did the needful, a move many have termed medicine after death. But the agency would rather shift the blame. According to them, they had already secured approval to demolish over 80 cases of defective buildings in Lagos Island alone prior to the collapse.

THISDAY had earlier quoted LASBCA acting General Manager, Mr. Omotayo Fakolujo, who said that they are going to remove the 80 buildings in phases and systematically so that life will be comfortable for Lagosians. Thus on Friday, they mowed down three structures in Lagos Island at Smith street, Massy, and Palm Jot.

As for other ones that are still occupied, Fakolujo said that they are going to evict the occupants of those structures because their lives are more important, adding that the Lagos Island, they have marked over 150 buildings for demolition.

He said: “We have removed over 30 in the last one year. Scientifically, these buildings must be subjected to test through Lagos State Materials Testing and it agencies and that is how we identify them so that we sure that nobody is malicious about bringing down these structures. “In the past three years, you can see that no structure had gone down in Lagos, because of Materials Testing that is doing its due diligence and LASBCA’s certification department is also building with them, but for these old structures we need to do foundation probing for over 70 per cent of these old structures that are over 75 years old to ensure that they are still structurally sound.�

He said their demolition action was not prompted by the collapse of the school building at Ita-Faji area of Lagos Island. “We have started with over 30 removed in the last one year. We just secured the clearance from the court because most of the prolonged marking that we are not bringing structures down in Lagos is not that we don’t have the will to do it but what we are trying to avoid is litigation from the court.

The lessons in this recent disaster is inherent and that is the fact that the government needs to be proactive instead of reactive. The delay in demolishing already marked structurally deficit houses came at a great cost; 20 lives including school pupils whose quest for learning led to their end.

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T H I S D AY Ëž Ëœ ÍŻÍśËœ 2019

BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

A S

A T

REPO 11.67% 11.17%

CALL 1-MONTH 3-MONTH

12.50% 13.25% ͯ͹˛͜͜Ϲ

M A R C H S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

1 5 , ͹͜͹˛;͹Ϲ 0.20% 0.46%

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

2 0 1 9 S & P INDEX 1/4 TO DATE YEAR TO DATE

7.49% 7.49%

EXCHANGE RATE N306.95/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Afreximbank Boss for ‘The Bullion’ Lecture

The President of the African Export-Import Bank (Afreximbank), Cairo, Egypt, Prof. Benedict Oramah, will deliverThe Bullion Lecture 2019.

The event will hold on Tuesday, March 26, 2019, at the Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

Oramah, who is also Chairman, Board of Directors, Afreximbank, currently serves on the Practitioner Advisory Board of the Institute forTrade and Innovation of Oenburg University, Gengenbach, Germany.

He is also a member of the Emerging Markets Advisory Council of the Institute of International Finance, and an Executive Committee Member of the Factors Chain International. Professor Oramah eqaully serves on the Editorial Board of the Journal of African Trade.

Oramah will be speaking on ‘Leveraging The African Intercontinental Free Trade Agreement for Nigeria’s Economic Development.’ “The Bullion Lecture, a platform conceptualised by the Centre for Financial Journalism (CFJ Nigeria) for lively discourse on national and international issues, is always delivered by ďŹ rst-rate academics or professional,â€? a statement from the organisers explained.

According to the Founder/Chief Executive OďŹƒcer of CFJ Nigeria, Ray Echebiri, the lecture would be chaired by the President/Chairman of Council, Chartered Institute of Bankers of Nigeria, Dr. Uche Olowu; while the Minister of Finance, Mrs. Zainab Ahmed, will be the Special Guest of Honour. Other discussants include the Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf andVice President, Government and Corporate Aairs, Olam Nigeria, Mr. Ade Adefeko. “Expected guests at the lecture include government oďŹƒcials, captains ofindustry,bankingindustryexecutives,membersofthediplomaticcorps, representatives of multilateral institutions, senior media executives and other journalists, and members of the public,â€? the statement.

MAKING BUSINESS CONDUCIVE

L- R: CEO, Convention on Business Integrity, Mr. Soji Apampa; Senior Special Assistant to the President on Industry, Trade & Investment, Dr. Jumoke Oduwole; Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf and Executive Director, Enough is Enough Nigeria, Yemi Adamolekun, at the launch of the REPORTGOVMobile App in Lagos‌recently ETOP UKUTT

SurveyShowsRisingInvestorOptimism Sunday Ehigiator KPMG, one of the biggest professional services firms has revealed that investors are still willing to invest in Nigeria despite various economic setbacks experienced in the country in the last 365 days.

The firm disclosed this in the second edition of its annual investors experience survey on doing business in Nigeria.

Commenting on the survey findings, the Partner and Africa Head, Deal Advisory and Private Equity at KPMG Nigeria, Dapo Okubadejo, disclosed that the survey was necessary to find out the degree of attractiveness of the Nigerian market to investors annually, and recommend areas to be improved upon to further encourage investors in Nigeria.

The survey sampled 50 top

ECONOMY business executives cut across both foreign and local investors in Nigeria.

From the 50, 40 per cent and 26 per cent of them were strategic and financial investors respectively, and the remaining 34 per cent were local investors.

While strategic investors were said to be those players who invest on behalf of companies and also manage the company, the financial investors are the ones who only use their money for investments. “A crucial factor that is expected to enhance deal flow is the improving macroeconomic situation. Around three-quarters of Nigeria’s exports comprise crude oil, making the country one of the biggest losers following the price crash in 2014. “Market softness in the final quarter of 2018 notwithstand-

ing, the oil price has staged a marked recovery over the last two years, meaning greater revenue for oil producers like Nigeria and, with it, a return of confidence. “Indeed, an impressive 80 per cent of our survey sample expects deal activity to increase over the next year and more than three-quarters of respondents said they were more likely to invest in Nigeria as a result of their previous M&A experience in the country; almost half suggest that they are now significantly more likely to invest in Nigeria. “As income rise and Nigerians significantly access banking services, there are likely to be two notable sectors that benefit - consumer goods and financial services. “Supporting this, we see that one out of every three

deal (33%) in 2017 and 2018 were in the consumer sector versus 21 per cent in 2015 and 2016 combined. Domestic demand is on the rise and acquirers increasingly recognise the potential of entering and consolidating the Nigerian market via M&A. “Notwithstanding, the country is not without its challenges. Lower reporting standards can prove to be an obstacle for some acquirers, as many private businesses in Nigeria are not subject to full-scale financial audits,�

Okubadejo explained.

Continuing, Okubadejo noted that, “This is our second edition of carrying out this research work. The first span through the year 2016/2017 while this we are launching today covers Continued on page 24

Aviation Experts Call for Fly Nigeria Act Chinedu Eze Industry experts have called on the federal government to introduce the Fly Nigeria Act as a policy to support local airlines.

This, they noted would make it compulsory that anyone travelling on government expense must fly the local airline or its partners.

The experts under the aegis of Aviation Safety Round Table Initiative (ASRTI), made their position known in a communiquĂŠ issued at the weekend

AVIATION after the first 2019 quarterly breakfast meeting held in Lagos.

The industry think tank body noted that Nigerian airlines and the industry as whole do not benefit from the many foreign airlines that airlift passengers out of the country and repatriate over 75 per cent of their revenues, noting that if the Fly Nigeria Act was introduced, foreign carriers would partner with local airlines in code-share and other arrangements and

the indigenous carriers would earn some revenue from the partnership. “There is need to sign the Fly-Nigeria-Act legislation to help protect the Nigeria travel market for both local airlines and travel agents,� the experts said.

Also in the communiquĂŠ, ASRTIT urged the Nigerian Civil Aviation Authority (NCAA) as the regulatory agency for air travel business in Nigeria, to go beyond licencing of travel agents and take steps to address the challenges that

have in recent years caused a decline in air bookings and performance of travel agencies in the country. “Government through the NCAA has to create an enabling environment for the growth of travel agents in Nigeria. “The local content law in Nigeria needs to be applied fully in regulatory operations of travel agents so as to preserve the sector for benefits of Nigerian citizens,� it explained.

The body noted that the

Huawei to Host Entrepreneurs

In a bid to improve business growth in Nigeria, Huawei will host a business-connect for entrepreneurs onTuesday, March 19, 2019 in Lagos.

AccordingtoastatementsignedbytheManagingDirector,HuaweiNigeria Enterprise Group, Mr. Tank Li, the Huawei Nigeria Eco-Connect 2019 would enable business owners to learn how to grow their businesses using the Information and Communications Technology.

The statement read, “Accelerating digitalisation is deepening the convergence of physical and digital worlds. New ICT represents not only new technologies and platforms, but also a new ecosystem, making it a cornerstone of industrial digitalisation. “Huawei is a leading global ICT infrastructure provider. In line with our open, cooperative, and win-win principles, Huawei has teamed up with its partners and developers to explore the road to digital transformation and create business success for customers by maximising Huawei’s robust ICT capabilities.� Li said that the summit would also enable business owners to express their concerns. “We will be showing you how Huawei solutions will improve your business results.Together with our partners, Huawei will demonstrate IP, IT, Cloud Communication Solutions and more. “We welcome the opportunity to exchange ideas and work together to further develop a new, healthy and sustainable ICT ecosystem,� he said.

The Huawei managing director said, “We would be delighted to have you present at the summit to listen to your concerns and challenges as well as to share with you our visions and trends.

US Firm Appoints Obayagbona CEO

American chemical company, Dow Chemical (Dow), has indicated its intention to expand its operations into the West African region through Nigeria, with the appointment of a Nigerian, Mr. Edosa Obayagbona, to drive the new expansion. The company which is the second largest chemical manufacturer in the world by revenue worth $62 billion, to this end, has announced that Obayagbona, would now head its operations as the Managing Director forWest African region. According to a statement, Dow stated that it would build on its success in Nigeria over the last six years to expand into the region, and would expect Obayagbona, to lead the organisation through the next level of growth in the region.

It explained that West Africa was key to its African growth ambition which was anchored on the strong economic potential; increasing regional economic integration; government-led drive for diversiďŹ cation; high access to mobile technology and a young, entrepreneurial demographic.

“The business environment in Nigeria in the first six months would be dominated by the political environment with its inherent apprehension, uncertainty and short-term mindset in business considerations. Thus, the banking sector will face two halves of the year with different operating business environments�

President, RIMAN, Continued on page 24

Magnus Nnoka

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24

BUSINESSWORLD SURVEY SHOWS RISING INVESTOR OPTIMISM

the year 2017/2018. “As usual, it is important to learn about the experiences of investors annually so to know how to better encourage some improvements in our market and policies so they can remain confident in our market and improve on their investments. “Our research, conducted in association with Mergermarket, attempts to take the pulse of buyers in their approach to this sometimes complex but rewarding market.�

Sharing more insights on the survey findings, the Partner, Deal Advisory KPMG, Ijeoma Emezie-Ezigbo, revealed that Nigeria’s consumer industry was showing signs of a robust recovery.

According to her, “on a short term basis, this is being driven by the country’s continued emergence from a recession that began in 2016, the direct result of the oil price slump. “And financial services have been named the second most attractive sector for Nigerian M&A over the next five years with 40 per cent of respondents citing this as producing attractive investment opportunities. “Our survey also reveals that respondents are optimistic that M&A will increase over the next two years,� she added.

AVIATION EXPERTS CALL FOR FLY NIGERIA ACT

stakeholders in air travel business (airlines, NCAA, FAAN and NANTA) needed to frequently share data information to avoid conflicting figures in industry data, which impede planning. “All travel agents in Nigeria should make deliberate efforts to register with the NCAA to attract favourable regulatory benefits and protection from external exploitation. “The NCAA as sole regulator of air travel business in Nigeria, has a duty to approach IATA with the country’s expectations in terms of standards that should be applied in the Nigerian environment, regarding travel agency business so as to protect its own,� the experts said.

NEWS

‘How Naira Depreciation Hurts Aviation Industry’ Chinedu Eze The Chief Executive Officer of Nigeria’s major carrier, Mediew Airline, Alhaji Muneer Bankole, has called for policies that would ensure that the exchange rate stability achieved in the country is sustained.

According to him, naira depreciation would force airlines out of business and may hurt the industry.

Bankole, said the currency depreciation recorded in 2016 when the country suffered severe shortage in foreign exchange led to the current stagnation in the industry and also forced some airlines out of business.

He said that the reasons for this was because almost everything about airline business is imported apart from personnel, “so huge amount of foreign exchange is needed to run airline business.�

Bankole, therefore urged the Central Bank of Nigeria to continue to develop policies that would forex scarcity in the country.

Speaking at the weekend, during the 2019 Quarterly Business Meeting (BBM), organised by the Aviation Safety Round Table Initiative (ASRTI) in Lagos, Bankole, warned that any rise in the exchange rate again, would negatively affect the fortune of the airline sub-sector in the

country.

He stated that for instance, forex scarcity led to the depletion in the fleet of Nigerian carriers, as maintenance cost increased, while spare parts became astronautically high.

So he advised government to introduce policies that would ensure exchange rate stability,

noting that with this, more businesses, including industries locally would spring up and provide jobs for the teeming population. “As you are aware that before this administration came into being, the naira was N150 to a dollar and that was the target of everything we were doing,

including leasing of aircraft and others, but, suddenly, it went to N500 and more. “Then, a lot of challenges came in and you still have to pay your money back in the same value of the currency of which you took before. “We are praying now that the exchange rate should go down

and not increase as predicted by some people. This will create better life for Nigerians. What government should do today is to bring it back to the minimal level by which we can grow our economy. “It should go back to N250 or maximum N280. This can be done gradually�, he said.

SEALED DEAL

L-R: Temenos Services Director, Middle East and Africa, Michael Halbig; Chairman, Vista Bank Group Gambia, Simon Tiemtore and General Manager, Sales / Strategy, Inlaks, Kingsley Oseghala, at the signing ceremony of Temenos T24 Core Banking Implementation, held in Serrekunda, Gambia... recently

Air Peace to Operate Direct Flights to India Chinedu Eze There are indications that Nigeria’s biggest airline, Air Peace may begin direct flights to India from Lagos.

This was made known by the Indian High Commissioner to Nigeria, Abhay Thakur, who disclosed that the domestic carrier had been approved by the federal government to operate direct flights to India under the Bilateral Air Service Agreement (BASA) signed with the Asian nation in January.

Thakur, said Air Peace was chosen when the BASA was signed between the two

countries, aimed at liberalising commercial services between Nigeria and India. Both countries have been engaged in bilateral trade since the 1960s.

In the principle of reciprocity two airlines may be designated, each from one country and the two under the commercial agreement would endorse the number of frequencies the airlines would operate to one another’s country.

BASA agreements allow the designated airlines of the two contracting countries to operate commercial flights that cover the transport of passengers and cargoes between the countries.

The High Commissioner said, “We had the bilateral air services agreement that was signed in January, we already have the approvals accorded to Air Peace by the government of Nigeria and the approvals by the government of India are currently in the process and we hope we can start direct flights sooner than later. “We have the approval that has been accorded to Air Peace for two flights to Mumbai every week and we hope to move forward on this front hopefully in 2019 itself. This is one of the targets we are working towards and subject to all necessary

approvals, we should be able to move forward on this front.�

He said India was open to any arrangement, but was eager to see direct flight between the two countries. “We are open to any kind of arrangement; we will be open to all possibilities,� he said.

The envoy stressed that the agreement was coming at a time when India was set to further uplift and take forward its cooperation with Africa and Nigeria in particular. “I would say we are already late, direct flights are overdue.

India is the second largest country in the world and Nigeria is

the largest economy and largest country in Africa. There is no reason why our people should not be traveling, meeting more frequently,� the envoy said. India is said to be one of Nigeria’s largest trading partners, with bilateral trade between both countries at nearly $12 billion and Indian companies investing in projects worth $10 billion.

THISDAY learnt that Air Peace is ready for the direct flight to India, noting that as businesses increase between the two countries there is the need for a direct flight, which would benefit both nations in various ways.

Labour Leader Lauds Recent Ban on Forex for Textiles Importers Hammed Shittu in Ilorin

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor ((Energy) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

A former deputy president of Nigeria Labour Congress(NLC) and the General Secretary, National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), Mr. Issa Aremu, has lauded the Central Bank of Nigeria’s (CBN) recent decision to ban the sale of forex to importers of textiles into the country.

The Central Bank of Nigeria at its meeting recently with stakeholders in the Cotton, Textile, Garment value chain in Abuja, had listed all forms of textile materials among items prohibited from foreign exchange in the official windows.

The CBN had also promised a financial intervention to textile manufacturers with

the provision of funds at “single-digit rate, to refit, retool and upgrade their factories to enable them produce high quality textile materials for the local and export market.�

However, speaking with journalists in Ilorin, Kwara state capital, Aremu who was also the Labour Party Governorship Candidate in the state during the just concluded governorship elections observed that more than ever, the CBN has commendably financed development in Nigeria under the leadership of Mr. Godwin Emefiele.

He cited the Anchor Borrower’s Programme (ABP) for rice producers, saying it has improved rice sufficiency in the country.

He observed that smuggling and wholesale importation

of textiles contributed to the closure of many textile industries in the past.

He equated smuggling to what he called “economic terrorism� adding that the new initiative of the CBN governor, would boost local production, create jobs and lessen pressure on forex if fully implemented.

The union leader commended the creativity of CBN on the forex restrictions on some goods that can be produced at home including textiles.

Aremu commended the CBN for all the creative measures to stimulate domestic production, put a stop to factory closures and create new jobs.

He pointed out further that,�as a developing economy Nigeria needs creative monetary policies and development financing that could boost

industrialisation.�

He called on the federal government to complement the development financing of the CBN through fiscal, industrial and labour market policies to reinvent Nigerian economy and ensure sustainable decent jobs for the youths.

It will be recalled that in the 70’s and early 80’s, Nigeria was home to Africa’s largest textile industry, with over 180 textile mills in operations, which employed close to over 450,000 people.

Then, the textile industry was the largest employer of labour after the public sector, contributing over 25 per cent of the workforce in the manufacturing sector.

The industry was supported by the production of cotton by 600,000 local

farmers across 30 of Nigeria’s 36 states.

The sector supported the clothing needs of the Nigerian populace, local markets were filled with locally produced textiles from companies such as United Textiles in Kaduna, Supertex Limited, Afprint, International Textile Industry (I.T.I), Texlon, Aba Textiles, Asaba Textile Mills Ltd, Enpee and Aswani Mills amongst several others.

In recent times, many of the textile employers have had to lay off employees while most of the factories mentioned have all stopped operations, leaving only 25 textile factories in operation presently- and operating below 20 per cent of their production capacities with total workforce of less than 20,000 people.

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BUSINESSWORLD

MARKET REPORT

Stock Market Sheds N292bn on Bearish Sentiments Goddy Egene Bearish sentiments ruled the stock market last week despite positive earnings released by some listed companies. The market had appreciated the previous week as political risks abate while some investors took position ahead of expected positive corporate earnings.

Although some results were released, profit taking and sell pressures persisted four out of the five trading days. Consequently, the gains of the previous were eroded leading to the Nigerian Stock Exchange (NSE) All-Share Index shedding 2.4 per cent to be at 31,142.72, while market capitlisation went down

by N291.5 billion to close at N11.6 trillion.

On sectoral breakdown, all sector indices, except the NSE Oil & Gas Index, which appreciated by 0.09 per cent, closed in the bears’ territory.

The NSE Banking Index recorded the highest decline of 6.13 per cent, followed by the NSE Industrial Goods Index, which fell by 1.12 per cent.

The NSE Insurance Index and NSE Consumer Index shed 0.79 per cent and 0.43 per cent respectively.

In spite of the negative performance last week, analysts at Cordros Capital Limited said: “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for a market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term.�

Daily Performance Trading activities for the week started off on a negative note last Monday with the NSE ASI dipping 0.9 per cent due to profit taking in Zenith Bank Plc, Nestle Nigeria Plc and Sterling Bank Plc. The market sustained its bearish run last Tuesday as 36 stocks, including bellwethers recorded price losses while one eight stocks appreciated. Hence, the NSE ASI dipped by 1.02 per cent to close at 31,313.36, while market capitalisation shed N120.6 billion to close at N11.7 trillion.

The bears were dominated by bellwethers such as Dangote Cement Plc, Zenith Bank Plc, Access Bank Plc, GTBank Plc and Double One Plc. However, International Breweries Plc led the losers’ table with 9.9 per cent, trailed by A.G Leventis Nigeria Plc with 8.8 per cent. Jaiz Bank Plc and Linkage Assurance Plc went down by 8.6 per cent and 7.9 per cent respectively.

On the positive side, Law Union and Rock Insurance Plc led the price gainers with 7.6 per cent, trailed

by UACN Property Development Company Plc with 7.1 per cent.

Lafarge Africa Plc garnered 4.0 per cent. The cement manufacturing firm recently succeeded in raising N89.2 billion via a rights issue.

The market rebounded on Wednesday, paring of losses of the previous sessions. As a result, the NSE ASI appreciated by 0.15 per cent to close at 31,360.28, while market capitalisation added N17.5 billion to be at N11.69 trillion.

Although the market recorded more price losers, gains by Nestle Nigeria Plc, FBN Holdings Plc and Guaranty Trust Bank Plc assisted to halt the negative performance.

Thirteen stocks appreciated while 18 depreciated. CAP Plc led the price gainers with 10 per cent, followed

by Sterling Bank Plc with 9.7 per cent, while Eterna Plc chalked up 9.0 per cent.

Consolidated Hallmark Insurance Plc closed as the fourth highest price gainer with 7.4 per cent. LASACO

Assurance Plc garnered 6.4 per cent, while Nestle Nigeria Plc, Livestock Feeds Plc and Diamond Bank Plc chalked up 4.7 per cent, 3.4 per cent and 2.8 per cent in that order.

Conversely, Regency Alliance Insurance Plc led the price losers with 7.6 per cent, trailed by African Prudential Plc, which shed 7.5 per cent. Prestige Assurance Plc and Dangote Flour Mills Plc depreciated by 7.4 per cent and 5.0 per cent respectively. Guinness Nigeria Plc and UAC of Nigeria Plc lost 3.1 per

cent and 2.5 per cent in that order.

The market returned to negative territory on as 20 stocks depreciated dominated by bellwethers, compared with nine that appreciated. Stocks such as Zenith Bank Plc, Nestle Nigeria Plc, Dangote Cement Plc, Access Bank, FBN Holdings Plc and Guaranty Trust Bank Plc. However, Learn Africa Plc led the price gainers with 9.6 per cent, trailed

by Transcorp Hotels Plc with 9.2 per cent. Law Union and Rock Insurance Plc and Eterna Plc shed 8.9 per

cent and 8.3 per cent respectively.

Other top price losers include: LASACO Assurance Plc (6.0 per cent); May & Baker Nigeria Plc (2.9 per cent); FCMB Group Plc (2.0 per cent); Jaiz Bank Plc(1.9 per cent).

On positive side, Mcnichols led the price gainers with 9.6 per cent trailed

by Dangote Flour Mills Plc with 8.4 per cent. Ikeja Hotel Plc chalked up 7.9 per cent, just as Sterling Bank Plc garnered 5.9 per cent.

Meanwhile, activity level was mixed as volume traded shed 53.1

per cent to 177 million shares while value traded appreciated by 13.2 per cent to N2.6 billion. The top traded stocks by volume were Zenith Bank (80.8 million shares), Sterling Bank Plc (16.8 million) and FCMB Group (12.1 million shares) while Zenith Bank (N1.8 billion), GTBank (N228.2 million) and Nestle (N109.4 million) were the top traded stocks by value.

In terms of sectoral performance, two of five indices tracked trended southwards while one closed flat.

The NSE Industrial Goods Index led with a decline of 0.5 per cent, trailed by the NSE Banking Index with 0.4 per cent. On the positive side, the NSE Insurance Index gained 0.5 per cent, while the NSE Oil & Gas Index appreciated by 0.1 per cent.

Market Turnover Meanwhile, investors traded 1.113 billion shares worth N13.465 billion in 15,036 deals last week compared to total of 1.290 billion shares valued at N13.873 billion that exchanged hands the previous week. However, the Financial Services Industry led the activity chart with 926.286 million shares valued at N9.696 billion traded in 9,906 deals, thus contributing 83.3 per cent and 72.01 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 73.076 million shares worth N14.664 million in 35 deals.

The third place was Consumer Goods Industry with a turnover of 36.749 million shares worth N2.562 billion in 2,301 deals.

Trading in the top three equities namely: FBN Holdings Plc, Zenith Bank Plc and Diamond Bank Plc accounted for 551.865 million shares worth N6.602 billion in 3,116 deals, contributing 49.6 per cent and 49.03 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 10,598 units of Exchange Traded Products (ETPs) valued at N1.355 million executed in five deals compared with a total of 2,971 units valued at N766,883.30 that was transacted the preceding week in seven deals A total of 201 units of Federal Government Bonds valued at N205,083.12 were traded this week in two deals compared with a total of 15,496 units valued at N15.750 million transacted two weeks ago in 12 deals.

Price Gainers and Losers In line with the bearish performance, only 18 equities appreciated in price during the week, lower than 24 in the previous week, while 45 equities depreciated in price, higher than 37 equities of the previous week. CAP Plc led with 10 per cent, followed by MCNichols Plc with 9.6 per cent, while Royal Exchange Plc chalked up 9.3 per cent. Cadbury Nigeria Plc, UACN Property Development Company Plc and Neimeth International Pharmaceuticals Plc gained 9.0 per cent, 7.1 per cent and 4.6 per cent respectively.

Other top price gainers included: Mutual Benefits Assurance Plc (4.3 per cent); NEM Insurance Plc (4.1 per cent); Consolidated Hallmark Insurance Plc and NASCON Allied Industries Plc (3.5 per cent apiece).

Conversely, African Prudential Plc led the price losers with 20.8 per cent, trailed by FCMB Group Plc with 12.7 per cent, while Zenith Bank Plc shed 11.8 per cent.

International Breweries Plc, Wema Bank Plc and Unity Bank Plc dipped by 10.9 per cent; 10.4 per cent and 10 per cent in that order.

Other top price losers were: Jaiz Bank Plc(10 per cent); Learn Africa Plc (9.6 per cent) and Transcorp Hotels Plc (9.2 per cent).

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As Inflation Fears Ease Obinna Chima writes on the need for the central bank and the federal government to continue to work towards achieving a single-digit inflation The cheering news from the National Bureau of Statistics (NBS) at the weekend, was that the Consumer Price Index (CPI), which measures inflation, further decelerated in February 2019.

Specifically, the last CPI report showed that inflation decreased to 11.31 per cent (year-on-year) in February compared to 11.37 per cent in January.

The trend was completely against market expectations as analysts had anticipated that the traditional huge political spending would elevate the CPI. However, the moderation in inflation was largely driven by the fall in the price of some food items, notably tubers, cereal, fruits and vegetables.

The latest CPI figures was the third consecutive decrease in inflation and reflected the impact of the support of the monetary policy authority to the real sector.

Clearly, high inflation distorts consumer behaviour. It can also destabilise markets by creating unnecessary shortages.

Similarly, high inflation which is not the desire of any economy redistributes the income of people and brings about weak purchasing power.

That is why the Central Bank of Nigeria (CBN) and other central banks globally, are never comfortable with this ‘evil.’ The CBN had adopted restrictive monetary policy as part of efforts to win the battle against double-digit inflation, just as it has intensified its intervention in the agricultural sector.

For instance, the Governor of the CBN, Mr. Godwin Emefiele, recently revealed that the various initiatives aimed at encouraging domestic production, had resulted in Nigeria’s monthly import bill falling significantly from $665.4 million in January 2015, to $160.4 million as of October 2018.

According to him, many entrepreneurs are now taking advantage of policies aimed at ramping local production to venture into the domestic production of the restricted items with remarkable successes and great positive impact on employment. “The dramatic decline in our import bill and the increase in domestic production of these items attest to the efficacy of this policy. “Most evident were the 97.3 percent cumulative reduction in monthly rice import bills, 99.6 percent in fish, 81.3 percent in milk, 63.7 per cent in sugar, and 60.5 percent in wheat. “We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved. “If we continue to support the growth of small holder farmers, as well as help to revive palm oil refineries, rice mills, cassava and tomato processing factories, you can only imagine the amount of wealth and jobs that will be created in the country. “These could include new set of small holders farmers that will be engaged in productive activities; new logistics companies that will transport raw materials to factories, and finished goods to the market; new storage centres that will be built to store locally produced goods; additional growth for our banks and financial institutions as they will be able to provide financial services to support these new businesses; and finally, the millions of Nigerians that will be employed in factories to support processing of goods,� he disclosed.

Also, a recent report disclosed that Nigeria has overtaken Egypt as the largest rice producer in Africa.

The Director-General, Africa Rice Center, Benin Republic, Dr Harold Roy-Macauley, who disclosed this, said Nigeria is now the largest rice producer at four million tonnes a year. Egypt was producing 4.3 tonnes annually but the country’s production had reduced by almost 40 per cent this year.

Africa produces an average of 14.6 million tonnes of rough rice annually, he explained.

The feat disclosed by Roy-Macauley was the outcome of robust collaboration between the CBN and the Federal Ministry of Agriculture, that focused on areas in the agriculture sector where the country has comparative advantage.

In addition, the central bank has left its monetary policy tools, which includes the benchmark

monetary policy rate (MPR), the cash reserve requirement (CRR) and liquidity ratio tight in line with its war against inflation.

The Ination Figures The NBS report showed that core inflation, which excludes the prices of volatile agricultural produce stood at 9.8 per cent in February, down by 0.1 per cent when compared with 9.9 per cent recorded in January. The urban inflation rate stood at 11.59 per cent (year-on-year) in February from 11.66 per cent recorded in January while the rural inflation rate increased stood at 11.05 per cent in February from 11.11 per cent in the previous month.

On month-on-month, the Headline index increased by 0.73 per cent in February, representing 0.01 per cent rate lower than the 0.74 per cent rate in January.

The encouraging thing is that non-oil Gross Domestic Product was up 2.9 per cent year-on-year in fourth quarter 2018, compared with total GDP which was up 2.38 per cent year-on-year. This non-oil growth, at 2.7 per cent year-on-year in Q4, was stronger than in Q3 2018, when it was up 2.32 per cent year-on-year, and in Q2 when it was up 2.05 per cent year-on-year

According to the NBS in its CPI report for February, the percentage change in the average composite CPI for the 12-month period ending February 2019 over the average of the CPI for the previous 12-month period was 11.56 per cent, which indicated 0.24 per cent point from 11.80 per cent recorded in January.

To the Financial Derivatives Company Limited, the moderation in inflation would be cheery news to the doves in the monetary policy committee at their meeting next week, “because, it means that some of the CBN’s policies to contain inflation can be considered to be successful.�

Commenting on its outlook for inflation, the firm stated that the commencement of the planting season in Q2 would reduce output. This in addition to the implementation of the minimum wage could mount pressure on commodity prices, thus, heightening inflationary pressures, it warned.

In their assessment of the moderation in CPI, analysts at Afrinvest West Africa Limited, noted February’s month-on-month inflation translates to an annual inflation rate of 9.1 per cent, which showed that prices are generally stable. “Indeed, inflation has taken a different turn since reaching a seven-month high of 11.4 per cent in December 2018, despite the election period which is usually associated with elevated prices. “Single-digit core inflation is a sign that prices are broadly stable, and it creates the room for monetary easing. In the absence of adjustments to prices of electricity and petrol, we expect core inflation to remain stable,� they stated in a report.

In terms of food inflation, the report noted that it has remained sticky, compared with the monthly average of 10 per cent in the five years preceding the 2016 economic recession. “This is expected as the harvest season which previously supported a moderation in food prices has given way to the planting season. “The planting season typically lasts till early June; thus, we expect food inflation to remain elevated through June 2019. “This is likely to be worsened by insecurity in the middle-belt and the rest of northern Nigeria, which remains a persistent drag to agriculture

output,� it added.

Ahead of the second meeting of the Monetary Policy Committee (MPC) of the CBN which holds next Monday, the investment firm believes that the February inflation numbers should make committee members more comfortable with monetary easing. “The political environment is relatively calm, there is more clarity on the direction of the economy and interest rate hikes have been put on hold by the central banks of advanced economies. “However, we do not foresee a reduction in the Monetary Policy Rate (MPR), which has been unchanged at 14 per cent since July 2016. “Instead, monetary easing would reflect the current stance of the CBN in the debt market, where yields have dropped by 0.4 per cent post-elections and primary auctions are now less aggressive,� it added.

But analysts at the CSL Stockbrokers Limited argued that inflation would accelerate post-electoral proceedings as the government ramps up spending. “Global food prices could also come under upward pressure due to climate change especially as 2019, according to the UN meteorological agency, is likely to be an El-Nino year. Developing countries that are dependent upon agriculture and fishing are usually most affected. In previous years, in response to poor harvest, countries banned exports of grains leading to a sharp rise in food prices.

This could pass through to consumer prices in the domestic economy and intensify inflationary pressures,� it added.

On their part, analysts at Cowry Assets Management Limited, noted that the February 2019 inflation rate was in line with most business owners’ expectations as they had expected inflation to fall in the next six months. “Meanwhile, we note the significant decline in non-oil import bills, which if sustained, would help stabilse the naira against the US dollar and further reduce imported inflation,� it added.

The foregoing therefore calls for the strengthening of the interaction between the monetary and fiscal policy authorise so as to achieve single-digit inflation as well as sustainable economic growth.

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Unlocking Potential of Nigeria Commodity Exchange Uche Uwaleke At the primary level, a commodity exchange connects buyers and sellers of physical commodities, a role that is particularly useful in enhancing market efficiency by helping to match supply and demand of commodities across time and geographic distances. In its sophisticated form, a commodity exchange, as noted by the United Nations Conference on Trade and Development, brings together buyers and sellers of commodity price risk, permitting those who wish to reduce their exposure to price movements to transfer it to those who are looking for such exposure.

Thus, it contributes to unlocking finance to the commodity sector through price risk management as well as by providing access to capital markets.

Indeed, the need for Nigeria to have a functional commodity exchange capable of attracting investors into the agriculture value chain and enhancing job creation cannot be overstressed. It will help support the non-oil sector, diversify the country’s export base and make the economy less vulnerable to external shocks. Through the provision of price transparency including better access to market, the income of farmers and their living standards will be enhanced. Agribusiness will become more attractive creating investment and employment opportunities in the commodities value chain with positive multiplier effect on the nation’s economy.

At present, only two commodity exchanges are registered by the Securities and Exchange Commission in Nigeria. Whereas the privatelyowned AFEX Commodity Exchange, registered in 2014, is running against all odds, the much older government-owned Nigeria Commodity Exchange (NCX) is still struggling to find its feat due, in part, to inadequate funding. As disclosed on its website, the NCX was originally incorporated as a Stock Exchange in June 1998 but was converted to a commodity Exchange in August 2001. The conversion was informed by ‘the need for an alternative institutional arrangement that would manage the effect of price fluctuations in the

Zainab Ahmed marketing of agricultural produce which had adversely affected the earnings of farmers following the abolishment of commodity Boards in 1986’.

The sub-optimal performance of NCX, despite its potential to transform the agriculture sector, has been blamed on several factors including the fact that the conversion from a stock exchange to commodity exchange was done without due regard to the availability of the necessary conditions.

The requisite infrastructure for physical trade including warehouses and grading laboratories is deficient. There is also the lack of supportive government policies and institutional infrastructure.

The NCX has not acquired the required traction to take off owing to weak legal and regulatory regimes especially in terms of the absence of rules that enable an efficient delivery mechanism through warehouse receipts. It goes without saying that agriculture remains poorly organized with unsophisticated small holder farmers. All these were not taken into consideration before the conversion was done. So, it was a case of putting the cart before the horse.

The experience of many European and Central Asian (ECA) countries, including some in Africa,

seems to suggest that the government should take the lead in the development of a National commodity exchange because if there is no full government buy-in, the potentials of the Exchange may never be fully unlocked. For instance, beyond the planned investment by the Nigerian Sovereign Investment Authority (NSIA) in the NCX, government contractors can be encouraged to buy minimum quantities of designated commodities from the Nigeria Commodity Exchange. In this regard, the Ethiopian model recommends itself.

In terms of trade value, the Ethiopian Commodity Exchange (ECX) can be considered as one of the success stories in Africa and this could not have been the case without government intervention.

In a 2015 study on ‘Commodity Exchanges and Market Development’ Shahidur Rashid, of the International Food Policy Research Institute, noted that ‘although the ECX was launched in 2008 with a mandate to trade cereals, it was soon realized that its trade volumes were insufficient. In late 2008, the government therefore passed a proclamation requiring all coffee and other export crops grown in Ethiopia to be exported through the ECX. At one point in late 2008, the government had to confiscate 17,000 tons of coffee from 80 exporters attempting to bypass the ECX’. As documented in the study, this measure was positive for the ECX which generated over US$1.0 billion in revenue in 2012, sufficient to defray the cost of its own operations. Similarly, Shahidur Rashid had noted that in 2012, the World Food Programme (WFP) accounted for about 60 per cent of the total trade in commodities worth about US$9.0 million traded on the Malawi’s Exchange. By implication, it is difficult to sustain the Exchange’s operations without government or donor support. Against this backdrop, the recommendations of the Technical Committee on Commodities Trading Ecosystem set up by the Nigerian SEC should be given serious consideration. In its report, the committee had recommended that ‘government should as a matter of policy, procure grains into the strategic grains reserve through the exchanges and mandate all

of its agencies such as NEMA to procure their grains through the commodity exchanges. This will ensure quality, price transparency, and foster the development of the exchanges. International agencies operating in Nigeria such as the WFP should be encouraged to buy their agricultural commodity requirements through the Exchanges’. Some other recommendations of the Technical Committee which bear noting include conducting awareness-raising campaigns among key stakeholders in target areas to improve understanding of the commodities market and encourage participation, enacting the warehouse receipt bill into law which will go a long way in ensuring that farmers have easy access to credit, bringing on board smallholder farmers through well-organized cooperatives to improve liquidity as well as encouraging investment in all the requisite supportive infrastructure such as warehouses and storage facilities by the NCX and the private sector.

To deliver in all these dimensions, it is best to regard the commodity exchange as a public-private partnership, with the public responsibility being to act as a catalyst and where necessary provide a supportive framework. This was the kernel of a 2011 working paper prepared under the FAO/World Bank Cooperative Programme titled ‘Commodity exchanges in Europe and Central Asia: a means for management of price risk’. In it, the authors demonstrated that Commodity Exchanges organized as public-private entities achieved better outcomes.

To this end, the government, through the Federal Ministry of Agriculture and Rural Development, should channel every effort, in partnership with the private sector, to unlock the potentials of the Nigeria Commodity Exchange including through putting in place adequate funding arrangements as well as jettisoning the reported plan to reintroduce marketing boards for some designated commodities.

Uwaleke of the Nasarawa State University KefďŹ , is Nigeria’s ďŹ rst Professor of Capital Market and President of the Association of Capital Market Academics of Nigeria

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Jimoh: Currency Stability Realistic in 2019 The Managing Director/Chief Executive Officer, Coronation Merchant Bank, Mr. Abubakar Jimoh, in this interview with Obinna Chima, expresses optimism that the Nigerian economy will perform better this year. Excerpts: Now that the elections are over, what are your expectations for the Nigerian economy?

The economy is growing steadily and there are some indications that growth is accelerating going into 2019. Inevitably the elections raised questions over stability, but those questions have been answered. The key sectors of the economy, namely agriculture, trade, telecoms and manufacturing were all growing in the second half of 2018. The encouraging thing is that non-oil Gross Domestic Product (GDP) was up 2.9 per cent year-on-year in fourth quarter (Q4) 2018, compared with total GDP which was up 2.38 per cent year-on-year. This non-oil growth, at 2.7 per cent year-on-year in Q4, was stronger than in Q3 2018, when it was up 2.32 per cent year-on-year, and in Q2 when it was up 2.05 per cent year-onyear. These are very small differences but they suggest a degree of robustness in the non-oil economy. By contrast, oil production and prices are inherently volatile and the oil and gas sector of GDP fell by 1.62 per cent year-on-year in Q4 2018. Going into different sectors, the biggest stand-out has been telecoms which accounted for just 10 per cent of GDP and which grew by 16.67 per cent year-on-year in Q4 2018. This came after double-digit growth rates in Q2 and Q3 2018. The growth comes from internet banking and mobile banking and we see this reflected in the growing fee & commission lines of the banks. Agriculture, which is about a quarter of GDP, continues to grow, and it grew at 2.46 per cent year-on-year in Q4 2018. Manufacturing is growing slowly, with Q4 2018 growth quite typical for this sector at 2.35 per cent year-on-year. The big question is over trade, about 15 per cent of the economy, which only grew at 1.02 per cent year-on-year in Q4 2018. The two key ingredients for trade are currency stability and domestic demand. The good news is that currency stability is a realistic prospect for 2019. Our research suggests that domestic demand is growing very slowly, but at least it is not declining.

So, what are your expectations from the capital market?

If you look at the Nigerian fixed-income market and the Nigerian equity market, they behaved differently during the elections. There was a significant inflow of foreign portfolio investment into Nigeria before and during the elections. This followed on from the decision by the US Federal Reserve, right at the end of January, not to pursue US dollar interest rises during 2019. This made naira-denominated treasury bills attractive to foreign investors and money flowed in. The equity market, after the first week of January, staged a rally up until the elections and then sold off. It was a rather short election rally. Going forward, we expect treasury bills market rates to hold steady for a while now, and then reduce during 2019, for reasons we outlined in our report titled: “Year Ahead 2019: A Year of Two Halves (published 15th January). Basically, if oil prices hold up around or above $60 per barrel, and if Nigerian inflation trends slowly down, then the underlying conditions will be ripe for lower T-bill rates later in the year. In the equity market the fundamentals of the banks are slowly improving and we believe this will be reflected in rising stock prices during the year. This may not be spectacular stock price growth but the banks are at very low valuations relative to their history and we expect investors to capitalize on this situation.

The ďŹ nancial results released so far by the bank showed that some of the banks have adopted cautious lending strategy, is that the trend we should expect going forward?

It is true that aggregate loan growth for the banks has been slow. In some ways that is not surprisingly in a low-growth economic environment. On the other hand, a number

What is the future of banking and how do you think the ďŹ ntechs are impacting on the activities of the banks?

If you take an extreme view of the situation you could say that everything that a bank does is digitisable, therefore fintech represents a fundamental threat to banks. However, this overstates the role of digital financial solutions outside of banks and also does not allow for the way in which fintech brings money and transactions to banks. For example, look at the way that internet and mobile banking increases the fees and commission of banks.

Fintech is this case is increasing the size of the pie in terms of fees and commissions and banks find that very helpful. We are at the early stage of involving telecom companies in money transfers which involves them taking customer deposits. Given that there are roughly twice as many ringing lines in Nigeria as there are bank accounts, this would be a welcome development. Extending financial inclusion this way increases the pool of money, some of which banks are going to handle. On the other hand, banks will need to promote their value-added services better than they have before, because the default mode of deposit taking and transferring funds could be challenged by Telecom and other tech companies.

Coronation Merchant Bank recently released its full year 2018 results, can you take us through some of the key drivers of its performance?

The Group continued on its path of sustainable growth within its overall risk appetite. The earning assets grew significantly by 70 per cent year-on-year to cushion the headwinds occasioned by compression of margins. Increase in foreign exchange and fixed income trading volumes saw the bank’s non-interest income grow by 46 per cent year-on-year to achieve N4.1 billion (2017: N2.8 billion). As a Group, we have continued to expand our sector reach to meet our customers’ financing needs by offering products tailor made to their various needs. The increase in customer deposit of 63 per cent year-on-year, helped to provide funding stability to grow risk assets. Risk Assets grew by 70 per cent to N54.8 billion as at December 2018.

Jimoh of factors were at work during 2018. The first was that banks were saddled with a high level of non-performing loans, a large proportion of which came from the upstream oil & gas sector.

They had either made provisions for these or, in many cases, restructured the loans while recognising that there was a danger they could deteriorate in future. Next, oil prices were high during 2018 and the Brent price traded at an average $79 per barrel. These were the ideal conditions for banks to call in some of their oil & gas loans, which is what many of them did. So there was downward pressure on loan

The encouraging thing is that non-oil Gross Domestic Product was up 2.9 per cent year-on-year in fourth quarter 2018, compared with total GDP which was up 2.38 per cent year-on-year. This non-oil growth, at 2.7 per cent year-on-year in Q4, was stronger than in Q3 2018, when it was up 2.32 per cent year-on-year, and in Q2 when it was up 2.05 per cent year-on-year

books overall and, in many cases, a drop in non-performing loans. However, some banks reported growth in non-oil & gas lending and we expect this to continue this year. For instance, specialised players like Coronation Merchant Bank grew their loan portfolio significantly.

However, because they represent a small section of the banking system, the impact is not very high on the aggregate figure. Although we do not expect strong lending growth among the banks in 2019, we expect some because key sectors of the economy are growing. If we look at the overall loan books of the listed banks in 2019 we expect moderate growth, which means up to ten per cent year-on-year growth in aggregate.

Some have also argued that the low loan growth is a reection of the impact of the ďŹ ntech on banks, do you think that is true?

It is a logical argument that fintech creates disintermediation, in other words it should be possible to match depositors and borrowers in peer-to-peer online structures. However, there are a lot practical problems with this which include creditworthiness, security, legal enforcement, and liquidity to name but a few. Blockchain provides solutions to issues in peer-to-peer situations but requires a data series to function, which is a problem given a low level of transactions to begin with.

Blockchain is also something used by banks and credit card companies to verify transactions.

In other words, fintech is as likely to be used by banks as by peer-to-peer lenders which compete with banks.

How did the improved foreign exchange liquidity in the system impact on your performance?

Foreign exchange liquidity improved significantly at the end of 2017 and on into 2018. It is the life-blood of foreign direct investment, foreign portfolio investment and trade-related lending, and therefore is critical to the functioning of the bank. Foreign exchange liquidity was very high during the first two months of 2019 and this is a good thing for the banking sector in general and for us in particular.

In terms of lending, to what extent were you able to support your customers?

We will continue to support our customers and clients in the sectors we have chosen to play. As the numbers show, the growth recorded in risk assets are all in our strategic sectors of choice, such as agriculture, manufacturing especially in the FMCGs to obligors that fall within our risk acceptance criteria. We are poised to continue to deliver bespoke world class solutions to our customers’ needs. In 2018, our dollar asset base grew by over 100 per cent, we have also continued to increase our foreign correspondent banking relationships.

10) Going forward, what should customers expect from your bank this year?

It is clear to us that the underlying market conditions are improving this year and this is good for our customers. Economic activity is continuing to pick up, foreign currency liquidity is strong, and Nigerian T-bills rates have already fallen and may continue to fall at the year goes on. Fixed income markets are both liquid and trading well, and the equity

5 ) * 4 % ": t MONDAY, MARCH 18, 2019

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NLNG: We Responded to Distressed Trawler Eromosele Abiodun The Nigeria LNG Limited (NLNG) has stated that it responded to a distress call by a trawler 45 Kilometres South West off Bonny Fairway Buoy contrary to claims that it did not.

NLNG, in a statement, said claims in some media reports that it failed to respond to a distress call were false and misleading.

According to NLNG, “On receiving the distress call at about 2107hrs on February 6, 2019, NLNG responded by dispatching a long range security boat to the location. On getting there, the crew of the long range boat found other sister vessels engaged in rescuing the crew of distressed trawler, MV Orc IV. “The boat returned to base after confirming that the trawler boat crew had been rescued by sister vessels. “At 1320hrs on February 7, 2019, after reports of a fishing boat on fire in the same location,

NLNG sent a tug boat with firefighting capabilities and two security boats. “The tugboat put out the fire and the crew of the security boats doused small fires in the fish hold. In line with one of our core values of Caring, we continue to exhibit care for people and the environment to enhance safety and sustainability through partnership with relevant agencies.�

It added: “Recently, NLNG was recognised with “The Best Caring Company� award by the Nigerian Maritime Administration and Safety Agency (NIMASA) for its outstanding contributions to the realisation of the agency’s mandate on safety on the waterways, especially the Bonny-Port Harcourt sea route which borders our area of operation in Rivers State. “At the event, NIMASA commended NLNG for the rescue of 12 victims of a boat mishap on the Bonny Seaon 19 November2018.�

Minister Assures of Business-friendly Environment Emma Okonji The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has assured Nigerians of a better business-friendly environment that will promote the ‘Ease of Doing Business’ through the adoption of appropriate policies.

Enelamah, gave the assurance in Lagos recently, during the launch of a mobile app called ‘Reportgov.ng, by the Presidential Enabling Business Environment Council (PEBEC).

The app was designed as an official public service feedback and complaints platform to support business climate reforms implemented

by PEBEC that will improve transparency and ‘Ease of Doing Business’ in Nigeria.

The minister called on Nige-

rians, especially the small and medium enterprises (SMEs), to take advantage of the app and download it on their mobile phones, to ease business communication between businesses and government agencies as well as promote instant responses from government.

According to Enelemah, “The app is so important to PEBEC as the people’s representative of the public sector in government because it will further make it easier for all to do business with ease in Nigeria. “The motive of the app is in line with the objectives of government in job and wealth creation, driving economic growth and industrialisation, business diversification, among others, that are geared towards engaging, energising, empowering and enabling businesses

in Nigeria. “The app has been designed as a digital tool and avenue to engage government, agencies of governments, and service providers and also an avenue for business owners to channel feedback to government in terms of their observations and experiences. “The app is so important that it will promote more action with less talk.�

The Senior Special Assistant to the President on Industry, Trade and Investment, Dr. Jumoke Oduwole, said the app, which is also a website, would facilitate the escalation and resolution of issues encountered with Ministries Departments and Agencies (MDAs) towards ensuring a more businessfriendly environment.

The Chairman, Financial Re-

porting Council of Nigeria, Mr. Adedotun Sulaiman, advised Nigerians to download the app and use it to get faster response time to all their complaints and reports.

The launch of the app, which was in partnership with the Enabling Business Environment Secretariat (EBES) of the Council, featured a panel of discussants and stakeholders from the public, private sector and civil society, with a focus on issues bothering on transparency and efficiency of service delivery in Nigeria.

The mobile app is available on the Google Play store, and is coming soon to the iOS store to enable users give feedback or complaint that will drive continuous improvement in service delivery and public protection efforts

Firm Elevates Staff Hamid Ayodeji Maximedia Global Limited, one of Nigeria’s most innovative and fast growing media independent companies has announced its elevation of three key staff.

Before his elevation to Senior Group Head/Project Director, Seyi Iwayemi was the Group Head, Channel Management, charged with the responsibility for negotiations and media buying.

Iwayemi is a consummate media professional with 19 years’ experience in Marketing Communications and Media Management across the Nigerian market spanning major categories including FMCGs, oil and gas, government parastatals, airlines, financial and insurance sectors, pharmaceuticals and non-governmental organisations.

According to a statement, he had handled the media buying needs for Access Bank, Wapic Insurance, Emirates, Swipha, Novartis, House on the Rock, John Hopkins University, Pepsi amongst others.

Also, until her recent elevation to Senior Group Head, Strategic Intelligence Planning, Isioma Okeleke, was Group Head, Strategic Intelligence Planning. Her foray into the advertising industry a decade ago led to her garnering expertise as a media strategist and planner managing key accounts such as Stanbic IBTC Group and Beiersdorf with stints on GlaxoSmithKline and VISA in the first half of her career.

She has also managed media projects for HPZ, Access Bank Plc and Unilever Nigeria (Deodorants) and led the team at Maximedia to win HPZ and Johns Hopkins Centre for Communications Programmes (NURHI 2 & TCI) pitches in recent times.

In her capacity as the Strategic Intelligence Planning Unit lead where she provided oversight functions, Isioma strives for continuous

value creation and delivery to clients which she believes helps to sustain long term business relationships. She obtained her first degree in Mass Communication from Madonna University, Okija, is a member of the Advertising Practitioners Council (APCON), a certified CRESTCOM leader and an alumna of the prestigious Lagos Business School.

Ekpedeme Ufot now heads the Innovations department.

In his new role, he would be responsible for driving the agency’s traditional and new media integration with the aim of delivering engaging and effective brand campaigns.

In a career spanning over 10 years, he had worked in media planning and buying, outdoor and digital for clients like Guinness, Emirates, Access Bank, Unity Bank, Exxon Mobil, Jiji.ng, Travelstart, Betpawa and many others.

His career set sail at SO&U Saatchi and Saatchi in June 2008 before he joined the foundational team at Maximedia Global Limited in April 2011. He holds a B.Sc. in Mass Communication from Ahmadu Bello University, Zaria; Senior Executive Masters Programme(SEMP) from the Metropolitan School of Business and Management (MSBM, London), amongst several short courses attended, locally and internationally.

He is also a CRESTCOM Certified Leader. Ekpedeme is expected to bring his strategic and creative thinking prowess to bear on his new assignment.

Congratulating the team members on their elevation, the agency’s Managing Director, Mr. Femi Adefowokan commended them for their consistent sterling performances, diligence, hardwork and focus. He maintained that it was in line with the company’s expansion strategy and charged them to continue to give their best in the new roles and positions while ensuring the promotion of the company’s values.

SUPPORTING INNOVATION

L-R: Chief Audit Executive, Heritage Bank, Prince Akamadu; Divisional Head, Innovative Partnership, Ikenna Imo; Chief Compliance OďŹƒcer, Wunmi Adeniji; Executive Director, Jude Monye; Head, South-south and South-east Directorate, Osepiribo Ben-Willie; Regional Executive, Lagos and South-west, Dumiri Dike; Directorate Head, Service Bank/Chief Information OďŹƒcer, Ike Williams; Head, Corporate Communication, Fela Ibidapo and Head, Treasury, Kolapo Kola-Daisi, during the maiden edition of the bank’s HB Launch in Lagos...recently

Smile Expands Retail Footprint with Quickteller Paypoint Agents Nosa Alekhuogie Smile, a telecommunications service provider, has collaborated with Interswitch Financial Inclusion Services Limited (IFIS)to make its products and services easily accessible via Quickteller Paypoint agent locations spread across Nigeria.

This collaboration provides ease and flexibility of payment for everyone to have access to internet and voice services from Smile.

According to its GM Sales and

Distribution, Onamari Horsfall, the company was happy to enter into the collaboration to expand its retail footprint across Nigeria, which was aimed at making Smile’s products and services easily available.

It is intended to address customers’ travel time to purchase a device or airtime.

He added that the collaboration offers thousands of Smile’s customers’ another means of making purchases.

The Divisional Chief Executive Officer of IFIS, Titilola Shogaolu,

stated, “At Interswitch Financial Inclusion Service, we are not only committed to reducing the financial exclusion gap, we are continuously working to provide convenient services and this latest collaboration is just one of the many ways through which we are achieving this.�

Smile launched the first 4G LTE network in West Africa in Nigeria in 2014, revolutionising the way people access the internet. “Customers in Lagos, Abuja, Port Harcourt, Ibadan, Benin City, Kaduna, Onitsha and Asaba,

can experience the country’s reliable, SuperFast 4G LTE mobile broadband services, and also enjoy SuperClear voice calls, video calls and SMSs from their one SmileData bundle. “The collaboration, which is expected to create over 18,000 Quickteller Paypoint agent locations across Nigeria, will position IFIS to work assiduously to remove the barriers to financial inclusion while creating wealth for its paramount stakeholder- the agent.

LSETF, Coca-Cola Graduates 300 Women in Empowerment Initiative Raheem Akingbolu No fewer than 300 women drawn from different communities in Lagos state have been empowered to start up their own small businesses through the women empowerment initiative by the Lagos State Employment Trust Fund (LSETF), in partnership with Coca-Cola Nigeria Limited and its bottling partner, Nigeria Bottling Company Limited (NBC).

The initiative was in line with Coca-Cola’s 5by20 programme which is the company’s global commitment to enable the economic empowerment of five million women entrepreneurs across its value chain by 2020.

The 300 women who were the first batch of the 1000 women targeted for the initiative were provided with trade assets which included coolers, tables, umbrellas and Coca-Cola beverage products, having completed their training modules on financial literacy and

business skills.

Speaking at the handing over ceremony held recently in Lagos, the Executive Secretary of Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode, stated that the empowerment initiative was in line with the vision of the Lagos state government to create jobs, wealth opportunities and alleviate poverty among residents in the state.

Oyebode, who commended the beneficiaries for their tenacity and

determination to improve their lots economically urged them to judiciously put into use all the skills acquired as well as the resources mobilised for them.

While expressing appreciation to the two partners for their contributions in complementing government’s effort in the empowerment of women, Oyebode stated that such collaborations would ultimately help to reduce social problems and address the alarming rate of unemployment in Lagos State.

31

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34

T H I S D AY Ëž ÍŻÍśËœ 2019

BUSINESS/MONEYGUIDE

Kuru:AMCON May Disengage Non-performingAMPs Nume Ekeghe The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, has disclosed that the corporation may disengage Asset Management Partners (AMPs) that cannot cope with the speed and enormous challenges of debt recovery expected by the corporation. He also promised that the corporation may assign more accounts to AMPs that have shown aggression and zeal based on the review of the AMP scheme so far. He made this declaration at the 2019 edition of the AMCON/AMPs Interactive/ Feedback Session in Abuja.

AMPs, are consortiums appointed by AMCON after a rigorous selection process with

specialist skills required to ensure recovery and debt resolution; banking, legal, valuation and accounting. A statement quoted Kuru to have said the collaborating with AMPs became necessary because AMCON had total loan portfolio of over 12,000 loans of various sizes and sectors that are still lingering many years after the corporation was established.

He stated that when this was compared to AMCON’s staff strength, it became obvious that the corporation surely needed a strategic approach to improve coverage, recovery and results.

Kuru, also disclosed that the AMPs are currently handling over 6,000 accounts within AMCON portfolio. Although in terms of weight, the accounts, which have been outsourced to AMPs

constitute only 20 per cent or N740 billion of the total Eligible Bank Assets (EBA) portfolio of N3.7trillion. AMCON, he insisted places equal importance on the recovery efforts as they count towards the achievement of the corporation’s core mandate.

To achieve the mandate as part of the corporation’s renewed strategy to resolve these loans, he said, AMCON in 2016 introduced the AMP scheme to assist the corporation’s recovery activities especially in tracing, identification and location of obligors with the intent to resolve their outstanding indebtedness; tracing, identification and location of assets of obligors (both pledged and unpledged) to enhance the EBA value, and achieve set recovery objectives.

Shareholders Approve Transcorp’s Dividend Pay-out James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË The Transnational Corporation of Nigeria (Transcorp) Plc, has declared a profit after tax (PAT) of N20.6 billion for the 2018 financial year. This, represented a 94 per cent year on year growth when compared with the N10.6 billion recorded in 2017. Its Group gross earnings grew by 30 per cent to N104.1 billion compared to N80.3 billion in the preceding year, buoyed by increase in power generation by the Transcorp Power Limited, one of its subsidiaries.

This is just as its shareholders also approved a dividend

of three kobo per unit of share for the financial period, that was approved by the board.

Gross profit for the group stood at N48.3 billion, an increase of 33 per cent compared to the N36.4 billion realised in 2017.

Group operating profit stood at N34.6 billion from N26.0 billion in the preceding year.

Group profit before tax (PBT) was N22.4 billion, representing 82 per cent increase compared to the N12.3 billion posted in 2017.

The investors particularly commended the management team for putting up an impressive performance amid the challenging business environment.

Total assets for the Group stood at N297.1 billion in 2018 compared to N285.5 billion in the preceding financial period.

Speaking at its 13th Annual General Meeting (AGM) in Abuja over the weekend, the Chairman of the company, Mr. Tony Elumelu, said Transcorp remained committed to the fulfilment of the purpose for which it was founded which is improving lives and transforming the country.

He said: “We believe that excellent execution of our strategic priorities will be critical in our success as a company and a Group and in our achievement of this purpose.

O&O Networks Denies Forfeiture Order against Ecobank The O&O Networks Limited, a special purpose vehicle previously owned by the defunct Oceanic Bank International Limited and which formed part of Ecobank Transnational Incorporated’s (ETI) acquisition of Oceanic, has denied reports of forfeiture order of the Federal High Court of Nigeria against ETI or Ecobank Nigeria Limited.

The firm in a statement at the weekend, explained that neither ETI nor Ecobank Nigeria Limited had made or was required by law to make any payment to the Federal High Court of Nigeria in relation to the long-standing litigation against Airtel. “There have been no material legal developments in the plaintiff’s substantive claim

for monetary compensation since 2017. “O&O Networks Limited is defending longstanding proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it. “Legal proceedings were first initiated against O&O Networks Limited in December 2006 by Broad Communications, in the Federal High Court of Nigeria. “In 2006, the plaintiff’s claim was grounded on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned. “The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its

claim to seek monetary compensation of dollar equivalent of N10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel shares,� it stated.

Furthermore, the statement explained that since the matter was filed in 2006, it had not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019. “In August 2018, O & O Networks sold its shares in Airtel Networks Limited for N22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018.

Kohinoor Experience Hub Set to Open Nigerians seeking various lifestyle experience will have most of their expectations met at the opening of The Kohinoor Experience Hub. The facility, which is a one-stop mall where amongst other things, lifestyle meets retail, would soon be opened in Lagos.

The Commercial Head of the firm, Mrs. Nkenie James, said the hub would be opened next week. She further revealed that The Kohinoor Hub is a one-stop centre which hosts a supermarket – Madiba Mart, a restaurant, lounge and bar – Kohinoor Lounge, a pharmacy, a bakery, a fast food place, a farmers’ mart, an ice creams place, a cafÊ, a workzone with amazing work

stations for lease. The mall has complimenting short-let apartments, which, as well, hosts on its rooftop the Skyline Lounge, Skyline Spar and Skyline Gym. “We have over 10 business units. Our Kohinoor Experience Hub would be bringing a huge fascinating go-to-place for all lifestyle desires of her clients.

By providing the convenience of shopping at affordable prices that gives one value for money, a place to relax with friends and a workzone that enables networking, amongst other offers, The Kohinoor Mall designed with exciting and tranquil ambience, incorporates the yearnings of all age groups under one roof. “As part of our plans, we will

be having amazing activations and discounts for customers on opening,� James revealed.

She further added, “In a way to make our services second to none and ensure the continual satisfaction of our customers, we have invested in human capital development and intense trainings for our staff. “There are plans in place to continuously update our training and innovate to maintain the greatest of standards. Close relationship with farmers for the farmers’ mart will see us add value to the agribusiness and help local farmers grow and improve.�

According to her, the launch of Kohinoor is the first of its kind in the neighbourhood.

L-R: Corporate Aairs OďŹƒcer (BEDC), Mr. Ibeamaka Odoh; Bukola Adewoyin of Ekiti State; Chief Agency and Channels, BEDC, Mrs Felicia Nlemoha and Friday Godwin from Edo State, at the send forth ceremony of the Special Olympics world summer games 2019 held in Lagos‌recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

NOVEMBER 2018 Money Supply (M3)

31,794,803.44

-- CBN Bills Held by Money Holding Sectors

6,333,064.28

Money Supply (M2)

25,461,739.17

-- Quasi Money

14,773,076.98

-- Narrow Money (M1)

10,688,662.18

---- Currency Outside Banks

1,711,763.59

---- Demand Deposits

8,976,898.59

Net Foreign Assets (NFA)

18,990,400.78

Net Domestic Assets(NDA)

12,804,402.66

-- Net Domestic Credit (NDC)

26,062,986.22

---- Credit to Government (Net)

2,980,229.66

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

7,093,619.43

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

-4,144,571.43

---- Credit to Private Sector (CPS)

23,082,756.56

--Other Assets Net

13,258,583.57

Reserve Money (Base Money

6,811,192.37

--Currency in Circulation

2,100,129.91

--Banks Reserves

4,366,259.05

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

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

OPEC DAILY BASKET PRICE AS AT THURSDAY, 14 MARCH 2019

The price of OPEC basket of fourteen crudes stood at $67.29 a barrel on Thursday, compared with $66.60 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna

35

T H I S D AY Ëž ÍŻÍśËœ Ͱ͎ͯ͡

MARKET NEWS

Access Bank’s FullYear Profit afterTax Rises 58% to N95bn Goddy Egene TAccess Bank Plc last Friday announced a growth of 58 per cent in its profit after tax (PAT)for the financial year ended December 31, 2018. In the audited results, Access Bank Plc’s gross earnings rose 15 per cent to N528.7billion in 2018, up from N459.1billion in 2017, with interest and noninterest income contributing 72 per cent and 26 per cent respectively.

Profit before tax (PBT) for the

period was N103.2billion, showing 32 per cent growth from N78.2billionin 2017 while return on average equity (ROAE) stood at 19.0 per cent with a return on asset of 2.1 per cent in 2018.

Profit after Tax(PAT) grew to N95.0 billion from N60.1 billion in 2017.

Based on the performance, the bank has proposed a final dividend of 25 kobo per share bringing total dividend for the year to 50 kobo per share.

P R I C E S MAIN BOARD

F O R DEALS

A further breakdown of the results showed that asset base of the bank remained strong and diversified with growth of 21 per cent to N4.95trillion in December 2018 from N4.10trillion in December 2017. Loans and advances stood at N2.14 trillion as at December 2018, compared with N2.06 trillion in 2017.

Customers’ deposits increased by 14 per cent to N2.57trillion in December 2018, from N2.25trillion in December 2017. Capital ad-

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

equacy ratio (CAR) was at 20.8 per cent, taking into consideration the regulatory transitional arrangement of IFRS 9 implementation.

In his comments on the bank’s performance, Group Managing Director/CEO, Herbert Wigwe said:“2018 marked a significant year of progress for the Bank amidst an unfavourable macro climate. We made solid progress throughout 2018 in line with our 2018-2022 five-year strategy, and we remain committed to the

T R A D E D MAIN BOARD

A S

achievement of our strategic imperatives going forward; as we continue to invest in our people and technology in order to improve operational efficiency and service touch points with earnings growth in 2019.�

He said that the contribution of the bank’s subsidiaries to group profits grew 116 per cent to N27.9billion, underlined by the effective implementation of overall strategy.

Wigwe said:“In pursuit of our

O F

vision to be one of the leading banks in Nigeria, we took accelerated strides in the last quarter of the year towards achieving our overall retail strategy. The merger with Diamond Bank will enable us to fully entrench ourselves in the retail market with a view to lowering our funding cost. This transaction is anticipated to be completed by April 2019, resulting in the creation of an enlarged, efficient and digitally led tier 1 retail banking franchise.� .

1 5 / 0 3 / 2 0 1 9 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, MARCH 18, 2019

36

Monday, March 18, 2019

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THISDAY AFRINVEST 40 INDEX

ĞĂƌŝƐŚ WĞƌĨŽƌŵĂŶĐĞ͙ ^/ ĚŽǁŶ Ϯ͘ϰй t-o-t ĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚƐ ĚƌĂŐŐĞĚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ůů ^ŚĂƌĞ /ŶĚĞdž ; ^/Ϳ ƚŚŝƐ ǁĞĞŬ ĚĞƐƉŝƚĞ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ƌĞůĞĂƐĞƐ ŽĨ ƐŽŵĞ ůŝƐƚĞĚ ĐŽŵƉĂŶŝĞƐ͘ tĞ ŽďƐĞƌǀĞĚ ƚŚĂƚ ƉƌŽĮƚ ƚĂŬŝŶŐ ĂŶĚ ƐĞůů ƉƌĞƐƐƵƌĞƐ ƉĞƌƐŝƐƚĞĚ ĂĐƌŽƐƐ ŵŽƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞdž ƉŽƐƚĞĚ ůŽƐƐĞƐ ŽŶ ϰ ŽĨ ƚŚĞ ϱ ƚƌĂĚŝŶŐ ĚĂLJƐ͘

ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ^/ ĚĞĐůŝŶĞĚ Ϯ͘ϰй t-Ž-t ƚŽ ƐĞƩůĞ Ăƚ ϯϭ͕ϭϰϮ͘ϳϮ ƉŽŝŶƚƐ ĂŶĚ zd ƌĞƚƵƌŶ ǁŽƌƐĞŶĞĚ ƚŽ -Ϭ͘ϵй͕ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ EϮϵϭ͘ϱďŶ ƚŽ ĐůŽƐĞ Ăƚ Eϭϭ͘ϲƚŶ͘ ^ŝŵŝůĂƌůLJ͕ ƚƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ǁĞĂŬĞŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϭϯ͘ϳй ĂŶĚ Ϯ͘ϵй t-Ž-t ƚŽ ϮϮϮ͘Ϯŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϳďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ & E, ;ϭϲϵ͘ϵŵ ƵŶŝƚƐͿ͕ E/d, ;ϭϲϯ͘ϭŵ ƵŶŝƚƐͿ ĂŶĚ / DKE <

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

Current Price

THISDAY AFRINVEST 40

Price Previous Current Change Price Weightin YTD Change g

Price Change Index to Date

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

1,506.29

-0.40%

2.6%

50.6%

21.2%

7.7%

5.9x

0.8x

5.2%

1 Guaranty Trust Bank PLC

35.40

0.0%

19.1%

2.8%

2.6%

31.2%

5.5%

5.4x

1.9x

7.8%

18.5%

2 Zenith Bank PLC

22.00

-0.9%

11.5%

-4.6%

6.1%

22.6%

3.2%

3.8x

0.8x

12.7%

26.6% 12.0%

3 Dangote Cement PLC 4 Nestle Nigeria PLC

13.7%

190.00

0.0%

8.8%

0.2%

2.2%

44.6%

23.2%

8.3x

3.3x

8.4%

1,545.00

0.0%

8.2%

4.0%

4.7%

90.4%

27.8%

28.5x

24.4x

3.8%

3.5%

75.00

0.0%

5.2%

-12.3%

-2.0%

11.3%

5.0%

30.5x

3.6x

3.2%

3.3%

5 Nigerian Brew eries PLC 6 FBN Holdings Plc

8.20

0.0%

5.3%

3.1%

2.5%

6.6%

0.8%

5.9x

0.4x

3.0%

17.0%

19.00

0.0%

4.3%

-2.1%

-2.1%

34.2%

19.6%

4.6x

1.4x

6.6%

21.8%

8 United Bank for Africa PLC

7.45

-2.6%

4.1%

-3.2%

-4.5%

15.4%

1.8%

3.4x

0.6x

11.4%

29.5%

9 International Brew eries PLC

24.05

0.0%

2.7%

-21.1%

-23.7%

-23.8%

-3.2%

596.90

0.0%

3.2%

-6.7%

-6.7%

9.4%

5.7%

6.5x

0.6x

3.0%

15.5%

8.6%

57.1%

7 Cement Co Northern Nigeria PLC

10 SEPLAT Petroleum Development C

-1.5%

5.80

-2.5%

;ϭϯϭ͘Ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ E/d, ;Eϯ͘ϳďŶͿ͕ & E, ;Eϭ͘ϰďŶͿ ĂŶĚ

2.8%

-14.7%

-10.8%

14.1%

1.7%

1.8x

0.4x

12 Ecobank Transnational Inc

13.50

-1.1%

2.7%

-3.6%

-5.6%

12.1%

1.0%

4.3x

0.5x

E ^d> ;Eϭ͘ϯďŶͿ ƚŽƉƉĞĚ ƚƌĂĚĞƐ ďLJ ǀĂůƵĞ͘

13 Stanbic IBTC Holdings PLC

48.10

0.2%

2.6%

0.3%

0.3%

34.5%

4.7%

6.8x

2.1x

3.1%

14 Unilever Nigeria PLC

38.70

0.0%

2.5%

4.6%

4.6%

14.7%

9.0%

19.1x

2.7x

1.3%

5.2%

15 Lafarge Africa PLC

12.85

-0.4%

1.7%

3.2%

7.1%

-53.7%

-7.9%

0.9x

11.3%

-49.0%

dƌĂĚŝŶŐ ĂĐƟǀŝƟĞƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ƐƚĂƌƚĞĚ Žī ŽŶ Ă ŶĞŐĂƟǀĞ ŶŽƚĞ ŽŶ DŽŶĚĂLJ ĂƐ ƚŚĞ ^/ ĚŝƉƉĞĚ Ϭ͘ϵй ĚƵĞ ƚŽ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ E/d,͕ E ^d> ĂŶĚ ^d Z>/E'͘ KŶ dƵĞƐĚĂLJ͕ ƐĞůů-ŽīƐ ŝŶ 'h Z Edz͕

11 Access Bank PLC

5.9x

23.5% 14.7%

16 Guinness Nigeria PLC

64.00

0.0%

1.1%

-11.1%

-11.1%

8.5%

4.5%

17.9x

1.6x

2.9%

5.6%

17 Okomu Oil Palm PLC

80.00

0.0%

1.3%

5.0%

5.0%

39.3%

29.7%

7.6x

2.6x

3.8%

13.1%

18 Total Nigeria PLC

200.00

0.0%

1.2%

-1.5%

-1.5%

34.6%

7.5%

7.0x

2.2x

8.5%

14.3%

19 11 PLC

166.00

0.6%

1.1%

-10.5%

-10.5%

38.0%

16.8%

5.5x

1.9x

4.8%

18.0%

5.3%

11.4%

19.00

-0.5%

/Ed Z t ĂŶĚ E' D ůĞĚ ƚŽ Ă ĨƵƌƚŚĞƌ ůŽƐƐ ŽĨ ϭ͘Ϭй ĨŽƌ ƚŚĞ

20 Flour Mills of Nigeria PLC

0.9%

-17.7%

-14.4%

6.6%

2.0%

8.8x

0.5x

21 Oando PLC

5.85

1.7%

1.3%

17.0%

21.9%

10.9%

1.7%

4.9x

0.4x

^/͘ ,ŽǁĞǀĞƌ͕ ďLJ tĞĚŶĞƐĚĂLJ͕ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ E ^d> ĂŶĚ

22 Fidelity Bank PLC

2.14

-1.8%

1.1%

5.4%

5.4%

11.3%

1.5%

2.8x

0.3x

5.1%

35.8%

23 Transnational Corp of Nigeria

1.25

1.6%

'h Z Edz ƵƉƚƵƌŶĞĚ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƚŚĞ ďĞŶĐŚŵĂƌŬ

0.9%

-5.3%

-0.8%

19.3%

4.3%

4.1x

0.7x

2.4%

24.6%

24 Dangote Sugar Refinery PLC

13.95

0.0%

0.8%

-8.5%

-5.7%

32.6%

16.4%

5.6x

1.6x

9.0%

ŝŶĚĞdž ŐĂŝŶĞĚ Ϭ͘Ϯй͘ EŽŶĞƚŚĞůĞƐƐ͕ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚƐ ƌĞƚƵƌŶĞĚ ƚŽ

25 Diamond Bank PLC

2.45

-1.6%

0.9%

14.0%

-5.8%

-0.7%

20.5%

0.3x

18.0% -28.6%

26 FCMB Group Plc

1.85

-5.6%

ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ĂƐ ƚŚĞ ^/ ĚĞĐůŝŶĞĚ Ϭ͘ϱй ĂŶĚ Ϭ͘Ϯй ŽŶ

0.6%

-2.1%

2.8%

8.4%

1.2%

2.4x

0.2x

5.4%

27 UAC of Nigeria PLC

7.75

-0.6%

0.4%

-20.5%

-18.8%

0.4%

0.2%

61.0x

0.3x

8.4%

1.6%

dŚƵƌƐĚĂLJ ĂŶĚ &ƌŝĚĂLJ ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ ƐĞůů-ŽīƐ ŝŶ ƚŚĞ ƐƚŽĐŬƐ

28 Sterling Bank PLC

2.31

-7.6%

0.6%

21.6%

21.6%

10.6%

1.1%

6.1x

0.6x

0.9%

16.5%

29 Presco PLC

75.00

0.0%

0.4%

17.2%

17.2%

37.0%

24.8%

3.0x

0.9x

2.7%

33.8%

30 NASCON Allied Industries PLC

20.70

0.0%

0.4%

15.0%

15.0%

47.0%

17.5%

10.8x

4.8x

7.2%

9.3%

31 Forte Oil PLC

28.00

0.0%

0.3%

-2.4%

0.0%

84.6%

8.3%

11.5x

2.1x

8.7%

32 Union Bank of Nigeria PLC

7.00

2.2%

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ůĂƌŐĞůLJ ďĞĂƌŝƐŚ ĂƐ ϰ ŽĨ ϱ ŝŶĚŝĐĞƐ

0.4%

25.0%

25.0%

5.3%

1.0%

12.7x

0.7x

7.9%

33 Julius Berger Nigeria PLC

27.50

0.0%

0.3%

36.8%

24.4%

31.5%

3.6%

4.0x

ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ĚĞĐůŝŶĞĚ t-Ž-t͘ dŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž

34 PZ Cussons Nigeria PLC

11.00

0.0%

0.2%

-9.1%

-10.6%

35 Chemical and Allied Products P

ƚŚĂƚ ĂƉƉƌĞĐŝĂƚĞĚ ĞĂƌůŝĞƌ ŝŶ ƚŚĞ ǁĞĞŬ͘

ĞŵĞƌŐĞĚ ƚŚĞ ůŽŶĞ ŐĂŝŶĞƌ͕ ƵƉ Ϭ͘ϭй t-Ž-t ĚƵĞ ƚŽ ƐƵƐƚĂŝŶĞĚ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ K E K ;нϮ͘ϲйͿ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͕ ĚŽǁŶ ϲ͘ϭй t-Ž-t ĚƵĞ ƚŽ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ 'h Z Edz ;-ϱ͘ϭйͿ ĂŶĚ E/d, ;-ϭϭ͘ϴйͿ ǁŚŝůĞ ƚŚĞ

5.5%

0.0%

0.2%

7.3%

7.3%

66.2%

30.2%

17.5x

11.7x

0.77

-2.5%

0.2%

22.2%

22.2%

6.6%

0.8%

8.8x

0.6x

37 Beta Glass PLC

79.00

0.0%

0.2%

15.7%

15.7%

21.1%

14.7%

7.3x

1.4x

1.5%

13.7%

38 Dangote Flour Mills Plc

10.20

-1.0%

0.2%

48.9%

54.5%

14.9%

4.2%

9.0x

1.3x

1.9%

11.1%

39 Transcorp Hotels Plc

5.40

0.0%

0.1%

-11.5%

-9.2%

11.0x

0.7x

2.8%

9.1%

40 AXA Mansard Insurance PLC

2.20

0.0%

0.1%

20.2%

20.2%

9.7x

1.1x

2.7%

10.3%

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

ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ƐŚĞĚ Ϭ͘ϴй ĂŶĚ Ϭ͘ϰй t-Ž-t

11.6%

3.5%

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

P ric e

P ric e C hg %

T ic k er

Vo lum e

R OYA LEX

0.35

9.4%

FB NH

40.0

0.0%

J A IZ B A N K

0.54

5.9%

Z EN IT H B A N K

39.6

-0.9%

P ric e C hg %

-2.6%

N EIM ET H

0.67

3.1%

UB A

24.0

UB N

7.00

2.2%

GUA R A N T Y

23.9

0.0%

OA N D O

5.85

1.7%

A C C ESS

17.6

-2.5%

T R A N SC OR P

1.25

1.6%

T R A N SC OR P

11.6

1.6%

C UST OD IA N

6.05

0.8%

FCM B

11.0

-5.6%

ĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϰdž ĨƌŽŵ Ϭ͘ϲdž ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ͕

M OB IL

166.00

0.6%

D IA M ON D B N K

8.0

-1.6%

48.10

0.2%

F LOUR M ILL

3.7

-0.5%

3.10

0.0%

UC A P

2.8

-6.7%

ST A N B IC C A P H OT EL

5.7% 11.3%

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬ

ĂƐ ϭϲ ƐƚŽĐŬƐ ĂƉƉƌĞĐŝĂƚĞĚ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ϰϯ ƐƚŽĐŬƐ ƚŚĂƚ

24.9%

37.40

ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ E' D ;-Ϯ͘ϲйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ

ϭ͘ϰйͿ ĂŶĚ /Ed Z t ;-ϭϬ͘ϵйͿ͘

3.7% 1.4%

36 Wema Bank PLC

/ŶĚƵƐƚƌŝĂů ŝŶĚĞdž ƚƌĂŝůĞĚ͕ ĚŽǁŶ ϭ͘ϭй t-Ž-t ĚƵĞ ƚŽ ƉƌŝĐĞ

ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ƐĞůů-ŽīƐ ŝŶ KZE ^d ;-ϴ͘ϳйͿ͕ 'h/EE ^^ ;-

1.1x 1.0x

41.3%

ĚĞĐůŝŶĞĚ͘ dŚĞ ďĞƐƚ ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ W ;нϭϬ͘ϬйͿ͕ T o p 10 L o s e r s

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

ZKz > y ;нϵ͘ϰйͿ ĂŶĚ hZz ;нϵ͘ϭйͿ ǁŚŝůĞ &Z/WZh ;P ric e

P ric e C hg %

IKEJ A H OT EL

2.07

-10.0%

ŽŶƐĞƋƵĞŶƚ ŽŶ ƚŚĞ ůŽƐƐĞƐ ƌĞĐŽƌĚĞĚ ŽŶ ĨŽƵƌ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ

ST ER LN B A N K

2.31

ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ͕ ǁĞ ĞdžƉĞĐƚ ƚŽ ƐĞĞ ƐŽŵĞ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ

UC A P A F R IP R UD

ϮϬ͘ϴйͿ͕ & D ;-ϭϮ͘ϳйͿ ĂŶĚ E/d, ;-ϭϭ͘ϴйͿ ƵŶĚĞƌƉĞƌĨŽƌŵĞĚ͘

ĞĂƌůLJ ƚƌĂĚĞƐ ŶĞdžƚ ǁĞĞŬ͕ ƐƵƉƉŽƌƚĞĚ ďLJ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ƌĞůĞĂƐĞ

T ic k er

T ic k er

Value

P ric e C hg %

Z EN IT H B A N K

877.9

-0.9%

-7.6%

GUA R A N T Y

842.9

0.0%

2.80

-6.7%

N EST LE

460.0

0.0%

3.80

-6.2%

FB NH

327.0

0.0% -2.6%

FCM B

1.85

-5.6%

UB A

181.9

ŽŶ ƐŽŵĞ ĐŽƵŶƚĞƌƐ͘ EŽŶĞƚŚĞůĞƐƐ͕ ŐŝǀĞŶ ƚŚĞ ƉĂƵĐŝƚLJ ŽĨ ĨŽƌĞŝŐŶ

M B EN EF IT

0.24

-4.0%

ST A N B IC

129.3

0.2%

ƉŽƌƞŽůŝŽ ƉĂƌƟĐŝƉĂƟŽŶ ŝŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ ƚŚĂƚ

F IR ST A LUM

0.28

-3.4%

D A N GC EM

103.1

0.0%

UB A

7.45

-2.6%

A C C ESS

100.2

-2.5%

WEM A B A N K

0.77

-2.5%

F LOUR M ILL

69.4

-0.5%

A C C ESS

5.80

-2.5%

NB

39.9

0.0%

ƚŚĞ ůŝŶŐĞƌŝŶŐ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚƐ ǁŽƵůĚ ĚƌŝǀĞ Ă ŶĞŐĂƟǀĞ ĐůŽƐĞ͘

Afrinvest West Africa Limited

Brokerage

Asset Management

Investment Research

Ayodeji Ebo | aebo@afrinvest.com

Ola Belgore | obelgore@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Adedoyin Allen | aallen@afrinvest.com Oluwarotimi Ashimi | oashimi@afrinvest.com

Jolomi Odonghanro | jodonghanro@afrinvest.com

37

MONDAY, MARCH 18, 2019 ˾ T H I S D AY

MARKET NEWS

Stanbic IBTC Extends Fresh Facility to Eland Oil & Gas Stanbic IBTC, working with its mother brand Standard Bank Group of South Africa, has partnered Eland Oil & Gas, an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, to announce a new accordion facility and increased borrowing base of $50 million (about N18 billion).

The facility is being

underwritten by Stanbic IBTC Bank and Standard Bank while Stanbic IBTC Capital Limited will act as a joint Bookrunner. An accordion facility is essentially an incremental facility, which allows a borrower to take an additional facility over and above what was originally agreed with the financier on the same terms as the original facility for expansion purposes.

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

In November 2018, Eland Oil & Gas successfully refinanced its existing reserve-based lending facility (RBL Facility) with a new 5-year syndicated RBL facility in an amount of $75 million, with the option to increase it to up to $200 million via an accordion, subject to incremental production and reserves.

Speaking during the announcement, Stanbic IBTC

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 14Mar-2019, unless otherwise stated.

said the deal was an opportunity to support Eland Oil & Gas’ business expansion drive in the oil and gas industry. According to the financial institution, it will continue to leverage its excellent investment banking pedigree as well as the strength of its franchise in the Standard Bank Group, the largest financial institution in Africa, to consummate such big ticket deals that will not only

help businesses grow but also help deepen key industries.

According to Eland Oil & Gas following a redetermination, the borrowing base amount increased from $103 million to $134 million and an initial accordion increase of $50 million is being underwritten

by Standard Bank of South Africa and Stanbic IBTC Bank Plc, resulting in the commitments under the facility increasing from

$75 million to $125 million. Of the commitments, $50 million is currently drawn.

Chief Financial Officer, Eland Oil & Gas, Ron Bain, said: “I am pleased to announce the large increase in borrowing base on our RBL facility, which demonstrates the hugely accretive quality of the new wells drilled on the OML 40 asset and the growth in value they bring to our shareholders.

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 157.11 157.69 -0.63% Afrinvest Plutus Fund 100.00 100.00 8.11% Nigeria International Debt Fund 281.24 282.00 3.07% 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 0.85 0.86 1.14% ACAP Income Funds 0.64 0.64 14.85% 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 13.35% AIICO Balanced Fund 2.28 2.31 2.69% 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 17.08 17.60 2.96% ARM Discovery Fund 365.91 376.94 2.60% ARM Ethical Fund 29.31 30.19 3.79% ARM Money Market Fund 1.00 1.00 13.81% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.72% Paramount Equity Fund 12.07 12.17 2.19% Women's Investment Fund 105.81 106.38 2.13% 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 13.27% Cordros Milestone Fund 2023 100.78 101.02 Cordros Milestone Fund 2028 102.28 102.86 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 12.76% Coronation Balanced Fund 0.84 0.84 Coronation Fixed Income Fund 1.16 1.16 3.79% 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 N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A 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 0.00 0.00 -100.00% FBN Heritage Fund 144.94 146.19 1.07% FBN Money Market Fund 100.00 100.00 14.37% FBN Nigeria Eurobond (USD) Fund - Institutional 116.46 116.99 2.26% FBN Nigeria Eurobond (USD) Fund - Retail 116.39 116.92 2.45% FBN Nigeria Smart Beta Equity Fund 150.28 152.51 0.19% 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 1.21 1.24 -0.43% Legacy Debt Fund 3.32 3.32 2.39% Legacy USD Bond Fund 1.04 1.04 0.96% 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 3,003.73 3,035.74 0.68% Coral Income Fund 2,829.24 2,829.24 3.29% 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 13.26% Nigeria Entertainment Fund 108.85 109.48 2.08% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 13.18% Vantage Balanced Fund 2.15 2.17 -0.04% Vantage Guaranteed Income Fund 1.00 1.00 14.85% Kedari Investment Fund (KIF) 123.97 124.21 -0.74%

LOTUS CAPITAL LTD fincon@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 1.17 1.19 1.88% Lotus Halal Fixed Income Fund 1,098.89 1,098.89 2.72% 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 11.54 11.63 0.27% Meristem Money Market Fund 10.00 10.00 11.37% 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 1.38 1.40 7.94% PACAM Fixed Income Fund 12.33 12.40 1.09% PACAM Money Market Fund 10.00 10.00 12.01% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 126.77 127.48 5.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.03 1.03 2.98% 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 2,535.52 2,549.80 9.56% Stanbic IBTC Bond Fund 195.90 195.90 3.03% Stanbic IBTC Ethical Fund 0.98 1.00 4.21% Stanbic IBTC Guaranteed Investment Fund 252.70 252.73 2.24% Stanbic IBTC Iman Fund 169.68 171.58 4.01% Stanbic IBTC Money Market Fund 100.00 100.00 13.19% Stanbic IBTC Nigerian Equity Fund 8,629.73 8,735.76 1.67% Stanbic IBTC Dollar Fund (USD) 1.12 1.12 1.25% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.19 1.21 0.23% United Capital Bond Fund 1.64 1.64 3.06% United Capital Equity Fund 0.69 0.71 -2.09% United Capital Money Market Fund 1.00 1.00 14.62% United Capital Eurobond Fund 109.16 109.16 1.77% United Capital Wealth for Women Fund 1.09 1.10 0.41% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 11.13 11.29 5.27% Zenith Ethical Fund 12.37 12.51 3.21% Zenith Income Fund 21.13 21.13 9.70% Zenith Money Market Fund 1.00 1.00 10.76%

REITS NAV Per Share

Yield / T-Rtn

5.95 119.30 51.97

-39.35% 0.00% 0.03%

Bid Price

Offer Price

Yield / T-Rtn

10.63 113.65 89.49

10.73 116.08 91.15

0.73% -3.11% 0.93%

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 Griffin 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

4.02 7.17 14.64 12.31 152.41

4.06 7.25 14.74 12.51 154.41

0.42% -5.93% -2.05% -0.39% 6.14%

NAV Per Share

Yield / T-Rtn

107.24

17.42%

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.

T H I S D AY Ëž ÍŻÍśË&#x153; Ͱ͎ͯ͡

38

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă?Ë&#x203A;Ă?äĂ?Ă&#x2122;Ă&#x152;Ă&#x201C;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;Ë&#x153; Í&#x2018;Í&#x2122;Í&#x2019;Í&#x2013;Í&#x201C;Í&#x201C;Í&#x2013;Í&#x201C;Í&#x201D;Í&#x201C;Í&#x2013;

Decorating Champions of Open Government In recognition of their individual efforts in promoting openness in governance, the Africa Network for Environmental and Economic Justice, decorated Governor Godwin Obaseki of Edo State and some of his staff with the Open Government Champions Award, Adibe Emenyonu reports

O

pen Government Partnership (OGP) was established in 2011 as a collaboration between eight national governments sharing a common goal to secure concrete commitments from governments to their citizenry to promote transparency, empower citizens, fight corruption and harness new technologies to strengthen governance.

The eight national governments that constitute the foundation members of OGP are Brazil, Indonesia, Mexico, Norway, Philippines South Africa, United Kingdom and United States of America.

However, in July 2016, Nigeria signed on to the OGP as the 70th country. And by the end of July 2018, member states of the OGP had risen to 80 countries and 20 sub-national government of which Nigeria is one of them.

By signing onto this initiative, members of national and sub-national governments commit themselves to ensuring certain principles in governance such as fiscal transparency, anti-corruption and access to information citizens' engagement.

It was this singular commitment that prompted Africa Network for Environmental and Economic Justice (ANEEJ), to add Edo State as part of the conversation in marking the 2019 OGP week on the theme: "A Global Call To Action To Transform The Way Governments Serve Their Citizens".

In his opening remarks, Rev. David Ugolor, who is the Executive Director, ANEEJ, said part of the celebration is the initiation of Open Government Champions award to recognise some personalities who have contributed to promoting transparency, accountability and open government in Edo State.

One of those penciled down as recipients of the award was Governor Godwin Obaseki of Edo State. Also his Chief of Staff, Mr. Taiwo Akerele and Prof. Yinka Omorogbe, Attorney General and Commissioner for Justice, also benefitted.

The governor was decorated with the Open Government Champions Award, for implementing policy actions to promote transparency and accountability in governance, while Omorogbe and Akerele were bestowed with awards the silver category for being astute open government advocates in Nigeria.

In July 2016, Nigeria signed on to the OGP as the 70th country.

And by the end of July 2018, member states of the OGP had risen to 80 countries and 20 sub-national government of which Nigeria is one of them. By signing onto this initiative, members of national and sub-national governments commit themselves to ensuring certain principles in governance such as ďŹ scal transparency, anti-corruption and access to information citizens' engagement

L-R: Executive Director, Africa Network for Environment and Economic Justice (ANEEJ), Rev. David Ugolor; Vice Chancellor, Benson Idahosa University, Prof. Sam Guobadia; Chief of StaďŹ&#x20AC; to Edo State Governor, Chief Taiwo Akerele; representative of Governor Godwin Obaseki and Edo State Head of Service, Mr. Isaac Ehiozuwa; Commissioner for Justice and Attorney-General, Prof. Yinka Omorogbe and Vice Chancellor, Samuel Adegboyega University, Prof. Ben Aigbokan, at the Open Government Champions Award ceremony in Benin City

Vice Chancellor, Samuel Adegboyega University, Prof. Ben Aigbokan (right), presenting the Open Government Champions Award to Edo State Governor, Mr. Godwin Obaseki, represented by the Edo State Head of Service, Mr. Isaac Ehiozuwa, at the ceremony During the award ceremony held in Benin City, the ANEEJ boss said the award was presented to the governor for advancing principles of OGP. Ugolor said Obaseki got the Gold Category of the award for being a frontline Open Government Advocate in Nigeria, adding that by signing the OGP, members commit themselves to certain principles in governance, which include fiscal transparency, anti-corruption, access to information, citizen engagement, among others.

"We are rolling out the drums today to celebrate the OGP Champions who by their disposition are making the state a torchbearer of OGP in the Niger Delta/South-South states," he noted.

In his remarks, Obaseki, who was represented by the Head of Service, Mr. Isaac Ehiozuwa, said before signing up to the OGP platform, his administration adopted open governance by putting in place laws and policies that allow for transparency.

"The present administration showed open governance in job creation and in appointment

of political office holders. To demonstrate its open government policy, the state government as at March 1, this year, published its financial record," he noted.

Akerele, on his part, thanked ANEEJ for the award, adding that it is a privilege to be part of a team that doesn't compromise in delivering good governance. He said, "We will not relent, we will continue to deliver quality service to Edo people."

OGP was launched in 2011 to provide an international platform for domestic reformers committed to making their governments more open, accountable, and responsive to citizens. The OGP brings together government reformers and civil society leaders to create action plans that make governments more inclusive, responsive and accountable.

In the spirit of multi-stakeholder collaboration, OGP is overseen by a steering committee including representatives of governments and civil society organisations. To become a member of OGP, participating countries must endorse a high-level Open Government Declaration, deliver a country action plan

developed with public consultation, and commit to independent reporting on their progress going forward.

The Open Government Partnership formally launched on September 20, 2011, when the eight founding governments endorsed the Open Government Declaration and announced their country action plans. Since 2011, 80 OGP participating countries and 20 subnational governments have made over 3,100 commitments to make their governments more open and accountable.

In essence, itâ&#x20AC;&#x2122;s objective is to make sure that real change is happening on the ground in a majority of OGP countries, and that this change is benefitting citizens. There are three primary ways for OGP to help make sure the right conditions are in place for countries to deliver ambitious open government reforms by maintaining high-level political leadership and commitment to OGP within participating countries, supporting domestic reformers with technical expertise and inspiration and fostering more engagement in OGP by a diverse group of citizens and civil society organisations.

39

T H I S D AY ˾ ͯͶË&#x153; Ͱͮͯͷ

CRIME&SECURITY

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SECURITY TIPS (PART 54)

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CONTACT OF SEXUAL ASSAULT REFERRAL CENTRE KADUNA You can now access the Sexual Assault Referral Centre (SARC) at Gambo Sawaba General Hospital, Kofar - Gaya, Zaria. $POUBDU QIPOF OVNCFST

Source: Ministry of Justice, Kaduna State

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POLICE STATIONS IN LAGOS WITH FAMILY SUPPORT UNIT

Suspect: Olasunkanmi

Delta Police Command Clamps Down on Armed Gang Terrorising Ughelli 'PMMPXJOH B UJQ PGG B UFBN PG BOUJ SPCCFSZ TRVBE GSPN %FMUB 4UBUF 1PMJDF $PNNBOE MFE CZ UIFJS DPNNBOEFS 41 .BTPZJ %BEJ CVTUFE B TZOEJDBUF PG BSNFE SPCCFSZ HBOH UFSSPSJTJOH 6HIFMMJ 8BSSJ BOE 6EV FOWJSPOT 5IF EFUFDUJWFT JOUFSDFQUFE UIF HBOH CZ USBDLJOH EPXO B NFNCFS PG UIF TZOEJDBUF UISPVHI POF PG UIF /PLJB QIPOFT UIFZ PCUBJOFE GSPN B WJDUJN "DDPSEJOH UP TQPLFTNBO PG UIF DPNNBOE $IVLT 0SJTFXF[JF UIF TVTQFDU XIP XBT BSSFTUFE XJUI B QVNQ BDUJPO HVO XJUI TFWFO DBSUSJEHFT HBWF IJT OBNF BT &NNBOVFM 1BUSJDL GSPN 4BHCBNB -PDBM (PWFSONFOU PG #BZFMTB 4UBUF i5IF TVTQFDU UISPVHI EJTDSFFU JOWFTUJHBUJPO DPOGFTTFE

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The Lagos State Police has released an update on police stations in the state that have Family Support Units (FSUs)/Gender Unit/Juvenile Welfare Centre (JWC) and phone numbers to reach them on.

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,FUV *LPUVO (FOEFS %FTL 1PMJDF $PNNBOE (3" *LFKB %JWJTJPOBM 1PMJDF 4UBUJPO +8$ "MBLBSB SOURCE: Lagos State Police Command

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MONDAY MARCH 18, 2019 ˾ T H I S D AY

45

INTERNATIONAL

Over 100 Dead, 200 Missing as Cyclone Hits Mozambique, Zimbabwe More than 100 people have died and many more are missing in Mozambiqueand neighbouring Zimbabwe on Sunday after tropical cyclone Idai barrelled across the southern African nations with flash floods and ferocious winds.

Authorities in Zimbabwe said the toll there had risen to 65 in the east of the country, while Mozambique said 48 people were killed in affected central areas, after the cyclone tore across the region on Friday and Saturday.

A member of parliament for Zimbabwe’s Chimanimani district — the worst hit part of the country — gave the updated toll and added that scores remain missing, after houses and bridges were washed away by flash floods when the storm slammed the area.

The most affected areas are not yet accessible, while high winds and dense clouds have hampered

military rescue helicopter flights.

“So far we looking at 65 people that have lost their lives,” Joshua Sacco, lawmaker for Chimanimani, told AFP by phone.

“We are looking at probably 150 to 200 people missing,” he said.

The majority of those unaccounted for are thought to be government workers, whose housing complex was completely engulfed by raging waters. Their fate is currently unknown because the area is still unreachable.

“We are very worried because all these houses were just suddenly submerged under water and literally washed away and that is where we have about 147 missing,” he said. “It’s very sad and the situation is dire.”

Two pupils at a secondary school were among those killed,

after a landslide sent a boulder crashing into their dormitory, the country’s Department of Civil Protection (DCP) said.

– School pupils rescued – Soldiers on Sunday helped rescue nearly 200 pupils, teachers and staff who had been trapped at the school in Chimanimani.

The group had to wade through waterlogged and mud-churned roads for some 4 kilometres (2.5 miles) to reach

a relief area, where they were given food and checked by medics, according to an AFP photographer.

Tents have been set up to provide shelter for those affected by the cyclone and scores of villagers have made their way to the relief area, some having trekked for up to 20 kilometres to reach safety.

Roads have been swallowed by massive sinkholes, while bridges were ripped to pieces

by the flash floods, according to the AFP photographer.

The United Nations in Zimbabwe said that nearly 10,000 were affected by the cyclone.

Zimbabwe’s President Emmerson Mnangagwa, who cut short a visit to Abu Dhabi over the cyclone, has declared a state of disaster in the affected areas.

Government spokesman Nick Mangwana told AFP that

“rescue and recovery efforts are ongoing”.

Some 300 refugees who were housed at Tongogara Refugee Camp in the southeast have been affected and 49 houses damaged.

In neighbouring Mozambique where the cyclone hit first on Thursday night, the country’s state-owned Jornal Domingo newspaper reported 48 people had been killed, with the deaths recorded in the worst-hit central Sofala province.

Ethiopia Holds Funeral for Plane Crash Victims Ethiopians were holding funerals Sunday for friends and relatives who perished in last week’s Ethiopian Airlines crash, which killed all onboard and saw the worldwide grounding of the Boeing aircraft involved.

Families in 35 nations were left bereaved when the Boeing 737 MAX 8 aircraft plummeted from the sky just minutes into its flight to Nairobi last Sunday, killing all 157 passengers and crew on board.

One week after the crash, relatives of the 17 Ethiopian victims gathered with hundreds of others at Holy Trinity Cathedral in Addis Ababa, sobbing and holding portraits of their loved ones as an Ethiopian Orthodox priest said the last rites.

“What I can’t forget is that she left an eight-month-old child and didn’t come back,” said Meselech Petros, whose sister Amma Tesfamariam was a flight attendant on the doomed aircraft.

Her 28-year-old sister wasn’t supposed to work that day, but had gone in to cover for a colleague.

Caskets draped in the Ethiopian flag were brought to the cathedral in a convoy of black hearses accompanied by hundreds of mourners.

But it was not clear what the coffins contained.

Witnesses said the plane nose-dived into a field southeast of the capital, with the force of the impact leaving few bodies intact.

On Thursday, as grieving families and friends visited the area where the plane went down, an AFP correspondent saw them being handed plastic water bottles filled with earth from the site.

Ethiopia’s government has said it may take up to six months to identify the remains.

“What makes us very sad is we didn’t find any of her remains,” said Teshome Legesse, whose 24-year-old niece Ayantu Girma was a flight attendant on the plane.

Ethiopians Airlines is Africa’s largest carrier and in many ways the international face of the nation.

The deaths have shocked Africa’s second-most populous country, and the funeral attracted a wide range of mourners.

“We all are children of Adam and Eve, even though our skin colours are different,” said Seyoum Kidanu, a retired police officer wearing full dress uniform and a sash in the colours of the Ethiopian flag.

“When one person dies in this world, the grief belongs to everybody.”

The black boxes from the plane are currently being examined by France’s BEA air safety agency, which is working with American and Ethiopian investigators to determine what brought it down.

Although Ethiopia has warned the investigation would take “considerable time,” there were swift moves in the wake of the crash to ensure the worldwide grounding of the Boeing 737 MAX 8.

The move came after similarities were identified with the October crash of an Indonesian Lion Air jet that killed all 189 passengers and crew.

As the world awaited answers, there were few answers for those trying to cope with the loss of a loved one.

“She’s a very good person.

I don’t how to describe her,” said 26-year-old Selamsew Mathias, brother of the flight attendant Amma.

“We are broken and hurting very much. It’s very difficult.”

Mourners carrying portraits of victims of the crashed Ethiopian Airlines aircraft during the mass funeral at Holy Trinity Cathedral in Addis Ababa…yesterday AFP

737 MAX Disaster Pushes Boeing into Crisis Mode Ethiopians were holding funerals Sunday for friends and relatives who perished in last week’s Ethiopian Airlines crash, which killed all onboard and saw the worldwide grounding of the Boeing aircraft involved.

Families in 35 nations were left bereaved when the Boeing 737 MAX 8 aircraft plummeted from the sky just minutes into its flight to Nairobi last Sunday, killing all 157 passengers and crew on board.

One week after the crash, relatives of the 17 Ethiopian victims gathered with hundreds of others at Holy Trinity Cathedral in Addis Ababa, sobbing and holding portraits of their loved ones as an Ethiopian Orthodox priest said the last rites.

“What I can’t forget is that she left an eight-month-old child and didn’t come back,” said Meselech Petros, whose sister Amma Tesfamariam was a flight attendant on the doomed aircraft.

Her 28-year-old sister wasn’t supposed to work that day, but had gone in to cover for a colleague.

Caskets draped in the Ethiopian flag were brought to the cathedral in a convoy of black hearses accompanied by hundreds of mourners.

But it was not clear what the coffins contained.

Witnesses said the plane nosedived into a field southeast of the capital, with the force of the impact leaving few bodies intact.

On Thursday, as grieving

families and friends visited the area where the plane went down, an AFP correspondent saw them being handed plastic water bottles filled with earth from the site.

Ethiopia’s government has said it may take up to six months to identify the remains.

“What makes us very sad is we didn’t find any of her

remains,” said Teshome Legesse, whose 24-year-old niece Ayantu Girma was a flight attendant on the plane.

Ethiopians Airlines is Africa’s largest carrier and in many ways the international face of the nation.

The deaths have shocked Africa’s second-most populous country, and the funeral attracted

a wide range of mourners.

“We all are children of Adam and Eve, even though our skin colours are different,” said Seyoum Kidanu, a retired police officer wearing full dress uniform and a sash in the colours of the Ethiopian flag.

“When one person dies in this world, the grief belongs to everybody.”

Eight Dead as Gunmen Attack Mali Army Camp At least eight people were killed on Sunday in a raid by suspected jihadists on an army camp in central Mali, military and security sources said, warning the toll could rise.

Driving cars and motorbikes, the attackers stormed Dioura army camp in the Mopti region at dawn, leaving “many soldiers dead or missing”, a military source said.

Separately a Malian security source spoke of “a heavy toll of at least eight dead”.

“There are dead soldiers, others are missing and still others are wounded,” he said, but could not confirm reports from local villagers that up to 15 troops had died.

A second military source said the troops had tried to fight off the attackers.

“Our men responded. I

saw at least four bodies on the ground. We don’t have an exact toll yet but there is a lot of damage,” he said.

A foreign security source said efforts were under way to determine how many people had died.

Despite the presence of

UN peacekeepers, a strong French military contingent and the creation of a five-nation military force in the region, jihadist violence has not abated in Mali which suffered 237 attacks in 2018, UN figures show.

46

MONDAY MARCH 18, 2019 ˾ T H I S D AY

NEWSEXTRA

Buratai: Fake News Worsening Election Violence,Threatening Army Operations Emmanuel Addeh in Yenagoa The Chief of Army Staff, Lt. Gen. Tukur Buratai, has stated that fake news was worsening violence during elections in the country and putting military operations in jeopardy.

The army chief, who spoke when he visited the 16 Brigade Camp Tukur Buratai, Elebele, outskirts of Yenagoa, the Bayels State capital, noted that the army set up a situation room real-time, commanded by its cyber warfare unit, to deal with the menace decisively during the last set of polls.

He was at the 16 Brigade Barracks to inaugurate several ongoing projects, including an Integrated Medical Centre, Quarter Guard, 30 flats for junior officers, among several others under the leadership of Brig.Gen Kevin Aligbe, Commander of the

Brigade.

Buratai, who was represented

by Commander, Training and Doctrine Command (TRADOC), of the Nigerian Army, Maj. Gen. Adeku Salihu, noted that the army would continue to support the lead forces to halt election violence.

He solicited the cooperation of members of the public.

“Permit me to draw your attention to the Nigerian Army’s role in supporting the lead security agencies in the electioneering process.

“We had earlier launched Operation Safe Conduct and the army Situation Room to ensure real-time monitoring of events.

“This was borne out of our previous unpalatable experiences occasioned by electoral violence which has now been made worse by fake news.

“Fake news and false propaganda hold a dangerous

threat to both the electoral process and military operations. The use of the media, especially social media to spread fake news should be a source of concern to all of us.

“Rapid spread of fake news has been responsible for misinformation and having an influence on public sentiments, sowing confusion among the electorate and igniting violence during elections,” Buratai said.

Buratai assured that the army would continue to collaborate with civil society and other sister agencies to ensure the rest of the elections are violence-free.

He noted that military

operations in the Niger Delta region were of paramount importance to the country, given the region’s strategic place to Nigeria’s survival.

“You will agree with me that to protect the resources we have in the Niger Delta region and the equally strategic Gulf of Guinea, we need a strategic response mechanism made up of men and women who are well motivated.

“Some of these projects are quite unique in their own rights, particularly the integrated medical centre and the quarter guard, the only one in the country’s armed

forces” he added.

In his comments, Governor Seriake Dickson, who was represented by his Deputy, Rear Admiral John Jonah (rtd), urged Nigerians to continue to protect the military by making sure the army is not denigrated by politicians.

“The Bayelsa State government is ready to collaborate with the military and other sister agencies because it is a duty. We owe the armed forces that duty.

“On a final note, I listened to the comments on the role of the army in elections. It is not different from what my enquiries revealed.

It is quite reassuring to me that we should all try to shield the army of any blame.

“Forget about politics, the Nigerian Army remains the most important organ that has kept the cohesion of this country and has played this role over the years.

“The most important one was during the war. The army has also projected us outside the shores of this country. It is one of the most efficient organisations making sacrifices in Liberia, Sierra Leone and now in Nigeria.

“Don’t listen to us as politicians; just do the right thing and leave the rest to God,” he said.

Delta PDP Members Want Former Minister Expelled for Anti-party Activities Segun James A group known as Concerned PDP Leaders has called for the expulsion of former Minister of State for Education, Olorogun Kenneth Gbagi, for alleged anti-party activities, saying he worked against the party interest in the just concluded general election.

The group in a petition signed by its leaders, Olorogun Andrew Desi, Viv Pela, Ken Pela, Mr. Ochuko Mejire, Omoefe Pelaand Freeborn Onokata, and addressed to the Chairman of the party in the state, Mr. Kingsley Esiso, and copied to the state Governor, Dr. Ifeanyi Okowa; former Governor Chief James Ibori, and former Deputy Governor, Prof. Amos Utuama, lamented that Gbagi did not only work against the candidates but was actively hobnobbing with candidates of opposition political parties.

Also accused along with Gbagi for involvement in the anti-party activities are the Special Adviser to the Governor on Delta State Oil Producing Areas Development Commission (DESOPADEC), Chief Emuoboh Gbagi, “who was accused of canvassing for votes for YES

party in units 15 and 16 of Oginibo.

“Special Assistant to the Governor on Legal Matters, Mr. Tareri Avwomakpa, was also accused of canvassing for votes for YES party in Unit 23 of Oginibo, and Mr. Lucky Oniyan, the current councilor representing Jeremi Ward 16 who was alleged to have coordinated the canvassing for votes for YES party in Imode.”

The group also accused Mr. Gbenga Avwomakpa, a former Councilor; John Adjeke, a former supervisory councilor, and Christian Ushevwitode, PDP Youth Leader in Jeremi, who were also caught allegedly canvassing for votes for YES party in their various polling units in Oginibo.

According to the petitioners, “Based on the foregoing, we believe we have established a prima facie case against Kenneth Gbagi and the other six listed persons above on the following counts of disobeying the lawful directives of the party by working for the YES party House of Assembly candidate instead of the PDP House of Assembly candidate thereby engaging in anti-party activities.”

PoliceVow to Fish out Perpetrators of Kaduna Attack The Kaduna State Police Command yesterday vowed to fish out the attackers of Nandu village of Sanga Local Government Area of the state and bring them to justice.

The command’s Public Relations Officer, Yakubu Sabo, said the command had mobilised operatives to the scene of the incident and taken the injured and dead to the hospital.

Sabo said that a joint patrol team of the Police and the army were in the area to forestall possible break down of law and order.

He added that the

Commissioner of Police, Mr Ahmad Abdurrahaman, had condemned the killing and commiserated with the families of victims of the attack.

According to him, Abdulrahaman has advised the affected community against taking the law into their hands and to allow justice to take its course.

He explained that unknown gunmen entered Nandu village on March 16, shot dead nine persons, injured two others and torched several houses.

90 HEARTY CHEERS…

R-L: Alake of Egbaland, Oba Adedotun Gbadebo; Pro-chancellor, University of Lagos (UNILAG), Dr. Wale Babalakin (SAN); lawyer and industrialist, Chief Olatunde Abudu; and his wife, Esther, at Abudu’s 90th birthday celebration in Abeokuta…recently

Jonathan Denies Quitting PDP, Politics Former President Goodluck Jonathan has said that he has no reason to quit the Peoples Democratic Party (PDP), or retire from politics for now.

He made the statement yesterday, through his Media Adviser, Mr. Ikechukwu Eze, in reaction to a report, which claimed that the ex-president had resigned from PDP and

quit politics.

Eze’s statement described the news as fake, saying that it was a “calculated attempt to rubbish the elder statesman”.

“The PDP gave Jonathan the platform to serve as deputy governor, governor, vice president and eventually President of Nigeria. Jonathan has no reason at this time to

resign his membership of the platform.

“Those who derive pleasure in spreading fake information had better occupy themselves with more productive endeavours that are obviously more relevant to nation building.

“Obviously, this is a fabrication borne out of mischief as the publishers of the fake story

claimed that the former President made the statement while being interviewed by the Nigeria News Agency (NNA).

“There is absolutely no way the former President could have spoken to a non-existent news agency, as none in the country goes by that name,” the statement added.

Edo Police Arrest Suspected Killers of DPO,Three Others About eight persons involved in last Tuesday’s attack and subsequent killing of four police personnel at Afuze, headquarters of Owan East Local Government Area in Edo State have been arrested.

Gunmen had used Improved Explosive Devices (IED) to bomb the police station and set some vehicles ablaze.

They took the Divisional Police Officer (DPO) in charge of the station, Ojo Kosenami and three others to a room, stripped them naked before killing them.

Other police officers killed were Sergeant Justina Aghomon,

Inspector Sado Isaac and Corporal Glory David.

Police sources said the gunmen invaded the police station to release one of their gang members who was arrested and detained by the late DPO. The sources said the leader of the gang offered money to the DPO for bail but he turned it down and insisted that the case be transferred to the police headquarters for further investigation.

Special Adviser to Governor Godwin Obaseki on Media and Communication Strategy,

Mr. Crusoe Osagie, said the feat achieved in arresting the suspects was based on the marching order to the Edo State Police Command by the Governor to fish out the culprits.

Osagie assured that the arrested suspects would be paraded on Monday (today).

According to him: “It is a bit of closure that the police have apprehended some of those suspected to have attacked the police station.

“Though we hear a good number of the suspects have been apprehended, we hope to get more information

when the Edo State Commissioner of Police, Muhammed Danmallam briefs the press tomorrow (today).

“The state government is committed to the security of Edo people and residents in the state. The incident in Afuze is condemnable and we commiserate with the affected families.

“We also hope that the speed at which the suspected culprits were arrested will bring some closure to the families, even as we await the full briefing from the police commissioner.”

MONDAY MARCH 18, 2019 ˾ T H I S D AY

47

NEWSEXTRA

Falana Asks INEC to De-register 81 Political Parties for Poor Performance Davidson Iriekpen A human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, has reminded the Independent National Electoral Commission (INEC) that it has wide powers to de-register political parties that failed to scale some minimum electoral tests and urged the electoral body to de-register 81 political parties.

In a statement issued yesterday, Falana said the application of the rules would see the number of political parties cut from 91 to fewer than 10.

He said contrary to the widespread belief that INEC has no such power, the power was restored to the agency following the 2017 constitutional amendment.

The senior lawyer recalled how some political parties successfully challenged INEC’s power after the amendment of the Electoral Act in 2010.

He said the National Assembly bolstered the commission via the constitutional amendment.

“Disturbed by the mockery of multi-party democracy in the country through the unprincipled proliferation of political parties the National Assembly amended the Electoral Act 2010 to empower INEC to de-register political parties that failed to win any election. Since political parties

were registered pursuant to section 222 of the Constitution, the suits filed by the affected political parties succeeded as the Federal High Court declared the amendment unconstitutional and set it aside.

Among the grounds are that a party can be de-registered if it breaches any of the requirements for registration and fails to win at least 25 per cent of votes cast in one state of the federation in a presidential election; or one local government of the state in a governorship election.

“However, the National Assembly took advantage of the 2017 constitutional review to reduce the number of registered political parties in the country.

Thus, the Constitution of the Federal Republic of Nigeria, 1999 (Fourth Alteration, No 9) Act, 2017 enacted on May 4, 2017 has amended section 225 of the 1999 Constitution to empower the INEC to de-register political parties,” Falana said in the statement.

“Among the grounds are that a party can be de-registered if it breaches any of the requirements for registration and fails to win at least 25 per cent of votes cast in one state of the federation in a presidential election; or one local government of the state in a governorship election.

A party can also be deregistered if it fails to win at least one ward in the

chairmanship election; one seat in the national or state house of Assembly election; or one seat in the councillorship election.

“From the foregoing, it is indubitably clear that INEC has been conferred with enormous powers to de-register political parties that fail to meet the fresh constitutional prerequisites.

“Going by the results of the 2019 general election, the 91 registered political parties may have been reduced to less than 10 that may have scaled the constitutional hurdle.

“Not a few people would hail the constitutional amendment in view of the prostitution of the political system by

political parties are ill-equipped to promote participatory democracy, economic freedom, human rights and rule of law.

“But it ought to be pointed out that the planned deregistration of political parties that fail to win elections is likely to limit the political space to the so called mainstream political parties that are not committed to any political philosophy or ideology”, Falana said.

The senior lawyer, who deplored the opportunism of some political parties, as demonstrated in the last general election, urged INEC to sanitise the democratic space by applying the rules and

enforcing relevant provisions of the constitution and the electoral act.

“INEC is called upon to formulate new guidelines for the registration political parties within the ambit of the Constitution.

“This should be done in view of the fact that not less than 100 political associations are said to have submitted applications for the registration of new political parties. With respect to registered political parties INEC must fully comply with section 225(2) of the Constitution by sanctioning them if they fail to submit a detailed annual statement and analysis of their

sources of funds and assets.

“This will go a long way to check the monetisation and brazen manipulation of the democratic process by political godfathers.

“More importantly, INEC should henceforth exercise its powers under Section 224 of the Constitution by ensuring that the programmes as well as the aims and objects of every political party conform with the provisions of the fundamental objectives and directive principles of State Policy enshrined in Chapter II of the Constitution,” Falana said.

Jime Accuses Ortom, Suswam, Moro of Rigging Benue Guber Election George Okoh in Makurdi The gubernatorial candidate of the All Progressives Congress (APC) in Benue State, Mr. Emmanuel Jime, has lamented that the inconclusive gubernatorial and state Assembly elections in the state were rigged in favour of the Peoples Democratic Party (PDP).

He particularly pointed fingers at the trio of the former state Governor, Gabriel Suswam; Senator-elect for Benue South, Aba Moro, and the incumbent state Governor, Samuel Ortom, of allegedly perpetrating “unprecedented electoral heist ever seen in the history of the state.”

Jime’s allegations were contained in a statement signed by the Deputy Director of his campaign organisation, Mr. Kula Tersoo.

According to the statement, “Suswam was alleged to have, prior to the polls, activated his link with a section of the militia from an area recruited by the wanted chief terror in the state, Terwase Akwaza aka Gana, for the electoral fraud.

“These militia helped him to intimidate and sacked voters from polling centres to pave way for massive multiple thumb printing and general rigging in the five wards of Gaambe Tiev section of his Logo Local Government Area. Eventually, a cooked figure of over 30,000 votes was awarded to Ortom and the PDP while about 2,000

miserable votes were given to Jime and the APC. “Suswam, we gathered on good authority, connived with the Resident Electoral Commissioner (REC) in the state and got only his relations and kinsmen of Shitile appointed as returning officers in the Benue Northeast senatorial district. We have the names of these returning officers, their relationship with him, and will at the appropriate time, be made public.

“This also explained why with glaring manipulation of votes, gubernatorial and House of Assembly results from the Northeast part of the state and particularly, Sankera axis, were not cancelled.

“All petitions written against these elections by our collation agents were ignored.

The returning officers would always make sure they detach all petitions from form EC40 (G) before submitting at the INEC office in Makurdi.”

Moro, on his part, is accused of manipulating elections in his Okungaga and the other 21 polling units of Ojiego ward.

Ortom, according to the statement, “hijacked electoral materials meant for the three council wards of Nongov, namely: Nzorov, Saghev and Kaambe in Guma Local Government Area, where he manufactured over 28,000 votes for his party and allocated a laughable less than 200 votes for APC.”

THANKS FOR JOB WELL DONE...

Ekiti State Governor, Dr. Kayode Fayemi (right), presenting a letter of appreciation to the state deputy Governor, Bisi Egbeyemi, during a meeting to appreciate members of the Ekiti Council of the PMB/PYO Presidential Campaign Organisation and APC leaders in Ado-Ekiti... recently

Ekiti PDP to Challenge Outcome of N’Assembly Elections in Court We are ready for them, APC replies Victor Ogunje in Ado Ekiti Sequel to alleged irregularities that dogged the general elections in Ekiti State, the Peoples Democratic Party (PDP) has said it would challenge the outcome of the state and National Assembly elections in court.

The opposition party described the general elections conducted in the state as a charade which defied all decent, civilized and acceptable approaches to democracy.

The All Progressives Congress (APC) won all the three senatorial, six House of Representatives and 25 out of the 26 state assembly seats with one constituency yet to be concluded by the Independent National Electoral Commission (INEC).

PDP State Chairman, Chief Gboyega Oguntuase, said the presidential, National Assembly and House of Assembly elections in the state were characterised by violence, ballot-snatching, ballot stuffing, vote-buying allegedly perpetrated by APC members “to win all available legislative seats in the state.”

Oguntuase, who spoke in Ado Ekiti at the weekend while reviewing the elections, said the party had “resolved not to allow the rape of democracy go unchallenged hence our resolve to approach the judiciary as the only democratic process available.”

He said: “We have given all our candidates in the National Assembly elections the go-ahead to pursue the cases against the elections at the tribunal because if the broad daylight robbery against democratic process goes unchallenged, it is going to consume the country and our democratic norms and process.

“The general election in the state was bedeviled by violence, ballot snatching, threat to lives, threat to properties and the entire state was riddled with uncivilized attitude to politics.”

The PDP chairman, who hinged the resolve to challenge the National Assembly elections on the party’s “commitment to purify the system,” however, did not disclose the team of lawyers being lined up by the party for the legal battle “for tactical reasons.”

Although Oguntuase accused the APC of “all known electoral offences in the House of Assembly election,” he said, adding: “We might not have the capacity for litigation here, but we are not foreclosing the possibility. But I can tell you categorically that out National Assembly candidates will challenge the uncivilized approach of APC to democracy.

“During the National Assembly elections, the house of one of our candidates was riddled with bullets, ballot papers were torn, votes were bought freely with N5, 000. Our members were harassed and arrested. We raised the alarm before and during the elections, but nothing was done. All these were unchecked during the first election.

“But I am telling you that the calamity that has come upon our country today was started by the APC in Ekiti State. The inability of Nigerians to rise against it then is what caused Nigerians all the mess that we are going through now. Elections were declared inconclusive in five or six states where the winners should have

been declared outright.

“The country is under the siege of self-deceit. We are appealing to APC not to destroy Nigeria and the democratic process.

APC should learn from former President, Dr. Goodluck Jonathan, who voluntarily, even before conclusion of elections, conceded victory to APC because he did not want violence.”

But the APC state Publicity Secretary, Hon Ade Ajayi, dismissed the allegations, saying: “It is an afterthought.

The elections in Ekiti State were held in a peaceful atmosphere.

The people went to the polls without rancor or violence.”

Ajayi, who said PDP resort to the tribunal was commendable as the opposition party did not toe the line of violence, said: “We will meet them there.

They are free to go to court.

They have the constitutional backing. I commend them for not resorting to violence.

When we get to the courts, we will defeat them again because the truth will always prevail.”

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Obi: No Nation Can Grow on Electoral Fraud Group wants ICC to prosecute army officers, others

Ogheneuvde Ohwovoriole in Abuja The vice presidential candidate of the Peoples Democratic Party (PDP) in the February 23, 2019 presidential election, Mr. Peter Obi, said yesterday that no country can grow on rigged elections.

This is coming as a nongovernmental organisation, We The People Of Nigeria, has urged the international community to place Nigeria on a watch list pending, the outcome of the legal challenge to President Muhammadu Buhari’s election.

Obi said in a statement in Abuja that election rigging “is the root of corruption, as it goes to impact negatively on the political and economic growth of the country.”

The former governor of Anambra State added that the electoral fraud that characterised the general election has hugely undermined the nation’s democracy and its future, stating that it had significantly damaged the ongoing fight against corruption and tainted the integrity of those behind the rigging.

He stated that it was difficult for Nigeria to quantify the enormity of damage the electoral fraud had done to the psyche of the country.

Meanwhile, a nongovernmental organisation, We The People Of Nigeria, has urged the international community to place Nigeria on a watch list pending, the outcome of the legal challenge

to President Buhari’s election.

The group also asked the Chief Prosecutor of the International Criminal Court (ICC) to open an investigation on Buhari and the Chief of Army, General Tukur Yusuf Buratai, along with his agents for alleged crimes against humanity -- perpetrated during the February and March 2019 election in Rivers State and elsewhere.

In a statement by the Founder/Director of the group, Dr. Lloyd F. Ukwu, the group equally strongly condemned what it described as the illegal, corrupt and fraudulent electoral practices that characterised the presidential elections, rejecting the declaration of Buhari, as the winner of the election by the Independent National Electoral Commission (INEC).

Ukwu said that the outcome of the presidential election was not legitimate and true reflection of the will of the people of Nigeria, and condemned the violence, intimidation, oppression and threats inflicted upon the voters.

According to the statement, ‘’We The People of Nigeria rejects the declaration of the Independent National Election Commission as regards Buhari’s fraudulent victory and we ask that all nations join us in the condemnation of President Muhammadu Buhari, his political party, the All Progressives Congress (APC), and others who have worked together to steal the elections from the people of Nigeria and

circumvented their rightful ballot-box choices. ‘’We The People Of Nigeria has spearheaded initiatives to galvanise international support for a fair and legitimate process to determine the winner of the February 23, 2019, Nigerian presidential election.

Overwhelming credible evidence demonstrates fraud, intimidation, violence, and manipulation tainted the results.’’

The group added that its members had visited Washington DC, the United Kingdom and the European Union (EU) in Brussels Belgium to draw the international community’s attention to the electoral fraud that characterised the last general elections.

“The team visited House and Senate members of the United States Congress, met with the United States State Department, and delivered a letter to President Donald Trump. The team then travelled to the United Nations in New York to submit a letter to Acting United States Ambassador to the United Nations, the Honourable Mr. Anthony Cohen.

“Our members also visited London to deliver letters to British Prime Minister, The Right Honourable Theresa May at No. 10 Downing Street, and, to Chatham House and the Office of Foreign and Commonwealth Affairs.

Lastly, the team delivered a letter to the Secretary General of the European Union Parliament.

Seven Erring Corps Members Get Extended Service in Kebbi Laiatu Bamaiyi in Birnin Kebbi The National Youth Service Corps (NYSC) in Kebbi State, has extended the service year of seven corps members by four months for violating the rules of the scheme.

The state NYSC Coordinator, Mr. Barde Usman, made the disclosure in Birinin Kebbi at the passing out ceremony of the 2018 batch `A’ corps members held in the state.

He said “six male corps members and a female corps member, have their service year extended for a period between two and

four months.”

He also disclosed that NYSC had contacted the families of the four male and two female corps members who absconded during their service year.

Usman said that NYSC issued a total of 1, 383 discharge certificates, comprising 798 males and 585 female corps members who successfully concluded their service in the state.

The coordinator congratulated the outgoing corps members and urged them to be good ambassadors of the country wherever they might find themselves.

He said the skills

acquisition and vocational training they received during their orientation were enough to make them excel in the labour market.

He said :” Try to be good ambassadors to this country and your family;,try to ensure that you are moving with people of good character, don’t join bad company. ”Ensure that you don’t engage in any criminal activity because it is dangerous and risky. ”All the vocational trainings you were exposed to during your orientation are enough to make you excel without wandering in the labour market that is already saturated ”, he said.

Gunmen Abducts Edo Royal Father Adibe Emenyonu in Benin City The Enogie (Duke) of Ukhiri community in Ikpoba-Okha Local Government Area of Edo State, HRH Enogie Aigbe, has been abducted by suspected kidnappers.

Sources said the gunmen stormed the Enogie’s residence at Ukhiri, along

Benin-Abraka road and shot sporadically into the air before leaving with their victim.

The source said the gunmen came with an unregistered car which they set ablaze and made away with a Nissan Sunny car belonging to the victim.

The Enogie is a retired Chief Superintendent of

Police (CSP) before he took over the dukedom after the death of his father some years ago in line with Benin tradition.

The state Police spokesman, DSP Chidi Nwabuzor, could not be reached for comments, but police sources said a crack team has been put in place to rescue the victim.

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Probe SARS Commander’s Involvement in Electoral Infractions, Rivers PDP Tells IG Ernest Chinwo in Port Harcourt The Peoples Democratic Party (PDP) in Rivers State has called on the Acting Inspector General of Police, Abubakar Adamu, to institute a probe into the alleged involvement of the Commander of the Special Anti-Robbery Squad (SARS) in the state, Akin Fakorede, and operatives of the squad, in the killing and harassment of agents of the party during the suspended governorship and state House of Assembly elections in the state.

This is coming as the party has commended the Chief of Army Staff, Lt. General Tukur Buratai, for instituting a panel to probe the alleged invasion of polling units and collation centres by

soldiers in the state and the plot to assassinate the state Governor, Nyesom Wike.

The state Chairman of PDP, Felix Obuah, while addressing journalists yesterday in Port Harcourt, said one of the victims of the alleged attack by SARS operatives, Dr. Ferry Gberegbe, has died while several others who were critically wounded are battling for their lives in hospitals.

Obuah said: “We also commend the Chief of Army Staff, Lieutenant General Yusuf Tukur Buratai for inaugurating the Major General TA Gagariga-led committee to probe the allegations of misconduct, including the assassination attempt on our Governor, His Excellency Nyesom Ezenwo Wike by soldiers

Sterling Bank Launches Doubble, Nigeria’s Fastest Investment Portal Sterling Bank Plc, Africa’s most agile company, has launched a new online investment portal, known as Doubble, to cater to the investment appetite of individuals in active workforce.

Doubble is an automated investment platform that allows individuals to invest at their convenience and get back up to 200 percent over a period.

Speaking on the new platform in Lagos recently, Chief Marketing Officer, Sterling Bank, Dapo Martins, said Doubble was designed to address the concerns of individuals who are looking to accumulate savings over a specific timeline to take care of future needs.

“With Doubble, a customer can choose to invest either a lump sum in one contribution or monthly contributions, which could be for the duration of 12 months to 60 months with all pay-outs remitted either monthly or once target is achieved to named beneficiaries.

He said the solution could function as an annuity to some customers as it guarantees monthly payment to beneficiaries at regular intervals over a specified duration. He added that the platform’s flexibility would allow the customer to select other beneficiaries such as children, spouse or parents for pay-out.

He also mentioned that the solution could be used for target savings in both Naira and Dollars to achieve a certain amount in a specific number of years earning interest along the way.

The online platform provides customers with a calculator that can aid planning.

Doubblealsoempowersindividuals to plan towards future consistent cash outflows such as payment for utilities, monthly upkeep and payment for mortgages while applications can be done immediately and a future convenient date selected for contract to commence.

INEC Responsible for APC’s Loss of C’River, Party Chieftain Alleges Bassey Inyang in Calabar A chieftain of the All Progressives Congress (APC) in Cross River State and former governorship candidate, Mr. James Ebri, has blamed the Independent National Electoral Commission (INEC) for the defeat suffered by the party in the state at the 2019 general election.

Ebri complained that APC had no level playing ground because INEC, through the state Resident Electoral Commissioner (REC), Mr. Frankland Briyai, “jumped into the arena, and weaponised the opponents against the party, an act they must apologise publicly to the Cross River people, cancel the polls and effect a re-run.”

The APC chieftain, while barring his mind yesterday on the election, lamented that “in less than 12 hours to the opening of polls on February 23, the state REC, Briyai, called a press conference and announced the delisting of APC candidates from the polls. The REC acted in a partisan manner, called a press conference to hand APC opponents tools to use. Both INEC and the

opponents made use of the tools against the APC as even party agents were denied accreditation on the basis of the party not having candidates as claimed by INEC”.

He said supporters of the APC and the electorate in state demanded a public apology from INEC for meddlesomeness in the politics of general election in the state.

“I am talking from even the National Assembly elections where, in less than 12 hours before the polls, the REC came up to show that APC was not going to be part of that, and the law doesn’t not allow you, within 48 hours, to say that a party cannot present candidates; and in any case, that letter, if there was any of such, was supposed to be a silent thing.

Even if a court gave an order, you as INEC don’t need to come and authenticate it with a letter that the party doesn’t have candidates. It means you have disenfranchised all the members and supporters of the party and its candidates. You gave the opposition party a tool to walk with by saying the party had no candidate,” Ebri said.

during the 2019 general election.

“We wish to assure the Chief of Army Staff that the PDP will appear, present and prove before the committee with facts and evidence of the atrocities committed by his soldiers against the electoral process and the people of Rivers State before, during and after the 2019 general election.

“In the same vein, we wish to call on the Acting Inspector General of Police, Mr. Abubakar Mohammed Adamu to institute a similar panel to probe the brazen involvement of the Rivers State Commander of F-SARS, Mr. Akin Fakorode and his gang of police operatives in the organised invasion of polling units, collation centres, abduction of electoral officers and the shooting and killing of innocent persons during the general election at Khana, Gokana, Ikwerre, Eleme, Tai, Oyigbo and Ogu/Bolo LGAs of the State.

“As we speak, one of the victims of Akin Fakorode’s assault, Dr. Ferry Gberegbe, a senior lecturer at the Ken Saro Wiwa

Polytechnic has died of gunshot wounds, while Mr. Marvin Lezor Kpea-ue, Raymond Ledogo and several persons are presently battling with life-threatening injuries inflicted on them by Akin Fakorode and his murderous gang.

“We wish to reiterate that Mr. Akin Fakorede has over the years become a recurrent obstacle to the peaceful conduct of general election in Rivers State; and he does so with provocative bravado and criminality.

“It is on record that Mr. Akin Fokorode was copiously indicted

by INEC’s investigative panel for direct interference and involvement in the violence and rigging that characterised the December 10, 2016 and August 18, 2018 legislative houses re-run elections in Rivers State.

“Unfortunately and to the consternation of law abiding citizens, because nothing has been done to bring him to justice, Mr. Akin Fakorode continues to revel in his criminally culpable assault against our electoral system and the people of Rivers State and getting away with willful assault,

murder and criminal violence as if he is above the law.

“This time around, it is our hope and prayer that Akin Fakorode must not escape justice for his numerous crimes against the electoral system and the people of Rivers State, which can only happen with his arrest, investigation and trial as the law demands. Otherwise, such acts of impunity and disregard for the laws of our country will not stop.”

The PDP Chairman, who said the party accepted the pronouncements of the Independent National Electoral Commission (INEC) as substantial representation of the true state of the electoral process before the suspension, reminded the electoral body that elections successfully held and results declared at the unit and ward levels in five of the six other local government areas where full collation of results were still pending.

He said: “The PDP accepts the afore-mentioned pronouncements of the INEC as substantial representation of the true state of the electoral process before

the suspension.

“However, we wish to draw the INEC’s attention to the fact that in addition to the 17 Local Government Areas with fully collated results, the elections also successfully held and results declared at the unit and ward levels in five of the six other Local Government Areas where full collation of results is still pending.

“We therefore urge the INEC to follow its guidelines to fill the missing gap, if any, in the collation process for the remaining five LGAs by generating the full results from the unit results already in its custody and declare our candidates the clear and unassailable winners of the 9th March 2019 governorship and House of Assembly elections in Rivers State.

“We commend the INEC for standing by the truth and for its courage and principled determination to ensure that the votes of the people of Rivers State as freely and overwhelmingly expressed on the 9th of March 2019 in favour of the PDP effectively count.”

STRENGTHENING RELATIONSHIPS…

L-R: Governor of Osun State, Mr. Gboyega Oyetola; Regional Manager, South-west District of CCECC Nigeria Limited, Mr. Sewell Zhao; and Country DirectorCCECC, Mr. Zhao Sicong, during the Ambassador of China’s visit to the governor to strenghten relationship and promote exchanges at subnational levels of Government, at the State Secretariat, Abere, Osogbo…weekend.

Family, Associates Demand Justice for Slain House Member Kemi Olaitan in Ibadan Family, friends and political associates of the slain member of the House of Representatives representing Akinyele/Lagelu federal constituency, Hon. Temitope Olatoye (aka Sugar), as well as members of the Olatoye Sugar Foundation (OSF) yesterday demanded justice on his killers.

The eldest brother of the deceased, Mr. Olajide Olatoye, accompanied by friends, political associates and members of the OSF, made the call while addressing a press conference at OSF Secretariat in Bodija area of Ibadan, Oyo State.

The lawmaker was murdered at Lalupon area of Ibadan during the governorship and House of Assembly polls held on March 9.

The senior Olatoye, who spoke on behalf of the family, urged

the government and security agencies to ensure that the perpetrators of the ‘heinous’ crime are brought to book.

He said: “We really commend Police AIG Leye Oyebade of Zone II and the state Commissioner of Police, Shina Olukolu, for their prompt response and investigation of the killing which led to the arrest of some suspects.

“I am very sure those arrested by the police were leaders of those who masterminded our son’s killing.”

He described as “campaign of calumny” various reports against the lawmaker trending on the social media, stating that such mischiefs are orchestrated by the lawmaker’s political enemies.

According to him, “Our attention has been drawn to several negative publications trending on the social media

including the photographs of the dying Olatoye.

“We wish to maintain that all the negative impression about the late Olatoye and his family started with the gruesome and horrific photographs allegedly published by a hospital and his political enemies.

“We maintain that all these attacks on the deceased can best be described as fake news from mischief makers and political enemies to gain cheap political advantage.”

He particularly said the voice note credited to one, Mrs. Folake, who claimed to be the landlady of the late lawmaker, is nothing but falsehood aimed at disparaging the deceased.

Olatoye said: “We hereby deny the claim as same is without evidence and any iota of truth, therefore in the realm of fake news. We, therefore, call on the

public to disregard same.”

He stated that the family has instructed its lawyers to commence legal action against Sahara Reporters and other online platforms over the publication of ‘falsehood’ about the deceased.

Olatoye added that the late lawmaker lived a fulfilled and philanthropic life, stating that he was throughout his lifetime committed to the well-being of the downtrodden.

The family appreciated friends, the public and well-wishers for their support to them, lauding specifically the Speaker of the House of Representatives, Hon. Yakubu Dogara.

The Special Adviser on Media and Strategy to the deceased, Dr. Tunde Hamzat, described the late lawmaker as an unadvertised philanthropist who was always willing to help people.

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Adamawa Governorship Supplementary Election to Hold in 14 LGAs The Independent National Electoral Commission (INEC) yesterday said the governorship supplementary election scheduled for March 23 in Adamawa State, would be conducted in 14 local government areas of the state.

The state Resident Electoral

Commissioner (REC), Mr Kasim Gaidam, told the News Agency of Nigeria (NAN) in Yola that the election would be conducted in 29 Wards (Registration Areas) and 44 Polling Units where over 40,000 votes were earlier cancelled in the recent governorship selection.

“The commission had prepared for the supplementary governorship election in the state. The election is going to be conducted in 14 LGAs, 29 Wards and 44 Polling Units spread across the state,” Gaidam said.

He listed the local areas to include Yola South, Fufore,

Ganye, Girei, Guyuk and Hong.

Others are Lamurde, Numan, Madagali, Michika, Mubi North, Shelleng, Song and Toungo local government areas.

Gaidam, however, explained that the election was declared inconclusive as provided by law based only

on official registered voters, not Permanent Voters Cards collected or accredited voters.

He said: “Other figures being circulated should be disregarded as only report released by the Returning Officer should be considered.”

It could be recalled that the results of the governorship election announced by INEC

Returning Officer, Prof.

Andrew Haruna shows that the PDP candidate, Ahmadu Fintiri scored 367,472 votes, while a total of 334,995 votes scored by incumbent governor, Muhammad Bindow, the APC candidate.

The margin between them was 32,476 votes.

Fulani Lost 113 Cows to Bandits Attack in Plateau, MACABAN Claims Seriki Adinoyi in Jos Miyetti Allah Cattle Breeders Association of Nigeria (MACABAN) has stated that Fulani lost no fewer than 113 cattle to armed bandits in Plateau State last Thursday.

The bandits attacked herders grazing their cows near the Nigerian College of Accountancy in Kwall, Bassa Local Government Area of Plateau State.

The Fulani leaders in separate statements described the attack as unprovoked, adding that 81 of the cows were killed while 32 rustled and 48 others injured. MACBAN and the Jonde Jam Fulani Youth Association (JJFYA) at the weekend said the attackers were “local militants carrying sophisticated weapons.”

MACBAN Chairman in Plateau State, Muhammad Nura Abdullahi told journalists that, “We have reported the incident to the Operation Safe Haven (OPSH) sector 6, “and I personally reported to the Commissioner of Police who advised that I take the matter to the DPO (Divisional Police Officer) for documentation, which

has been done. The Area Commander and the DPO have visited the scene and seen for themselves.”

Abdullahi said the 48 cows injured in the attack were eventually slaughtered to prevent further loss.

He said the Police had called a peace meeting between the Irigwe community and the Fulani but stressed that the matter of compensation was never brought to the table.

On his part, the National President of Jonde Jam Fulani Youth Association of Nigeria, Saeedu Maikano said some of the cows had been macheted in a horrifying manner, adding that it was deliberately done to spite the cattle owners.

Operation Safe Haven Media and Information Officer, Major Adam Umar confirmed the killing of the cows, saying the incident had occurred around the dam opposite the College of Accountancy in Kwall while the cows were grazing.

Umar said though he could not give the exact number of cows killed and those rustled, the task force was doing everything possible to trail the assailants.

UTME: No Exemption on Biometric Verification, JAMB Insists The Joint Admissions and Matriculation Board (JAMB) has said there is no exemption on biometric verification for all candidates of the Unified Tertiary Matriculation Examination (UTME).

The board made this known in its Vol. 1, No 11 weekly Bulletin of the Office of the Registrar and made available to the News Agency of Nigeria (NAN) yesterday in Abuja.

According to the board, biometric verification will be the only mode of admittance of candidates into its examination centres nationwide saying that examination officials must adhere strictly to the rules.

“Exemption mode is not allowed for any candidate, therefore, no biometric verification, no examination and no candidate should be kept waiting if he or she cannot be verified but should be directed to contact JAMB. “There is no other attendance

register apart from the biometric verification, it will also serve as the attendance register during the examination as photo albums will only carry pictures with no marking points for either present or absent.

“All examination officials, including security agents are to ensure compliance with all guidelines, rules and regulations on the examination as strict adherence to the guide on compulsory biometric verification of every candidate is required,” the board said.

It also listed prohibited items into the examination halls as watches, pen or Biro, mobile phones or similar electronic device, books, calculators, smart eye lenses, ear pieces, recorders and jewelry.

Others are key holders, ATM cards, erasers, Bluetooth devices, microphones among others, while adding also that spy reading glasses must be scrutinised.

THANK YOU, ELECTORATE...

L-R: Head, Technical Team, A ‘ muwo Odofin 2019 Elections’, Mr. Lai Oba; Member-elect, Lagos State House of Assembly, Hon. Mojisola AlliMacauley; Chairman, Amuwo Odofin Local Government Area, Mr. Valentine Buraimoh; and Chairman, APC Apex Leaders Forum, Alhaja Memunat Ajao, during a stakeholders’ meeting to appreciate the electorate in Amuwo Odofin, Lagos...recently

Weak Auditing, Responsible for Poor Rating of SAIs, Says Ayine Raheem Akingbolu The Auditor-General for the Federation, Mr. Anthony Ayine, has linked the poor rating of the Supreme Audit Institutions (SAIs), despite the central role they play in the accountability cycle across the world, to years of weak auditing, especially in developing countries.

Ayine made the observation when he addressed participants at the 9th International Public Sector Conference, organised by the Association of Chartered Certified Accountants (ACCA), in Prague, Czech Republic. He spoke on the principal challenges facing Supreme Audit Institutions

(SAIs) globally.

“Years of weak auditing cause the average citizen to be unaware of the value and importance of the SAI as an institution that is central to the accountability cycle,” he stated.

While advocating for the need for the citizens to participate more and become better aware of the role of the SAI, Ayine said it was regrettable that “the INTOSAI Lima Declaration of 1977 on the prerequisites for the independent and effective functioning of SAI is yet to be well applied across many developing countries.”

According to him, the Declaration of Lima, adopted by the IX International Congress of

INTOSAI in Lima, Peru, in 1977, is considered to be the Magna Carta of government audit and defines the prerequisites for its independent and effective functioning.

He further added that the International Organisation of Supreme Audit Institutions is the worldwide affiliation of governmental entities whose members comprise of Chief Financial Controller, ComptrollerGeneral, Auditor-General Offices of nations and that it was founded in 1953 in Havana, Cuba, but with headquarters in Vienna, Austria.

While recognising social media as “a key channel” for information dissemination, the Auditor General however advised Supreme Audit

Institutions to be careful so as “not to get the institution involved in public debates,” saying the key question remains ‘how vocal should SAI be on social media?’

Speaking on how SAIs can support the implementation of Sustainable Development Goals, he pointed out that SAIs can baseline, benchmark and track progress across the various institutions responsible for delivery of the government’s commitment under each SDG. He also stated that SAIs can also invest in their capacity to give expert recommendations to key institutions, adding that SAI reports should be timely and that the possible efficiency savings or gains should be clear.

Ihedioha Laying Foundation for Excuses over N17bn Alleged Withdrawal, Okorocha Alleges Amby Uneze in Owerri Still confused over the affairs of Imo State after his son-in-law, Uche Nwosu, lost the governorship election and the Imo West Senate seat which the Independent National Electoral Commission (INEC) refused to issue him the certificate of return, the state Governor, Chief Rochas Okorocha, has accused the Governor-elect, Emeka Ihedioha, of playing politics by laying foundation for excuses to the people over the alleged N17 billion withdrawal within three days of the announcement of governorship results.

In a statement by Okorocha’s Chief Press Secretary, Sam Onwuemeodo, the governor stated that Ihedioha does not have

the mental or intellectual capacity to govern a highly endowed state like Imo, adding that he cannot measure up with Okorocha’s ‘amazing’ achievements in the state.

“He (Ihedioha) is only laying the foundation for excuses to the Imo people why he will fail as their governor. He was contentiously declared winner on Tuesday, on Thursday, he came up with the allegation of the state government withdrawing N17 billion. He never mentioned how the withdrawal was made, whether it was withdrawn cash or through transfer. And where in Imo State, with the meager federal allocation and IGR can one get N17 billion to withdraw?

“He is coming to be governor

with the only income he made at the National Assembly because prior to his going to the National Assembly, he never did any paid job, and he is trying now to blackmail a man adjudged to be the highest property owner both in Owerri and Abuja several years before becoming a governor.

“He has not said anything about free education, urban renewal and several other sensitive people-oriented programmes and policies of the Rescue Mission Government in the state. He is only talking about money and property. It is going to be interesting.

“He (the governor-elect) should also know that with what Okorocha has achieved,

Imo people won’t entertain any excuse from him. If he likes let him talk about Okorocha from now till when he will leave as governor. The die is cast. Action speaks louder than words. Blackmail or propaganda which the PDP invested heavily in during the 12 years they governed the state has become old-fashioned in the state at the moment,” he stated.

Okorocha urged Nigerians and Imo people in particular to ignore Ihedioha and the PDP with such gimmicks, adding that the incoming government has every right to probe Okorocha and the family, including the food they ate in Government House from 2011 to 2019.

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NEWSEXTRA

OPEC, Allies will Stabilise Oil Market, Says Saudi Minister NNPC reports N12bn profit in December 2018

Chineme Okafor in Abuja with agency report Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global oil markets, and are prepared to do what is necessary in this regards in the second half of 2019.

According to Bloomberg, AlFalih, said yesterday at a news conference in Baku, Azerbaijan where a committee of OPEC and its allies responsible for monitoring output are due to meet today, that the group needs to “stay the course” until June as its job is nowhere near complete in terms of restoring oil-market fundamentals.

Al-Falih’s disclosure of the group’s commitment also came at a time the Nigerian National Petroleum Corporation (NNPC) reported that it made a trading profit of N12.13 billion from its operations in December 2018.

Bloomberg reported that U.S. inventories have remained significantly above normal levels, and that there was a risk of oversupply in the short term.

Accordingly, OPEC and its allies have entered their third year of curbing supply in order to defend crude prices.

The Bloomberg quoted Russian energy minister, Alexander

Novak, to have indicated that Russia equally plans to achieve its promised cuts in output by the end of March or early April, adding that it needs time to make its promised cuts due to harsh weather.

Meanwhile, a statement from the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu in Abuja said that in December 2018, the NNPC made a trading profit of N12.13 billion, following higher revenue posted by its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

Ughamadu, also disclosed that within the same month, the corporation recorded an upswing in pipeline vandalism by 34 per cent.

The statement explained that the December edition of NNPC’s monthly operations and financial report contained these information, and that it had 257 vandalised points on its pipeline in December as against 197 in November. It added that one pipeline point failed to be welded while six points were ruptured.

It said Ibadan-Ilorin, Mosimi-Ibadan, and Atlas Cove-Mosimi network accounted for 90, 69 and 57 compromised points or approximately 34 per cent, 26 per cent and 22 per cent respectively.

Aba-Enugu pipeline link,

LCCI Decries Exclusion of Textile from Forex The Lagos Chamber of Commerce and Industry (LCCI) has said the exclusion of all forms of textile materials from the foreign exchange market pose a threat to the N5 trillion fashion industry.

The Director-General of LCCI, Muda Yusuf, who disclosed this in a statement issued yesterday in Lagos, noted that tailoring, accessories and garment industry would suffer a setback.

Yusuf said that the industry, which had created over 500,000 jobs was one of the fastest growing industries and had brought amazing opportunities for many young Nigerians to express their creativity and innovation.

“The industry provides significant value addition to fabrics, whether imported or domestically produced, and the policy contemplation of the CBN will put all of these at risk,” he said.

The News Agency of Nigeria (NAN) recalls that the Central Bank of Nigeria (CBN) on March 5, added all forms of textile materials to its forex restriction list to rejuvenate the textile industry and ensure that the needed growth was actualised.

Yusuf noted that the fashion industry responded to changing tastes and trends in the global world.

According to him, currently, the range of fabrics produced by local textile industry cannot support the fashion industry in

terms of the quantity and quality.

“Today, Nigeria is clearly the leader in Africa as far as the fashion industry is concerned.

“This vibrant industry should not be sacrificed on the altar of textile industry re-generation.

“This submission is not to diminish the importance of textile industries in any way or the significance of industrialisation.

It is to underscore the importance of a strategic approach to industrialisation,” he said.

Yusuf noted that the fundamental issues was to address infrastructure challenges, adding that the textile industry needed to be saved from the excruciating burden of high operating and production costs.

According to him, as the country progresses to the next level of the Buhari’s administration, policy coordination and collaboration among the economic ministries and agencies is imperative.

“There should be collaboration and coordination between the CBN, the Finance Ministry, Budget and Planning and Trade and Investment on trade policy issues.

“The boundaries of monetary policy need to be properly defined.

Exclusion of sectors from the forex market is not a monetary policy issue. It is trade policy matter.

“Monetary policy is about managing liquidity to influence the direction of credit, exchange rate and inflation.

the statement noted accounted for seven per cent, with other locations accounting for the remaining 11 per cent of the pipeline breaks.

According to it, despite this, the NNPC supplied 1.80 billion litres of petrol in December, translating to 58.17 million litres every day.

In terms of value, it noted that N241.46 billion was realised on the sale of white products in December 2018, compared to N146.56 billion made in November 2018.

In the gas sector, it explained that gas production increased by 12.22 per cent at 240.64 billion cubic feet compared

to output in November 2018.

This it stated translated to an average daily production of 8,021.21 million cubic feet per day (mmscfd).

It said the daily average natural gas supply to gas power plants increased by 5.36 per cent to 774mmscfd, equivalent to power generation

of 3,131 megawatts (MW).

“Out of the 240.59bcf of gas supplied in December 2018, a total of 151.13 bcf of gas was commercialised, consisting of 38.61bcf and 112.52bcf for the domestic and export market respectively,” the statement added.

INVESTMENTS ON THEIR MINDS…

L-R: Project Director, Arctic Infrastructure, Mr. Lookman Oshodi, Consul General, Federal Republic of Germany, in Lagos, Dr. Stefan Trumann; and Edo State Commissioner for Physical Planning and Urban Development, Dr. Edorodion Oye Erimona, during a meeting at the German Consulate in Lagos...recently

Integrity Key to Success, Says Babalakin The Pro-chancellor of the University of Lagos (UNILAG), and Senior Advocate of Nigeria (SAN), Dr. Wale Babalakin, has said true greatness can be measured by an individual’s integrity and the ability to positively affect the lives of the people around him.

Babalakin spoke in Abeokuta, the Ogun State capital, at the 90th birthday ceremony of an exceptional lawyer and industrialist, Chief Olatunde Ayinla Abudu.

Abudu’s biography, titled “Sowing The Industrial Mustard Seed”, written by Prof.

OmololuSoyombo, was also presented to the public at the event.

Babalakin, who was the book reviewer, described it as “an encyclopedia of successful business principles”, adding that it contained theoretical and practical knowledge and must be read by every business school in Nigeria.

The pro-chancellor and lawyer said he was particularly thrilled that Abudu realised early in life that there was substantial difference between business ownership and business management, adding that if the book had been written 20 years earlier, a lot of businesses would not have folded up.

Speaking on Abudu’s character, Babalakin described him as “a man of integrity, an exceptional scholar, a great family man, a brilliant and foresighted lawyer, a remarkably resourceful person, a phenomenal entrepreneur, a knowledgeable man of industry, a relentless giver and the most charitable person you can ever imagine.”

He said Abudu’spractice as a solicitor was characterised byso much honesty and great integrity that his clients started appointing him to various boards, including those of AGIP, Bank of America

and West African Portland Cement, among others.

Commenting onAbudu’s admiration for his principal at Abeokuta Grammar School, Rev. Oludotun Ransome Kuti, for his discipline, education and fairness as contained in the book, Babalakin said: “You can see that there were great schools in the Old Western Region.

They were schools and not mere classrooms. Schools are institutions with traditions and culture. In modern days, I hear ‘oh I’ve built 30 schools’ and the likes, but all they have built are classrooms and not schools. It takes a while for a classroom to become a school.

“One of the saddest events in Nigeria’s life was 1979, when free education was declared in Western Nigeria without the resources to fund it. There

is nothing wrong with free education, I support it but if I have to choose between quality education and free education, I will choose the former.

“For example, my alma mater, Government College Ibadan (GCI), which used to have 100 students per class now has 2,000 students, without any increase in infrastructure. This prompted a writer to say that this misguided egalitarianism should be the subject of a UNESCO investigation on how education was destroyed in this area. “ On Abudu’s foray into industrialisation,Babalakin noted that even as a student, the industrialist, who graduated with a distinction from Wartburg College in Iowa, United States, was buying houses and renting them out, thereby making money from real estate.

Obaseki Upgrades School Feeding Programme in Edo As the Federal Government’s National Home-Grown School Feeding Programme (NHGSFP) kicks off in two local government areas in Edo State, Governor Godwin Obaseki has added an upgrade to the scheme to ensure that more pupils per school are provided with food to keep them in school.

The governor ensured this by mandating that instead of just pupils in primary 1 to 3 benefiting from the

scheme, those in higher classes, from primary 4 to 6 are also included, to ensure that everyone in the schools participating in the programme is provided with food.

Edo State Programme Manager, NHGSFP, Dr. Mrs. Doris Ayanka-Imalele, disclosed this during a workshop for caterers under the scheme in the state.

She thanked the governor for his support for the programme and the

commitment to ensure that more children are catered for in schools.

According to her, “Governor Godwin Obaseki supported the scheme by ensuring that pupils in primary 4 to 6 are included in the programme, as against that of the Federal Government which takes care of only those from primary 1-3.”

She encouraged the caterers to focus on their job, as a posting letter will

be released, indicating which schools they have been assigned.

State Focal Person of the Social Investment Programme in Edo State, Ms. Osayuwamen Aladeshelu, said over 60 schools will benefit from the NHGSFP in Uhunmwode and Orhionmwon local councils, adding that over 261 caterers have been engaged and will earn daily income from the programme.

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Bauchi APC Kicks against INEC’s Decision on Guber Election The Bauchi State chapter of the All Progressives Congress (APC) has alleged that the fact-finding committee sent to the state by the Independent National Electoral Commission (INEC)

to probe the irregularities in the governorship election of March 9, 2019 denied the party fair hearing.

The state Chairman of the party, Alhaji Uba Nana, made the allegation at a press

Enugu Polls Fallout: Ugwuanyi Preaches Peace, Unity Following the successful conclusion of the general election in Enugu State and the overwhelming victory recorded by the Peoples Democratic Party (PDP) in the state, Governor Ifeanyi Ugwuanyi has appealed to members of his political party to promote peace and unity and show love to one another irrespective of party affiliations.

Ugwuanyi stated that since the election was over, politicians in the state should invoke their Christian faith, go back and unite with their perceived enemies, show love to them, so that the prevailing peace for which Enugu State is known will be adequately sustained.

The governor, who spoke when the jubilant people of Igbo-Eze North Local Government Area paid him a congratulatory visit at the Government House, Enugu on his reelection, said: “As the father of Enugu State, I want peace, I want unity, we have handed everything over to God, the election is over and it has ended in praise”.

Promising to continue to serve with the fear of God, Ugwuanyi added: “As Enugu State is known for peace, I would want this peace to endure. I want Enugu State to remain a reference point for peace so that we can make rapid progress and get what is due to us”.

Ugwuanyi who thanked the people of Igbo-Eze North LGA for their overwhelming support during the elections, asked God to bless them, assuring them of his administration’s commitment to continue to advance the cause of

development in the area to improve their living standard.

Earlier, the council chairman, Uwakwe Ezeja told the governor that they came in their numbers to thank God and congratulate him on his resounding victory at the polls, and reiterated their unalloyed support and loyalty to his administration.

In his speech, the Patron, Enugu State Council of Traditional Rulers, Igwe Simeon Okosisi Itodo of Essodo Kingdom, Aji, IgboEze NorthL.GA, commended Ugwuanyi for the development projects his administration has attracted to their area, pointing out that the massive votes the people had given the governor was as a result of the love they have for him.

“Your smooth victory shows that God is behind you. It also shows that our people agreed to follow you till the end”, he said.

Other speakers, namely, the Enugu North Zonal Chairman of the Peoples Democratic Party (PDP), Michael Onyeze; the House of Representatives-elect, IgboEze North/ Udenu Federal Constituency, Simon Atigwe; Deputy Chief Whip, Enugu State House of Assembly and Member-elect, IgboEze North I Constituency, Hon. Ethel Ugwuanyi; and the Member-Elect, Igbo-Eze North II Constituency, Hon. Innocent Ugwu, all applauded Ugwuanyi’s uncommon leadership style and his giant strides in their area and beyond, saying: “We are with you for life, we will not disappoint you”.

GOtv ‘Top Up’ Offer Enters Final Phase The three-month long GOtv “Top Up” Campaign has entered its final phase and will end on 25 April. The campaign, launched by MultiChoice on 15 January, gives subscribers on GOtv Plus, GOtv Value and GOtv Lite packages the opportunity of getting an upgrade to GOtv Max by paying a reduced fee of N2,500 instead of N3,200, while GOtv ‘tops up’ with N700. While, the outstanding one-month provides an opportunity for customers on lower GOtv packages renew their subscription by paying N2, 500.

The upgrade will give customers access to a wide range of exciting contents on GOtv MAX. This include football matches of the La Liga, Serie A, Emirates FA Cup, select matches of the Premier League and

UFC; the world’s premier mixed martial arts (MMA) organization. It also gives access to entertainment content on BET, Fox Entertainment, StarLife, ROK 2, CBS Reality, Also available for viewing are the critically acclaimed telenovela, Ajoche, and thrilling comedy series, Flatmates and The Johnsons, which debuts on GOtv this month on Africa Magic.

Speaking further on this mouthwatering offer, MultiChoice Nigeria’s Chief Customer Officer, Martin Mabutho says: “we’re a frontline video entertainment and our customers and their desires is at the core of the quality of content we have on GOtv, and that explains why we don’t want them to miss out on it. So, I suggest they hurry and take advantage of the GOtv “Top Up” offer.

conference in Bauchi weekend.

INEC announced on Friday night that a new returning officer would resume the collation of the Bauchi governorship election results on Tuesday.

It also amended the result of four polling units in Ningi Local Government Area (LGA), from 25,330 to 2,533.

“The fact-finding committee chaired by the National Commissioner and Chairman of Information and Voter Education Committee, Festus Okoye, denied fair hearing to APC as a political party whose agents were not invited during hearing of the facts leading to

the cancellation of the results of Tafawa Balewa LGA. “Any decision taken in violation of fair hearing is illegal, null and void,” he said.

According to Nana, the composition of the committee was also questionable as the committee chairman, Festus Okoye is a close ally and former solicitor of Speaker Yakubu Dogara of the Peoples Democratic Party (PDP).

Nana stressed that no justice can be done by the committee chairman who is interested in the whole issues and the instant circumstances.

He pointed out that this was proved by the fact that

PDP and Dogara on Facebook pre-empted the outcome of the Committee’s finding before formal publication by INEC. The APC chairman said that the decision of INEC based on the committee’s report was already prayed for at the Federal High Court, Bauchi in Suit No. FHC/ BAU/CS/18/2019 filed by Bala Mohammed and PDP against INEC. “Unfortunately, the extant decision of INEC reversing the cancellation of Tafawa Balewa Results was earlier sought for but refused by the court in the said suit at interim stage.

Now INEC has granted what

was refused by the court of law in the interest of justice,” he said.

Nana said the party rejected in totality, the report of the fact-finding committee on the disruption of collation process at Tafawa Balewa and the subsequent decision of the INEC to reverse its earlier resolution cancelling the entire results of Tafawa Balewa LGA. He said the position taken

by INEC is illegal, null and void having regards to the Electoral Act 2010 (as amended) and INEC Guidelines for 2019 General Elections

A PARTNERSHIP SIGNED AND SEALED…

L-R: Regional Director, Wema Bank PLC, Mr. Wole Ajimisinmi; Cargo Manager, Lagos,Turkish Airlines, Mr. Sevket Battal; Executive Chairman, Peacock Group, S. P. Phillips; and General Manager, Lagos, Turkish Airlines, Mr. Yunus Ozbek, after the endorsement of a deal to formalise the appointment of Peacock Aviation as the Turkish carrier’s sales agent in Nigerian territory, in Lagos …recently

Army Appoints New GOCs, Brigade Commanders Kingsley Nwezeh in Abuja The Nigerian Army has approved the appointment and postings of some of its senior officers, including General Officers Commanding (GOCs) and brigade commanders.

A statement signed by Army spokesman, Col. Sagir Musa, listed those affected to include Major General HO Otiki who has been posted to 8 Division as General Officer Commanding; Major General SO Olabanji the erstwhile General Officer Commanding 8 Division has been posted to Infantry Corps Centre and appointed as Commander Infantry Corps.

Brigadier General HI Bature from 34 Brigade moved to

Headquarters Training and Doctrine Command as Director Examinations, while Brigadier General TO Olowomeye from Headquarters 33 Brigade was posted to Army Headquarters Department of Civil-Military Affairs as Director Civil Military Affairs .

Similarly, Brigadier General BA Mohammed from 23 Brigade moved to Martin Luther Agwai International Peace Keeping Centre as Deputy Commandant; Brigadier General UM Bello moved from Headquarters Training and Doctrine Command to 63 Brigade as Commander. Also, Brigadier General MT Durowaiye was posted from Directorate of Army Transformation and Innovation to 33 Brigade as

Commander.

Others affected in the new posting are - Brigadier General SB Kumapayi from Army Headquarters Department of Civil-Military Affairs to Headquarters 14 Brigade as Commander; Brigadier General NM Jega from Headquarters 2 Brigade to 9 Brigade as Commander; Brigadier General KO Aligbe from 16 Brigade to Defence Headquarters as Director Liaison; and Brigadier General AK Ibrahim from 14 Brigade to Army Headquarters Department of Administration (Army) as Deputy Director, Veteran Affairs Department, Retired Officers’ Cell.

Brigadier General GTO Ajetunmobi moved from

Headquarters, Command Army Records to 31 Brigade as Commander.

Accordingly, Brigadier General OG Onubogu was transferred from Army Headquarters Department of Army Policy and Plans to Headquarters 16 Brigade as Commander; Brigadier General OM Bello moved from Nigerian Army Resource Centre to Headquarters 6 Brigade as Chief of Staff, while Brigadier General ZL Abubakar was transfered from National Defence College to 32 Brigade as Commander.

Also, Brigadier General AA Orukotan was moved from Nigerian Army Resource Centre to Headquarters, Command Army Records as Chief of Staff.

Peacock,Turkish Airlines Partner to Boost Cargo, Airfreight Nigeria’s airfreight subsector is set for a major boost as Peacock Aviation and Allied Services Limited teams up with Turkish Airlines Cargo to deliver efficient and on time cargo services.

The strategic partnership with the Turkish mega carrier follows yearlong negotiations, which culminated in the appointment of Peacock Aviation as its Sole Appointed Cargo Sales Agent (SACSA) across the Nigerian territory.

The deal guarantees shippers in Nigeria the lowest possible air freight rates on a wide range of general and special goods on the airline’s vast global route network.

Peacock Aviation is a part of the Peacock Group, Nigeria’s leading

travel and logistics management business, with a presence in 10 Nigerian commercial cities and the UK. It holds licenses from IATA, NCAA, Nigerian Customs, NPA and NIPOST as Cargo Agent and Agents of Foreign Airlines while Turkish Airlines is the fourth largest carrier in the world by destinations.

The partnership was unveiled March 12 during a luncheon at Spice Route Restaurant on Victoria Island, Lagos by representatives of Peacock Aviation, Turkish Airlines and Wema Bank Plc, which are the financial partners in the deal.

Peacock Aviation was led by its Executive Chairman, S. P. Phillips

while the Turkish Airlines team was led by the General Manager, Lagos, Mr. YunusOzbek, who was accompanied by the Cargo Manager, Mr. SevketBattal. Wema Bank Plc was represented by Mr. WoleAjimisinmi, its Regional Director.

Announcing the partnership, Phillips said: “This partnership was made in Heaven specifically with our customers in mind; we want to enhance their airfreight experience in a consistent and sustainable way. Peacock Aviation and Turkish Airlines bring immense strategic values to the table: we have a large customer base and a strong presence across Nigeria

while Turkish Airlines boasts a vast global route network and high technology equipment, and huge capacity all sizes, nature and types of cargo worldwide. This deal is a win-win for everyone, particularly our customers.”

Turkish Airlines General Manager, Lagos Mr. Yunus Ozbek, said: “We have a longstanding relationship with Peacock, which is a very professional company.

That’s very important for us because Turkish Airlines is the flag carrier of Turkish Republic, with 40 per cent owned by the Turkish government for the Turkish people while 50 per cent is in the open market for everybody.”

T H I S D AY ˾ MONDAY MARCH 18, 2019

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MONDAYSPORTS

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

NPFL… NPFL… NPFL…

MFM, FC IfeanyiUbah Maintain Top Spots as Insurance Continues Free Fall Duro Ikhazuagbe

Bendel Insurance’s road trip to Lagos ended a fruitless journey yesterday as MFM FC earned maximum points to stay on top of the Group A of the Nigerian Professional Football League (NPFL).

Two goals in each half by Olawale Abisoye and Michael Ohanu ensured that the Benin Arsenal continued their free-fall in the last five games, a clear

MATCH-DAY 11 Wikki 2-0 Rivers Utd Katsina Utd 1-0 Kwara Utd Sunshine 0-0 Enyimba MFM FC 2-0 Insurance Yobe Stars 2-0 Go Round Kada City 2-1 Nasarawa Utd Abia Warriors 1-1 Plateau Utd FCIU 1-0 Kano Pillars Heartland 1-2 Akwa Utd El-Kanemi 0-0 Gombe Utd

signal that they may return to the second tier of the domestic league.

MFM shot into the lead at their Agege Stadium fortress in the 39th when Abisoye headed in the corner kick by Jonathan Zikiye. The same Zikiye provided the assist when his free-kick was concerted by Ohanu in the 58th minute to ensure maximum points for the Olukoya Boys.

In Group B, FC Ifeanyiubah maintained its strong hold here, dispatching Kano Pillars 1-0 in Nnewi. Uche Iharulam scored the winner for Ifeanyiubah in the 66th Strong on the heels of the leaders is Akwa United. The Promise Keepers are just two points adrift of Ifeanyi Ubah.

Ndifreke Effiong’s 4th minute opener set the Akwa Ibom team on victory path before Mfon Udoh’s eighth goal of the campaign in the 72nd minute ensured a 2-1 win away to

Heartland FC of Okigwe.

Chidiebere Ajoku’s 57th minute effort that cancelled Ndifreke’s early strike was not enough to earn the Naze Millionaires a share of the points at stake.

At the Tafewa Balewa Stadium, Bauchi, goals from Abba Umaru and Ismaila Gaya helped struggling Wikki Tourists

to a 2-0 win at home to visiting Rivers United of Port Harcourt.

Despite being reduced to ten men for most of the second half, Katsina United managed a lone goal victory against Kwara United at home. Usman Usele got the only goal of the fixture on 13 minutes.

Enyimba and Sunshine Stars

shared the spoils in Akure.

Phillip Aura’s brace aided Yobe Desert Stars to a 2-0 win at home to visiting Go Round FC in Damaturu.

In Kaduna, Jabiru Samurai’s late penalty eroded Nasarawa United’s hope of sharing the spoils away to Kada City.

Maigishiri Mohammed hand

earlier put the visitors in front on 61 minutes, before But Mohammed restored parity ten minutes after.

The games between Remo Stars and Rangers as well as Niger Tornadoes against Lobi Stars were postponed, due to the former and latter’s involvement in the continent.

Oshoala Scores as Barca Ladies Beat Atletico in Madrid Femi Solaja with report

Former African Footballer of the Year and Super Falcon striker, Asisat Oshoala extended her goal scoring form with FC Barcelona Ladies after helping the side to a 2-0 away win against title rivals Atletico Madrid Ladies yesterday in Madrid.

The game at the Wanda Metropolitano Stadium was watched by 60,739 fans- a new record for a women’s club match.

The goal was Oshoala’s the fifth after five appearances for the club in the Liga Iberdrola which she joined few months ago on loan from Chinese league.

The Super Falcons star had joined from Chinese club Dalian

Quanjian in January.

Oshoala opened scoring for FC Barcelona Ladies in the 65th minute of the keenly-contested encounter, after the first half had ended goalless.

The former Arsenal Ladies and Liverpool Ladies player was however replaced by Toni Duggan 17 minutes from time.

Substitute Duggan made the three points safe for the FC Barcelona Ladies by netting the second goal 10 minutes from time.

The result means FC Barcelona Ladies, with 63 points from 24 games played so far,, narrowed the gap at the top to just three points.

They are behind tabletoppers Atletico Madrid on 66 points in the 16-club Liga Iberdrola Primera Division.

Players of the winning team and runners-up show off their Oba of Lagos Cup prizes with the Special Guest of Hounour, Oba Rilwan Akiolu, President of Lagos Polo Club, Ade Laoye and other dignitaries after the prize presentation ceremony in Lagos at the weekend

Enugu Rangers Crash Out of CAF Confederation Cup Rangers International FC’s hope of advancing in the 2019 CAF Confederation Cup varnished yesterday when they were beaten 1-0 in Enugu by visiting Club Sportive Sfaxien of Tunisia.

Rangers paid for their wastefulness in front of goal when Nassim Hnid Sfaxien rifled in the winner in the 73rd minute.

The Flying Antelopes missed a lot of chances in the first half and continued from where they stopped in the second 45 minutes.

With the result, CS Sfaxien

has qualified with their compatriots, Etoile du Sahel also of Tunisia, with 12 and 10 points respectively.

Rangers FC and Salitas FC of Burkina-Faso crashed out on five and four points respectively as Salitas lost their last match in the group by the same margin to Etoile in Tunisia.

In a post match interview, Rangers Coach, Olugbenga Ogunbote, said that his team lost to lack of concentration.

“We have been having upper hand in an attempt to score and pushed them to their

half; only to lose concentration on the free kick which gave them the victory.

“It is unfortunate that we lost the match and we are going home to do more work as this showed us that we still have a lot of work to do.

“Rangers have no other option at the moment than to accept defeat and go back to the league to fight for continental spot,’’ Ogunbote said.

Sfaxien’s Coach, Ruud Krol, said that they knew from the beginning of the league that the road to success was

difficult but they surmounted the group stage.

“Today we played on Astro Turf and the temperature was high but I feel happy that we won and qualified to the next stage.

“We knew that it was going to be difficult and the fact that we defeated Rangers at home did not mean that the match was not tough.

“Rangers made it tough for us and I am happy that we came, saw and conquered.

From here now, we are going to work hard for the quarter-final stage.”

Nigeria’s U-19 Cricket Team 2019 GTB Lagos Polo: APlus Wins Oba of Lagos Cup Shocks Host Namibia in World rMajekodunmi Cup takes centre stage Cup Qualifier APlus Polo Team has become earn the crown played in and fortified with foreign the country promises to be Nigeria’s U-19 Cricket Team proved bookmakers wrong by defeating host Namibia with 77 runs in the opening game of the Africa Division 1 ICC U-19 Cricket World Cup Qualifiers played at the Wanderers Cricket Stadium in Windhoek, Namibia yesterday.

Nigeria won the toss and elected to bat in the encounter.

Uthe Ogbimi, coach of the team said that the victory is pivotal to their campaign in the World Cup qualifier and further boost the players’ confidence in the coming encounters as the game progresses.

“A lot of things are coming together for the team and all the time we spent together in camp is becoming very useful,” he added After the 1st Innings, Nigeria scored a total of 129 Runs for the loss of 8 Wickets after 50 Overs with Samuel Mba scoring 25 Runs

off 90 Balls, Miracle Ikaige 22 Runs off 48 Balls (Not Out) & Emmanuel Boniface 19 Runs off 31 Balls.

In the 2nd Innings, Namibia were bowled out by the Nigerians after scoring a paltry 77 Runs as Nigeria’s Captain Sylvester Okpe stole the show by winning Man of the Match Award and smashing a Bowling statistics of 3 for 16 in 7 Overs while Emmanuel Boniface also contributed with a figure of 2 for 1 in 2.1 Overs.

The Nigerian team final camping was in Zimbabwe where they had a five match Tour with the national team before heading for the weeklong qualifier which rounds off on Saturday March 23, 2019.

Other teams on the qualifier include: Kenya, Tanzania, Sierra Leone and Uganda. Nigeria’s next match is on Tuesday March 18 against Kenya at Trustco United Cricket Pitch in Windhoek.

the first to win a major prize at the ongoing 2019 GTBank Lagos International Polo Tournament, defeating Caverton Sao Polo 7-61/2 in a tense final decided before a full house at the foremost Ribadu Road polo ground in Ikoyi at the weekend.

The Lukman Adebayo’s powered side that started on a half goal handicap advantage, went neck-andneck with their top-rated Caverton Saopolo who opened score in the early minutes of the first chukka and led till the fourth chukka , when APlus level up and took the lead to earned a hard fought victory.

Oba of Lagos, His Royal Majesty Oba Rilwan Akiolu who was the Special Guest of Honour of the day cheered all through the final as both teams battle their way to

his honour.

He afterward led other top dignitaries to present the prizes to the winners and runners-up at a brief prize presentation ceremony.

Lagos biggest polo prize, the Majekodunmi Cup will be the star attraction as the prestigious Lagos international polo extravaganza enters its grand finale this week in Ikoyi.

Ahead of the winnertakes-all final, aficionados of polo are already salivating the chance of witnessing the crowning of the new champions of the revered 67 year-old trophy as three teams square up for the crown. The defending champions, Fifth Chukker is unavoidably absent from the tournament this year.

Armed to the teeth with intimidating horse power

professionals, the three contestants are the Bode Makanjuola led Lagos Centaurs who are making their second attempt at the title; Seyi Tinubu’s STL Warriors and the record setting Maurice Ekpenyong powered Almat Farmers from Abuja.

Horse for Horse, move for move, the trio are set for what would undoubtedly be one of the most contested Majekodunmi Cup in years.

Whoever survives the mayhem this weekend and clinch the title, should be ready to take as much as they give in this adrenalin rushing game of royalty.

The crowded Lagos Low Cup that attracted 14 ambitious and equally matched teams with a handful of rookies from all the major polo centres across

another big spectacle Two big subsidiary cups, the Italian Ambassador’s Cup and the Kaiser Cup, now Independence Cup reputed as the oldest polo prize in Nigeria competed for by high-goal teams since early 1900s, would add to the glamour of this international fiesta.

For another year running, the competition will host a renowned and faithful collection of sponsors supporting this longstanding event. Guarantee Trust Bank (GTB) lead the sponsor’ board, joining the other distinguished team sponsors BUA Group, WAPIC Insurance, Arbico, ChapelHill Denhem and Verve Champagne, as well as a new additions, Shell, Coca-Cola welcoming polo aficionados.

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Juventus Suffers First League Defeat at Genoa Former Juventus midfielder Stefano Sturaro scored in his first match for Genoa, a 2-0 victory which ended the titleholders unbeaten run in Serie A yesterday in the wake of their Champions League heroics.

Cristiano Ronaldo was rested after his hat-trick had fired Juventus into the European quarterfinals with a comeback victory over Atletico Madrid.

But Massimiliano Allegri conceded that the win in Turin had taken its toll even if his side still remain 18 points clear on the top of the table before Napoli’s game against Udinese later yesterday.

“It’s not a tragedy, but I’m sorry because we wanted to remain unbeaten,” said Allegri.

“The Champions League match certainly weighed heavy,” he said. “You

can’t play all the games at your maximum.

“In the first half we risked conceding a goal twice, while we did better in the second, when they dropped a little bit, but we conceded goals and gave away the second straight after the restart.

“A defeat could have happened (at any time) and it is better that it happened today, now we will have time to rest, recover our energy and the injured players.”

Juventus had won 24 of their 27 previous matches in Serie A this season with three draws, including a 1-1 stalemate against Genoa in the reverse fixture in Turin.

It was the first league defeat on Allegri’s side since April 2018 against Napoli, and first away since losing at Sampdoria in November 2017.

The Italian champions had already been beaten this season by Atalanta in the Coppa Italia and lost in the Champions League to Young Boys in the group stage and Atletico Madrid in the last-16 first leg.

“The defeat could do us good, because maybe we thought we already had the league in our pockets and instead we still have to get five victories,” continued Allegri.

“Much like the Coppa Italia defeat to Atalanta, we picked the right game to lose, because it’s just before the break for international duty, so we have time to unplug and rest.”

In addition to Ronaldo, Allegri rested key players including defender Giorgio Chiellini and goalkeeper Wojciech Szczesny with former Genoa goalkeeper Mattia Perin taking his place between the posts.

Italian international Sturaro, 26, was playing his first game after ten months out with a tendon injury, and scored just two minutes after coming off the bench. Another substitute Goran Pandev sealed victory with ten minutes to go.

“I’m happy for him (Sturaro), because he suffered a lot and today he changed the game,” said Allegri of

the midfielder who was loaned by Juventus to Genoa in January, a deal then made permanent in February.

The last goal Sturaro had scored was for Juventus in the Champions League, a 2-2 comeback against Pep Guardiola’s Bayern Munich in February 2016.

“It has been a difficult year for me,” said Sturaro, who had been on loan for a season at Portuguese club Porto but did not play any games before returning to Italy.

“I’m still a long way off match fitness and this really couldn’t have been a better gift. This has to be the boost we need, because Genoa are

largely a young squad, but with solid foundations.”

Genoa moved up to 12th after this eighth win of the season.

Napoli, meanwhile, can cut the gap on Juventus to 15 points when they host Udinese later, with AC Milan, in third, playing city rivals Inter Milan, in fourth, at the San Siro.

Roma, are fifth, three points off the Champions League places after a 2-1 defeat to struggling SPAL, with Lazio two points behind in sixth following a 4-1 win over Parma in Rome.

Atalanta are equal on points with Lazio after being held 1-1 by bottom club Chievo.

Mane Scores Again as Liverpool Returns to Top of EPL Liverpool usurped Manchester City to take top spot in the English Premier League but needed a James Milner penalty nine minutes from time to see off lowly Fulham 2-1 at Craven Cottage yesterday.

The on-form Sadio Mane put the visitors in front midway through the first half, but a rare defensive mix-up between Virgil van Dijk and Alisson Becker allowed Ryan Babel to give his former club a huge scare 16 minutes from time.

Fulham’s awful defending all season is the reason they are heading back to the Championship after just one season back in the top flight, and the hosts gave Jurgen Klopp’s men a much-needed gift when goalkeeper Sergio Rico bundled over Mane and Milner secured all three points from the spot.

Liverpool now holds a two-point lead over City, but the champions have a game in hand.

The league leaders completed a clean sweep of four English sides into the quarterfinals of the Champions League with a highly impressive 3-1 win at Bayern Munich on Wednesday.

But they nearly suffered a very costly European hangover against a Fulham side still 13 points adrift of safety.

Most of the visitors’ attacking threat came down their left side in the first half and that proved the source of the breakthrough on 26 minutes.

Mane scored twice in Munich in midweek and took his hot streak to 11 goals in 11 games with a simple finish after exchanging passes with Roberto Firmino.

At the other end, Babel was Fulham’s biggest threat all afternoon and Tom Cairney fired wastefully over after the Dutchman outpaced Trent Alexander-Arnold just before

the break.

Liverpool started the second half with greater intent to try and put the game to bed.

Andy Robertson was the provider as Georginio Wijnaldum headed a good opportunity over at the far post before Rico was called into action to deny Van Dijk.

However, as a torrential rain shower swept over the banks of the Thames to make playing conditions hazardous, Liverpool’s slender lead proved a dangerous one.

Floyd Ayite was rightly flagged offside as he headed a deflected shot past Alisson before the Brazilian No 1 got down well to save from Andre Zambo Anguissa.

Mane was inches away from securing the points and doubling his tally for the day with a deft header from a corner that clipped the top of the crossbar.

But disaster seemed to have struck for Liverpool when Van Dijk’s header back towards Alisson didn’t have enough purchase and Babel stepped in with the break of the ball to tap into an empty net.

However, the league leaders showed why they are in the running to end a 29-year title drought to get a vital three points with the help of some erratic goalkeeping from Rico.

Mohamed Salah’s goal drought continued as the Egyptian has scored just once now in his last 10 games, but it was his shot that Rico spilt before the Spaniard unnecessarily pulled down Mane.

Milner took responsibility from the penalty spot and calmly sent Rico the wrong way to restore Liverpool’s lead, which this time they never looked like letting go.

Salah should have got a much-needed confidence boost when released clean through

by Mane, but Rico saved low to his left.

Juventus unbeaten league run ended yesterday after Cristiano Ronaldo and other key players were rested but it turned out an error of judgment as the Turin giants capitulated against Genoa

N’Zealand Goalkeeper AmongVictim of Christchurch Terror Attack New Zealand’s futsal goalkeeper, Atta Elayyan, was among the victims of the terrorist attack in Christchurch, it has been

reported.

The 33 year-old player for the national and Canterbury men’s futsal team was shot by the gunman as he prayed

at a mosque in the city, Elayyan, who was born in Kuwait, recently became a father and was a popular member of the Christchurch

tech industry, it has been reported in New Zealand.

The two mass shootings at mosques in the New Zealand city left 49 dead.

Registration Opens as Okpekpe Gets May 25 Date Registration for the seventh edition of the Okpekpe International 10km Road Race has been officially declared opened as the International Association of Athletics Federations (IAAF) and the Association of International Marathons and Distance Races (AIMS) have confirmed Saturday May 25 date for the first and only IAAF silver label road race in Nigeria nay West Africa.

For the second year running, the race is the only IAAF silver Label Road Race in Africa listed in the January to May calendar of road races released by the IAAF and AIMS. “As the only road race in West Africa with a silver label status and the only

one certified by AIMS in the sub-region of Africa, it is thus expected that we will be listed in the calendar of both the IAAF and AIMS,” stressed race spokesman Dare Esan.

He also revealed that registration of intending runners is officially on and it is opened to all categories of runners.

“The race is not only for professional athletes who want to run for the prize monies on offer or to improve on their times for ranking purposes. It is also opened to people who want to run for fun or for charity,” he added and revealed how intending runners can be registered.

“For quick and easy registration, intending runners for all categories

can download the tracking application launched for the race in 2017 or visit the website www. okpekperoadrace.com to register.

“We are delighted to announce that intending runners at the seventh edition of the race can also use our tracking application to register for the race,” said Esan.

“Runners can also register through our website www.okpekperoadrace. com.Registration will not however be limited to online platforms as we intend to use the Athletics Federation of Nigeria (AFN) and the Edo State Athletics Association to help distribute the registration forms when the time comes. The online

platform is mainly for those who are far from the registration points that will be announced in due course.”

The Okpekpe international 10km road race is one of only two road races in Nigeria certified by the IAAF and the only one recognised by the Association of International Marathons and Distance Races (AIMS).

This year ’s race will hold in Okpekpe, a town in Etsakor East Local Government Area of Edo State, Nigeria. It is located about 25 kilometres northeast of Auchi.

Last year, Kenya’s Kibet Alex won the men’s title (29.46) while Ethiopia’s Yani Dera Dida emerged the women’s best.

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MISSILE Wike to INEC “You begin to wonder why any right-thinking person would say that PDP lost the governorship election. Not that they say PDP lost to a party with a known logo, or even if you have seen the candidate one day in your life or seen his posters to make people vote for the candidate. For us, it is a drama. PDP won the election squarely” – Rivers State Governor, Nyesom Wike, urging the people of the state to remain calm and wait for electoral victory.

RIGHTOFREPLY LANRE AKINSOLA

Re: For Politics of Inclusion in Lagos State

I

have just read an article on the back page of THISDAY of March 11, 2019 authored by Mr. Femi Falana SAN with the above as its title.

In making a case for politics of inclusion in Lagos State, the learned senior advocate made reference to what he described as “the politicisation of the 2013 expulsion of beggars and destitute from Lagos by the Babatunde Fashola administration.” He went further to say that: “the anti-poor policy acquired an ethnic coloration when 47 beggars and destitute of Anambra State of origin were expelled from Lagos.

With respect, I consider the references made

by Mr. Falana needless and irrelevant to the points he strove to make in his article. The fact is that at no time were people –whether beggars or not- ever expelled or deported from Lagos during the time of Mr. Babatunde Fashola as governor of Lagos State.

For the sake of those who might have not been aware of what transpired in 2013 which Mr. Falana referred to as “anti-poor policy” of the Lagos State Government, as well as those who might share Mr. Falana’s perception of events, I consider it imperative to respond to Mr. Falana, if only to put the records straight. This is more so that a court of competent jurisdiction - the Federal High Court - had made a definitive pronouncement on the subject in a case which I believe Mr. Falana ought to have been aware of.

Following the decision of the government to assist those who indicated their intention to return home, a number of cases were instituted on their behalf against the government. These include: Suits No. FHC/AWKS/211/2013, ID/736M/13, FHC/L/CS/1369/13, FHC/L/ CS/1218/2013 and FHC/L/CS/1218/13, amongst others.

Falana

In none of these cases was Lagos State government or Mr. Babatunde Fashola ever indicted.

For example, in dismissing Suit No. FHC/L/CS/1218/2013 Incorporated Trustees of Media Rights Agenda v. Lagos State Government on December 5, 2014, the Federal High Court [Coram Justice Musa Kurya} found that contrary to the allegations of the applicants, the Lagos State Government did not deport them or any other person or group of persons to any place outside the territory of Lagos State.

In that case, the applicants’ claim for “the sum of N1,000,000,000 [One Billion Naira] damages as compensation to the applicants from the Respondents jointly

and severally for unlawful violation of the applicants’ constitutional rights” was found to be without merit having regard to the court’s finding that Lagos State did not ‘deport’ the applicants as alleged.

As a matter of policy, Lagos State Government caters for the welfare and wellbeing of all residents of the state irrespective of their state of origin.

In furtherance of this policy, the state government does its best to ensure that residents are gainfully employed and properly accommodated so that they do not constitute themselves into destitute, vagrant and beggars.

What happened in 2013 was that Lagos State Government rescued a number of people from different parts of the state while they were living under bridges and by roadsides, and others who were engaged in other social vices with no discernible means of livelihood or physical address in the state.

The affected individuals, who could not provide details of their places of residence or location of their businesses in the state, were taken to Lagos State Rehabilitation and Training Centre at Majidun – a facility established by the state government to rehabilitate and give vocational training to residents for the purpose of making them useful members of the society. At the centre, they were provided with opportunities to acquire vocational skills in tailoring, carpentry, craft making, bead-making and interior decoration, amongst others Upon satisfactory completion of the skill acquisition programmes, they were given every reasonable opportunity and assistance to make contacts with members of their families for the purpose of releasing them into their care to ensure that they did not

return to the streets.

Returning home was a decision of those individuals who did not have discernible place of residence or relations in Lagos State and who indicated their desire to return to their home state. They were requested to provide details of their home states to enable the government to make necessary provision to hand them over to their respective governments who would in turn assist to reintegrate them with their families.

This, in fact, is an established practice amongst state governments in the country.

State governments regularly hand over rescued individuals to their home states for purposes of rehabilitation and reintegration with their kith and kin. On many occasions, states had handed over a number of Lagosians to the government for rehabilitative purposes.

I believe that with the decision of the court given more than four years ago, the issue of what happened in 2013 had finally been settled.

Even against this isolated one-off suspicion of alleged exclusion and alleged deportation, there are daily recurring incidents of people from other states enjoying and benefiting from government policies of free health and non-discriminatory access to educational and economic opportunities in Lagos State from time immemorial to date. Even in some other federations that we aspire to be like, such accesses are not taken for granted.

I believe that these acts of inclusion need to be appreciated, applauded, saluted and spoken more about than suspicious acts of isolated exclusion which a court of competent jurisdiction had ruled upon as unfounded. t-BOSF "LJOTPMB B MFHBM QSBDUJUJPOFS XSJUFT GSPN -BHPT

INEC’s Fresh Powers to De-register Political Parties Femi Falana In the case of Independent National Electoral Commission v. Balarabe Musa (2003) 10 WRN 1, the Supreme Court upheld the fundamental right of Nigerian citizens to form or belong to political parties of their choice in accordance with Section 40 of the 1999 Constitution of the Republic.

But the expansion of the democratic space was exploited by people of ill-motivated agenda who set up all kinds of political associations and proceeded to register them as political parties. Regrettably, INEC has failed woefully to enforce the relevant provisions of the Constitution and the Electoral Act on the registration and operation of political parties.

However, the opportunism of some of the political parties was exposed when elected legislators decamped from one party to another without resigning from the legislative houses to renew their mandate. INEC did not insist on internal democracy when a few godfathers engaged in the imposition of candidates to contest elections contrary to the provisions of the Electoral Act. As if that was enough, some of the registered political parties shamelessly abandoned

their presidential candidates and adopted Alhaji Mohammed Buhari and Alhaji Atiku Abubakar, the presidential candidates of the All Progressives Congress and Peoples Democratic Party respectively in the recently concluded general elections.

Disturbed by the mockery of multi party democracy in the country through the unprincipled proliferation of political parties, the National Assembly amended the Electoral Act 2010 to empower INEC to de-register political parties that failed to win any election. Since political parties were registered pursuant to section 222 of the Constitution the suits filed by the affected political parties succeeded as the Federal High Court declared the amendment unconstitutional and set it aside. However, the National Assembly took advantage of the 2017 constitutional review to reduce the number of registered political parties in the country. Thus, the Constitution of the Federal Republic of Nigeria, 1999 (Fourth Alteration, No 9) Act, 2017 enacted on May 4, 2017 has amended section 225 of the 1999 Constitution to empower the Independent National Electoral Commission (INEC) to de-register political parties on grounds of: “a. breach of any of the requirements

for registration; b. failure to win at least twenty-five percent of votes cast in- (i) one State of the Federation in a Presidential election; or (ii) one local government of the state in a governorship election; © failure to win at least- (i) one ward in the chairmanship election; (ii) one seat in the National or State House of Assembly election; or(iii) One seat in the councillorship election.”

From the foregoing, it is indubitably clear that INEC has been conferred with enormous powers to de-register political parties that fail to meet the fresh constitutional prerequisites.

Going by the results of the 2019 general elections, the 91 registered political parties may have been reduced to less than 10 that may have scaled the constitutional hurdle. Not a few people would hail the constitutional amendment in view of the prostitution of the political system by political parties which are ill-equipped to promote participatory democracy, economic freedom, human rights and rule of law.

But it ought to be pointed out that the planned de-registration of political parties that fail to win elections is likely to limit the political space to the so called mainstream political parties that are not committed

to any political philosophy or ideology.

Finally, to sanitise the political system, INEC is called upon to formulate new guidelines for the registration of political parties within the ambit of the Constitution.

This should be done in view of the fact that not less than 100 political associations are said to have submitted applications for the registration of new political parties.

With respect to registered political parties INEC must fully comply with section 225(2) of the Constitution by sanctioning them if they fail to submit a detailed annual statement and analysis of their sources of funds and assets. This will go a long way to check the monetisation and brazen manipulation of the democratic process by political godfathers. More importantly, INEC should henceforth exercise its powers under Section 224 of the Constitution by ensuring that the programmes as well as the aims and objects of every political party conform with the provisions of the fundamental objectives and directive principles of State Policy enshrined in Chapter II of the Constitution. t 'BMBOB B 4FOJPS "EWPDBUF PG /JHFSJB XSJUFT GSPN -BHPT

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