MONDAY 1ST APRIL 2019 by THISDAY Newspapers Ltd

Access Bank Unveils New Brand Identity Obinna Chima and Raheem Akingbolu Access Bank Plc will today launch its new brand identity with 400 branches. This followed the successful merger between the bank and

Diamond Bank. A statement from Access Bank disclosed that the new brand was unveiled in front of an elegantly-clad invited audience in Lagos last night. According to the bank, the merger created a Nigerian

banking powerhouse and a pan-African financial services champion. “Access Bank today is the largest retail bank in Africa by customer base. One bank with 27,000 staff across 592 branches, spanning three

continents, 12 countries and with 29 million customers,” it explained. Providing insight into the new brand identity, the bank disclosed that the new visual identity fuses together the best of Access Bank and Diamond

Bank. According to it, “It builds on the layers of meaning that were built into two iconic brands. Diamond Bank’s was youthful, vibrant and human. “Access Bank’s was trusted, global and fast. Bringing

them together to capture the strength created through the merger meant drawing from the essence of each logo but refreshing them to create a sense of energy and forward Continued on page 8

APC Senators-elect Move against Party’s Choice of Senate President.. Page 8 Monday 1 April, 2019 Vol 24. No 8757. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

:29(1 ,172 7+( )$%5,& 2) 62&,(7< < ( $ 5 6

MONDAY, ͹˜ ͺ͸͹΁ ˾ T H I S D AY

PAGE EIGHT

APC Senators-elect Move against Party’s Choice of Senate President Miffed by Tinubu’s utterances Meet in Abuja to strategise Gbajabiamila declares amid protests from North-central lawmakers Deji Elumoye and Shola Oyeyipo in Abuja The crisis rocking the All Progressives Congress (APC) over the choice of the leadership of the 9th National Assembly deepened at the weekend as some of the lawmakers threatened to dare the party in the leadership tussle, THISDAY has learnt. Some senators-elect of the ruling APC have also frowned at what they described as the recent utterances of the National Leader of the party, Senator Bola Tinubu, over the composition of the leadership of the National Assembly, saying such outburst should not have come from a national leader of the party. Some of the party’s senatorselect, THISDAY further learnt, met in Abuja last night to discuss the decision of the party to determine the federal legislature’s leadership. Tinubu had at the weekend in Lagos asked elected party members, not comfortable with the choice of Senator Ahmad Lawan and Hon. Femi Gbajabiamila, as Senate President and House Speaker respectively, to leave the party or be ready to abide by party decision on the matter. Reacting to Tinubu's statement, a cross section of the senators-elect who spoke with THISDAY on condition of anonymity said such a remark was unbecoming of a national leader of a ruling party like APC. They also reminded Tinubu that the party belongs to all stakeholders and not an individual saying: "Asiwaju should be reminded that many political parties agreed to collapse their structures to form the nucleus of APC some five years ago; so, the party does not belong to him." The legislators-elect said rather than threatening the elected lawmakers, the party leadership ought to have engaged them on how to evolve a vibrant leadership for the ninth National Assembly.

A senator-elect from the North-central told THISDAY: "As we speak, the party leaders have not deemed it fit to call all APC senators-elect to a meeting only for us to be told publicly by Oshiomhole that Senator Lawan is the party's choice as next Senate President." According to him, "We will do everything possible to resist imposition of any leadership on the next federal parliament." Another senator-elect from North-central zone affirmed that the imposition of Lawan on others will not fly. "We are ready to take on the party leadership on the matter and ensure that all stakeholders are carried along," he said. He advised the party not to make the mistake it made in the 8th Senate which produced Dr. Bukola Saraki as Senate President as against Senator Lawan, then the choice of the party. The ranking senator said senators-elect of like minds across political divides will meet in Abuja this week in the course of the orientation programme for all elected federal lawmakers. "Our colleagues have started arriving in Abuja for the orientation programme being put together by the management of National Assembly for all the 479 members-elect of the federal parliament and we’ll use the opportunity to reach out to them and take a firm decision on the kind of leadership we desire in both the Senate and the House of Representatives," he said. He added that senators-elect, who are against the imposition of Senator Lawan, had met at the weekend with those who are routing for former Senate Leader, Senator Ali Ndume, as next Senate President with a view to harmonising their position and come up with a candidate to face Lawan on the day 9th Senate will be inaugurated in June." This, he further said, are some of the issues that

would be discussed with their colleagues from across the country, including legislatorselect from the opposition Peoples Democratic Party (PDP) and other parties who have representation in the 9th Assembly.

APC Senators-elect Meet in Abuja Meanwhile, some APC senators-elect scheduled a meeting in Abuja last night to discuss the contentious issue of the leadership for the next assembly. The legislators-elect who call themselves “Like Minded Senators-elect,” THISDAY reliably gathered, scheduled to meet after the formal opening of the orientation programme for senators-elect and House members-elect at the Transcorp Hilton. The orientation programme, which is in batches was scheduled to commence by 7p.m. last night after which the like-minded senators-elect, who are against Lawan also scheduled to retire to the room of one of the arrowheads of the plot at the same Transcorp Hilton where all the legislatorselect are being accommodated to brainstorm on their position as regards the leadership of the next Senate.

Gbajabiamila Declares Amid Protests from North-central Lawmakers The Majority Leader, House of Representatives, Hon. Femi Gbajabiamila, representing Surulere I Federal Constituency, Lagos State on APC platform, has declared interest in contesting for the position of speaker of the 9th assembly. But there are indications that he would still need to contest against the incumbent Speaker, Hon. Yakubu Dogara, who defeated him in the 2015 race. There are, however,

ACCESS BANK UNVEILS NEW BRAND IDENTITY

momentum. “The diamond shape is fused into the three chevrons, which radiate in all directions to create layers around a core.” Continuing, the bank explained that the retention of the access typeface, colour and font was complemented by the orange logo, which draws from the colour palettes of both banks. It stated that the use of the diamond colour palette was further emphasised with the dominance of green in its retail application, ensuring continuity for retail customers, while the dominant orange in the corporate application provides the same sense of familiarity to Access Bank’s customers.

It stated further: “To accompany the new logo, there is a new brand promise: access. more than banking. This is more than a tag line. It is a philosophy. “Almost 20 years ago Access Bank set out to change the face of banking in Nigeria. Its goal was to lift the continent of Africa through what it called sustainable banking, showing individuals and businesses across the country that ethical business was good business. “Providing African businesses with access to intra Africa trade and global markets. Giving budding entrepreneurs the tools to build a business. “Offering families the opportunity to realise their

dreams. Across the country, another entrepreneur was also building a bank, with a dream that went beyond banking. “He wanted to respond to changing lifestyles by using innovation and technology to support societal shifts. With a focus on personalised service that understood people’s desires and ambitions and made them possible. “These two banks, one a corporate titan, the other a digital retail powerhouse, have come together to create Africa’s largest bank. For both, the philosophy remains unchanged. “They want their 29 million customers to be able to access. more than banking. They want them to access their dreams

indications that just as in 2015, his 2019 ambition is still faced with antagonism from various camps among lawmakers in the assembly, particularly lawmakers from the North-central who are protesting that they are better positioned to take the speaker’s seat. Gbajabiamila, in an elaborate event held yesterday at the Lagos-Osun Hall, Transcorp Hilton Hotel, Abuja, joined the leagues of the Chairman, House Committee on Aviation, Hon. Nkeiruka Onyejeocha; Hon. Yusuf and Chairman of the House of Representatives Committee on Media and Public Affairs, Hon. Abdulrazak Namdas, who have all stated their ambitions to become the next speaker. Though the fifth term Lagos lawmaker (Gbajabiamila), who attracted 170 old and newly elected members to his official declaration is most favoured for the position, as he enjoys the backing of the party leadership, which hopes to zone the speakership to the South-west where he comes from, THISDAY learnt that his ambition would face yet another litmus test as some members are prepared to square up with him. Addressing the gathering yesterday, Gbajabiamila said he is seeking the office of the Speaker to bring tendencies together and unite Nigeria as a country, stating that “I seek the office of the Speaker to bring governance even closer to the people, to mentor the next generation and galvanise honourable members to make life more abundant for every Nigerian.” According to him, “I seek this office with a rich legislative background and pedigree and having just won a historic fifth term mandate to the House. I have in the last 16 years dedicated my life to the service of my constituents and Nigeria. I have studied and understood the intricate workings of the legislature, a critical arm of

government and I have come to understand the imperative of striking a delicate balance in the relationship between the executive and legislative arms of government without compromising the latter's independence. Indeed there is an essential need for a symbiotic relationship between all arms and all tiers of government if we are to make progress in nation building. “In these 16 years I have been a principal officer for 12 years. I have occupied the office of leader of the opposition and successfully my party from opposition to majority in the House and thereafter assumed the position of house leader, placing me in a uniquely advantageous position of understanding the nuances and intricacies of this very critical arm of government and the need for its independence and at the same time interdependence with the executive.” Even though some members drawn from across party lines, including the ruling APC, opposition PDP, All Progressives Grand Alliance (APGA), African Action Congress (AAC) and the Allied Peoples’ Movement (APM) declared support for Gbajabiamila candidacy, some aggrieved lawmakers and interest groups said if proper considerations are not taken, the Gbajabiamila agenda may not see the light of the day. For instance, another APC member, Hon. Olusegun Odebunmi, representing OgoOluwa Federal Constituency, Oyo State, who is also eyeing the speakership seat, said his party would be making a major mistake if the national leadership of APC does not give all aspirants a level playing field to vie for the position. Stating that Gbajabiamila has not been named as the party candidate, he said: “These rumours are everywhere. I am a member of the APC and up till now, nobody has ever

and, in doing so, putting Africa in its rightful place on the world stage.” Group Managing Director/ Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, had said: “Together, we would have 27 million customers, which is the largest customer base of any bank on the continent. We would have 33,000 point of sale (PoS) terminals, 3,300 automated teller machines (ATMs) and all of that. “Access Bank has grown over time and has built a very strong wholesale banking capability. We have also shown significant expertise as far as treasury is concerned, risk management as well as our capital management plan. “We created and pushed

a very strong value chain strategy which was our own way of building our retail business. “This was because we realised that the creation of a large diversified bank is critical, not just for Nigeria, but in Africa and the world. If you go to any part of the world, what you tend to see is that the top three or top five banks technically control market share.” Speaking further, Wigwe said the combination of Access Bank and Diamond Bank would ensure that “we are able to take and solve customers’ issues right from the wholesale end, down to the man in the village, just because of the use of technology.”

given a public announcement, officially, that there is a micro zoning of the leadership of the House. There is none! Even rumours have it that they may likely zone it to the South-west, which means every qualified member from the zone can express their intention to contest. So, up till today, unless you can give me the fact, I have never got the information. I was at the meeting called by the National Working Committee (NWC) of the party and nothing of such was mentioned. “If the party zones the positions, there are loose cannons - the new members who are coming in, who are susceptible to being influenced by other members to go against the party's wish. What is the party doing about them?” He said: “There is a way to achieving it, even if the party has interests. It is just a matter of inviting the leadership of the APC caucus in the House and we will give them the way to go about it. Nobody has said anything about lobbying. Influencing members is part of the politics of the National Assembly. Lobbying is a major activity in the National Assembly. So, any new member that is coming in must also be aware that he would lobby and they would lobby him.” While several other lawmakers have confided in THISDAY, their displeasure with the way and manner the APC is going about the emergence of the leadership of the 9th assembly, a PDP lawmaker, Hon. Timothy Golu representing Pankshin/Kanke/ Kanam of Plateau State, said the ruling party is on the verge of making similar mistake it made in 2015. Referring to the APC Continued on page 10

TOP GAINERS IKEJHOTEL ETERNA SEPLAT CAVERTON NESTLE TOP LOSERS UNIONDAC CUTIX FIDELITYBANK

NGN NGN 0.17 1.88 0.45 5.30 50.00 590.00 0.14 2.49 82.10 1,580.00 NGN 0.03 0.30 0.18 1.85 0.20 2.06 MUTUALBENEFITS 0.02 0.22 CADBURY 0.90 10.00 HPE Nestle Nig Plc ₦1,580.00 Volume: 266.861 million shares Value: N3.153 billion Deals: 3,455 As at yesterday 29 /3/19 See details on Page 35

% 9.9 9.2 9.2 5.9 5.4 % 9.0 8.8 8.8 8.3 8.2

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

MONDAY, ͹˜ ͺ͸͹΁ ˾ T H I S D AY

NEWS

Malami Plotting to Scuttle Rivers Gov Poll Result Collation, PDP Alleges INEC starts to tally figures tomorrow Adedayo Akinwale in Abuja As the Independent National Electoral Commission (INEC) prepares to complete the Rivers State governorship and state House of Assembly elections, which was suspended on March 10, following violence at some collation centres, the Peoples Democratic Party (PDP) has accused the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), of plotting to scuttle the process. INEC said on Saturday in Port Harcourt that no fresh elections would be held in the state, saying there would be a process to complete the election, which was suspended on March 10 following violence at some collation centres. INEC National Commissioner supervising Bayelsa, Edo and Rivers states, Mrs. May Agbamuche-Mbu, made the clarification while addressing stakeholders as part of the process for the completion of

the election. Agbamuche-Mbu said results of the governorship election in 17 of the 23 local government areas of the state were safe in the strong room of the commission in Abuja. Addressing the stakeholders, Agbamuche-Mbu said the commission would conclude the collation of the Rivers State governorship election between April 2 and 5, adding that the process will be transparent. “All the results are with us in our strong room. They have not been tampered with. We are going to conduct the collation transparently. INEC is here to complete this process and we shall complete the process successfully,” she stated. The INEC National Commissioner said though the commission did not know the winners of the elections, all the results were intact in INEC’s custody, adding that the electoral commission would religiously follow the timelines outlined by it for the collation of the

Malami governorship election results. However, PDP in a statement yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, said that the Minister of Transportation, Rotimi Amaechi, has been boastfully claiming that the AGF was working on a script whereupon he would write to the Chairman of the INEC, Prof. Mahmood Yakubu, to direct him to stop the collation of results. The PDP cautioned Malami to restrain himself from being used to commit unconstitutional act in the collation of results

already scheduled to begin in the state on Tuesday. He said it is imperative for the AGF to note that Amaechi, in his desperation, would want to rope him in and use him to cause a constitutional crisis that has the capacity to derail the nation’s democracy. Ologbondiyan noted: "Our party urges the AGF to note that there is no provision of the 1999 Constitution (as Amended) or any part of the Electoral Act 2010 (as Amended) that in anyway, empowers the AGF to interfere or stop the process of election, until declaration of result is made. "The constitution and laws of our nation are clear on the powers and statutory functions of the Attorney General and that he has no powers to interfere in the conduct of elections or direct the stoppage of an electoral process. "The AGF should therefore distance himself from the ignoble scheme by Rotimi Amaechi to cause trouble in

Rivers State by attempting to scuttle the collation of results in the Rivers governorship election, which has been clearly won by the PDP and Governor Nyesom Wike." The PDP urged INEC to save the nation a serious crisis by asserting its independence in concluding the collation process as well as respecting the will of the people, as expressed at the polls on March 9, by declaring Wike as rightful winner of the election without further delay. Meanwhile, the Rivers State chapter of the PDP has described the accusation by the All Progressives Congress (APC) in the state that INEC is favouring Governor Wike, as unfounded. In a statement signed on its behalf by the Director of Information of the PDP Campaign Council, Emma Okah, the party stated that the allegation doesn't hold water and that it is the same old song; empty, meaningless and senseless.

“Majority of Rivers people don't take the APC in the state serious. They blame everybody apart from themselves for every problem. When they had internal problems that cost them their place in the ballot, they blamed others. When their adopted puppet in AAC could not win one unit in the state because he was unknown and never campaigned, the APC blamed others,” the statement said. Likening APC to a bad workman, who is always quarrelling with his tools, PDP frowned at the way and manner in which APC teaches INEC, soldiers and police how to do their job. The party also warned APC to stop resorting to blackmail whenever they meet disapproval. While stating that it was not in position to speak for INEC, PDP said it was in doubt that APC’s subtle threat would be noted and handled appropriately.

Nigerian Stocks Now Cheapest among African Peers Goddy Egene A sustained bear rally in the Nigerian equities market led to decline of 1.24 per cent in the first quarter (Q1) of 2019, thus making Nigerian equities the cheapest among its peers on the continent, THISDAY has learnt. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index went down from 31,430.50 to close Q1 at 31,041.42, while market capitalisation shed N59 billion or 0.50 per cent from N11.731 trillion to N11.672 trillion. It was gathered that having lost over 17 per cent in 2018, political risk concerns sustained the bearish trend throughout the quarter, making the market to close on negative note. However, the sustained price decline has made Nigerian equities the cheapest among its peers on the continent. While current valuation

is in multiples of 7.9x in the Nigerian market, Egypt market has 16.6x, Kenya 11.3x, Ghana 22.9x and South Africa 17.0x. A monthly analysis of the market performance in Q1 showed that it declined by 2.7 per cent in January, rose by 3.8 per cent in February before falling 2.1 per cent in March. Investors’ sentiments were weak ahead of February general elections. Investigation revealed that even after the elections, the market has remained volatile, declining 16 of the 22 days after the presidential election. Contrary to expectations that the market would rebound after the elections and with the release of 2018 corporate earnings, shares have continued to trend downwards. Analysts at Afrinvest West Africa said the gradual recovery in the economy was slow and may not support an overtly

bullish earnings expectation in the short-term. “Yet, we believe the market has been far compressed and remains attractive for equity investors, although we expect foreign investors to chair this effort,” they stated. The month of March witnessed the announcement of dividends by companies for 2018, which failed to sway investors to increase their demand for stocks in the market. But the Group Chief Executive Officer of Emerging Africa Capital Group, Mrs. Oluwatoyin Sanni, argued that the market would witness full rebound in the second half of the year. “The general expectation is that the first half 2019 will be more of the same as last year because investors will be playing a wait-and-see approach due to the elections. Investors will wait to see how

the elections are accepted and confirm that there will be peace in the post-election period up till May 29, which will be the day the new government will be sworn into office. So, there is hope that second half will be better, depending again, on how well and smoothly we conduct the election depending on investor perception of the government that wins the election,” she said. Considering the decline recorded in Q1 and expected continual volatility, some investors may become jittery remaining in the market. But Group Chief Executive Officer of United Capital Plc, Mr. Peter Ashade, volatility is part of the capital market. According to him, what investors need is to stick to some factors that can always see them through the market volatility. He said: “First, an investor who understands that the

market could go up and down is best suited to make calculated decisions towards meeting investment goals. The second is having a clear objective for investing in the market. Some may invest to earn revenue, and others for capital appreciation. "The third is to tame greed. Sticking to a clear investment objective is an effective principle for savvy investors. For instance, you can say if I get 10 per cent, I think I have made my day. I should leave. Then you discover that the share price of your investment goes up and gets to that 10 per cent goal. If you still see that the markets rally beyond that, and you decide to wait a little, then that’s greed setting in. “In waiting a little, the market could be up 11 to 12 per cent and before you know what is going on, you are down seven per cent. So, greed also needs to be addressed in

making investment decisions. In summary, you must understand the market you are playing in, stick to a clear objective for investing, and ensure that you are not greedy in terms of your investment outlook,” he said Also, analysts at FSDH Research had said political considerations, rising global yields had increased yields on fixed income securities in Nigeria led to a reallocation of portfolio away from equities market, hence the decline recorded in the market. But looking into February, FSDH Research said they expected some positive performance. “We expect savvy investors to take strategic positions in the months leading to expected recovery in second quarter of 2019. Despite the overall decline, we have seen pockets of positioning over the months and except to see further examples,” they said.

the North-central of its hardearned right and this will be resisted by this group.” Stressing that the motto of APC is justice, peace and unity, Alancha said: “One would expect that since the Senate Presidency was zoned to the North-east being the zone that contributed the highest number of votes after the North-west (3,238,783), the Speakership position will naturally go to the next in line-the Northcentral zone who produced the second largest vote after the North-east (2,465,599). So, why is the party suddenly shifting the goalpost when it comes to zoning the Speakership position by considering the South-west that performed less than the North-central and even already has the number two position of a vice-president? ls this an equitable thing to do?” Querying how the party hopes to engender party loyalty and supremacy without an equitable zoning arrangement, the

APC loyalist insisted that the North-central parades qualified lawmakers who can effectively lead the green chamber. “One of such persons is the current Deputy Majority Leader, Hon Ahmed ldris Wase, who is the most ranking North-central member having returned to the House for the fourth term,” stressing that: “Hon Wase is a true leader who has the unique ability to carry his colleagues along, protect the interest of the party, and possess the political sagacity to build bi-partisan consensus when needed. He is very much popular and loved by his colleagues who rally around him for true leadership.” Asked how the group intends to ‘resist’ the party in case the position is zoned to the Southwest, he said: “We hope to do that through advocacy. We are going to meet members-elect. We are going to reach out to party leaders to ensure that this crisis is not created by zoning it (Speakership) away from us.”

APC SENATORS-ELECT MOVE AGAINST PARTY’S CHOICE OF SENATE PRESIDENT National Chairman, Mr. Adams Oshiomhole, who said his party’s lawmakers should go ahead to dominate the 9th assembly, Golu said: “He is talking rubbish, I am telling you. He is just talking rubbish. None of them is a member of parliament and when the election will take place none of them will be there. They are only talking to impress so that the president will say this man is loyal. “They are just playing to the gallery. As far as I am concerned, Oshiomhole is playing to the gallery. He doesn’t know what happens in here. They don’t feel forms to do this election. The Independent National Electoral Commission (INEC) is not involved where he can manipulate. It is the members themselves; nobody filled form. So, somebody can wake up that day and contest.” “This is not Federal Executive Council (FEC) where they have their chamber there. This is the

National Assembly where we have gallery. Everybody sits down there and then watch what will happen. It is not FEC where they ask everybody to go out and then they take a decision and it is final. There is no decision that can be taken here. No APC man or party can sack an elected APC senator. People know these things. After their elections, it is the party that will start begging them. It is the presidency that will start begging them. They don’t know how they won the election. It is just under the party. “Look at what Oshiomhole is saying; that all chairmanship position is going to APC and someone said they want to amend the constitution to make the president life president; all these kinds of things mean that you will have a dummy that will do anything they want. You think the PDP members, most of them who are even more experienced than the APC senators and APC House

members would come here and sit under a stooge that will come and determine life presidency! Remember, everything goes the same way; whether it is a bill, whether it is a motion, whether it is to spend money without appropriation, whether it is foreign relations without any law; all these will follow. So they will never allow anything like that, I am telling you. Except the National Assembly is not inaugurated and what the president only has to do is that the National Assembly is going to be inaugurated on this day. He would not be there! He doesn’t have a vote! The vice president doesn’t have a vote. No minister has a vote. Oshiomhole cannot come close. So why saying this type of thing?” In another development, a coalition of the All Progressives Congress (APC) youth groups under the umbrella of Northcentral APC Young Patriots has vowed to resist any attempt by

the leadership of the party to zone the speakership of the House of Representatives to the South-west region. The aggrieved APC loyalists told journalists at the weekend at the Stone Edge Hotel, Abuja, that they are not in agreement with the decision of the party leadership to zone the speakership to the South-west. The coalition’s leader and convener, APC Young Patriot, Mr. Dominic Alancha, urged that since the party is yet to officially announce the zoning to the South-west, it should not take such decision to avoid a situation where the anointed candidates of the party lose key leadership positions in the 8th assembly. According to him, “If the party goes ahead to zone the position of the Speaker to the South-west because it wants to foist a particular candidate on lawmakers disregarding popular support and equitable zoning formula, it will be short-changing

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

6$/(6 6$/(6 6$/(6 ,1 $//

($67(5 ' ,6&2817 FE56 )851,785( +20(6 2)),&(6 6&+22/6 $1' +27(/6 +4 6+2:5220 $%8-$ 3/27 &$' =21( % 6(&725 &(175( $ .$'2 $5($ $%8-$ NDGRDFFRXQWV#DOLEHUW JURXS FRP

:86( 6+2:5220 $%8-$ 3/27 $'(72.81%2 $'(02/$ :86( ,, $%8-$ DEXMD#DOLEHUW JURXS FRP HPDLO LQIR#DOLEHUW JURXS FRP (;7 ZHE ZZZ DOLEHUW JURXS FRP

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

T H I S D AY Ëž Ëœ ÍŻËœ Í°ÍŽÍŻÍˇ

COMMENT

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

SUSTAINABLE DEVELOPMENT AND THE SDGS Folawiyo K. Olajoku writes that the SDGs are a universal call to action to end poverty

he history of the concept of sustainable development could begin with the US governmentâ€™s National Environmental Policy Act (NEPA) of 1969. This act came largely in response to the 1969 Santa Barbara oil spill, which had a devastating impact on wildlife and the natural environment in the area. But it was also the product of greater societal attention to the consequences of industrial pollution, awareness of which was promoted by the 1962 publication Silent Spring by Rachael Carson. Around the same time, and as a result of the same push towards great concern for the environment, arrived the Clean Water Act, the Water Quality Act, the push to ban DDT, and the institution of the National Wilderness Preservation System. Shortly after the passage of NEPA, the Environmental Protection Agency (EPA) opened its doors in 1970, promoting protection of the environment through research, standard-setting, and monitoring. The goals of the EPA concerned both human health as well as natural resource protection. The next step in the growth of sustainable development as a mainstream concept and practice was the 1972 United Nations Conference on the Human Environment, in Stockholm, Sweden. This conference â€œbrought the industrialized and developing nations together to delineate the â€˜rightsâ€™ of the human family to a healthy and productive environment. A series of such meetings followed, e.g. on the rights of people to adequate food, to sound housing, to safe water, to access to means of family planning. The recognition to revitalize humanityâ€™s connection with nature, led to the creation of global institutions within the UN system. The first time the term â€˜sustainableâ€™ was used â€œin the modern senseâ€? was as part of the Club of Rome, in 1972. This came to the fore as a part of the publication of Limits to Growth, a report that described a particular state in which the global population would achieve balance or equilibrium. â€œDescribing the desirable â€œstate of global equilibriumâ€?, the authors used the word â€œsustainableâ€?: â€œWe are searching for a model output that represents a world system that is: one, sustainable without sudden and uncontrolled collapse; and two, capable of satisfying the basic material requirements of all of its people. About 15 years after the Club of Romeâ€™s publication came another large step forward in this movement, at least according to most mainstream sources. The World Commission on Environment and Development (WCED) was tasked by the Secretary General of the UN, in 1983, to â€œre-examine critical environmental and development problems around the world and formulate realistic proposals to address them.â€? This culminated in the 1987 Bruntland Reportâ€™s publication of â€œOur Common Futureâ€?, which established a suggested path for sustainable development on a global level and served to bring the concept of sustainability into the foreground on an international level. The concept of sustainable development formed the basis of the United Nations Conference on Environment and Development held in Rio de Janeiro in 1992. The summit marked the first international attempt to draw up action plans and strategies for moving towards a

THEY SDGS CONSIST OF 17 GOALS WHICH ARE NO POVERTY, ZERO HUNGER, GOOD HEALTH AND WELL-BEING, QUALITY EDUCATION, GENDER EQUALITY, CLEAN WATER AND SANITATIONâ€Ś

more sustainable pattern of development. It was attended by over 100 Heads of State and representatives from 178 national governments. The summit was also attended by representatives from a range of other organisations representing civil society. Sustainable development was the solution to the problems of environmental degradation discussed by the Brundtland Commission in the 1987 report, Our Common Future. The remit of the Brundtland Report was to investigate the numerous concerns that had been raised in previous decades, namely, that human activity was having severe and negative impacts on the planet, and that patterns of growth and development would be unsustainable if they continued unchecked. Another notable international protocol designed to guide the international community towards sustainable development, in this case particularly environmental, was the Kyoto Climate Agreement in 1997. Its goal was to reduce the emissions of its signatories, with more emphasis placed on those developed countries which were responsible for most of the air pollution and its subsequent consequences. It might be noted that the United States is the only developed country and one of the only two in general (the other being South Sudan) that has not ratified this protocol. More recently, the World Summit on Sustainable Development was held in Johannesburg in 2002, attended by 191 national governments, UN agencies, multilateral financial institutions and other major groups to assess progress since Rio. The Johannesburg Summit delivered three key outcomes: a political declaration, the Johannesburg Plan of Implementation, and a range of partnership initiatives. Key commitments included those on sustainable consumption and production, water and sanitation, and energy. The Sustainable Development Goals (SDGs) were born at the United Nations Conference on Sustainable Development in Rio de Janeiro in 2012. The objective was to produce a set of universal goals that meet the urgent environmental, political and economic challenges facing our world. The SDGs replace the Millennium Development Goals (MDGs), which started a global effort in 2000 to tackle the indignity of poverty. The MDGs established measurable, universally-agreed objectives for tackling extreme poverty and hunger, preventing deadly diseases, and expanding primary education to all children, among other development priorities. The SDGs, otherwise known as the Global Goals, are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. They consist of 17 goals which are no poverty, zero hunger, good health and well-being, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, reduced inequality, sustainable cities and communities, responsible consumption and production, climate action, life below water, Life on land, peace and justice strong Institutions, and partnerships to achieve the goal Dr Olajoku is a Development Practitioner

MPR AND THE ECONOMY The reduction of the MPR rate is welcome, writes Boniface Chizea

ontrary to expectations by most analysts the Monetary Policy Committee (MPC) meeting held 25 - 26 March 2019 and reduced the Monetary Policy Rate (MPR) by 500 basis points to 13.5 per cent from 14 per cent. It is on record that the rates had remained at 14 per cent since July 2016, a period of over two years. Judging from both the statement and body language of the Governor of the Central Bank before the meeting it was all but concluded that as it happened with the first MPC meeting of the year which held on 21-22 January 2019 that a bold decision was going to be taken. The governor at a public presentation he made before the meeting did in fact say that inflationary expectations still remained high and since the trend in economic fundamentals is in the positive direction that there was the need for the country to bide its time. It was therefore not surprising that a split decision was the situation that resulted in reducing the MPR and there would probably be no price offered for a guess on how the governor voted at the meeting which at once speaks to the independence of members of the committee in reaching decisions. What really is the MPR and why is it so important for the economy? The MPR is the benchmark rate for interest in the economy. What that means is that this is the rate which the central bank would charge the banks that go to it for accommodation and therefore this is the base rate for interest charges in the economy at any particular point in time. Often awareness is not demonstrated with regard to the asymmetric corridor that accompanies the indication of this rate. As at today this corridor has been included as it has been the case for some time now as +2/-5 which in point of fact means that when the central bank lends to a financial institution the rate is

MPR+2 which is 16 per cent and if on the contrary a bank decided to deposit its funds with the CBN it would attract interest payment of MPR-5 which is 9 per cent. This explains why average interbank borrowing rates as indicated in the recent monetary policy committee communique was at the level of 16.45 per cent as should be expected marginally above the rate at which a bank will borrow from the central bank. Interest rate is a veritable factor cost which means that this is a cost which any business that has availed itself of institutional credit must recover as part of the proceeds from the business and therefore the interest charges impact on the bottom line and in a situation whereby a competitor overseas enjoys lower cost of capital, automatically that competitor enjoys a competitive advantage. And an even more important consideration is that for the real sector, such level of interest rate is difficult to support particularly having regard to the usual quantum of funds involved. But it is erroneous to suppose that anybody could wave a magic wand and the interest rates would come tumbling down over night. The interest rate must be positive in real terms, that is, it must be above the level of inflation which has just been reported at 11.31 per cent as at the end of February, 2019 as it continues its south bound trend which has been witnessed so far for many months. In the unlikely situation of the interest rate being below the rate of inflation, which is very common with savings account holders in Nigeria today what then happens is that such savers pay an inflation tax to the extent of this differential. It is also in order to observe that there are other headwinds which pose as causative factors for inflation in Nigeria today; expansive fiscal operations which results in large deficits whose funding either crowds out private sector interests and could be out rightly inflationary depending on the preferred method of funding the deficits, energy

costs, gaps in requisite infrastructure, insecurity particularly in some regions of the country affected by Boko Haram insurrections and late passage of the budget which might necessitate sudden and massive injection of liquidity into the economy thereby overheating it. Therefore to win the war against inflation we must adopt a focused, consistent and persistent attack on all fours for us to have a chance of success and therefore it is unrealistic to expect good results by attempting only to regulate the amount of liquidity in the economy by keeping interests rates high. But what agitates the mind of the average citizen is why the central bank has kept the benchmark interest rate at a level of 14 per cent for so long. During the onset of the recession, the bank felt that there was the need to maintain a tight monetary stance to regulate liquidity in the economy even as it must be admitted here that interest rate is not the only means available to the central bank for the regulation of the quantum of liquidity in the economy. An important instrument in this regard is the Open Market Operations (OMO) whereby the central bank redeems and issues money market instruments as the need arises. In point of fact for as long as the fear of inflation spiraling out of control persists, the central bank was not prepared to countenance a reduction on the level of interest rates. The bank also felt it was in order for it to concentrate on its core mandate of maintenance of price and exchange rate stability with a singular focus on the exchange rate of the Naira as well as the sustenance of accretion to the reserves. It also remains a fact that the rate of returns enjoyed by external investors supported the level of foreign currency inflow into the economy particularly for a relatively high risk environment such as Nigeria. So for as long as the country enjoyed stability of the economic fundamentals; there was no need to upset the apple cart. If it is not broken why mend it?

Recognizing the likely impediment occasioned by a high interest rate regime, the central bank over the years had adopted a direct interventionist policy as aligned with its development mandate by providing targeted funds at single digit interest rates to critical growth inducing and job creation sectors of the economy. In this regard we recall the following funds; Commercial Agricultural Credit Scheme, Small and Medium Enterprisesâ€™ Restructuring and Refinancing Facility, Power and Airline Intervention Fund, Small and Medium Scale Enterprises Credit Guarantee Scheme, Nigerian Electricity Market Stabilization Facility, Anchor Borrowersâ€™ Programme, Youth Entrepreneurship Development Programme, Export Stimulation Facility, Textile Sector Intervention Facility, Agricultural, Small and Medium Equity Investment Scheme, amongst others. Therefore it might not be correct to levy an accusation that the central bank has been wholly complicit in the lackluster performance of the national economy. But it is a welcome development for the MPR rate to be reduced after over two years. Often it is not realized that for other such bodies internationally, the only factor for consideration during such meetings is the interest rates. How would that sound for the same position to be maintained over a two-year duration? The other challenge to confront is the transmission delays. How long would this indicated easing stance reflect on the interest rates for credits which the banks extend since if there is no effect we might as well be onto an empty and premature celebration? After the announced reduction, what follows will be reduction on the interests on mortgage rates across board as its benefits accrue at the level of the individual debtor. We hope that the Central Bank will keep fidelity to its promise to track the banks to ensure that expected reductions are passed on to the customer. Dr. Chizea wrote from Lagos

T H I S D AY MONDAY, APRIL 1, 2019

EDITORIAL Moving Away From Oil Economy The government should demonstrate seriousness in diversifying the economy

he pledge by the federal government to build a digital economy around the creative sector to create jobs for young people sounds good. Yet, apart from the few people involved in the oil and gas sector, which is about the only industry that still thrives in Nigeria today despite its own challenges, most other industries that provide sources of livelihood are in comatose. That then accounts for why at the end of every month, governors congregate in Abuja for the collection of oil revenues. From Abuja, the shares of oil proceeds are taken to the states and local governments to be spent. This cheap money has tended to retard other productive activities in the country such that the need for economic diversification is only remembered in times like this, when revenue available for distribution to the three tiers of government is dwindling. Unfortunately, even in these moments, there is no real commitment to the OVERDEPENDENCE ON much-talked-about OIL REVENUE IS RISKY, agriculture sector which nonetheless UNSUSTAINABLE AND still contributes the EVEN UNWISE bulk of the Gross Domestic Product (GDP) in the country. We are particularly worried that Nigeria continues to neglect cash crops like cocoa, oil palm and groundnuts, which for years constituted the mainstay of the country’s economy. In the early 1960s, Nigeria’s palm oil production accounted for 43 per cent of the world production, but nowadays it accounts for less than seven per cent of global output, with most of the production coming from dispersed smallholders. Meanwhile, Malaysia, which sourced its first oil-palm seed from Nigeria, is the world’s second largest producer. The case of cocoa is lamentable because Nigeria used to rank among the first five largest producers before the neglect. Nigeria’s coca production which peaked at around 400,000 tonnes a year in the 1970s now accounts for far less. This is despite the

best efforts of the National Cocoa Development Committee (NCDC) to rehabilitate old ﬁrms, supply heavily-subsidised agro-chemicals, start new plantations or replant aged ones with high-yield trees, and promote the local consumption of cocoabased products to boost prices.

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

lso, the famous groundnut pyramids, which hallmarked the groundnut boom in the 1970s started disappearing with the discovery of oil. Not even the establishment of the African Groundnut Council under the aegis of the African Union to promote the production, consumption and exportation of groundnut oil in six countries of Africa including Nigeria, has helped matters. Like the case of oil palm, groundnut production is done today mostly by small-holders. Worse, the largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now imports most of its food products. Even with all the arable land, Nigeria is now a nation that cannot feed its people. As a consequence of this neglect, the economy is sadly over-dependent on the oil sector, which provides less than 25 per cent of GDP, despite accounting for 95 per cent of foreign exchange earnings, and about 65 per cent of government revenues. Oil has also created a culture of fast money through government patronage and corruption. The farms are no longer attractive to the able-bodied youths of the country, who stream daily to political capitals of the nation – federal, states, local councils – for this cheap money. We believe that there are still very many opportunities for the country to diversify the economy. As we have said repeatedly on this page, overdependence on oil revenue is risky, unsustainable and even unwise. That of course is why the national economy remains so fragile. We therefore urge government to demonstrate more seriousness in diversifying the economy from oil to others sectors capable of putting millions of our young people to work.

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

Letters to the Editor

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

JUSTICE OBIORA MUST STAND FIRM

ever has a top judiciary officer, Walter Onnoghen being the exception, been pilloried in the public domain the way Justice Peter Obiora, who delivered the majority judgement at the Osun Election Petition Tribunal that concluded that Ademola Adeleke actually won the gubernatorial contest of September 22nd 2018, is being hammered left, right, and centre in a bid to put the Appeal Court justices, where Gboyega Oyetola has lodged appeal, under immense pressure. It was so bad that the immediate past governor of Osun State, Rauf Aregbesola, even went so far to use the very language Justice Obiora used to fault the re-run by INEC at Osun State against the judgement of Obiora, expression in the mould of “alien to the law.” Really, these are desperate times for the APC because the situation at Kano State regarding the gubernatorial re-run is the exact mirror-image of that of Osun State; actually, Justice Obiora’s argument has set a precedent for other judges to reference and, for those of us who had no legal education, that was good schooling on the pages of newspapers. The ruling party truly lost Osun and Kano States but it will throw scruples off to the wind in order to grab these states but the judiciary must form a bulwark against this political corruption. Osun State is the ancestral home of Bola Tinubu and Kano State is always considered the icing on Nigeria’s political cake. Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

FINTRI’S ROAD TO GOVERNMENT HOUSE

t is now over after a strenuous journey, suspense and anxiety with the declaration by Independent National Electoral Commission of Alhaji Ahmadu Umaru Fintri as the Governor-elect of Adamawa State based on the votes he secured after the supplementary election conducted in the 14 Local Government Areas of the state. He garnered 376,552 votes to beat the incumbent Governor Muhammad Umaru Bindow, who polled 336,386 votes. The road was rough for Alhaji Fintri, but he was once was tested when he acted as governor of Adamawa State when the then Governor Murtala Nyako was impeached. The people of the state placed their hopes on him especially the civil servants who are finding it almost impossible to get their gratuities once they retire. His election was inspired by hope, the people see him as a dedicated person that can do anything to shape their destiny. He ran a robust campaign, crisscrossed the state and spoke about the cardinal objectives and motives behind his aspiration for Dougerei Government House. And the people wholeheartedly accepted him more especially the civil servants. He promised to offset the burden of parents by paying NECO and WASSCE fees for their wards. He also promised to pay retiring civil servants their benefits and at the same time clear their outstanding liabilities of gratuities. He walked the path of honour by giving the people the much desired dividends of democracy within a period of three months when he acted as governor. That singular honour endeared him to a lot of people, more especially the civil servants. They overwhelmingly went to the poll by voting for him in both the election and the supplementary elections. Usman Santuraki, Jimeta, Yola

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

(FREDQN 7UDQVQDWLRQDO ,QFRUSRUDWHG (FREDQN *URXS 5HSRUWV $XGLWHG )XOO <HDU 5HVXOW 3URILW EHIRUH WD[ XS WR PLOOLRQ 8S WR 1*1 ELOOLRQ

3URILW IRU WKH \HDU XS WR PLOOLRQ 8S WR 1*1 ELOOLRQ

*URVV HDUQLQJV GRZQ WR PLOOLRQ 8S WR 1*1 ELOOLRQ

2SHUDWLQJ SURILW EHIRUH LPSDLUPHQW ORVVHV XS WR PLOOLRQ 8S WR 1*1 ELOOLRQ 7RWDO DVVHWV XS WR ELOOLRQ 8S WR 1*1 ELOOLRQ

/RDQV DQG DGYDQFHV WR FXVWRPHUV GRZQ WR ELOOLRQ 8S WR 1*1 ELOOLRQ

'HSRVLWV IURP FXVWRPHUV XS WR ELOOLRQ 8S WR 1*1 ELOOLRQ

7RWDO HTXLW\ GRZQ WR ELOOLRQ GRZQ 1*1 ELOOLRQ

<HDU HQGHG 'HFHPEHU 86 Â· 1*1Â·

)LQDQFLDO +LJKOLJKWV

<HDU HQGHG 'HFHPEHU 86 Â· 1*1Â·

&KDQJH 86

1*1

,QFRPH 6WDWHPHQW *URVV (DUQLQJV 5HYHQXH 2SHUDWLQJ SURILW EHIRUH LPSDLUPHQW ORVVHV 3URILW EHIRUH WD[ 3URILW IRU WKH \HDU (DUQLQJV SHU VKDUH IURP FRQWLQXLQJ RSHUDWLRQV DWWULEXWDEOH WR RZQHUV RI WKH SDUHQW GXULQJ WKH SHULRG H[SUHVVHG LQ 8QLWHG 6WDWHV FHQWV NRER SHU VKDUH %DVLF FHQWV DQG NRER 'LOXWHG FHQWV DQG NRER

)LQDQFLDO +LJKOLJKWV

$V DW 'HFHPEHU

6WDWHPHQW RI )LQDQFLDO 3RVLWLRQ 7RWDO DVVHWV /RDQV DQG DGYDQFHV WR FXVWRPHUV 'HSRVLWV IURP FXVWRPHUV 7RWDO HTXLW\

$V DW 'HFHPEHU

&KDQJH

$GH $\H\HPL *URXS &(2 VDLG Â´2XU ILQDQFLDO SHUIRUPDQFH LQ ZDV UHPDUNDEOH LQ PDQ\ ZD\V DQG UHIOHFWHG WKH PHDQLQJIXO DQG VLJQLILFDQW SURJUHVV WKDW ZH KDYH PDGH DJDLQVW WKH SULRULWLHV WKDW ZH VHW LQ RXU Â¶5RDGPDS WR /HDGHUVKLSÂ· VWUDWHJ\ :H GHOLYHUHG D JURZWK LQ SURILW EHIRUH WD[ WR PLOOLRQ DQG JHQHUDWHG D UHWXUQ RQ WDQJLEOH HTXLW\ RI 2XU FRVW RI ULVN RI ZDV DQ LPSURYHPHQW RQ DQG GHPRQVWUDWHG WKH SURJUHVV WKDW ZH KDYH PDGH DGGUHVVLQJ FUHGLW TXDOLW\ LVVXHV DQG HQKDQFLQJ LQWHUQDO FRQWURO SURFHVVHV Â´,Q )UDQFRSKRQH DQG $QJORSKRQH :HVW $IULFD UHJLRQV ZH GHOLYHUHG VXVWDLQDEOH JURZWK DQG YDOXH IRU VKDUHKROGHUV :KLOH LQ 1LJHULD DQG WKH &HQWUDO (DVWHUQ DQG 6RXWKHUQ $IULFD UHJLRQV ZH DUH VSXUUHG RQ E\ WKH JUDGXDO SURJUHVV EHLQJ PDGH 2XU EXVLQHVVHV FRQWLQXHG WR VHUYH FXVWRPHUV GLOLJHQWO\ DQG ZLWK SXUSRVH DQG DOO GHOLYHUHG SURILW JURZWK LQ ZLWK &RPPHUFLDO %DQN RYHUWXUQLQJ WKH ORVV EHIRUH WD[ PDGH LQ Â´:H FRQWLQXHG WR LQYHVW LQ WKH WHFKQRORJ\ SODWIRUPV WR DFFHOHUDWH RXU VKLIW IURP Â¶SK\VLFDOÂ· WR Â¶GLJLWDOÂ· DQG ZH DUH VXSSRUWLQJ RXU FXVWRPHUV ZLWK GLJLWDOO\ LQQRYDWLYH SURGXFWV WR HQULFK WKHLU HQJDJHPHQWV ZLWK (FREDQN 7R PHHW D NH\ JRDO RI H[SDQGLQJ ILQDQFLDO VHUYLFHV WR WKH XQEDQNHG ZH KDYH LQFUHDVHG WKH QXPEHU RI ;SUHVV 3RLQWV RXU DJHQF\ QHWZRUN WR DERXW DQG ZH SODQ WR JURZ WKLV QXPEHU 2XU FDVK PDQDJHPHQW DQG WUDGH ILQDQFH SURGXFWV VXFK DV 2PQL DQG H 7UDGH DUH SURYLGLQJ RXU FXVWRPHUV ZLWK WKH FRQYHQLHQFH DQG HIILFLHQF\ RI H[HFXWLQJ WKHLU FURVV ERUGHU WUDQVDFWLRQV DFURVV $IULFD Â´2YHUDOO ZH DUH H[FLWHG DERXW WKH SURVSHFWV IRU WKH ILUP DQG IRU $IULFD <HV ULVNV UHPDLQ DQG HFRQRPLF F\FOHV FRPH DQG JR EXW ZH ZLOO UHPDLQ VWHDGIDVW LQ VHUYLQJ RXU FXVWRPHUV ZHOO , DP SURXG RI WKH ZRUN WKDW (FREDQNHUV KDYH GRQH LQ WKH ODVW WKUHH \HDUV WR VWDELOLVH WKH ILUP DQG SRVLWLRQ LW IRU ORQJ WHUP VXFFHVV , DP YHU\ JUDWHIXO WR WKHP Âµ7KH ILQDQFLDO VWDWHPHQWV ZHUH DSSURYHG IRU LVVXH E\ WKH ERDUG RI GLUHFWRUV RQ )HEUXDU\ 7KH *URXS &(2 DQG *URXS &)2 ZKR DUH ERWK VLJQDWRULHV WR WKH ILQDQFLDO VWDWHPHQWV RI (7, ZHUH JUDQWHG D ZDLYHU E\ WKH )LQDQFLDO 5HSRUWLQJ &RXQFLO )5& RI 1LJHULD DOORZLQJ WKHP WR VLJQ WKH (7, ILQDQFLDO VWDWHPHQWV ZLWKRXW LQGLFDWLQJ WKHLU )5& UHJLVWUDWLRQ QXPEHUV WRJHWKHU ZLWK WKH &KDLUPDQ RQ EHKDOI RI WKH ERDUG

&RQGHQVHG $XGLWHG &RQVROLGDWHG ,QFRPH 6WDWHPHQW <HDU HQGHG 'HFHPEHU 86 Â· 1*1Â·

<HDU HQGHG 'HFHPEHU 86 Â· 1*1Â·

&KDQJH 86 1*1

*URVV (DUQLQJV ,QWHUHVW ,QFRPH ,QWHUHVW ([SHQVH 1HW ,QWHUHVW ,QFRPH )HH DQG FRPPLVVLRQ LQFRPH )HH DQG FRPPLVVLRQ H[SHQVH 1HW WUDGLQJ LQFRPH 2WKHU RSHUDWLQJ LQFRPH 1RQ LQWHUHVW UHYHQXH 2SHUDWLQJ LQFRPH 6WDII H[SHQVHV 'HSUHFLDWLRQ DQG DPRUWLVDWLRQ 2WKHU RSHUDWLQJ H[SHQVHV 2SHUDWLQJ H[SHQVHV 2SHUDWLQJ SURILW EHIRUH LPSDLUPHQW ORVVHV DQG WD[DWLRQ ,PSDLUPHQW ORVVHV RQ ,PSUPQW ORVVHV RQ ILQFO DVVHWV 2SHUDWLQJ SURILW DIWHU LPSDLUPHQW ORVVHV 6KDUH RI SURILW RI DVVRFLDWHV 3URILW EHIRUH WD[ 7D[DWLRQ 3URILW IRU WKH \HDU IURP FRQWLQXLQJ RSHUDWLRQV 3URILW IRU WKH \HDU IURP GLVFRQWLQXHG RSHUDWLRQV 3URILW IRU WKH \HDU $WWULEXWDEOH WR 2ZQHUV RI WKH SDUHQW &RQWLQXLQJ RSHUDWLRQV 'LVFRQWLQXHG RSHUDWLRQV 1RQ FRQWUROOLQJ LQWHUHVWV &RQWLQXLQJ RSHUDWLRQV 'LVFRQWLQXHG RSHUDWLRQV 3URILW IRU WKH \HDU (DUQLQJV SHU VKDUH IURP FRQWLQXLQJ RSHUDWLRQV DWWULEXWDEOH WR RZQHUV RI WKH SDUHQW GXULQJ WKH \HDU H[SUHVVHG LQ 8QLWHG 6WDWHV FHQWV NRER SHU VKDUH %DVLF FHQWV DQG NRER 'LOXWHG FHQWV DQG NRER

HFREDQN FRP

$XGLWHG &RQVROLGDWHG 6WDWHPHQW RI &RPSUHKHQVLYH ,QFRPH <HDU HQGHG 'HFHPEHU 86 Â· 1*1Â·

<HDU HQGHG 'HFHPEHU 86 Â· 1*1Â·

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

&KDQJH 86

1*1

1 $ 1 $ 1 $ 1 $

1 $ 1 $

&RQGHQVHG $XGLWHG &RQVROLGDWHG 6WDWHPHQW RI )LQDQFLDO 3RVLWLRQ $V DW 'HFHPEHU 86 Â· 1*1Â·

&KDQJH

$V DW 'HFHPEHU 86 Â· 1*1Â·

1*1

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

7KH ILQDQFLDO VWDWHPHQWV ZHUH DSSURYHG IRU LVVXH E\ WKH ERDUG RI GLUHFWRUV RQ )HEUXDU\

7KH *URXS &(2 DQG *URXS &)2 ZKR DUH ERWK VLJQDWRULHV WR WKH ILQDQFLDO VWDWHPHQWV RI (7, ZHUH JUDQWHG D ZDLYHU E\ WKH )LQDQFLDO 5HSRUWLQJ &RXQFLO )5& RI 1LJHULD DOORZLQJ WKHP WR VLJQ WKH (7, ILQDQFLDO VWDWHPHQWV ZLWKRXW LQGLFDWLQJ WKHLU )5& UHJLVWUDWLRQ QXPEHUV WRJHWKHU ZLWK WKH &KDLUPDQ RQ EHKDOI RI WKH ERDUG

'XH WR WKH OLVWLQJ RI (FREDQN 7UDQVQDWLRQDO ,QFRUSRUDWHG RQ WKH 1LJHULDQ 6WRFN ([FKDQJH WKH )LQDQFLDO 5HSRUWLQJ &RXQFLO )5& RI 1LJHULD UHTXLUHV WKDW WKH VLJQDWRULHV WR WKH ILQDQFLDO VWDWHPHQWV VKRXOG EH UHJLVWHUHG PHPEHUV RI WKH )5&1 +RZHYHU VLQFH (7, LV QRW DQ LQFRUSRUDWHG HQWLW\ LQ 1LJHULD WKH VLJQDWRULHV WR WKH ILQDQFLDO VWDWHPHQWV RI RXU 1LJHULDQ HQWLW\ (FREDQN 1LJHULD /LPLWHG ZKRVH UHVXOWV DUH FRQVROLGDWHG LQ WKH JURXS ILQDQFLDO VWDWHPHQWV DUH UHJLVWHUHG ZLWK WKH )5&1 DQG GHWDLOV VKRZQ EHORZ 'HVLJQDWLRQ

1DPH

0' &(2

$.,1:817$1 3DWULFN )5& ,&$1

$FWLQJ &KLHI )LQDQFLDO 2IILFHU

$ELROD $GHULQROD )5& ,&$1

(PPDQXHO ,ND]RERK *URXS &KDLUPDQ

)5& UHJLVWUDWLRQ QXPEHU

$GH $\H\HPL *URXS &KLHI ([HFXWLYH 2IILFHU

*UHJ 'DYLV *URXS &KLHI )LQDQFLDO 2IILFHU

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

This advertisement is published in compliance with the Rules and Regulation of the Securities and Exchange Commission

Offer for Subscription of

1,000,000,000 Units of N 1each at Par

PAYABLE IN FULL ON APPLICATION

Application List Opens: Monday, March 25, 2019

Application List Closes: Monday May 6, 2019

The following information should be read in conjunction with the full text of this Prospectus, from which it was derived. INVESTORS ARE ADVISED TO SEEK INFORMATION ON THE FEES AND CHARGES BEFORE INVESTING IN THE FUND.

CUSTODIAN:

UBA Plc Global Investor Services. Offer for Subscription, of Units in the Fund

DIRECTORY OF PAETIES Directory of Sponsor and Fund Manager

Professional Parties to the Offer Financial Adviser/ Issuing House: First Ally Capital Limited Trustee Radix Trustees Limited Solicitors to the Transaction: Udo Udoma & Belo-Osagie Custodian: United Bank for Africa Plc (Global Investor Services)

Reporting Accountant: PKF Professional Services Rating Agency Agusto& Co Auditors Ernst & Young

Dr. Biodun Adedipe (Independent Member)

Receiving Bankers: Access Bank Plc Registrar/Transfer Office: United Securities Limited

Fund Manager & Sponsor ASSET MANAGEMENT

Issuing House and Financial Adviser

RC: 1191465 RC:1204564

Custodian

Trustee RC:882510

RC:125097

(Global Investors Services)

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

L-R: Ms. Janet Agun, Company Secretary; Dr. Okey Nwuke, Director; Mr. Ebenezer Olufowose, Group Managing Director; Mr. Biodun Arokodare, Chairman; Mrs Ojinika Olaghere, Director; Mr. Felix Johnson, Managing Director; all of First Ally Asset Management; at the recent signing ceremony of the First Ally Asset Management Money Market Fund.

T H I S D AY Ëž Ëž ÍšËœ ÍşÍ¸ÍšÎ

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

Rivers Waits with Bated Breath Nseobong Okon-Ekong and Ernest Chinwo write that the decision of the Independent National Electoral Commission to resume collation of the governorship and state house of assembly results in Rivers State which was earlier suspended has created a lot of anxiety

here is palpable tension in Rivers State ahead of tomorrowâ€™s resumption of collation of results from the governorship and state house of assembly elections, suspended by the Independent National Electoral Commission (INEC). Last Saturday, INEC at a meeting with stakeholders announced that there would be no fresh elections in Rivers State but only the completion of the process suspended on March 10 in the wake of violence at some collation centres. The decision to see the March 9 elections to a logical conclusion has been criticised severely by all participants in the elections, except the Peoples Democratic Party (PDP). In the last few days, Port Harcourt, the state capital has witnessed protests on its streets carried out by different groups including civil society and a collection of women. At every instance, they have called for the removal of the Resident Electoral Commissioner in the state, Mr. Obo Effanga, who they accuse of acting in favour of the ruling PDP. Undeterred by these complaints, the commission said results of the governorship election in 17 local government areas of the state are intact, safe and secure in a strong room at its headquarters in Abuja. Addressing interested parties in Port Harcourt as part of the process for the completion of the electoral process in Rivers State, INEC National Commissioner supervising Bayelsa, Edo and Rivers State, Mrs. May Agbamuche-Mbu, also said the commission would conclude the collation of the Rivers State governorship election between April 2 and 5 and that the process would be transparent. She said, â€œAll the results are in our strong room. They have not been tampered with, we are going to conduct the collation transparently. INEC is here to complete this process and we shall complete the process successfully.â€? She also said INEC would religiously follow the timeline by the commission for the collation of the governorship election results. According to the timeline released by INEC, the commission had an engagement with security agencies on March 19, and carry out revalidation of polling agents and observers for collation of results between March 25 and 31,

Women groups in Rivers State protesting on the streets of Port Harcourt

met with stakeholders on the 30th and would issue guidelines for resumption of collation of results today, April 1. The commission also said it would resume collation and announcement of results between April 2 and 5, hold supplementary elections where necessary onApril 13 and announce results of all supplementary elections between April 13 and 15, while it would issue all outstanding certificates of return, latest on April 19. Administrative Secretary of INEC Rivers State, Elder Etim Umoh, listed the local government areas that results have been already collated as Ahoada East, Bonny, Akuku-Toru, Obio/Akpor, Ogba/Egbema/Ndoni, Omuma, Port Harcourt, Ikwerre, Emohua, Tai, Opobo-Nkoro, Andoni, Eleme, Etche, Oguâ€“Bolo, Oyigbo, and Okrika. He stated that the local government areas that collation were still outstanding are, Khana,

Asari-Toru, Degema,Ahoada West,Abua/Odual and Gokana. Giving further details, Umoh stated that elections did not hold at all in Abua/Odual as materials were not dispatched to the area because of violence. In the case of Khana, he stated that materials were dispatched to polling units but none was returned also due to violence. In the other affected local government areas, elections took place and results were announced at some polling units before the suspension of the process. He therefore stated that supplementary elections would hold where necessary in the six affected polling units in the six local government areas. With the announcement that governorship election results were available for 17 local government areas and that collation would commence for parts of the remaining six, the direction of

the pendulum is becoming predictable. The integrity of INEC had been a subject of contention. A faction of the All Progressives Congress (APC) loyal to Minister of Transportation, Chibuike Amaechi, and its adopted governorship candidate of the African Action Congress (AAC), Biopkomabo Awara, have been screaming that the commission had been compromised by the Peoples Democratic Party (PDP) and its governorship candidate, Governor Nyesom Wike. Also, candidate of the Accord Party, Chief Dumo Lulu-Briggs has also called on the commission to cancel the poll and hold fresh elections. Midway into the stakeholders meeting, Awara and his supporters staged a walk-out, accusing INEC of betrayal of public trust. In a statement made available to THISDAY, a group, the Coalition of Governorship Candidates

â€˜No Matter Who Wins, the Collation Will Not Standâ€™ Nseobong Okon-Ekong dialogues with the director of strategic communications for Tonye Cole Campaign, Mr. Tonye Princewill who insists that only a fresh start of the electoral process for governorship and state house of assembly candidates in Rivers State can redeem the integrity of the Independent National Electoral Commission INEC is going ahead with its plan to resume collation of governorship and house of assembly elections results in Rivers State, is your party excited about this? I would not use that word excited. Not when it comes to INEC. Especially when it comes to their conduct in Rivers state. They are a federal institution, appointed by a federal government, yet not only have they not been used by the federal, they have been used against the ruling party. Why canâ€™t they just be neutral? Yet, I hear some uninformed people with loud opinions saying Amaechi is using federal might against Wike. In an election, who is mightier than INEC? And what makes them think that Rivers state is all about Amaechi and Wike? Amaechi as an individual is content, he has directed a campaign and put in place a President, a record two times. If he does nothing else, his political career is secure. The fight in Rivers state is bigger than Amaechi. Itâ€™s Wike versus the rest of us. And itâ€™s a fight Wike canâ€™t win. So we are not excited about INEC, but we look forward to whatever game they will bring. All of their efforts will come to naught.

A spanner was thrown in the works of your working relationship with the AAC when the partyâ€™s deputy governorship candidate jumped ship and accused the APC of not only being overbearing but also working towards a predetermined end, how has this affected your strategy? I wouldnâ€™t call it a spanner. It was more like a toothpick. A non-event, a minor irritation that has already been overtaken by other news. Maybe because I have a good knowledge of the character of men in politics in Rivers state, I can tell you itâ€™s not the party that makes the man, itâ€™s the man that makes the party. So many men can be bought and made to read what someone else wrote. Rather than tell us about the Deputy whose name escapes me now, it tells us more about the AACâ€™s candidate Awara. Itâ€™s not many who can resist Wike. His bag of victims are there to be viewed. From INEC officials to security personnel to several politicians, some of repute, then on to sitting senators, media personalities to legal minds. He would gladly pay any of us in APC to look the other way. But we wonâ€™t. That tells you about the quality of people too in APC. Do you think Amaechi

pays for this? He canâ€™t. We follow him because we know his type. Blunt, yes. Arrogant, no. Uncompromising, I agree, but he loves his state, hates injustice and worries about the common people. If he stays put in Abuja, they will never forgive him. It will be like a Buhari staying in Abuja and forgetting the North-east. Rivers people and its economy are dying. We have more important issues to address than an escaping deputy. Does your party still insist on a fresh start of the entire electoral process in Rivers State? Yes. Wike has been demystified. Only God knows how much he has spent so far. As compared to us that have literally used our bare hands, he has been using our common wealth. We have continued to point out flaws where we see them. INEC has continued to ignore us. No result they announce now will be credible. Even if they declared our candidate as winner. Behind INEC closed doors, we know what is happening. In this process, transparency is your only currency. So far, INEC, on this matter, is in a recession. We are aware of the moves that

Princewill

have been made. INECâ€™s stakeholder meeting was confirmation of our earlier suspicions. So we are several steps ahead of them, but we will continue to remain vigilant. If Wike is sure of himself, he should not be troubled by a meticulously managed fresh election. How many soldiers and police were in Rivers state on March 9? Not enough, if you ask me. Yet nobody died. Soldiers cannot win elections. Itâ€™s people backed by popularity. Wike is not popular. He just pays. The good thing about that is you canâ€™t pay everybody. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY Ëž Ëž ÍšËœ ÍşÍ¸ÍšÎ

MONDAY DISCOURSE

Amaechi

Yakubu

Wike

Awara

and Party Chairmen for a Peaceful and United Rivers State, wondered why INEC was going on with the election process when the matter was before the court. Explaining why they staged a walk-out with Awara, the statement signed by its Chairman and governorship candidate of APDA, Warigbani Zebulun, and the Secretary and Chairman of NDCP, Chibuzor Anele, said INEC failed to give satisfactory answers to probing questions about the elections. Their statement read in part, â€œIn the event of the last question, the PDP supporters and the National Commissioner supervising Bayelsa, Edo and Rivers States, Mrs. Agbamuche-Mbu, reacted violently and in the attempt to halt further questions created so much uproar and disruption. Hence, members of the Coalition of Governorship Candidates and Party Chairmen walked out and addressed the press who rushed out in their numbers within the Omni Event Centre premises. â€œIn the main, the Governorship Candidate of AAC wondered why certificates of return had already been provided for Nyesom Wike, 22 House of Assembly candidates of the PDP and one for the SDP when collation had since been suspended. He therefore called for cancellation of the entire process. Similarly, the Governorship Candidate of theAPDAquestioned the legality of

the stakeholders meeting and other subsequent electoral processes since the Rivers election is before the court in Abuja. He therefore called for a halt of the entire process until the matter is determined.â€? Achieftain of theAPC, Prince Tonye Princewill, also said his party has lost confidence on the ability of INEC to deliver a credible result. Reacting to a question as to whether he would accept it if the collation, in the end, favours his partyâ€™s candidate, Princewill said: â€œOf course I will. But that doesnâ€™t mean others will accept it and it doesnâ€™t mean that the collation will be upheld if it is put under further scrutiny like it most certainly will. What use is a win that doesnâ€™t last?â€? But a faction of the APC in the state has stated that the party was not participating in any way in the elections in the state pending the determination of its matter before the Supreme Court. Astatement signed by the factional state Chairman of the party, Prince Peter Odike, said, â€œAs the legally recognised State Chairman of the APC, Rivers State chapter, it is therefore incumbent upon me to declare the position of the party in the matter.â€? He said following judicial orders, the APC was not on the ballot in respect of the governorship and state assembly elections in the state. He said while the party was awaiting final

determination of the eligibility of its candidates on the ballot, the party did not enter into any form of alliance with any other political party in respect of elections in the state. He declared, â€œFollowing this development, the APC in Rivers State cannot and should not be seen to be legitimately participating in any action either in favour of or against the processes of the said elections. â€œThe Rivers State chapter of the APC hereby calls on political actors in the state to allow the INEC to carry out its constitutional responsibilities without undue interference, intimidation or arm-twisting. That the party equally calls on INEC to ensure that it takes all necessary steps to complete the processes of the said elections in a manner that will guarantee peace and tranquility in Rivers State.â€? Meanwhile, the PDP and Wike have expressed confidence in the performance of the commission, so far and wants it to speedily complete the process. Wike told THISDAY last Saturday, â€œWe commend INEC for the good job they have done so far and we hope they will continue in the same way. â€œWe do not want the army around in our elections. They have killed so many of our people and they may kill more if they are still around. We want our people to live in peace and security.

The army cannot come and be killing our people just because they want to disrupt elections to favour one individual. â€œFor the police, they have showed some maturity and we hope that they will continue and protect the electoral process.â€? Thus, the integrity of INEC is central to the success or otherwise of the process. Another factor thrown up by the governorship poll in Rivers State is the emergence of a â€œpolitical neophyteâ€? Biokpomabo Awara and his little known political party, the AAC, into the political space of the state. Win or lose, Awara has succeeded, with the assistance of the APC, to set the political scene on fire. On the part of the PDP, the party has stated that it would win any free and fair elections in the state. Wike has said as much when he blamed the army for being used to truncate the will of the people. Wike has advocated that the army should be left out of the process, even in the areas where there would be supplementary elections. As INEC embarks fully on the completion of the process, the average Rivers resident wants a logical conclusion of the polls to end the pervading feeling of anxiety so that they can return to their normal lives. While they look up to INEC for relief, the disposition of the gladiators may well be the deciding factor.

â€˜Why We Walked Out of Rivers INEC Stakeholders Meetingâ€™ RepresentativesoftheCoalitionofGovernorshipCandidatesandPartyChairmeninRiversState, Warigbani Ezekiel Zebulun and Chibuzor Anele recount the incidents that led to the disruption of a stakeholders meeting convened by the Independent National Electoral Commission The electoral umpire through the Admin Secretary of INEC, Rivers State, Elder Etim Umoh in his welcome/ opening remarks during the stakeholders meeting reported that the collation process was suspended because of widespread violence and the breakdown of law and order during the process. In what proved the patience and readiness to the Coalition of Governorship Candidates and Party chairmen for a peaceful and united Rivers State, the tripartite presentations of INEC by Elder Etim Umoh, Mrs. Mbu-Agbamuche, and Mr. Don Umealor which centred on their resolve to commence the presentation of already collated 17 LGA results was endured until the interactive session. Some truth finding questions were asked during this session by the three governorship candidates of AAC, ADC and APDA. The questions were these: (1) Who is in custody of the collated results? Why are the collated results not in the custody

QUICK FACTS: r5IF QSPDFTT PG UIF HPWFSOPSTIJQ BOE state house of assembly elections began in Rivers State on March 9 was suspended by INEC on March 10 in the wake of violence at some collation centres r*/&$ IBT BOOPVODFE UIBU JU XJMM conclude collation of the Rivers State governorship and house of assembly election results between April 2 and 5 r5IF DPNNJTTJPO CFHBO BO FOHBHFment with stakeholders, starting with security agencies on March 19, carried out revalidation of polling agents and observers for collation of results between March 25 and 31, met with stakeholders on the 30th and would issue guidelines

of the Central Bank of Nigeria since INEC had been accused of partisanship? (2) How many LGAs were collated before the suspension of the collation process? How did the Commission arrive at 17 LGAs? (3) During the fact finding mission by INEC, how many parties were invited? How did they get their facts since Mrs. Mbu-Agbamuche confessed in the interactive session in PortHarcourt that they carried out their fact findings without inviting all the parties involved for their submissions? (4) Who are the electoral officers changed in the process and why were they changed? (5) What is the proof of the authenticity of collated results since INEC and the Fact Finding Committee were already biased? (6) Since INEC is aware that the Rivers election/ suspension of collation of results, and the legality of the Fact Finding Committee is before the court of law for determination, why are they going ahead with this process?

In the event of the last question, the PDP supporters and the National Commissioner supervising Bayelsa, Edo and Rivers States, Mrs May Agbamuche-Mbu reacted violently and in the attempt to halt further questions created so much uproar and disruption. Hence, members of the Coalition of Governorship Candidates and Party Chairmen walked out and addressed the press who rushed out in their numbers within the Omni Event Centre premises. In the main, the Governorship Candidate of AAC wondered why certificates of return had already been provided for Nyesom Wike, 22 House of Assembly candidates of the PDP and one for the SDP when collation had since been suspended. He therefore called for cancellation of the entire process. Similarly, the Governorship Candidate of the APDA questioned the legality of the stakeholders meeting and other subsequent electoral processes since the Rivers election matters is in the safe hands of the

for resumption of collation of results today, April 1 r*/&$ TBZT JU XJMM IPME TVQQMFNFOUBSZ elections where necessary on April 13 and announce results of all supplementary elections between April 13 and 15, while it will issue all outstanding certificates of return, latest April 19 r5IFSF BSF MPDBM HPWFSONFOU BSFBT JO Rivers State r*/&$ TBZT SFTVMUT PG UIF HPWFSOPSTIJQ and state house of assembly elections in 17 local government areas are intact, safe and secure in a strong room at its headquarters in Abuja r5IF MPDBM HPWFSONFOU BSFBT UIBU SFTVMUT have been already collated as Ahoada East, Bonny, Akuku-Toru, Obio/Akpor, Ogba/ Egbema/Ndoni, Omuma, Port Harcourt,

Ikwerre, Emohua, Tai, Opobo-Nkoro, Andoni, Eleme, Etche, Oguâ€“Bolo, Oyigbo and Okrika r5IF MPDBM HPWFSONFOU BSFBT UIBU DPMMBtion are still outstanding include, Khana, Asari-Toru, Degema, Ahoada West, Abua/ Odual and Gokana r&MFDUJPOT EJE OPU IPME BU BMM JO "CVB Odual as materials were not dispatched to the area because of violence. In the case of Khana, materials were dispatched to polling units but none was returned also due to violence. In the other affected local government areas, elections took place and results were announced at some polling units before the suspension of the process r4VQQMFNFOUBSZ FMFDUJPOT XPVME IPME where necessary in the six affected polling units in the six local government areas

Zebulun

court of law in Abuja. He therefore called for a halt of the entire process until the matter is determined. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

r*/&$ JOTJTUT UIBU OP GSFTI FMFDUJPOT would hold in Rivers State, but only the completion of the process suspended on March 10 in the wake of violence at some collation centres r" GBDUJPO PG UIF "1$ MPZBM UP .JOJTUFS of Transportation, Chibuike Amaechi, and its adopted governorship candidate of the AAC, Biopkomabo Awara, have been screaming that INEC had been compromised by the Peoples Democratic Party (PDP) and its governorship candidate, Governor Nyesom Wike r"OPUIFS GBDUJPO PG UIF "1$ JO UIF TUBUF (loyal to Senator Magnus Abe) has stated that the party was not participating in any way in the elections in the state pending the determination of its matter before the Supreme Court

T H I S D AY Ëž ÍŻËœ Í°ÍŽÍŻÍˇ

FEATURES

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

Intelligence-driven Warfare against Insurgency In a bid to up the ante in the unconventional warfare against insurgency and other forms of violent extremisms, the Nigerian Air Force recently inaugurated its Geospatial Intelligence Data Centre in Abuja, Chiemelie Ezeobi writes

The Chief of Defence StaďŹ€, General Abayomi Olonisakin (middle) cutting the tape to inaugurate the newly established Geospatial Intelligence Data Centre (GIDC) in Abuja

L-R: The Comptroller-General (CG) of Nigeria Customs Service, Col Hameed Ali (rtd); the CDS, and the Chief of the Air StaďŹ€ (CAS), Air Marshal Sadique Abubakar, on a guided tour of facilities at the GIDC

hese days, the war against terror is intelligence driven as against use of brawn. This is because todayâ€™s warfare has become unconventional, and as such, best tackled with intelligence in contrast to physical strength. World over, militaries keep deciphering methods to keep abreast of insurgents and terrorists alike. One of such method is the Geospatial Intelligence otherwise known as GEOINT. Although much ado has been said about Intelligence, Surveillance and Reconnaissance (ISR) method, most militaries have moved past that to the GEOINT, which according to Wikipedia is the intelligence discipline comprising the exploitation and analysis of geospatial data and information to describe, assess, and visually depict physical features (both natural and constructed) and geographically referenced activities on the earth. On the other hand, some militaries compliment the efforts of ISR with GEOINT, because the former cannot totally be done away with given its inherent qualities.

Geospatial Intelligence However, the importance of GEOINT canâ€™t

I am delighted with the readiness of the NAF to make the products of the Geospatial Centre available not only to the Armed Forces of Nigeria but also to other security agencies like the Nigerian Immigration Service and the Nigerian Customs Service, who could use it to determine old and new border crossing points used by illegal immigrants or smugglers

be understated too, little wonder the United States has championed its use to gather intelligence about the human activity on earth. Also according to Wikipedia, although this was begun by the US government, today, the knowledge and related tradecraft is no longer confined to the U.S. government, or even the worldâ€™s leading military powers. Still on this, Wikipedia stated that GEOINT data sources include imagery and mapping data, whether collected by commercial satellite, government satellite, aircraft (such as Unmanned Aerial Vehicles [UAV] or reconnaissance aircraft), or by other means, such as maps and commercial databases, census information, GPS waypoints, utility schematics, or any discrete data that have locations on earth. There is growing recognition that human geography, socio-cultural intelligence, and other aspects of the human domain are a critical domain of GEOINT data due to the now pervasive geo-referencing of demographic, ethnographic, and political stability data.

NAFâ€™s GIDC Keying into this, the Nigerian Air Force (NAF), on March 19, 2019, joined the world powers in the acquisition of geospatial intelligence. On the said date, they inaugurated a new state-of-the-art Geospatial Intelligence Data Centre (GIDC) at the Headquarters NAF in Abuja. According to the Director of Public Relations, Air Commodore Ibikunle Daramola, the GIDC is to further enhance the ongoing Intelligence Surveillance and Reconnaissance (ISR) efforts in the North-east and other parts of Nigeria. He said the centre, which is equipped with high-tech computer hardware and software, would improve NAF capacity for acquisition, exploitation, analysis and interpretation of imagery and geospatial information to provide actionable intelligence for the Armed Forces and other security agencies.

Value for Security Agencies At the inauguration, the Chief of Defence Staff (CDS), General Abayomi Olonisakin,

T H I S D AY Ëž ÍŻËœ Í°ÍŽÍŻÍˇ

FEATURES who was the guest of honour, commended the Chief of the Air Staff (CAS), Air Marshal Sadique Abubakar, for the laudable initiative. He stated that the new centre would undoubtedly add value to the efforts of the Armed Forces of Nigeria (AFN) in better securing the country and making it a safer place for all. He also expressed delight with the readiness of the NAF to make the products of the centre available not only to the AFN but also to other security agencies like the Nigerian Immigration Service (NIS) and the Nigerian Customs Service (NCS), who could use it to determine old and new border crossing points used by illegal immigrants or smugglers. The CDS also noted that the centre could not have come into being at a more auspicious time than now with various areas of disturbance in the country, while adding that it was indeed a testimony of prudent management of resources by the leadership of the NAF.

Spectrum of Operations While making his remarks, the CAS, Air Marshal Abubakar, stated that the establishment of the NAF GIDC was as a result of the resolve of the service to continue to build capacity across the spectrum of operations so as to bring the fight against terrorism and other forms of criminality in the country to an end as soon as possible. He reiterated that the centre would employ and deploy satellite and other cutting edge technologies, including sophisticated and high-value computer software, to gather and analyse data to produce intelligence in support of NAF and joint operations across the country. The CAS added that, in its effort to operate at par with militaries all over the world, the NAF embarked on the worthwhile endeavour by leapfrogging from traditional means of intelligence gathering to the use of space-borne platforms in the production of actionable intelligence for operational effectiveness. He said: â€œThe Nigerian Air Force has been in the forefront of the ongoing counterinsurgency/counter terrorism operation in the North East and other internal security operations in various parts of the country. One of the key areas in which the NAF has been playing a vital role in these operations is information gathering through the employment of Intelligence Surveillance and Reconnaissance (ISR) Platforms. â€œNAF has recorded tremendous successes in this area over the years; albeit with some challenges. Key among the challenges is the huge resources expended on daily basis in purchase of aviation fuel in our effort to maintain a steady eye over our vast areas of interest. Other challenges include weather constraints and the difficulties in flying over some of the areas. â€œNow we are gathered here to witness the commissioning of the Nigerian Air Force Geospatial Intelligence Data Centre. This project is dear to our heart as it has been our foremost desire to continue to build capacity across the spectrum of operations. The Geospatial Intelligence Data Centre that is being commissioned today is an effort to overcome many of the challenges being encountered. â€œThe centre would employ and deploy satellite and other state of the art technology including sophisticated and high value computer software to gather and analyse data to produce intelligence in support of NAF and joint operations around the country. Military operations globally are becoming

In its effort to operate at par with militaries all over the world, the Nigerian Air Force embarked on the worthwhile endeavour by leapfrogging from traditional means of intelligence gathering to the use of spaceborne platforms in the production of actionable intelligence for operational effectiveness

Dignitaries viewing live satellite imagery at the main laboratory of the GIDC

CAS (second right), explaining some operational details on the maps to the CDS and Customs CG

The CDS, CAS, CG, and other dignitaries in a group photograph shortly after the inauguration more intelligence-driven; hence militaries all over the world take advantage of satellites and other space borne systems in gathering actionable intelligence. â€œIt is against this backdrop that the Nigerian Air Force embarked on this worthwhile endeavour by leapfrogging from traditional means of intelligence gathering to the use of space-borne platforms in the production of actionable intelligence for operational effectiveness. The NAF Geospatial Intelligence Data Centre is the first of its kind in the Armed Forces of Nigeria and this underscores our commitment towards aligning with global best practices in addressing our peculiar

security challenges. â€œThe centre is expected to support NAF operations as well as collaborate with other security agencies during joint operations and in the area of crisis and disaster management. This is in line with our collective resolve to protect and defend the territorial integrity of Nigeria.â€? The CAS, who used the opportunity to express his profound gratitude to the Commander-in-Chief of the Armed Forces, President Muhammadu Buhari, for his continued support and encouragement to the NAF, also thanked the Minister of Defence, Mansur Dan-Ali, the CDS as well as local

and foreign partners, for their collaboration through which the project became a reality, while pledging to continue to build personnel capacity to utilise these equipment, so that they can get the best value for money spent on the facility. The CDS, CAS and other dignitaries, including the Comptroller-General (CG) of the NCS, Colonel Hameed Ali (retired), were conducted on a guided tour of facilities in the GIDC. One of the highlights of the ceremony was the presentation of one of the products of the centre, printed satellite images of specific areas of interest, to the CDS and CG NCS.

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

T H I S D AY Ëž Ëœ ÍŻ 2019

BUSINESSWORLD

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

Í° Íˇ Ëœ Í° ÍŽ ÍŻ Íˇ MONEY MARKET OVERNIGHT OBB

REPO 10.67% 9.86%

CALL 1-MONTH 3-MONTH

7.50% 9.63% 10%

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

386.81% 0.04% 1.26%

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

8.36% 8.36%

EXCHANGE RATE ÍąÍŽÍ´Ë›ÍˇÍłËšÍŻ ĚŠ ĚŠ

Quick Takes Veritas Kapital Supports ABU

As part of its corporate social responsibility, Veritas Kapital Assurance Plc has donated insurance books and research materials to the Department of Insurance/Actuarial Science of Ahmadu Bello University, Zaira. The Managing Director of Veritas Kapital Insurance Plc, Polycarp Didam, who disclosed this to journalists, said the donation was to share the success of his company with the university. According to him, the donation would go a long way to help students of the department easily access insurance books and other relevant research materials. Didam said: â€œThis is our constituency, and whatever is needed to improve manpower and development for the industry is our priority. â€œWe believe that books are not only the ďŹ rst key to knowledge, but possess the power to advance the minds of our citizens and develop critical thinking among the youth. â€œWe hope that undergraduates of the Insurance Department of this institution will now and in the future beneďŹ t from the gesture. â€œWe believe that books are not only the ďŹ rst key to knowledge but possess the power to advance the minds of our citizens and develop critical thinking among the youth, if used accordingly to the beneďŹ t of the institution and students.â€? The Head of Department, Actuarial Science and Insurance of the university, Yusuf Abdullahi, who commended the ďŹ rm, said other insurance companies have also been making donations to the institution. â€œThese gestures have continued to boost the morale of the students and staďŹ€ of the department. I encourage the companies to continue working on such projects as giving back to the society.

LCCIHoldsForumonRegulationt

RUBBING MINDS

L-R: Director, CardinalStone Partners Limited, Yomi Jemibewon; MD/CEO, Michael Nzewi; Chairman, Fola Adeola; Director, Femi Ogunjimi and Director, Mohammed Garuba, during the companyâ€™s Annual General Meeting cocktail held in Lagosâ€Śrecently

SECExtendsIssuanceofDividend WarrantstoDecember2019 Goddy Egene The Securities and Exchange Commission (SEC) has extended the deadline for the discontinuation of the issuance of dividend warrants to December 2019. The move, according to the Commission, was to enable relevant stakeholders deliberate on and address all outstanding issues. SEC announced the extension via circular on its website, saying the decision was also in furtherance of its mandate to ensure that all categories of shareholders and investors are adequately protected. According to the Commission, the extension of the deadline for discontinuation of issuing of warrants does not stop investors to continue with the registration

ECONOMY for electronic-dividend. It stated that the e-dividend initiative remains critical to the complete elimination of the phenomenon of unclaimed dividend and management of the commission encourages all shareholders who are yet to do so, to get mandated on the e-dividend platform before 31st December 31, 2019. The Commission said it recently conducted a strategic assessment of the implementation of the e-dividend initiative across the country and reviewed feedback/observations received from stakeholders and the general public. â€œThe assessment revealed that while remarkable progress has

been recorded in concerted efforts through robust enlightenment campaigns to mobilise more shareholders to get mandated on the e-DMMS platform, there remain a few pertinent issue that need to be resolved as a precursor to the total discontinuance of the issuance of dividend warrants by Registrarsâ€? it said. The regulator believes that when investors receive dividends electronically it would reduce unclaimed dividends. It also believes that when investors who used multiple accounts to buy shares in the boom days consolidate their accounts and begin to claim accumulated dividends, the amount of unclaimed dividends would be reduced. The Acting Executive Commission, Corporate Services, SEC, Mr. Adekunle Rolands, recently

said only 2.7 million investors had mandated their e-dividend accounts. He had explained that since SEC asked investors to pay a token of N150 for the e-dividend registration, investors have been reluctant to enroll for e-dividends. According to him, no investor would be asked to pay at the point of registration but the N150 will be deducted once the account has been mandated, stressing that it is just token of N150 irrespective of the fact whether the dividend is N200,000, N1 million or more. He said SEC, registrars and banks would review the process and see how to entice investors to embrace the e-dividend registration. Similarly, the Acting DirecContinued on page 26

Experts Seek Effective Regulation forTourism Sector Oluchi Chibuzor As nations across the world seek to earn foreign exchange through diverse cultural heritage, experts in the tourism sector have identified lack of favorable legal framework as the missing link to drive the needed change in the industry. They expressed optimism that the sector is capable of stimulating a competitive business environment. The National President, National Association of Nigeria Travel Agency (NANTA),

ECONOY Bankole Bernard, disclosed this at the 43rd Annual General Meeting (AGM) of the association, with the theme: â€œDeveloping Strategic Policies for the Sustainability and Growth of the Travel and Tourism Industryâ€? held in Lagos recently. He said it was worthy to note that a bill that was presented to the National Assembly had moved so fast to the point of consideration for a third reading by the lawmakers.

â€œIn the last one year, the emphasis has been mainly on advocacy and enactment of our legislative bill (NANTA ACT) at the lower chamber of Assembly and we hope it is concluded within the shortest possible time,â€? he said. However, Bankole commended the Nigerian Civil Aviation Authority (NCAA) on the fight to reduce fake agencies in the business, adding that with the introduction of New Generation IATA Settlement System (NewGenISS), by the global body of travel agency, which

gives flexibility in payment, has improved their efficiency. According to him, â€œWe have closely worked with the regulatory body NCAA to eliminate counterfeit travel agencies amongst our honourable members. This singular act has reduced the number of counterfeit travel agencies around but has not completely eliminated them. â€œThis new system is the replacement of the old BSP (Billing Settlement Plan) which Continued on page 26

The Lagos Chamber of Commerce and Industry (LCCI) is set to hold a roundtable on Nigeriaâ€™s regulatory environment and its impact on businesses viz-a-viz the economy. This move, according to the Chamber, is aimed at examining activities of the regulatory agencies in the country as well as strengthening the relations between the private sector and these agencies of government. The roundtable, according to LCCI, is scheduled to hold tomorrow, at Victoria Island, Lagos. The Director General of the LCCI, Muda Yusuf, said: â€œThe regulatory environment is a critical factor in the ease of doing business. Engagement of the regulatory institutions has become imperative because of their role and impact on the quality of the business environment. â€œWe need to engage these institutions in order to deepen communication and dialogue in the context of pushing private partnership. We seek regulatory institutions that are investment friendly and that would complement the eďŹ€orts of the private sector to create wealth and generate employment.â€? Yusuf further stressed that, â€œthe event hopes to have in attendance the leadership of key regulatory agencies such as the Standards Organization of Nigeria (SON), National Agency for Food and Drugs Administration and Control (NAFDAC), Securities and Exchange Commission (SEC). Also expected are Consumer Protection Council (CPC) and Nigeria Customs Service (NCS).

Afreximbank Donates to Cylone Victims

The African Export-Import Bank (Afreximbank) has announced the donation of $1.5 million to support the relief eďŹ€ort in aid of the victims of Tropical Cyclone Idai which devastated the southern African countries of Mozambique, Zimbabwe and Malawi recently. Afreximbank President Prof. Benedict Oramah, said the relief package was approved by the Bankâ€™s Board of Directors during its meeting in Cairo on 23 March, adding that the funds would be distributed across the three countries on the basis of the scale of damage suďŹ€ered by each country. Oramah, said Afreximbank decided to act on the tragedy, given the scale of the devastation brought about by the tropical cyclone, whose death toll is expected to exceed 1,000 and which had aďŹ€ected at least 2.5 million people. He announced that the funds would be disbursed through the national relief agencies of the three countries as they were well-placed to deploy them to the most critical areas of need in each country. In addition to the oďŹƒcial donation, Afreximbank staďŹ€ members have launched an initiative to make voluntary contributions to support the relief eďŹ€ort. Such donations will be collected and forwarded to the aďŹ€ected countries.

â€œWith the MPR at 14 per cent since July 2016, and with the relative stability we have seen in the macroeconomic variables over the last two and a half years, we just think that this should be the next phase where keeping our eyes on all other parameters, letâ€™s see whether we can signal a direction from the monetary policy, in the direction of supporting and really accelerating growth in the countryâ€?

CBN Governor

Mr. Godwin EmeďŹ ele

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

BUSINESSWORLD SEC EXTENDS ISSUANCE OF DIVIDEND WARRANTS TO DECEMBER 2019

tor General of SEC, Ms. Mary Uduk said the multiple account regularisation was extended to December 31, 2019 as part of commitment to reduce the quantum of unclaimed dividends in the market. â€œThrough this exercise, some Nigerian investors in Diaspora have been able to consolidate their shareholding accounts. Similarly, several local investors with numerous accounts have also been able to consolidate their investments. â€œWe therefore enjoin the general public to take advantage of this initiative to regularise their shareholding accounts before the December 31, 2019 deadline,â€? she said. Uduk, recently said SEC was still awaiting the formal application of telecommunication giant, MTN to list its shares on the Nigerian Stock Exchange (NSE). The telco had said its shares would be listed before the end of first half of the year.

EXPERTS SEEK EFFECTIVE REGULATION FOR TOURISM SECTOR operated in Nigeria for 10 years. We must say at this point that the New Gen ISS is a huge step in ensuring a simpler and faster way of doing a travel agency business in Nigeria,â€? he noted. In a goodwill message, the Director-General, Nigerian Tourism Development Corporation (NTDC), Folarin Coker, said tourism in Nigeria had only received lip service despite the huge potential it offers in the diversification drive of the economy. He nation and lacks the legal framework to turn around the sector. â€œThe new law will allow everybody to operate their business as it will be easier to work, without the right law no right tax. It will create an enabling environment for ease of doing businessâ€? On his part as the guest speaker, the Director-General, National Council for Arts and Culture and President World Craft Council, Africa Region, Olusegun Runsewe, calls for adequate marketing and promotion of the nation cultural products.

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)

NEWS

Banks Promote Financial Inclusion Nume Ekeghe Some commercial banks in the country last week marked the Global Money Week (GMW) by promoting financial inclusion in selected schools. For Heritage Bank Plc, the financial institution stated that it joined the world to mark the GMW with series of educational programs targeted at tutoring children on the importance of financial literacy, whilst promoting savings, drive financial inclusion, invariably gain a higher standard of life and attain secured economy. For the sixth year running, Heritage Bank, explained in a statement that it successfully commemorated the Central Bank of Nigeriaâ€™s Financial Literacy Day, which is part of the activity to mark the GMW scheduled this year for 25th to 31st March. During this yearâ€™s GMW, with the theme: â€˜Learn.Save.Earn, the CBN mandated all banks to adopt schools to commemorate Financial Literacy Day. The central bank directed Heritage Bank to adopt schools in seven states: Osun, Bauchi, Kebbi, Niger, Enugu, Delta and Ekiti for Financial Literacy workshops. According to a statement, addressing some of the participants, the CEO/MD of Heritage Bank, Ifie Sekibo, reiterated the importance for young Nigerians to financially and economically equipped for the development of the nation. According to him, Nigerian youths and those around the world need to be fortified economically via financial literacy knowledge acquisition, which will aid them on learning, saving and earning money wisely. On its part, Union Bank of Nigeria Plc disclosed that it tutored over 3100 students from

34 schools across the country. The bank revealed in a statement that its Chief Executive Officer (CEO), Emeka Emuwa, represented by its Divisional Executive for South-west, Rosemary David-Etim, visited Community Secondary Commercial School, Ikot-Okubo, Akwa Ibom,to tutor the students on the basics of money, savings, gaining employment and entrepreneurship. Senior employees of the bank also visited 30 other schools across the country including St. Dominic College Yauri,Galaxy International School Minna, Afara TechnicalUmuahia, and West Itam Secondary School, Uyo. As part of activities for the day, 50 students from three schools

in Lagos were hosted in Lagos for â€˜A day at Union Bank.â€™ The lessons covered the importance of acquiring technical and life skills,gaining access to jobs or opportunities to start small business and access to financial education and savings. Commenting on the importance of financial literacy, Emuwa noted that teaching the basics of financial literacy to children and youths was a targeted way of reducing financial exclusion, stressing the need for the students to imbibe the savings culture at a young age. Also, Polaris Bank Managing Director/CEO, Mr Tokunbo Abiru, stressed the need for secondary school students in the

country to imbibe the culture of saving money to enable them secure their future. Abiru, made this admonition while addressing students of Government Secondary School in Tudun Wada area of Jos, the Plateau state capital. Expressing concern at the negative consequences which low savings culture have on adult citizens with no savings or financial investment, he assured that Polaris Bank would continue to sustain efforts aimed at promoting financial literacy among secondary school students in particular and Nigerians in general According to Abiru,â€?we have issues relating to finance which people do not know

anything about. An attitude of not saving money is not good for the future. We need to learn, save and earn money. â€œYou do not save after spending but rather, you save first before spending. The idea is to catch them young in terms of educating them on finance and financial investment so that in future, their personal and financial lives can be guaranteed. â€œTo achieve this, we need to imbibe the culture of saving, no matter how smallâ€? The bank CEO Who was represented at the event by the Group Head, North-east Zone, Mr. Olayinka Obikanye, urged the students to pass the message to their friends and other family members.

SIGNING CEREMONY

L-R: Managing Director, PAC Asset Management Limited (PACAM), Dele Ige; Chairman, Chris Oshiafi; Company Secretary, Oladiti Abiola and Director, Eric Okoruwa, at the signing ceremony of PACAM Equity Fund and Eurobond Fund in Lagosâ€Ś recently

Expert Highlights Factors Stifling Stock Market Growth Policy implementation slowdown, sell-offs by foreign investors and the outcome of the 2019 elections are some factors affecting the growth of the stock market this first-half (H1) of the year, the Chief Economist and Advisory Partner at Pricewaterhouse Coopers (PWC), Andrew Nevin, has said. A report quoted Nevin, to have said this in Lagos, during a breakfast meeting of Association of Corporate Treasurers of Nigeria (ACTN). The breakfast meeting with the theme: â€œ2019 Economic and Business Outlook,â€? was supported by FMDQ OTC Securities Exchange. â€œOverall, key drivers for the market from H1â€™2019 include: commodity prices, exchange rate movement and stability; and inflation rate.

â€œIn 2018 we predicted a moderate increase in foreign portfolio investment (FPI) and a slowdown in by first-half of 2018, driven by uncertainty ahead of the elections. We expect FPI growth in first-half 2019 to remain low and lower than pre-2018 level,â€? the chief economist said. He added: â€œWe expect FDI flows to be dampened by lacklustre implementation of policy reforms.â€? He identified key risks to foreign investment in Nigeria to include: interest rate differentials as advanced economies continue to tighten policy rates and broad macroeconomic instability. Global FDI flows fell by 19 percent in 2018. However, 2018 FDI flows to Africa increased by six per cent, from $38 billion to $40billion. South Africa grew by 446 per cent; Egypt seven

per cent. But in Nigeria it fell by 36 per cent, to $2.2 billion and was overtaken by Ghana with $3.3billion. Speaking further, Nevin noted that Nigeria is not among the fastest growing economies in Sub-Saharan Africa (SSA) by percentage growth in GDP. â€œThe largest economies in SubSaharan Africa offer opportunities for business growth, particularly when considering an expansion into new regions,â€? he added. According to PwC, diaspora remittances remain a major support to Nigerian economy, adding that Nigerians in diaspora sent an estimated $25billion in remittances to the country in 2018, representing 6.1percent of the nationâ€™s GDP. â€œThis figure translates to 83 per cent of the federal government budget in 2018 and 11 times the

Foreign Direct Investment flows in the same period. Nigeriaâ€™s migrant remittance inflows was also seven times larger than the net official development assistance (foreign aid) received in 2017 of $3.359 billion,â€? he noted. Leading countries worldwide by value of migrant remittance outflows comprise the United States, Switzerland, Germany, Russia and China. Nigeria, according to the chief economist at PwC is not among the fastest growing economies in Sub-Saharan Africa (SSA) by percentage growth in GDP. â€œThe largest economies in SubSaharan Africa offer opportunities for business growth, particularly when considering an expansion into new regions. â€œFluctuating prices leave Nigeriaâ€™s oil-driven economy vulnerable to external shocks. The oil production curve

continues to slope downward and below the 2 million barrels per day (mbpd) average target set by the central government. â€œOPEC has lowered Nigeriaâ€™s oil production level to 1.685mbpd. We expect this cut coupled with fluctuations in oil price and potential supply disruptions to impact the 2019 budget implementationâ€?, Nevin further stated. In his remark, the MD/CEO of Graeme Blaque Advisory who is also the Chairman Interim Council, Association of Corporate Treasurers of Nigeria, Zeal Akaraiwe, said the association fosters the interests of corporate treasurers in the country by providing a platform for policy advocacy, discussions on issues of mutual interest, education and standard development of the corporate treasury function.

African Governments Urged to Review Aviation Taxes Chinedu Eze Stakeholders in the aviation industry have urged governments in Africa to review downwards some taxes levelled on airlines, travellers and other aviation related businesses in order to make air transport flourish in the continent. The stakeholders also urged African government to

stop seeing air transport as luxury service, but as catalyst to economic development of any nation and strive to make air travel cheap so that more people can travel in the continent. The Secretary General of Airports Council International (ACI), Africa, Mr. Ali Tounsi, who said this, advocated for African airports, increased focus

on non-aeronautical revenues as they can help in, â€œrecovering operating costs and reduce the use of aviation taxes for future airport development.â€? He said African airports at the moment, have the greatest reliance on aeronautical revenue than airports in other regions, whereas non-aeronautical revenue generates a higher profit margin and thus contributes

more to financial sustainability and the capacity to withstand traffic volatility. The Chief Operating Officer of Overland Airways, Mrs. Aanu Benson, called for palliatives such as tax breaks and elimination of multiple taxations on African airlines as this, â€œwill go a long way to encourage African airlines to develop new routes and invariably, enable the success

of Single African Air Transport Market (SAATM). â€œIt is 45 per cent more expensive to fly around Africa than to fly to other parts of the world from Africa. Every additional tax makes the difference in determining whether or not a passenger will fly,â€? said the Vice President, International Air Transport Association (IATA), Africa, Ms. Adefunke Adeyemi.

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

BUSINESSWORLD

NEWS

Expert Seeks Support for SMEs Oluchi Chibuzor The co-founder of Eagle Global Markets (EGM), Gbite Oduneye, has stressed the need for small and medium scale enterprises (SMEs) to be recognised for their contribution to the economy. The EGM offers a trading platform to trade several financial instruments in major markets globally. For instance, the firm provides free trading accounts, free beginner training, free weekly webinar, free daily trading strategy and resources, free masterclass training, and free weekend training for working professionals. However, Oduneye in a recent note titled: â€œThe Fastest Growing SMEâ€™s in Nigeria, What Makes These Companies Remarkable,â€? stated that over the years, SMEs have been an avenue for job creation and empowerment of Nigerians, providing about 50 per cent of jobs in the economy. â€œA survey conducted in 2012 shows that there are 17 million small and medium scale enterprises in Nigeria, employing about 32.41million persons in the country. â€œThe annual BusinessDayâ€™s Top 100 SMEâ€™s in Nigeria, where companies like Max, Anakle, Farmcrowdy, Cantagali, Jumia, Ebonylife Tv, Eagle Global Markets etc were recognised and awarded as the fastest growing SMEâ€™s in Nigeria. They were awarded because of their extraordinary business performance and integrated systems in various areas and their impact,â€? he noted. â€œInteresting? Following the above merit, we would like to explore what makes these companies remarkable out of the 17 million SMEâ€™s in the

country? They demonstrate business excellence and have helped improve the image of the country in the local and international community, setting models for future enterprises to follow. They have direct impacts on the community and have seen to its growth in various ways. â€œThey are committed to building working environments that encourage and nurture flexibility and innovation. They maintain a sharp focus on the market: this helps them stay grounded in an unfolding and ever-changing world. They provide training and up skilling facilities that enables staff empowerment: they offer a unique appeal of helping their employees thrive in a changing business environment. They are committed to developing new technologies that will be useful and serve people in their community; and they have been a great avenue for job creation and empowerment,â€? he stated. Continuing, Oduneye stated: â€œWe are privileged to be recognised as one of the fastest growing SMEâ€™s in Nigeria with a mission to eradicate financial illiteracy and enable Nigerians have an additional means of income trading Global markets through an easy to use platform using our local currency (naira).â€? â€œLet us take a case study and look at EGM an innovative fintech company that is dedicated to fighting financial illiteracy and creating wealth by providing a simplified platform for Nigerians to trade global financial markets using our local currency naira and earning additional income; thereby eradicating the issue of living pay-check to pay-check which is the case for most working Nigerian.â€?

UAC Appoints Aiyesimoju GMD/CEO The Board of Directors of UAC of Nigeria Plc (UAC) has announced the appointment of Mr. Folasope Babasola Aiyesimoju as the companyâ€™s Group Managing Director/CEO with effect from April 1, 2019. In a statement, the board thanked Mrs. Omolara Elemide for her hard work and dedication to the company as Acting GMD/CEO from January 2019. Aiyesimoju, is a finance professional with experience spanning corporate finance, principal investing and private equity. In the course of his career, he has lived and worked in Sub-Saharan Africaâ€™s most important economies gaining experience of the operating landscape in the region. He holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in real estate development and finance, and earned the right to use the CFA designation in 2006. He is the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa. Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm. His experience

also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria. Aiyesimoju spent the early part of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria and ARM Investment Managers, one of Nigeriaâ€™s leading investment advisory and wealth management firms. He also co-founded Foodpro Limited, a nutritional snacks business focused on edible nuts, where he currently serves as a non-executive director. He first joined the board of UAC in March 2018 and is a member of the Governance and Remuneration Committee of the board. He was also appointed Managing Director/CEO of UACN Property Development Plc (UPDC) in August 2018. In his capacity as Group MD/CEO of UAC, he will serve concurrently as Managing Director/CEO of UPDC until a new head is appointed for the subsidiary company. Commenting on the appointment, the Chairman of UAC, Mr. Dan Agbor, said the appointment of Aiyesimoju as GMD/CEO signifies the companyâ€™s ambitions, and the boardâ€™s determination to accelerate the process of change within the group.

Microsoft Assures Businesses of Digital Transformation Emma Okonji With digital transformation becoming the driving force behind organisational strategies across Africa, businesses in Nigeria have had reasons to review their Information Technology (IT) strategies and spend, thus leading to an increased awareness for improved cloud adoption. This is just as Microsoft has assured businesses in the country of cost-effective digital transformation through cloud adoption. Microsoft, recently in Lagos, created awareness around its Azure offering in driving cloud and data migration. According to a report on cloud, worldwide spending on public cloud services and

infrastructure was forecast to reach $210 billion in 2019, which would be an increase of more than 23 per cent over 2018. In Nigeria, a further 78 per cent of companies increased their cloud computing budgets last year. To this end, Microsoft is of the view that with the growing trend in cloud computing budgets, organisations needed to see cloud computing as a way of storing and managing servers, databases, networking analytics and software through the internet, in order to experience faster innovation, flexible resources, and economies of scale. Country Manager at Microsoft, Akin Banuso, said: â€œWe created our Azure cloud offering recognising that organisations that migrate to the cloud would

require an ever-expanding set of cloud services to help them meet business challenges. The solution also allows organisations the freedom to build, manage, and deploy applications on a massive, global network using preferred tools and frameworks.â€? For business transformation in the digital age â€“ this allows organisations in Nigeria to pay only for cloud services used, helping to lower operating costs, run infrastructure more efficiently, and streamlining scaling as business needs change, Banuso further said. Intelligent Cloud (Azure) Business Group Lead at Microsoft, Wale Olokodana, said: â€œFor organisations in the country not wanting to move to the public cloud completely, leveraging a

hybrid model may be better suited. This combines private and public cloud capabilities, allowing data and applications to be shared between them.â€? According to him, when computing and processing demand fluctuates, hybrid cloud computing provides businesses with the ability to seamlessly scale their on-premises infrastructure up to the public cloud to handle any overflowâ€”without giving third-party data centres access to the entirety of their data. â€œOrganisations are afforded the flexibility and computing power of the public cloud for basic and non-sensitive computing tasks, while keeping business-critical applications and data on-premises, safely behind a company firewall, Olokodana said.

COURTESY VISIT

L-R: Head of Technology Services, NSE, Abolaji Oyebo; Director of Operations, Eagle Global Markets (EGM), Temitayo Sanusi; Head of Enterprise Innovation Hub, NSE, Nsikan John and Chief Market Analyst, EGM, Uchenna Minnis, during a courtesy visit by the NSE to EGM in Lagosâ€Śrecently

Huawei Reiterates Commitment to Drive Digital inclusion in Leading global information and communications technology company, Huawei, has reiterated its commitment towards achieving a fully connected and digitally inclusive Nigeria. The Managing Director, Huawei Technologies Company Nigeria Limited, Zhang Lulu, stated this in Lagos, noting that the company was focused on enhancing availability, accessibility and affordability of ICT services by boosting ICT infrastructure with quality and innovative solutions tailored to local needs and equipping the youth with ICT knowledge and skills. Discussing the theme, â€˜Connecting the Unconnected,â€™ Lulu

said exploring talents among Nigerians with great potential leads to development in Nigeria, as the ICT industry contributes more than 10 percent to the total gross domestic product (GDP) of the Africaâ€™s largest economy. â€œAs a leading global ICT solutions provider, Huawei has been witnessing, participating and being a part of what has happened in the ICT development in Nigeria. â€œSince starting operations in Nigeria in 1999, Huawei has been working with local operators to provide safe, stable and highquality communication networks in the country; currently covering about half of the population,â€?

Lulu said. Reports showed that the adoption of communication technology had grown all over Nigeria, with over 80 per cent of the citizens already covered by communication networks, thereby facilitating better lives and giving rise to broader economic activities. Lulu said upholding its mission and vision, â€œto bring digital to every person, home and organisation for a fully connected, intelligent world,â€? Huawei remains committed to working with carriers and local partners to reach the remaining unconnected areas, especially remote rural areas in the coming years.

Apart from increased connectivity, Huawei is also committed to building skills at all levels of the society by working with universities and other partners to foster ICT talents and training ICT practitioners. The company has trained more than 20,000 ICT engineers who have become the main work force to guarantee the network running of this country. Huawei is currently working with more than 40 universities in Nigeria in establishing its Huawei Authorized Information and Network Academy (HAINA) and providing industrially recognised ICT certification in subjects including networks, routing and switching.

NestlĂŠ Nigeria Improves Livelihoods in Communities NestlĂŠ Nigeria recently refurbished facilities in two primary schools to help create a more conducive environment for teaching and learning in its factory communities. This, according to the company, was in line with its commitment to improving livelihoods in the communities closest to its operations. Speaking on the development, the Managing Director/CEO, Nestle Nigeria, Mauricio Alarcon said: â€œWe believe that the long term success of our business is dependent on nurturing thriv-

ing communities closest to our operations. â€œWe therefore work with our partners to enhance living conditions in the localities where most of our staff, suppliers and host communities reside. This is one of the ways we ensure that everyone connected to our business derives a benefit. We call this Creating Shared Value.â€? The company said the recent handover of the refurbished facilities in two schools close to its Abaji and Flowergate factories underlined its efforts towards impacting its factory

communities positively. The two schools, LEA Primary School Manderegi and NUD Primary School, Owode Egba, are part of NestlĂŠ for Healthier Kids (N4HK), a school-based nutrition education initiative supported by the Federal Ministry of Health and the Federal Ministry of Education. N4HK achieves its objectives by teaching and promoting healthy nutrition, healthy hydration, hygiene and an active lifestyle. The training and coaching is implemented in collaboration with State Universal

Basic Education Board (UBEB) in Ogun State and Universal Basic Education Board in the Federal Capital Territory (FCT). The programme is reaching over 17,000 children and 350 teachers in 30 primary schools. On her part, NestlĂŠ Nigeriaâ€™s Corporate Communications and Public Affairs Manager, Mrs. Victoria Uwadoka said: â€œIt would be difficult for children to imbibe healthy nutrition and hygiene practices if the environment is not conducive for putting what they learn into practice.

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

Yola: Enlightenment Key for Micro Pension Success The Managing Director/Chief Executive Officer, FCMB Pensions Limited (formerly Legacy Pension), Mr. Misbahu Yola, in this interview speaks about the benefits of the micro pension scheme that was officially launched last week. He stresses the need for the regulator and operators to step up enlightenment on the initiative, saying for individuals to voluntarily participate, they must be enlightened. Obinna Chima provides the excerpts: With the ofďŹ cial launch of the micro pension scheme, what are your expectation for the sector? What we envisage for the sector is that it will elicit a significant number of savers and consequently boost the Assets Under Management (AUM). What has been realised is that after 12 years of this scheme, the industry has registered about eight million workers and most of them are obviously from the structured formal sector, the federal government and some state governments. But in a country of 180 million, what is expected as the number of workers is much more than eight million. So, the industry and the regulator believe that the majority of people are in the informal, semi-formal or self-employed. That is why it is called the micro pension. The micro pension includes self-employed people, small savers and artisans. The idea is to increase the pool of pension funds from the current N8 trillion and multiply that amount in the next three to four years, and also to increase the number of people who save for their retirement because even if you are an artisan or self-employed, somewhere along the line, retirement would come. It is good for the social system that individual would have had some savings fall back on. But awareness will be required to drive this initiative. Are there plan by operators and PenCom to drive awareness of this scheme? Yes, the regulator has always consulted with operators all the time and the issue of micro pension has been on the table for probable two years now, for fine-tuning, for discussion, for operational guidelines, etc. Now, after the launch, I believe it is now officially open to enlighten people on it. I believe that PenCom and the operators would now be going region by region to enlighten individuals and small savers about the benefits of the scheme and how they can join. So, I expect that from April, there would be a lot of publicity and roadshows across the different geo-graphical regions. This is because enlightenment is key and very essential because this scheme is voluntary participation and for individuals to voluntarily participate, they must be enlightened. So, a lot of efforts and energy would be put into that in the next couple of weeks. We have come to the end of the ďŹ rst quarter of 2019. Generally, what will be your assessment of the pension industry in the last 15 months? The pension, like in most countries, has continued to grow. So, the assets keep growing, both from contributions and from returns on investments. However, one of the most important things that happened in the last 15 months is the introduction of the multi-fund structure. So, now instead of two funds, we have four funds. We have fund one, two, three and four and they depend on the age of the contributor. That is a new development which started in July 2018 and all the operators have keyed in and everything has gone smoothly. PenCom has also written us that with the micro-pension coming on board, there would also be another fund for micro-pension contributors that is separate from these four funds and they envisage that in the nearest future, a fund six, which would be an interest-free or sharia compliant fund. On the side, of course, the commission has reduced the fees accruable to all operators, inclusion the Commission itself, since the assets have grown significantly over the last couple of years. We would see how that impacts at the end of 2019. But I believe that so far so good there are no fundamental issues. The next thing probably would be the transfer window. But I believe that would come after the data recapture exercise that all of us are now carrying on. And for the rest of 2019, what are your

Yola expectations and what is FCMB Pensions Limited doing to take advantage of the opportunities in the sector, what strategy have you develop to increase your market share? What I see in the next couple of months is that the micro pension scheme would be on and on the data recapture exercise, we have gotten a lot of traction and registration with the Bank Verification Number (BVN) and the National Identity Number (NIN) would have

The industry and the regulator believe that the majority of people are in the informal, semiformal or self-employed. That is why it is called the micro pension. The micro pension includes selfemployed people, small savers and artisans. The idea is to increase the pool of pension funds from the current N8 trillion and multiply that amount in the next three to four years, and also to increase the number of people who save for their retirement

kicked-off by that time. On the macro side, for interest rate, the Monetary Policy Committee (MPC) recently reduced interest rate to 13.5 per cent, from 14 per cent after about 33 months. So, interest rates are likely to trend down and that might have some effects on the returns on invested assets. Be that as it may, at the end of the year, I expected that the AUM would have boosted, returns on investment should be around inflation. For FCMB Pensions, I wouldnâ€™t put my strategy out there in the public. But what I can say is that we are going to leverage the network of the bank. We have over 200 branches, if we can, we would also find a way to leverage the technology that is available and most significantly, the brand is now out there. We are now FCMB Pensions because we changed from Legacy Pensions. We hope to maximise the brand recognition which we believe should be positive for us in the market. We are well prepared for the micro-pension and all the activities that PenCom is involved in, because we engage with them in a consultative manner. So, it is about leveraging the network and the brand name of FCMB that has been around for more than 35 years. We are already seeing that in the market and there is more recognition presently of FCMB Pensions. So what are those unique selling points that would naturally attract a contributor or an organisation to your ďŹ rm? Like I said, behind us, there is a lot of experience in investment. So, we tap into that knowledge and experience, whether it is from the equities side or fixed income side and that would have a positive impact on the returns that we make for our contributors. As for reach, Legacy Pensions had about 40 outlets, but now

with the network of FCMB Bank, which has over 200 branches, that means wherever you are, whether it is Sokoto, Yenagoa, you can get into a FCMB branch and carry out your transaction. We are trying to deploy technology and communication channels so that wherever you are, if you enter and FCMB branch, you can get in touch with us. So, knowing that we have a solid financial institution behind us can be a reason for any organisation or contributor to want to subscribe to our offerings. Since the National Pension Commission (PenCom) granted licence to the Nigerian University Pension Management Company(NUPENCO), we have seen some others agitating for their own PFA. Donâ€™t you think this will have negative effect on the industry? Firstly, NUPENCO is still within the Contributory Pension Scheme (CPS), it will operate under PenCom and would be regulated like any other PFA. All they have is the licence. They would be under same rules and regulation as every other PFA. They are not outside the scheme like the military. The military exited the scheme completely and that required an amendment of the law. But NUPENCO is just like the police pension. The police force also has a PFA of their own which is under the CPS and under PenComâ€™s regulation. What does this do to us, not just FCMB Pensions, but other PFAs as well? What it does is that it takes away businesses that we have marketed, nurtured and developed over the 10 years. Naturally, there would be some loss, we are going to lose AUM and income. However, despite the NUPENCO licence, it is not mandatory for Continued on page 28

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

YOLA: ENLIGHTENMENT KEY FOR MICRO PENSION SUCCESS every university lecturer to register to register with NUPENCO. They have a choice. So, as a lecturer, you have choice to either remain with your PFA or go to NUPENCO. So, we would do our best to keep those we have with us, showing them the strength of the financial institution behind us, our experience over the last 12 years and we believe we can convince them to remain with us. But I think the regulator needs to look at this because what would happen is that if everybody agitates and gets a licence, it could make a mockery of the entire scheme. Individuals build business, entrepreneurs risk their capital, develop businesses and income and suddenly it is taken away from them. So, it has a negative impact on us, but I believe the regulator is also cautious in granting licences. They would do it with due diligence and they would have a reason for doing it. For NUPENCO, I believe it is part of the negotiation between the Academic Staff Union of Universities and the federal government. There are concerns that if the transfer window is opened, some of the smaller ďŹ rms might lose their contributors to the bigger ďŹ rms as individuals or organisations naturally would want to take ďŹ‚ight to safety? The transfer window is an opportunity as well as a threat for every operator. I donâ€™t think that the smaller firms would be under threat. I do think it will be left for the operator to get their acts right. There could be opportunities and also the threat of people moving their Retirement Savings Account (RSA) from a particular operator. But it is also an opportunity to market everybody. So, if you are a small operator, you can go after go after anybody and anybody can also decide to join your firm. So, your success would depend on your strength and ability to convince people that they are better off with you. But it is necessary that people should be able to choose where they want to go, within certain parameter. There would be rules and guidelines as to how you can move from one PFA to another. So, we see it as an opportunity because you can attract a lot of people through this initiative. Can you shed more light on the multifund structure and its beneďŹ ts? Like I said earlier, initially there were two funds â€“the RSA Fund and the Retiree Fund, so that when an individual retires, he or she moves goes from the RSA Fund to the Retireesâ€™ fund. The difference in the two is actually the structure of the investment allowed. So, there is a lot more variable income in the RSA than in the retiree fund. The whole idea is because variable income fluctuates and while you are working you could live with fluctuations, but upon retirement you want more certainty. So, initially the RSA fund had maximum 25 per cent investment in variable income, while the Retiree Fund started at five per cent and later it was increased to 10 per cent; but now there is no minimum, only maximum. What was realised over time is that there are people who are in their twenties and some in their fifties and they have different risk appetite. Now, if you get a job at the age of 23 or 25 years, you have a long way to go and so you can take a little more risk. So, as you get older, you want to take less risks or fluctuations. So, out of the RSA Fund, two new funds were created to make them three. So, you have fund one, two and three. Fund three is for those who are 50 years and above and are nearing retirement. From Fund three you go to the retirement fund. Fund two is for all those who are below 50 years and Fund one is not a default fund, you can only get into that by choice. So, you have to ask as a contributor to get into Fund one. But even it is only the person in Fund Two that can get into Fund One. If you are 50 years, you are not allowed to go to Fund One. But if you are in Fund Two, which means you are less than 50 years, you can choose to go to Fund One. The difference really is in the risk profile in the asset allocation. There is a lot more variable income fund in Fund One, up to 75 per cent. So, as you go towards Fund Three, it reduces. The whole idea is to protect you as you go older. So far, there hasnâ€™t been any issue, a few people have chosen to go to Fund One and they understand the risk

Yola in that portfolio. But for these Funds to operate effectively, job stability is key. Today, we have seen that more Nigerians lose their jobs, donâ€™t you think this is going to also affect the operation of these multi-fund structure? It certainly does because when somebody is out of job it means the contribution stops coming and then the individual can approach his or her PFA to demand, if they want to, 25 per cent of the balance in the account if they havenâ€™t got a new job for four months. Now, the entire scheme is based on employment and that tells you the importance of getting the economy going. If the economy is doing well, that is what generates employment. Nobody want to lose jobs, not the operators, not individuals or even government. Everybody wish to have full employment. But companies and private sector in particular operate on profit basis. So, if they need to cut cost and staff because of the economic condition, they would do because it is unavoidable.

The transfer window is an opportunity as well as a threat for every operator. I donâ€™t think that the smaller ďŹ rms would be under threat. I do think it will be left for the operator to get their acts right. There could be opportunities and also the threat of people moving their Retirement Savings Account from a particular operator

But certainly it is not good for our business. We hope that with all the fiscal and monetary policies that the government is introducing, the tide of unemployment can be reduced and in fact new employment created. Possibly, the reduction in MPR was an attempt to boost the economy and if the economy is boosted, employment goes up. We wait to see the impact the reduction in MPR will have in the next couple of months There are still lots of states that have not adopted the contributory pension scheme, what is PenCom and operators like FCMB Pension doing to encourage these state governors to come on board and is there a forum in the industry where issues like this are discussed? We have a Pension Fund Operators Association of Nigeria (PENOP) and I was the chairman for two years and that was between 2014 and 2016. It is a forum where we discuss issues that affect the industry. We have several committees such as the technical committee; the legal and regulatory committee, where compliance is discussed and we also have a publicity committee. There is also a consultative forum where we discuss with PenCom every three months and here issues that affect the industry - both strategic and operational issues â€“ are discussed. So, there is forum for that. Unfortunately, pension is not one of those things that the federal government can legislate for states. So, individual states have to do their own legislation. So, even the Pension Reform Act 2014 actually just encourages states to join, but it wasnâ€™t made mandatory for them. Certainly, if all the states of the federation key into the scheme, it will be better for the industry. At the moment, there are only 12 states that are in the scheme and only about six are properly funding it. The others have keyed in, but are not funding it as well as they should and a couple of others have not done anything at all in that regard. Maybe they are facing financial challenges, but I can tell you that PenCom and the operators are consistently engaging and showing them the

benefits of the scheme and we would continue to push them. I commend the states that had the courage and some of them include Lagos, Delta, Rivers and Kaduna. Jigawa has contributory scheme that is mixed and the state has also done well in that regard. It will take time, but we try to educate them as to why it is beneficial to do it. For FCMB Pensions, what is your medium term projection? We hope to double our assets in the next three years. In the long-term we want to be a top player by expanding our growth either organically or inorganically and that is our target in the medium term. In the immediate term, what we are doing is aligning with the branding and network of the group. So far, the FCMB Pensions name change has gone smoothly. We havenâ€™t had any issue and people are now aware that there is FCMB Pensions and Legacy Pension is gradually receding, even though in all our communication we state that this is formerly Legacy Pension so that we donâ€™t lose those who identify with the legacy brand. Talking about inorganic growth, are you considering acquiring a ďŹ rm? Inorganic growth is an option for everyone in the industry and all I can say is that all options are on the table. Finally, what message do you have for your contributors and other stakeholders? For our contributors, the brand change should give them more confidence that there is a strong financial institution behind us â€“ an institution that has more than 35 yearsâ€™ experience in marketing, retail, capital market, asset management, stock broking and banking. That should give comfort to our contributors. They should also have the comfort that we now have a wider network and they can reach us more easily and we hope that in the next couple of months, we would be able to also leverage on technology for our contributors to transact a lot more easy.

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

Take Advantages of Digital Trends, Business Owners Told Sunday Ehigiator Information Technology experts in Nigeria have advised business owners to see digital transformation as a journey to build their identity and new stream of asset. This, would help them avoid business disruption, saying there would be complete change of work definition in few years to come. They gave the advice at the recently held Philip Consultingâ€™s (PCL), Chief Information Officer (CIO) breakfast meeting held in Lagos. The theme of the event was: â€˜Digital Transformation and

Cyber Security: Emerging Trend.â€™ The Managing Director, PCL, Rob Taiwo, stressed the need for organisations to leverage on co-creation platforms available in the industry. According to him, â€œOver the years, there has been a complete extinction of some companies who were one time a force to reckon with in their various sectors, but disrupted by technologies with no legal battle. â€œNew trends in digital technologies provides new adventures for emerging companies to tap into the

opportunity. â€œFirms need to strategically move from adoption to addiction to take advantage of new innovations and think different about their workforce and prepare for a tougher 360-degree competition, while aligning Human Resource (HR) in the new frontier of Digital Technology (DT). â€œNigeria must manage its digital infrastructure and improve it cyber security to ensure everyone is secured, because digital transformation is everyone business, hence it is a journey and not a destination

which must be added in our work design.â€? he explained. While delivering his speech on digital transformation and the Nigerian Ecosystem, the Digital Advisory, Microsoft, Daniel Adeyemo, said technology needs to grow from grassroots with a change in the curriculum to embraced the trend as can be seen across the various sector in the economy, with major changes still going to happen. According to Adeyemo, â€œIn the Financial Service Industry (FSI), the fraud detection has the capability to track and

investor in the data industry. According to them, â€œcost of running business in Nigeria is high, political instability and unfavourable policies are necessary to attract investors in the country as we are losing foreign exchange by hosting our data in other western countries. â€œPrivate sectors need to be engaged to help influence in developing capacity building through training, to drive cyber security in Nigeria and, companies need to start the journey as the trends are catching up with everybody.â€?

detect crime perform on digital platforms, so we encourage organisation to protect their data identity beyond firewalls through Artificial intelligence.â€? In a panel session, discussants were of the opinion that for Nigeria to effectively benefit from digital technology, there must be a holistic approach towards creating an enabling environment that would allow entrepreneurs to invest in the cloud technology in the country. Provision of critical infrastructure like electricity and political stability where also highlighted as factors that would attract

Stakeholders Harp on Building Viable Digital Economy Emma Okonji Some stakeholders and leaders who gathered at the just concluded 7th edition of the Africa CEOs Forum in Kigali, Rwanda, stressed the need for African governments to build a more viable digital economy that will ultimately turn Africa into a technology driven knowledge-based economy. The Ag. CEO/MD of CWG Plc, Mr. Adewale Adeyipo, who joined others at the forum, advocated for an inclusive ecosystem that could aid technological development on the continent. Adeyipo, argued that Africaâ€™s labour market was being disrupted as over 65 per cent of primary school children today are likely to work, in the next few years, in jobs or fields that do not presently exist. â€œAfrica is rapidly becoming consumer of digital services rather than creators in todayâ€™s digital economy and to change this scenario, we need to rethink the existing model and build

a sustainable digital ecosystem and as well create more digital champions for our children of today,â€? Adeyipo suggested, while sharing few points on building an ecosystem for digital technologies in Africa. Speaking further, Adeyipo advised that the continent should create broader awareness and the deployment of a digital economy that could follow the â€˜Integrated design approachâ€™ that Africa would bring together for specialisms usually considered separately. Other African stakeholders who spoke at the forum, highlighted the GSMA Intelligence Report, 2018, which showed that the mobile economy in Africa would generate more than $150 billion, which is about 7.9 per cent of GDP of economic value, while 300 million people are expected to come online by 2025. The stakeholders further asked if all these be enough for Africa to be ready for the digital economy transformation.

Technology Firm Introduces Healthcare Product Hamid Ayodeji A technology firm, Gricd, has built a smart cold chain box to actively keep temperature sensitive items regulated during transportation and storage. The solution was created to improve the current method of transporting temperature sensitive items as well as ensuring the safety of the items when transported, by providing real time monitoring of the items in the box and monitor its temperature remotely. According to the Chief Executive Officer, Gricd, Oghenetega Iortim, who spoke during an interview with THISDAY, the sensitive items are stored and transported using Styrofoam boxes and ice packs which are largely inefficient. Iortim said, â€œIn contrast, our solution maintains fixed pre-set temperatures and communicates vital information while being transported, such as the storage temperature,

location of device and other features necessary for last mile delivery planning. â€œSome of the challenges in the system today include low routine immunisation due to ineffective methods of transporting vaccines and blood to its designated destination.â€? He also explained that with the Gricd solution, these items would be readily and easily accessible in difficult to reach regions, adding that in building the solution, the firm followed best practices to ensure data security. Iortim added: â€œIn contrast to what is obtainable in the market, our product is cheaper. Our solution is built for the African and Middle East Asian region, which have relatively smaller health budgets. â€œGlobally about 19.4 million infants do not have access to vaccines and due to the lack of cold chain storage or last mile solutions 40 per cent of maternal deaths occur in areas without access to blood.â€?

THIS IS OUR SCORECARD

R-L: Managing Director/CEO, Coronation Merchant Bank, Mr. Abubakar Jimoh; Chairman, Mr. Babatunde Folawiyo; Company Secretary, Cornelia Utuk and Non- Executive Director, Mr. Larry Attah, at the 4th annual general meeting of the bank in Lagosâ€Śrecently ETOP UKUTT

Anambra Commends Air Peace over Long Haul Flights Chinedu Eze The Anambra State government has congratulated Air Peace Airlines on the acquisition of Boeing 777 aircraft for its international operations. The state government said it would give the country the opportunity to have its own airline airlift its citizens to different destinations of the world, create jobs at home and also cut back foreign exchange repatriated by foreign carriers. The new acquisition was the third Boeing 777, which the carrier has procured in the last one year preparatory to its flights into key cities in

Europe, North America, Asia and Africa. In a statement signed on behalf of the Anambra State government, the Commissioner for Information and Public Enlightenment, Mr C. Don Adinuba, quoted Governor Willie Obiano, to have described Air Peace as Nigeriaâ€™s fastest growing and most ambitious airline in history. â€œThis carrier has been in existence for less than six years, yet it has acquired over 20 aircraft, making it the largest in the countryâ€?, stated the commissioner who called its equipment as state of the art. â€œOf particular interest to

both the flying public and the government is its safety record which is excellent owing to the extra mile it goes to not only maintain its machines to the highest global standards but also make its technical crew regard safety as the highest pursuit in the aviation industryâ€?. The state government also commended Air Peace for its professionalism, citing its integrity as regards take-off and landing time and the way it treats its passengers both on the ground and in the air. â€œIn this regard, Air Peace competes with such international carriers as Singapore

Airlines, Virgin Airways and KLM, Air Franceâ€?, the state government said. The Anambra state government reiterated its call on the federal government to make the airline the countryâ€™s aviation flag carrier, like British Airways, which is the United Kingdomâ€™s flag carrier. â€œThis is a more pragmatic step to take than the rumoured current attempt in some quarters to make the President Muhammadu Buhari administration establish a state-owned airline, despite the terrible record of Nigeria Airways and the governmentâ€™s wise suspension of Nigeria Air last September,â€? it stated.

Itel Mobile Restates Commitment to Customer Satisfaction Ugo Aliogo Itel mobile has expressed its commitment to customer satisfaction, even as it launched two high quality smart phones. The new phones were Itel P33 and Itel P33 plus. Speaking at the official launch of the products in Lagos recently, the Marketing Manager, Itel Mobile, Oke Umurhohwo, said before unveiling the smartphones, Itel looked back at its achievements in the past. According to Umurhohwo, in the last 12 years, the company

ranked top 10 global smartphone brand for the first time as its global smart shipments grew over 200 per cent. Umurhohwo, explained that in building on the legacy of long-lasting battery performance, Itel P33 and P33 plus embodies all-ground upgrades with advance A1 power master that takes smartphone battery experience to a new level. â€œBefore unveiling the smartphones, Itel looked back at its achievements in the past, fast growing in the last 12 years, the company ranked the top

10 global smartphone brand for the first time as its global smart shipments grew over 200 per cent. â€œItel still remains the top four smartphone brand and top one feature phone brand in Africa. Itel P33 and P33 plus are big battery phones. â€œAccording to the statistics that was recently released we are among the number feature phone brand in Africa and top four smart phone brands in Africa. We have achieved this success due to hard work and consistency.

â€œWe try to understand what the consumers want and how to provide this device they want. We ensure that our phones are affordable and trendy.â€? he noted. In his remarks, the Itel Brand Manager West Africa and Dealers, Kelvin Zhang, noted that the brand was focused on good quality product, reliable and partly friendly for consumers. He also noted that for 10 years Itel has provided good mobile devices for consumers, adding that the brand has expanded its global presence.

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

THE 9TH SENATE OF FEDERAL REPUBLIC OF NIGERIA

ORIENTATION PROGRAMME

My dear distinguished senators and senators-elect of the Federal Republic of Nigeria

YOU ARE WELCOME I, Senator Ahmad Lawan, PhD, CON, the Senate Leader of the Federal Republic of Nigeria, heartily welcome all returning senators and senators-elect to the Orientation Programme of the National Assembly for the 9th Senate. Let me use this opportunity to formally congratulate you all on your victory at the poll and the sacred mandate of your people to represent them at the apex legislative assembly in Nigeria. As you are all consciously aware, our nation today stands at a crossroads where all arms of government must work in synergy to quickly address burgeoning developmental challenges confronting our dear nation. Our national legislature has a critical role to play in resolving the myriad of national challenges in the areas of youth unemployment, security of lives and property as well as economic and infrastructure development. It is my fervent hope and aspiration that the 9th Senate will proactively work to bring legislative interventions to the benefit of our people. I, therefore, urge all senators and senators- elect to get themselves ready to hit the ground running for service to our people by lessons to be learnt at this orientation programme. While looking forward to working together in the 9th Senate, I wish you a rewarding and fruitful orientation into legislative practices and procedures. Yours sincerely,

Senator Ahmad Lawan PhD, CON Senate Leader Federal Republic of Nigeria.

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

Okowa Inaugurates Task Force on Irregular Migration Chinedu Eze The Delta State Governor, Senator Ifeanyi Okowa, has inaugurated a 17-man task force to check human trafficking and irregular migration in the state, with the Commissioner for Justice and Attorney-General of the state, Barrister Peter Mrakpor, as Chairman. The inauguration of the task force by Okowa in Asaba, recently, was witnessed by the Director-General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP),

Mrs Julie Okah-Donli. Speaking at the ceremony, the governor said the inauguration of a task force became necessary because of the rising number of trafficked persons from the state. â€œWe are very worried as a state that we occupy high position among the states affected by human trafficking and irregular migration; we are committed as a state to stem the tide that is why we are setting up this serious task force. â€œWe need to reach out to our people and discourage them from seeking greener pastures that do

not exists; irregular migration and human trafficking are evils that have visited our state and it must be checked. â€œWe will need to get the church, the traditional institution, the youths, all relevant groups to be involved; we need partners for the message to get to a lot of persons within the shortest possible time to check irregular migration and human trafficking,â€? he stated. While stressing his administrationâ€™s preparedness to carry out reintegration programmes for those who return, Okowa

assured the state indigenes that, â€œWe have chosen the right set of persons to be members of the task force and we congratulate them believing that they will carry out their functions diligently.â€? Also speaking at the occasion, Okah-Donli commended Okowa for his determination to check human trafficking and irregular migration. She enjoined the members not to see the task force as money making venture. â€œThe task force is not a money making venture but, a service to

humanity. It is expected that the task force will use the platform to prevent human trafficking, support and protect trafficked persons through a more coordinated approach in the state; develop strategies and state action plans on counter-trafficking issues, carry out programmes for effective reintegration of trafficked victims into the society, work with the state Ministry of Justice on how to protect, assist and provide access to justice for victims of trafficking, among others.â€? In his comment, Mrakpor,

thanked the governor for the opportunity given him and his team to serve the state and humanity. â€œWe will do our best to carry out our functions without fear or favour,â€? he said. Other members of the task force are Nduka Nwanwenne, Omatsola Williams, Patrick Ukah, Mercy Almona-Isei, Genevieve Mordi, Commissioner of Police, Yinka Adeleke, M.N. Otubu, Ibrahim Liman, Ameh Ocheja, Benito Eze, Charles Oliogu, Daniel Usifor, Azuka Onyebo, Julius Olomukoro, Carolyn Usikpedo and Felix Ofou.

Sterling Bank Wins e-Payment Award Nume Ekeghe Sterling Bank Plc has won the â€˜Innovative Bank of the Year Awardâ€™ at the 2019 edition of the Electronic Payment Incentive Scheme (EPIS) Efficiency Awards, organised by the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBBS). The awards now in its fourth edition is held annually to celebrate financial institutions, merchants and all other stakeholders at the forefront of driving electronic payments in Nigeria. According to a statement from the bank, Sterling Bank beat all other Nigerian banks in the innovation and platform efficiency categories. The awards were presented by senior officials of CBN and NIBSS at an event held in Lagos. The Group Head, Transaction Banking at Sterling Bank, Abidemi Asunmo, said the bank has always been at the forefront of efforts to provide customers with unique electronic payments channels that promote financial inclusion. â€œUnderstanding each customer while providing bespoke solu-

tions to suit them is at the core of all we do at Sterling Bank and we are delighted to be recognised as the leading innovative bank of the year by the CBN and NIBSS. â€œWe will continue to ensure that our customers enjoy the best of services through our various portals including Specta and I-invest, among others.â€? According to NIBSS, the awards were based on objective analysis of all e-payment data collated by NIBSS over a full calendar year in addition to public voting and surveys administered to industry stakeholders for transactions within the year under review. Speaking at the awards ceremony, Deputy Governor, CBN, Mrs. Aisha Ahmad, said NIBBS would retain the vision for the future. She advised banks and other merchants to scale up their capacities to innovate as well as enhance capacity to handle large transaction values. The Deputy Governor enjoined stakeholders to look at issues of interoperability, cyber security framework, collaboration and shared threats to their security systems.

Police Operations at Ports to Be Streamlined, Says IG Kasim Sumaina in Abuja The Inspector General of Police (IGP) Mohammed Adamu, has ordered a speedy and comprehensive streamlining of the operations of the Nigeria Police Force in and around ports terminals. The move is to reduce unwholesome delays and inefficiency experienced at Nigerian ports especially the Apapa ports. The order came as a fall out of the meeting the Executive Secretary Nigerian Shippersâ€™ Council (NSC) Hassan Bello, had with the Inspector General of Police in Abuja recently. The IG, in a statement, disclosed that the directives had been given to the Maritime Police Command and other formations. He said the directives reinforced the mandate of the Assistant Inspector General of Police (Maritime) and the commissioners of police in-charge of the responsibility for police operations at all ports across the country. According to him, â€œNo other Police formations,

commands, units or teams by any designation are authorised to undertake any operation or investigation in and around any Nigerian Ports terminals unless with the knowledge, written authorisation and active involvement of the Assistant Inspector General of Police (Maritime) or the commissioners of Police in-charge of the Western and Eastern Ports Authority as the case may be.â€? Adamu, also pointed out that the stoppage of containers to clearing agents by different Units in the force had also been harmonised. â€œTherefore, it has been directed that such orders must, henceforth, be routed through the office of the Assistant Inspector General of Police (Maritime) who will process same to the Nigerian Shippersâ€™ Council for execution,â€? the statement added. â€œThe implication of this order is that the Maritime Police Command are to work in conjunction with the Shippersâ€™ Council to ensure the actualisation of the IGPâ€™s order,â€? the statement disclosed.

DISCUSSING HEALTHCARE

L-R: Head of Markets, EY, Ashish Bakhshi; CEO, Avon Healthcare, Adesimbo Ukiri; Chief Medical Director, Med-in Specialist Hospital, Olubayode Awosika and Partner/Leader, Transaction Advisory Services Leader for West Africa, EY, Olufemi Alabi, at the EY Nigeria healthcare roundtable held in Lagosâ€Śrecently

Council (NSC) Hassan Bello, had with the Inspector General of Police in Abuja recently. The IG, in a statement, disclosed that the directives had been given to the Maritime Police Command and other formations. He said the directives reinforced the mandate of the Assistant Inspector General of Police (Maritime) and the commissioners of police in-charge of the responsibility for police operations at all ports across the country. According to him, â€œNo other Police formations,

Units in the force had also been harmonised. â€œTherefore, it has been directed that such orders must, henceforth, be routed through the office of the Assistant Inspector General of Police (Maritime) who will process same to the Nigerian Shippersâ€™ Council for execution,â€? the statement added. â€œThe implication of this order is that the Maritime Police Command are to work in conjunction with the Shippersâ€™ Council to ensure the actualisation of the IGPâ€™s order,â€? the statement disclosed.

Nigerian Tech Start-up Selected for World Summit Award Emma Okonji A Nigerian technology start-up, Carrot.ng has been shortlisted by the United Nationsâ€™ World Summits Awards as one of the â€˜40 Most Innovative Start-upsâ€™ in 2018. The company, which was shortlisted from among 400 companies that participated in the competition from all over the world, is the only Nigerian start-up on the list. The founders of Carrot, Luqman Balogun and Odunayo Williams, expressed delight at being shortlisted for the awards which took place in Portugal recently. In a joint statement, Balogun and Williams said the feat proved that Carrot offered

unique services capable of solving inheritance challenges. According to the statement, â€œEstate planning is a very serious issue in Nigeria as most of us would have experienced the negative impact, especially on women and children, when our parents, family members, friends, colleagues, among others, die intestate without a will. â€œWe can reasonably deduce that intestacy accounts for about $10 billion â€˜trappedâ€™ in dormant accounts, treasury bills, unclaimed dividends, unclaimed insurance policies, pension funds, NHF, NSITF, in the financial system. The height of it all is that getting a letter of administration is not a â€˜walk in a parkâ€™.

The statement added, â€œCarrot. ng is here to correct this narrative and we have simplified access to writing a will online. It is convenient, affordable and secure. â€œBetween 10 and 15 minutes, your will is completed and Carrot.ng will deliver the document to your home or office as well as process at probate after execution. Everyone over 18 years old must have a will irrespective of societal status, religion or tribe.â€? The company encouraged Nigerians to protect their legacies and cautioned them to prepare for uncertainties. â€œLife is so full of uncertainties hence, there is a need to consider having an estate

plan to mitigate expected and unexpected challenges associated with securing the financial future for your loved ones. â€œPutting in place a valid Will offers adequate protection of your legacies, especially for those you truly love should the need arise. An estate plan helps you realise the famous saying of â€˜what we do in life echoes in eternity,â€? the founders further said. According to them, â€œCarrot.ng helps you to create, update and schedule execution of wills and or other testamentary instruments such as Deed of Gifts, Living Wills, Trusts and Power of Attorney, on a convenient, affordable and secure platform in real time, anywhere.

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

SaharaAdvocatesAdoptionofUniformPetroleumProductsStandards Peter Uzoho The adoption of unified standards across Africa will create a bigger and more effective regional market that will enhance the continentâ€™s competitive positioning in global energy markets, the Executive Director, Sahara Group, Tope Shonubi has said. A statement quoted Shonubi to have made the remark at the African Refiners Association (ARA) meeting in Cape Town. According to him, the existence of a fragmented petroleum products market with different product specifications, sulphur content and emission requirements remained a huge stumbling block to accessing the benefits that can accrue from intra-regional trade in the sector. â€œAdoption of similar

specifications and standards has been achieved across Europe and most of North America creating a single larger market for petroleum trade. â€œWhile gasoil specifications remain fragmented across Africa, jet fuel specifications are almost completely unified across the world. This similarity has improved the ease of trading jet fuel across borders, ensured access to a wider market and enhanced competitiveness in the aviation industry,â€? he said. Shonubi, urged all stakeholders to embrace the AFRI-4 standards which were the outcome of a partnership between ARA and the World Bank to promote the adoption of a single standard for cleaner fuels. According to him, â€œthe adoption of the Afri-4

Specifications will guarantee unified product standard across the region, ease of intraregional petroleum product trade, reduction in bulk transportation costs and optimisation of regional infrastructure. This will ultimately make Africa a more influential economic block.â€? He added that unified standards would de-fragment African markets resulting in favourable economies of scale in intraregional trade, regional

harmonisation of taxes and excise duties, reduction in smuggling and adulteration of products, improved local refining capacity, reduced landing costs of petroleum products, joint infrastructure projects as well as export diversification and access to a larger customer base. Shonubi, said Africa must accord the prospects of intraregional trade the urgency it deserves to ensure accelerated economic development. â€œIn line with the vision

of a harmonised Africa, Sahara Group is building an integrated energy business across Middle Africa to harness the potential of intra-regional trade. â€œWe are delighted to be one of the first African companies to carry out full cycle crude and product trade transactions using only African resources within the continent. â€œAll transactions were carried out by Africans for Africans using African

resources. The future of our business depends on how well we can work together across Africa.â€? He, therefore, urged ARA members and other stakeholders in Africaâ€™s energy sector to work towards developing a competitive African Brand. â€œAfrica countries cannot hope to shape globalisation or even retain marginal relevance individually. It is only by working together that we have the weigh to influence the big picture.â€?

Connect Nigeria to Support Economic Growth with Business Fair Raheem Akingbolu Connect Nigeria is set to equip small and medium scale enterprises (SMEs) with social and technological innovation to grow their businesses amid current economic challenges during the seventh edition of its annual Business Fair holding in Lagos. The Chief Executive Officer, Connect Nigeria, Emeka Okafor, explained that lack of access to fund was not the only hurdle hindering the growth of the SMEs sector, but operatorsâ€™ unfamiliarity of socio and technology knowhow to grow businesses in todayâ€™s tech-driven world. Okafor, who spoke at the pre-fair media parley in Lagos, said the technologydriven commerce and business-enabling platform was set to use the fair to aid access to required skills and partnerships for SMEs in the country, Africa and the rest of the world. Okafor said, â€œParticipants can explore the many business prospects available while entrepreneurs can learn the skills they need to grow their businesses in todayâ€™s tech-driven world. â€œTaking part in the exhibition positions participants as a reputable brand, because their goods and or services will be displayed, alongside brands from reputable companies. â€œNo product or service is off limits; participants should ensure the packaging is presentable. Over the years, there have been products and services ranging from banking solutions to fashion and beauty, catering services, real estate, online marketing hubs, telecoms, ICT solution providers, booksellers and media houses among others.â€? The Connect Nigeria boss, who said there would be a segment specifically for Madein-Nigeria goods including

handcraft, added that the fair was dedicated to promoting business for SMEs, assisting Nigerian businesses achieve global competitiveness, empowering thousands of business owners, start-ups, and aspiring entrepreneurs, enabling them to fast-track the growth of their businesses by leveraging the power of technology. â€œThe United Nations projected that the countryâ€™s population would increase to 300 million by 2050 and a good number of these people are entrepreneurs. If we sustain this platform like we have continued to, it will affect the economy positively, especially when the population increases further,â€? he said. The Head Marketing & Strategy, Rack Centre, Mrs Ejieke Maduka Ezeadiugwu, who was also present at the parley, lauded the organisers of the business fair, stating that equipping SMEs with the necessary technology and entrepreneurial skills as obtainable at the business fair sets the economy up for industrialisation, poverty alleviation, youth development, foreign direct investment generation and SME development. She said: â€œI urge the federal government to boost its capacity, competence, and legitimacy to mobilise and interact with all stakeholders, thereby creating an attractive investment climate for businesses to succeed in Nigeria.â€? The Director-General, Nigerian-American Chamber of Commerce, Mrs. Joyce Akpata, who was also at the event, explained that other skills most Nigerian SMEs lack are their inability to clearly define roles and responsibilities, separate ownership and management of the entity and preparation of financial records among others.

UNVEILING BRAND AMBASSADORS

L-R: Managing Director, Cadbury Nigeria Plc, Amir Shamsi; Marketing Manager, Gum and Candy, Olumide Aruleba; Singer, Teniola Apata (Teni); Incoming Managing Director, Cadbury Nigeris Plc, Oyeyimika Adeboye and Rapper, Phyno at the power of cool launch and oďŹƒcial signing of Phyno and Teni as TomTom brand ambassadors in Lagos...recently

NGC Donates Health Centre to Ondo Community Sylvester Idowu in Warri The Nigerian Gas Company (NGC), a subsidiary of Nigerian National Petroleum Corporation (NNPC), has assured that it will continue to develop a robust and sustainable relationship with its over 350 host communities in the country to enhance business growth in line with its corporate social responsibility (CSR) core values. The Managing Director of NGC, Mr Babatunde Bakare, gave the assurance recently, during the official inauguration and hand over of a multi- million naira

Basic Health Centre to the Oniparaga community in Odigbo Local Government Area of Ondo State. Bakare, who was represented by the General Manager, Support Services, Nigerian Gas Company, Mrs Maria Emmanuel-Ate, said the wellbeing of the community was paramount to the CSR thrust of the company.The MD, NGC, said the company has metering stations located in 11 states in the country, noting that by implication, its pipeline transverses over 350 host communities. â€œWe present to you this fully equipped Basic Health

Centre as a token of our appreciation and our contribution to the development of Oniparaga Community. â€œAs a company, we shall continue to solicit for your co-operation and assistance in the maintenance of peace and support for our business growth aspiration in the interest of the community and Nigeria in general. â€œNGC will always encourage and appreciate communities that promote peace, dialogue and understanding in the resolution of issues. This is the hallmark of our community relations engagement process,â€? he

said. Bakare, urged the people to make judicious use of the facility. The Chairman, Odigbo Local Government Council, Ondo State, Mr Tunde Ikumawoyi, thanked the NGC and the people of Oniparaga for ensuring that the project materialised. He assured that the project would be put into proper use by the primary healthcare department of the Council, adding, â€œNo doubt, the health of our people will be remarkably improved by qualitative healthcare provision that will come from the new facility,â€? he said.

Caverton Posts N5.75bn Profit in 2018 Chinedu Eze Caverton Offshore Support Group Plc, (COSG), one of the leading providers of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its audited year end results for 2018. The results showed a profit before tax of N5.75billion, compared with the N3.9 billion recorded in 2017. Also, its after-tax profit climbed to N4.3billion, up from N2.62 billion the previous year. Its revenue jumped by 56

per cent, while direct operating costs increased by 43 percent supporting the earnings per share which also increased by 64 percent when compared to 2017 financial year. Commenting on the recent events, COSGâ€™s Chief Executive Officer, Bode Makanjuola said, â€œThe brownout incident during the 2019 Presidential campaign which resulted in the hard landing of our aircraft conveying the Vice President of Nigeria further goes to show why safety must always remain paramount in our operations. â€œWe are thankful there were

no injuries or fatalities and we express our profound gratitude to the Presidency, Nigerian aviation regulatory authorities and the general public for their thoughts and prayers; Special commendation must go to our pilots and supporting staff for their continued professionalism, dedication and support.â€? He added, â€œthe implementation of our strategy to increase service offerings is at an advanced stage. Our Maintenance Repair and Overall (MRO) facility, is nearing completion and work has already commenced on the training school

hangar which will house our recently acquired Thales built helicopter flight simulator.â€? Caverton was issued Approved Training Organisation (ATO) Certificate by the Nigerian Civil Aviation Authority (NCAA) in August 2018. Revenue for 2018 was N32.1billion, (N20.54billion December 2017), operating profit, (excluding other income), is N7.98billion, (N4.22billion December 2017). EBITDA for the period is N10.25 billion, (N6.24bn December 2017). Profit before tax is N5.75

T H I S D AY Ëž Ëœ ÍŻ 2019

BUSINESS/MONEYGUIDE

Moodyâ€™s AfďŹ rms Access Bankâ€™s Ratings Nume Ekeghe Moodyâ€™s Investors Service has confirmed Access Bank Plcâ€™s long-term local currency deposit rating of B2, long-term foreign currency deposit rating of B3, long-term issuer ratings of B2, local currency senior unsecured rating of B2, local currency national scale deposit ratings of A1.ng/NG-1, foreign currency national scale deposit ratings of A3.ng/NG-2 and national scale senior unsecured rating of A1.ng. Furthermore, Moodyâ€™s affirmed Accessâ€™ short-term bank deposit ratings, issuer ratings and counterparty risk ratings (CRR) at not-prime and affirmed the bankâ€™s short-term counterparty risk assessment (CRA) at Notprime(cr). The outlook on the bankâ€™s long-term deposit ratings, longterm issuer ratings and senior unsecured rating was changed to

stable from ratings under review. At the same time, Moodyâ€™s in a statement at the weekend, downgraded Access Bankâ€™s baseline credit assessment (BCA) to b3, from b2, its long-term CRRs to B2 from B1, long-term CRA to B2(cr) from B1(cr) and national scale CRRs to Aa3.ng from Aa1.ng. â€œDiamond Bankâ€™s BCA was upgraded to b3 from caa3 and all Diamondâ€™s ratings have been aligned with the ratings of Access. The outlook on Diamondâ€™s long-term deposit and issuer ratings was changed to stable from ratings under review. Diamondâ€™s ratings will subsequently be withdrawn,â€? it explained. Moodyâ€™s added: â€œTodayâ€™s actions are driven by the announcement by Access Bank on March 19 that Diamondâ€™s assets, liabilities and undertakings have now been assumed by Access.

â€œThe confirmation of Accessâ€™ long term deposit ratings with a stable outlook reflects Moodyâ€™s view that the deterioration in Accessâ€™ standalone credit profile, as a result of the merger, is balanced against our assumption of a high likelihood of Access being supported by the government of Nigeria (B2, stable), if needed. â€œThe downgrade of Accessâ€™ BCA to b3 from b2 reflects Moodyâ€™s view that there will be a weakening of the bankâ€™s credit profile following the merger with Diamond, despite the immediate improvement to Accessâ€™ funding structure and long-term profitability. â€œFollowing the merger, Accessâ€™ capital and asset risk metrics will deteriorate given Diamondâ€™s weaker credit profile (though much smaller than Access, Diamond had a BCA of caa3 before the merger was completed),â€? it stated.

L-R: Director Media, AďŹ€airs Sub-Sahara Africa (English-speaking), Edison Xieyi, Huawei; BeneďŹ ciary of MTN Rural Star (rural connectivity solution), Rasheed Alase; Managing Director, Huawei Technologies Company Nigeria Limited, Zhang Lulu; Nigeria Team Winner, Huawei Sub-Sahara Africa ICT Competition, Muhammad Maihaja and Director Nigeria Public Relation, Kelvin YangYang, at a media parley in Lagosâ€Śrecently

30 Undergraduates Emerge UBA Campus Ambassadors Peter Uzoho Thirty young men and women from 10 Nigerian universities have been selected to serve as ambassadors of the United Bank for Africa (UBA) in their respective campuses for 2019. The new set of UBA Campus Ambassadors were unveiled in Lagos at the weekend, at a reception held at the bankâ€™s corporate headquarters, where they were offered orientation on their upcoming tasks. The UBA campus ambassador programme offers a unique opportunity to students of tertiary institutions in Nigeria and across Africa to be part of a dynamic and forward thinking Pan-African bank by representing the brand on campus. The six- month programme is part of the bankâ€™s commitment to developing creativity and leadership abilities amongst young people in the continent of Africa. Speaking to journalists

at the event, the Group Executive, Customer and Consumer Banking, UBA, Mr. Anant Rao, said the essence of the programme was to focus on the youth of the country in line the bankâ€™s big role in shaping the youth for the transformation of Nigeria. According to him, the orientation was the first step in getting them embedded into the UBA system and making them very good citizens that would make a difference in the country. Rao said: â€œWeâ€™re basically using this opportunity to enrol all these campus ambassadors, to shape their future and make them good citizens of this country. â€œWe have already trained 45 ambassadors in the last two years. First batch we had 15; second batch we had 30, and this year we have another 30, so we already have 75 people. â€œWhat weâ€™re doing is that we want to be part of the education system of this country and we want to attract youth because

youth are the foundation on which the banking is having growth. â€œSo, our goal is now to focus on campuses by identifying these resources from each of the individual cities that we have identified. â€œSo basically they will play the role of UBA campus ambassadors, they wonâ€™t be employed but they will be using UBAâ€™s products and also be a brand ambassador to UBA in their different schools where they will exhibit our core values. And we also take this opportunity to shape their character and give them the experience of how to face life.â€? He further explained that the ambassadors were enrolled into the digital channels of the bank, saying they have played significant role in bringing the bankâ€™s brand very close to the campuses and ensuring that youth embrace digital technology.

MARKET INDICATORS MONEY AND CREDIT STATISTICS 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)

service, stress-free and secured â€˜FCMB Easy Account,â€™ available on all GSM networks in Nigeria, enables everyone anywhere in Nigeria open the account from his or her location. â€œFCMB Easy Account customers can send and receive money to and from friends, families and business partners across all banks in Nigeria. â€œFCMB Easy Account customers can also deposit funds into their accounts at more than 100,000 agents and banking locations of FCMB and other banks and mobile money operators in Nigeria. â€œFCMB Easy account customers can also use their accounts for airtime purchase, bill payments and other payments,â€? the statement added. FCMBâ€™s Managing Director Mr. Adam Nuru, said the new offering was part of the bankâ€™s long-term strategic plan to embark on a digital transformation initiative where it aspires to scale business operations, build capabilities and find the best way to simplify banking for customers, using technology. The CEO, who was repre-

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

FCMB Unveils â€˜Easy Accountâ€™ First City Monument Bank (FCMB) has taken another leap in the retail and mobile banking segments with the launch of â€˜Easy Account.â€™ Described as banking made accessible to all, a significant and value-added feature of this product is that the telephone numbers of the customers, without the first digit, serve as their respective account numbers. The Account is an enhanced version of its *329# Unstructured Supplementary Service Data (USSD) platform. In a statement, the bank explained that account was designed to make banking accessible to all Nigerians, adding that it would help to achieve the laudable goal of financial inclusion for most Nigerians as set by the Central Bank of Nigeria (CBN). â€œIt is a product open to all, particularly to meet the needs of low-income earners and the unbanked segment of the society. It enables the account holders have access to convenient and secured financial services, irrespective of their locations,â€? the statement added. The bank stated that the self-

(MILLION NAIRA)

NOVEMBER 2018

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) sented by the Bankâ€™s Executive Director, Finance, Mrs. Yemisi Edun said: â€œEvery day we are developing digital innovations and ideas that will make our relationship with our customers seamless in so many areas including Channels Management among others. FCMB Easy Account is one of such innovative offerings that make Banking services available across all informal segments, particularly the unbanked. It is banking made easy. All you need is to own any type of mobile phone, and you do not even necessarily need to buy data.â€? The Executive Director, Retail Banking of FCMB, Mr. Olu Akanmu, also said the account forms part of the bankâ€™s core strategy to innovate and expand its service channels by promoting and deepening financial inclusion and the cashless policies of the Central Bank of Nigeria (CBN). In his comment, Mr. George Ogudu of Central Bank of Nigeria, CBNâ€™s Strategy and Financial Inclusion Secretariat, commended FCMB for taking the lead in developing the product in the Nigerian banking industry.

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 Ă™Ă–Ă“Ă?ĂŁ Ă‹ĂžĂ? Ě‹ ÍŻÍąĎą

OPEC DAILY BASKET PRICE AS AT THURSDAY, 28 MARCH 2019

The price of OPEC basket of fourteen crudes stood at $66.38 a barrel on Thursday, compared with $67.15 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

T H I S D AY Ëž Ëœ ÍŻ Í°ÍŽÍŻÍˇ

MARKET NEWS

United Capital Rewards Shareholders with N1.5 Billion Dividend Goddy Egene United Capital Plc has assured its shareholders of higher returns in the years ahead as appropriate strategic measures have been put in place to overcome challenges in the operating environment. The Chairman of United Capital Plc, Mr. Chika Mordi , who gave the assurance, said despite the challenging operating global and local environment,

the company strived hard to deliver on its set goals in 2018 and was optimistic that it would further improve in 2019. He said: â€œWe have put in place appropriate strategies to respond to possible scenarios that the year 2019 would throw at us, hence we believe that we will continue to make progress in our quest to build Africaâ€™s quest to build Africaâ€™s leading investment bank.â€? Commenting on the finan-

P R I C E S MAIN BOARD

F O R DEALS

cial performance for the year ended December 31, 2018, he said: â€œUnited Capital made good progress in its financial performance for 2018. The Group generated gross earnings of N9.3 billion representing a growth of four percent year-on-year from N8.9 billion in 2017. â€œProfit before tax stood at N6.2 billion up by 12 per cent from N5.5 billion in 2017and profit after tax, stood at N4.34 billion compared with N4.3 billion in

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

2017 despite the challenging macroeconomic and operating conditions. Total assets improved to N148.7 billion due to growth in funds management, which is a reflection of our commitment to deliver values at all times.â€? He further said that beyond its primary mandate of providing financial and investment solutions, the company acted as an agent for economic development. â€œWe committed to collaborating with agencies such as Bank of

T R A D E D MAIN BOARD

A S

Industry and other Development Financial Institutions towards promoting developmental initiatives of the federal government as we seek to accelerate Nigeriaâ€™s economic development,â€? he said. The directors recommended a dividend of 30 kobo, which was approved by the shareholders at the AGM. The Group Chief Executive Officer of United Capital Plc, Mr. Peter Ashade, had said gross earnings grew up by four largely

O F

due to increase in net Interest margin, fees and commission income, net Income from trading arising from our dealings in financial instruments. â€œOur continuous dedication to providing optimum satisfaction to our wide clientele base has necessitated the need for us to be creative and innovative in our operations, and this is evident in the reduction in our operating expenses,â€? he had said, adding.

2 9 / 0 3 / 2 0 1 9 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, APRIL 1, 2019

21(%: 34-/ ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ DĂƌŬĞƚ ǆƚĞŶĚƐ ĞĂƌŝƐŚ ZƵŶ͙ ^/

$ ! #

ŽǁŶ Ϭ͘ϯй t t ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ ŽŶ ƐŽŵĞ ĨƵŶĚĂŵĞŶƚĂůůǇ ƐŽƵŶĚ ĂŶĚ ĐŚĞĂƉ ƐƚŽĐŬƐ Ăƚ ƚŚĞ ĐůŽƐĞ ŽĨ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ŽŶ &ƌŝĚĂǇ ƚŚĞ

71(%0)16%/ )4*240%1') )64-'5 *24 $ ! 1()9

ϮϵƚŚ ŽĨ DĂƌĐŚ͕ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĨĂŝůĞĚ ƚŽ ƌĞĐŽƵƉ ůŽƐƐĞƐ ĚƵƌŝŶŐ ƚŚĞ ǁĞĞŬ͘ ŽŶƐĞƋƵĞŶƚůǇ͕ ƚŚĞ E^ ůů ^ŚĂƌĞ /ŶĚĞǆ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ ŽŶ

4-') 4-') 4)8-275 744)16 ,%1+) ,%1+) 4-') ")-+,6-1 $ 1()9 62 ,%1+) + %6)

744)16 4-')

-'.)4

ϯ ŽĨ ƚŚĞ ϱ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ ŝŶ ƚŚĞ ǁĞĞŬ͕ ĨĂůůŝŶŐ Ϭ͘ϯй t Ž t ƚŽ

-8-1()1( %41-1+5 $-)/( $-)/(

;)8)5:? "8;9: )52

,ŽǁĞǀĞƌ͕ ƚŚĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŝŶĐƌĞĂƐĞĚ ďǇ Eϱϵ͘ϳďŶ t Ž t

(-51:0 )52

ƚŽ ĐůŽƐĞ Ăƚ Eϭϭ͘ϳƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ŝŵƉƌŽǀĞĚ ĂƐ ƚŚĞ ĂǀĞƌĂŐĞ

)5/6:- -4-5:

-9:3- 1/-81)

1/-81)5 8-= -81-9

ƐĞƩůĞ Ăƚ ϯϭ͕Ϭϰϭ͘ϰϮ ƉŽŝŶƚƐ ǁŚŝůĞ zd ƌĞƚƵƌŶ ǁŽƌƐĞŶĞĚ ƚŽ ϭ͘Ϯй͘

ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĂĚǀĂŶĐĞĚ ďǇ ϭϭϵ͘ϴй ĂŶĚ ϰ͘ϯй t Ž t ƚŽ ϱϮϱ͘ϳŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϲďŶ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ǁĞƌĞ t D E< ;ϭ͘ϳďŶ ƵŶŝƚƐͿ͕ , D^ ;ϵϵ͘ϲŵ ƵŶŝƚƐͿ ĂŶĚ E/d, ;ϳϮ͘ϰŵ ƵŶŝƚƐͿ͕ ǁŚŝůĞ 'h Z Edz ;EϮ͘ϯďŶͿ͕ E/d, ;Eϭ͘ϲďŶͿ ĂŶĚ t D E< ;Eϭ͘ϯďŶͿ ƚŽƉƉĞĚ ƚƌĂĚĞƐ ďǇ ǀĂůƵĞ͘ dŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ŽƉĞŶĞĚ ƚŚĞ ǁĞĞŬ ŽŶ Ă ďĞĂƌŝƐŚ ŶŽƚĞ ĂƐ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞǆ ĚĞĐůŝŶĞĚ ďǇ ϯϭďƉƐ ĨŽůůŽǁŝŶŐ ƐĞůů

$ !

63,15/9 3+

-4-5: 6 68:0-85 1/-81)

#51:-, )52 .68 .81+)

5:-85):165)3 8-= -81-9

! " -:863-;4 -<-3674-5:

++-99 )52

+6*)52 "8)595):165)3 5+

!:)5*1+ " 63,15/9

#513-<-8 1/-81)

).)8/- .81+)

;155-99 1/-81)

264; 13 )34

ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ƐƵƐƚĂŝŶĞĚ ŽŶ dƵĞƐĚĂǇ ĂŶĚ tĞĚŶĞƐĚĂǇ ĂƐ ƚŚĞ

"6:)3 1/-81)

^/ ĚŝƉƉĞĚ ϲϳďƉƐ ĂŶĚ ϭďƉ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ

E' D͕ E/d, ĂŶĚ ^^͘ dŚĞ ďĞĂƌŝƐŚ

ďĞůůǁĞƚŚĞƌ ƐƚŽĐŬƐ 'h Z Edz͕ E/d,͕ E D ĂŶĚ E/' Z/ E

36;8 1339 6. 1/-81)

)5,6

Z t Z/ ^͘ ,ŽǁĞǀĞƌ͕ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƚƌĂĚŝŶŐ ĚĂǇƐ͕ ƉƌŝĐĞ

1,-31:? )52

"8)595):165)3 687 6. 1/-81)

)5/6:- !;/)8 -.15-8?

ĂƉƉƌĞĐŝĂƟŽŶƐ ŝŶ 'h Z Edz͕ WZ ^ K ĂŶĚ E ^ KE ƌĞǀĞƌƐĞĚ ƚŚĞ ďĞĂƌŝƐŚ ƌƵŶ ĂŶĚ ƵƉƚƵƌŶĞĚ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ƐůŝŐŚƚůǇ ďǇ ϭďƉ͘ KŶ &ƌŝĚĂǇ͕ ƚŚĞ ŵĂƌŬĞƚ ƉŝĐŬĞĚ ƵƉ ĨƌŽŵ ƚŚĞ ƉƌĞǀŝŽƵƐ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ŐĂŝŶŝŶŐ ϲϳďƉƐ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ E ^d> ͕

1)465, )52

86;7 3+

# 6. 1/-81)

!:-8315/ )52

8-9+6

! 331-, 5,;9:81-9

68:- 13

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŵŝǆĞĚ ĂƐ ϯ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ

#5165 )52 6. 1/-81)

;31;9 -8/-8 1/-81)

( ;99659 1/-81)

^ W> d ĂŶĚ E' D͘

ĐŽǀĞƌĂŐĞ ƚƌĞŶĚĞĚ ƐŽƵƚŚǁĂƌĚ t Ž t͘ dŚĞ ĂŶŬŝŶŐ ŝŶĚĞǆ ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͕ ĚŽǁŶ Ϯ͘ϴй ĚƵĞ ƚŽ ƉƌŝĐĞ ĚĞĐůŝŶĞƐ ŝŶ &/ >/dz ϭϯ͘ϭйͿ ĂŶĚ ^^ ϱ͘ϴйͿ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ĨŽůůŽǁĞĚ ƐƵŝƚ͕ ƐŚĞĚĚŝŶŐ Ϯ͘ϰй ĂŶĚ Ϯ͘Ϭй ƌĞƐƉĞĐƟǀĞůǇ t Ž t ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƐĞůů ƉƌĞƐƐƵƌĞƐ ŝŶ t W K ϱ͘ϴйͿ͕ ^KsZ E/E^ ϵ͘ϭйͿ

0-41+)3 )5, 331-, 86,;+:9

%-4) )52

-:) 3)99

)5/6:- 36;8 1339 3+

"8)59+687 6:-39 3+

& )59)8, 59;8)5+-

ĂŶĚ D E &/d ϴ͘ϯйͿ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞǆ

2 3

2 3 % - 1 ) 4 5

4 % ( ) 5 & : ! 2 / 7 0 )

ƌĞĐŽƌĚĞĚ ƚŚĞ ůĂƌŐĞƐƚ ŝŶĐƌĞĂƐĞ͕ ĂŌĞƌ ĂĚǀĂŶĐŝŶŐ ďǇ ϯ͘ϲй ĂƐ d ZE ;нϭϬ͘ϰйͿ ĂŶĚ ^ W> d ;нϳ͘ϯйͿ ƌĞĐŽƌĚĞĚ ŐĂŝŶƐ͘ &ŝŶĂůůǇ͕ ďƵǇŝŶŐ

" 1+ 2 -8

81+ -

81+ - 0/

" 1+ 2 -8

$6 3;4 -

81+ - 0/

" '

E ^d> ;нϱ͘ϯйͿ ĂŶĚ E'^h' Z ;нϭ͘ϰйͿ ĚƌŽǀĞ ƚŚĞ

ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ƵƉǁĂƌĚƐ ďǇ ϭ͘ϭй t Ž t͘

! "

( "

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ǁŽƌƐĞŶĞĚ ƚŚŝƐ ǁĞĞŬ͕ ĂƐ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϱǆ ĨƌŽŵ Ϭ͘ϵǆ ŝŶ ƚŚĞ

ƉƌĞǀŝŽƵƐ ǁĞĞŬ͕ ĨŽůůŽǁŝŶŐ ϭϵ ƐƚŽĐŬƐ ĂĚǀĂŶĐŝŶŐ ĂŐĂŝŶƐƚ ϯϰ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ ƉĞƌĨŽƌŵĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ d ZE

(

;нϭϬ͘ϰйͿ͕ Z ^d Z y ;нϭϬ͘ϬйͿ ĂŶĚ /< : ,Kd > ;нϵ͘ϵйͿ ǁŚŝůĞ

2 3

2 3 2 5 ) 4 5

4 % ( ) 5 & : ! % / 7 )

&/ >/dz ϭϯ͘ϭйͿ͕ E'&>KhZ ϭϮ͘ϭйͿ ĂŶĚ ^KsZ E/E^ ϵ͘ϭйͿ 81+ -

81+ - 0/

" 1+ 2 -8

$)3;-

81+ - 0/

( "

ƐĞĞ ƉƌŽĮƚ ƚĂŬŝŶŐ ĂĐƟǀŝƟĞƐ ĞĂƌůŝĞƌ ŝŶ ƚŚĞ ǁĞĞŬ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ

#" &

&ƌŝĚĂǇ͛Ɛ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ ƌĞůĞĂƐĞ ŽĨ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ͘

" '

! "

" '

" 1+ 2 -8

ƌĞĐŽƌĚĞĚ ƚŚĞ ůĂƌŐĞƐƚ ĚĞĐůŝŶĞƐ͘ /Ŷ ƚŚĞ ĐŽŵŝŶŐ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ƚŽ

EŽŶĞƚŚĞůĞƐƐ͕ ǁĞ ŵĂŝŶƚĂŝŶ Ă ďĞĂƌŝƐŚ ŽƵƚůŽŽŬ ĨŽƌ ƚŚĞ ŵĂƌŬĞƚ͘

% # " '

# $

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

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Â¿FH '02 SD\V LQWHUHVW FRXSRQ WR WKH LQYHVWRU HYHU\ PRQWKV ,Q RXU SUHYLRXV UHSRUW HQWLWOHG 3ROLFLHV WR ,QFUHDVH 1DWLRQDO 'LVSRVDEOH ,QFRPH ZH QRWHG WKDW WKHUH LV ORZ VDYLQJV LQ 1LJHULD FRPSDUHG ZLWK VRPH RWKHU FRXQWULHV 7KH FXOWXUH RI ORZ VDYLQJV LV RQH RI WKH UHDVRQV ZK\ WKH LQWHUHVW UDWH RQ ORDQV LV KLJK LQ 1LJHULD ,Q RUGHU WR LQFUHDVH QDWLRQDO VDYLQJV PRUH SHRSOH QHHG WR EH HQFRXUDJHG WR VDYH WKHLU PRQH\ LQ DGGLWLRQ WR SURYLGLQJ DQ HQDEOLQJ

HQYLURQPHQW WR FUHDWH MREV VR WKDW PRUH 7KH '02 RQ EHKDOI RI WKH )*1 LVVXHV )*16% )L[HG LQWHUHVWV DUH SDLG RQFH LQ SHRSOH FDQ HDUQ LQFRPH IURP ZKLFK WKH\ WKH )*16% RQ WKH Â¿UVW ZHHN RI HYHU\ HYHU\ PRQWKV TXDUWHUO\ 7KXV IRU D PRQWK DQG LW LV RSHQ IRU ZRUNLQJ GD\V ,Q \HDU )*16% LQWHUHVW LV SDLG WLPHV ZKLOH FDQ VDYH DQG LQYHVW RUGHU WR EX\ WKH )*16% WKH LQYHVWRU PXVW LQWHUHVW LV SDLG WLPHV IRU D \HDU %HIRUH WKH )*1 LQWURGXFHG WKH 6DYLQJV DSSURDFK D '02 OLFHQVHG 6WRFNEURNHU WR ) * 1 6 % 7 K H D Y H U D J H L Q W H U H V W %RQG LQ 0DUFK WKH JRYHUQPHQW KDG DFW RQ KLV RU KHU EHKDOI 7KH 6DYLQJV %RQG UDWHV FRXSRQ UDWHV RQ WKH \HDU DQG WZR PDMRU VHFXULWLHV WR ERUURZ PRQH\ IURP KDV WKH IXOO VXSSRUW RI WKH )*1 DQG DV D \HDU )*16% DUH DQG WKH 1LJHULDQ SXEOLF )*1 %RQGV DQG UHVXOW UHWXUQV DUH DOZD\V SDLG UHJDUGOHVV UHVSHFWLYHO\ VLQFH LQFHSWLRQ ZKLFK DUH 1LJHULDQ 7UHDVXU\ %LOOV 17%V 7KH RI WKH VWDWH RI WKH HFRQRP\ 'XH WR WKLV ERWK KLJKHU WKDQ WKH VDYLQJV DFFRXQW PLQLPXP DPRXQW UHTXLUHG WR LQYHVW LQ WKH )*16% LV RQH RI WKH IHZ W\SHV RI LQWHUHVW UDWH ZKLFK LV WKHVH WZR VHFXULWLHV LV QRZ VLJQLÂ¿FDQWO\ Â¿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

5DWLR RI *URVV 1DWLRQDO 6DYLQJV WR *URVV 'RPHVWLF 3URGXFW ,0) (VWLPDWHV

<HDU )*16% ,QWHUHVW 5DWH

,QYHVWPHQW LQ )*16% )URP 1 WR 1

6RXUFHV ,QWHUQDWLRQDO 0RQHWDU\ )XQG ,0) 'HEW 0DQDJHPHQW 2IÂ¿FH '02 DQG )6'+ 5HVHDUFK

T H I S D AY Ëž ÍŻËœ Í°ÍŽÍŻÍˇ

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?Ă¤Ă?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ Í‘Í™Í’Í–Í“Í“Í–Í“Í”Í“Í–

Ita Faaji: Preventing Another Building Collapse Following the March 13 building collapse at the Ita Faaji area of Lagos Island where 20 people died and injured 45 others, Ojo Maduekwe writes on the role of regulatory agencies in building construction and prevention of such collapses

s the melting pot of Nigeria, Lagos with over 20 million residents is congested. The weight of this huge population on a state with 3,577 km2 landmass is crushing. Vehicular and human traffic have become part of the cityâ€™s landscape, and building collapse a recurring eyesore. From 1971 to 2016, there were 175 building collapses across the country, resulting in 1,455 deaths. This is according to a study by F.C. Omenihu, L.O. Onundi and M.A. Alkali, titled â€œAn Analysis of Building Collapse in Nigeria (1971-2016): Challenges for Stakeholders.â€? A breakdown of the report into states shows that of the 175 building collapse, 83 occurred in Lagos; and of the 1,455 recorded deaths from building collapse nationwide, 702 were in Lagos. Recently a building at the Ita Faaji area of Lagos Islsnd collapsed, killed 20 and injured 45 people. The three- storey building housed residents, and on the third floor was a primary school of about 100 students. It remains unclear if the building was designed to accommodate a school of that number, and whether the owner obtained the requisite approvals for the construction. Few days after the collapse, the state government set up a five-man panel to determine the remote cause, threatened to sue the owner and developer if they did not come forward to â€œpresent their caseâ€?. The government also promised to resume demolition of earlier marked buildings. Encouragingly, aside from the state governmentâ€™s response to the Ita Faaji collapse, there were also humanitarian aid by private organisations such as the MTN Foundation. On March 14, a day after the collapse, the foundation which is the social investment vehicle of MTN Nigeria, provided succour to the survivors, donating medical supplies to the Lagos Island General Hospital, where some of the injured survivors were admitted. Although proactive and highly commendable, the MTN Foundationâ€™s response is only remedial and humanitarian. In fact, other corporate citizens should emulate the foundationâ€™s swift response. Also commendable was the selfless act of some residents that donated blood to treat the survivors. However, to prevent a recurrence, the state government has a responsibility to ensure that going forward every building under construction follows stipulated guidelines. So far, the many collapses and demolitions suggest that the Lagos State Building Control Agency (LASBCA) is failing in its regulatory role. This shouldnâ€™t have been if the LASBCA followed the law that established it. Decree 88 of 1992 provided for the Nigerian Urban and Regional Planning Laws, and mandated a National Planning Commission for the federal government. The same law also provided urban and regional planning board for states, and local planning authority for the local governments. Of all the 36 states, only Lagos has shown a degree of professionalism in its building construction plan with the establishment of LASBCA. However, like most federal and state government agencies, the functions and responsibilities of LASBCA have been politicised and characterised by alleged corruption. According to Mr. Olusegun Ariyo, a journalist, certified urban planner and author of the book, Solution to Processing Land & Property Documents in Lagos State, a major challenge in urban planning in Lagos is â€˜political interferenceâ€™. â€œYou have politicians deciding who head agencies like LASBCA, and when a building is earmarked for demolition, you will see highly connected politicians begging on behalf of the owner,â€? he opined. There is also the issue of bribery and

Rescue workers at the scene of the Ita Faaji building collapse

Photo credit: GOOGLE

One of the primary school pupils rescued from the rubble corruption. â€œSome of the builders tend to bribe their way through, and since the majority of the staff in the regulatory agencies are underpaid and have no materials to work with, they are easily tempted,â€? Ariyo emphasised. Proffering solutions, Mr. Ariyo charged the state government to empower the staff of its regulatory agencies, stop the politicisation of appointments into critical agencies like the LASBCA, and empower urban planners to do their job. â€œIf there are urban planners and the government empowers them, every building construction would be supervised by government urban planners. In such a situation, if a building collapses, then we would know it is strictly the fault of urban planners working for the government,â€? he said. One key element embedded in urban and regional planning laws was the power given to regulatory agencies like the LASBCA to

regulate and guide building development. However, so far, there has been little or no regulation by the agencies; governments at the federal, state and local government level have failed to arm their agencies with the requisite tools to function. There is also a body that regulates the conduct of building engineers in the country, called the Nigerian Institution of Civil Engineers (NICE); but, many Nigerians, in a bid to cut cost in construction, resort to the services of quacks instead of registered engineers. The responsibilities of NICE is to ensure that members are trained on safety measures in building construction, and as stakeholders working hand-in-hand with the relevant government agencies on how to curb building collapse. When it concerns building construction, there are layers of professionals whose responsibilities merge to ensure that a building

is well constructed. For instance, you have surveyors, engineers, builders, architects, and urban planners. In terms of regulation, it is the urban planners' role to ensure that each professional in the construction process adheres to the approved design. There is a saying that Nigeria is not short of rules and regulations, the problem has always been in the implementation of those rules. The challenge with the Decree 88 of 1992 and the Nigerian Urban and Regional Planning Laws that it birthed, has been in their implementation. Therefore, it certainly wonâ€™t be out of place to say that many building collapses in the country are traceable to the failure of the government at the federal, state and local government levels in empowering the statutory regulatory agencies in discharging their duties. This is the challenge across Nigeria, and until this is fixed, no amount of panel can prevent another collapse.

T H I S D AY Ëž ÍŻËœ Í°ÍŽÍŻÍˇ

CRIME&SECURITY

Bereaved Family Seeks N100m as Damages over Daughterâ€™s Death Mary Nnah The family of late (Mrs.) Regina Iheanacho, who was allegedly murdered by her husband, Nkem Ihenacho, has approached an Ikeja High Court of Lagos State, seeking an order to compel the deceased's husband to pay them the sum of N100 million as general damages for the death of their daughter. The deceased, (nee Regina Inyang James) a native of Afia Nsit Udua Nko in Nsit Ibom Local Government Area, Akwa Ibom, was allegedly beaten to death by her husband on April 23, 2013. Her corpse has since then been deposited in the mortuary till date while the husband, a brother to the former Minister of Interior, Capt. Emmanuel Iheanacho (Rtd) and staff of Genesis Worldwide Shipping was sentenced to 15 years imprisonment for involuntary manslaughter after four years of trial and is still serving jail term in Ikoyi Prison, Lagos. Vexed over the alleged insensitivity and disregard by the Ihenaecho family over their loss, the bereaved family had through their counsel, Onwu Ekowa, Udoh & Co., berated them for abandoning her corpse in the mortuary for six years now. Consequently, joined as respondents alongside Nkem Ihenacho in the suit marked Temp/42473/19, are, his uncle, Captain Emmanuel Iheanacho and his company, Genesis Worldwide Shipping, where the deceased husband worked when the incident occurred. The demand vis-Ă -vis compensation charge which was filed at the Lagos High Court, Ikeja, recently, a copy which was made available to THISDAY in Lagos, stated, "The brutal murder of Regina Iheanacho by her husband for no just cause, and for no reason whatsoever, is most reckless, inhumane, barbaric, illegal, unlawful and unconstitutional, and thus constitutes a crass flagrant, colossal and total breach of the deceasedâ€™s right of life, dignity of human person, right to fair hearing, private and family life and right to freedom of movement enshrined and guaranteed in Sections 33,34,36, 37 and 41 of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the African Charter on Human and Peoples rights and the fundamental Right (Enforcement Procedure) Rules 2009, and thus a breach of the family rights to private and family life". A statement of affidavit in support of the matter in the same suit by the family of the deceased, stated that the conduct of the husband in killing his wife was confirmed by the police in Lagos and was found guilty in the court in Suit No: LCD/337/2013, adding that, "even after the husband has been found guilty of killing his wife, he and his brother, Capt. Emmanuel Iheanacho are still undisturbed about the corpse of his wife which has been abandoned in the mortuary since on the April 25, 2013 till today without any arrangement for her burial, notwithstanding that she has three children for the husband. The deceasedâ€™s family also alleged that since April 24, 2013,

CRIME SITUATION REPORTS

TIDBITS ABOUT THE NIGERIAN ARMY Symbols of NA Flag Like all the other service branches, the Nigerian Army has its own flag, which actually has a deep meaning behind the symbols that it carries. So what does it all mean? r 5IF FBHMF This stands for the grace and power of the army. Similar to an eagle, the army keeps watch in times of peace and strikes the enemies with frightening precision in times of war. r 5IF TUBS The star represents the unity of Nigeria, and it was actually created all the way back in 1914. What seems like a shadow is actually a black star merged with the yellow one. The two stars stand for the Southern and Northern Protectorates that were united in order to create Nigeria. r 5IF "SBCJD XSJUJOH The writing in Arabic is the motto of the Nigerian Army, which is â€˜Victory comes from God aloneâ€™. r 5IF SFE This stands for the enemy forces, and it is customary in NATO to use this colour in the military elements. The black stands for the cavalry and other troops. The two colours are placed in the same way the green and white are on the Nigerian flag.

Late Regina Iheanacho the Iheanachoâ€™s whose brother killed someone's daughter have not visited the deceased family to inform them about her death. The deceased's family represented by Chief Etubom Samson and Mr. Inyang James Nyoh, the deceased's father, in a fundamental rights enforcement suit filed before the court by their lawyer, Mr. Silas Udoh, also wants the court to declare that murder of the deceased constitutes an unwarranted and unprecedented abuse, an absurd and sobering violation of the Constitutionally and Statutorily guaranteed rights; and a breach of the applicants' right to dignity of human person. right to fair hearing right to private and family life and right to life of the applicantâ€˜s daughter. They also urged the court to declare that the violation of the deceasedâ€™s right to life is the violation of the rest of the fundamental rights constitutionally guaranteed to every citizen of Nigeria to which the deceased was otherwise entitled and therefore entitled to adequate compensation. The deceased's family in an affidavit deposed to by Chief Etubom Samson, averred that he is familiar with the facts of this case, having being the person that handled this matter from the police station to the Magistrateâ€™s Court and up to judgement at the High Court. Samson averred that the deceased had three children for the husband and that despite this, she was being subjecting to all manner of inhuman treatment, humiliation and degradation including restriction of access to her family members. Samson further stated that the climax of this inhumanity occurred on April 24, 2013 when the husband beat the deceased whom he claimed to be his wife and mother of his three children mercilessly, and ignored all her dying pleas to take her to the hospital after the beating till she defecated on herself twice before she died. He further said neither the deceasedâ€™s husband nor any

member of his family made any effort to provide any medical attention to the deceased, but left her throughout the night to die from the pains and severe injuries she sustained from the beating, which was the constant habit even on the day he beat her with a wire cable till she died. He revealed further that the conduct of Nkem Ihenacho in killing the deceased was confirmed by the police and was found guilty by the court in Suit No. LCD 337 2013. The State of Lagos and Ihenacho Nkem. Samson also stated that the deceasedâ€™s family has no money to pay for the six years mortuary bill which is now N1, 500,000 and the expenses of conveying the corpse to Akwa lbom State together with burial rites which is about N5, 000,000. He added that the deceasedâ€™s family is heavily indebted to people right now because of the expenses on the case, while their in-laws have abdicated their responsibilities. Samson also stated that they have lost all the resources invested on the deceased in terms of clothing, medical care, education from her birth till a mature age when the Ihenachos took her away from the family in 2012, which expenses amounted to N50,000,000, adding that they deserve to be compensated. Speaking with THISDAY in his office last week, counsel to the deceasedâ€™s family, said the family of late Regina are so worried and need the compensation to enable them remove the corpse of their daughter to bury as it has overstayed in the mortuary. "They called Chief Etubom Samson and I, who have been on top of the matter to file the case so that when all parties agree, the burial rites of Regina could commence. We have started the process and want to see the outcome, which I know will be positiveâ€?, Udoh said. Meanwhile, no date has been fixed for the hearing of the matter, as it is is yet to be assigned to any judge as at the time THISDAY went to press.

Ranks and Insignia of OfďŹ cers 4FDPOE -JFVUFOBOU This is the first rank in the officer hierarchy. They have one silver star on each of their shoulders. 'JSTU -JFVUFOBOU These officers have two vertically aligned silver stars on their shoulders. $BQUBJO This is the highest rank among the tactical troop organisation. Captains have three vertically aligned silver stars on their shoulders. .BKPS This is the lowest field officer rank in the Nigerian Army. Majors have a silver eagle on each shoulder. -JFVUFOBOU $PMPOFM It is a mid-level rank among the field officers. They have vertically aligned silver star and a silver eagle on each shoulders. $PMPOFM These officers are at the top of the field officer hierarchy and at the bottom of the commissioned officer hierarchy. They are responsible for the regiments. Colonels have two silver stars and a silver eagle (all vertically aligned) on each shoulder. Brigadier: These officers are responsible for commanding brigades. Brigadiers have three silver stars that form a triangle with a silver eagle on top. .BKPS (FOFSBM This is a mid-level commissioned officer rank. They have a golden emblem of the crossed sword and baton below a golden eagle on each shoulder. -JFVUFOBOU (FOFSBM This is the third highest rank in the Nigerian Army. These officers have the vertically aligned emblem of the crossed sword and baton, a star and an eagle, all in gold and on both shoulders. (FOFSBM This is the second highest rank, which, on practice, is the highest rank in the Nigerian Army. The General has vertically aligned crossed sword and baton, two stars and the eagle, all in gold and on both shoulders. "SNZ 'JFME .BSTIBM This is the top rank of the whole NigerianArmy, although nobody has thus far worn this tank. Army Field Marshal has an emblem of the crossed sword and baton surrounded by two branches and with an eagle on top, all in gold and on both shoulders.

Rank and Insignia of Soldiers 3FDSVJU 5SBJOFF This rank is for those who have just joined the army and are currently on the lowest level of hierarchy there is. Usually, recruits have no insignia, while trainees might have one shoulder mark. -BODF $PSQPSBM This rank is slightly higher than the recruit/trainee, but it is still the lowest officer rank. Lance Corporals also have one shoulder mark. $PSQPSBM Aperson in this position is responsible for a troopâ€™s body. Corporals have two shoulder marks. 4FSHFBOU This is the rank that comes next. This is a junior non-commissioned officer. Sergeants have three shoulder marks. 4UBGG 4FSHFBOU This is a senior non-commissioned rank of the Nigerian Army. Staff Sergeants have three shoulder marks and a golden eagle on top. 8BSSBOU 0GĂ DFS 4FSHFBOU 'JSTU $MBTT For this, itâ€™s insignia is the golden eagle surrounded by the matching golden crown made of olive leaves. .BTUFS 8BSSBOU 0GĂ DFS .BTUFS 4FSHFBOU Officers of this rank are responsible for military equipment. The insignia of the Master Warrant Officer/Master Sergeant is the Nigerian Coat Of Arms, where the horses are silver and the rest is golden. This concludes the non-commissioned ranks. Source: GOOGLE (Legit.ng)

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 29th-MARCH 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER

ITEM OF IMPORT

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION INDUSTRIAL RAW MATERIAL:FLAT ROLLED ALLOY STEEL BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL HOT ROLLED STEEL SHEETS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL IMPORTATION OF 1400 TONS OF AZ MOLDA, PLASTER OF PARIS BRANCD PURCHASE OF RAW MATERIAL FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG IMPORT OF INDUSTRIAL PARE PARTS HOT ROLLED STEEL CHANNELS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS INDUSTRIAL RAW MATERIAL HOT ROLLED:SEAMLESS STEEL IMPORTATION OF AC VOLTAGE REGULATORS KENOP 228.5, AMCARD 10, CLAVULIST 228.5, CLAVULIST 100, MISOPROSTOL 200MCG. TABLETS RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS AND HOT ROLLED STEEL ANGLES RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION PURCHASE OF MOTORCYCLE SPARE PART PURCHASE OF RAW MATERIALS INDUSTRIAL RAW MATERIAL HOT ROLLED:SEAMLESS STEEL WIRELESS COMMUNICATION APPARATUS TO BE USED IN LTE WIDE AREA NETWORK INSTANT FAT FILLED MILK POWDER 28%-FORTO PURCHASE OF RAW MATERIAL INDUSTRIAL RAW MATERIAL:STEEL FOR TOWERS AND LATTICE MASTS AC MOTOR IMPORTATION OF GAZPROMNEFT LUBRICANT OIL PAYMENT FOR COMPLETE SYSTEMS FOR 3 LAYER HOUSES UV778 AND 1 REARING HOUSE UV-S680 WIRELESS COMMUNICATION APPARATUS TO BE USED IN LTE WIDE AREA NETWORK RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS PAYMENT OF VEHICLE PARTS IMPORTATION OF GAZPROMNEFT LUBRICANT OIL BAJAJ RE 4S 19B.88CC AUTORICKSHAW IN CKD PACKED CONDITION IMPORTATION OF 7,004 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEEDS VIA LC INDUSTRIAL RAW MATERIAL:FLAT ROLLED ALLOY STEEL RAW MATERIAL- SKIM MILK POWDER IN 25KG BAGS PAYMENT FOR AGRICULTURAL HERBICIDE INSTANT FAT FILLED MILK POWDER 28%-FORTO 25KG RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL HOT ROLLED STEEL (SHEETS) FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL IMPORTATION OF INDUSTRIAL RAW MATERIALS- SYNTHETIC TOW OF ACRYLIC SPINNING ONE NEW CATERPILLAR NATURAL GAS OPERATION GEN-SET CG260-16-4300 EKW (AT ISO CONDITIONS) 11,000V , 50HZ , 1000RPM CONTAINOUS POWER PHARMACEUTICAL FORMULATIONS BEING PAYMENT FOR LPG CYLINDER, CYLINDER HANDLE, CYLINDER BASE, LPG BURNER, LPG HOSE ETC NEW INDUSTRIAL SPARE PARTS FOR MANUFACTURING PURPOSES PHARMACEUTICAL PACKAGING MATERIAL & PHARMACEUTICAL CHEMICALS 12,000 METRIC TONS OF U.S. NO. 2 OR BETTER SOFT RED WINTER WHEAT WITH MINIMUM PROTEIN OF 9 PERCENT. TO IMPORT 100 UNITS BRAND NEW JINBEI BRAND BUSES IMPORTATION OF PETROLEUM PRODUCTS TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 20,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED TRI-AXLE SIDE-WALL SEMI-TRAILER GENERATING SETS IN CKD FORM GENERATING SETS IN CKD FORM GENERATING SET IN CKD FORM GENERATING SETS IN CKD FORM 15,000MT BRAZILIAN CANE RAW SUGAR GENERATING SETS IN CKD FORM BASE OIL GENERATING SETS IN CKD FORM MILLING WHEAT LC PAYMENT FOR 1300 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED LC PAYMENT FOR 1350 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL MACHINERY FOR STORAGE AND RE-PRODUCTION OF ELECTRIC CURRENT (STATIC CONVERTER) GENUS BRAND PURCHASE OF DRIED ANIMAL FEED MACHINERY FOR STORAGE AND RE-PRODUCTION OF ELECTRIC CURRENT (STATIC CONVERTER) GENUS BRAND RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL TINOPAL CBS-X ACUTEX, ODORIFEROUS SUBSTANCE, SODIUM CARBONATE (DENS), SPECKLES GRANULES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL SODIUM TRIPOLYPHOSPHATE RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL IMPORT OF INDUSTRIAL RAW MATERIAL - LDPE IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE DIISOCYANATE IMPORT OF INDUSTRIAL RAW MATERIAL - PVC IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN OIL IMPORT OF INDUSTRIAL RAW MATERIAL - IPEA IMPORT OF INDUSTRIAL RAW MATERIAL - HDPE IMPORT OF INDUSTRIAL RAW MATERIAL - ETHYL ACETATE IMPORTATION OF RAW MATERIALS DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION ONE NEW CATERPILLAR NATURAL GAS OPERATION GEN-SET CG260-16-4300 EKW (AT ISO CONDITIONS) 11,000V , 50HZ , 1000RPM CONTAINOUS POWER EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION PTA PTA PTA PTA PTA PTA INDUSTRIAL RAW MATERIAL FOR PRODUCTION OF EXERCISE BOOKS: DIVIDEND AND CAPITAL REPATRIATION SALE TO CBN EDUCATION EDUCATION EDUCATION STEEL DOORS UNCOATED KRAFT PAPER AND BOARD UMBRELLA CYLINDER LINEAR FOOTBAL SHINE

ECOBANK SOUTH SOUDAN ECOBANK GAMBIA BIMVENUS MULTIPURPOSE CONCEPT INTL DAG INDUSTRIES NIGERIA LTD SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD CHAB INVESTMENT COMPANY LIMITED ANXIN INDUSTRIAL TECHNOLOGY NIGERIA EAGLE INDUSTRIES INTL CONCEPT LIMI PENTAGON PLASTIC INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD IRON PRODUCTS INDUSTRIES LIMITED MODEL STEEL INDUSTRIES LTD VINTECH INVESTMENT LIMITED

AQUATIX PHARMACEUTICALS LIMITED

IRON PRODUCTS INDUSTRIES LIMITED

18 19 20 21 22 23 24 25 26 27 28

SABASTEEL INDUSTRIAL NIG LTD DAG INDUSTRIES NIGERIA LTD SUNRAIN AGRIC ASSOCIATES LTD ANXIN INDUSTRIAL TECHNOLOGY NIGERIA MODEL STEEL INDUSTRIES LTD SPECTRANET LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI ANXIN INDUSTRIAL TECHNOLOGY NIGERIA BIMVENUS MULTIPURPOSE CONCEPT INTL A M N COMPANY LTD ADIREJE WEST AFRICA LTD

VICTORIA INTEGRATED AGRO FARMS LIMITED

30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

SPECTRANET LIMITED IRON PRODUCTS INDUSTRIES LIMITED ASHOK LEYLAND NIGERIA LIMITED ADIREJE WEST AFRICA LTD DAG INDUSTRIES NIGERIA LTD INTEGRATED FISHERIES COMP LTD BIMVENUS MULTIPURPOSE CONCEPT INTL ORIENTAL FOOD INDUSTRY LIMITED CROPS GATE LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI SABASTEEL INDUSTRIAL NIG LTD BIMVENUS MULTIPURPOSE CONCEPT INTL EAGLE INDUSTRIES INTL CONCEPT LIMI IRON PRODUCTS INDUSTRIES LIMITED DAG INDUSTRIES NIGERIA LTD EAGLE INDUSTRIES INTL CONCEPT LIMI IRON PRODUCTS INDUSTRIES LIMITED DAG INDUSTRIES NIGERIA LTD IRON PRODUCTS INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD HAFFAR INDUSTRIAL COMPANY LIMITED

MANTRAC NIGERIA LIMITED

KRISHAT PHARMA INDUSTRIES LIMITED

GERADISCO

54 55

FLOUR MILLS OF NIGERIA PLC KRISHAT PHARMA INDUSTRIES LIMITED

FLOUR MILLS OF NIGERIA PLC

57 58

NSIK MOTORS LIMITED PRUDENT ENERGY AND SERVICES LTD

TULCAN ENERGY RESOURCES LIMITED

60 61 62 63 64 65 66 67 68 69 70 71 72

BUA SUGAR REFINERY LIMITED JMG LIMITED JMG LIMITED JMG LIMITED JMG LIMITED DANGOTE SUGAR REFINERY PLC JMG LIMITED BASE FLUID EXCHANGES LTD JMG LIMITED DANGOTE FLOUR MILLS PLC INTEGRATED FISHERIES COMP LTD INTEGRATED FISHERIES COMP LTD SABASTEEL INDUSTRIAL NIG LTD

SIMBA INDUSTRIES LIMITED

NAKS INTERNATIONAL CO LTD

SIMBA INDUSTRIES LIMITED

76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94

SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD EKO SUPREME RESOURCES NIGERIA LIMI NATURAL PRIME RESOURCES NIGERIA LI WEST AFRICAN CERAMICS LIMITED IRON PRODUCTS INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD NATURAL PRIME RESOURCES NIGERIA LI SABASTEEL INDUSTRIAL NIG LTD REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED TOMBO INDUSTRIES LIMITED THE SLAY NETWORK LTD THE SLAY NETWORK LTD

MANTRAC NIGERIA LIMITED

96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121

OHAKOSIM VICTOR NNADOZIE ADEDOKUN FEMI BOLANLE ANOZIE GLORY CHIMAMKPAM SHODA OLASUNKANMI OLUWOLE AKANNO BENJAMIN GBEGBAJE MARVIX EGHWONOWAN SONIANOBBY ASSOCIATES ALEYIDEINO SAMAILA SOFEME NMEZI PRECIOUS NNAMDI ALHASSAN EMMANUEL ONU EHIWARIO ANTHONY KAYODE OGUNMUSIRE OLUWOLE JONES OTITE IMO JOE SALIFU ISA EGAH OMOREGIE GLORIA VISTA INTERNATIONAL LIMITED THE SLAY NETWORK LTD CENTRAL BANK OF NIGERIA AJAYI OLAYINKA ADEDAYO OKORO HANNAH ONESHIRONA MESSAVUSSU MARGRET OTIBHOR SUPREME CHOICE RESOURCES LTD IFY CHEF GLOBAL LIMITED NOBLESSE FIELD PRIMARY RICHNEZ GLOBAL MERCHANDISE LTD OCEANIC FISHING WORLD LTD

DATE OF USD EXFUND CHANGE SALE RATE

25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19

361.00 361.00 342.50 343.50 342.50 342.50 342.50 342.50 345.50 342.50 342.50 342.50 342.50 342.50 342.50

AMOUNT

SN CUSTOMER

ITEM OF IMPORT

278,055.56 92,895.83 2,000.00 59,000.00 147,000.00 116,000.00 220,000.00 2,000.00 13,000.00 32,000.00 52,000.00 17,000.00 300,000.00 18,000.00 6,000.00

122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152

AUTO SPARE PART (WATER PUMP) UNCOATED CRAFT PAPER AND BOARD INSTANT DRY YEAST WALL PAPER DECORATIVE WALL PAPER DECORATIVE UNCOATED KRAFT PAPER AND BOARD STEEL DOORS B/W ULTRASOUND (CONVEX PROBE) UNCOATED KRAFT PAPER AND BOARD DRIVING PLATES FISHING NET (MODEL:400MD) TAILORING MATERIAL (SEWING THREAD) UNCOATED KRAFT PAPER AND BOARD UNCOATED KRAFT PAPER AND BOARD SHOVEL WITH STEEL HANDLE PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA SALE TO CBN 20,000MT OF GASOIL (AGO) FOR IMPORTATION OF ANIMAL FEED PANASONIC AIRCONDITIONER IMPORT OF INDUSTRIAL RAW MATERIAL - GREY BOARD PURCHASE OF NEW MOTORCYCLE THREE WHEELER IN CKD TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 10,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS PURCHASE OF MOTORCYCLE SPARE PARTS TVS HLX PLUS 100CC KS (AGD) MOTORCYCLES IN CKD - TVS BRAND, ENGINE TYPE: 4 STROKE PETROL VERSION BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION PURCHASE OF AC MOTOR IMPORT OF INDUSTRIAL RAW MATERIAL - ETHYL ACETATE BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION AGRICULTURAL INSECTICIDES PAYMENT FOR COMPLETE SYSTEMS FOR 3 LAYER HOUSES UV778 AND 1 REARING HOUSE UV-S680 IMPORT OF INDUSTRIAL RAW MATERIAL - LDPE 68.80 MT OF PROPYLENE GLYCOL USP GRADE (RAW MATERIAL FOR INDUSTRY) AS PER PFI NO:CI18068, DATED,06-06-2018 IMPORT OF ELECTRICAL AND ELECTRONIC EQUIPMENT KENSTAR SPLIT-TYPE AIRCONDITIONER IMPORT OF INDUSTRIAL RAW MATERIAL - HDPE DISH ANTENNA IMPORT OF INDUSTRIAL RAW MATERIAL - CAUSTIC SODA PEARLS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS ONE NEW CATERPILLAR NATURAL GAS OPERATION GEN-SET CG260-16-4300 EKW (AT ISO CONDITIONS) 11,000V , 50HZ , 1000RPM CONTAINOUS POWER DAIKIN SPLIT TYPE AIRCONDITIONER ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING THREE WHEELERS (200CC MOTORIZED TRICYCLES SPARK IGNITION) IN CKD - TVS BRAND, ENGINE TYPE: 4 STROKE PETROL VERSION RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS KENSTAR HOME APPLIANCES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS AGRICULTURAL HERBICIDES IMPORT OF INDUSTRIAL RAW MATERIAL - HDPE RAW MATERIALS FOR INDUSTRIAL USE: SODIUM SALT OF PALMITIC ACID AGRICULTURAL INSECTICIDE: SNIPER/NOPEST DAIKIN SPLIT AIRCONDITIONERS KENSTAR AIRCONDITIONER BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION FX PURCHASE FOR FINISHED GOODS PANASONIC AIRCONDITIONERS ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING IMPORT OF INDUSTRIAL RAW MATERIAL - GLYCERINE TVS HLX PLUS 100CC KS (AGD) MOTORCYCLES IN CKD - TVS BRAND, ENGINE TYPE: 4 STROKE PETROL VERSION TIARA INSTANT FLAVOUR DRINK PINEAPPLE, BERRIES, MANGO, ORANGE 12 X 24 X 10 GM KENSTAR AIRCONDITIONER PURCHASE OF DRIED ANIMAL FEED TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 10,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED FOREX BID REQUEST FOR FORM M (APPLICATION NUMBER MF20190011964} BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION BAJAJ BOXER BM100CC MOTORCYCLE IN CKD PACKED CONDITION USED VOLVO MINING EQUIPMENT A35F FOR THE IMPORATATION VOLVO CRAWLER PIGMENT YELLOW AND PIGMENT RED EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION AUTO INJECTOR INDUSTRIAL FILTER SPORTS EQUIPMENT UMBRELLA FOOTBALL SHINE UMBRELLA WATER PUMP AQUASTOPPER PP3,PP4Y,PP3Y AND PG3 WATERPROOFING MEMBRANE -RAW MATERIALS FOR CONSTRUCTION INDUSTRY UMBRELLA MICROSCOPE XSZ-107 BN CYLINDER LINEAR FOOTBALL SHINE CYLINDER LINEAR PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION 15 UNITS KINGLONG VEHICLES SALE TO CBN SALE TO CBN SALE TO CBN SUBSCRIPTION FEES EDUCATION EDUCATION EDUCATION FOOTBALLSHINE FAN COIL SPARE PARTS ( MOTOR COIL+ BRACKET) SEWING MACHINE NEEDLE CYLINDER LINEAR

25-Mar-19

343.50

8,000.00

25-Mar-19

342.50

708,000.00

25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19

342.50 346.50 345.00 345.50 342.50 345.50 342.50 345.50 342.50 345.50 347.50

600,000.00 92,000.00 37,000.00 14,000.00 51,000.00 18,300.00 7,000.00 21,000.00 49,000.00 17,000.00 5,000.00

25-Mar-19

344.50

169,000.00

25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19

345.50 342.50 343.50 347.50 343.50 342.50 342.50 343.00 342.50 342.50 342.50 342.50 342.50 342.50 346.50 342.50 342.50 346.50 342.50 342.50 345.50

128,297.00 200,000.00 1,000.00 8,000.00 40,000.00 112,000.00 29,000.00 2,000.00 1,000.00 8,000.00 540,000.00 740,000.00 4,000.00 21,000.00 143,000.00 14,000.00 13,000.00 39,000.00 423,000.00 48,000.00 8,000.00

25-Mar-19

347.50

290,000.00

25-Mar-19

341.00

56,000.00

25-Mar-19

341.00

22,000.00

25-Mar-19 25-Mar-19

341.00 341.00

18,000.00 44,000.00

25-Mar-19

341.00

100,000.00

25-Mar-19 25-Mar-19

340.50 340.50

249,000.00 49,000.00 800,000.00

25-Mar-19

340.50

25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19

340.00 100,000.00 339.00 52,000.00 339.00 72,000.00 339.00 18,000.00 339.00 18,000.00 339.00 1,000,000.00 339.00 15,000.00 340.00 124,000.00 339.00 18,000.00 339.00 160,000.00 338.50 6,000.00 338.50 19,000.00 333.00 33,000.00

25-Mar-19

338.00

77,000.00

25-Mar-19

338.00

18,000.00

25-Mar-19

338.00

40,000.00

25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19

333.00 333.00 335.50 335.50 333.50 333.00 333.00 335.50 333.00 331.50 331.50 331.50 331.50 331.50 331.50 331.50 332.00 357.00 357.00

94,000.00 57,000.00 14,000.00 18,000.00 10,000.00 189,000.00 20,000.00 8,000.00 136,000.00 71,000.00 57,000.00 212,000.00 81,000.00 62,000.00 7,000.00 64,000.00 30,000.00 21,295.20 224,140.95

25-Mar-19

331.00

14,297.28

25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19

358.50 10,135.88 358.50 1,624.19 358.50 4,629.80 358.50 2,498.76 358.50 3,071.00 358.50 6,025.75 358.50 12,865.84 358.50 6,084.88 358.50 5,107.02 358.50 2,000.00 358.50 2,116.48 358.50 4,000.00 358.50 1,500.00 358.50 2,839.50 358.50 4,000.00 307.45 25,000.00 357.00 20,736.82 357.00 1,296,304.05 358.50 2,000.00 358.50 3,634.56 358.50 12,215.53 358.50 20,000.00 358.50 20,000.00 358.50 10,000.00 358.50 20,000.00 358.50 20,000.00

OSNO LTD HOME CHOICE COSMETICS AND SUPERMARKET GILSON ENTERPRISES LIMITED PRINCE O J GLOBAL SERVICES LTD U U UGOTEX AND PARTNERS BUT ONE DAY LIMITED REMY CADO NETWORKS LTD UNITED SURGICAL LIMITED DIVINE ANEKO PROJECT BEST POWER INDUSTRIAL COMPANY LTD ISDORE GLOBAL SERVICES LTD LOUIS FIGO ENTERPRISES NIG WILL-ROOT VENTURES LTD 50-50 GLOBAL RESOURCES CHIMAG COLLINS NIGERIA ENTERPRISES ATOYEBI JOSEPH OLUFEMI AMBAH OFFONG AGBOLUAJE-AMZAT IDOWU FATAI DOMINIC MERCY JOSEPH IHEMEBIGA EMMANUEL DAVID DR (MRS) OLUTOSIN FAGBEMI SALAKO LAWRENCE ADEGOKE SULE MAIMUNAT EZEAKA ANDREW UCHECHUKWU VICTORIA FOLAKE LABIRAN CENTRAL BANK OF NIGERIA A A RANO NIGERIA LTD NAKS INTERNATIONAL CO LTD FRANKENSTEIN INNOVATORS LIMITED REGAL CHEM NIGERIA LIMITED OBOTICA INDUSTRIAL LTD

153 TULCAN ENERGY RESOURCES LIMITED 154 SABASTEEL INDUSTRIAL NIG LTD 155 IRON PRODUCTS INDUSTRIES LIMITED 156 OBOTICA INDUSTRIAL LTD 157 WANDEL INTERNATIONAL NIG LTD 158 159 160 161 162

DAG INDUSTRIES NIGERIA LTD OBOTICA INDUSTRIAL LTD REGATTA INDUSTRIES LIMITED DAG INDUSTRIES NIGERIA LTD JUBAILI AGROTEC LIMITED

163 VICTORIA INTEGRATED AGRO FARMS LIMITED 164 REGAL CHEM NIGERIA LIMITED 165 CHELLARAMS 166 167 168 169 170 171

NAIJA GLOBAL LOGISTICS LTD SACRAL INDUSTRIES LTD REGAL CHEM NIGERIA LIMITED NTA STAR TV NETWORK LTD REGATTA INDUSTRIES LIMITED IRON PRODUCTS INDUSTRIES LIMITED

172 MANTRAC NIGERIA LIMITED 173 FRANKENSTEIN INNOVATORS LIMITED 174 CKS INTERNATIONAL LIMITED 175 WANDEL INTERNATIONAL NIG LTD 176 177 178 179 180 181 182 183 184 185 186 187 188 189

IRON PRODUCTS INDUSTRIES LIMITED SACRAL INDUSTRIES LTD IRON PRODUCTS INDUSTRIES LIMITED JUBAILI AGROTEC LIMITED REGAL CHEM NIGERIA LIMITED SAPONARIA INDUSTRIES LIMI SARO AGROSCIENCE LIMITED FRANKENSTEIN INNOVATORS LIMITED SACRAL INDUSTRIES LTD DAG INDUSTRIES NIGERIA LTD AQUATIX PHARMACEUTICALS LIMITED NAIJA GLOBAL LOGISTICS LTD CKS INTERNATIONAL LIMITED REGATTA INDUSTRIES LIMITED

190 WANDEL INTERNATIONAL NIG LTD 191 DEE-LITE NIGERIA LIMITED 192 FRANKENSTEIN INNOVATORS LIMITED 193 NAKS INTERNATIONAL CO LTD 194 TULCAN ENERGY RESOURCES LIMITED 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217

ORETRONICS TECHNOLOGY LIMITED DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD SWEDISH MACHINERY & TRUCK NIG LTD SWEDISH MACHINERY & TRUCK NIG LTD OLYMPIC INKS LIMITED FRANCIS EBUTA BISONG DAWODU AKINTUNDE OLUSOJI OLANIYAN LATEEF KOLAWOLE EDET SAVIOUR NSE OGUERI ELEXIUS IKENNA AKANBI AYOMIDE OLUSHOLA OGBUAGU NNAJIUNO OLIVER EDJEMRE JOLOMI DOMINGO UNDIYAUNDEYE FLORENCE ATUBE SIMCHEM INTERNATIONAL COMPANY LIMIT MACKORIE INTL CO. LTD DUSTODON VENTURES ONAMART INNOVENTION LIMITED OBEGTRO GLOBAL CONCEPTS LTD FORT FOUNDATION SCHOOL AWADA HARVAD PHARMACEUTICALS COMPANY LT

218 RUFFY AND SONS MULTILINK 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242

OGENE CONCERNS LIMITED CADEZ AFRICAN CO NIG IJEOMA AND RICHARD GLOBAL MERCHAND VICMO INTER TOTOWN NIGERIA LIMITED ATOYEBI ABIGAIL OLAYONU FADAHUNSI VICTORIA ADEOLA ODUBELA ADUROJA VERONICA FUNMILAYO NWAWOKO BENNETT OBINNA ECOBANK TRANSNATIONAL INCORPORATED DAG INDUSTRIES NIGERIA LTD DAG INDUSTRIES NIGERIA LTD CFAO MOTORS NIGERIA LIMITED CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA ECOBANK NIGERIA LIMITED EDET SAVIOUR NSE OBOMA FRANCIS OGHENE EFEDHOMA IJU KELLY EVERBEST MULTI GLOBAL LTD EMMAUSAM TECHNICAL SERVCIES LTD IZUBIG GLOBAL RESOURCES LIMITED ROYAL CENTRAL ENERGY GLOBAL LIMITED

DATE OF USD EXFUND CHANGE SALE RATE

AMOUNT

26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19

358.50 20,000.00 358.50 10,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 10,000.00 358.50 20,000.00 358.50 20,000.00 358.50 20,000.00 358.50 2,100.00 358.50 3,000.00 358.50 4,000.00 358.50 1,000.00 358.50 1,000.00 358.50 900.00 358.50 1,000.00 358.50 4,000.00 358.50 4,000.00 358.50 2,500.00 358.50 568.25 355.00 2,589,031.07 355.50 2,410,968.93 355.50 94,997.08 355.50 14,000.00 355.50 26,657.00 70,800.00 355.50

27-Mar-19

355.50

100,000.00

27-Mar-19 27-Mar-19 27-Mar-19

355.50 355.50 355.50

25,025.00 6,625.00 72,944.04

27-Mar-19

355.50

138,106.80

27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19

355.50 355.50 355.50 355.50 355.50

146,830.00 15,952.00 123,280.00 364,170.00 52,100.00 603,302.12

27-Mar-19

355.50

27-Mar-19

355.50

69,795.00

27-Mar-19

355.50

89,724.00

27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19

355.50 355.50 355.50 355.50 355.50 355.50

29,509.20 23,153.20 104,375.00 70,000.00 109,620.00 142,292.00

27-Mar-19

355.50

695,702.72

27-Mar-19 27-Mar-19

355.50 355.50

70,956.12 222,963.46

27-Mar-19

355.50

28,879.88

27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19

355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50 355.50

24,541.00 52,750.50 85,900.00 58,160.00 25,000.00 3,622.36 166,000.00 39,808.00 135,804.00 433,170.00 35,457.60 9,399.90 98,557.25 73,197.27

27-Mar-19

355.50

69,020.29

27-Mar-19

355.50

54,586.95

27-Mar-19 27-Mar-19

355.50 355.50

47,571.73 39,711.85

27-Mar-19

355.50

33,038.15

27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19

355.50 359.75 359.75 359.75 360.00 360.00 361.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50

2,943.53 17,680.00 3,150.00 719,170.00 297,500.00 91,517.00 57,428.46 1,552.20 2,986.42 8,400.00 4,451.32 4,632.60 14,745.90 6,289.65 5,821.11 3,230.47 20,000.00 20,000.00 20,000.00 8,450.00 20,000.00 7,400.00 2,000.00

27-Mar-19

358.50

20,000.00

27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 28-Mar-19 27-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19

358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 361.00 351.00 331.00 361.00 357.00 357.00 357.00 360.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50

20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 4,000.00 4,000.00 4,000.00 2,500.00 183,891.67 80,000.00 40,484.50 72,175.04 156,315.96 720,000.00 750,000.00 3,052.62 4,409.66 3,002.98 3,805.99 20,000.00 3,519.22 20,000.00 20,000.00

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 29th-MARCH 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER

ITEM OF IMPORT

243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286

SOLAR PANELS FLOORMAT UMBRELLA FOOTBALL SHINE PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION DIVIDEND AND CAPITAL REPATRIATION BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION OFFSHORE CHARGE SALE TO CBN EDUCATION EDUCATION EDUCATION EDUCATION NEW AUTO PARTS (SPROCKET) MULTIMEDIA LED SCREEN SEWING MACHINE NEEDLE CEFTRIAXONE SODIUM POWDER FOR INJECTION PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA

IDYLLIC TECHNOLOGIES LTD WAXTALL LTD BLESSED K.C ENTERPRISES NIG HENRY-EMI RESOURCES LIMITED SANGOWAWA LAURENCE ZINON GOBIR YAHAYA EGBULE CHIDUMEBI ADA ABUBAKAR USMAN UGWU JERRY IKEANYI PAUL-EDEH PAULINA AJAYI ADEDAYO AJAYI ADEDAYO AKPOKENE NGOZI FLORENCE BANKOLE ADENIKE RALIAT SANGOWAWA ADEWALE ODEDINA ABIODUN TAIWO ODEDINA YETUNDE IDOWU DAG INDUSTRIES NIGERIA LTD THE SLAY NETWORK LTD DAG INDUSTRIES NIGERIA LTD SCC NIGERIA LIMITED (2) CENTRAL BANK OF NIGERIA ADIELE RICHARD NWABUEZE FALUSI OJO LUCAS LOPHIX ENTERPRISES LOPHIX ENTERPRISES EBONY PROACTIVE SOLUTIONS CONSULT BANKKYFRED CONCEPT NIG ENT MICH IRUOHA VENTURES ENTERPRISE NCI PHARM CHEM IND LTD ALUKO PRIZE FELIX YAZID SURAYYA ADO UWAKWE SIXTUS IKECHI OKUNOWO RAFIAT OMOLARA OKUNOWO ADEFUNMILOLA TAIWO OKUNOWO OLUSEGUN KEHINDE ODUEH FRANCIS CHUKWUWIKE OSHARE OCHONRAYEN MOSES HAUWA ASABE YAHAYA OGUNTADE OLUBUNMI OYINLOLA UKAH CHRISTPHER IFEANYI AKINBOLA MARY OLURANTI EZEAKA ANDREW UCHECHUKWU OLALEYE QUADRI ADEWUNMI

DATE OF USD EXFUND CHANGE SALE RATE

28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19

AMOUNT

358.50 8,000.00 358.50 3,000.00 358.50 20,000.00 358.50 20,000.00 358.50 4,000.00 358.50 3,500.00 358.50 1,720.68 358.50 1,323.60 358.50 2,647.20 358.50 2,000.00 358.50 2,500.00 358.50 661.75 358.50 3,970.50 358.50 2,779.35 358.50 4,000.00 358.50 4,000.00 358.50 4,000.00 306.95 30,000.00 357.00 174,204.63 331.00 10,387.88 360.00 8,267.21 357.00 1,400,000.00 358.50 2,625.77 358.50 6,452.06 358.50 2,000.00 358.50 2,000.00 358.50 20,000.00 358.50 3,750.00 358.50 20,000.00 358.50 20,000.00 358.50 3,957.10 358.50 4,000.00 358.50 794.10 358.50 3,000.00 358.50 4,000.00 358.50 4,000.00 358.50 2,625.60 358.50 3,282.00 358.50 2,000.00 358.50 3,999.05 358.50 1,969.20 358.50 1,500.00 358.50 1,350.00 358.50 3,500.00

RETURNS ON UTILIZATION OF FUNDS SOLD (CNY) TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 29TH-MARCH 2019 SN CUSTOMER 1 2

ITEM OF IMPORT

DATE OF CNY EXCH- AMOUNT FUND SALE ANGE RATE

OLYMPIC INKS LIMITED PIGMENT YELLOW AND PIGMENT RED SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR

25-Mar-19 25-Mar-19

52.50 305,415.00 51.00 675,000.00

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 29TH-MARCH 2019 SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85

SOURCE INTERBANK CENTRAL BANK OF NIGERIA CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO IMTO OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS INTERBANK DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS IMTO IMTO IMTO IMTO IMTO OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS CAPITAL IMPRT/FDI OTHERS OTHERS CAPITAL IMPRT/FDI DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS IMTO IMTO OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS CAPITAL IMPRT/FDI DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS IMTO

DATE OF FUND PURCHASE 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 25-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 26-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 27-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 28-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19 29-Mar-19

USD EXCHANGE RATE 306.90 306.45 342.68 340.50 340.00 338.64 338.00 333.59 331.03 356.00 356.00 330.00 355.00 355.00 355.00 355.00 355.00 354.99 354.96 355.00 355.00 355.00 355.00 355.00 355.00 356.00 356.00 356.00 356.00 360.24 360.29 360.20 360.09 356.00 355.00 354.97 355.00 355.01 355.00 355.00 306.95 359.00 356.00 359.00 356.00 357.00 357.00 355.00 355.00 359.00 350.00 354.96 355.00 355.00 355.00 355.00 356.00 356.00 356.00 366.03 363.38 360.12 359.50 360.19 356.00 359.50 359.00 330.00 355.00 355.00 356.00 356.00 360.09 360.11 360.18 355.00 355.00 355.00 355.01 359.50 359.50 330.00 356.00 359.50 354.99

TOTAL AMOUNT AVERAGE AMOUNT

SN 1 2

RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 29TH-MARCH 2019 SOURCE DATE OF FUND PURCHASE CNY EXCHANGE RATE CBN INTERVENTION 25-Mar-19 52.00 CBN INTERVENTION 25-Mar-19 50.50 TOTAL AMOUNT AVERAGE AMOUNT

AMOUNT 10,000.00 100,000.00 5,592,597.00 240,000.00 1,098,000.00 1,577,000.00 25,000.00 714,000.00 584,000.00 224,140.95 21,295.20 14,297.28 96,725.67 2,500.21 19,435.61 35,897.97 18,130.33 26,768.30 20,950.58 34,469.16 38,131.37 88,369.66 99,109.14 188,611.97 96,722.38 21,375.62 90,261.06 168,936.62 848,067.08 14,081.84 16,100.08 18,263.97 4,364.47 310,941.36 352.94 9.17 5,175.78 100.53 19,665.63 91,562.93 25,000.00 32,500.00 2,478.73 20,000.00 20,736.82 1,000,000.00 1,500,000.00 5,000,000.00 5,000,000.00 27,000.00 80,000.00 20,884.07 44,610.05 23,114.78 22,482.64 78,683.78 54,060.20 37,549.79 137,032.55 14,806.18 1,882.34 6,413.92 4,200,000.00 4,976.83 19,021.62 11,000,000.00 740,000.00 40,484.50 111,680.14 96,986.41 7,147.91 176,458.11 3,617.79 3,914.40 6,019.21 103,222.35 438.58 53,713.87 197.67 5,000,000.00 275,000.00 10,387.88 174,204.63 175,000.00 30,188.52 47,957,308.13 564,203.63

AMOUNT 305,415.00 675,000.00 980,415.00 490,207.50

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWS

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

Nigeria Ranks Sixth Most Miserable Country in the World Report shows Nigeria is sinking under Buhari, says PDP Iyobosa Uwugiaren in Abuja A report by Steve Hanke, an economist from John Hopkins University in Baltimore, United States, has listed Nigeria, Venezuela, Iran, Brazil and others among the first 10 miserable countries in the world with Nigeria assuming the sixth position. According to the report, Venezuela was listed as the most miserable country in the world, saying: “Venezuela holds the inglorious title of the most miserable country in the world in 2018, as it did in 2017, 2016, and 2015.” Reacting to the recent report, the main opposition party, the Peoples Democratic Party (PDP), yesterday described Steve Hanke’s report as a vindication of its position all this while, adding that the country has sunk into a new low since President Muhammadu Buhari assumed power in 2015. Iran took third in the ranking while Brazil made it to the fourth position. Turkey took fifth position as the giant of Africa, Nigeria, emerged sixth. The Misery Index was calculated

using economic indices, including unemployment, inflation and bank lending rates. For Nigeria, unemployment rate was the major contributing factor to its miserable state. The report added: “The first Misery Index was constructed by an economist, Art Okun, in the 1960s as a way to provide President Lyndon Johnson of US with an easily digestible snapshot of the economy. That original Misery Index was just a simple sum of a nation’s annual inflation rate and its unemployment rate. ‘’The index has been modified several times, first by Robert Barro of Harvard University and then by myself. My modified Misery Index is the sum of the unemployment, inflation and bank lending rates, minus the percentage change in real GDP per capita. “Higher readings on the first three elements are bad and make people more miserable. These are offset by a good (GDP per capita growth), which is subtracted from the sum of the ‘bads’. A higher Misery Index score reflects a higher level of misery, and it’s a simple enough metric that a

busy president, without time for extensive economic briefings, can understand at a glance. “The accompanying table contains Misery Index rankings for the 95 nations that report relevant data on a timely basis. For consistency and comparability, and with few exceptions, data were retrieved from the Economist Intelligence Unit.” Reacting to the report in a statement by PDP’s spokesman, Kola Ologbondiyan, the party

tasked the ruling All Progressives Congress (APC) to perish the thought of the planned increment in Value Added Tax (VAT), saying such would only make life more difficult for the ‘already traumatised Nigerians’. “That report is a vindication of the position of the PDP all these while. The economy has virtually collapsed under President Buhari, and the man is even mooting the idea of piling more pressure on Nigerians.

“Nigerians have never suffered like they are suffering today because those charged with the responsibility of managing the economy have failed completely. They have no idea of what it takes to manage an economy like ours. “As an opposition party, we call on the presidency to take urgent steps to fine-tune the economy, create jobs for our teeming youths if only to justify that a government is in place. “In the interim, we advise them

to stop their plan to increase VAT as that would only fetch millions of Nigerians additional pain and discomfort,” PDP added. While noting that democracy is essentially about the people, Ologbindiyan added that rather than improving on the living conditions of Nigerians, the APC-led administration of President Buhari appears to be deriving pleasure from inflicting pains and misery on the people.

Defence Minister Blames Insurgency for Nigeria’s Declining Participation in Peace-keeping Operations MNJTF kills Boko Haram commander, 15 others in Lake Chad Kingsley Nwezeh in Abuja Minister of Defence, BrigadierGeneral Mansur Dan-Ali (rtd) weekend attributed Nigeria’s declining participation in global peace-keeping operations to the country’s concentration of military assets on the war against insurgency in the North-east. The minister’s position comes as the Multinational Joint Taskforce (MNJTF) said it has killed a notorious Boko Haram Commander and 15 others in ongoing clearance operations in the Lake Chad Basin. Speaking at the United Nations Peace-keeping Ministerial Meeting on Uniformed Capabilities Performance and Protection of Civilians at UN Headquarters in New York, the minister said Nigeria’s participation in peacekeeping operations had declined as a result of the country’s commitment to the war against insurgency. “Nigeria’s participation in UN Peace-keeping has declined significantly of recent, mainly due to her commitment to the war on insurgency in the Northeastern part of the country and sub-regional peacekeeping commitments. I am pleased to inform Your Excellences that a lot of successes have been achieved in the fight against terrorism and we are in the process of demining affected areas and rebuilding communities. “These successes have no doubt been made possible

with the collaboration from international community and countries of the Lake Chad Basin Commission”, he said in a statement issued in Abuja. Mansur Dan-Ali stated that “despite the above mentioned challenges, Nigeria has continued to play its role in supporting the United Nations and other stakeholders to achieve international peace and security. One of such areas is through the Martin Luther Agwai International Leadership and Peacekeeping Centre, Jaji in Kaduna State. “The center which is aimed at delivering realistic training packages on peace support operations to potential United Nations and regional peacekeepers received recognition from the United Nations Integrated Training Service in August 2018. “The renewal of the recognition has been requested by the center to meet up with international standards. This was after the curriculum was reviewed and updated in line with the present-day peacekeeping contemporary challenges. “When approved, the center would serve as an additional training hub to the Regional Service Centre Entebbe, Uganda, thereby reducing its burden”. Meanwhile, as part of its ongoing operations, the Multinational Joint Task Force weekend eliminated a Boko Haram Commander and 15 other terrorists in Lake Chad Basin.

CONDOLENCE VISIT...

R-L: Minister of Interior, Lt. Gen. Abdulrahman Dambazzau (rtd); Minister of Justice and Attorney General of the Federation, Abubakar Malami; former Governor of Kebbi State, Senator Muhammad Adamu Aliero; Kebbi State Governor, Senator Abubakar Atiku Bagudu; Senior Special Assistant to the President on Domestic and Social Events, Mallam Sariki Abba; and Amb. Lawal Kazaure, during federal government’s condolence visit to the family home of the late Faruku Bagudu, in Brinin Kebbi, Kebbi State...weekend

Lassa Fever Killed 117 in Three Months N132bn lost to malaria annually

Kingsley Nwezeh in Abuja Nigerian Centre for Disease Control (NCDC) has said that 117 people have so far died since the outbreak of lassa fever disease this year, while five more deaths and 15 new cases were confirmed between March 18 and March 24. This is coming as the economic loss to the country arising from malaria disease amounts to N132 billion annually. Malaria, a key public health problem in Nigeria accounts for 60 per cent disease burden reported at public health facilities. In its latest update on the disease, the NCDC said since the outbreak of lassa fever in 2019, 117 deaths were recorded in 21 states notably Edo, Ondo, Bauchi, Nasarawa, Ebonyi, Plateau, Taraba, FCT, Adamawa and Gombe.

Other states include Kaduna, Kwara, Benue, Rivers, Kogi, Enugu, Imo, Delta, Oyo, Kebbi and Cross River. “In the reporting week 12 (18 - 24 March, 2019), 15 new confirmed cases were reported from six states - Edo(one), Ondo(three), Plateau(two), Bauchi(three), Taraba(two) and Ebonyi(one) with five new deaths in Edo(two), Ondo(two) and Bauchi (one). “From January 1 to March 24, 2019, a total of 1,924 suspected cases have been reported from 21 states. Of these, 510 were confirmed positive, 15 probable and 1,511 negative (not a case). “Thirty-two patients are currently being managed at various treatment centers across the country: Irrua Specialist Teaching Hospital(ISTH) treatment Centre

(13), Federal Medical Centre Owo (nine), Federal Teaching Hospital Abakaliki (three), Bauchi(two), Plateau (three) and Taraba (two)”, it said. The update by the NCDC further stated that “a total of 6,320 contacts have been identified from 20 states. Of these 1,567 24.8 per cent are currently being followed up, 4690 (74 per cent) have completed 21 days follow up, while 8(0.1per cent) were lost to follow up. 110(1.7per cent) symptomatic contacts have been identified, of which 55 (one per cent) have tested positive. “In the reporting week 12, no new health care worker was affected. A total of 16 health care workers have been infected since the outset of the outbreak in seven states – Edo (seven), Ondo (three), Ebonyi (two), Enugu (one), Rivers

(one), Bauchi (one) and Benue (one) with two deaths in Enugu and Edo States., Meanwhile, a statement issued by the World Malaria Day Planning Committee in Abuja, in preparation for the annual World Malaria Day celebrations, said the disease cost Nigeria N132 billion annually, accounting for 60 per cent of disease burden reported in public facilities. It said the disease is responsible for 30 per cent estimated deaths among children and 11 per cent among pregnant women. “The commemoration of this year’s WMD is especially significant in order to generate the push towards reduction in morbidity and mortality since seemingly we are falling short of the expected targets as contained in the national strategic plan”, it said

Bandits Kill 10 Farmers in Zamfara Attack The Police in Zamfara State yesterday confirmed the killing of 10 people in the state by suspected kidnappers and cattle rustlers. The spokesman of the state police command, Mr. Mohammed Shehu, said yesterday that bandits on motorcycles invaded onion fields on Saturday outside the village of Kware in the Shinkafi district and shot dead farmers.

“We received a report of an attack in Kware by bandits in which 10 people were killed. Security personnel were dispatched to the area to restore order,” Shehu explained. However, he did not give details of the reason for the attack. Suspected armed bandits had in December 2018 sacked three communities in Birnin Magaji LGA in the state, killing at least

25 residents. Some of those killed were said to be working on their farms when they were attacked. In February, the orgy of violence in the state continued as 41 persons were killed by bandits who invaded Birane, a sleepy agrarian village in Zurmi Local Government Area of the state. Shehu had in a statement, confirmed the incident and

said it was a conflict between hunters, local vigilantes and the bandits. Gunmen had earlier this month killed 40 persons in two communities in Shinkafi and Anka LGAs of the state. The killings came barely two days after the police in the state disclosed that 29 people were killed on Saturday by suspected bandits in Shinkafi LGA.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

NCAA Directs Traffic Controllers to Close Airspace over Bad Weather Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has notified air travellers that it has directed Air Traffic Controllers (ATC) to temporarily close the airspace whenever there is indication of thunderstorm or microburst that may impinge the safety of flights. The current practice is that ATC notifies pilots of bad weather conditions and allows the pilots and airlines to use their discretion to either cancel or suspend flights, a trend that has led to crashes that resulted from the indiscretion on the part of pilots and their airlines. But with the directive by NCAA to ATC to close airspace on account of bad weather, airlines won’t have

options than to suspend or cancel flights. The regulatory authority has also advised pilots and airline operators to exercise caution during flight operations in hazardous weather conditions as the rainy season sets in. This warning was contained in an advisory circular issued yesterday to airline operators and signed by the Director General of NCAA, Capt. Muhtar Usman. In a statement signed by its spokesman, Sam Adurogboye, NCAA said the circular was sequel to the Seasonal Rainfall Prediction (SRP) released for the year 2019 by the Nigerian Meteorological Agency (NIMET). Adurogboye said NIMET has predicted March/April

and May/June 2019 as the commencement of rainy season in the Southern and Northern parts of Nigeria, which is usually accompanied with turbulence. This is in addition to microburst, low level wind shear and other events that could affect the safety of flight operations. “With this information, it is expected that Air Traffic Controllers may temporarily

close the airspace when there are adverse weather conditions. Flight Crews/Operators and ATCs shall ensure strict adherence to aerodrome operating minima in line with standard and recommend practices.” “In addition, all pilots are therefore obliged to exercise maximum restraint whenever severe weather condition is observed or forecast by NIMET,” NCAA said. NCAA also said that for

the purpose of safe flight operations, pilots/flight crew members should obtain adequate departure, en route and destination weather information and briefing from NIMET Aerodrome Meteorological Offices situated in all the airports prior to flight operations. “Operators are therefore required to play a key role in ensuring adequate measures are put in place to lessen the effects of the attendant flight delays

and cancellations on their passengers as occasioned by this severe weather conditions in accordance with Part 19 of the Nigeria Civil Aviation Regulations 2015. “While the authority urges all passengers to exercise patience and understanding during this period as their safety is of utmost importance, stakeholders should ensure strict compliance to safety regulations as violations would be viewed seriously,” NCAA said.

PSC Promotes Mba, 8,915 Others Kingsley Nwezeh in Abuja The Police Service Commission (PSC) has said it has approved the promotion of 8,916 senior police officers to their next substantive ranks to fill existing vacancies. Among those promoted is the Force Public Relations Officer, Frank Mba. He was promoted from the rank of Assistant Commissioner of Police to Deputy Commissioner of Police. The commission said the promotions were the high points of its fifth plenary meeting held in Abuja on March 26, and 27, 2019 which was presided over by its Chairman, Musiliu Smith. Details of the promotion were contained in a statement issued in Abuja yesterday by the commission’s spokesman, Ikechukwu Ani. It read: “The commission approved the promotion of three Commissioners of Police to the next rank of Assistant Inspectors General of Police. They are; Jona Jackson Mava; Olushola Babajide David and Titus Sumba Larmode. “The acting appointments of two Commissioners of Police were also confirmed. The beneficiaries are; Rudolf Echebi Obe, Works; and Danladi

B. Lalas, Air Wing. “71 Assistant Commissioners of Police were elevated to the next rank of Deputy Commissioners of Police and tsael M. Masomene; Egbe Eko Edum; OnyeamuAkaeme Onyeamu; Dauda I. Ayuba; Chinedu C. Ugwu; Moses Gana; Victor Akongtender Bepeh; Aminu Musa; Danjuma Madugu; Promise Chinedu Udeh; Anthony Okon Placio; Ikechukwu E. Nwosu; Okey C. Nwabufo; Ayodeji A. Dagunduro; Kanu Kanu Okoronkwo (works); Agbo B. Usman (forensic); Mustapha A. Rufai; among others.” The statement continues: “The commission also promoted 487 Deputy Superintendents of Police to Superintendents. The new Superintendents of Police include Atiku Ibrahim, Personal Assistant to the acting Inspector General of Police; Florence Odewo; Ojo Abraham; Mohammed Idris and Abraham Ogedengbe. “1,165 Assistant Superintendents of Police, ASPs, were promoted to the next rank of Deputy Superintendents of Police, DSP, while 7086 Inspectors were elevated to Assistant Superintendents of Police. “Some of the new DSPs are: Chinemelum Bartholomew of the Complaints Response Unit, Force Headquarters, Abuja;

Afreximbank Identifies Challenges to Cross Border Investments Chris Uba Pan-African multilateral financial institution, African Export –Import Bank (Afreximbank), has identified multiple currencies, weak infrastructure, poor financing and lack of critical information and investment guarantees, among others as the factors responsible for the poor returns on cross border investments by Nigeria companies. Reports by investment agencies show that Nigerian companies have consistently recorded low returns from cross border investments in the last one decade. President of the Bank, Prof. Benedict Oramah, said until these challenges were fully addressed Nigerian companies engaged in cross border would not make progress.

Oramah ,who spoke recently at the 4th Annual Bullion lecture in Lagos said financing challenges for cross border investment can be ameliorated if the Africa Finance Corporation ( AFC) and Nigeria Sovereign Investment Authority (NSIA) were encouraged and resourced to support such investments by Nigerian companies. “It is recognised that crossborder investments promote trade. Countries with companies investing outside their territories are also high export performers, e.g., China, the USA, Europe, South Korea, etc. Those investments create supply chains back to the home country of the investors. As intra-Africa trade grows, intra-African investments are also rising.”

THE ANNOINTED CANDIDATE...

L-R: Members of House of Representatives, Hon. Abdulmumin Jubrin; Hon. Kabiru Rurumu; Majority Leader, Hon. Femi Gbajabiamila; and Chief Whip, Hon. Alhassan Ado Doguwa; during Gbajabianila’s official declaration for position of Speaker in Abuja... yesterday

Obi Commends Tinubu’s Position on ProposedVAT Increase Adedayo Akinwale in Abuja The vice presidential candidate of the Peoples Democratic Party (PDP), Mr. Peter Obi, has described as gratifying, the recent warning by the leader of All Progressives Congress (APC), Bola Tinubu, against the proposed increase in Value Added Tax by the federal government. The former Lagos state governor had warned during his 67th birthday colloquium that an increase in VAT would slow down the economy. Obi, in a statement issued yesterday, said that the position of the PDP and its presidential

candidate, Alhaji Atiku Abubakar, which was made loud and clear during the electioneering, was that tax must be relaxed to act as incentive to investors. The former governor of Anambra State stressed that Tinubu’s warning made economic sense, but noted that the situation in the country is at variance with that of the ruling party, thus underscoring the uncoordinated campaign they dished out to Nigerians. Obi insisted that the right way to go to shape up the economy given the magnitude of unemployment in the country is to have an attractive economic

policy that would be inviting to entrepreneurs and investors. He stated: “It’s extremely unrealistic for anybody to think of growing the economy of this country, and creating jobs just by increasing tax; it’s too a simplistic approach. “APC’s earlier stance of increasing tax, VAT inclusive, shows the height of insensitivity of a government that care less about the plight of the populace.” Obi said that he hopes Tinubu would go further also to advise his party to embrace restructuring as that is the only option left to move this country forward, adding, that “anybody thinking

that this country will work without tinkering with the political and economic structure is deceiving himself because no nation grows on injustice.” He noted that while Tinubu’s warning was good, he should have been humble enough to give credit to the opposition party instead of making it feel as if it has been the position of the party. Obi described as unfortunate the fact that Nigeria with all her potentials was among the three African countries according Pew Research Center Where 45 per cent of the adult population that are desiring to leave the country.

You Lied against Me, Dokpesi Tells Immigration Service Raheem Akingbolu The Chairman of DAAR Communications Limited, Chief Raymond Aleogho Dokpesi, has accused the Nigerian Immigration Service of deliberately framing him up for arrest when he returned from a medical trip to Dubai. NIS recently alleged that the International Passport of Dokpesi, a chieftain of the opposition Peoples Democratic Party (PDP) was not stamped by its officials, upon his departure and return to the country. The NIS also alleged that Dokpesi did not travel with his valid International Passport, claiming that the Federal High Court in Abuja, that has been

in possession of Dokpesi’s International Passport did not inform the NIS before releasing the passport to him. He was again invited by the NIS, on Wednesday, March 27, 2019, for questioning on the purported whereabouts of his international passport, instead of approaching the FHC, Abuja. The issue took a new turn at the weekend, as the media mogul declared in a statement that the allegation was not only completely false but also existed only in the imaginations of the Comptroller General of the Nigerian Immigration Service, Mr. Mohammed Babandede and some officers.

The statement further added that Dokpesi travelled twice outside of the country between November 2018 and March 2019. “On November 26, 2018, Chief Dokpesi left Nigeria to London via Dubai on Emirates Airlines. He also left Nigeria on March 8, 2019 to UAE and returned on March 22, 2019 also on Emirates Airlines. In all the trips, his only valid international passport (A50445496), was duly stamped by officials of the NIS at the Nnamdi Azikiwe International Airport, Abuja. It is therefore ridiculous, mischievous and completely unacceptable for a reputable agency like the NIS, to resort

to falsehood and blackmail, in order to satisfy the vindictive administration of the All Progressive Congress- led federal government,” the statement stated. The statement described Dokpesi as an honest and patriotic Nigerian that has not violated any known immigration laws as alleged by the NIS, adding that the NIS cannot claim ignorance of Dokpesi’s movements in and out of the country, as no commercial airline operating in Nigeria will airlift any passenger outside of the country without a valid International Passport, an entry Visa and other necessary immigration procedures.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

GTBank: We’re Taking Legal Steps on Issues with Innoson Motors Davidson Iriekpen Guaranty Trust Bank (GTBank) has said it is taking all necessary legal steps to ensure that no illegal or fraudulent execution is carried out over its court case with Innoson Motors. Innoson Nigeria Limited had announced that it obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, against GTBank. According to the company, the writ is to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria. The company Secretary of GTBank, Mr. Erhi Obebeduo, in a statement,

however, assured the bank’s customers of the safety of their funds. In its clarification, GTBank said the judgment was applicable to the account of the Nigerian Customs Service Board domiciled with the bank, rather than the bank as an entity. “The attention of Guaranty Trust Bank Plc has been drawn to statements circulating in the news and social media in respect of a purported enforcement of a judgment of the Federal High Court, Ibadan, Oyo State, at one of its branches in Anambra State. “The bank, as a lawabiding corporate citizen, is taking all necessary legal steps to address this situation and ensure that

no illegal or fraudulent execution is carried out. “It is important to state that the judgment allegedly

in issue is in respect of a garnishee proceedings against the account of the Nigerian Customs Service

Board domiciled with the bank and not against the bank as an entity. “The bank remains

committed to providing best-in- class customer experience to all its valued customers,” it said.

Dakuku Hails Appeal Court Judgment on NLNG, NIMASA Dispute We are law-abiding, says gas company Davidson Iriekpen The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, yesterday hailed the judgment of the Court of Appeal in Lagos, which last Friday set aside an earlier judgment of the Federal High Court that had exempted the Nigeria Liquefied Natural Gas (NLNG) from paying some levies payable to the maritime regulator, saying it has reaffirmed confidence in the judiciary. This is coming as the NLNG also yesterday said as a responsible corporate citizen, its remains committed to conducting its business in accordance with the laws of Nigeria. The Court of Appeal had said NIMASA was not given fair hearing at the lower court. Justice Mohammed Lawal Garba, who delivered the judgment, ordered that the case be sent back to the High Court for fresh trial under a different judge. Reacting to the ruling, Dakuku said NIMASA remained law-abiding and will continue to work closely with the judiciary in matters that need clarity and interpretation. He said, “This judgment has further shown that the judiciary is unbiased and remains a beacon of hope for Nigerians. On our part as a responsible government agency, we will continue to work closely with the judiciary and other stakeholders to ensure that we realise our mandate of creating a robust maritime sector in line with best global practices.” Dakuku further stated, “NIMASA and NLNG are neither foes nor competitors. We are corporate cousins working together for the

common good of our great country. Judgments like this only serve to strengthen our institutions and ensure greater bonding.” Meanwhile, NLNG yesterday said as a responsible corporate citizen, its remains committed to conducting its business in accordance with the laws of Nigeria. It also pledged to abide by all applicable laws, including those that confer exemptions on and grant fiscal incentives to businesses, as a way of sustaining their operations and growing the economy. In a statement signed by its Manager, Corporate Communication and Public Affairs, Andy Odeh, the liquefied gas company noted that with verdict of the Court of Appeal, it expects that all persons, institutions, agencies and authorities in the country would abide by the laws of the land. “NLNG as a good and responsible corporate citizen remains committed to conducting its business in accordance with the laws of the Federal Republic of Nigeria, and to abide with all applicable laws including those that confer exemptions on and grant fiscal incentives to businesses, as a way of sustaining their operations and growing the economy. “NLNG also reasonably expects that all persons, institutions, agencies and authorities in the country would equally be subject to these laws. “The company has contributed – and continues to contribute – significantly to the development of its host communities in particular and the nation in general, in line with its corporate vision of helping to build a better Nigeria.”

IT’S NICE MEETING YOU...

L-R: Speaker of the House of Representatives, Hon. Yakubu Dogara; President of the Senate, Dr. Abubakar Bukola Saraki; and former Speaker, House of Representatives, Hon. Ghali Umar Na’Abba, during the opening ceremony of the orientation programme for newly elected members of the 9th National Assembly in Abuja...yesterday

Zamfara: APGA Asks Tribunal to Order Fresh Polls Without APC Onyebuchi Ezigbo in Abuja The All Progressives Grand Alliance (APGA) in Zamfara State has asked the state’s Elections Petitions Tribunal sitting in Abuja to nullify the governorship elections conducted in the state on March 9 and order a fresh elections without the participation of the All Progressives Congress (APC) and its candidate,

Mukhta Shehu Idris. The governorship candidate of APGA, Alhaji Sani Abdulahi Shinkafi in his petition filed before the tribunal on March 29, through his Counsel, Ifeanyi Mbaeri, argued that by virtue of Section 177(c) of the 1999 Constitution as amended “a person shall be qualified for election to the office of governor of a state if inter alia: he is a member of a political

party and is sponsored by that political party to contest the said election”. Shinkafi’s counsel further averred that “pursuant to section 87(1) of The Electoral Act 2010 as amended, a political party seeking to sponsor or nominate candidates for elections under this section shall hold primaries for aspirants to all elective positions. “In other words, by the

combined provisions of the 1999 Constitution as amended and Electoral Act 2010 as amended, Sponsorship of candidates for elective positions is only through the holding of primaries”. Zamfara state chapter the APC is having issues with its conduct of party’s primaries with cases involving it’s warring factions still running at the courts.

PDP Loses Former Minister, Adedoja to APC Adedayo Akinwale in Abuja A former Minister of Sports, Prof. Taoheed Adedoja, has defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). Adedoja, in his letter of resignation, addressed to the National Chairman of the party, Prince Uche Secondus, and dated March 29, 2019, said he was quitting the party in

the national interest as a pan Nigerian. The resignation of the former minister from the PDP has brought to four the number of national chairmanship aspirants that have dumped the party in recent times. Others include: former Governor of Ogun State, Gbenga Daniel; former Minister of Education, Prof. Tunde Adeniran, and former Governor of Oyo State, Senator

Rashidi Ladoja. Taofeek’s letter read: “I am aligning with the All Progressives Congress (APC), at this period of Nigeria’s political dispensation to contribute my best to the needed unity of Nigeria, as dictated by my pan Nigerian experience, having built bridges of unity among various socio political groups in the country all through my life endeavours both in private and public sectors.

“I want to align with the Federal Government of Nigeria to contribute to the good governance the country deserves for our people and for my followers across the country.” Adedoja was the governorship candidate of the defunct Action Congress (AC) in the 2007 elections in Oyo State when the party fielded former Vice President, Atiku Abubakar as its Presidential candidate.

2019 Mock: JAMB Warns Candidates against Lateness The Joint Admissions and Matriculation Board (JAMB) has said it will not condone lateness by candidates to its 2019 Mock Unified Tertiary Matriculation Examination (UTME), scheduled for today. The board’s Head, Media and Information, Fabian Benjamin, disclosed this in an interview with the News Agency of Nigeria (NAN) yesterday in Lagos. A total of 157,631 candidates have

been scheduled to sit for the optional examination in some accredited Computer Based Centres (CBT) across the country. According to Benjamin, all is now set for the conduct of the examination by the board. “Just like the main UTME, candidates are expected to adhere strictly to all the rules guiding the test. “I want to say that we are

fully set to conduct the mock examination, which is scheduled to hold tomorrow (today), Monday, across some centres nationwide. “We will also like to appeal to candidates to ensure that they get to their various centres early enough for the necessary accreditation. “No excuse for lateness will be entertained from any candidate, as the board takes this examination as seriously as the main UTME.

“All candidates must also ensure that they do their biometrics as failure to do this will mean no examination for such candidates. “They are also expected not to access the examination hall with all the barred items by the JAMB, such as wrist watches, handsets and others,” he said. He added that the date for the conduct of the UTME proper would commence on April 11.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

Speakership: South-south House Members Back Gbajabiamila North-central group, APC South-east spokesmen kick Adibe Emenyonu in Benin City, Olawale Ajimotokan in Abuja and David-Chyddy Eleke in Awka Following the ongoing lobby for speakership of House of Representatives, the ambition of Majority Leader of the House, Hon. Femi Gbajabiamila to become the Speaker got a boost weekend as elected members of the House of Representatives from the All Progressives Congress (APC) from the South-south states have adopted him as their preferred candidate. This is coming as a political group, Wase Equity Project (WAP) 2019, has declared as unfair the purported zoning of the Speaker of the House of Representatives to the South- west by the APC. Also, Conference of APC state Publicity Secretaries (CAPS) in the South-east has called on Gbajabiamila to drop his ambition for the sake of equity. A meeting of the elected APC lawmakers from Edo, Delta, Bayelsa, Rivers States was held in Benin City yesterday where they agreed to adopt Gbajabiamila as their preferred candidate. The meeting which reportedly lasted for several hours, had ranking members from Edo State

which included Honourable Peter Akpatason, a third time member representing Akoko-Edo federal constituency, Johnson Oghuma, a second timer representing Etsako Federal constituency, Patrick Aisoweren representing Orhionwom/Uhunwomde constituency in attendance. Others were Professor Julius Ihonvbere, Dennis Idahosa with their colleagues from other states of the zone. “We met with our other elected colleagues from the South-south to take a position on who becomes new Speaker of the House of Representatives and we have opted for Gbajabiamila, we will be going to Abuja tomorrow where he will formally meet with us and make his intention known formally to us”, one of the lawmakers who preferred anonymity said. Meanwhile, a political group, Wase Equity Project (WAP) 2019, has declared as unfair the purported zoning of the Speaker of the House of Representatives to the South- west by the APC. Director General of WAP, Hon. John Dyegh, said at a media briefing over the weekend, that the North-central zone should produce the next Speaker for the sake of equity and level-playing ground.

The zone is touting the candidacy of a four-time member of the House, Hon. Idris Ahmed Wase from Plateau State, for the position. Dyegh, who is representing Gboko/ Tarka Federal Constituency of Benue State, reckoned that the zone should get the nod over the South-west given the volume of votes it gave the APC candidate, President Muhammadu Buhari during the presidential election held on February 23. Buhari amassed 2,313,375 votes in the North-central zone in relation to the 2,036,450 votes

he got in the south-west zone. He also posited that for political balancing, the slot should be conceded to the North-central zone, given that the President is from the North-west, the vice president from the South-west, while the party has zoned the Senate President to the North-east. “We are consulting and for the sake of equity and we hope it will work out. The only zones that gave the President more votes are the north-west and the North-east,” Dyegh stated. THISDAY also gathered that the zone wants the Speaker to make up for the loss of the Senate

President, which is occupied by Senator Bukola Saraki, who incidentally lost his re-election bid to the Senate on the platform of the PDP. In a related development, the Conference of APC state Publicity Secretaries (CAPS) in the Southeast has called on Gbajabiamila to drop his ambition for the sake of equity. In a statement signed by the publicity secretaries of the party in the five South-east states, and made available to THISDAY in Awka, Anambra State capital, CAPS said it was unwise to leave out the South-east, while

sharing positions in the country. The group, which consists of Nwoba Chika Nwoba, Ebonyi State; Mrs. Kate Ofo, Enugu State; Benedict Godson, Abia State, and Okelo Madukaife, Anambra State, called on Gbajabiamila to continue to be the Majority Leader of the House of Representatives. Part of the statement read: “We wish to invite Gbajabiamila, an otherwise distinguished and ranking member of the Federal House of Representatives, to drop his ambition to be the Speaker for now and continue to serve as Majority Leader because ‘this House must be built on equity’.

Ambode Mourns Elder Statesman, Fasinro The Governor of Lagos State, Mr. Akinwunmi Ambode yesterday evening expressed sadness over the death of a founding father of Lagos State, Pa Hassan Fasinro. Popularly called HAB, Pa Fasinro, a Senator in the Second Republic and the first Clerk of Lagos City Council, passed on at exactly 8:29 p.m. yesterday after a brief illness. He would have clocked 100 years by September this year. Ambode, in a statement signed by his Chief Press Secretary, Mr.

Habib Aruna, said Pa Fasinro was one of the great founding fathers of Lagos, saying that he was one of the main architects of Lagos. “This is a very sad loss, personally for me and for every Lagosian. I was personally looking forward to celebrating Papa at 100 later in September this year, but we cannot question God for calling him at this time. “Papa was a hero. He was a father in the true sense of the word. We cannot write the Lagos story without recourse to the roles

that he played from the start and from the bottom of our hearts, we appreciate the role that he played in building Lagos to what it is today. Ambode, while commiserating with the family of the late elder statesman, urged them to uphold the ideals he stood for, saying that the nation will continue to draw inspiration from his life and times. “His demise, just like that of our heroes past, must never be in vain. There can be no better

time to unite together to achieve a better and more prosperous Nigeria,” he said. He said Pa Fasinro paid his dues and has left his footprints on the sands of time. “On behalf of the government and people of Lagos State, I want to express our heartfelt condolence to the family of Pa Fasinro on this great and irreparable loss. He was a pride to our country, our state and we will surely miss him,” Ambode said.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

Court Grants SERAP Permission to Compel Fashola to Name Corrupt Contractors Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has said the Federal High Court in Lagos has given the green light to its suit seeking to compel the Minister of Power, Works and Housing, Babatunde Fashola, to disclose the names of corrupt contractors. Justice Chuka Obiozor granted the order for leave following the hearing of an argument on exparte motion by SERAP’s counsel, Mrs. Adelanke Aremo. In the suit number FHC/L/ CS/105/19, SERAP is seeking reliefs to compel Fashola “to provide specific details on the names and whereabouts of the contractors who collected public funds meant for electricity projects but disappeared with the money without executing any projects, starting from the return of democracy in 1999 to 2018.”

Fashola had earlier this month written to SERAP promising: “to refer the request for details of alleged contractors and companies that collected money for electricity projects and failed to execute any projects to the ministry’s agencies for necessary action and appropriate response.” His response followed his letter to SERAP in February in which he said: “We have searched the Ministry’s record and the information you applied for is not held by the Federal Ministry of Power, Works and Housing (Power Sector).” However, SERAP disagreed with the response, saying: “The public expectation is that government information when in the hands of any public institutions and agencies should be available to the public, as prescribed by the FOI Act. The FOI Act should always be used as an authority for disclosing information rather

than withholding it.” According to a statement issued by SERAP, Justice Obiozor also ruled that Fashola is put on notice and adjourned the matter to Thursday, April 11, 2019, for the hearing of arguments. SERAP’s suit read in part: “By compelling Mr. Fashola to name the contractors and their registration details, if any, Nigerians will be better able to hold them to account for allegedly

absconding with public funds meant for electricity projects, thereby throwing the country into perpetual darkness and socio-economic stagnation as well as denying people their human rights.” “Publishing the names will make it hard for contractors and companies to get away with complicity in grand corruption. The citizens have the right to see that the Freedom of Information

Act is enforced where there is an infraction of the right to information or a threat of its being violated, in matters of public interests.” SERAP’s suit is seeking among others, an order directing or compelling the respondent to compile and make available to the applicant documents containing the specific names and details of contractors and companies

that have been engaged in the power sector since the return of democracy in 1999 to date. “A declaration that the failure of the Respondent to disclose if there is any ongoing investigation or prosecution of allegedly corrupts contractors and companies in the electricity sector amounts to a breach of the Freedom of Information Act 2011.”

NCC lnsists on Enforcing Stringent SIM Card Replacement Process Emma Okonji The Nigerian Communications Commission (NCC) has again explained to telecoms consumers on why it reviewed and made the process of replacing lost, stolen or damaged Subscriber Identity Module (SIM) cards more stringent. The Commission made the clarification while addressing various service-related concerns and issues raised by telecoms consumers during a Consumer Conversation Programme (CCP) hosted by the Commission in Lafia, Nasarawa State at the weekend. The CCP is designed by the Commission to engage telecoms consumers and educate them on the various consumer-centric initiatives put in place by the Commission to protect their rights and interests while also serving as a feedback mechanism to address consumer concerns. Speaking at the event, Director, Zonal Operations Department of NCC, Mrs. Amina Shehu, said the Commission has found that at times, a subscriber may be having issues with his or her phone number, thinking that it is a network issue, but by the time he or she discovers what is happening, money has been fraudulently taken out of his or her bank account. Shehu, who was represented at the forum by a Principal Manager in the Zonal Operations, Mr. Ekisola Oladisun, said SIM swap or replacement fraud has a lot of issues attached to it because, often times, a lot of people who are not the owners of some numbers go to do SIM swap at various customer centres of the service providers. “There have been cases of fraudulent activities done on people’s bank accounts, as a result of SIM swap and the victims often complain to the Commission expecting that the NCC would compensate them. “To stop this SIM swap fraud, the Commission in 2017 developed

‘Guidelines on SIM Replacement’, which sets water-tight rules for telecoms consumers to replace their SIM card when there is a need for it. The guidelines sets stringent conditions which require that consumers identify themselves properly before replacing lost SIM. This is to ensure that telecoms subscribers are well protected from being victims of SIM swap fraud,” she said. She stated that the Commission has noted that there is the likelihood by subscribers to think that network providers are putting them through stress to have their SIM replaced, by asking them to bring court affidavit, national identification card (or other valid IDs), SIM pack, amongst other requirements. “But what telecoms consumers should know is that they must appreciate the fact that all the information being required from them is to establish that anybody coming for SIM swap proves that the number that is being requested to be swapped belongs to him/her,” she said, urging the consumers to immediately report to their respective bank to block their accounts once they lose SIMs that are linked to their bank accounts. At the forum attended by leaders of the communities, trade associations connected to telecoms business, women groups, communications professionals, telecoms service providers as well as representatives of security agencies in Lafia, the Commission enlightened the consumers on other initiatives of the Commission aimed at protecting the consumers. These include the activation of the Do-Not-Disturb (DND) 2442 Short Code to curb unsolicited text messages, the NCC toll-free line 622, which consumer can utilise to report complains pertaining to unresolved issues with service providers to the Commission, quality of service issues, billing issues, mobile number portability (MNP), as well as issues revolving around data descriptions and renewals.

HONOURING THE YOUTH...

Ooni of Ife, Oba Adeyeye Enitan Ogunwusi (right), presenting a plaque to the Guest lecturer / Chief of Staff to Ekiti State Governor, Hon Biodun Omoleye, during the annual lecture/award of the Yoruba Youth Council, at the Ooni Palace, Ile -Ife.... at the weekend

Fashola: Nigeria’s Import Bills on Sugar, Others Down to $595m Chineme Okafor in Abuja The Minister of Power, Works and Housing, Mr. Babatunde Fashola, yesterday claimed that Nigeria has reduced her import bills on five food supplies, including wheat; sugar; rice; fish and milk, from $2.1 billion to $595 million between 2015 and 2018. Fashola also stated that some countries do not want Nigeria’s economy to grow and become competitive because of what they benefit from the lack of efficiency in Nigeria’s economy. Although, he did not name the countries, he disclosed that loans obtained by Nigeria from China will not give way for the Chinese to flood the country with products and services that could be sourced locally. The minister stated these when

he delivered a paper at the 2019 Africa Development Conference at the Harvard Kennedy School of Government, Harvard University in the United States. The theme of his paper, ‘New Global Partnerships for Africa’s Development: Creating Our Desired Future Together’ was made available to THISDAY in Abuja. He argued that African countries, including Nigeria were faced with various forms of socio-economic challenges brought upon them by the choices they’ve made, adding that back home, President Muhammadu Buhari, has notwithstanding urged some choices upon Nigerians. According to him, through the government’s prompting of Nigerians to “grow and produce our basic foods, staples such as rice,

wheat, sugar, fish and tomatoes which have seen our import bills for these items reduce drastically between 2015 and 2018 as follows: wheat; sugar; rice; fish; milk. “Our total import bills for these products have reduced from $2.1 billion in 2015 to $595 million in 2018,” he added. He also stated that the government has emphasised on investing in infrastructure to grow the economy and improve the ease of doing business, and that this has led to increased investment in rail; road; and housing construction, as well as power project development. The minister noted that the government was equally interested in domesticating the benefits of these developments for Nigeria’s local economy, and in this regards initiated executive orders to prioritise

the employment of local persons and capacities in construction and related businesses irrespective of where the funding comes from. Based on this, he said: “Therefore, even with the Chinese loans, we will not allow the importation of items that Nigerian industries can competently produce or the employment of Chinese manpower, where Nigerians can competently do the work.” “These may be the small steps but they signify a choice informed by consciousness (the deep reflections about which I have spoken) on how to reposition Nigeria. It underlies the maxim of global diplomacy of being strong at home in order to be respected abroad. “It is consistent with the idea of a journey (about which I have spoken) that African nations must undertake,” he explained.

Detractors Plotting My Arrest, Ikeja Oba-elect Cries out Kayode Fasua The Oba-elect of Ikeja community in Lagos State, Alhaji Samsondeen Adeleye, has raised the alarm over a plot by his detractors to get him arrested and detained under a trumped-up charge so as to prevent his installation by the outgoing administration of Governor Akinwumi Ambode. The monarch-in-waiting, in a chat with THISDAY at the weekend, accused one of his siblings of contriving an allegation bothering on land grabbing against

him, noting that apart from lands jointly sold by their royal family, he had never single-handedly sold any land to anyone. “My detractor in the family had connived with some powerful people in the police circles to get me arrested for illegally selling a land which I know nothing. “I gathered that they will at any moment invite me to the Police Criminal Investigation Department at Alagbon, Lagos, from where I will be transferred to Abuja to prevent me from becoming the Oba of Ikeja.

“They said they would arrest me in respect of a land sold whereas I did not sell any land to anybody. Apart from lands sold jointly by the royal family, count me out of selling a family land behind other members,” he explained. Adeleye said he had contacted his lawyer to reach out to the Lagos State Commissioner of Police, “to help me prevent this act of injustice from taking place. “I know they are doing this to prevent my imminent

installation by the state government.” Ikeja has been without a monarch since October 2014, following the passage of its traditional ruler, Oba Rauf Matemi, Amore 1. In December 2014, the Ikeja Body of Kingmakers, headed by the late former Deputy Governor of the state, Chief Rafiu Jafojo, picked Adeleye as Oba-elect and forwarded his name to the Ikeja local council but the state government has yet to install himever since.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

Ganduje: We Won’t Intimidate Anybody Ibrahim Shuaibu in Kano Kano State Governor, Dr. Abdullahi Umar Ganduje, has assured the people of the state that he will not betray them as they have once again entrusted him with

the enormous responsibility of governing their affairs, stating that no one will be harassed or intimidated. A statement signed by the state Commissioner for Information, Youth and Culture, Mallam

UNDP, EU Spend €1.4 m on Infrastructure in North-east Michael Olugbode in Maiduguri The United Nations Development Programme (UNDP) and European Union have spent €1.4 million on building of infrastructure in some crisis affected areas of the Northeastern Nigeria. The fund, €1 million from EU Humanitarian Aid Operations and €400,000 from the UNDP, was expended on drilling of boreholes, building of clinics and drainages as well as setting up vocational training centres and supporting community school projects in the affected areas. According to a statement issued at the weekend by UNDP, the 20-month project, mostly funded by European Union Humanitarian Aid Operations-DG ECHO, improved the effectiveness of the international crisis response by establishing and availing systematic and critical information on key aspects related to coordinated early recovery interventions for Northeast to HumanitarianandEarlyRecoveryactors. The statement added: “Specifically, it improved the effectiveness and sustainability of water resources management in areas of internally

displaced persons (IDP) concentration and prospective return in Borno State; enhanced the social protection of the conflict-affected population in the region through an assessment and piloting of linkages between humanitarian cash-based interventions, communitybased social safety nets as well as formal social security systems, and strengthened the coherence of humanitarian interventions and recovery planning through the establishment of a single recovery database informing recovery planning and monitoring in the state. “Under the project, water needs assessment and water facility review were conducted in areas of IDP concentrations and returnee communities. Five boreholes that feed water from Gumsuri to Damboa, a town that hosts over 20, 000 IDPs in southern Borno were rehabilitated or drilled. The entire water network in Damboa was also rehabilitated and pipes extended to four IDP camps within Damboa. This is meant to address water challenge in the camps and provide IDPs with access to safe and portable water for domestic use.”

Muhammad Garba, and made available to THISDAY yesterday, quoted the governor as saying that his administration has no intention of labeling anybody in the public or private domain. ‘’We have no intention whatsoever to intimidate anybody, be it civil servant or private citizen. Elections are associated with heated debate on political differences, but they are over and we have a big task of working together because Kano State belongs to all of us,’’

the statement added. He said the governor’s victory at the polls belongs to all the people regardless of their political differences and therefore “together, we will work to move the state forward.’’ It further reaffirmed Ganduje’s determination to run an all-inclusive and participatory government as all relevant stakeholders will be given their rightful place in running the affairs of the state. “Kano State belongs to all of us.

We will embrace everybody; the traditional rulers, the Ulama, civil servants and all other interested parties. We need to get everyone together for the task ahead and move our state forward,’’ statement said. The commissioner pointed out that Ganduje would continue to maintain his stand for giving respect and dignity to all those who deserve them, saying by this statement, the governor is extending a hand of friendship

to all to come and work together in the interest of the state. Garba added that the administration would adopt the same policy in the execution of infrastructure and other critical sectors of development for the benefit of all the people in the state. It reassured the state that the security of life and property of citizens would continue to be given utmost priority by improving on the prevailing peace in the state.

Count Us Out of Abdulrasaq’s Certificate Forgery Case, Kwara PDP Tells APC Leaders Hammed Shittu in Ilorin Kwara State chapter of the Peoples Democratic Party(PDP) at the weekend advised leaders of All Progressives Congress(APC) in the state to count the PDP out of the allegation of West African Examination Council(WAEC) certificate case forgery levelled against the state Governor-elect, Alhaji Abdulraham Abdulrasaq. A whistle blower, Mr. Adekunle Oluwafemi Abraham, who recently exposed and instituted a court case at Ilorin high court over authenticity of WAEC certificate of the governor-elect, has alleged that his life is being threatened by unknown people. Abraham, who spoke with journalists in Ilorin recently, however, said he did it in line with the President Muhammadu Buhari administration’s commitment to

war against corruption. However, the Media Officer to the governor-elect, Mr. Rafiu Ajakaye, has denied the allegation of certificate forgery, saying the governor-elect duly attended Government College, Kaduna, passed out and obtained his WAEC certificate. Also, the school mates of Abdulrasaq have come out publicly to deny his certificate forgery levied against him. In a statement signed by members of the Government College Kaduna Old Boys Association (GCKOBA), Kabiru Yaro, Abdulmalik Giwa and Sanusi Ramallam, the schoolmates said the claim was a “smear campaign.” However, PDP in a statement issued in Ilorin signed by its state Publicity Secretary, Mr. Tunde Ashaolu, said: “The PDP has no link with the development,

and there is absolutely no basis to accuse or blame the PDP for Abdulrahman’s certificate forgery case which is currently before an Ilorin High court.” “Our attention has been drawn to a fictitious comment made by a chieftain of the All Progressives Congress (APC) in Kwara State and published by a section of the media, accusing our party, the PDP, of blackmailing the state Governor-elect, Abdulrazaq, with the certificate forgery scandal he is enmeshed in. “This accusation is not only false but also laughable as the PDP has no link with the development. There is absolutely no basis to accuse or blame the PDP for Abdulrahman’s certificate forgery case which is currently before an Ilorin High Court. “For the avoidance of doubt, Abdulrahman was dragged to

court by one Adekunle Oluwafemi Abraham over his involvement in certificate forgery. Abraham instituted the court case against the APC governorship candidate to challenge the authenticity of the WAEC result he presented to the Independent National Electoral Commission (INEC) for the 2019 elections. “The claimant is not a member or official of the PDP and in fact, has no established connection with the party. We then wonder why anyone in his right senses would choose to blame or link the PDP with the court case?” The statement added that “rather than pointing fingers at the PDP, we implore governor-elect to go to court to defend his alleged criminal offence of forging his WAEC certificate, which he claimed to have obtained from Government College, Kaduna.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

NNPC, Oil Marketers Strengthen Partnership on Petrol Supply Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) disclosed yesterday that has strengthened its partnership with oil marketers under the umbrella of Major Marketers Association of Nigeria (MOMAN) to ensure seamless supply of petroleum products across the country. It explained in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, that the agreement to reinforce the trade relationship between it and the oil marketers was reached at a retreat held in Abuja by members of MOMAN. The statement said NNPC’s Group Managing Director, Dr. Maikanti Baru, said the corporation, as the supplier of last resort, would continue to strengthen its relations with MOMAN to avoid any product

supply gap. Baru appreciated MOMAN for being a dependable ally in the supply and distribution of petroleum products nationwide, and noted that the marketers were a force to be reckoned with in the country’s downstream petroleum sector. He added that other players in the sector like the NNPC Retail Limited were not in competition with MOMAN. “We maintain good relations with MOMAN which have helped to ensure that there is products availability nationwide during the last Yuletide and the just concluded election period. “MOMAN is living up to our expectation as partners. NNPC is ready to escalate whatever recommendations the association comes up with at the end of its retreat to appropriate authorities,” said Baru.

He stated that the Petroleum Industry Governance Bill (PIGB), when finally passed, would further strengthen and boost the business operations of MOMAN across the country, and that the workshop would help it brace up for the imminent reforms in the oil industry. Baru, also urged MOMAN

to always keep its contractual obligations to the NNPC, adding that remittances from it often go into the Federation Accounts Allocation Committee (FAAC) to service the needs of the various tiers of government. The statement also quoted the chairman of MOMAN, Mr. Tunji Oyebanji, to have assured

the corporation of its commitment, saying it was a dependable ally to NNPC in the supply and distribution of petroleum products. Oyebanji, pledged MOMAN’s continued collaboration with NNPC, and disclosed that it was repositioning for future changes in the industry.

He said: “We have an outstanding relationship with NNPC and its downstream subsidiary, the Petroleum Products Marketing Company (PPMC). We will continue to improve on the relationships to take the downstream sector of the oil and gas industry to enviable heights.”

EFCC: No Team Raised to Quiz Outgoing Govs Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC) weekend denied raising any team of investigators to probe outgoing state chief executives. The denial followed reports that the commission had set up a team of investigators to probe some outgoing governors. A statement signed by the commission’s Acting Head of Media and Publicity, Tony Orilade, debunked the report. “The EFCC does not go after anybody, including ex-governors

on speculative ground. For the avoidance of doubt, the commission only acts after the investigators have done a thorough job on any individual or firm involved in corruption related cases. “The commission wants to advise our stakeholders, including our friends in the media to be circumspect and verify their stories before going to press. “Members of the public are therefore advise to disregard the story as no team has been set up against any former governor”, it said.

Theologians Disown CAN’s CongratulatoryVisit to Buhari Kayode Fasua The Association of Christian Theologians (ACTS) yesterday condemned the Christian Association of Nigeria (CAN) over its claim that its last week visit to Aso Rock Villa to congratulate President Muhammadu Buhari on his re-election, was done on behalf of Nigerian Christians. The ACTS in a statement issued by its National President, Prof. Olakunle Macaulay, declared that those who visited Aso Rock on the platform of CAN “were church leaders and not Christian leaders.” The theologians’ body stated: “CAN does not in any way represent the interest of Christianity in Nigeria. The presence of some Christian religious leaders in Aso Rock to congratulate President Buhari on his re-election at the last presidential election, on behalf of all Christians in Nigeria, was a misrepresentation. “Christianity is more than ‘churchism’. Christianity includes the ministry of the gospel of Jesus Christ, which can be found in the Bible as preaching, teaching, and help ministries. “Those present in Aso Rock Villa were church leaders and not Christian leaders. Christianity is more than building auditorium, clapping of hands, paying tithes and dancing. It has a lot to do

with the message of Jesus Christ and the morals of people and of the nation.” Stressing that Christianity is life and not a religion, ACTS also pilloried the idea of setting up the Nigeria Inter-Religious Council (NIREC)-a joint body of the CAN and the National Supreme Council of Islamic Affairs-saying the NIREC had failed in its mission. “The idea of the NIREC should have been rejected in the first instance, because its goal to broker peaceful co-existence between Christians and Muslims in Nigeria has actually failed, when we assess the achievement of this body after three years of its existence. “Today, Christians and Nigerians are killed, slaughtered all over country, therefore, we do not need NIREC to live together in love and peace. We only need Christian leaders (not church leaders) and other religious clerics to teach what the Holy Books instruct,” the ACTS argued. The theologians’ body, however, stressed that Nigerians must understand what Christianity stands for, noting that it is not an assemblage of a small group, but of all people, and that as a faith, Christianity stands for the elimination of evil forces, which include armed robbery, kidnapping, corruption, stealing, covetousness, assassination, war, intolerance, and envy.

PROJECT INSPECTION…

L-R: Chairman of the Peoples Democratic Party (PDP) in Awgu Local Government Area of Enugu State, Okey Udeh; Enugu State Governor, Hon. Ifeanyi Ugwuanyi; member, representing Awgu North constituency, Enugu State House of Assembly, Hon. Nelson Uduji; and Deputy Chairman of Awgu LGA, Mrs. Benedett Orjiude, during the inspection of facilities at the Enugu State Games Village, Awgu … weekend

Lions Club Donates N2m Power, Sanitary Facilities to Police Sunday Okobi Gbagada Jasmine Lions Club, District 404 A1 Nigeria at the weekend donated a 3.75 KVA power generating set and a four-unit toilet worth N2 million to the Bariga Divisional Police headquarters. Making the presentation to the Divisional Police Officer (DPO), Segun Titiladunayo, in Lagos, the Governor of District 404 1A Nigeria, Lions Club international, Sir Monday Onyeme, lauded the chapter for being consistent with the humanitarian disposition of the global organisation. He was particularly impressed with the record two-month delivery timeline of the project, just as he congratulated the recipient

for being found worthy and providing a space for the project. He said: “By their action, we shall know them. I pray this will be the beginning of partnership between the police and Lion Club International, District 404 1A Nigeria. We make life easier for humanity.” Onyeme continued: “Our regime does not have second term. We do one-year tenure, step aside and still contribute to the development of the club.” The district governor declared that 18 of similar projects would have been replicated in the 83 clubs making up the district before their 2018/2019 tenure runs out on June 30 this year. In her remark, the club president, Lion Patricia

Onuchukwu, commended Onyeme for being supportive, noting that he contributed 50 per cent of the projects’ sum in line with his appellation as an “empowerment district governor.” Asked what informed the title, Onuchukwu stated that Onyeme has all along lived to his words of providing funding for laudable projects in all the clubs in the district. She pointed out that her organisation undertook the mission to check indiscriminate defecation and protect the environment, even as she sought support from government and kind-spirited individuals and organisations for the non-profit making movement to do more for the betterment of humankind.

On the choice of the recipient, Onuchukwu said the club found it apposite to site the facility therein in view of the population the police post hosts regularly, and the need to save the environment from the health hazards open defecation poses to the wellbeing of Nigerians. The station DPO, Titiladunayo, lauded the gesture, adding that in his 31 years of service, he had not witnessed this ‘show of love’, thanking the club for practising what it actually preaches. He promised to make good use of the items. The highpoint of the ceremony was the decoration of the host police chief with a recognition crest by the district governor.

NAF Condemns Flogging of Arrested Bandits The Nigerian Air Force (NAF) yesterday said it had launched investigation into a video currently in circulation where its personnel were seen flogging arrested bandits in Zamfara State. The NAF not only condemned the behaviour of the military personnel, but confirmed that some its personnel were part of the joint operations currently going on in the state to flush out bandits. A statement signed by the spokesman of the Air Force, Air Commodore Ibikunle Daramola, said a Board of Inquiry has been instituted on the matter, promising that those culpable would not go unpunished. Daramola said : “The attention

of the Nigerian Air Force (NAF) has been drawn to a video and some pictures circulating on some social media and online platforms showing some military personnel flogging suspected armed bandits at Shinkafi Local Government Area (LGA) in Zamfara State. “The NAF has discovered that some of its personnel were part of the joint team stationed at the Galadi sub-Sector at the time. “The joint team had, sequel to intelligence reports, intercepted a group of suspected armed bandits, including some fighters from across the border, at their Sububu Forest hideout whilst they were on the verge of executing an attack against innocent civilians in Shinkafi. In

the process, the team recovered one AK-47 rifle along with three loaded magazines and three dane guns from the bandits. “In an effort to obtain further information on the criminals’ plans and the location of their armoury, the troops employed unauthorised, crude corporal methods. “The NAF wishes to state unequivocally that the troops’ actions of flogging and physically assaulting the disarmed suspects were totally unacceptable and not in consonance with the Standing Operating Procedures (SOPs) guiding the conduct of the operation. “Our personnel have always been directed to respect the rights

of innocent civilians as well as captured combatants, no matter the provocation. “The public is to please note that the NAF has zero tolerance for such human rights violations and has since initiated appropriate action to address the anomaly. “In this regard, a Board of Inquiry (BOI) has been set up by the Headquarters Special Operations Command (HQ SOC) to determine the remote and immediate causes of the incident with a view to ensuring that appropriate disciplinary action is taken against all NAF personnel found culpable. The public will be kept informed on the outcome of the investigations.

MONDAY APRIL 1, 2019 ˾ T H I S D AY

NEWSEXTRA

PDP Files Petition to Challenge Governorship Poll in Katsina Regina Ogwuche The Peoples Democratic Party in Katsina State and its candidate, Ya k u b u L a d o , h a v e formally filed a petition before the

Election Petitions Tribunal challenging the conduct of the March 9 governorship election. The filing of the petition on Saturday was to beat the April 1, 2019 deadline for

Rivers PDP Urges APC to Stop Blame Game Esther Oluku The Peoples Democratic Party (PDP), in River State has described the accusation by the All Progressives Congress in the state that INEC is favouring Governor Nyesom Ezenwo Wike, as unfounded. In a statement signed on behalf of PDP Campaign Council by the state Commissioner of Information, Mr. Emma Okah, the party stated that the allegation was the same old, empty, meaningless and senseless song. “Majority of Rivers people don’t take the APC in the state serious. They blame everybody apart from themselves

for every problem. When they had internal problems that cost them their place in the ballot, they blamed others. When their adopted puppet in AAC could not win one unit in the state because he was unknown and never campaigned, the APC blamed others,” the statement said. The statement described APC as a bad workman, who is always quarrelling with his tools. PDP also decried at the way and manner in which APC teaches INEC, soldiers and police how to do their job. The party also warns APC to stop resorting to blackmail whenever they meet disapproval.

filing petitions before the election tribunal. A member of the legal team and Senior Advocate of Nigeria (SAN) Gordy Uche, who led others to file the petition, said his clients are challenging the victory and educational

qualifications of the governor-elect, Aminu Masari of the All P ro g re s s i v e s C o n g re s s , (APC). He said that more experts are joining the team to solidify their grounds when the hearing commences.

Also, the deputy dovernorship candidate and state chairman of the party, Salisu Majigiri called on the party supporters to be lawabiding, urging them to pray for the party to emerge victoriously at the tribunal.

The PDP is challenging the conduct of the governorship elections with governor-elect, Aminu Masari, of the APC and the Independent National Electoral Commission, ( INEC) , as respon den ts before the tribunal.

NEWEST COUPLE…

L-R: Groom’s father, Dr. Saka Layonu; celebrant, Mr. and Mrs. Damola Layonu; Governor of Osun State, Mr. Gboyega Oyetola; and Groom’s mother, Mrs. Florence Layonu, during a wedding ceremony between the families of Obi and Layonu at Royal OAK Centre, Lekki Express Way Ikate Elegushi, Lagos State…weekend

African CEOs Show Keen Interest in Glo’s Digital Solutions

Our Father Never Craved for Public Recognition, Says Okara’s Family

Hamid Ayodeji

Family of renowned literary icon, Dr. Gabriel Okara, weekend said their patriarch never intentionally craved for public recognition in his writings, but only wished people could read and enjoy his works. Speaking in Yenagoa, when officials of the Association of Nigerian Authors (ANA) paid the family a condolence visit, the poet’s first daughter, Mrs. Timinipre Okara-Schiller, said those who knew the value of her father’s work celebrated him while he was alive. She added that the perception that Okara was not fully recognised while on earth, could have been because of the depth and melancholic nature of his writings, which many people

Several chief executives of multinational companies were at Globacom’s stand at the justconcluded Africa CEO Forum to seek the operator’s connectivity solutions to drive their business growth. Rwandan President, Paul Kagame, whose country hosted the conference, had kicked off the enquiries at a meeting with Globacom Executive Vice Chairman, Mrs. Bella Disu. He discussed areas of collaboration between Rwanda and Globacom. Among those at Globacom’s stand to hold discussions with the company’s officials were Group Chief Executive Officer of Togo-based Ecobank, Ade Adeyemi; Chairman, KPMG Africa, Kunle Elebute; Group Chief Executive Officer of Ark Hudson, Ugo Ikpeazu, and Head of Business, Mara Phone, James Kasugi. Others were Chairman of MTN, Cameroon, Colin Mukete; Chief Executive Officer, Nigeria’s Rack Centre, Tunde Coker; Chief Executive Officer, Credit Registry, Jameelah Sharrieff; Chief Executive Officer of Sodeico of Congo Democratic Republic, Djo Falanga; Director General of Azur of Gabon, Jean Obambi, and Allen Emiowei of Bayelsa State Investment Promotion Agency, Nigeria. The business executives held discussions on Internet connectivity, mobile money solutions, Wide Area

Connectivity (WAN), credit check for postpaid subscribers, and bundled mobile solutions for government establishments. At the Digital Economy session, Mrs. Disu canvassed the need for governments across the continent to create a sustainable environment for telecommunication companies to connect cities and rural communities to the internet. She said this would help operators adopt digital solutions that would make Africa catch up with global trends. “The world is experiencing rapid digital transformation, and because we live in an exponential world, it’s no longer a question of ‘do I have to innovate’, we must innovate. So telecom operators will spearhead this innovation. First, we provide the infrastructure, the network, the platforms and connectivity for digital transformation to occur, and the resulting effect is big data, virtual reality, artificial intelligence, cloud computing and internet of things which connects everything to everybody. So businesses must run on new business models to stay in business,” Mrs. Disu stated. She emphasised the need for increased internet access by making reference to the World Bank report which showed that 10 per cent increase in internet access directly correlates to 1.8 per cent growth in the gross domestic product (GDP).

ANA mourns literary icon Emmanuel Addeh in Yenagoa

did not fully appreciate. While describing Okara as a peaceful man who preached peace anywhere he went, Okara-Schiller, noted that her father’s greatest wish was for the world to live in harmony and love, which he expressed in many of his works. “He taught us to be honest. He was a man of peace who believed everything could be resolved by reasoning. He never wanted a voice raised. “He taught us never to think evil of anybody. He preached peace, forgiveness and honesty and that whatever God has for us will always come to pass. “He had love for humanity, knew his gift was from God and was always very humble about it. He always told us that writing wasn’t a way to make money. He

always rendered help and came back home with an empty pocket. “Our father was an anticorruption advocate. In all his dealings, he knew it wasn’t for him to benefit personally. He taught us to do the right thing. He protested oppression in his writings,” she said. She said her father was not a commercial writer, adding that he never intentionally craved for recognition. “Many people did not fully understand the depth and weight of his writings. He wasn’t a commercial writer. In the world today, commercial writings excel. Many people did not fully appreciate his works because they were probably too deep”. In an address, the ANA Bayelsa State Chairman, Mrs Nina Nengi-

Ilagha, who was accompanied by her Rivers counterpart, Uzor Nwamara and officials from the national body, described Okara as an icon of African literature. “He always said that writers should not focus on making quick money from their works as that does not come easy. “He blazed the international literary trail by winning the prestigious Commonwealth Poetry Prize with his Poetry Collection, The Fisherman’s Invocation, in 1979. “This was after his famous poem, “The Call of The River Nun,” launched Okara into the global literary scene in 1953 when he won the first poetry prize at the Nigeria Festival of Arts,” she added.

APC Sets up Committee to Investigate Buhari’s Defeat in Anambra David-Chyddy Eleke in Awka The All Progressives Congress (APC) in Anambra State has set up a committee to investigate the reason for the abysmal performance of its presidential candidate in the just concluded election, President Muhammadu Buhari. The party said it is confident of its popularity in the state, and was surprised that its candidate lost the election in the state, and as such, was set to investigate the reasons behind it, with a view to moving the party forward in subsequent elections, and punishing those found culpable. The acting state Chairman

of the party, Basil Ejidike, who addressed state executive members of the party during a meeting held in Awka to inaugurate the committee, said the committee would investigate the role of every stakeholder in the state during the election. In his address, he said: “Political parties are formed for the sole purpose of winning elections, and if we cannot win election, then we are not in business. “That is the reason we set up this fact-finding committee that will deeply probe what happened before and during the last general election, which saw our party (APC) lying prostrate and without anything to show for it existence

and participation in the election.” President Buhari scored about 33,000 votes in the last presidential election in the state, while his opponent in the PDP, Alhaji Atiku Abubakar, scored over 500,000 votes. Though Ejidike insisted that the score in Anambra State was a big leap, considering its score in the state in 2015, he insisted that it is determined to investigate the role of its stakeholders, candidates and members in the election to ascertain the reason for its abysmal performance with a view to performing better. The acting chairman, while handing out to the committee the term of reference, said its job also includes highlighting areas of

strength of the party in the state, with a view to maximising it in future elections. He said: “Nothing should be left untouched in our collective quest to unravel what actually went wrong and to see what can be done to redirect and re-strengthen the party on a sustainable path of growth and development. “The committee also has the powers to recommend sanctions where necessary.” He added that the committee has two weeks to submit its report as it would form a working document for a summit of the party in the state which would hold at the end of April.

T H I S D AY ˾ MONDAY, APRIL 1, 2019

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

Leon BalogunVows to Regain Starting Role at Brighton Femi Solaja with reports Ahead of the African Cup of Nations in Egypt this summer, Super Eagles strongman in defense, Leon Balogun has said that he is more than determined to regain his starting position at Brighton & Hove Albion. Balogun, who has formed the famous Oyinbo wall defense for Super Eagles alongside Troost Ekong has only made seven starts for his English Premiership side since he arrived as a free agent just before the last World Cup finals in Russia was not even listed in his club’s 0-1 home loss to Southampton last Saturday are just three legs above relegation zone. But now he has vowed to help improve the fortune of the club so as to be in good form for Nigeria this June during the AFCON tournament in Egypt. “It’s been difficult but that’s the manager’s call, I’ve just got to get on with it and hope for a chance,” says Balogun, who scored his only goal for the club in 3-1 win against Crystal Palace in December. “I really hope to play a significant role in my first Nations Cup for Nigeria, but firstly I want to keep working hard to make a strong case for regular games at Brighton,” Balogun told BBC Sport yesterday. Since scoring his first goal

for Brighton four months ago, Balogun has made only four more appearances for Chris Hughton’s side in the league. He also played twice in the club’s impressive run to the FA Cup semi-finals including the tricky fourth round win against West Bromwich Albion at The Hawthorns in February. Although his position in the Super Eagles setting is still guaranteed and he is one of the fans favorites anytime he wears the Nigerian colour, he however admitted that it has been tough for him and he is waiting for his opportunity. “It’s very frustrating not to be involved but you can only keep your head up by focusing on helping the club when called upon,” the former Mainz man explained. He said further that “what is important is to always put myself in the right place as usual. If I am needed anytime to start a game or come in, I’ll be ready for that, it’s all I can do.” Only last December, Balogun became the first African player in the English Premiership to join the Common Goal campaign by pledging one percent of his wages to the charity. In a related development, former Super Eagles defender, Taribo West, has backed the decision of coach Gernot Rohr to

Leon Balogun in Brighton shirt but wants to regular position ahead of AFCON in June for Nigeria

still believe in the player despite not having a regular shirt for his club in England. ” I really think he is the best defender we have at the moment because he adds something extra when he plays. Even the

game against Egypt he was way impressive and didn’t play like someone who has not played football in over a month. ” Rohr can’t drop him now but after the Africa Cup of Nations if his club form stays

Rohr Happy with Array of Strikers at Disposal Super Eagles Head Coach, Gernot Rohr is happy with his striking options available for him as his team is gradually taking shape towards the African Cup of Nations finals in Egypt. The German tactician masterminded the Super Eagles’ 1-0 win over Egypt in an international friendly match which was played at Stephen Keshi Stadium

in Asaba to rap up fiveday football fiesta at the stadium in which Nigeria came top in all the three matches including the U-23 National team who trounced Libya to hit final qualification tournament to the next Olympic football tournament in Japan. Lanky striker Paul Onuachu scored with a thunderous shot under one minute to

give Nigeria her first win over Egypt after over a decade. “We have other profiles for the striker position, we now have this tall guy from Denmark. He did very well but he has to improve still,” Rohr said. “We had five changes in the team, the goalkeepers came in and we finished with two local players that made

their debuts. The 65-year-old trainer is happy with how his players performed during the FIFA international break. “It will be good for them, for their confidence and for the careers of the players,” he added. “I am happy about it also because our 23 players did very well for the past ten days in Asaba.”

Nigeria’s Passion for Sure, Education Attracted Us, Says FCV Academy The Director of United Kingdom (UK)-based FCV Academy, Martin Harris has described Nigeria as a country with passion for sports and education which he said attracted the academy to decide to organize the maiden FCV Gladiators Camp. The camp which holds this month in Lagos and Abuja will have participants tutor by top and experienced coaches from UK and Netherlands. “Having visited Nigeria on a number of occasions, we have seen a strong passion and understanding of the importance of combining sporting and academic development, this runs from school teachers through to senior executives of governing bodies. This belief is shared by

ourselves and is at the forefront of our own Academy values, which we have seen through numerous Nigerian students progressing into our Academy,” Harris said. With some Nigerians have attended the FCV Academy in UK, Harris believes more Nigerian students would be given the opportunity through the camp to be part of the academy. “The FCV International Football Academy welcomes students from across the globe and since our partnership with Dynaspro Promotion began over eight years ago, this has included those from Nigeria. “Those graduating from our program have progressed onto a variety of pathways, including professional football to

gaining various degree qualifications in the UK and around the world. To enable us to have a far greater impact and reach in support of football development in Nigeria, we wanted to bring our Academies core values and coaching methods directly to the country, enabling our coaches to work with these young players to give them a fantastic insight and experience in football,” he added. For the participants at the maiden edition this year, Harris said: “Participants attending the FCV Gladiator Soccer Camps will enhance their individual skills both from a technical and tactical aspect; it will build their teamwork and character, but most importantly will be

fun. Our highly qualified and experienced coaches, supported by additional European coaches will work with the participants to help improve their performance and understanding of the requirements of the modern game. He added: “Besides honing their football skills, the camp will also provide educational seminars in areas such as the Nigerian Olympic Value Program, health and exercise, leadership, financial literacy, social skills and general etiquette. On conclusion of the course, each participant will receive an assessment and report, providing feedback to support their continued development.”

same then the coach will have to make a decision for the good and future of the team and I think he is the best we have,” Taribo West explained. Balogun, in Germany, Balogun, who has previously

played for Hannover, Werder Bremen, Fortuna Düsseldorf and Darmstadt 98, has made 27 appearances for Nigeria. He played all three matches at the 2018 World Cup in Russia.

Obule, Boys School Tango for Trophy ZENITH BANK /DELTA PRINCIPALS’ CUP

After hosting three international football matches within just five days, the Stephen Keshi Stadium in Asaba will today host the final of the Delta State Principals’ Cup football competition. Obule Integrated School, Sapele and Boys Secondary School, Obiaruku are to clash in the final while Ekpan Secondary School and Comprehensive secondary school will fight for bronze in the third place shortly before the final. The final of the competition originally scheduled for February 15 this year was moved due to the General elections and the involvement of the state in the series of international games at the venue which is fast becoming the home of Nigerian football. The chairman of the Local Organising Committee, Chiedu Ebie, who is also the Commissioner for Basic and Secondary Education in Delta State, said all was set for the final match. Ebie said the LOC and organisers have worked so hard to put up a great event which would last long in the memory of the finalists and

all those present at the venue. Ebie said: “We have been working hard to give this event a befitting final. These are the future stars and the competition is an event very close to the heart of Governor Ifeanyi Okowa. “We expect a funfare of sort in the third place and final match. Attractive prizes will be given to the finalists and players who excelled in the competition.” The 2019 edition of the competition began in October last year with close to 1,000 private and secondary schools competing for honours from all the 25 Local Governments in the state. Head of the organizing team, Tony Pemu, said that the overall standard of this competition has been an improvement on the last two different editions. Governor Okowa and some of his executive members will be present at the final along with topshots of the sponsors, Zenith Bank Plc. Former international players are expected to also be at the final to encourage the young ones competing for honours today.

Star Lager Unveils First Ever Football Kit for “Unmissable” Match Star Lager has unveiled its first ever football kit at a special event hosted on the 29th of March, 2019. The blue and yellow kits mark the beginning of a new era for Star Lager, as they will be worn for the first time during “Unmissable” match on the 16th of April, 2019. At the event, Star also made another big announcement, as it unveiled Nigerian Pop music

star - Tiwa Savage as the first female brand ambassador for Star Radler. She joins international superstar - Burna Boy on the roaster of musical acts currently associated with the Star Brand. The launch of the new kits was accompanied by the announcement of Star’s involvement in the “Unmissable” match. The football game will feature one of the game’s most iconic defend-

ers - Carles Puyol and the Star team which will be made up of some of the brand’s most loyal consumers as well as past and present football players like the great Austin Jay Jay Okocha. The exciting blue and yellow design, inspired by some of the most brilliant and bold kits the world over, is a simple, yet elegant design. Fans can expect the Star team to

take the field wearing the brand new kits when the “Unmissable” Match is played on the 16th of April at the Godswill Akpabio Stadium in Uyo, as part of the UEFA Champions League Tour. Speaking on the launch of the new kits, Portfolio Manager, National Premium brands, Nigerian Breweries Plc, Sarah Agha remarked - “Over the years, Star Lager Beer has been all about

inspiring Nigerian to greater things, and we recognize how passionate Nigerians are about our football. We wanted to share in this passion and celebrate our love for the beautiful game with this first of a kind jersey. We hope football fans love it, we hope our consumers love it, and we can’t wait to see our Star team take the field wearing the new kits.”

In addition to the Super Eagles, Star Lager Beer is the official beer partner for seven European clubs; Chelsea, Arsenal, Manchester City, Juventus, Real Madrid, Paris Saint- Germain (PSG) and FC Barcelona. CAPTION- Leon Balogun in Brighton shirt but wants to regular position ahead of AFCON in June for Nigeria

5 ) * 4 % ": t MONDAY, APRIL 1, 2019

Monday April 1, 2019

UT H

& RE A S O

Price: N250

MISSILE Marafa to Oshiomhole “Oshiomhole at the peak of the controversy aﬃrmed the fact that no primaries was conducted and his famous video of ‘primaries are to be conducted not by state governments nor by state party chairmen but by the panels sent by the party’s NWC,’ is still very much available on the internet” – Senator Kabiru Marafa advising the National Chairman of APC, Adams Oshiomhole, to stand by the truth as regards the party’s botched primaries in Zamfara.

ISSAAREMU GUEST COLUMNIST

Micro-Pension Plan, Inclusive Social Protection

rue to the notification, on Thursday, March 28, 2019, President Muhammadu Buhari launched the micro-pension plan (MPP) which automatically extends retirement benefits to millions of selfemployed workers in the informal sector. As a contributor to the 15-year-old Compulsory Pension Scheme (CPS), my interest on the developments in pension industry is a total commitment. I also bear witness that the compulsory contributory pension scheme is working to the extent that I get my regular alert from my Pension Fund Administrator (PFA) about the status of my RSA (Retirement Savings Account). The point cannot be overstated. Pension Reform Act was enacted on June 25, 2004. It came into effect on July 1, 2004 after extensive deliberations by all the stakeholders, notably organised labour and organised private sector employers. Pension Reform Act of 2004 was the most significant legislation of the 2nd National Assembly. Before the new Act, the old scheme had pension deficit of about N2.3 trillion in 2004. Pensioners were not being paid entitlements regularly. Pensioners died on verification queues while billions of pensions fund were looted. The Act’s laudable objectives; include saving for old age, workers receive their retirement benefits as and when due, halt the growth of outstanding pension liabilities”. The contributory scheme is fully funded with employers contributing 10 per cent and employees contributing eight per cent deducted directly from workers’ salaries and promptly transferred to workers’ retirement savings accounts. Today, pension assets have grown from N2.9 trillion in 2012 to over N6.5 trillions, thanks to the efforts of the successive leaderships of the National Pension Commission

Buhari

(PENCOM). The scheme was amended in 2014. Significantly the Act was amended to widen the scope of coverage to include the informal sector, tighten sanction for non-compliance and review the rates of contribution among others. The rates were also made equitable with employers paying more than the workers. Employers contribute 10 per cent while workers contribute eight per cent making a total of 18 percent as against the inaugural 15 percent (7.5 percent each). With the amended PRA 2014, PenCom initiated the framework for the Micro-Pension Scheme that targets the informal sector which was rolled out on Thursday. The provision of the Pension Reform Act 2014 (PRA 2014) applies to all employees in the public service of the Federation, Federal Capital Territory, states and local governments and the private sector organisations in which there are three or more employees. However, Section 2(3) of the Act provides that employees

of organisations with less than three employees as well as self-employed persons shall be entitled to participate under the Contributory Pension Scheme in accordance with Guidelines issued by the commission. The categories of persons referred to in Section 2(3) of the PRA 2014 constitute the vast majority of the working population. They are mostly the unemployed tailors, artisans, road transport workers among others. Every working woman and man needs social protection and some safety net after work, failing which work remains precarious. The challenge is how to work out a framework that would address the flexible and unstructured nature of informal sector work. It is commendable that the commission “considers it necessary to develop a framework for the implementation of the provisions of Section 2(3) through a “Micro Pension Plan”. Micro Pension refers to an arrangement for the provision of pension to the self-employed and persons operating in the informal sector through the Contributory Pension Scheme. Beyond the presidential launch on Thursday, Pencom must utilize various channels of communication in educating the public on Micro Pension Plan. The most important and effective channels should be periodic town hall meetings with trade unions, trade Associations and cooperatives to educate members, proffer clarifications and address concerns on Micro Pension Plan. Trainings must also be organized for leaders of Unions, Associations and Cooperatives to be Micro Pension champions to coach and enlighten their members. All done, the nagging questions that hunt the formal sector pension coverage remain. Will Micro Pension Contributors have access to a portion of their RSA balance? Mrs Aisha Dani’s-Umar answered this question at the launch. According to her,

every contribution shall be split into two: 40 per cent for contingent withdrawal and 60 per cent for retirement benefits. Will micro pension Contributors also qualify for Minimum Pension Guarantee provided they satisfy the requirement outlined in the Guidelines on Minimum Pension Guarantee? The income of most persons targeted for Micro Pension Plan is usually irregular and inadequate. Will contributions be made flexible unlike in the formal sector where contributions are fixed? It is refreshing that Pencom agrees that the frequency of remittance of contributions “could be daily, weekly, monthly or as may be convenient to the Micro Pension Contributor provided that contributions will be made in any given year”. The Thursday launch was indeed better late than never. The president’s stamp would definitely legitimize the Contributory pension scheme in both formal and informal sectors. If implemented pension coverage would be more inclusive to include millions of self employed who for now are not assured of life after work no less they are assured of life during work due to income inadequacy. Not only that, there would be sustainable investable funds for socio economic development. So far with as many as 8.5 million formal sector workers covered, as much as N8.7 trillion pension assets have been accumulated. With potential 80 million workforce, the potential for accumulated workers’ capital is better imagined. Micro pension is certainly a sustainable measure against mass income poverty that has pushed workers in both formal and informal sectors into the abyss of poverty. With the micro pension launch and expected attendant increase in pension assets, there is no doubt that the nation is also assured of investable funds for poverty alleviation as well as wealth generation.

Idiagbon’s Patriotism in Discourse Issa Aremu It was the 20th anniversary of the death of Major General Babatunde Abdulbaki Idiagbon a week. He was the sixth Chief of Staff at the Supreme Headquarters of the military regime headed by Major General Muhammadu Buhari from 1983 to 1985. He was de facto Vice President, albeit under the military regime. Given the nationally acknowledged comradeship between him and his Commander-in-Chief, Major General Idiagbon passed for a co- Commander-in-Chief from 1983 to 1985. One notable feature of military regimes is strong totalitarian single leadership. BuhariIdiagbon (as the regime was so-called!) proved a remarkable exceptional military leadership with robust complementarity of the two principal drivers. Yours comradely loathes military dictatorships. Indeed together with many of my comrades, we spent better part of our undergraduate days in the 70s and 80s confronting military regimes with documented enormous sacrifices. But notwithstanding our passion for democracy, quest for good governance and nation-building, some military leaders (not necessarily military regimes!) captured national imagination in terms of their patriotic and selfless programmes. Buhari/Idiagbon regime was referred to as “an offshoot” of Murtala Muhammed regime in terms of its audacious head on fight against corruption, indiscipline, insistence on probity and accountability, defence of national interests against Western imperialism, colonialism and racist apartheid regime in Southern Africa. In remembering Idiagbon, we are hunted by the same spectre of leadership question. Late Chinua Achebe aptly puts it: `The trouble with Nigeria is simply and squarely a failure of leadership. There is

nothing basically wrong with the Nigerian character’. Certainly Achebe’s observation made in the 80s still remains valid today. While it’s a worthy national enterprise to search for ideal leadership, the point cannot be overstated that Nigeria has produced a number of both civilian and military leaders who have made historic positive impacts. It’s time we contextualized national leadership discourse, recognized good leaders for who they are: good leaders. The founding fathers and mothers regardless of their partisan differences fought British colonialism and extracted independence by lowering the British Jack in 1960. A group of military officers rose to defend Nigerian unity during an unfortunate and avoidable civil war which claimed millions. Late Chief Obafemi Awolowo offered leadership by quitting the Gowon’s war-cabinet when General Yakubu Gowon (after commendably leading the unity war), reneged on the promise to return to Nigeria to civil rule in mid-70s. That singular civilian leadership set the stage for a national pressure for democratisation. General Murtala Muhammed rose to the occasion to offer a decisive leadership. He audaciously announced an unprecedented comprehensive political programme aimed at returning Nigeria to civil rule. General Olusegun Obasanjo commendably kept to the date in October 1979. It’s time we recognised some leaders, who given the historic reality and circumstances offered to be counted on side of nation-building. General Tunde Idiagbon was a key member of Nigeria’s military governments in that decade of national turmoils of coups, counter-coups, civil war and demoralisation (1966 and 1979). He served as a military administrator of the old Borno State. However, his visibility and prominence in Buhari’s military government

remain the reference point. The acclaimed and celebrated policies and initiatives of that regime bore his authority in implementation and articulation. Idiagbon “was responsible for introducing, announcing and implementing many of the regime’s major policies, that included: War Against Indiscipline (WAI) which manifested in Phase One - Queuing, launched on 20 March 1984, Phase Two - Work Ethics, launched on 1 May 1984, Phase Three - Nationalism and Patriotism, launched on 21 August 1984, Four - Anti-Corruption and Economic Sabotage, launched on 14 May 1985, Phase Five - Environmental Sanitation, launched on 29 July 1985. Currency change and currency exchange rate policy. The most significant was the aggressive import substitution industrialisation policy. In 1984, Idiagbon implemented the military government’s import substitution industrialisation policy based on the use of local materials. Importation was tightened. The aim was to ensure the growth of local industries through the policy. He also launched on behalf of the regime Go Back to Land Programme. For Nigeria must revisit some of these nationalist socio economic initiatives within the context of the present national and global reality. Post humously, General Idiagbon just like President Muhammadu Buhari had shown that integrity really matters in private and public life. Some 35 years he left public office, no single case of corruption has been linked to him. Many living public officers are in accountability crisis of different forms. Looking at his pedigree, it is clear that the late General was prepared and trained for public service. He was born in the fullest of time on September 14, 1943 in Ilorin. Paradoxically, it was the decade of decolonisation.

Two years after in 1945 Sir Nnamdi Azikwe founded NCNC. Idiagbon was a product of new Nigeria emerging from the ashes of colonialism. Which might explain some of the patriotic dispositions of him and his colleagues. Could anybody have imagined that there was a Nigeria which once impounded British plane in response to British government seizure of Nigeria Airways plane in 1984? General Idiagbon was at the centre of it all. Following the notorious Umaru Dikko affairs, British government detained a Nigeria Airways Boeing 707 cargo plane. In retaliation, Nigeria detained a British Caledonian Airways Boeing 747 passenger plane. The two-day diplomatic row was eventually resolved amicably. The late General was truly home grown, a patriot by training. He attended Ilorin United School, an institution founded by the Ilorin Emirate Descendants Progressive Union, for his primary education between 1950 and 1952.In 1953, General Idiagbon proceeded to the Okesuna Senior Primary School, Ilorin, from where he finished his primary education in 1957. He also bagged a Bachelor of Arts degree in Economics among the few “officers who obtained a university degree while in the military service”. He attended Pakistan Command and Staff College. He was a member of National Institute, Kuru Jos, of Senior Executive Course 3 in 1981. He also valued dignity of labour, hard and smart work which singled him out as an outstanding gallant soldier who held various command posts. He died on 24 March 1999 in Ilorin, Kwara State at the age of 56 years. May Allah grant him eternal rest. t*TTB "SFNV NOJ JT (FOFSBM 4FDSFUBSZ /65(58/ /&$ .FNCFS /-$ BOE 7JDF 1SFTJEFOU

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085, 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com