PDP: APC’s Claim on Atiku’s Cameroonian Citizenship Diversionary Wins Rivers assembly supplementary election Adedayo Akinwale in Abuja and Ernest Chinwo in Port Harcourt The Peoples Democratic Party (PDP) has described as “reckless and groundless”
claim by the All Progressives Congress (APC) that its presidential candidate in the just concluded general election, Alhaji Atiku Abubakar, is a Cameroonian. The main opposition
party said the allegation is a calculated attempt by the ruling party to trivialise and divert attention from alleged rigging of the presidential election. It was, however, good news
for the PDP yesterday as it won the four state assembly seats in the supplementary election organised by the Independent National Electoral Commission (INEC) in Rivers State last Saturday.
With these results, PDP has won all the seats in the 32–member House of Assembly except Oyigbo State Constituency, which was won by Mr. Nwankwo Promise of the Social Democratic Party
(SDP). The National Publicity Secretary of PDP, Mr. Kola Ologbondiyan, in a statement yesterday said Continued on page 9
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Leadership Election Mode Divides Senators-elect Deji Elumoye in Abuja
HAPPY MARRIED LIFE... L-R: Bride’s parents, Babatunde & Rosemary Fowler; groom’s parents, Frank & Emily Aig-Imoukhuede; the couple, Aigbovbioise & Olufunke Aig-Imoukhuede; Vice President Yemi Osinbajo and his wife, Dolapo, at the couple’s wedding ceremony… weekend
The ninth Senate to be inaugurated in June may be rocked by crisis over the mode of election of principal officers of the upper legislative body, THISDAY has learnt. Some All Progressives Congress (APC) senators-elect, who are canvassing for the adoption of open ballot system for the election of principal officers of the ninth Senate upon inauguration in June, at the weekend accused Continued on page 9
Buhari Weighs Options on Incoming Cabinet Wants clean slate, may recall only a few current ministers Incumbents abandon responsibilities, engage in massive lobby to return Adedayo Akinwale in Abuja Barely a month and a half to the start of his second term, President Muhammadu Buhari is weighing his options for a new cabinet that would help
him to deliver on his campaign promises to Nigerians. The president, who had told Nigerians during the keenly contested presidential election held on February 23 that he would consolidate on the gains
of his first term, particularly in the areas of security, fight against corruption and revival of the economy, is said to be considering starting his second term on a fresh slate, sending home all the
incumbent ministers except one or two of them he retains confidence in. Buhari had been under severe criticisms for not tinkering with his cabinet even when it was obvious that many
of them were so anonymous and underperforming. But the president kept faith with the ministers, perhaps in the belief that they would improve and help him shore up the confidence of Nigerians
in his administration’s capacity to meet their basic expectations. THISDAY sources close to the president said the outcome of the presidential election, Continued on page 8
Sahara Energy Commits $600m to Boost Peace in South Sudan… Page 9
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FG: No Plan to Remove Fuel Subsidy Nigeria’s daily petrol consumption hits 56m litres Kachikwu promises sufficient supply of product Funke Olaode, Shola Oyeyipo, Martins Ifijeh in Washington DC and Chineme Okafor in Abuja Despite pressures from the International Monetary Fund (IMF) and the World Bank that Nigeria should end its fuel subsidy regime, the federal government has said there is no immediate plan to remove the petroleum lifeline. This is coming as the Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday disclosed that Nigeria’s daily petrol consumption has increased by two million litres, from 54 million litres in 2018 to 56 million litres in 2019. The Minister of State for Petroleum, Dr. Ibe Kachikwu, has also assured that the country has sufficient petrol supply. The Minister of Finance, Mrs. Zainab Ahmed, while addressing journalists yesterday during a ministerial press briefing at the end of the World Bank/IMF Spring Meeting 2019 in Washington DC, said the subsidy would remain because the federal government was yet to have an alternative to cushion the effects of the removal. According to her, "On the subsidy, there is no imminent plan to remove fuel subsidy. We are here to discuss with the global community on various policy issues. One of the issues that always come up in the reports, especially IMF Article IV Report is how we handle subsidies. So, in principle IMF will say fuel subsidy is better removed so that you use the resources for other important sectors, and in principle that is a fact but in Nigeria, we don't have any plan to remove subsidy at the time." She said: “This is because we have not yet designed buffers that will enable us remove the subsidy and provide cushions for our people. "So, there is no plan to remove subsidy. We will be working with various groups to find what will be if we have to find what the alternative is. We will discuss this at the EMT. We have not yet found viable alternative, so, we are not
yet at the point of removing subsidy.” On Eurobond, Ahmed stated: “The issuance is going to be the second one this year and the bond is going to be utilised for some agricultural projects, for some power projects; mostly solar projects as well as projects in the water sector. “The essence is that the project must be green. They must be projects that are not contributing to emissions in the society. The green bond is a successful one. All the projects that were scheduled to be financed by the green bond have been so financed and the projects are at various levels of completion.” The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, reiterated that the federal government’s policies are capable of ending poverty and spurring industrialisation. He said: “After leaving the spring meeting last year, we had projected that growth in the economy will be at about 3.9 per cent for 2018/2019; however at this year’s meeting members were disappointed that much had changed basically for a couple of reasons. One, escalation of trade tensions between China and US, there were some macroeconomic stress points in some countries like Argentina and Turkey. There were disruptions in the auto sector in some parts of Europe like Germany; there were also tight credit points in China and macro policy normalisation. “These factors contributed to the weakening in the global growth figures especially during the second quarter of 2018 and during the first half of 2019 as the weakening numbers are expected to continue. “Based on these factors growth at this years spring meeting was revised downward to 3.3 per cent. Although the 3.3 per cent is considered reasonable, the outlook for most countries is still challenging with uncertainties in the short term. “For Nigeria and other sub-sahara Africa where we come from, some if the factors earlier highlighted
contributed to the growth figures for the region from three per cent in 2018 though it is expected to pick up to 3.5 per cent in 2019 / 2020. “The recovery in the global growth is expected during the second half of 2019 and hoping that the engagement between the US and China will lead to de-escalation of trade tensions.” The governor noted that the 2019 Spring Meeting acknowledged that there would be need for the World Trade Organisations (WTO) to begin a process of reform that would lead to an update of the role of the game and aimed at protecting even the weaker economies. Speaking about the Economic Recovery and Growth Plan (ERGP), Emefiele stated that the “Central Bank, being the monetary monitoring authority in Nigeria, was also part of the process of developing the ERG document,” adding that “document, I repeat, is applauded in all parts of the world as a standard plan that will lead to the development and the industrialisation of Nigeria. It is followed through like a Bible. “Naturally, as you know about the plan, you find that sometimes you over shoot the target or sometimes, for one reason or the other you are not able to meet those targets. But by and large, looking at the document that specifies the need for us to achieve micro-economic stability, I can say that we have achieved a relatively stable micro-economic environment in Nigeria with inflation stabilising at about 11 percent, with exchange rate looking good, with reserve build up and all that.” He said those are the mandates in the ERG, emphasising that the slow growth rate is not affecting Nigeria in isolation, assuring Nigerians that efforts are on to accelerate growth. On the possible impact of Brexit, either with or without deal, Emefiele noted that Brexit, being an immigration and trade, portends no danger to
Nigeria. "On trade, I will say Britain and Nigeria; yes, we have trade relationship but it is not as strong as the trade relationship that we have with China and the United States. For instance, China is Nigeria's largest trading partner followed by the United States and Britain comes quite low in the scale. “If you look at that, in my view, there is not going to be any adverse effect on Nigeria but we are reviewing it to see that the implications, which I would expect to be naturally positive.” The Minister of Budget and National Planning, Senator Udoma Udo Udoma, who noted that Nigeria is set for greater growth with the re-election of President Muhammadu Buhari, said the slow pace of growth in Nigeria is due to the downward trend in the economy. “When you are moving backwards it takes a lot of efforts to stop the decline and reverse it and when it is reversed, at the beginning, it moves slowly. It takes time for momentum to build up and that is why the growth is still a little slow,” Udoma said
Nigeria’s Daily Petrol Consumption Hits 56m Litres Meanwhile, the PPPRA yesterday disclosed that Nigeria’s daily petrol consumption has increased by two million litres from 54 million litres in 2018 to 56 million litres in 2019. The agency has also explained in a statement signed by its Executive Secretary, Abdulkadir Saidu that the country’s petrol consumption figures have been on the increase since 2017 when it was 46 million litres. It added that between 2017 and 2019, the country’s daily petrol consumption rose by 10 million litres. World Bank had in a report titled: “Nigeria Biannual Economic Update,” for the year 2018, stated that the country spent N731 billion subsidising petrol consumption. The report added
that most of the petrol volumes Nigeria spent money subsidising in 2018 were inflated as daily consumption rose to 54 million litres per day (ml/d) from 40ml/d in 2017, ostensibly due partly to out-smuggling. But in the PPPRA statement, the agency equally stated that it has observed a sudden reappearance of queues at some filling stations over speculation of shortfall in the supply of petrol, and advised against such. The statement said: “PPPRA in line with its mandate to regulate petroleum products supply and distribution as well as establish an industry data bank has continued to monitor products supply in the sector in line with best practices. Thus, PMS average daily supply for the year 2017, 2018 and 2019 are about 46 million, 54 million and 56 million litres respectively. These indicate an improved level of supply in 2019.” It added with regards to the queues for petrol that: “Based on the available data, there is adequate supply of PMS with over 21 days sufficiency. PPPRA therefore urges fuel consumers across the country to desist from panic buying as the agency would continue to monitor the supply situation and take every step required to ensure that there is no disruption in the supply chain.” PPPRA thus assured Nigerians to disregard the panic buying, saying the country had some adequacy in product supply to meet the demands of consumers.
Kachikwu Assures of Sufficient Supply of Product In a related development, Kachikwu has assured that the country has sufficient petrol supply. The minister told the News Agency of Nigeria (NAN) yesterday that the country had gone past the era of fuel scarcity and urged motorists to desist from panic buying. “I can say that there shouldn’t be any reason
BUHARI WEIGHS OPTIONS ON INCOMING CABINET which though he won by close to four million votes ahead of his main rival, Alhaji Atiku Abubakar of the Peoples Democratic Party (PDP), was said to be an eye opener for the president, who is said to have come to terms with the reality of majority of Nigerians’ disillusionment with the performance of his administration. “The president is not carried away by the euphoria of his victory at the poll. Rather, he is acutely aware that Nigerians seem not too impressed and he
is determined to make amends,” a highly placed source said. According to him, “The president intends to do a clean sweep of the cabinet by gathering a new bunch that would help him deliver the dividends of democracy to Nigerians.” Subsequently, Buhari is said to be considering dissolving his body of ministers by the middle of next month to pave the way for the appointment of fresh helmsmen. Although the president is said to be looking at appointing more
technocrats, THISDAY gathered that many of the incumbent ministers have set up strong lobby to return to office. Presidential Villa sources said so intense is the lobby that the president and his key aides are worried that governance is suffering. “Ministers would appear to have left their tasks and are now running around close associates of the president to help them keep their job,” a source said, adding that Buhari is already compiling a list of such ministers, vowing to ensure that they do not
make the next cabinet. But there are concerns that given the connections of some of the outgoing ministers, the president might not be able to withstand the pressure and might eventually return many of them. “That is not likely to happen,” said a close presidential aide, who is part of the search team for what he called “brilliant but experienced technocrats for the task of making the next term more meaningful and eventful for Nigerians.” Buhari, according to impeccable villa sources,
intends to still keep a lean team of not more than 36 ministers being put together by his kitchen cabinet, said to be led by his Chief of Staff, Malam Abba Kyari. Unlike in 2015 when it took him about six months to show up with his list of ministers, the president is said to be determined to hit the ground running this time around. “He plans to send his list of ministers to the Senate almost immediately it is convened in June,” a close associate told THISDAY last night.
for fuel scarcity, we have gone past the era of fuel scarcity. “ NNPC informed me when I made inquires that they imported enough. “Yesterday, I saw a few pockets of scarcity in Abuja, but I was told that it was Petroleum Equalisation Fund (PEF) related distribution issues, and it will be sorted out as soon as possible. “So, it is not an issue of lack of sufficiency, I am told they have about 28 day’s sufficiency, two weeks ago, they presently have between 14 and 15 days product sufficiency,’’ he said. The minister noted that the 28 days sufficiency was okay based on 50 million litres daily utilisation in the country. “I don’t expect to see a scarcity, I just expect them to work hard over the next few days to deal with whatever logistic issue they have. I will be working with NNPC on that,’’ he added On queues building up in some filling stations in Lagos and Abuja, he maintained that the country was wet enough to serve the needs of motorists. “I haven’t visited Lagos cities, but the information I have is that there is enough product on ground and we should be able to deal with whatever it is. “The problem with fuel scarcity is that if you allow it to last for three days , then it builds up a life of its own. “That is what I have enforced NNPC to do to make sure that it is resolved,’’ he said. Kachikwu noted that it would had been a major issue for the country if there was insufficient product on ground but assured that NNPC would be able to resolve whatever the situation was in a few days.
TOP GAINERS MEYER REGENCY UNITYBANK MAYBAKER CHAMSPLC TOP LOSERS IKEJHOTEL ABCTRANS NEMINSURE
NGN NGN 0.05 0.59 0.02 0.25 0.06 0.79 0.20 2.70 0.02 0.28 NGN 0.18 1.67 0.04 0.40 0.19 2.01 ROYALEXCHANGE 0.02 0.25 AXAMANSARD 0.10 1.90 HPE Nestle Nig Plc ₦1,456.00 Volume: 232.774 million shares Value: N1.973 billion Deals: 2,677 As at Friday 12/4/19 See details on Page 35
% 9.2 8.7 8.2 8.0 7.6 % 9.7 9.0 8.6 7.4 5.0
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Sahara Energy Commits $600m to Boost Peace in South Sudan Following the inspiring feetkissing and blessing of the leaders of the South Sudan by Pope Francis, Sahara Energy Resources DMCC, Dubai, has announced the extension of a $600 million facility to help boost resurgent hope for peace in the world’s youngest democracy. Pope Francis recently kissed the feet of President Salva Kiir Mayardit and Vice Presidentsdesignate, Riek Machar and Rebecca Nyandeng de Mabior, during a “spiritual retreat” at the Vatican, urging them to “remain in peace”. Steeped in a consciousness that spurs reciprocal forgiveness, the Pope’s widely commended gesture and ongoing support from various governments and corporate entities like Sahara Energy signpost a prospective march toward peace in South Sudan. The $600 million facility provided by Sahara Energy DMCC, a member of the leading energy and infrastructure conglomerate, Sahara Group, is expected to
support the peace process and facilitate sustained economic growth and development in South Sudan. Commenting on the gesture during a meeting with President Kiir in South Sudan, the Executive Director, Sahara Group, Temitope Shonubi, said “Sahara Group is passionate about spearheading sustainable development in Africa and remains unwavering in its resolve to support peace and trade integration on the continent to promote shared prosperity.” Shonubi said Sahara Group, working in concert with various stakeholders, would support infrastructure development and youth empowerment in South Sudan. “Following the end of the conflict and the reconciliatory efforts made by the Leaders of the country, we are delighted to partner with the government and people of South Sudan as well as support regional and global initiatives geared towards transforming the
Shonubi nation. Sahara Group has consistently advocated increased commitment to intra-Africa interventions through collaboration of all stakeholders. This, for us at Sahara, enhances the cause of giving wings to the aspirations of the continent’s over 1.2 billion people,” Shonubi said. Shonubi had during the 2019 African Refiners
Association (ARA) meeting in Cape Town reiterated the urgent need for intraregional trade in Africa and the commitment of Sahara Group to promote the cause. He told delegates at the meeting that Sahara Group, in keeping with its vision of a harmonised Africa, was building an integrated energy business across Africa
to harness the potential of intra-regional trade. “We 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. All 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,” Shonubi told the gathering of the continent’s leading energy sector players. Working through the Sahara Foundation, Sahara Group has since renovated and upgraded the University of Juba Computer Center in South Sudan with brand new computers, central UPS and server, air conditioners, roof mounted projector and furniture. The facility will boost ICT penetration within and outside the university community and ultimately inspire the emergence of more “techpreneurs” in South
Sudan. Sahara Foundation has also provided farm equipment to cooperatives in a bid to boost crop production and self-sustainability in the region. The World Bank reports that South Sudan is the most oil-dependent country in the world, with oil accounting for almost the totality of exports, and around 60 per cent of its gross domestic product (GDP). The cost required to help six million South Sudanese – half of its population – cope with the effects of the country’s economic situation was put at $1.7 billion in 2018, according to the United Nations. The huge funding challenge of transforming South Sudan makes the Sahara Energy facility and continuing global support inevitable. In line with the governance requirement and need to preserve the integrity of South Sudan’s oil resources, the facility provided by Sahara Energy will be managed by the nation’s Central Bank under the watch of a United Nations led committee.
the allegation is baseless,” he said. Three other PDP senators, who corroborated Abaribe's position, said APC senators were chasing shadows over the issue. A ranking PDP senator from the South-south, who will not want to be named, told THISDAY that it was quite unfortunate that the APC has not been able to manage its success at the last National Assembly poll. He said at no particular time did PDP senators discuss the mode of electing officers of the ninth National Assembly. “So, the allegation is a figment of the imagination of APC legislators-elect,” he added.
The standard practice, he explained, is for the Clerk to determine the best way to go about the election of the presiding officers. "The Clerk is at liberty to choose whether open or open secret ballot in electing the officers on inauguration day. Don't forget that at that point, none of the 109 members has been sworn-in and so are all senators-elect with the Clerk fully in charge,” he explained. Another PDP senator-elect from the South-west advised APC senators to put their house in order "and stop bothering PDP senators over mundane issues that are not worth dissipating energy on."
He wondered why APC senators are afraid of their shadows “more so when they have the majority in the ninth Assembly they should be ready for any mode of electing principal officers as enunciated by the Clerk." He reminded his APC colleagues that international legislative best practices have now modified the election of parliamentary officers through open secret ballot. "They should remember that open secret ballot was used to produce the leadership of the eight National Assembly. So, what is new or strange about using it in the ninth assembly? APC legislators are only crying wolf where there is none," he said.
Okpokiri Nwanaka also of the PDP won having polled 32,574 votes; in Gokana, Mr. Dumle Maol of PDP won with 55,319 votes, while Mr. Adonye Diri of the PDP also won in Opobo/Nkoro having polled 7,713 votes. Speaking during a family thanksgiving at the Salvation Ministries Headquarters in Port Harcourt yesterday, Wike said despite the political turmoil, nobody lost during the elections. "Nobody has won and nobody has lost the elections. But Rivers State has won. I forgive anyone that has wronged me and I also ask for forgiveness from those that I have wronged,” he said. He said he was in church to give thanks to God for his faithfulness in the face of fierce political battles during the general election. "We have come here to give God thanks because He is so faithful to us. We have come to thank God for the fight He fought on our behalf. It is only God who can fight for us. We have no
power of our own to fight,” he stated. He thanked the presiding Pastor of Salvation Ministries, Pastor David Ibiyeomie, for his spiritual support during the long-drawn political battle. Wike said even when he faltered in faith he was strengthened by the cleric with his confidence restored. The governor said that with what transpired during the political battle, it is obvious that truly Rivers is a Christian state. Speaking at the thanksgiving service, Ibiyeomie prayed God to accept the governor's thanksgiving and bless him. He said by the special thanksgiving, God would perfect everything that concerns Wike and his family. He decreed God's wisdom on the governor, adding that God would grant him the enablement to lead the state in the right direction. Ibiyeomie said anyone planning evil against the governor would fall prey to his/her evil machinations.
LEADERSHIP ELECTION MODE DIVIDES SENATORS-ELECT their Peoples Democratic Party (PDP) counterparts of sinister moves towards using open secret ballot on the inauguration day. However, some PDP senators-elect who spoke with THISDAY yesterday described the allegation by APC senators-elect as a figment of their imagination. The eighth Senate had adopted secret ballot system during the election of the Senate President, Dr. Bukola Saraki, and his deputy, Senator Ike Ekweremadu. This had led the federal government to file charges at the Federal Capital Territory (FCT) High Court, Abuja, against the two principal officers over what the government described as
the alleged forgery of the Senate Standing Rules, after the submission of police report to the office of the Attorney General of the Federation by the Police. Others also charged to court in a move directly targeted at docking Saraki and Ekweremadu over the manner they emerged Senate president and deputy respectively, were the immediate past Clerk to the National Assembly, Mr. Abubakar Maikasuwa, and the Deputy Clerk to the National Assembly, Mr. Benedict Efeturi. To ensure that the anointed candidates of APC emerges in the ninth Senate, some senators of the ruling party are insisting on open ballot
system and have accused their colleagues in the PDP of plotting secret ballot system to hijack the leadership of the National Assembly. A re-elected ranking senator and Chairman of South-east Senators' Forum, Senator Enyinnaya Abaribe (PDP Abia South), emphasised that the APC legislators’ insinuation is baseless without any iota of truth. According to him, the rules for the election of the principal officers of the ninth Senate are to be determined by the Clerk of the Senate and not any senator-elect. "PDP senators are not electoral umpires. We do not determine the rules. Only the Clerk does so. So
PDP: APC’S CLAIM ON ATIKU’S CAMEROONIAN CITIZENSHIP DIVERSIONARY such diversionary tactics has, however, only helped in further exposing the fact that the APC has no answers to the plethora of overwhelming evidence before the tribunal that the election was won by Atiku and the PDP. He stated: "This disingenuous claim is also a woeful design by the APC to overburden, distract and bog down the Presidential Election Petition Tribunal with trivialities, lies and falsehood, so as to derail the course of justice. "Whereas Atiku Abubakar’s citizenship by birth, even under our Constitution, cannot be contested, it is indeed the biggest irony of the year, that Atiku’s citizenship is being disputed by individuals whose ancestry has always been a subject of debate. "These individuals include those who, being not sure of their origins; have no love for Nigeria and even refused to be on the side of our nation at the 1985 summit of the defunct Organisation of Africa Unity (OAU) in
Addis Ababa. "Such persons prefer to deploy our national resources for infrastructural development in affiliated places outside the shores of Nigeria, when our country is in dire need of attention. "Moreover, this claim by APC appears to contain explanations as to why its administration has remained insensitive to the challenge of insurgency, general insecurity and economic travails of Nigerians in the North-east, particularly in Adamawa, Yobe, Borno and Taraba States." He said that the apparent links were further manifested in the participation of aliens in the campaigns of a particular presidential candidate in Kano. The party spokesperson stressed that Nigerians should not despair as the PDP and Atiku would not be distracted in the pursuit of their mandate. Ologbondiyan noted that the PDP has implicit confidence in the competence of the party's legal team
to handle the diversionary antics and technicalities of the APC to unnecessarily overstrain the tribunal and derail the course of justice in the matter.
PDP Wins Rivers Assembly Supplementary Election Meanwhile, the PDP has won the four state assembly seats in the supplementary elections organised by the Independent National Electoral Commission (INEC) in Rivers State last Saturday. Welcoming the results, Governor Nyesom Wike reiterated that his victory in the March 9 governorship election is for all Rivers people and a new beginning for the state. INEC last Saturday conducted supplementary election for state assembly elections in four local government areas of the state. A statement issued by INEC listed the affected local government areas as
Abua/Odual, Ahoada West, Gokana and Opobo/Nkoro. The election held in all the wards and polling units in Abua/Odual and Gokana local government areas, 20 polling units spread across four wards in Ahoada West, and 47 polling units spread across nine wards in Ahoada West. INEC explained that in Abua/Odual, election did not take place during the March 9 governorship and State Assembly elections because INEC officials could not deploy men and materials because of violence. For Gokana, elections were disrupted and the commission could not collate results. In last Saturday’s supplementary election, the police deployed 3,066 personnel, complemented by personnel from other security agencies to ensure a hitch-free exercise. In a statement yesterday, INEC said Mr. Sokolo Solomon of the PDP polled 55,944 to win in Abua/ Odual. In Ahoada West, Mr.
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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Police Arrest Five Officers, Declare Inspector Wanted for Killing Girl in Lagos Esther Oluku
Operatives of the Lagos State Police Command have arrested five police officers and declared an Inspector, Dania Ojo, wanted, for allegedly shooting dead a girl, Ada Ifeanyi, in the Apapa area of Lagos State. One Emmanuel Akomafuwa was said to have sustained lifethreatening injuries as a result
of the shooting that killed the 20-year-old girl. The policemen arrested were identified as Inspector Adamu Usman, Sergeant Adeyeye Adeoye, Sergeant Kashim Tijani, Sergeant Lucky Akigbe and, Sergeant Paul Adeoye. The state’s Police Public Relations Officer, Bala Elkana, said the police officers were already facing internal
40 Ijaw Indigenes Killed in Rivers During 2019 Elections, Dickson Alleges Alaibe condoles governor, Bayelsa citizens over killings Emmanuel Addeh inYenagoa Bayelsa State Governor, Mr. Seriake Dickson, yesterday alleged that 40 persons of Ijaw extraction were killed in Rivers State during the recent general election in the country. Dickson, who listed the locations of the killings as Abonemma and Buguma in Rivers, called on Ijaw politicians to stop aiding the killing of innocent citizens in the area in their desperation for political advantages. This is coming as a former Managing Director of the Niger Delta Development Commission (NDDC), Mr. Timi Alaibe, has described as sad and undeserving, the death of Seidougha Taribi, the Senior Special Assistant on Grassroots Mobilisation to Dickson, and the Government House Photographer, Reginald Dei, both of whom were killed during the elections and buried last weekend. A statement issued yesterday by Fidelis Soriwei, Dickson’s Special Adviser on Media Relations, noted that the governor spoke when he paid a condolence visit to the Amayanabo of Kalabari Kingdom, King Theophilus Princewill, Amachree XI. Dickson condemned the attitude of some politicians who deployed their federal links to the detriment of the people and called on Ijaw sons and daughters from the Niger Delta region who claim to have federal support to use their contacts to accelerate development, and promote peace and stability in the communities, clans and region. He told his hosts that the visit was over the “killing of 38 indigenes of Abonnema and two others in Buguma, Rivers State, by soldiers during the February 23, 2019, presidential and National Assembly elections” He urged the federal government to identify and prosecute the security operatives involved in the slaughter of innocent people in Rivers and Bayelsa states and elsewhere in Ijawland during the last elections. “The federal government needs to identify and bring to book all those soldiers who carried out the dastardly murder in Abonnema and other places in Kalabari Kingdom in Rivers State as well as those who killed and maimed and destroyed property in Bayelsa State and other Ijaw communities. We, the Ijaw people are a peace loving people and don’t deserve this assault,” he said. He described the visit to the palace of the monarch as a
sober one, noting that his state also had its undeserved share of brutality and killings by soldiers during the elections. Dickson, who commiserated with the entire Kalabari kingdom and families of the deceased, said the ancient kingdom suffered more bloodshed than any other community in the presidential election, which he described a contest between brothers and friends. He commended the king for the peace and stability in his domain and sued for prayers for continued peace and development despite provocations and challenges. He added that he would mobilise the leaders of the Ijaw Nation to honour the revered Kalabari monarch on his 90th birthday in January, next year. Meanwhile, a former Managing Director of NDDC, Mr. Timi Alaibe, has described as sad and undeserving, the death of Seidougha Taribi, the Senior Special Assistant on Grassroots Mobilisation to Dickson, and the Government House Photographer, Reginald Dei, both of whom were killed during the elections and buried last weekend. The two were murdered last month in their respective homes in Oweikoroagha, in Southern Ijaw Local Government Area of Bayelsa State on the day of the just-concluded presidential and National Assembly Elections. In a statement issued in Yenogoa yesterday, Alaibe said the murders were not only a loss to the people of Bayelsa State and Nigeria but a sad commentary on Nigeria’s democracy. He stated that more painful was the fact that many weeks after the assassination of the two Nigerians, no one has been arrested and prosecuted, adding that the killing speaks to the level of insecurity in the country and at the same time, the reduction of life to nothingness. He noted that no Nigerian, no matter where he comes from and no matter his or her political leaning, deserves to be murdered and forgotten; just like that. Here is a part of the statement by Alaibe: “The killing of these two illustrious sons of our state on the day of the just-concluded Presidential and National Assembly Elections was not only a loss for Bayelsa but a sad commentary on Nigeria’s democracy.”
disciplinary actions at the command’s headquarters, adding that if found wanting, they would be prosecuted in conventional court for murder. Elkana said in a statement, “the Commissioner of Police Lagos State, Zubairu Muazu, has ordered the immediate arrest and detention of police officers suspected to be involved in the shooting of Ada Ifeanyi, 20, of No. 4B, Amusa Lane, Off Ojo Road Ajegunle; and Emmanuel Akomafuwa, 32, of No. 52, Babatunde Street, Olodi Apapa, at Akpiri Street, Olodi Apapa. “The incident happened on Saturday, April 13, 2019 around 7a.m. “The victims were rushed to the hospital and Ada Ifeanyi was confirmed dead, while Emmanuel Akomafuwa is currently on admission, receiving treatment from the injury he sustained as
a result of the shooting. “Members of the team suspected to be involved in the shooting are from Trinity Police Station and are currently facing internal disciplinary proceedings at the command’s Headquarters, Ikeja. “Their rifles have been retrieved for forensic analysis by ballisticians. If found wanting, they will be prosecuted in conventional court for murder. “The policemen arrested are Inspector Adamu Usman, Sergeant Adeyeye Adeoye, Sergeant Kashim Tijani, Sergeant Lucky Akigbe and Sergeant Paul Adeoye; while Inspector Dania Ojo, who escaped immediately after the shooting incident, has been declared wanted by the command.” Elkana, who condemned the rate at which policemen have been involved in the killing of unarmed civilians, said CP Mu’azu had
expressed his deepest condolences to the bereaved family, adding that the command, in its effort to rid the police of “criminal elements,” subjects any officer found culpable to disciplinary measures, dismissal and prosecution in a convention court. The PPRO added, “Lagos State Police Command condemned in total these senseless killings of unarmed civilians by a few “bad eggs” in the command, who are bent on denting the image and reputation of the nation’s Police force. “The command will not relent in its efforts in ridding the force of these criminal elements. “Those involved in extra-judicial killings and abuse of power are promptly identified, isolated, tried through internal disciplinary proceedings, dismissed from service and prosecuted in conventional courts.
“Within the last one month, Lagos State Police Command has dismissed four policemen for abuse of power and awarded various degrees of punishments to 41 others. “The four dismissed policemen were charged to court and remanded in prison custody. “Our collective resolve in building a more humane, professional, dedicated, courageous and people-oriented Police Force is a task that must be done and together, we can make it a reality. “The Commissioner of Police extends the command’s deepest condolences to the family and friends of Ada Ifeanyi, and promised to foot the medical bills of Emmanuel Akomafuwa. “The CP calls for calm, as the command will leave no stone unturned in ensuring that justice prevails.”
ECONOMY ON THEIR MINDS...
L-R: Governor of Central Bank of Nigeria, Mr. Godwin Emefiele; Minister of Finance, Zainab Ahmed; and Minister of Budget and National Planning, Senator Udoma Udo Udoma, during the ministerial briefing at the end of 2019 Spring Meetings of IMF/World Bank Group in Washington DC ...yesterday ABIODUN AJALA
JAMB: Candidates with Biometric Issues May Sit for Exams At Board’s Headquarters Kuni Tyessi in Abuja Candidates who were unable to sit for the biometric verification for the 2019 Unified Tertiary Matriculation Examination (UTME), may be rescheduled to take the examination at the headquarters of the Joint Admissions and Matriculation Board (JAMB), in Bwari Area Council, Abuja. Sources at CBT centres visited in Abuja told journalists that some candidates who were unable to be verified were given forms to fill for JAMB to reschedule their examination. JAMB had earlier scheduled just about 20 candidates having issues with biometric verification to take the examination at its headquarters. However, at least five centres visited by THISDAY in Abuja, had challenges with the computer capturing a few of the candidates. Biometric verification was
introduced by the examination body in 2014 to fend off identity theft, which was common in public examination in the country. At Government Security School Tudun Wada, Zone 4, a candidate could not be verified because of excessive sweating on his palms, while at Digital Bridge Institute Jabi, one candidate could not also be verified. Some of the centres such as Global Distance Learning Institute at Central Area, JC Best International School Jabi, and Sascon International School, Maitama, however had no issues as the examination went orderly in all three sessions. But Dominion International School Jabi, had at least nine candidates with biometric verification challenges in two separate days and candidates were given forms to fill, which would be forwarded to the JAMB headquarters.
Officials supervising the exercise also caught a candidate cheating during the exam through the secret cameras installed at the centre. A source told journalists that the candidate filled an examination malpractice form, which will be submitted to JAMB. It was also observed that some candidates at the centre were not computer-literate and had problems logging in. Officials at the centre were seen attending to several hands signalling for attention. A former Minister of Education, Prof. Chinwe Obaji, who monitored the exercise in some parts of Nasarawa State and the FCT, noted that JAMB has improved tremendously in the conduct of the UTME. Obaji scored the examination body high for upping its ante in the conduct of the UTME, adding that contrary to the
hitches observed during the first day of the exercise in 2018, most of the centres in 2019 were able to conduct their three sessions on the first day. She said centres monitored by her had only minor issues that were promptly rectified by JAMB’s technical staff, while lauding the coordination between JAMB’s field staff and the head office, as both were constantly in touch to ensure smooth conducted of the examination. On the issue of some students unable to log in for lack of computer literacy, the former minister said the problem was not that of JAMB or the centres but a national issue that the country is gradually overcoming. Obaji however, recommended computer literacy programme for primary schools and JSS for pupils to be introduced to the use of computers as technology is ruling the world and Nigeria cannot afford to lag behind.
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MONDAY APRIL 15, 2019 ˾ T H I S D AY
NEWS
Military Bombs Bandits, Police Kill Nine Kidnappers on Abuja- Kaduna Highway NAF loses airman in parachuting accident I did not intend to discredit traditional rulers, says Dan-Ali Group raises the alarm over N1bn ransom paid kidnappers Kingsley Nwezeh in Abuja As security agencies ramped up pressure on bandits, the Nigerian Air Force (NAF) fighter jet and helicopter gunship bombed their logistics base in Kagara Forest in Zamfara State, killing four bandits. In the same vein, the Nigerian Police killed nine suspected kidnappers on the Abuja-Kaduna Highway and recovered a cache of arms. However, NAF said it lost an airman, Corporal Meshak IIya Komo, during a parachuting accident. A statement issued in Abuja said the incident occurred during a training exercise. This is coming as the Minister of Defence, Brigadier General Mansur Dan-Ali (rtd), yesterday said his statement on Zamfara crisis was based on information available to the Ministry of Defence and not meant to discredit Zamfara State’s traditional rulers. Also, a group of private security companies, ASIS International, has raised the alarm over payment of over N1billion to kidnappers on the Kaduna-Abuja Highway, which is deployed to purchase more arms by the kidnappers in an unending vicious cycle. An update provided by NAF said it sustained air strikes on the hideouts of the bandits at a location within Kagara forest.
“In continuation of its sustained intensive air operations against their hideouts in Zamfara State and its environs, the Air Task Force (ATF) for Operation DIRAN MIKIYA has destroyed some logistics stores belonging to the bandits at a location within Kagara forest. “The operation was executed yesterday, following credible intelligence reports indicating that some of the bandits who had fled their camps as a result of NAF’s earlier air strikes had relocated some logistics items, including fuel, motorcycles and local arms making equipment, to another location within Kagara forest. “Accordingly, the ATF dispatched a Mi-35 helicopter gunship, supported by an Intelligence, Surveillance and Reconnaissance (ISR) platform, to attack the target”, it said. NAF stated that the target area initially appeared uninhabited. However, as the helicopter approached, some of the bandits were seen emerging from under the shrubbery and running away from the area. “The helicopter engaged the target recording successful hits on the logistics facility, which was engulfed in flames with thick black smoke seen. Some of the bandits, who fired at the aircraft, were taken out by the helicopter.
“Reports from independent sources, including local informants and village leaders around the general area, later confirmed that the logistics base was totally destroyed and four bandits killed as a result of the attack.” In another development, the Police in a statement issued in Abuja, said it took out nine kidnappers on the Kaduna-Abuja Highway. “The unrelenting efforts to rootout criminal elements terrorising commuters along Abuja – Kaduna expressway recorded additional successes with the recovery of six Ak47 Rifles, one Pump Action Gun, 1,206 rounds of Ak47 ammunition, Seven Magazines, 28 Cartridges and 158 expended shells by Police operatives attached to Operation Puff adder deployed to the area”, a statement signed by Force Spokesman, DCP Frank Mba, said. The statement said the recovery, part of the ongoing “Operation Puff Adder” launched by the Police against kidnappers, followed
a serious exchange of gun fire between the police operatives and a heavily armed notorious criminal gang at the Akilbu forest, off Abuja-Kaduna Expressway, which resulted in the death of nine members of the gang while two escaped with gunshot wounds. “One of the police operatives, however, sustained gunshot wound and he is presently receiving treatment in a hospital. Effort is being intensified to arrest the fleeing members of the gang. In another development, NAF said it lost an airman, Corporal Meshak IIya Komo, during a parachuting accident. A statement issued in Abuja said the incident occurred during a training exercise. “The Nigerian Air Force (NAF) is sad to announce the passing of one of its airmen, Corporal Meshach Iliya Komo, who died in Kaduna in a parachuting accident during recurrency training. “On behalf officers, airmen and
airwomen of the NAF, the Chief of the Air Staff, Air Marshal Sadique Abubakar, commiserates with the family of the late airman over this irreparable loss. We pray that the Almighty God grants his soul eternal rest”, the statement said. Meanwhile, the Minister of Defence, has said the statement he made on Zamfara monarchs was not meant to discredit the traditional rulers but based on security report available to the ministry. “The attention of the Honourable Minister of Defence was drawn to publications in some media organisations alleging that he accused some traditional rulers in the states affected by banditry of conniving with bandits. “For the avoidance of doubt the statement was not meant to discredit our highly revered traditional rulers in the states affected. However, the statement was meant to serve as a warning to some community leaders and their surrogates. This is based on
security reports available to the Ministry of Defence and cannot be divulged to the public. “The Ministry of Defence wants to once again assure all law abiding citizens of the commitment of the Armed Forces of Nigeria towards protecting lives and properties of Nigerians”, a statement signed by the minister’s media aide, Col. Tukur Gusau, said In the same vein, a group of private security professionals at a press conference in Abuja, has raised the alarm that over N1billion was paid to kidnappers, who in turn deploy it to purchase more arms to engage further in the deadly trade and called on government to devise more creative means to tackle the menace. It urged government “to make its position on ransom payment very clear which should be in line with best global practice and any government official that goes contrary to this should be sanctioned appropriately.”
APC Reverses Position, Accepts to Deal with PDP Onyebuchi Ezigbo in Abuja The All Progressives Congress (APC) has said that it is ready to extend a hand of fellowship to members of the main opposition Peoples Democratic Party (PDP) in the formation of the leadership of the National Assembly. The new position by APC contradicted the earlier statement by the National chairman of APC, Adams Oshiomhole, that the ruling party would not work with the main opposition party. However, following the decision of some of its members who are contenders for the Senate President’s position to ignore the endorsement of Senator Ahmed Lawan for the office, APC appears to be toeing a reconciliatory path. In a statement issued yesterday by its National Publicity Secretary, Mallam Lanre IsaOnilu, the party said it was not averse to its members in the National Assembly holding consultations with members of the opposition over the election of leaders into the 9th National Assembly. “We are inundated with reports of our members in the National Assembly holding consultations with members of the opposition over the election of leaders into the 9th National Assembly. Let me state that our party has no objection to such consultations,” it said. APC said that it was a normal democratic practice all over the world to stretch hands across the divides.
It also said that contrary to some media reports, “the actions of our members do not contradict the party’s position. “APC has comfortable majority in both chambers, therefore; we have the number to produce the leadership. “But democracy recognises the importance of the opposition, especially when you do not have two-third which would be required at some very critical situations,” it said. “For us as a ruling party, we understand that a stable and peaceful National Assembly would enhance our capacity to deliver more for the people of Nigeria. “So, the party is not averse to negotiation by Senator Ahmed Lawan and our other Senatorselect working to fulfil the position taken by our party,” it said. APC noted that one of the key considerations for adopting Senator Lawan as the party’s candidate for the Senate Presidency is his ability to carry everyone along, adding that the party has confidence in him not to compromise its progressive ideology. “So, clearly, Senator Lawan is capable of conducting his negotiations within the prism of APC’s objectives”, the party assured. On zoning and Leadership of House of Representatives, APC said that it would soon release the zoning arrangements for the principal positions of the incoming 9th National Assembly.
IN SEARCH OF SECURITY…
L-R: Minister of Interior, Lt. Gen. Adulrahman Danbazau (rtd); Lagos State Governor, Mr. Akinwumi Ambode; Governor of Borno State, Governor Kashim Shettima; and Osun State Governor, Gboyega Oyetola, during the Extra Ordinary Session of the Conference of Heads of State in N’Djamena Chad…weekend
Kachikwu: ExxonMobil, Other IOCs Not Exiting Nigeria The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said none of the International Oil Companies (IOCs) is planning to exit Nigeria contrary to reports in some section of the media. Kachikwu made this known while briefing journalists after facility tour of ExxonMobil’s Erha Floating Production Storage and Offloading vessels (FPSO) in Lagos yesterday. Erha FPSO has a liquid storage capacity of 2.2 million barrel, making it one of its biggest kind in the world. The Erha field and Erha North satellite field, was completed in 2006. The fields are located approximately 97 kilometres offshore Nigeria in water depths ranging from 1,000 metres to 1,200 metres. They were developed with an investment of 3.5 billion dollars.
He said that it was not possible for a company like ExxonMobil to sell off its assets. He added that the small amount quoted in the report were much less than the company’s assets. “I have confirmed that it is not true; they are going to be here for a long stay; they will be here over the next 50 years; they are looking for more; they are doing all kinds of things; they just begun the exploration campaign first time in four years because of the new cash call policies we put in place. “That is not a sign of somebody who is exiting. But different from not exiting is to be aggressive. ExxonMobil needs to be more aggressive in terms of development policies,’’ he said He added that ExxonMobil need to be more aggressive with
business as Bonga South-west was almost on FID, Egina just kicked off and Agip is struggling to get Zabazaba online. “ So, I need to see a very robust development ,’’ he advised Commenting on the aim of his visit, he said that it was to encourage the company and see the development programmes as well as share in the challenges they were experiencing in their operations. “First is to draw attention to the very complex and complication of operations of FPSOs when we do production offshore. “This is about 100 km from land, and part of the thing I am doing this month is visiting some of them, including Egina that is just recently buoyed in different location and the one of Agip.
“I am here to look at what they are doing, to encourage them to continue the fantastic work they are doing and also discuss with them what their problems are,’’ he said According to him, the visit was also to draw attention nationally and internationally to the few challenges in operations as complicated as this one. He urged the company to brace up to the challenges in the sector as oil had recently been found in many African countries. Earlier, ExxonMobil Executive Director, Production, Mr. Richard Laing, commended the minister for making out time to visit the facility and reiterated that the company had no plans to exit Nigeria.
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COMMENT
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
A PLEA FOR PEACE
After the 2019 polls, the country needs peace to make progress, writes Emeka Nwankpa
N
ational discourse on the outcome of the just-concluded general elections, especially the presidential poll that returned President Muhammadu Buhari, suggests that Nigerians cherish a nation spared of violence, rancour and acrimony. The clamour for a government of national unity from May 29 is a genuine quest for peace in the aftermath of the elections. To many Nigerians it also amounts to an endorsement of the election of President Buhari, the need to avoid electoral disputations bordering on acrimony, bad blood and waste of precious time and resources. To be clear, nothing in the foregoing assertion precludes recourse to the courts or election tribunals by individuals who are aggrieved by the outcome of the elections. Indeed, the greatest take-away in this democratic dispensation is the fact that the 1999 Nigerian Constitution (as amended) has spelt out acceptable legal and legitimate means for redress. In the process of time, the resort to constitutionalism remains the most sustainable and enduring approach to nation-building through strengthening national institutions geared towards deepening growth, development and democracy in the country. Respect for values continues to rank high as part of the necessary building blocks of a nation-state where equity, justice, fair play and human dignity reign. Institutions are created, nurtured and strengthened for national sustenance. Nations exist as a commonwealth anchored on privileges for citizens in exchange for responsibilities. Not too long ago, a research finding revealed that Nigerians were the happiest people on earth. In other words, Nigeria is the happiness capital in a world bedevilled by sundry conflicts and strife. Peace has virtually no substitute in a global era where nations crave for sustainable growth and development. In the language of their votes, Nigerians have again genuinely expressed the desire to live in harmony, peace and prosperity as well as accelerate their living standards. Immediately after the polls, many have since gone back to their normal lives, tending to their daily chores and pursuing their respective careers. The enthusiasm to return to normalcy and get the country working again spoke volumes for their resilience in the face of years of hope betrayed by elected politicians as well as the hope offered by the continuity of President Buhari in office. Indeed, Nigerians have kept faith with years of toiling which they appear prepared to continue doing as long as their peace is guaranteed in their belief that things will surely get better in the process of time. It is therefore not difficult to see how they do not require so much to expect their lives bettered by successive leaders and governments. The outcomes of the recent polls which featured some unexpected upsets in Adamawa, Bauchi, Oyo and Imo governorship contests are valid pointers to the fact that the peoples’ votes are beginning to count more so that the states were lost by the ruling party to the opposition. Ordinarily, this should earn the Independent National Electoral Commission unreserved praise and credit for conducting elections that allowed the will of the people to prevail. And if these were not sufficient proof of INEC giving vent to the will of the people in those states, imagine the cases of Rivers and Zamfara States where the electoral umpire, complying with court orders, barred the states’ chapters of the ruling party, APC, from the ballot. It
THE RESORT TO CONSTITUTIONALISM REMAINS THE MOST SUSTAINABLE AND ENDURING APPROACH TO NATION-BUILDING THROUGH STRENGTHENING NATIONAL INSTITUTIONS GEARED TOWARDS DEEPENING GROWTH, DEVELOPMENT AND DEMOCRACY IN THE COUNTRY
is instructive that President Buhari neither interfered with the process nor changed the rules to favour his party! In the midst of these conversations, Nigeria remains a work in progress with constitutionalism, democracy and the rule of law as fundamental guides. This state of affairs therefore imposes a crucial responsibility more than ever on elected governments at the various tiers and levels to be fully committed to pursuing and implementing people-oriented policies and programmes. Otherwise the collective sacrifice of the people who fully participated in the recent polls would be in vain. It should be emphasized that the Nigerian people remain the fulcrum of policies and programmes of governments at the various levels. This is the only way to guarantee the consolidation of the growth and development of a country where democratic governance has flourished for upwards of 20 years now. Nigerians deserve to congratulate themselves for achieving this feat marking 20 long years of unbroken and uninterrupted democracy. It can only get better. In the intervening period, the nation has recorded 16 years of successful intra—party civilian to civilian transitions and another four years of inter-party transition where, for the first time, an opposition party defeated an incumbent. This was made possible because all Nigerians were united and supportive of INEC to see the will of the people prevail in the 2015 and 2019 elections. While this piece resists the temptation to pander to partisan interests on current conversations on INEC’s performance or the lack of it, the point needs reiterating that Nigeria deserves a big pat on the back for conducting the 2019 elections that have been acknowledged by local and international observers as free, fair and credible in the face of the shenanigans of aberrant interests. In a bid to score political returns and cheap popularity, citizens especially the political class should avoid the temptation of running down our national institutions created to perform and add value to our national pride and prestige. National elections in other climes are not limited to bringing up people to fill public offices. Rather elections are another credible means of evaluating the progress of countries in the comity of nations. This is why foreign observers are allowed to observe elections for peer review purposes. There is a certain correlation between transparent elections and the attraction of international investments into the country. Investor confidence is a direct fall out of free, fair, credible and transparent elections complemented by an impartial and independent judiciary. So far, all these ingredients are vibrant and unencumbered in Nigeria. Going forward, national unity, peace and stability are non-negotiable in the circumstances. From the recent elections, winners and losers have emerged and the not-so-lucky reserved the democratic and constitutional rights to seek redress at the various elections petition tribunals across the country. Violence or aberrant conduct as a form of self-help is absolutely strange to our laws. No right thinking person will support such. There is therefore no better time than now to stand for the peace and stability of the nation. In a world always searching for order, peace has no substitute. The right temperament for democracy in Nigeria should be sustained.
THE DISCORD ABOUT VAT Boniface Chizea argues that it makes sense to increase value added tax
R
ecently discussions regarding the proposal to increase the Value Added Tax (VAT) rate currently at five per cent have been trending and as usual there has been opposition to this proposal. I suppose an urgency to this proposal has been found as the fiscal authorities scamper in search of additional revenue sources to fund the recent approved increase on the minimum wage. This proposal has been opposed by some powerful voices which climaxed during the Bola Tinubu 67th birthday colloquium in Abuja. Bola Tinubu during his remarks at the colloquium had cautioned the government not to increase the rate of VAT as he argued that it could be counterproductive as it would worsen the economic hardship in the land as the purchasing power of the population would be further depressed as a result of inflation. Closely aligned with this observation is the fear that such an increase would affect capacity utilization negatively which will lead to further job losses. Not long after Peter Obi, the Vice-Presidential candidate of the Peoples Democratic Party (PDP) congratulated Tinubu for his caution to the government as he shared the view that no positive outcome should be expected from the proposed increase but instead tax rates should be relaxed to act as an incentive to investors. He further argues that, ‘It’s extremely unrealistic for anybody to think of growing the economy of this country, and creating jobs just by increasing tax; it is a simplistic approach.’ But as would be explained subsequently, all this opposition is due to the fact that compatriots have a mindset that perceive VAT just like any other tax; which of course reflexively must be opposed but fortunately as would soon be made amply clear it is not. The intention to increase the VAT from the current rate of five per cent has been on the cards right from
its first outing in 1993 as a replacement to the extant sales tax when the initial proposal was a VAT rate of 10 per cent but was upon introduction negotiated down to the current five per cent. An attempt was also made to increase this rate following a review of the act in 2007 without success following widespread opposition. But my take, up front regarding these remarks is that to a large extent the opposition is populist and ill-informed and are not aligned with the received technical knowledge on this matter. We hope to expatiate and shed better light on this observation during the course of this discussion. What really is Value Added Tax? VAT is a consumption tax which is a type of indirect tax which the final consumer of designated goods and services are obliged to bear. It contrasts with direct taxes such as the personal income tax, company tax, petroleum profit tax, capital gains tax, etc. This tax is administered by the Federal Inland Revenue Services which collects the receipts into a pool which is shared amongst the federal government, the state governments and the local governments respectively in the ration of 15, 50 and 35 per cent. The tax does not include all goods and services produced in the country. Exported goods, medicine and pharmaceutical products, products for kids, basic food items, commercial vehicles and spare parts, books and educational materials, fertilizers, farming machines, agric. products, transportation and equipment, vet. medicines, magazines and newspapers, amongst others, are all exempt from this tax. Therefore the application of this tax is selective and not across board as it is being made to appear and for justifiable reasons there is no reason the list of excluded items cannot be increased. The proposal by FIRS is to increase the rate between 35 to 50 per cent, that is an increase from the current five per cent to 6.75 and 7. 25 per cent.
For comparability purposes it is salutary to observe that VAT rates in selected African countries are as follows; Ghana 15%, South Africa 15%, Egypt 14%, Rwanda 18%, Kenya 16%, Angola 10%, Algeria 19%. Therefore even if the proposed increase is allowed, the rate of VAT in Nigeria will still remain the lowest on the continent. The imperatives of this proposal is anchored on the urgent need to diversify the revenue base of the country from the unwholesome situation whereby government revenue is dependent up to 70 per cent on the extractive sectors of the economy. It must be noted here that the attempt to achieve this desired diversification of the economic base has been on the cards since the introduction of The Structural Adjustment Programme in 1986 without any noticeable desired progress. There is also the need to urgently find other revenue sources to commence the termination of the current practice whereby the country borrows to pay salaries and also in view of many funding gaps for meeting the requirements of other desirable social investments. We are not unmindful of counter proposals by some powerful voices to the effect that the salaries of principal fiscal authorities should be halved to generate such money. To my mind, that misses the point as the responsibility of the determination of the levels of remunerations in the country is domiciled with the National Salaries, incomes and wages Commission and the argument really is that we have an anomaly on our hands which we must seize the next opportunity to rectify. In the literature it has been argued that VAT increases are not known to lead to sustained inflationary pressure on the long run. This argument is not too difficult to rationalize as the increase is not borne by the manufacturer or producer but included as the cost of the goods and services to the final consumer is determined. We recommend that this important
observation be corroborated by the commissioning of an empirical study as this has been the main argument against increase in VAT rate. The proper administration of this tax historically often resulted in quantum increase in the revenue that accrues to the treasury at a level that might not be obtained from the proposed cut in levels of remunerations. For instance in 2016 VAT accounted for additional revenue of two trillion Naira at the current rate and it is famed to be seamless to administer at minimal administrative costs. Quite unlike direct tax, this tax is difficult to evade. The only problem experientially is obtaining the cooperation of receiving agents to make prompt remittance of such proceeds to the treasury. VAT is a popular indirect tax which most common markets would insist on its existence as one of the preconditions for admitting any member country. The expectation is that with the light which has now been shed on this problem as we attempted to reinforce the impression that VAT must be clearly distinguished from the direct taxes which most people are familiar with particularly from the consideration of the fact that it is a tax which is selectively applied, the fact that the current rate in Nigeria is probably the lowest when compared to any other country in the world, the argument that in the long run it is not inflationary which we have asked to be further subjected to empirical investigation, and the urgent need for alternative revenue sources to argument what accrues to the treasury now to fund inadequately funded social sectors of the economy; education and health, the opposition to this proposal should be reconsidered even if one must admit that part of the problem has been credibility gap which the fiscal authorities suffer as sufficient discipline has not been demonstrated in husbanding the resources that hitherto accrued to the treasury. Dr. Chizea wrote from Lagos
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T H I S D AY MONDAY, APRIL 15, 2019
EDITORIAL Managing The Railways Efficiently The rail services could be better managed
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ail transportation will breathe fresh life into the transport sector and reduce the intense pressure on the highways. It is therefore commendable that the Muhammadu Buhari administration has continued where President Goodluck Jonathan stopped in completing ongoing rail projects. But the operations of the rail routes have called to question the ability of the federal government to properly run the corporation. From non-availability of tickets to inability to manage passenger traffic during peak hours, the experience of passengers, especially along the busy Abuja-Kaduna route, has been harrowing. It is baffling that in this day and age railway tickets are still being sold manually. With that, hundreds of passengers at train stations spend several hours on the queue trying to buy tickets from the few booths available. While we urge the railway management to introduce e-ticketing ALL OVER THE WORLD, for their passengers RAIL IS THE MOST to buy tickets on-line while validating COMMON MODE OF them at the stations MASS TRANSIT, BOTH departure, FOR SHORT AND LONG before it is glaring from DISTANCES recent arrests by the Economic and Financial Crimes Commission (EFCC) that some perverse incentives have been created for racketeering and fraud. All over the world, rail is the most common mode of mass transit, both for short and long distances. In some countries like China and Japan rail transportation has been modernised with high-speed express trains that even compete with airlines. They can cover hundreds of kilometres within an hour. However, our experience in Nigeria has been that of a gnawing irritation and a chorus of lamentation about what used to be. Even though slow, tedious, painful and often overcrowded, rail transportation has been accepted as a means of transport as far
back as colonial times where millions of commuters and goods of international commerce like cocoa, groundnut, rubber, were moved to the ports during the heyday of agricultural boom. Besides relieving the roads of pressure and traffic snarls, rail transportation was highly economic and energy efficient. Even more, the rail corporation was then a big employer of labour with more than 40,000 staff on its payroll.
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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
ut against the dictates of common sense, and aided by a marauding group called haulage cartels, the rails were gradually neglected and later abandoned out-right. And since many could not afford to fly and the inland waterways have no ferry system that works, all attention was turned to the roads where trailers, trucks, cars and buses competed for space. Today, most roads in the country are in pitiable conditions, riddled with potholes and craters. Accidents are common place and are indeed assuming epidemic proportions. It is then little wonder that Nigeria has been put down as one of the countries with the highest fatality rate in road accidents in the world Yet attempts to rehabilitate the rail lines in the last two decades have cost taxpayers a fortune with no tangible result. The late General Sani Abacha government expended some $530million on a rehabilitation contract with the China Civil Engineering Construction Company (CCECC). Not much was done as the impact was not felt. Between 1999 and 2008, according to the former auditor-general of the federation, Mr. Robert Ejenavi, some N125 billion was sunk into the railway watering hole by the federal government. While we must commend President Buhari for making completion of railway projects a priority, the issue of management remains a problem. Threats by the supervisory minister, arrests of staff by EFCC operatives and other knee-jerk reactions are no substitute for efficient management anchored on transparency and accountability. The earlier the federal government realised that the better for the country, given the huge sums of borrowed money that has been sunk into the railway projects in recent years.
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NIGERIA AND POOR GLOBAL RANKING
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ast year, the Brookings Institute released a shocking and heart-breaking report. The report placed Nigeria as the poverty headquarters of world. The country’s poverty level had overtaken that of India. It is estimated that over 87 million Nigerians are living below poverty line. After the initial denial and lamentations of the report by the government and Nigerians, the country has broken another record for wrong reasons. The country is now the sixth miserable country of the world. The country fell into this ranking through a model developed by Professor Steve Hanke, an economist based at Johns Hopkins University, Baltimore, in the United States. The misery index assesses the happiness or otherwise of nations based on the sum of unemployment, inflation and bank lending rates, while subtracting percentage changes in real Gross Domestic Product(GDP) per capita. The higher these indices are, the more miserable citizens of the country in question is likely to be. The country that has 87 million of its population living in abject poverty can easily slip into the miserable ranking. That is why it did not come to many Nigerians as a surprise when the country received the Hanke’s gift of the year. A visit to rural communities will expose the high level of poverty, misery and hunger in the country. This harsh condition is also being witnessed in our big cities, with the inhabitants struggling to eke out a living. However, in the past three years, there have been reported cases of suicide in the country. Many people including directors in the civil service have ended their precious lives in the Lagoon, through
taking poisonous substances and sometimes hanging themselves. The victims usually committed this ungodly act out of frustration and misery. The high rate of unemployment in the country has aptly captured the Hanke’s miserable index. Our universities and other high institutions of learning have continued to churn out hundreds of thousands of graduates on yearly basis. Sadly, only a small fraction of these graduating students are absorbed in the formal and informal sectors of the economy. No wonder, majority of our youths have taken solace in sports betting. In fact, the high rate of crime and insecurity in the country could be attributed to the rise of unemployment. Some scholars are of the view that the population of the country is contributory to our miserable condition. They argue that the population is ballooning without adequate and commensurate infrastructure development. I agree with their submission. Nigeria’s population has approximately hit 200 million. These people depend on poor educational system, decaying hospitals and bad roads network. The problems are caused by bad governance. Shockingly, the International Monetary Fund (IMF), last week, ranked Nigeria as the world’s second bad user of the sovereign wealth funds. It’s quite disturbing how the country has become the darling of these poor international ranking. Our policymakers should fine-tune their policies to reflect the interest of the country. The wide gap of inequality between the haves and haves-not should be immediately bridged. Nigeria has all what it takes to be a happy country of the World. Ibrahim Mustapha, Pambegua, Kaduna State
A DOG GONE IDEA
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rom the world of stupid ideas comes a stunningly stupid idea, not vaccinating pets because they may get autism. Not vaccinating pets is not only wrong, it’s actually animal cruelty and should be treated as such. The science of vaccination has been proven again and again and yet people still refer to one disproven, faulty research paper. They make climate change deniers look like amateurs. The consequence of not vaccinating is easy to spot with a recent breakout of measles and its spots. For most of us past a certain age measles were a nuisance but let’s not forget it also killed some people. There are now laws mandating vaccinations as the welfare of the community outweighs the concerns of a mistaken few. Pets are also subject to a number of illnesses that can be easily prevented with vaccinations and yet some people refuse to protect their pets’ health. Although autism has a broad range of indicators, the ones often mentioned are a lack of communication skills and repetitive behaviour, descriptions that match my cat’s behaviour most of the time. It is clear who should be muzzled, and if they don’t vaccinate their children, who should be neutered. Dennis Fitzgerald, Melbourne, Australia
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POLITICS
Group Ploitics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com (080114495324 SMS ONLY)
M O N DAY D I S CO U R S E
It’s Decision Day for Onnoghen Alex Enumah writes that the public awaits the tribunal today, Monday April 15 the adoption of final addresses by parties and fixing date for judgment and all pending appeals concerning former Chief Chief Justice of Nigeria, Walter Onnoghen
Onnoghen
J
ustice Walter Nkanu Samuel Onnoghen the 17th substantive Chief Justice of Nigeria (CJN) was said to have sent his notice of retirement to President Mohammadu Buhari on April 4, 2019. The forced voluntary retirement came about a year and eight months earlier than the December 2020 due date of retirement, after he would have attained the 70 years age of retirement for justices of the Supreme Court. It is worthy of note also that the notice of retirement or resignation as the case may be was turned in barely a day after the National Judicial Council (NJC) recommended that he be compulsorily retired
Buhari
Muhammad
for misconduct. Onnoghen is standing trial on allegations of failing to declare some of his assets as required of the law for judicial officers. The Code of Conduct Bureau (CCB) acting on a petition filed by a non-governmental organisation, the Anti-Corruption and Research-Based Data Initiative (ARDI) had slammed a six count charge of non asset declaration against Onnoghen at the Code of Conduct Tribunal (CCT ). He pleaded not guilty to the charge, went ahead to challenge the jurisdiction of the tribunal to entertain the suit both at the tribunal and as well as the Court of Appeal, Abuja. However the trial has continued with today (Monday April 15,
2019) slated for the adoption of final addresses by parties and fixing date for judgment and all pending appeals. When his trial at the CCT resumes today, it may be a little difficult to place his designation following his purported letter of resignation said to have submitted to the president. He had started the trial last January as the Chief Justice of Nigeria, but midway into the trial he became the suspended CJN and would probably be reffered to as the former CJN at the end of the trial. Onnoghen’s assumption to office as CJN was as dramatic as his exit. For reasons best known to president Buhari, Onnoghen was not his choice of CJN even though
he was the most senior justice of the Supreme Court and also qualified to occupy the seat following the retirement of then CJN, Justice Mahmud Mohammed, who had attained the mandatory retirement age of 70 years on November 10, 2016. However, as fate would have it Onnoghen was then nominated as Chief Justice of the Supreme Court of Nigeria by Prof Yemi Osinbajo during his tenure as Acting President. While Onnoghen’s appointment was confirmed by the Senate of the National Assembly on March 1, 2017, he was however sworn in on 7 March 2017. It should be stated that Onnoghen rose through the rank. He had started
*He pleaded not guilty to the charge, went ahead to challenge the jurisdiction of the tribunal to entertain the suit both at the tribunal and as well as the Court of Appeal, Abuja. However the trial has continued with today (Monday April 15, 2019) slated for the adoption of final addresses by parties and fixing date for judgment and all pending appeals *Onnoghen’s assumption to office as CJN was as dramatic as his exit. For reasons best known to president Buhari, Onnoghen was not his choice of CJN even though he was the most senior justice of the Supreme Court and also qualified to occupy the seat following the retirement of then CJN, Justice Mahmud Mohammed, who had attained the mandatory retirement age of 70 years on November 10, 2016 *At the time of his inauguration, Onnoghen ssured that he would make the independence of the judiciary his major priority, had initiated various reforms in the judiciary to realize this lofty ambition *Barely two years on the helms of affairs
at the third arm of government, Onnoghen threw in the towel in what some argue is in the interest of the judiciary *A lot of people have claimed Onnoghen’s travail was more political than breach of the Code of Conduct for judicial officers *Apart from challenging the powers of the tribunal to entertain the suit, Onnoghen accused the tribunal’s chairman, Danladi Umar of bias and as such should recuse himself from the trial *The travails of Onnoghen though initiated by the Anti-Corruption and Research-Based Data Initiative and the federal government were compounded during the trial *Onnoghen had stayed away from his initial arraignment scheduled for January 14 and two subsequent adjournments on grounds that he was challenging the jurisdiction of the tribunal to hear the matter. While the tribunal had on January 22 adjourned hearing on the applications of Onnoghen and the federal government till January 28, the tribunal on the following day, January 23, 2019 granted an exparte application ordering President
Buhari to suspend Onnoghen pending the determination of the charge at the CCT and swear in the next most senior justice at the Supreme Court, Justice Tanko Muhammad to assume office as Acting CJN *After the federal government closed its case against *Onnoghen after calling only three out of the six witnesses listed in the charge, Onnoghen through his lead counsel had filed a no-case-submission stating that the witnesses so far produced were unable to prove the charge against the defendant *Ruling on the no-case-submission, Danladi had held that the confessional statement of the defendant that he made a mistake by not mentioning his five accounts in Standard Chartered Bank was enough evidence to warrant that he enters his defense *Umar said he would not allow technicalities to arrive at a conclusion in the trial of Onnoghen. According to the chairman, the defense rather than allowing the defendant to take punishment due to him for his confessional statement was out to prevent the tribunal from doing its job
QUICK FACTS *Justice Walter Nkanu Samuel Onnoghen the 17th substantive Chief Justice of Nigeria (CJN) was said to have sent his notice of retirement to President Mohammadu Buhari on April 4, 2019 *The forced voluntary retirement came about one year and eight months earlier than the December 2020 due date of retirement, after he would have attained the 70 years age of retirement for justices of the Supreme Court *The notice of retirement or resignation as the case may be was turned in barely a day after the National Judicial Council (NJC) recommended that he be compulsorily retired for misconduct *Onnoghen is standing trial on allegations of failing to declare some of his assets as required of the law for judicial officers. The Code of Conduct Bureau (CCB) acting on a petition filed by a non-governmental organisation, the Anti-Corruption and Research-Based Data Initiative (ARDI) had slammed a six count charge of non asset declaration against Onnoghen at the Code of Conduct Tribunal (CCT)
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T H I S D AY t MONDAY APRIL 15, 2019
DISCOURSE
Umar
his career at the Ministry of Justice, Ikeja, Lagos State between 1978-1979, as the Pupil State Counsel. He then entered into practice as partner in the Law firm of Effiom Ekong & Company, Calabar, between 1979 – 1988. He later became the Principal Partner/Head of Chamber of Walter Onnoghen & Associates, Calabar from the period of 1988 – 1989. Between 1989 – 1998, he was a High Court Judge of Cross Rivers State Judiciary. During his time as the High Court Judge of Cross Rivers State Judiciary he was made the Chairman of Cross Rivers State Armed Robbery and Firm Arms Tribunal and he held the post for three years between 1990 – 1993. Sometime in 1996 while still holding the post of High Court Judge of Cross Rivers State Judiciary, he was appointed the Chairman, Judicial Enquiry into the Crisis between Students of the University of Calabar and Obufa Esuk Orok Community, Calabar. In 1998, he was the Chairman, Failed Bank Tribunal, Ibadan Zone. Between the periods of 1992 to 2004, he served as the Judge, High Court of Rivers State while from 1998 to 2005 he served as the Justice of the Court of Appeal. In February 2016, Justice Onnoghen led a seven-man panel of Justices of the apex court who reviewed and upheld the death sentence of Chukwuemeka Ezeugo (aka Rev. King) of the Christian Praying Assembly. In 2007, Justice Onnoghen played a huge role in 2007 election which saw the Late Umaru Yar’adua as President of the federal republic of Nigeria. He had a dissenting judgment that indeed annulled the presidential election. His position was however a minority judgment. Onnoghen, who at the time of his inauguration assured that he would make the independence of the judiciary his major priority, had initiated various reforms in the judiciary to realize this lofty ambition. However, barely two years on the helms of affairs at the third arm of government, Onnoghen threw in the towel in what some argue is in the interest of the judiciary. Only time would tell if he took the right decision and at the right time too. A lot of persons including legal practitioners and politicians have argued that he would have done so right from the onset the Federal government preferred the charge against him in January and avoided going through all the rigors at the CCT. Others however argued that the decision to clear his name and put the record straight was worthwhile adding that if nothing the whole world has known that he never had $3m in his accounts at any time nor owned 55 houses as claimed
Osinbajo
by the federal government. Also while a lot of people have claimed Onnoghen’s travail was more political than breach of the Code of Conduct for judicial officers, onnoghen apart from challenging the powers of the tribunal to entertain the suit accused the tribunal’s chairman, Danladi Umar of bias and as such should recuse himself from the trial. The travails of Onnoghen though initiated by the Anti-Corruption and Research-Based Data Initiative and the federal government were however compounded during the trial. Onnoghen had stayed away from his initial arraignment scheduled for January 14 and two subsequent adjournments on grounds that he was challenging the jurisdiction of the tribunal to hear the matter. While the tribunal had on January 22 adjourned hearing on the applications of onnoghen and the federal government till January 28, the tribunal on the following day, January 23, 2019 granted an exparte application ordering president Buhari to suspend Onnoghen pending the determination of the charge at the CCT and swear in the next most senior justice at the Supreme Court, Justice Tanko Muhammad to assume office as Acting CJN. Consequently, President Buhari acting on the orders of the CCT suspended Onnoghen as CJN and swore-in Justice Muhammad. To further compound the problems of Onnoghen, the CCT boss on February 13 ordered for his arrest for failing to appear before the tribunal for his arraignment. Even when the embattled CJN had approached the Court of Appeal, Abuja to challenge his suspension order and other rulings of the tribunal, Umar relying on the spirit of the Administration of Criminal Justice Act (ACJA ) 2015 insisted trial must go on and on a day-to-day basis. After the federal government closed its case against Onnoghen after calling only three out of the six witnesses listed in the charge, Onnoghen through his lead counsel had filed a no-case-submission stating that the witnesses so far produced were unable to prove the charge against the defendant. But ruling on the no-case-submission, Danladi had held that the confessional statement of the defendant that he made a mistake by not mentioning his five accounts in Standard Chartered Bank was enough evidence to warrant that he enters his defense. Umar said he would not allow technicalities to arrive at a conclusion in the trial of Onnoghen. According to the chairman, the defense rather than allowing the defendant to take punishment due to him for his confessional statement was out to prevent the tribunal from doing its job. He subsequently adjourned till Monday
Malami
April 1, for Onnoghen to enter his defense, rebuffing all entreaties by Onnoghen’s lawyer for a short adjournment to enable his client prepare effectively for his defense. Also when Onnoghen closed his defence after calling on just one witness, who testified and also tendered Onnoghen’s asset declaration form for 2010, the CCT declined to grant the 14 days period his lawyer requested for to file his written address, noting that the defence has only three days to file his address and similar days accorded to the plaintiff. He subsequently adjourned the matter to April 15 for final argument and possibly fixing date for judgment. Outside the tribunal, another dilemma confronting Onnoghen is the Court of Appeal. The court on January 30, 2019 in a ruling on an application by Onnoghen refused to stop the CCT trial. However, the appellate court has since February 27 reserved ruling on three appeals filed before it by Onnoghen. The delay in the delivery of the judgments by the Court of Appeal forced Onnoghen’s counsel to conclude that the nation’s judiciary as at today is not only weak but vulnerable. The senior lawyer, Adegboyega Awomolo in a statement made available to newsmen shortly after (April 1) Monday’s proceedings at the CCT, said that the “Nigerian judiciary is very weak, vulnerable and not independent.” He said it is unthinkable that the head of the judiciary would be treated the way Onnoghen was treated and not a whimper came from the body of men and women of highest distinction in the legal profession. Awomolo also regretted that “whereas political matters and election matters were treated with dispatch, and judgment delivered within hours, the appeal of the Chief Justice of Nigeria, six weeks after argument was ordered to be kept away in the file. “There is no association of Nigerian Judges to speak a word. Let no public officer or judicial officer at any level, throw stone because if not all, most are guilty as Onnoghen. Nobody knows who is next, a precedent has been laid, the Honourable Attorney General of the Federation seems pleased.” He consequently called for amendment of the constitution to place the Code of Conduct Tribunal under the judiciary to give it its much needed independence, impartiality and to avoid interference from outside the court. While he argued that corruption cannot be fought successful with corrupt institutions, he said, “It is injustice to inflict corrupt procedure on innocent public officers. God will not allow corruption to consume our nation. The end should not justify the means; the means should
justify the end. “The practice of propaganda lies and media trial will encourage injustice. Truth will exhalt our nation, but propaganda and lies will enthrone injustice. Lies and injustice is a reproach. Let justice be done even if heaven will fall and let the rule of law be the only means to justify the end”, he said. The last stroke that broke the Carmel’s back in the case of Onnoghen arguably may have come from the National Judicial Council (NJC), the body that is saddled with the responsibility of judicial officers. Onnoghen had anchored his case on jurisdiction on the ruling of the Court of Appeal which held that no serving judicial officer would be arraigned before a court of law without first being investigated by the NJC. When the news of the scheduled arraignment of Onnoghen broke on January 12, 2019, the NJC kept mum. Even when the CJN was suspended by the president on January 25, 2019 and Justice Muhammad sworn-in as Acting, the NJC still did not react. Days after the international community including the United Kingdom alleged muzzling of the judiciary in Nigeria, the body met and announced that a committee has been set up to look into the various petitions written against both Onnoghen and Muhammad. However, the body arising from its meeting of April 3 while stating that it “refrained from taking any decision on the issue of asset declaration charges on the grounds that the issue is currently in court” said it “however reached a decision on the petition of the Economic and Financial Crimes Commission (EFCC) and others”. The body under the interim leadership of a former President of the Court of Appeal in a unanimous decision was said to have agreed that Onnoghen has lost the moral authority to continue as CJN with the litany of allegations bordering on misconduct. It was also said that the council concluded that Tanko Muhammad did no wrong by making himself available to be sworn in as acting CJN without the recommendation of the NJC. A statement from the Director of Information, NJC, Soji Oye, disclosed that the body’s recommendations have been passed to President Muhammadu Buhari, adding that “Council also resolved that, by the nature of the decision reached, it would be inappropriate to publicize it before conveying it to Mr. President”. It was therefore no surprise that Onnoghen had to throw in the towel knowing that he has lost protection from his very own constituency.
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325
Fresh Agitation for Environmental Justice in N'Delta Emmanuel Addeh writes that to champion the fresh agitation for environmental justice in the Niger Delta, the Bayelsa State Government eight-man commission recently visited some affected communities in a bid to come up with solutions to ameliorate the effects of decades of devastation in the region
G
enerally speaking, Nigeria is a poor country. In fact, a report by the World Poverty Clock in 2018, revealed that Nigeria had successfully overtaken India as the universal capital of extreme poverty. But in the creeks of the Niger Delta where Nigeria gets most of its revenue through oil, poverty, desperation and hopelessness walk on all fours. In the Niger Delta, the state of dolour and squalor is so palpable, a knife could easily sear through it. It's a story of contrasts and contradictions, a tale of endless woes for a people so blessed, yet so cursed. These narratives are not new. The struggle for a decent living by those mostly affected by oil exploration and exploitation, by those who bear the brunt of the destructive spillages and same people who can no longer differentiate the nights from the days due to persistent gas flaring, has been that of sorrow, tears and blood. Many in the struggle have paid with their gore, some have been maimed, as a few others teamed with the so-called oppressors and reaped bountifully from their people's mischance. Yet the cry for environmental justice has refused to abate. Like a cat with nine lives, those who are mostly affected by the despoliation of the Niger Delta environment, have refused to be silenced. Fresh Agitations Against this backdrop, the recent resurgence of fresh agitations, essentially from Bayelsa, spearheaded this time by the leaders of the state for a new and better deal, has received some accolades. All the inhabitants of the most devastated areas want, it seems, is a pact leading to a liveable environment and for the authorities both in Nigeria and home countries where these oil companies come from, to seize the gauntlet and do the right thing for the people, given the many years of unbridled destruction occasioned by their activities. So, it was protest, shock and lamentations when the newly established Bayelsa State Commission of Inquiry on Environmental Degradation, headed by Archbishop of York, Dr. John Sentamuled an eight-member commission to some areas ravaged by the activities of the oil companies. Among the areas visited were Egbebiri and Ikarama communities in Yenagoa Local Government Area as well as Azuzuama community in Southern Ijaw Local Government Area. In addition, the commission held sessions with representatives of over 35 communities, traditional rulers, environmentalists and civil society organisations to garner evidence against the renewed fight against what Governor Seriake Dickson of Bayelsa has always described as 'environmental terrorism".
Polluted river in one of the visited areas
Recent Spill in Egbebiri In Egbebiri, chairman of the community
Our river, ponds and farmlands were destroyed by the spillage, which lasted about 11 days before Agip responded. Since then, our community has suffered terrible devastation and our means of livelihood affected as a result of the spillage
Arch Bishop Sentamu taking a sample of the polluted water development committee (CDC), Mr. Godspower Worikumo, told members of the commission that the last spill caused by equipment failure occurred in the community in October 2018. "Our river, ponds and farmlands were destroyed by the spillage, which lasted about 11 days before Agip responded. Since then, our
community has suffered terrible devastation and our means of livelihood affected as a result of the spillage," Worikumo said. The new commission's members expressed shock that an attempt to clean up the spills even resulted in further pollution. Indeed, what easily drew attention to one
of the affected areas, was a pit of fire where crude excavated from the soil was still burning and the smoke bellowing therefrom. Archbishop Sentamu described the situation as shocking and totally unacceptable, lamenting as he scooped raw crude from a pond using a plastic bucket.
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FEATURES Lamentations in Ikarama The lamentations continued in Ikarama community as an Environmental Monitor for Amnesty International and youth President of the community, Comrade Warder Benjamin, informed the commission that it takes a minimum of two weeks for some of the oil companies to respond to the several incidents of oil spills in the community. He said: "It takes the SPDC about 12 days to start evacuation of spills whenever it occurs, leaving the community to suffer the effects.� According to him, the youths were employed only on part-time basis as monitor personnel for oil spills, but added that when such incidents were reported to the facility owners, there was little or no action. Azuzuama Protests Azuzuama was not different. Youths were already protesting the devastating effects of oil spills and exploration in their community when the team got there. On their banners were inscriptions like ‘Our common sicknesses are cancer, kidney failure and difficult child-bearing’, ‘Crude oil is a curse rather than a blessing, decades of oil spillage, no proper clean up’. In the about four hours round trip by boat to and from Azuzuama community, the investigative team saw firsthand, the helplessness faced by the residents on a daily basis. They witnessed the evidence of the devastation caused by spillages on the rivers and mangrove stilts, which had been blackened by crude seeping off oil facilities. Grave Allegations Renown environmentalist and King of Ekpetiama Kingdom, Bubaraye Dakolo, after the session, accused top personnel of the International Oil Companies (IOCs) of complicity in the racketeering of products. He laid the blame squarely on the feet of the oil companies, stressing that the authorities must have the strong will to enforce the law. "No oil firm can accuse the youths of the Niger Delta before me because they are the cause of the violence we are experiencing in the Niger Delta. Prior to oil exploitation and exploration, the Niger Delta man lived in a pristine environment with tranquility. Time and time again, ocean liners and ships that have the capacity of picking up at once the entire crude oil that comes from Nigeria berth at the Gulf of Guinea. They anchor there and wait. They sponsor young men to go and bring crude from everywhere around. "Sometimes the oil workers will open the valves and release crude to the barges in the night and these barges bring crude to the big ocean liners at the Gulf of Guinea. Ocean liners are not tiny drops; they are not canoes. They are boats that are so large that an entire kingdom can get into them. And then they collect sufficient crude that they take to Europe and America to sell. "So, who is profiting? Is it the man that is sent to go and do some menial, dangerous job? Or it is the main man that sponsors all of these? , he asked rhetorically, not expecting a response. He continued: "You and I do not have the expertise to burst the pipes. For you to burst pipe, you must have the expertise. And where do you get expertise of that type if not in the oil industry? So, the sabotage that they accuse us of is caused by the oil industry. They are the experts."
No oil ďŹ rm can accuse the youths of the Niger Delta before me because they are the cause of the violence we are experiencing in the Niger Delta. Prior to oil exploitation and exploration, the Niger Delta man lived in a pristine environment with tranquility
Some members of the commission
Eect of oil spill
Fire from one of the spill sites Demand for Results However, residents applauded the setting up of the commission of inquiry to investigate the years of negative impact of oil exploration, but maintained that this time, it must be followed up to a logical conclusion. Chief Otubo Jonathan-kpeli, traditional ruler of Azuzuama Community,Southern Ijaw Local government area, said the spillage had caused damage to the source of livelihood of the people. "The source of water, which is the rivers has been polluted, no potable water to drink except only when we buy water from the city. This is
suffering and smiling and it is unacceptable" he said. Commission Reacts One of the scientific officers on the team, Mr. Bob Keniyinboh of the Bayelsa Ministry of Environment said that the cause of spillage was mainly equipment failure of the oil companies and not by the residents. To draw the attention of the international community, foreign experts, diplomats and forensic experts were also part of the team to investigate and report on ways of ameliorating the decades of of devastation.
Aside Bishop Sentamu, Chairman, who was headhunted by the Bayelsa government to head the panel, former President of Ghana, John Kufuor; a former member of the British Cabinet and House of Lords, Baroness Valerie Brondesbury and a Principal at the Fydow Forensics, Daniel Onifade are members of the team. As the investigators and environmental experts left the scene and headed back to Yenagoa, the state capital, they must have felt the weight of the job they had just been assigned; to attempt to salvage a future which for now looks very bleak.
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T H I S D AY ˾ MONDAY APRIL 15, 2019
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BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB
A S
A T
REPO 21.57 % 20.29%
CALL 1-MONTH 3-MONTH
23.50% 18.25% 18.88%
A P R I L 1 2 , S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
383.11% -0.19% -0.9%
Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08152447875
2 0 1 9 S & P INDEX 1/4 TO DATE YEAR TO DATE
-0.90% 7.32%
EXCHANGE RATE N307/1US DOLLAR* *AS AT LAST FRIDAY
Quick Takes Facebook Promotes SMEs
Riding on a successful tour across three cities in Europe and the Middle East, where it is promoting small and medium scale businesses (SMBs) with its new initiative called ‘It’s Your Facebook Pop-Up’, Facebook at the weekend, extended the initiative to Lagos, where it mentored SMBs on how to grow their businesses, using the Facebook platform. Being the ďŹ rst in Africa, the two-day programme commenced in Lagos with the unveiling of an exclusive preview event, where Facebook educated people in a fun, interactive space and showcased some of its most loved products including Stories, Communities and Watch. Also available was Drop-in Sessions for the public to get advice on their most burning Facebook related questions – whether around protecting their information on Facebook, or getting practical advice on everything from personalisingnewsfeed,tosecuritysettingsandsettingupbusinesspages. Open to the public at the weekend in Lagos, attendees were taken on a number of training sessions in partnership with Facebook’s local training partners, including Afrinolly, Re:Learn and the Facebook Community Leadership Circle Lagos. This included free sessions focused on SMBs and building online businesses, building engaging Communities, youth safety online and dedicated workshops for creatives. Speaking at the unveiling, Facebook Communications Manager for sub-Saharan Africa, Kezia Anim-Addo, said: “We’re thrilled to be in Lagos with ‘It’s Your Facebook’ pop-up experience, which further highlights our commitment to supporting and investing in communities in Nigeria.â€?
Agency’s Campaign Excites Consumers
WOOING INVESTORS
L-R: Minister of Finance, Mrs. Zainab Ahmed and Central Bank of Nigeria Governor, Mr. Godwin Emefiele, arriving for a meeting at the just concluded lMF/World Bank Group 2019 Spring Meetings in Washington DC, USA‌recently ABIODUN AJALA
Economy:BraceUpforToughTimes, SalamiTellsNigerians Ugo Aliogo The Chief Executive Officer, Kainos Edge Consulting and an Associate Professor at the PanAtlantic University, Dr. Doyin Salami, has predicted that the next four years will be difficult for the Nigerian economy. He, however, pointed out that it would signal the beginning of reforms in the economy. Salami, who is also a former member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, said the key question is to find out what condition would the next four years leave the country. According to him, Nigeria has economic strategy based on spending her way out of recession, “but we had not undertaken the reforms that
ECONOMY are expected to see.� He was however optimistic that the exchange rate would be stable this year, adding that with the new government, nothing significant was likely to happen in the economy before the inauguration of the President Muhammadu Buhari for a second term. Salami, who disclosed this in Lagos, while speaking at the Members’ Evening of the Institute of Directors (IoD) with theme: ‘Where do we go from here,’ however, argued that at its current value, the naira exchange rate is not sustainable. He said three things to look out for in 2019 are international oil prices, international capital
movement and international interest rates, adding that if oil behaves either on the quantity side or the price side, forex would be adversely affected, “in 2019, there is need to make a decision about what happens to forex.� “Whether we like it or not, the next four years we will be difficult. The next four years will signal the beginning of reforms, but the quick question is this, at the end of that patch, are we going to be the better for it or worst of? Whether we like or not, pain is coming? “The key question is in what condition does it leave us? Nigeria had an economic strategy based on spending her way out of recession, but we had not undertaken the reforms that are expected to see. Whether we like or not pain is coming? The key question is
in what condition does it leave us? Nigeria had an economic strategy based on spending her way out of recession, but we had not undertaken the reforms that are expected to see,� he explained. The Kainos Edge Consulting CEO further explained that there are a number of ways to examine the exchange rate; adding that it could either be in the short term or medium term respectively. He explained: “But economics is very clear that in the medium term, especially when you are looking at two currencies, the naira and the US dollar, you consider the inflation rates of those countries, the difference between them is a difference that must be made up by the movement in the exchange rate, Continued on page 24
With 2018 Results, Insurance Firms Show Strength Ebere Nwoji Most insurance sector operators recorded positive results in their audited financial statements for the year ended December 31,2018. The development has been attributed to continued resilience in their business model as well as the growing financial discipline by their respective management. As a result of this impressive performance, shareholders of few insurance firms that have so far announced their results would smile home as some have
INSURANCE announced dividend pay-out. For instance, the FBNInsurance in its recently released results recorded general growth across all indices in the 2018 financial year. The results showed that the insurer’s profit before tax (PBT) in the year under review grew by 44 per cent, from N4.26 billion in 2017, to N6.13 billion in 2018; while the gross premium written (GPW) grew from N19.6 billion in 2017 to N26 billion in 2018,
accounting for a 33 per cent increase. While commenting on the financial statement, Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, attributed the performance of the company to the management resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria. “The 2018 result has not only moved us several steps towards this goal, it has also raised the bar for our performance in 2019. Given our track record of strong
and sustainable growth, we are confident that FBNInsurance will wax stronger in 2019 despite the anticipated lull in economic activities due to political and electioneering activities� Similarly, Custodian Investment Plc, formerly Custodian and Allied Plc, said in the year ended 31st December 2018 its financial performance was clearly strong. According to the result, gross revenue for the year grew by 16.6 per cent to N50.2 billion, Continued on page 24
In what looked like a season of surprises, visitors who thronged the Ikeja City Mall during the recent Mother’s Day celebration interacted with an Automated Teller Machine (ATM) styled as a mother with a wrapper and glamorous headgear. This installation was the climax of kwikmoney’s tactical campaign, aimed at further entrenching the instant loan service as the provider of micro loans to Nigerians from the comfort of their mobile phones with none of the usual hassles or excuses. The Mother’s Day campaign was premised on the realisation that “loved ones are often the ďŹ rst option for Nigerians seeking to get a quick loanâ€?. Many turned to their parents, especially mothers, for loans they often do not intend to pay back! Exploiting this consumer insight, X3M Ideas, the brand’s marketing communications partner, developed a campaign with the theme: “Mum Not ATM.â€? The message urged targets to give their mothers a break, in the spirit of Mother’s Day, and get a loan from the ďŹ rm instead. The campaign began with an online competition which rewarded winners with the chance to give their mothers recognition on notable billboards around Lagos. This was enhanced using radio and online channels as supporting media. Activation commenced online on the 25th of March. An oďŹƒcial of the agency disclosed that the competition was announced on the 26th, asking participants to send in images of their mothers and a narration of a time she came through for them.
IsDB Invests $50m in Sukuk
TheIslamicDevelopmentBank(IsDB)hasannouncedthatithasinvested US$50 million in private Sukuk issuance by the International Finance Facility for Immunisation (IFFIm). This is the second participation of IsDB in a sukuk issuance by IFFIm after a similar eort in 2015. In December 2018, following the announcement made during Gavi (The Global Vaccine Alliance) at their mid-term review held in Abu Dhabi, the IsDB made a successful completion of its participation in a private placementSukukissuancebyIFFImtoacceleratefundingforimmunisation eorts in 33 Organisation of Islamic Cooperation (OIC) member states. “Gavi’s record of delivery in saving lives through immunisation is a perfect ďŹ t with the IsDB’s priority to deliver impactful public health investments,â€? IsDB President, Dr. Bandar Hajjar said. He added: “By working in collaborative partnerships such as this, we can accelerate progress towards the UN Sustainable Development Goals. That’s why we are very pleased to support IFFIm’s sukuk and extend our relationship with Gavi.â€? Hajjar’s President’s 5-Year Programme (P5P) put partnerships, with development institutions like Gavi, at the centre of the Bank’s priorities. Since its inception in 2000 to the end 2017, the Vaccine Alliance has helped to immunise more than 288 million people in 33 Organisation of Islamic Cooperation (OIC) member states.
“We want to eradicate poverty and create wealth in a sustainable way. Ultimately, we want a larger and broader entrepreneurship ecosystem, that supports young Africans, and we want to deepen our engagement with government to create the enabling environment to support Africans to succeed�
Founder, Tony Elumelu Foundation
Tony Elumelu
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BUSINESSWORLD ECONOMY: BRACE UP FOR TOUGH TIMES, SALAMI TELLS NIGERIANS
in other words, you are looking at Nigeria with inflation rate of about 11 percent and the US with an inflation rate less than two per cent. “The population is growing at between 2.8 and 3.8 per cent and agriculture is currently at 2.5per cent, then you don’t need to be a genius to figure out that the prices of food are headed northwards, there is a lot of dead capital in agriculture, the land which people could use which are not available for people to use because the title is not available for people who own the land. “There are major competence gaps, ranging from pre-production, to farming and processing, and storage. The part that needs to change is that Nigeria can no longer afford not to depend on single season cropping. The Nigeria food basket has become more sufficient and our deployment of technology has to be more spot on. We are the lowest users of agriculture on the continent.�
WITH 2018 RESULTS, INSURANCE FIRMS SHOW STRENGTH from N43.1 billion reported in 2017. It said despite the challenging business environment in 2018, its profit before tax rose to N9.5 billion, from N8.9 billion posted in 2017. The Managing Director, Custodian Insurance, Wole Oshin, said the company would continue to thrive in all sectors in which it operates as it will be guided by its vision to always exceed stakeholders’ expectations in the delivery of services to its esteemed clients, observance of high corporate governance standards and the recruitment and retention of highly skilled personnel while leveraging on innovation and bespoke technology for excellence. Also, Continental Reinsurance said it closed 2018 financial year with top and bottom-line growth. The company posted Gross Premium Income of N34.19 billion in its full year result for the 2018 financial year. This showed 15 per cent growth from what it achieved in the previous year 2017.
NEWS
AMCON: N5trn Debt Recovery, Challenge to Nigerians The Managing Director/ Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru has reiterated that the over N5trillion bad debts, which Nigerians expect the corporation to fully recover before its sunset should be seen as a collective problem that concerns all Nigerians irrespective of their socio-political, ethnic and cultural ideologies. Kuru, who was represented by the Executive Director, Assets, Dr. Eberechukwu Uneze, made the declaration when he received a group of cadets from the Accounting Department of the Nigerian Defence Academy (NDA); officers and men as well as lecturers from the academy led by Brigadier-General Ibrahim Mohammed Jallo, the Academy Registrar. According to a statement, the cadets were at AMCON on an excursion, as part of their mandatory requirement to visit select financial institutions where they were availed the opportunity of matching theoretical teachings in the academy with practical realities of accounting principles in the real business world. The AMCON boss, who described the attitude of typical recalcitrant AMCON debtors as a reflection of the nonchalant attitude of the populace said such negative disposition was responsible for the rascality that was experienced in the banking sector, which led to the creation of AMCON in 2010. He cautioned those who hitherto thought the challenge of recovering the huge debt was AMCON’s sole headache to think again, because
the monies in question belong Nigerian taxpayers. He, therefore called on organisations and establishments including the security agencies, which includes the army, to support AMCON in its drive because failure to recover the huge debt will mean that the government would somehow, someday pay back with taxpayers’ money, which would have been used to provide or improve the much needed infrastructure across the country. Insisting that AMCON had remarkably done well against all odds since its establishment, he stated however that the
corporation was not resting on its oars to ensure that these debtors pay what they owed. He disclosed that it was the zeal to make debtors pay that pushed AMCON to change its recovery strategy from negotiation to enforcement. Aside recovering over N1trillion, he said, “Our intervention in the banking sector protected thousands of jobs. Along the line we have also created thousands of direct and indirect jobs. The creation of the Asset Management Partners (AMPs) scheme for instance employed close to 9,000 direct and indirect jobs as well. “With the AMP scheme,
AMCON is laying solid foundation for the stability of the financial sector because we are gradually and systemically grooming professionals that will take over the job of AMCON at sunset. “Our thinking is that at the end of this assignment as mandated by the law, we would have trained highly experienced and professional agents with the requisite capacity and knowhow to continue to function as asset managers in the country. “This is because AMCON was not established to stay forever because that will encourage bad behaviour in banks. It also has
a moral hazard, which is not good for our economy and the country,� he added. In response, Brigadier-General Jallo, while thanking the management of AMCON for the various presentation, said there was need for the corporation and the defence academy to collaborate in terms of staff trainings among other areas of partnership for a mutually beneficial relationship. He said the cadets whom he led to AMCON were part of the 68 Regular Course in Accounting Department of the NDA who were on the verge of graduating from the academy.
DISCUSSING THE GLOBAL ECONOMY
L-R: First Deputy Director, International Monetary Fund (IMF), David Lipton and Managing Director, Christine Lagarde, during a media briefing on the Global Policy Agenda at the 2019 Spring Meetings of the IMF/World Bank Group in Washington DC‌recently ABIODUN AJALA
Secure Nigerian Cyberspace, Osinbajo Urges Stakeholders Emma Okonji Vice President Professor Yemi Osinbajo has charged stakeholders in the nation’s cyber space to collectively share cyber security best practices and ensure speedy implementation of requisite policies, to curtail cybercrime in the country. Osinbajo, who was represented by the Minister of Communications, Dr. Adebayo Shittu, gave the charge in Abuja, while declaring open Cyber Secure Nigeria 2019 conference with the theme ‘Implementing Cyber Security
and Data privacy practices in Nigeria.’ According to him, no body, organisation or entity was immune to cyber-crime victimisation as a result of sophistication and severity of cybercrime particularly in 2018, hence the need for all to jointly end the menace to ensure a secure Nigeria, otherwise every internet user would be a victim. He posited that cyber security has become so essential, as individual and national development increasingly rely on Information Communication Technology (ICT), which calls for stringent
regulations to be enacted and implemented to ensure criminal elements don’t succeed in taking advantage on hapless internet users. “The collection and processing of personal data raises significant privacy and data protection concerns for every citizen; the legal remedy to this problem is data protection to ensure privacy,� Osinbajo said. He pointed out that the conference was apt and a welcomed development in line with the key policy thrust of the federal government through the Ministry
of Communications in view of the rampant activities of the cyber criminals and internet scammers popularly known as “yahoo yahoo�. Osinbajo urged the participants to galvanized ideas in combating cyber threat curtail cyber-crime and ensure data privacy practices in Nigeria, as well as to produce useful outcome for submission to the federal government. He promised that the federal government would articulate various submissions emanating from the conference and put them to use.
On his part, the President, cyber security experts’ association of Nigeria, Remi Afon, called on the federal government to establish a national cyber security center that would be saddled with the responsibility of coordinating and implementing cyber regulations. He expressed worry that cyber security threats landscape had evolved rapidly and have increased in number and sophistication, which needed to be quickly checked to attain a regime of secured cyber space in Nigeria through concerted efforts from all critical stakeholders.
Cole Urges IFCs to Support Businesses in Developing Countries Group Business Editor
Peter Uzoho
Capital Market Editor
Co-Founder of Sahara Energy Group, Mr. Tonye Cole, has called on the International Finance Centres (IFCs) to provide the necessary funding and support investments in developing countries. This, he said, would enable private businesses in those countries flourish and in turn provide support for the realisation of the Sustainable Development Goals (SDG) 2030 target of ending poverty, hunger, malnourishment and zero access to basic healthcare. Cole, made the call in Lagos,
Obinna Chima 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)
during his keynote address at a breakfast business forum organised by Ocorian, an independent provider of corporate and fiduciary services, where participants brainstormed on alternative investment, corporate governance and adequate risk management to growing African companies and countries. He stated that in developing countries, lack of capital hinders economic growth and stifles entrepreneurship. He said: “Multinational finance is therefore vital. However, the reality is that multinational investors are reluctant to invest in developing
countries because of the high risk of doing so especially, when you have political and micro economic instability. “IFCs therefore need to provide the necessary infrastructure, a deep liquid and sophisticated capital market, tax and regulatory regimes to support foreign investment. IFC therefore plays significant role in mitigating risks associated in developing countries to provide this funding. “They therefore act as mediators between the developing countries and the international finance by providing a neutral location for funds to be amal-
gamated from multiple investors and then invest in developing countries.� Earlier in his welcome speech, the Regional Chief Executive Officer, Africa Middle East and Asia (AMEA), Ocorian, Mr. Richard Arlove, emphasised the developmental impact of alternative investment on corporates, financial institutions and the development of the African continent. Arlove said: “For any nation to make remarkable progress, there must be an alignment of the business community and government. “There should also be an alignment of human capital, financial capital, and govern-
ment capital. There is a need for all of the capital to be aligned properly to allow businesses grow in Africa.� However, during a panel session on “Adding Value to International Business in and out of Nigeria: The Role Played by an International Financial Centre,� the panelists jointly stressed the need for companies in Africa to build sustainable businesses by seeking capital from the most efficient sources for growth. They also identified constraints faced by businesses when trying to raise capital for expansion; and proffered solutions to such problems.
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Analysts Optimistic Market Will Recover on Low Valuation Goddy Egene Having declined for five straight weeks, the low valuation of stock prices on the Nigerian Stock Exchange (NSE) will drive recovery going forward, analysts have predicted. The stock market declined by 0.19 per cent last week following continuing bear sentiments that have depressed prices to record low. Specifically, the NSE All-Share Index closed lower at 29,560.47, while market capitalisation stood at N11.103 trillion. According to analysts at Meristem Securities Limited, while the downbeat assessment of the country by the International Monetary Fund (IMF) loomed large on market sentiment, the World Bank also cut its growth forecast to seal the fate of the bulls. Although the market showed signs of recovery in the last days of the week, it was not enough to prevent the NSE ASI to close negatively. But analysts said the decline in prices have made the Nigerian market to continue to trade at relatively cheap valuation, both historically and to its peers. “Price-to-Earnings ratio (P/E Ratio) for the NSE ASI and MSCI Nigeria index dropped to 7.43x and 5.54x, the lowest levels since 2009 respectively. We expect this to drive the next phase of the market. The near-term downside risks to this outlook however lies in policy uncertainty as investors await clarity on policy and reforms post the swearing-in of the newly elected Government,� they said. An analysis of the sectoral performance for the week showed that four out of the five tracked, decline. The lone gainer was the NSE Oil & Gas Index, which rose by 0.3 per cent. On the negative side, the NSE Insurance Index led with a decline of 3.1 per cent, while the NSE Industrial Goods Index and NSE Consumer Goods Index shed 0.5 per cent and 0.4 per cent respectively. The NSE Banking Index fell 0.3 per cent. According to analysts at Cordros Capital Limited, they reiterated their negative outlook for the equities market in the short-to-medium term, amidst absence of a positive market trigger. “However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the medium-to-long term,� they stressed. Apart from Nigeria that closed negatively, three other markets in Africa also declined. Ghana recorded the worst performance for the week with the Ghana’s GSE Composite falling 2.7 per cent. Egypt’s EGX30 shed 0.9 per cent, while Mauritius’ SEMDEX 0.4 per cent. On the positive side, Kenya’s NSE-20 led gainers, advancing by 2.4 per cent. Morocco’s Casablanca MASI rose by 0.8 per cent. In Asia and the Middle East, performance was mostly bearish as four of five markets closed in the red. Turkey’s BIST 100 recorded the only gain after advancing by 2.4 per cent. Thailand’s SET Index led losers, after declining by 0.9 per cent, trailed by Qatar’s DSM 20, which went down by 0.7 per cent. UAE’s ADX General Index shed 0.4 per cent, while Saudi Arabia’s Tadawul ASI closed 0.3 per cent. According to report by Afrinvest (West Africa) Limited, without a clear positive economic development last week, performance across the developed market was mixed. In the United States(US), the S&P 500 and
2.1 per cent as investors reacted positively to increased crude oil sales following U.S. sanctions on Venezuela and Iran. South Africa’s FTSE/JSE All Share also recorded a gain of 1.1 per cent due to the institution of accommodative monetary policies by the country’s central bank. On the negative side, Brazil’s Ibovespa led the decliners, shedding 2.6 per cent just as China’s Shanghai Composite and India’s BSE Sens shed 1.8 per cent and 0.2 per cent respectively. Market Turnover An analysis of market turnover showed a decline as investors traded 1.770 billion shares worth N15.264 billion in 17,015 deals, down from 3.544 billion shares valued at N20.264 billion that exchanged hands in 19,130 deals the previous week. But the Financial Services Industry remained the most active, recording 1.257 billion shares valued at N12.127 billion traded in 10,760 deals. The sector thus contributed 71 per cent and 79.45 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 226.767 million shares worth N288.198 million in 864 deals, while the third place was ICT Industry with a turnover of 184.641 million shares worth N76.618 million in 274 deals. Trading in the top three equities which are: Sterling Bank Plc, Transnational Corporation of Nigeria and Guaranty Trust Plc accounted for 648.906 million shares worth N5.831 billion in 2,293 deals, contributing 36.6 per cent and 38.2 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 13,740 units of Exchange Traded Products (ETPs) valued at N215,010 executed in two deals. However, there were no trade recorded for ETPs the previous week. A total of 787,527 units of Federal Government Bonds valued at N795 million were traded this week in 26 deals compared with a total of 18,042 units valued at N19.685 million transacted last week in 24 deals. NASDAQ rose 0.5 per cent apiece while the United Kingdom (UK) FTSE All Share index appreciated 0.1 per cent. France’s CAC 40 advanced 0.5 per cent, just as Japan’s Nikkei
225 gained 0.3 per cent. Conversely, the Hong Kong’s Hang Seng declined 0.1 per cent while Germany’s XETRA DAX declined by 0.05 per cent.
Across BRICS countries, performance was mixed albeit negatively skewed, as three of five markets trended southwards. The Russia RTS recorded the largest gain, rising
Price Gainers and Losers The price movement chart displayed 35 equities that appreciated, higher than 14 in the previous week, while 31 equities depreciated in price, lower than 55 equities of the previous week. Learn Africa Plc led the price gainers with 18.7 per cent, followed by May & Baker Nigeria Plc with 17.3 per cent. Chams Plc appreciated by 16.6 per cent, just as Regency Assurance Plc chalked up 13.6 per cent. Mutual Benefits Assurance Plc, Niger Insurance Plc and Veritas Kapital Assurance Plc garnered 10 per cent each. Other top price gainers included: Neimeth International Pharmaceuticals Plc (9.8 per cent); Meyer Plc (9.2 per cent) and Transnationwide Express Plc (8.7 per cent). Conversely, Ikeja Hotel Plc led the price losers with 26.1 per cent, trailed by Associated Bus Company Plc with 16.6 per cent. McNichols Plc shed 14.7 per cent just as Royal Exchange Plc and NEM Insurance Plc declined by 13.7 per cent respectively. Consolidated Hallmark Insurance Plc went down by 11.1 per cent, while Cutix Plc closed 9.9 per cent lower. PZ Cussons Nigeria Plc shed 9.6 per cent, just as Trippe Gee and Company Plc lost 9.1 per cent.
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Testing the Waters for Possible VAT Hike As federal government continues to contemplate ways to cover its increasing recurrent expenditure, the effect of tax burden on the citizens must be considered, writes Obinna Chima The federal government recently gauged the willingness of citizens to accept an increase in Value Added Tax (VAT) in its quest to shore up its revenue. Even though it appeared that the government has since backtracked following strong opposition to the move, proponents of the initiative insists that with the country’s swelling debt service and its low revenue generating profile, a VAT hike should be implemented. Minister of Finance, Mrs. Zainab Ahmed, had early this year, said the government was considering tough measures to achieve higher revenue. Ahmed, who revealed that the government was planning to introduce higher VAT and excise duties, only for carbonated drinks produced in Nigeria, for which the producers were not paying excise duties, stressed that the government needed to do more to achieve higher revenue. “Peer comparison on our ability to convert Gross Domestic Product (GDP) to revenue for capital and social investment key drivers of sustainable economic growth -show that we have a lot to do to catch up. “Nigeria must mobilise significant resources to invest in human capital development and critical infrastructure. “Indeed, some reforms will be tough, but it must be done if we will look at the facts and be frank to ourselves. Given the low revenue to GDP ratio (currently at about seven per cent), we must pursue optimal revenue generation,� she had explained. But it was Minister for Budget and National Planning, Udoma Udo Udoma and the Executive Chairman of the FIRS, Babatunde Fowler, who during an interactive session with the National Assembly, disclosed the intention of the federal government to raise the VAT rate up, to enable government fund the new minimum wage of N30,000. However, the FIRS subsequently clarified that the intention was to increase compliance rate and not tax rates, even though the agency advised Nigerians to be ready for a VAT rate increase by the end of this year. Afterwards, the pronouncement by the government officials attract debate. While some believe that in order to boost government’s revenue, there is need for a comprehensive reform of Nigeria’s tax system, which should include a hike in the VAT, some argue that expanding the tax net is the way to go. According to those who were against the move, a hike in VAT would worsen the poverty situation in the country. Potentially, an increase of about 50 per cent would raise the current standard VAT rate of five per cent to 7.5 per cent. The average VAT collection in the past six years is about N900 billion. The revenue is shared 15 per cent to the federal government, 50 per cent to states and 35 per cent local governments net of four per cent cost of collection to FIRS. The federal government had in January this year unveiled a Strategic Revenue Growth Initiative (SRGI) for sustainable revenue generation in various sectors of the economy, part of which was to increase the VAT. Ahmed, had said the implementation of the initiative would significantly boost the federal government revenue outlook in the months and years ahead. According to the minister, Nigeria’s low revenue generation capabilities had been an enduring challenge to past and present governments. No to VAT Hike To the Tax Leader, PwC, Taiwo Oyedele, PwC, if VAT rate is increased by 50 per cent, all things being equal, the country would generate on average an additional N450 billion annually. And less four per cent cost of collection to FIRS, all the 36 states would get N18 billion per month translating to an average of N500 million per state. According to him, since Lagos, Federal Capital Territory, Rivers, Kano and Kaduna generate 87 per cent of VAT revenue, they also share a big chunk of VAT revenue, meaning that the financially disadvantaged states would get much less than N500 million monthly. “Unfortunately, all things are never equal especially when it comes to tax. An increase in
VAT rate will inevitably impact on consumption and VAT compliance. The combined effect will reduce the expected revenue. “Beyond the revenue impact, there will be other unintended consequences including higher inflation, interest rate hike, more unemployment and people will generally become poorer. Furthermore, he noted that without a VAT registration threshold and zero rating of basic consumption, it would increase the burden on the poor and SMEs contrary to the 2017 National Tax Policy. Therefore, Oyedele advised that rather than raising VAT, Nigeria would make twice as much from VAT at current rate by reforming the law, expanding the net and ensuring a robust administration rather than by increasing rate. “This should include a review of VAT waivers, better policing of the border to improve import VAT collection, framework for VAT on imported services and digital economy. “Contemplating an increase in VAT rate now is bad timing and inconsistent with current economic reality. In any case the likely increase in revenue will not be sufficient to pay the new minimum wage,� he said. Also, analysts at FSDH Merchant Bank Limited, stated that the federal government could earn more revenue from VAT by developing strategies to increase household consumption and increase
Nigeria must mobilise signiďŹ cant resources to invest in human capital development and critical infrastructure. Indeed, some reforms will be tough, but it must be done if we will look at the facts and be frank to ourselves. Given the low revenue to GDP ratio, we must pursue optimal revenue generation
compliance. According to the FSDH, consumption data and revenue from VAT in the Federation Account Allocation Committee (FAAC) showed that the ratio of VAT revenue to household consumption averaged 1.07 per cent between 2014 and 2018, with the highest of 1.15 per cent recorded in 2014. This, it stated was significantly lower than the actual VAT rate of five per cent. Head of Research at FSDH Merchant Bank, Ayodele Akinwunmi, pointed out that it was important to note that some household consumption items are exempted from VAT. Therefore, the ratio of VAT revenue to household that government may not necessarily be equal to the VAT rate of five per cent. The products and services exempted from VAT include all medical and pharmaceutical products and services, basic food items, baby products, books and educational materials and all exported products and services “However, FSDH Research believes government can raise the ratio to 2.5 per cent with appropriate measures in place,� Akinwunmi explained. He, however, said low VAT revenue could be linked to the large informal sector in Nigeria whose VAT is difficult to capture; non-remittance of VAT collected by certain collection agents and weak consumption in Nigeria “If the consumption grows and the ratio of VAT revenue to GDP increases to 2.5 per cent from 2019 through 2023, government may be able raise VAT revenue from N1.09 trillion in 2018 to N3.47 trillion in 2023,� he added. Also, a Port Harcourt-based oil and gas operator, Mr Adamu Mutairu, said a hike in the VAT would not only be counterproductive, but would further impoverish Nigerians, lead to an increase in the cost of goods and services and intensify inflationary pressure. He said it was already bad enough that difficult business climate resulting from election anxiety, insecurity and hostile government policies among others have continued to hamper the growth of businesses. “For me, it is necessary that any attempt at VAT increment must take into consideration the difficult times in the country’s economy. “It is apparent on the need for the FIRS to redouble its efforts to ensure that more people
are widely captured into the VAT net in order to boost the nation’s revenues. “Obviously, lots of people and corporate entities in the country are not paying VAT following the inability of the FIRS to aptly capture such individuals or corporate entities, furthermore others are paying taxes without VAT due to reduced compliance,� he added. He also said increasing VAT was an indirect way of inflicting pains and sending the wrong signals to Nigerians few days after the re-election of the president. “If VAT is increased without a corresponding decrease in Corporate Income Tax, it would additionally build the cost of goods and services, intensify inflationary anxiety, depress stocks’ price and increase transactions cost in the country,� he added. He urged the federal government to continue to sensitise and encourage Nigerians to cultivate the culture of paying taxes by ensuring fair implementation policy and effective utilisation of resources. He said there was need for the federal government to take deliberate steps to enhance and expand its revenue base, but not one that will impoverish the people and pitch them against the government. Also, a former Lagos State Governor, Senator Bola Tinubu, warned the federal government against increasing the VAT, saying doing so would reduce people’s purchasing power and further slowdown the economy. According to Tinubu, the timing would also be wrong, advising the government that instead of increasing VAT, it should rather broaden the scope of tax collection with a view to making more people pay and thus put paid to any planned increase in VAT rate. “Let’s widen the tax net. Those who are not paying now, even if it is inclusive of Bola Tinubu, let the net get bigger and take more taxes and that is what we must do in the country instead of additional layer in taxes,� he advised. Need to Hike VAT To Prof. Akpan Ekpo, who is the Executive Chairman, Foundation for Economic Research CONTINUED ON PAGE 27
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TESTING THE WATERS FOR POSSIBLE VAT HIKE
Buhari
Zainab Ahmed
and Training, there is need to bring in more people into the tax net. According to Ekpo, a lot of wealthy Nigerians don’t pay tax. “You have to bring them into the tax net, then you have to tax luxury goods heavily. For example, if you go to Abuja and Lagos airports, the number of private jets that you see, they should pay tax. “Thirdly, people will not like to hear this, our VAT rate is the lowest in the world. If you tinker with VAT to even 6.5 per cent, that will generate a lot of revenue. Right now, the government needs liquidity to do a lot of things. “But there is a limit to taxation, you have to have service delivery, I pay tax because I get service. If people are not happy about the service delivery they will not pay tax, except those who are working and they don’t have a choice,� he added. Also, Proshare, an online financial information service hub, stated in a recent report that if the country is to reduce unemployment and stimulate economic growth, the federal government has to
take bold steps which includes raising the VAT. While the report stressed that in times of slow growth, economists would typically not prescribe raising taxes, it noted that since Nigeria currently has the lowest VAT in West Africa at five per cent, the government could be bold to increase the tax by at least 200 basis points, pushing the rate up by two per cent. It advised that if implemented, the government should therefore concentrate the additional revenue in infrastructural development that helps to drop the cost of doing business and citizen transactions to create headroom for consumption which would spur business growth. This, over a period of 36 months, it stated, could reduce the cost of distribution of goods and services, thereby resulting in massive savings in logistics costs which could turn up as major improvements in corporate bottom lines and additional tax income; successfully closing the revenue-expenditure gap. “It’s all about productivity enhancement and not hand-outs to the most vulnerable in the society the way it is done.
“You protect the most vulnerable by establishing public safety nets such as unemployment benefits, health services, state subsidised housing etc – all of which has to be paid for from the increase in productivity (translating to tax revenues), plugging of leakages through system/process improvements and adjusting the fiscal regime of taxes of tariffs to spur growth in the short term which will be clawed back to attain near equilibrium (illusory to get an optimum) as progress is attained,� the report stated. Way Forward Clearly, Nigeria is facing a major challenge in terms of revenue mobilisation and debt service and must take urgent steps to enhance its revenue. Indeed, there is need for a comprehensive tax reform in the country. However, considering the ongoing debate on the VAT, analysts have suggested that measures such as leverage existing associations/ecosystems in the informal sector to encourage and aid in VAT collection and remittance to government; continue to work with the deferent operators
in the financial industry to increase financial inclusion and reduce informal sector of the economy; enforcement of appropriate sanctions on any agent who defaults in VAT collections and remittances; organise sensitisation programs for collections agents to educate them on their roles in VAT collections and remittances and deploying technology to capture VAT payers and give them incentives at the end of a fiscal year, should be adopted to enhance tax revenue in the country. Others include the deployment of technology to capture the collection agents and to give them collection incentives at the end of the fiscal year. The efforts to increase VAT compliance and block leakages may increase VAT revenue by N8.25 trillion between 2019 and 2023 without increasing the VAT tax rate from five per cent, they noted. On its part, the FSDH Merchant Bank recommends the sale of government assets that are not currently profitable and are draining government’s meagre resources. This, the firm noted would generate income for the government in the short-term and save income for the government in the medium to long-term.
Infinix Mobility Launches New Smartphone Nosa Alekhuogie Infinix Mobility Limited has launched its S4 with 32MP Artificial Intelligence (AI) selfie camera, designed to enable lovers of smartphones to live the smart lifestyle they desire. The phone also comes with a 6.2’ H.D+ waterdrop display screen, a triple rear camera for better portrait images, a fast octa-core processor, a 4000mAh battery power and an upgraded
XOS 5.0 software for a seamless operation experience. Infinix said it was ready to assert its authority in the competitive smartphone market providing its customers with an empowerment device that would not just elevate the user’s selfie skills, but also help position them on the spotlight. The launch of the product was witnessed by stakeholders within the entertainment, fashion and tech industry amongst others.
FBN Holdings Wins Award The FBN Holdings Plc has announced that it recently won the 2019 Best Corporate Governance in Nigeria Award by World Finance. The event, which was held in the London Stock Exchange studio, was organised to provide a comprehensive analysis of the very best across various areas of business endeavours in each market around the world. Receiving the award on behalf of FBNHoldings, its Group Managing Director, UK Eke, was quoted in a statement to have said, “receiving this award from World Finance basically tells us two things. One, it’s an affirmation of what we are doing in corporate governance, beyond the giant strides we’re making in financial performance.
“So we see this as an endorsement of the brand, and it’s a bragging right for us. Because again, there are very few institutions in Nigeria that have benefited from this award. We are truly proud to receive this award.� FBN Holdings Plc is the non-operating financial holding company of one of the largest banking and financial services organisations in Africa. A truly diversified financial services Group that offers a broad range of products and services, including commercial banking, merchant banking and asset management and insurance to millions of customers. FBNHoldings oversees business groups that collaborate to deliver innovative financial solutions.
The S4 is all about creating the ultimate superior selfie for a purpose. When a selfie is taken on the S4, it is expressed elegantly and is capable of elevating the user from a rising star to being part of the golden generation. Other features of the phone include the advanced 5P optical lens, which gives the best contrast and resolution ratios for optimal image refinement. The triple rear camera (13MP+8MP+2MP), permits
the capturing of far wider angles than what is normally possible with an ordinary dual camera. The triple cameras are responsible for depth, distance and field of view respectively, with the S4 allowing for up to 120°capture. Speaking at the launch event, Global Head, Infinix Mobility, Benjamin Jiang, said the Infinix S4 has a remarkable selfie camera and in this era of digitalization, serves as the perfect tool to help
the user actualize their aspirations “The amazing possibilities are endless with the S4 and its features from the 32MP AI selfie camera, 6.2 H.D+ waterdrop display, 4000mAh battery, triple rear camera can empower and propel its user to great heights notwithstanding their area of expertise,� Jiang said. The S4 has infused an algorithm that can detect up to 1024 data points on the face, significantly increasing its facial detection accuracy. The
face unlock function in combination with the fingerprint lock technology, together provide solid security for all the data stored in the device, Jiang added. Infinite Mobility also unveiled the Hot 7 Pro smartphone, which it described as the smartphone for powerful entertainment which comes with two front facing cameras and two rear cameras giving the user an avenue to capture great images from different perspectives.
More Winners to Emerge in UBA Promo The United Bank for Africa (UBA) Plc recently announced that another set of 20 loyal customers will get a chance to win N1,500,000 each, in the second edition of its quarterly draw for the ongoing ‘UBA Wise Savers’ promo which will hold this month. The bank explained that the development would be an opportunity for potential and intending customers to take their chance and add to the growing number of millionaires who have benefitted from the ongoing promo as N90 million is still up for grabs. To qualify for the draws, new and existing customers of the bank are expected to save at least N10,000 each month for three consecutive months or N30,000 for 90 days in the promo, which
would run for the rest of the year. Apart from the N30 million, won by 20 customers in January, another N90 million was still expected to be won by 60 more loyal customers in the remaining three quarters of the year, the bank explained in a statement. Already the following winners, who cut across all regions of the country: Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji, have already claimed their cash prize and are currently spreading the news so others can take advantage of the once in a life time opportunity.
Others winners doing same are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji. The Group Executive, Digital and Consumer Banking, Mr. Anant Rao, while speaking on the forthcoming raffle draw, noted that a lot of lives have been positively impacted, following the previous draw where 20 people went home with N1,500,000 each totaling, N90 million. According to Rao: “there is no better time to give back and delight customers than this challenging economic period where people need all the support they can get to make life more
meaningful. With this in mind we decided to prioritise them as we always like to do at UBA by giving them plenty to cheer about and that is the reason for the ‘Wise Savers Promo. “I have been privileged to visit some of the customers who won in January, and was more than fulfilled to see happiness and gratitude on the faces of the fortunate 20 when their cash prizes were presented to them. That feeling is indescribable, to this end we are more than motivated to do more so our customers can better achieve their dreams and goals in life, I am happy this cash prize can go a long way, to this end, enjoin many more customers to participate in the promo, you never can tell, it could be you�.
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Emefiele: With Stable Exchange Rate, Businesses Can Plan At the just concluded IMF/World Bank Spring Meetings in Washington DC, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, during an interactive session with some foreign investors and officials of leading investment banks, spoke glowingly about the outlook of the Nigerian economy and efforts by the central bank and the President Muhammadu Buhari-led federal government to ensure that the economy remains on the path of growth. Funke Olaode, Shola Oyeyipo and Martins Ifijeh who were there bring the excerpts: Economic Growth Three years ago, in this same Washington, with some of the problems facing us in Nigeria at that time, it was difficult for us to stand confidently to tell the people what we are doing. People did not believe us. They thought we were jokers and until we decided to do what they think is right. We were heading in a completely different direction, but I am happy today that the story is different and people are applauding what we have done in Nigeria. A couple of days ago, the International Monetary Fund (IMF) Article IV was released and unlike the IMF, we saw them applauding Nigeria’ policies and saying that we have done what they think is right and that what they can encourage us is to continue to do what is right to take our country even to greater heights. The Central Bank of Nigeria is doing a lot to drive economic growth and reduce inflation in Nigeria. External Shocks Between 2014 and 2018, the global economy witnessed several adverse shocks, three of which were significant in shaping the trajectory of the Nigerian economy. First, is that during this period of the shock, we saw rising geo-political tensions. I am sure some of you will remember that some of the geo-political tension we saw at this period included the United States led sanctions against Russia arising largely from the annexation of Crimea and it created tension between Russia and Ukraine. Another aspect of tension that we saw or that we are still seeing till today is the US-Iran issues, and thirdly, the Brexit issues. Some of these are very serious geopolitical tension among different parts of the world. Secondly, we also saw almost about 60 per cent cut in crude oil prices which exposed the structural vulnerabilities of oil-dependent countries like our own. For instance, in July 2014, global crude oil prices began a sharp decline. The price of Bonny Light Crude oil flowing from as high and $150 per barrel sometimes in 2014, to as low as $31 per barrel sometime in January 2016. Thirdly, another shock that affected our economy had to do with the US Fed’s normalisation policy, where rates began to go up and it affected the reversal of flows from the emerging markets, including Nigeria. I think the next question we need to ask ourselves is what was the impact on the Nigerian economy? For Nigeria, the most important external factor was the drop in commodity prices. And the countries that are dependent on crude oil for over 60 per cent of government revenue and over 90 per cent of foreign exchange inflow meant that shocks in the oil market were transmitted entirely to the economy via the forex market as manufacturers and traders who require forex to purchase their input as well as goods were faced with depleting supply of oil revenue in the country. We also saw that at that time, average inflows of foreign exchange into the country fell from as high as $3.4 billion to as low as $1.4 billion in September 2016 and indeed, at some points in 2017, it came down to as low as $500 million. A decline in foreign exchange earnings was further complicated by foreign capital flow reversal from emerging market due to the interest rate hike in the United States. Effects of Headwinds As a fallout of the headwinds caused by the negative oil price shocks and its attendant
EmeďŹ ele spill over effects on the domestic economy, the exchange rate at the parallel market fell from about N197 to a dollar, indeed to as
A couple of days ago, the International Monetary Fund (IMF) Article IV was released and unlike the IMF, we saw them applauding Nigeria’ policies and saying that we have done what they think is right and that what they can encourage us is to continue to do what is right to take our country even to greater heights
low as N525 in January 2017. Inflation had risen from nine per cent in January 2016, to as high as 18.72 percent in January 2017. Our external reserves had dropped from about $31 billion in April 2015 to as low as $23 billion in October 2016. As a result of these shocks, the Nigerian economy unfortunately went into recession in the first quarter of 2016. This indeed was a challenging period for us and it also called for a major reflection on the direction the country had to pursue as a nation. We began to ask ourselves at that time, should we continue on the path where our country’s progress is determined by a change in the price of crude oil, such that once there is a change, we begin to run around for help or when prices go up we begin to celebrate? Is that the kind of country we desire for ourselves or should we set a new course for our country where economic progress and job creation is determined by the productivity of Nigerians as opposed to an economy driven by consumption of imported items? Should we be importing everything that we eat and like the president normally says, or should
we eat what we produce or produce what we eat as a country? Emphasis on Domestic Production After asking ourselves these questions, the predominant view at the central bank at that time was that as a country, we ought to place stronger emphasis on enabling the build-up of a productive base for the country that will support growth in the critical sectors of the economy. As a result of this paradigm shift, we decided to institute several measures as part of our efforts to enable the Nigerian economy recovers from recession. In the area of monetary policy, we decided to embark on an era of tightening, which culminated in the increase in the Monetary Policy Rate from 12 per cent to 14 per cent in June 2016, until it was recently lowered to 13.5 per cent. This decision was expected to weigh in on inflationary pressures that will result from the exchange-rate-pass-through to domestic prices and ensure that inflation expectations are well-anchored. It was also expected to CONTINUED ON PAGE 29
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EMEFIELE: WITH STABLE EXCHANGE RATE, BUSINESSES CAN PLAN set off capital-inflows to the country, which would improve reserves. Another policy decision we took was to say, what should we do to conserve foreign exchange? We introduced demand management policy because at that time, having adjusted the exchange rate; normally in economy, they tell you it is the combination of demand and supply that will determine price. But having adjusted price from N197 and it was still going, we said let us look at demand management. And in the course of demand management, we took some difficult, tough and bold decisions that had to do with the items we are importing into the country and in some of the sessions, I said: “If you say you don’t have reserves, what are people importing into the country? I said give me the list of items that we are importing into the country that we can produce and this was what gave rise to the issue of the 41 items. We felt there was a need for us to reduce the size of our import bill by making sure that those items we can produce are produced locally. So, we reduced access to foreign exchange for the importation of some of these items. Exchange Rate Stability In the area of supervision, the weakening of the naira naturally resulted in weak balance sheet for Nigerian banks and an increase in their non-performing loans (NPLs). Having introduced the demand management, we took a number of other policies that we felt should help to boost the supply of foreign exchange into the country but of course, the most potent of this was the establishment of an importers and exporters window. That window was introduced in April 2017 and it was a strategy to further liberalise the market with the introduction of these windows. This step was designed to increase transparency in the market because the market players at that time, particularly our friends-investor community – who had a lot of doubts about the level of transparency in the market. And we felt there is the need to establish a market where you will not find the hand of the CBN; people should be free to bring in foreign exchange into the country and take them out at will, but that the CBN, in line with the foreign exchange management policy, can only come in at some points to intervene, either by supplying dollars into the market or buying dollar from the market to keep the price at the level that we think is within acceptable thresholds. Development Finance In the area of development finance, we increased our lending to the agricultural and manufacturing sectors through targeted interventions to micro, small and medium scale enterprises (MSMEs), making sure that small holder farmers have access to finance because that was the issue at that time. I am sure some you are aware of the Anchor Borrower’s Programme which was designed for poor farmers or people who live in the rural communities and want to do farming, but do not have the seed capital for it. We needed to put in place a mechanism for them to access finance, and I am sure that the introduction of the Anchor Borrower’s Programme has resulted in improving the wealth in our rural communities today. We have seen increase and astronomical rise in the agricultural output in Nigeria; in rice production, in tomatoes, even in fish, sugar, maize and other items. At that time, the import bill was about N1.3 trillion annually, but luckily, as a result of these policies that we introduced, the import bill has reduced quite drastically. What were the results of these measures that we put in place? Yes, we admitted that it was a very painful period; but there was the need for our people to understand that the pain will be for a very short period and that in the long run, our people will benefit from it. Exiting Recession Consequently, after about five consecutive quarters of uninterrupted Gross Domestic Product contractions beginning from the first quarters of 2016, eventually, Nigeria was able to exit recession in second quarter of 2017. The recovery has been sustained for
EmeďŹ ele seven consecutive quarters and the pace of quarterly GDP growth has improved from 0.5 per cent during the second quarter of 2017, to 2.38 per cent during the fourth quarter of 2018. Admittedly, we would say that the growth rate looks fragile if compared with the traditional growth number that Nigeria normally displays, averaging at that time between five – six per cent and in some cases seven per cent, but we are happy that at least for seven consecutive quarters we have shown positive growth numbers for Nigeria. Nigeria as a Growing Market At IMF here, it was admitted that growth has been weak from the last quarter of 2018 and will remain weak up till around the end of the first half of 2019, but that by the third quarter of 2019, growth will begin to accelerate again. It was also admitted that the growth we see will be coming from emerging markets and countries like India, China, and Brazil. In Africa, Nigeria was mentioned as a country that will contribute to improvement to global growth in 2019. I felt very delighted that Nigeria was mentioned. What does that mean to me? It means that we are doing something right and that all we needed to do is that with a lot of tenacity we can even do better and one feels encouraged that you are on the right path and we can continue to do what we do. As a result of all these policies we have introduced, like I said earlier, inflation that had risen to 18.72 per cent in January 2017 currently stands at 11.3 percent. In the area of exchange rate, since the establishment of investors and exporters windows in 2017, we have recorded close to $35 billion in
In the area of development ďŹ nance, we increased our lending to the agricultural and manufacturing sectors through targeted interventions to micro, small and medium scale enterprises making sure that small holder farmers have access to ďŹ nance because that was the issue at that time
autonomous inflows throw this window alone and as a result, exchange rate pressures eased considerably across all markets as the rate converged today at about N360 to a dollar and distortive premium almost today eliminated. At some point, the rate at which the exchange rate was stable, people started to ask why? I asked them if they saw my hand anywhere. That is because the market players had developed confidence in the market; hence the rate is hovering between N357 to N361 to a dollar. Now, businesses can plan, people can then determine the price of their products and then know what they should be importing. Our reserves had declined to $33 billion, but with the implementation of all the tools mentioned above, it was sometime in 2018 around $48, billion and now we are able to provide dollars to those going out of the country. Today, our reserve stands at about $45 billion dollars which we are happy about, and we feel with the confidence Nigeria currently enjoys, the reserves will go up before the close of this year. The government’s Anchor Borrowers programme ensures that Nigeria emerges from being a net importer of foods such as rice, to becoming a major exporter of rice; supplying key markets in neighbouring countries. For instance, the data from the Thailand Exporters Association indicates that in 2012, about 1.2 million metric tonnes of rice was exported to Nigeria, however, in 2016 which is the first one year of the implementation of our anchor borrowers scheme, rice import to Nigeria had dropped to less than 1000 metric tonnes. Activities in the manufacturing sector also witnessed a significant improvement between august 2016 and as the Manufacturing Purchasing Managers’ Index grew in 23 consecutive months, from 42 points in August 2016, to about 57 points in February 2019. This development was attributed to the sustained supply of foreign exchange and the stability of the naira. We are aware that in order to ensure sustainable growth, efforts must be made to address factors that constrained growth of our economy. The CBN is improving access to credit for underserved Nigerians through the set-up of national collateral registry and the passage of the credit bureau act. And under this initiative, small and medium businesses are able to provide valuable assets such as equipment and livestock as collateral in other to access capital from institutions which play an emphasis on assets. And as a result of these initiatives in addition to other reforms by government, Nigeria moved up 24 points
in 2017. Close to 70 per cent of Nigerians do not have access to financial services, hence the CBN introduced a series of steps to have a financially inclusive society, which includes the agent banking guidance and shared network facility, both of which are meant to deal deepen penetration of agent method in underserved locations across Nigeria. The recent launch on the Payment Service Bank in October 2018, was an additional step in leveraging on the agent networks of non-entities such as fast moving consumer goods, mobile network operators, etc to underserved communities. We are happy because I remember about 18 months ago, Bill Gates mentioned that the level of financial inclusion in Nigeria was 48 per cent and they were concerned that Nigeria was not making progress. We went to work to ensure we meet 2020 target of 80 per cent. As a result of the actions we have taken, our level of financial inclusion as at last week has improved from 48 per cent to 64 per cent in the space of 18 months. I feel more confident that by 2020, we should certainly hit 80 per cent mark we had set for ourselves. In doing this, it is important to look at how we faired as a country during the period of this crisis relative to some other emerging markets. Nigeria has managed to keep real GDP growth positive and has managed double-digit recession in contrast to other economies with similar challenges. Following the conduct of elections in February, between January and now, we have seen close to $5 billion that has returned into the country. Normally, what you find during elections is that you will continue to find a lot of outflows from the country, but this time, as a result of the actions we have taken, we saw that during the period of the election, rather than funds flowing out, it flowed in, and we felt so happy. What we are saying is that a lot of work has been done, a lot of work still needs to be done but in the midst of this, we are saying Nigeria is open to business and investors. We will continue to work tirelessly to boost the economy of the country. Notwithstanding the impact of the recession, Nigeria’s economy still remained the biggest economy in Africa. By the size of our GDP with a very well diversified economy across different sectors such as manufacturing, the central bank and the federal government are open to foreign investors. Investors should be assured that their investments in Nigeria will be duly protected by the authorities as they also have various advantages they can provide for our economy, human capital and technological know-how.
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Firm Drives Financial Inclusion with Agency Network Platform Raheem Akingbolu One of the leading financial technology companies, Global Accelerex, has recorded another milestone with the launch of its agency network platform, a web-based business solution developed for agency banking business. The company announced in Lagos recently that the move was in support of the Central Bank of Nigeria’s financial inclusion drive, which seeks to include
the underserved and unbanked adult population in the financial network. According to the firm, the network platform has the unique feature to integrate with different payment channels such as PoS, Mobile App and USSD simultaneously to perform financial operations including pool account operation, cash withdrawals, cash deposits, fund transfers, account opening, bill payment and other related financial services. Speaking with journalists
at the Company’s Head Office in Lagos, Executive Director, Technology and Innovation, Stanley Ugochukwu Peters, disclosed that Global Accelerex built the platform to serve all stakeholders in the agent banking ecosystem and make their business operations seamless. He added that the platform is flexible, making it possible to accommodate different agent network business requirements and various delivery models. Peters, further reiterated that
the Accelerex Agent Network Platform is a major revolution in the digital payment space because it was carefully designed to address the challenges agents face daily in their business operations. ANP, as it is popularly called, is particularly ideal for super agents who bear the burden of managing sub-agents and thousands of sole agents on the field across the country. The platform makes the supervision, administration and management of super agents’
businesses simpler, easier and more convenient. In addition, ANP is a secure platform that allows for easy onboarding and relationship management of agents, including proper KYC and due diligence documentation. The platform has unique features that guarantee convenience and seamless conduct of business. Agents enjoy Instant transaction notification via SMS. Another distinctive benefit is instant value and same day settlement. This removes all limitations
to increased transaction volume, and enables the agent provide service to as many customers as possible, rather than wait till the day after the transaction to get settled. Furthermore, ANP offers the unique opportunity for multiple transactions and digital activities to be performed on the same payment Channel (PoS). This removes the current inconvenience from other platforms of conducting transactions via different channels with different payment providers.
Kwara Revenue Agency Rakes in N6.279bn in Q1 Hammed Shittu in Ilorin The Kwara State Internal Revenue Service (KWIRS) said it recorded a total sum of N6.279 billion as revenue generated in the first quarter (Q1) of 2019. The executive chairman of the revenue agency, Prof. Murtala Awodun disclosed this in Ilorin, during to a media chat. He said the agency generated N2.16 billion in January, N1.76 billion in February and N2.38 billion in March 2019. Awodun, who said the revenue agency was yet to achieve its target of generating an annual N60 billion revenue of N5 billion monthly, however, said the service has been developed to a point that it would not make less than an average of N2 billion every month. Awodun, said the agency, which started with N17.2 billion annual revenue generation in 2016, and N19.6 in 2017 and generated a total sum of N23.1 billion last year. He said inauguration of the agency in 2016, had prevented abandoned projects in the state with monthly contribution of N500million into the state
infrastructure fund (IF-K) for completion and initiation of new infrastructural projects. Awodun, who said the state government had augmented monthly federal allocation with proceeds of the revenue agency to pay workers salary, added that the measure was made possible through ingenious financial engineering of the agency. Speaking on delay in completion of ongoing under-pass project in the Ilorin metropolis, he attributed it to complications initially factored in the project, including 2019 electioneering activities. He said some heavy underground water pipes were discovered on the construction site, adding that the contractor had to depend on other experts for technicalities before work could resume on the project. He also debunked speculation over alleged invitation of staff of the revenue agency by the Economic and Financial Crime and other related offences Commission (EFCC) on financial investigations, saying that no staff of the agency was invited for arrested by the anti-graft agency.
‘ LEX Behind Acquisition of CHI’s Equity Stake by Coca-Cola’ Nosa Alekhuogie One of the leading law firms, LEX, provided all the legal advisories need for the recent successful completion of the acquisition of a 100 per cent stake in one of Nigeria’s foremost fruit juice and drinks manufacturers, C.H.I. Limited, by the world’s largest beverage company, Coca-Cola Company, THISDAY has learnt. LEX, it was gathered, advised on all aspects of the transactions, covering transaction structure, drafting and negotiating the share purchase agreement, shareholders’ agreement, intellectual property agreements and ancillary documents, and providing general legal assistance as required. It also assisted in obtaining the approval of the Securities and Exchange Commission (SEC) to the transaction, as required in acquisitions of a controlling interest. A statement made available to THISDAY at the weekend, revealed that the LEX team
was led by Theophilus Emuwa and Chinyerugo Ugoji with support from Tiwalola Osazuwa, Damilola Ogedengbe drawn from the Mergers and Acquisition, Regulatory Compliance and Tax Practice Groups of the firm. The transaction was structured as an initial acquisition of 40 per cent in 2016 and a subsequent acquisition of the remaining 60 per cent of the issued share capital. It was also gathered that the agreement created a strategic partnership between two beverage industry leaders that together serve Nigeria’s most popular sparkling soft drinks, juices, value-added dairy and water beverage brands. The President of the West Africa business unit of CocaCola, had said they managed the engagement with the SEC regarding all aspects of CocaCola companies’ application for approval, including a robust engagement regarding the potential effects of the deal on competition in the relevant beverage markets.
AWARD WELL DESERVED
L-R: Finance Manager, Nigerian Aviation Handling Company Plc (NAHCO), Mrs. Solape Koledoye, Group Managing Director/CEO, Mrs. Olatokunbo Fagbemi, Systems Auditor, Mrs. Oluchi Achinihu and Executive Assistant to the GMD/CEO, Miss Juliana Odeyemi, at the conferment of Award on NAHCO for consistent and unbroken payment of dividends to shareholders for 11 years in Lagos‌recently
Turkish Airlines Begins Flights to PH, Airlifts 80m in 2018 Chinedu Eze Turkish Airlines management has announced that it will begin London-Istanbul-Port-Harcourt flights from June 24, 2019. The airline said it airlifted over 75.2 million passengers from its more than 307 destinations in 2018. Turkish Airlines’ General Manager, Abuja and his counterpart in Lagos, who would now take charge of Port Harcourt operations, Mehmet Asik and Yunus Ozbek in a joint press conference in Lagos at the weekend said the airline, would increase its fleet from the present 336 to 500 in the next four years. Asik and Ozbek said the airline has relocated its operations to the Turkey new airport in Istanbul, the biggest in the
world, which would now serve as its operational hub. The airline said its fleet averages eight and half years, noting that it had rested the Boeing B737MAX in response to the two crashes involving the aircraft, but said that when the problem with the aircraft is corrected, it would be inclined to operate the equipment. “The fleet age is very important to us, Turkish airline fleet is one of the youngest in the world, the newer the fleet the more efficient it is, we operate to 307 destinations in the world, we have 336 aircraft in our fleet and in the next years, we plan to increase the fleet to approximately 500�, he said. On cargo operations, he said the traffic grew from 145,000 tons in 2005 to one million tons annually in 2018, adding that
it recorded the highest tons from Lagos where it operates three weekly flights. Speaking on products and services, Asik said its Business Class catering is the best in the world while the economy catering is number two. “We always try to keep the travel experience in the Business Class as the best. We have 350 movies in in-flight, we have free on board WI-FI apart from the flying Chef who prepares passengers’ meal onboard, this is why we have the best catering in the world. “We have the corporate club, which offers benefits such as discount, incentives and excess baggage. We also have the Miles and Smiles where we reward frequent flyers and loyal customers. “There is also the Istanbul Tour for transit passengers.
In this programme, we take passengers on sightseeing of historical places in Istanbul and offer them free breakfast and lunch before joining their flights. We fly to more countries in the world than any other airline, so in terms of international destinations, we are number one. “Between 2011 and 2016, we won Europe’s best airline for 6 years in a row by SKYTRAX, our Lounge in Istanbul is bigger than some airports, the second one would be opened for passengers soon, airport hosted 68 million passengers in 2018, 46 million tourists visited Istanbul in 2018. The new airport, which is being constructed in for phases has capacity for 90 million passengers annually and would in few years increase to 200 million�, Asik added.
20,610 Tomato Farmers Trained in Kano Ibrahim Shuaibu in Kano PYXERA Global Nigeria YieldWise project , a non-governmental organisation (NGO) said it recently trained 20, 610 tomato farmers on how to reduce post-harvest losses in the tomato value chain in last three years. The project Director, Mr Lekan Tobi, disclosed this at the end of a workshop held in Kano recently, saying during the period under review, the project
was able to link 16, 206 farmers. The farmers were also linked with buyers in addition to introducing 12 pre and post-harvest loss reducing technologies to farmers, farmers’ associations and value chain actors. According to him, the project had also initiated the Tomato Triangle Plus (TT+) initiative - a platform for influencing the creation of an enabling environment by governments for the development of tomato value
chain in Nigeria. “In total, the programme reached 27,449 farmers in Kano, Katsina and Jigawa states during the period under review, “he said. The project Director said the objectives of the event was to share the knowledge gained and lessons learnt over the last three and half years of the programme and to formally announced the closing of programme to stakeholders. “In January 2016,PYXERA
Global commenced the implementation of YieldWise project with the goal of reducing post-harvest loss in the tomato value chain by 50 per cent and increasing farmers income by the same percentage,� he added. Also speaking, the Secretary, Irrigation Water Users Association, Mustapha Adamu urged the Rockefeller Foundation to sustain the project by providing additional grant.
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Construction of Ebute-Meta-Apapa Rail Project to Commence December, Says FG Stories by Kasim Sumaina in Abuja The federal government, has expressed its readiness to commence the construction of the Ebute-Meta-Apapa rail project by December. The move, government hinted was to curtail the lingering gridlock crisis along the corridor, thereby decongesting the seaport. The Minister of Transportation, Mr. Rotimi Amaechi, gave the hint while inspecting the level of work done so far at the Lagos-Ibadan section of the project. Amaechi, while disclosing the essence of the project
rush despite APC winning the Presidential election, noted that it was to ensure that government have an ample time to face the issue of seaport decongestion. While responding to the question by the CCECC Project Manager on why the federal government is rushing the project when the APC has won the presidential election, the Minister said: “Was the rush because of APC winning election? As a Minister of Transportation, you are Minister of APC as well as PDP. It was not about the APC winning because I have always known that APC will win the election.
“The problem is that there are too much congestions at the seaport, and gridlock in Lagos. The moment we finish this rail likely before December this year, we have to face Ebute Meta to Apapa, and the moment we finish it, nearly almost all the cargoes will be on the track. “And once we put all the cargoes on the track, we would have resolved the problems of the gridlocks in Lagos and
the issue of congestion at the seaport. “That will equally create employment and economic growth and that is what the target of this government is. It is not about the APC or the PDP,� he said. Asked whether he was impressed with the level of work, he replied: “What we are saying is that the pace of work at kilometre 110 to 121 and kilometre 124 to 157
appear to be slow. However, they have promised to increase their speed and it has to do essentially with the equipment. “The excuses they gave about lack of equipment at the site is laughable. They claimed that the pressure of work, which was initially 10 years but reduced to three years is affecting their machines. They also claimed that the machines have broken down and are undergoing repairs at their
workshops,� he said. The former governor of Rivers state, equally reacted to the feasibility of President Muhammadu Buhari taking a train ride before his swearing in on May 29, noting: “The target is 50 50. We can achieve it if we want to, but what is the benefit of insisting on the train ride before May swearing in when the contractor has given us first or second week in June.�
FG Acquires N5bn Aircraft FireďŹ ghter Equipment The federal government has disclosed that it was set to take delivery of an automatic aircraft firefighter simulator equipment. Minister of State, Aviation, Senator Hadi Sirika, who spoke after inspecting the equipment and the company facility with some government functionaries said the simulator was costing the nation about N5 billion and was key for airport operations. Sirika, in a statement by the Deputy Director of Press, Ministry of Transportation, Mr. James Odaudu in Abuja, stated that, the builders, Messrs Alpine Metal Tech. Company had carried out the factory acceptance and pre-shipment inspection test of the simulator in presence of top Nigerian functionaries. According to him, “The simulator, the first of its kind in Africa, is a modern- multi scenario fire fighting simulator capable of delivering training for different types of operational incidents involving aircraft in the aerodrome and its vicinity.â€? Sirika, said: “This is in fulfilment of the Nigeria Civil Aviation Authority requirement for training of firefighters in the airports and will, overall, enhance competence in achieving the primary objective of saving lives in the event of a fire incident.â€? He revealed that the preshipment test, which took place in the United Kingdom Monday, showcased the full complements of about 28 possible fire/non fire scenarios carried out including; cabin fire simulation, cabin smoke, lavatory smoke and the likes. He stressed that other simulation tests included DHC 8 starboard engine, DHC 8 starboard undercarriage, starboard side, CRJ-900 starboard engine, APU, portside, A320 Undercarriage, A320 Port engine, Port Wing, fuel spill burn pit, internal fires among the vast arrays of simulations it can imitate. “Well the focus of the Buhari-led administration in civil aviation is safety and security, this is a component of it. We take matters of safety very seriously and His Excel-
lency President Muhammadu Buhari once he came into office asked us Ministers to do those things that would put the nation forward. “In aviation, our policy is safety first and security and this is a demonstration of it. Before now, we train our firefighters in Cameroon and I found myself approving several hundreds thousands in dollars for training in Cameroon and I said this is not the best. “I applied and got approval to procure this firefighting simulator equipment and he graciously approved, costing the nation about N5 billion and we started it and now it is completed and it’s ready for testing, it has been tested in front of us and you have seen it, it’s in perfect working order and condition and we will install it at the Nigeria College of Aviation Technology, Zaria (NCAT). “Now the impact on our nation is it would improve our safety fire cover, firefighting as an important aspect of airport operations without which we cannot open our airports. “The only other simulator I know in Africa is in Cameroon and it is not as up to date, not as automatic or sophisticated, not as hi-tech, not as multi-functional. This one can simulate cabin fire, smoke, cockpit fire, cargo fire, undercarriage fire so this multi-functional.� Also speaking, Managing Director of Glovesly Pro-Project Limited Representatives of Messrs Alpine Metal Tech. Company in Africa, Mr. Yasir Tijani Abdullahi, who spoke at the event in the United Kingdom explained that the simulator was set to be delivered by the end of the month as everything is almost set for the installation in NCAT, Zaria. He said: “Unlike other simulators, this is a real sized aircraft and has everything real. it is automatic and has a soft touch console. We are getting ready as it will be ready for shipping by the end of the month. “This, however, a full aircraft and will have to be disassembled into separate parts for shipping and reassembled when in Nigeria.�
SPECIAL TASK FORCE
L-R: Special Adviser to Governor of Delta State and Member of Taskforce, Dr. Genevieve Mordi; Chairman of Taskforce and Delta State Attorney General and Commissioner for Justice, Barrister Peter Mrakpor and Commissioner for Information and member of the Task Force, Chief Patrick Ukah, at the Inaugural media briefing of the State Task Force on Anti-Human Trafficking and Illegal Migration in Asaba‌recently
Turkish Airlines Begins Flights to PH, Airlifts 80m in 2018 Chinedu Eze Turkish Airlines management has announced that it will begin London-Istanbul-Port-Harcourt flights from June 24, 2019. The airline said it airlifted over 75.2 million passengers from its more than 307 destinations in 2018. Turkish Airlines’ General Manager, Abuja and his counterpart in Lagos, who would now take charge of Port Harcourt operations, Mehmet Asik and Yunus Ozbek in a joint press conference in Lagos at the weekend said the airline, would increase its fleet from the present 336 to 500 in the next four years. Asik and Ozbek said the airline has relocated its operations to the Turkey new airport in Istanbul, the biggest in the
world, which would now serve as its operational hub. The airline said its fleet averages eight and half years, noting that it had rested the Boeing B737MAX in response to the two crashes involving the aircraft, but said that when the problem with the aircraft is corrected, it would be inclined to operate the equipment. “The fleet age is very important to us, Turkish airline fleet is one of the youngest in the world, the newer the fleet the more efficient it is, we operate to 307 destinations in the world, we have 336 aircraft in our fleet and in the next years, we plan to increase the fleet to approximately 500�, he said. On cargo operations, he said the traffic grew from 145,000 tons in 2005 to one million tons annually in 2018, adding that
it recorded the highest tons from Lagos where it operates three weekly flights. Speaking on products and services, Asik said its Business Class catering is the best in the world while the economy catering is number two. “We always try to keep the travel experience in the Business Class as the best. We have 350 movies in in-flight, we have free on board WI-FI apart from the flying Chef who prepares passengers’ meal on-board, this is why we have the best catering in the world. “We have the corporate club, which offers benefits such as discount, incentives and excess baggage. We also have the Miles and Smiles where we reward frequent flyers and loyal customers. “There is also the Istanbul Tour for transit passengers.
In this programme, we take passengers on sightseeing of historical places in Istanbul and offer them free breakfast and lunch before joining their flights. We fly to more countries in the world than any other airline, so in terms of international destinations, we are number one. “Between 2011 and 2016, we won Europe’s best airline for 6 years in a row by SKYTRAX, our Lounge in Istanbul is bigger than some airports, the second one would be opened for passengers soon, airport hosted 68 million passengers in 2018, 46 million tourists visited Istanbul in 2018. The new airport, which is being constructed in for phases has capacity for 90 million passengers annually and would in few years increase to 200 million�, Asik added.
New Mining Exploration Site in Suleja Launched Kasim Sumaina and Udora Orizu in Abuja The federal government has officially launched a new mining exploration site in Kuchiko camp in Suleja, Niger State. The move, government hinted, was aimed at addressing the lack of verifiable bankable data which is one of the key challenges in the development of the solid minerals sector.
The Minister of Mines and Steel Development, Alhaji Abubakar Bawa Bwari, while launching the project, recently, disclosed that the project was designed to be executed and funded in phases from desktop studies, geological mapping, sampling and trenching to sample analysis, acquisition and interpretation of ground electromagnetic modelling, integration of data and
reporting. According to him, “The project which is domiciled in the Nigerian Geological Survey Agency (NGSA) and supervised by the Ministry of Mines and Steel Development, is funded through the natural resources fund and aimed to improve the attractiveness of the Nigerian mining sectors for big time investors.� Bwari, observed that, no
investor would take the sector serious if it is unable to provide the kind of accurate verifiable data that speaks to both the quality and quantity of the mineral in the country. He noted that the project was part of the National Integrated Mineral Exploration project which costs the government N15 billion, making it the biggest activity of its kind ever embarked upon by the ministry.
33
T H I S D AY Ëž Ëœ ÍŻÍłËœ Ͱ͎ͯ͡
MPC Rate Cut and Need for Complementary Fiscal Measures Uche Uwaleke In its second bi-monthly meeting held on March 25 and 26 this year, the Monetary Policy Committee of the Central Bank of Nigeria delivered a pleasant surprise in the form of a minor cut to the Monetary Policy Rate from 14 per cent to 13.5 per cent. It was the first time the MPR would be tinkered with since July 2016. The MPC points to the relative stability in the key macroeconomic variables as well as the need to signal a new direction that is pro-growth as justification for the 50 basis-point reduction. Specifically, the Committee was emboldened by the continued moderation in inflationary pressure and the stability in the foreign exchange market. Although still in breach of the CBN’s upper band target of 9 per cent, headline inflation slowed to 11.31 percent in February 2019 from a peak of 18.72 in January 2017 according to the National Bureau of Statistics. On the external front, the MPC equally found solace in the moderate improvement in crude oil prices and stable accretion to external reserves especially against the backdrop of current developments in the oil futures market which indicate that oil prices will remain considerably above the federal government’s 2019 budget benchmark. Equally heartwarming for the monetary authority is the trend of declining long term yields in the United States of America in the wake of the Federal Reserve’s shift to a more dovish stance and the likelihood that capital flows in the medium term may be redirected to frontier and emerging markets including Nigeria. Without any doubt, this move by the MPC bodes well for the Nigerian economy which requires a great deal of real-sector traction to achieve full recovery and inclusive growth. Typically, as the MPR-which is the rate at which banks borrow money from the CBN- is reduced, the banks in turn are expected to pass on the benefits to customers by reducing interest rates on loans. Admittedly, a 50 basis-point reduction may not be significant to translate to lower lending rates in the near term, explaining in part why financial markets’ reaction to the surprise rate cut seemed subdued. The equities market, for instance, closed in the red with the All Share Index shedding 0.67 per cent on Wednesday being the first trading day following the announcement of the rate cut and only managed to eke out a gain of 0.01 per cent at the close of trading the following day. Nevertheless, the MPC decision has opened the door, which seemed shut for about 33 months, to subsequent rate cuts in the medium term. Going forward, against the backdrop of benign inflation, an accommodative monetary policy will provide room for increased channeling of credit to the real sector thereby reducing the cost of funds for many small and medium enterprises. The capital market stands to benefit from a low interest rate environment given that some of the increased liquidity will likely flow into the equities market. It will also be positive for the government’s fiscal position arising from cheaper bonds’ issuance considering that part of this year’s budget deficit will be financed through borrowing from the domestic capital market. It goes without saying that a dovish monetary policy stance is only enabled by low inflation and on this score the fiscal authorities equally have a role to play. This is consistent with the fiscal theory of price level (FTPL) which postulates that the price level is primarily determined by government debt and fiscal policy with monetary policy playing an indirect role contrary to the monetarist view that considers money supply as the primary determinant of inflation. The monthly Consumer Price Index reports by the NBS which identify structural factors as the primary drivers of inflation in Nigeria would appear to
lend credence to this theory. This fact is also acknowledged by the MPC which had noted in its latest communiquĂŠ that the upside risks to inflation are chiefly due to factors ‘outside the ambit of monetary policy’. Some of these factors highlighted by the Committee include the ‘high cost of energy, infrastructure constraints, insecurity in some parts of the country and anticipated increase in liquidity from the late implementation of the 2018 budget’. Hence, it is vital not to downplay the influence of fiscal policy on price level and within the framework of the FTPL harp on the need for greater
Without any doubt, this move by the MPC bodes well for the Nigerian economy which requires a great deal of real-sector traction to achieve full recovery and inclusive growth. Typically, as the MPR-which is the rate at which banks borrow money from the CBN- is reduced, the banks in turn are expected to pass on the beneďŹ ts to customers by reducing interest rates on loans
fiscal-monetary co-ordination in order to tackle inflation and foster inclusive growth. It is for this reason that the federal government is called upon to sustain its current effort aimed at stimulating output growth by executing the policies contained in the Economic Recovery and Growth Plan including through addressing the problem of weak power infrastructure as well as tackling the menace of smuggling and dumping of goods into the country in a bid to accelerate domestic production and create employment opportunities. As noted by the MPC, part of the complementary measures expected of the government also include the speedy passage of the other aspects of the Petroleum Industry Bill to fast track the development of the value chain in the sector as well as the implementation of the new national minimum wage. Nonetheless, it must be pointed out that if a new minimum wage can only be implemented by increasing taxes such as the Value Added Tax, then it simply amounts to digging a hole to fill a new one as the associated spike in the cost of goods and services will erode the purchasing power of any upward adjustment to the wage floor. Therefore, any increase in VAT can be productive only if it is part of a broad fiscal strategy of rebalancing the tax mix in favour of consumption tax which will entail also lowering the company income tax. Doing otherwise in an economy that is still grappling with double-digit inflation, weak growth and high unemployment rate will cause more distortions and jeopardize on-going efforts at restoring sustainable economic growth. The CBN projects GDP growth rate of 2.74 per cent for Nigeria in 2019, higher than the 2.0 per cent and 2.2 per cent recent projections by the IMF and the World Bank respectively. Given that the economy expanded by 1.9 per cent in
2018, the CBN’s optimistic projection can only materialize following the effective implementation of the capital component of the budget with emphasis on the employment elastic sectors of the economy. Regrettably, implementation of annual budgets particularly the capital aspect has over the years been challenged by absence of timely passage as well as lack of matching funds while recurrent as well as statutory obligations like loan repayments always get fully implemented. To this end, no stone should be left unturned in getting the fiscal plan ready for implementation as the quick passage of the 2019 budget would reduce uncertainties in the business environment and boost investors’ confidence. In particular, the cooperation of the National Assembly is required regarding the speedy approval of any government borrowing programme linked to funding the capital component of the budget. Further, the Finance ministry should ensure that funds are released on time and together with the ministry of Budget and National Planning put in place appropriate mechanisms for budget monitoring and evaluation. As the MPC rightly noted, the government can also help reduce the non-performing loans portfolio of the banking industry and stabilise the banking system by expediting action in settling all outstanding contractor-related arrears. Now that the apex bank appears to have signalled its readiness to change the monetary policy stance from tightening to calibrated easing in support of output growth and employment generation, it behoves the fiscal authorities to extend the muchdesired handshake through well-targeted complementary measures. Uwaleke, is a Professor of Finance and Capital Market and the Head of Banking and Finance department at the Nasarawa State University Keffi
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T H I S D AY Ëž Ëœ ÍŻÍłËœ 2019
BUSINESS/MONEYGUIDE
Assets Custodians Seek Increased Portfolio Inflows Nume Ekeghe The Association of Assets Custodians of Nigeria (AACN) has restated its commitment to enhancing foreign portfolio investments as it plans its eight investors’ conference in London. The association said its upcoming conference would be aimed at reassuring international investors of the safety of their investments in the country, while highlighting the huge potential to undecided investors. ‘Nigeria: Economics of the Capital Market,’ is the theme to be discussed on May 9, 2019, at the London Marriot Canary Wharf Hotel & Executive Apartments, London, which also coincides with the association’s 10th anniversary. The AACN
President, Mrs. Taiwo Sonola, said this during a media parley in Lagos, recently. She said: “The potential of the Nigerian economy is vast and it is important that the opportunities are showcased globally.� The London conference, she added, would focus on building investor confidence, processes, infrastructure, products, governance, regulations and market developments. Sonola added: “The aim is to build foreign investor confidence and provide a platform for foreign investors to network with the Nigerian capital market regulators, operators with particular focus on custodians, fund managers, broker dealers, and regulators and also provide a forum for the
promotion of custody business in Nigeria. It will also provide opportunities for participants to air their views and challenges.� The one-day forum is aimed at availing the global audience of up-to-date information on the Nigerian capital market. Against the backdrop of the successful conduct of general elections in Nigeria, the forum would seek to reassure international investors of the safety of their investments in the country, while highlighting the huge potential to undecided investors. The forum would also bring together investors to engage with each other, share information, review the Nigerian policy and economic environment as well as peruse economic opportunities.
EcobankPay Offers Discount to Shoppers Nume Ekeghe Ecobank Nigeria Limited has announced special discount for shoppers using the EcobankPay option to pay for their goods and services during the Easter holidays. The campaign would run till the end of April 2019. Announcing the Easter promotion in Lagos, Executive Director Commercial Banking, Carol Oyedeji, said shoppers are to get special discounts in shops in Lagos, Abuja, Port Harcourt, Benin, Warri, Aba and other cities across the country where the EcobankPay QR code is on display.
Explaining the accessibility of the EcobankPay QR code, she said it accepts all three payment platforms available, be it MasterPass, MVisa and MCash. “Also, the discounts are available at all EcobankPay zones. If the person that wishes to buy goods from you is coming from a bank that has MVisa and decides to pay, the same QRcode would accept MVisa payment and vice versa. “This creates synergy between us and the other banks and convenience for the merchants. And as you know, the QR code is much cheaper than having a point of sale (POS) and your account is credited immediately,� she stated.
For the merchants she said, “the beauty of the EcobankPay, is in the cost of set up, as the shop owner simply print the QR code on a paper and can stick it anywhere and do not face any risk. It is convenient and the mobile app allows the ubiquity. It allows you 24/7 access. We cannot over emphasis the instant credit.� Ecobank recently launched several EcobankPay zones in various markets across the country. The EcobankPay Zones are digital payment hubs that enable businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services.
JAN Partners Act Foundation Ugo Aliogo The Junior Achievement Nigeria (JAN) has gone into a partnership with the Aspire Coronation Trust (ACT) Foundation to launch and expand the JAN, “My Company, My Region,� a programme across the South-west region from June 2019. The programme was geared towards encouraging junior secondary students to learn and apply entrepreneurial thinking as they explore higher education and future career choices. The programme was developed in response to the alarming dropout rate of students between junior secondary and senior secondary schools. It also aims to provide young people with skills, values and opportunities required for wealth generation and gainful
employment. Speaking at a media briefing in Lagos recently, the Executive Director, JAN, Simi Nwogugu, expressed delight at the level of support offered by the ACT Foundation and highlighted the critical role grant makers has played in creating an enabling environment for youth development. “The initial support we received from ACT Foundation was for a pilot program that ran in Lagos and Abeokuta. We successfully reached our goal of 2,000 students and are thrilled that ACT Foundation has agreed to further support the initiative so that we can scale up and reach many more students,� she added. In her remarks, the Chief Executive Officer, ACT Foundation, Ms. Osayi Allie, said her organisation was commitment to partnering
with the right organisations to accelerate entrepreneurial development. She added: “This is our second successful partnership with JAN. With them, we look forward to developing world-class entrepreneurs who can create innovative businesses that solve problems and generate wealth within their communities. “ACT Foundation remains dedicated to fostering work readiness and financial literacy among Nigerian youth, skills that are desperately needed if we want them to have a sustainable future.� Also, as JAN celebrates its 20th anniversary this year, the expansion of the programme is expected to increase the organisation’s chances of reaching its target of impacting one million youth by the end of 2019.
Imo Monarch Hails Fidelity Bank Amby Uneze Ă“Ă˜ ĂĄĂ?ĂœĂœĂ“ The traditional ruler of Amaifeke ancient kingdom in Orlu council area of Imo State, Eze Emmanuel Okeke, has applauded Fidelity Bank Plc for its corporate social responsibility initiatives as well as its commitment to rewarding loyal customers. Okeke, made the commendation in his palace when some of the bank staff and management visited him to present a cheque of N500,000 he won during the bank’s quarterly draw in the bank’s Fidelity Personal Savings Scheme (FPSS) reward scheme for account holders. The traditional said he has persistently patronised the bank for over ten years and further expressed satisfaction with
their customer relationship and other service delivery. He enjoyed members of his kingdom and other Nigerians to continue patronising the bank while assuring them of experiencing no iota of regret. The team thereafter moved to the multi- billion naira Eziachi Orlu International Timber and Allied Market where thousands of the traders, their leaders and other personalities having been waiting patiently to hear the “Save Your Way to Millions Today and Get Alert In Millions (GAIM)� promotional messages of the bank. Mr Johnson Akaolisa , the team leader who is a Senior Officer of the bank from its Lagos head office together with Mr Edwin Irechukwu, the Orlu branch Manager thanked the traders for their patient and patronage.
They also recalled that the bank has special historical affinities with Orlu people informing them that the Chairman of the bank as well as its former Managing Director all from Orlu. They advised the traders on the need to open account with the bank more especially with cluster of 50, 100 or more so as to benefit from the bank’s several rewards scheme. Highlight of the occasion was issuance of N500,000 and N150,000 cheques to some beneficiaries from the area among whom were Rev Father Brendan Chibuzo Dike and Eziachi General Assembly under FPSS account holders received N500,000 respectively while Master Justin Chukwudi Ogu a Sweeta account holder won N150,000 as school fees support allowance.
Governor of Enugu State, Ifeanyi Ugwuanyi at the National Pension Commission Stand at the ongoing 30th Enugu International Trade Fair being informed about the micro pension scheme by an Assistant General Manager of the Commission, Carol Alex-Uzomah in Enugu‌recently
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
NOVEMBER 2018 Money Supply (M3)
31,794,803.44
-- CBN Bills Held by Money Holding Sectors
6,333,064.28
Money Supply (M2)
25,461,739.17
-- Quasi Money
14,773,076.98
-- Narrow Money (M1)
10,688,662.18
---- Currency Outside Banks
1,711,763.59
---- Demand Deposits
8,976,898.59
Net Foreign Assets (NFA)
18,990,400.78
Net Domestic Assets(NDA)
12,804,402.66
-- Net Domestic Credit (NDC)
26,062,986.22
---- Credit to Government (Net)
2,980,229.66
---- Memo: Credit to Govt. (Net) less FMA
7,093,619.43
---- Memo: Fed. and Mirror Accounts (FMA)
-4,144,571.43
---- Credit to Private Sector (CPS)
23,082,756.56
--Other Assets Net
13,258,583.57
Reserve Money (Base Money
6,811,192.37
--Currency in Circulation
2,100,129.91
--Banks Reserves
4,366,259.05
Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹
Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ
OPEC DAILY BASKET PRICE Ëœ ÍŻÍŻ Ͱ͎ͯ͡
The price of OPEC basket of fourteen crudes stood at $70.41 a barrel on Thursday, compared with $70.31 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
35
T H I S D AY Ëž Ëœ ÍŻÍłËœ Ͱ͎ͯ͡
MARKET NEWS
FBN Holdings Posts N60bn Profit afterTax, to Pay N9.3bn Dividend Goddy Egene FBN Holdings Plc on Friday announced a profit after tax (PAT) of N59.667 billion, for the year ended December 31, 2018, showing an increase of 58 per cent compared with N37.708 billion posted in 2017. The board of directors has recommended a dividend of N9.333 billion, which translates to 26 kobo per share, up from N8.9 billion, which was 25 kobo per share the previous year.
A breakdown of the audited results showed that FBN Holdings recorded gross earnings of N583.477 billion, indicating a marginal decline from N595.446 billion recorded in 2017. Net interest income reduced from N332 billion to N284.168 billion, while impairment charges declined by 43 per cent from N150.424 billion to N86.911 billion. Net insurance premium revenue improved from N10.234 billion to N15.541 billion. Person-
P R I C E S MAIN BOARD
F O R DEALS
nel expenses stood at N93.395 billion as against N85.678 billion, the previous year, while other expenses rose from N134.799 billion to N147.976 billion. FBN Holdings ended the year with profit before tax (PBT) of N65.288 billion, up from N54.522 billion, while PAT improved from N37.708 billion to N59.667 billion. The Group Managing Director of FBN Holdings Plc, Mr. Urum Kalu Eke had last year to shareholders who had
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
complained about the huge provision for loan losses, the company would intensify efforts to recover all non-performing loans (NPL), which had affected the performance of the firm in the past years. According to him, loan recovery had been a core focus of the leadership team of the bank, pointing out that there was a special committee set up to address it, just as an asset management units had
T R A D E D MAIN BOARD
A S
been created for the purpose. “Even though we have not recorded a full resolution of our NPL, we have made significant progress in dealing with a number of these names and more fundamentally, ensured a strong asset quality from recent credits. As a result NPL for the period declined from 24.4 percent in 2016 to 22.8 percent in 2017,� Eke had said. According to him, earnings growth underlined the inherent
O F
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37
MONDAY, APRIL 15, 2019 ˾ T H I S D AY
MARKET NEWS
FBN Holdings Posts N60bn Profit after Tax, to Pay N9.3bn Dividend Goddy Egene FBN Holdings Plc on Friday announced a profit after tax (PAT) of N59.667 billion, for the year ended December 31, 2018, showing an increase of 58 per cent compared with N37.708 billion posted in 2017. The board of directors has recommended a dividend of N9.333 billion, which translates to 26 kobo per share, up
from N8.9 billion, which was 25 kobo per share the previous year. A breakdown of the audited results showed that FBN Holdings recorded gross earnings of N583.477 billion, indicating a marginal decline from N595.446 billion recorded in 2017. Net interest income reduced from N332 billion to N284.168 billion, while impairment charges declined by 43 per cent from N150.424 billion to N86.911
A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
billion. Net insurance premium revenue improved from N10.234 billion to N15.541 billion. Personnel expenses stood at N93.395 billion as against N85.678 billion, the previous year, while other expenses rose from N134.799 billion to N147.976 billion. FBN Holdings ended the year with profit before tax (PBT) of N65.288 billion, up from N54.522 billion, while PAT improved from
floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 11Apr-2019, unless otherwise stated.
N37.708 billion to N59.667 billion. The Group Managing Director of FBN Holdings Plc, Mr. Urum Kalu Eke had last year to shareholders who had complained about the huge provision for loan losses, the company would intensify efforts to recover all non-performing loans (NPL), which had affected the performance of the firm in the past years. According to him, loan recovery
had been a core focus of the leadership team of the bank, pointing out that there was a special committee set up to address it, just as an asset management units had been created for the purpose. “Even though we have not recorded a full resolution of our NPL, we have made significant progress in dealing with a number of these names and more fundamentally, ensured a
strong asset quality from recent credits. As a result NPL for the period declined from 24.4 percent in 2016 to 22.8 percent in 2017,” Eke had said. According to him, earnings growth underlined the inherent strength and resilience of FBN Holdings Group and reinforced their promise to the market to maximize the assets portfolio of the group revenue.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 1 270 1680 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.88 0.89 5.03% ACAP Income Funds 0.62 0.62 12.07% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.54% AIICO Balanced Fund 2.29 2.30 2.76% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 16.33 16.82 -1.59% ARM Discovery Fund 355.80 366.53 -0.24% ARM Ethical Fund 29.20 30.08 3.41% ARM Money Market Fund 1.00 1.00 13.30% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 100.10 100.80 -1.07% AXA Mansard Money Market Fund 1.00 1.00 12.61% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.77% Paramount Equity Fund 12.06 12.16 2.11% Women's Investment Fund 105.89 106.43 2.19% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 12.23% Cordros Milestone Fund 2023 98.79 99.23 Cordros Milestone Fund 2028 99.19 99.84 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 12.13% Coronation Balanced Fund 0.82 0.83 Coronation Fixed Income Fund 1.17 1.17 4.55% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 12.16% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.50% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,239.74 1,240.60 4.58% FBN Heritage Fund 143.91 145.11 0.35% FBN Money Market Fund 100.00 100.00 13.53% FBN Nigeria Eurobond (USD) Fund - Institutional 117.78 118.23 3.42% FBN Nigeria Eurobond (USD) Fund - Retail 117.69 118.14 3.59% FBN Nigeria Smart Beta Equity Fund 144.46 146.54 -3.69% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.16 1.18 -5.07% Legacy Debt Fund 3.35 3.35 3.34% Legacy USD Bond Fund 1.04 1.04 1.30% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 10.40% Nigeria Entertainment Fund 107.54 107.90 -0.51% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 11.89% Vantage Balanced Fund 2.12 2.15 -1.08% Vantage Guaranteed Income Fund 1.00 1.00 15.28% Kedari Investment Fund (KIF) 124.32 124.51 -0.48%
LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.16 1.18 1.23% Lotus Halal Fixed Income Fund 1,081.66 1,081.66 3.70% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.26 1.28 2.34% PACAM Fixed Income Fund 11.43 11.48 2.72% PACAM Money Market Fund 10.00 10.00 12.42% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 121.88 122.48 0.97% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.00 1.00 3.99% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,363.83 2,376.93 2.14% Stanbic IBTC Bond Fund 197.55 197.55 3.90% Stanbic IBTC Ethical Fund 0.94 0.95 -0.53% Stanbic IBTC Guaranteed Investment Fund 255.54 255.57 3.39% Stanbic IBTC Iman Fund 162.78 164.54 -0.24% Stanbic IBTC Money Market Fund 100.00 100.00 12.85% Stanbic IBTC Nigerian Equity Fund 8,348.85 8,445.48 -1.67% Stanbic IBTC Dollar Fund (USD) 1.13 1.13 1.72% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.21 1.19 0.07% United Capital Bond Fund 1.66 1.66 4.32% United Capital Equity Fund 0.68 0.69 -4.38% United Capital Money Market Fund 1.00 1.00 13.26% United Capital Eurobond Fund 109.82 109.82 2.39% United Capital Wealth for Women Fund 1.11 1.11 1.54% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 10.92 11.08 3.04% Zenith Ethical Fund 12.16 12.30 1.47% Zenith Income Fund 21.52 21.52 11.65% Zenith Money Market Fund 1.00 1.00 11.81%
REITS NAV Per Share
Yield / T-Rtn
9.00 119.90 52.21
-20.11% 1.84% 0.91%
Bid Price
Offer Price
Yield / T-Rtn
9.99 105.77 84.48
10.09 108.02 86.04
-5.28% -9.83% -4.73%
Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund
VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
funds@vetiva.com Bid Price
Offer Price
Yield / T-Rtn
3.73 6.46 13.74 11.33 152.60
3.77 6.54 13.84 11.53 154.60
-6.78% -15.20% -8.07% -8.30% 6.27%
NAV Per Share
Yield / T-Rtn
107.24
17.42%
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
38
T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
CITYSTRINGS
Group Features Editor: Chiemelie Ezeobi Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒
A Philanthropic Gesture for the Less Privileged Pistis Foundation, the social intervention arm of The Elevation Church in partnership with Pro-Health International, a non-profit voluntary healthcare organisation, recently carried out a heartfelt philanthropic gesture in Marwa, the heart of Lekki in Lagos, where thousands of lives were touched. Mary Nnah reports
M
artha Ikpo sat close to her mother at a corner as they watched hundreds of people troop into the location where Pistis Foundation, the social intervention arm of The Elevation Church, carried out its medical and surgical outreach in Marwa, the heart of Lekki in Lagos. Her mother, Bridgette Ikpo, who should be in her 80s had just concluded a cataract surgery free of charge after several years of critical vision impairment. “We came all the way from Ikorodu when we heard about this event. We have been to several clinics including an eye foundation, but we could not afford the cost of operation. By the time we paid for registration and consultation, we barely had anything left. When I walked in here this morning, I thought they will just advise us after test, but to my surprise in less than three hours, we came in registered and a successful operation was conducted�, Ikpo said. As she spoke, her mother Bridgette began a litany of unending praises for the organisers of the outreach. Bridgette was overjoyed that she will see again before returning to Imo, where she had come from in search of treatment. Like Bridgette, over 3500 people, who could not afford medical treatment, were attended to during the one-week free medical and surgical outreach organised by Pistis Foundation. For all who were attended to, March 2019 will forever remain a month to remember, as the free treatment to many of them was as significant as a miracle. One of the most remarkable surgeries performed by medical volunteers was that of Jumoke Ishau, a woman who was heavily burdened with uterine fibroid that all who saw her thought she was pregnant with twins and due for delivery. Ishau had been bearing the burden for over five years and had lost everything she had. During the outreach, she underwent a Myomectomy to remove a 16kg fibroid growth, the weight of five newborn babies. A doctor who volunteered also described an encounter with a patient who came completely blind in both eyes and left the outreach with both eyes perfectly restored. “When we removed the patch in the first eye and he began to see, we thought we should go for the second eye as well. It was an unusual move because we do not operate two eyes on the same project. While we were attending to the second eye, we discovered he also had a problem with his stomach which needed urgent medical attention. The man who came with a cane walked home not knowing where his cane was.� Another beneficiary, Sunday Olaniyan had an accident since 1993 which left his right foot internally fractured and swollen. “After the accident, I could not continue with my job as a mechanic, and because there was no means of livelihood the condition of my leg deteriorated�, Sunday said. He took advantage of the medical outreach to get free drugs in preparation for his surgery. Pistis Foundation organised outreach was in partnership with Pro-Health International, a non-profit voluntary health care organisation with a focus on uplifting the health status of the less privileged and neglected rural populace in Africa. Pro-Health has been involved in over 170 of such outreaches across Africa. Over 200 healthcare professionals and volunteers including doctors, nurses, surgeons, pharmacists and biomedical engineers were available from all parts of the country to attend to people during the Ubomi medical outreach. Ubomi, the name given to the church’s Medical Outreach, means 'life' in Xhosa, a South African language. According to the Dr Iko Ibanga, the founder of Pro-Health International, “It has been a privilege to partner a church. It is one of the dreams that I have had for many years. Being in Lagos, I didn’t expect the level of sickness I was seeing in terms of the surgical cases, especially the women, so it has been interesting. We operated on a lot of patients with uterine fibroids during the outreach.� He expressed that the programme was a life-saver for a lot of widows, orphans and poor people who could not afford medical treatment.
BeneďŹ ciaries of The Elevation Church's outreach
OďŹƒcials and partners of The Elevation Church at the conclusion of the outreach “We have been doing this outreach for 27 years but this is exceptional. Because Ubomi is in partnership with a church, the amount of involvement from non-Pro-Health members is quite much. There is a lot of team work and positive synergy with medical volunteers within the church.â€? Operations ranging from eye and dental surgeries, peadiatric surgeries, C-sections, orthopeadic sessions, fibroid removal, hysterectomy and more were performed during the outreach. Pistis Foundation also provided free post-event medical care for about 74 patients who have undergone surgery at partner hospitals which include Amethyst Hospital, St Kizito and Pedeatric Hospital, all in Lekki. According to the Board Chairman, Pistis Foundation, Godman Akinlabi, the foundation is overwhelmed by the number of lives the programme impacted. “A lot of individuals walked in here blind in one eye or both and they left being able to see. Witnessing over 3500 people with over 6,500 health challenges that were successfully attended to by medical volunteers from all over our nation is a very humbling experience for us.â€? He added that “Ubomi, which means ‘life’, is a medical outreach to bridge the gap in access to medical intervention especially with less privileged people in our society. “What is prompting this move is that we cannot leave everything to the government. Government’s resources are not infinite, they are finite. Nigeria is a very populous nation. While the government can do a lot more but faith-based organisations, NGOs, corporates,
everybody has to rise up to the challenge. That is what the Pistis Foundation is doing. “There is no cost for treatment, all we are doing is a case of ‘freely you have received, freely give. We have doctors from all over the country and a specialist flying in from India all at no cost to the beneficiaries. The foundation has partners and Elevation Church is a major financier of the foundation�, Akinlabi said. The General Manager of Pistis Foundation, Leonard Thomas, remarked that the event has been life changing and life transforming not only for the beneficiaries but the volunteers. “On the first day, we had 21 eye surgeries and majority of the surgeries were cataract issues. I thought it would take a month for them to heal but by the following morning, they showed up, their plasters were removed, and they could all see. As at the noon on the third day of the event, over 2000 people had been attended to, and over 200 surgeries done. “The foundation also took successful delivery of three babies free of charge. In all, there were about 6500 interventions, 285 dental surgeries, 191 general and eye surgeries performed, three babies delivered and no single case went bad.� “We had surgeons travel down from Sokoto and all parts of the country. Surgeons are the most difficult to get but they have volunteered their time and energy to give back to the society through the Pistis Foundation�, Leonard added. One of the beneficiaries expressed in tears, “This is exactly what the government should provide for us, we cannot even feed ourselves, how can
we afford treatments when hospitals charge so high and the subsidised ones are insufficient�. In Lagos State, only 26 general hospitals service a population of about 18 million. The Lagos State Ministry of Health also partnered Pistis Foundation for the outreach, validating the licenses of all medical personnel and providing ambulance services. During a visit on the second day of the outreach, the representative of Lagos State’s Commissioner of Health, Dr. Mrs Funmi Sokunbi took a tour of the treatment facilities and commended Pistis Foundation and Pro-Health International for the initiative. “Lagos State government will always welcome initiatives like this because it complements the vision of the Ministry of Health towards ensuring universal health coverage. The medical mission is a stop-gap and an alternative access to healthcare�, she said. Pistis Foundation’s ambition is to hold the outreach at least once every year to help the poor access better healthcare, according to Leonard. He concluded that the private sector and faith-based institutions need to collaborate more with the government to fight poverty and address the health challenges of indigent people. The foundation has plans to move the outreach to Lagos Mainland in 2020. At a dinner to appreciate all volunteers and partners, Akinlabi said the move was prompted by the success of the recently concluded one and the need to extend a helping hand to those on the mainland. “We look forward to more partnerships, more funds from outside the church to be able to pull it through�, he concluded.
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T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
CRIME&SECURITY
DCP Olatunji Disu: He Whom the Cap Fits Stories by Chiemelie Ezeobi
T
hat Olatunji Disu, a Deputy Commissioner of Police, is a consummate cop is not in doubt. Also not in doubt is the fact that Disu, who is the commander of the Lagos State Rapid Response Squad (RRS), has over the years shown discipline, integrity and leadership; three traits he has never deviated from. At RRS, Disu has displayed exceptional leadership capabilities by running a tight ship, the result being that his personnel stands out, especially in their ability to respond swiftly to crime. To achieve this, with the help of successive governments through the Security Trust Fund, he has taken policing beyond the traditional conventional means of crime detection and prevention. With this, the squad has been living up to expectations having leveraged on new technologies, like drone surveillance phones and tracking. Recently, Disu earned another stripe; that of a deputy commissioner of police and if going by the wide commendations he received when the news broke, it was a promotion well deserved. Days later, he was officially decorated with his new rank by the Lagos State Governor, Mr. Akinwunmi Ambode, in the presence of his boss, Lagos CP, Zubairu Muazu. Born in in Lagos Island; He had his postprimary education at Mayflower Junior School, Ikenne, Ogun State; attended Pobuna Secondary Grammar School, Epe; and Saint Gregory’s College, Lagos. He also obtained a Bachelor of Arts Degree in English (Education) at the Lagos State University; post-Graduate Diploma in International Relations and Strategic Studies, also at Lagos State University; a certificate in Personal Protection in the United Kingdom; and has a Master in Public Administration at Adekunle Ajasin University, Akungba, Ondo
L-R: Lagos CP, Zubairu Muazu; RRS Commander, DCP Olatunji Disu, and Lagos Governor, Akinwumni Ambode, after Disu was decorated with his new rank State. He joined the Nigerian Police in 1992 as Cadet ASP and was trained at the Nigeria Police Academy, Kaduna. He has served as DPO in various divisions and states, just as he was once an ADC to the then Lagos State Governor, Asiwaju Bola Ahmed Tinubu. Afterwards, he was posted to Ogun State Police Command as the Divisional Police Officer (DPO) in-charge of Ago-Iwoye.
From there, he was deployed to Sudan where he led the Nigeria Police contingent on African Union Mission in Sudan (AMIS) to quell the crisis in the war-torn Darfur in 2005. Upon return to Nigeria, he was the Officer in-charge of the Special Anti-Robbery Squad (SARS), Ondo State Police Command Headquarters and subsequently, Officer in-charge of the SARS, Oyo and Rivers States Police Command Headquarters. Soon afterwards, he was elevated to a new
rank as an Assistant Commissioner of Police (ACP) and he was at the Criminal Investigation Department (CID) of the Rivers State Police Command before his transfer to Lagos State Command and subsequent deployment as the commander in-charge of RRS. Upon his assumption of office at RRS, Disu has demonstrated competence which has translated in bursting of several cases, not limited to kidnaping, armed robbery and fraud.
Change of Baton in Western Naval Command
A
s with most military traditions, the handing and taking over ceremony of commands provides ample opportunities to showcase their longstanding tradition in colourful parades. So it was last Wednesday at the Western Naval Command (WNC), in Lagos. The occasion was the farewell parade and send off ceremony of Rear Admiral Obed Ngalabak as the 38th Flag Officer Commanding (FOC). He handed over to Rear Admiral Oladele Daji, making him the 39th FOC of the command. The military is an institution known for adhering to tradition no matter how long ago it was established. Tradition, they say, never dies and that particularly holds true for the military. For the Nigerian Navy, one of the three arms of the Nigerian Armed Forces, is not an exception. For the navy, instead of tradition being deemed as archaic and out-dated, they are seen as an anchor to their past, constantly reminding them of where they are coming from, where they are now, and where they hope to be. It would therefore be safe to say that the very tapestry or fabric that holds the military together is its customs and traditions. Even though those traditions might not be understood by civilians, because of what they deem excessive regimentation, for the military, the traditions are their heritage, even as they seek to align themselves with contemporary modern day structures and practices. Thus, after spending seven months at the helm of affairs, it was time to say goodbye for Ngalabak. The occasion was heralded by a ceremonial parade, which saw officers and men of the command assemble at the parade ground of Nigerian Navy Ship (NNS) BEECROFT, Apapa. The parade began with form up of divisions and the guards before the throw in markers and march on of the divisions and guards. After the arrival of the senior officers, the parade was officially kick-started with a march past that was inspected by Ngalabak. He afterward went on to read his farewell speech leading to the FOC's exchange of Distinguishing Flags. After the marching in review order and three hearty cheers for him, the parade commander then marched off the personnel.
L-R: The new Flag OďŹƒcer Commanding, Western Naval Command, Rear Admiral Oladele Daji; his predecessor, Rear Admiral Obed Ngalabak and Rear Admiral Maurice Eno, at the handing and taking over ceremony in Lagos In his valedictory remarks, Ngalabak appealed to other security agencies, personnel to collaborate with his successor, who he said, would improve on existing foundation. He further noted that under his watch, the command arrested about 26 vessels, 70 suspects and rescued a vessel hijacked by pirates. Meanwhile, his successor, while reacting to questions on how to stem the tide of kidnapping and hostage-taking in riverine areas, he said they will take the battle to the enclaves of the criminals, since the NN had already identified their hideouts. Although the admiral denied there was spate in these vices, he however assured that steps were already on to flush out the criminals
from their hideouts. "We are so lucky in the military in that our roles and tasks have been defined and cut out for us. For the navy, we are guided by the vision and mission of the Chief of the Naval Staff (CNS) as well as the Strategic Directives. "Just as the outgone FOC mentioned, the command has strived over the years to deliver on its mandate. What we are only coming to do is build upon, bring fresh ideas into some of the challenges we have in the maritime expanse. "Luckily for us, the federal government under the leadership of President Muhammadu Buhari has been able to acquire more boats for us to patrol. This is not to say we have enough to
cover our vast maritime space but with what we have and the strategy of using the Maritime Domain Awareness (MDA), we will ensure the assets provided for us are effectively used to accomplish the tasks ahead. "The data we have at the Naval Headquarters show that kidnapping is on the decline. Perhaps, there are one or two cases with prominence which make it seem as though it is on the increase. It is actually on the decline. "That notwithstanding, the FOC briefed me in his handing over. We are going to the source to rout them out. These people do not live perpetually at sea, they have where they operate from. That is one of our strategies and I won't say more than that."
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T H I S D AY ˾ MONDAY APRIL 15, 2019
T H I S D AY ˾ ͯͳ˜ Ͱͮͯͷ
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T H I S D AY ˾ MONDAY APRIL 15, 2019
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RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 12th-APRIL 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER
ITEM OF IMPORT
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RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL PURCHASE OF RAW MATERIALS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL BEAMS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL INDUSTRIAL RAW MATERIAL:STEEL FOR TOWERS AND LATTICE MASTS PAYMENT FOR AGRICULTURAL HERBICIDE PURCHASE OF WASHING MACHINES FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG HOT ROLLED STEEL (SHEETS) RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL LC PAYMENT FOR 1300 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED IMPORTATION OF GAZPROMNEFT LUBRICANT OIL PAYMENT OF VEHICLE PARTS INSTANT FAT FILLED MILK POWDER 28%-FORTO 25KG RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL IMPORTATION OF 1400 TONS OF AZ MOLDA, PLASTER OF PARIS BRANCD RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS AND HOT ROLLED STEEL ANGLES INDUSTRIAL RAW MATERIAL HOT ROLLED:SEAMLESS STEEL KENOP 228.5, AMCARD 10, CLAVULIST 228.5, CLAVULIST 100, MISOPROSTOL 200MCG. TABLETS FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG IMPORTATION OF INDUSTRIAL RAW MATERIALS- SYNTHETIC TOW OF ACRYLIC SPINNING RAW MATERIAL- SKIM MILK POWDER IN 25KG BAGS HOT ROLLED STEEL CHANNELS 6000 MT OF LIQUEFIED PETROLEUM GAS MEETING NIGERIAN DPR SPECIFICATION IMPORTATION OF GAZPROMNEFT HD50 205L RAW MATERIAL FOR MANUFACTURING: HOT ROLLED STEEL BEAMS AND HOT ROLLED STEEL ANGLES MOTOCYCLE SPARE PARTS RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL INDUSTRIAL RAW MATERIAL:STEEL FOR TOWERS AND LATTICE MASTS WIRELESS COMMUNICATION APPARATUS TO BE USED IN LTE WIDE AREA NETWORK SALE TO CBN MICROWAVE OVEN,STEP DOWN TRANSFORMER,AUTOMATIC VOLTAGE REGULATOR,AC MOTOR RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL PHARMACEUTICAL FORMULATIONS PHARMACEUTICAL MACHINERY GENERATING SETS IN CKD FORM GENERATING SETS IN CKD FORM GENERATING SET IN CKD FORM BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION BEING PAYMENT FOR LPG CYLINDER, CYLINDER HANDLE, CYLINDER BASE, LPG BURNER, LPG HOSE ETC PHARMACEUTICAL PACKAGING MATERIAL & PHARMACEUTICAL CHEMICALS PHARMACEUTICAL PACKAGING MATERIAL & PHARMACEUTICAL CHEMICALS GENERATING SETS IN CKD FORM INDUSTRIAL RAW MATERIAL HOT ROLLED STEEL SHEETS GENERATING SETS IN CKD FORM IMPORT OF INDUSTRIAL RAW MATERIAL - POLYPROPYLENE HOMMPOLYMER BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION INDUSTRIAL RAW MATERIAL - HOT ROLLED STEEL COILS GENERATING SET IN CKD FORM BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION BEING PAYMENT FOR LPG CYLINDER, CYLINDER HANDLE, CYLINDER BASE, LPG BURNER, LPG HOSE ETC BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION GENERATING SETS IN CKD FORM BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION GENERATING SETS IN CKD FORM BAJAJ RE 4S 198.88CC AUTORICKSHAW IN CKD PACKED CONDITION IMPORTATION OF PETROLEUM PRODUCTS TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 20,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED IMPORTATION OF 7,004 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEEDS VIA LC MACHINERY AND EQUIPMENT FOR EDO CEMENT PLANT - COMBINED PROCESS EQUIPMENT 15,000MT BRAZILIAN CANE RAW SUGAR MILLING WHEAT RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL TINOPAL CBS-X ACUTEX, ODORIFEROUS SUBSTANCE, SODIUM CARBONATE (DENS), SPECKLES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL PURCHASE OF DRIED ANIMAL FEED GRANULES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL IMPORT OF INDUSTRIAL RAW MATERIAL - PARAFFIN OIL IMPORT OF INDUSTRIAL RAW MATERIAL - TOLUENE DIISOCYANATE IMPORT OF INDUSTRIAL RAW MATERIAL - LDPE BATTERIES C & D SHC 12-200FT IMPORT OF INDUSTRIAL RAW MATERIAL - BOND PAPER IMPORT OF INDUSTRIAL RAW MATERIAL - IPEA IMPORT OF INDUSTRIAL RAW MATERIAL - POLYOL IMPORTATION OF HP PROLIANT PERFORMANCE SERVER RHENOGRAN S80,CILBOND ,NOVARES C80, WIRATEN M2007, HBE 75, ABSXE 75, CF49-ANTIFOAM, REFINED LINSEED OIL MG POSTER PAPER ARSR GRADE NATURAL SHADE AND INDOBEV STIFFNER PAPER IN REELS MG POSTER PAPER ARSR GRADE NATURAL SHADE AND INDOBEV STIFFNER PAPER IN REELS CYLINDER BORING MACHINE WATER PUMP TIGER HEAD BRAND PAPER JACKET DRY BATTERY FOOTBALL SHINE UMBRELLA SEWING MACHINE NEEDLE FOOTBALL SHINE SEWING MACHINE NEEDLE UMBRELLA HAMMER BICYCLE SPARE PARTS HAND TOOLS (HAMMER) HAND TOOLS (HAMMER) KNIFE SWITCH SPORTS EQUIPMENT FOOTBALL SHINE PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION DIVIDEND AND CAPITAL REPATRIATION WHEAT CANADIAN WESTERN RED SPRING - NO. 2 - 13% PROTEIN WHEAT - 10,000 M.TONS TRAINING TRAINING EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION DISCHARGE LAMPS (B22 MODEL) WATER PUMP SPORTS EQUIPMENT WATER PUMP SEWING MACHINE NEEDLE NEW AUTO PARTS (SPROCKET) DISCHARGE LAMPS (B22 MODEL) VALVE FISHING NET (SEA GULL) FOOTBALL SHINE SINGLE ACRYLIC YARN SEWING MACHINE NEEDLE PTA PTA PTA PTA PTA PTA PTA SALE TO CBN 20,000MT OF GASOIL (AGO) ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING ESSENTIAL INDUSTRIAL PARTS FOR FAN: HIGH POWER MOTOR: SMC BRAND INDUSTRIAL RAW MATERIALS: PAPER FOR THE PRINTING INDUSTRY INDUSTRIAL RAW MATERIALS: PAPER FOR THE PRINTING INDUSTRY INDUSTRIAL RAW MATERIALS: PAPER FOR THE PRINTING INDUSTRY- WET STRENGTH BRAND {UNISET EXTRA} LOAN REPAYMENT PREMIUM PAYMENT PURCHASE OF MOTORCYCLE SPARE PARTS TOLUENE PAYMENT FOR MOTORCYCLE SPARE PARTS PANASONIC AIRCONDITIONERS REMITTANCE OF 2019 WABA MEMBERSHIP SUBSCRIPTION NEW DAYLONG MOTORCYCLE DL125 CKD TVS Hlx Plus 100Cc Ks (Agd) Motorcycles In Ckd - Tvs Brand, Engine Type: 4 Stroke Petrol Version INDUSTRIAL RAW MATERIAL:FLAT ROLLED ALLOY STEEL PREMIUM PAYMENT
SABASTEEL INDUSTRIAL NIG LTD UMOBI FARMS AND FOOD PROCESSING LIMITED IRON PRODUCTS INDUSTRIES LIMITED SABASTEEL INDUSTRIAL NIG LTD BIMVENUS MULTIPURPOSE CONCEPT INTL CROPS GATE LIMITED ZENDINET INTERNATIONAL CO LTD EAGLE INDUSTRIES INTL CONCEPT LIMI BIMVENUS MULTIPURPOSE CONCEPT INTL SABASTEEL INDUSTRIAL NIG LTD INTEGRATED FISHERIES COMP LTD ADIREJE WEST AFRICA LTD ASHOK LEYLAND NIGERIA LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI SABASTEEL INDUSTRIAL NIG LTD CHAB INVESTMENT COMPANY LIMITED IRON PRODUCTS INDUSTRIES LIMITED MODEL STEEL INDUSTRIES LTD AQUATIX PHARMACEUTICALS LIMITED EAGLE INDUSTRIES INTL CONCEPT LIMI HAFFAR INDUSTRIAL COMPANY LIMITED ORIENTAL FOOD INDUSTRY LIMITED SABASTEEL INDUSTRIAL NIG LTD STOCKGAP FUELS LTD ADIREJE WEST AFRICA LTD IRON PRODUCTS INDUSTRIES LIMITED OBOTICA INDUSTRIAL LTD SABASTEEL INDUSTRIAL NIG LTD BIMVENUS MULTIPURPOSE CONCEPT INTL SPECTRANET LIMITED CENTRAL BANK OF NIGERIA A M N COMPANY LTD SABASTEEL INDUSTRIAL NIG LTD KRISHAT PHARMA INDUSTRIES LIMITED KRISHAT PHARMA INDUSTRIES LIMITED JMG LIMITED JMG LIMITED JMG LIMITED DAG INDUSTRIES NIGERIA LTD GERADISCO KRISHAT PHARMA INDUSTRIES LIMITED KRISHAT PHARMA INDUSTRIES LIMITED JMG LIMITED GBMT GLOBAL LIMITED JMG LIMITED PENTAGON PLASTIC INDUSTRIES LIMITED DAG INDUSTRIES NIGERIA LTD GBMT GLOBAL LIMITED JMG LIMITED DAG INDUSTRIES NIGERIA LTD GERADISCO DAG INDUSTRIES NIGERIA LTD JMG LIMITED DAG INDUSTRIES NIGERIA LTD JMG LIMITED DAG INDUSTRIES NIGERIA LTD PRUDENT ENERGY AND SERVICES LTD TULCAN ENERGY RESOURCES LIMITED INTEGRATED FISHERIES COMP LTD EDO CEMENT COMPANY LIMITED DANGOTE SUGAR REFINERY PLC DANGOTE FLOUR MILLS PLC SABASTEEL INDUSTRIAL NIG LTD EKO SUPREME RESOURCES NIGERIA LIMI NATURAL PRIME RESOURCES NIGERIA LI SABASTEEL INDUSTRIAL NIG LTD SABASTEEL INDUSTRIAL NIG LTD NAKS INTERNATIONAL CO LTD WEST AFRICAN CERAMICS LIMITED SABASTEEL INDUSTRIAL NIG LTD REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED REGAL CHEM NIGERIA LIMITED IPI POWERTECH NIGERIA LIMITED REGAL CHEM NIGERIA LIMITED REGATTA INDUSTRIES LIMITED REGATTA INDUSTRIES LIMITED TECHNOLOGY DISTRIBUTIONS LIMITED OLYMPIC INKS LIMITED SALIENT INDUSTRIES LIMITED SALIENT INDUSTRIES LIMITED MULTIGRACE TECHNICAL WORKS COMPANY L.Y.D- J ENTERPRISES BARTHOMORE IMPEX GLOBAL LTD AMULUCHE C C AND SONS LIMITED BLESSED CHIDOZIE C C ENTERPRISES EMANEU INDUSTRIES COMPANY J K JOKAF RESOURCES LTD REIGN LUKKA ENT A J CONCRETE COY MACSUNNY ENTERPRISES JOSUCAM INDUSTRIES NIG LTD VICTORY NWAWUZIE INVESTMENT LIMITED ELO CONCEPTS NIGERIA LIMITED BALLAK INDUSTRIES LIMITED EVERCO NIGERIA LIMITED NNEBE INDUSTRIES LIMITED RAJI RUKAKAT WINFUNKE IBIRONKE NZURUMIKE OBIANUJU LYNDA OGUNTUYI GILBERT OLAOLUWA ABIODUN BABATUNDE OLUSOLA ADETUNJI TAIWO ADESOJI ITTU TOMMY ITTU ANI DAVID EZE OJEI EDWARD AMECHI SIAKPEBRU SHEDRACK UVIEGHARA ONAFOWOKAN JOYCE AVWERODA OLARIBIGBE OMOTOYOSI ATINUKE THE SLAY NETWORK LTD THE SLAY NETWORK LTD THE SLAY NETWORK LTD CROWN FLOUR MILLS LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED DEMART ENGINEERING CONST COMP LTD ONYEAGBOKA CHARLES DANIEL HABILA ANDEYANTSO EKA BLESSING PAUL DIUGWU CHUKWUDI ANSELM MACPEE AGENCIES LIMITED J DEBOS CONCEPT LIMITED PEACE SKY ENTERPRISES CORN COVER CONCEPT CAJEK INVESTMENT NIG. LTD. GREAT BENMARK OVERSEAS LIMITED MBV RESOURCES SYNERGY LTD OLY PEACE INNOVATION AND COMPANY LT ROYAL ZION VENTURES EVERBEST MULTI GLOBAL LTD IKWUN GLOBAL VENTURES LIMITED OCHIE ASSOCIATES LIMITED LAWAL SAUDI ROFIAT OMOLARA EKEZIE CHINEZE ABIGAIL IGHALO TOM AGBOOLA OLABISI DOREGOS CLEMENTINA ABEKE USIE OGHENERIOJA PRINCE EDORU OLAYINKA MODUPEORE CENTRAL BANK OF NIGERIA A A RANO NIGERIA LTD CKS INTERNATIONAL LIMITED SUBAYA METALWARE NIGERIA STUDIO PRESS NIGERIA PLC STUDIO PRESS NIGERIA PLC STUDIO PRESS NIGERIA PLC INT TOWERS LIMITED UNITED AFRICAN INSURANCE BROKERS OBOTICA INDUSTRIAL LTD OLYMPIC INKS LIMITED FAPA COMPANY LIMITED NAIJA GLOBAL LOGISTICS LTD WEST AFRICAN BANKERS ASSOCIATION AKEBONO INDUSTRIAL COMPANY LTD WANDEL INTERNATIONAL NIG LTD BIMVENUS MULTIPURPOSE CONCEPT INTL UNITED AFRICAN INSURANCE BROKERS
DATE OF USD EXFUND CHANGE SALE RATE 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19
342.50 342.50 342.50 342.50 342.50 342.50 345.50 342.50 342.50 342.50 342.50 347.50 343.50 342.50 342.50 342.50 342.50 342.50 343.50 342.50 345.50 343.00 342.50 345.00 347.00 342.50 345.50 342.50 342.50 345.50 342.00 345.50 342.50 341.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 341.50 341.00 341.50 341.00 341.50 341.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 340.50 340.50 339.00 340.00 338.50 338.50 333.00 335.50 335.50 333.00 333.00 338.00 333.50 333.00 331.50 331.50 331.50 331.50 331.50 331.50 331.50 330.50 351.00 351.00 351.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 331.00 357.00 360.00 345.50 360.00 360.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 356.00 356.50 356.50 356.50 356.50 356.50 356.50 356.00 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50
AMOUNT
SN CUSTOMER
ITEM OF IMPORT
205,000.00 13,000.00 120,000.00 19,000.00 17,000.00 1,000.00 22,000.00 370,000.00 580,000.00 117,000.00 21,000.00 7,000.00 1,000.00 12,000.00 480,000.00 2,000.00 38,000.00 46,000.00 4,000.00 12,000.00 7,000.00 53,000.00 288,000.00 440,000.00 3,000.00 900,000.00 11,000.00 405,000.00 38,000.00 13,000.00 230,000.00 14,000.00 62,000.00 42,000.00 7,000.00 40,000.00 23,000.00 44,000.00 110,000.00 3,000.00 39,000.00 21,000.00 41,000.00 145,000.00 29,000.00 61,000.00 286,000.00 28,000.00 28,000.00 39,000.00 14,000.00 286,000.00 32,000.00 143,000.00 44,000.00 116,000.00 39,000.00 800,000.00 89,000.00 1,500,000.00 600,000.00 250,000.00 9,000.00 11,000.00 21,000.00 102,000.00 109,000.00 6,000.00 1,000.00 16,000.00 65,000.00 41,000.00 57,000.00 96,000.00 170,000.00 101,000.00 17,000.00 1,000.00 84,080.29 30,564.12 35,355.59 1,225.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 3,617.07 3,999.90 1,320.10 1,452.11 2,143.20 2,256.00 3,000.00 500.00 200.00 4,000.00 4,000.00 4,000.00 10,303.03 112,084.21 90,000.00 732,236.00 33,750.00 8,850.00 14,973.05 6,000.00 11,882.85 7,000.00 6,023.70 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 1,500.00 4,000.00 4,000.00 3,939.00 4,000.00 4,000.00 4,000.00 1,777,461.94 3,222,538.06 149,722.56 50,277.44 85,879.69 55,380.17 862.56 678,804.87 1,843.88 17,944.04 86,755.02 37,363.30 42,500.00 40,000.00 21,300.00 67,000.00 36,459.00 4,159.00
158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192
MODEL STEEL INDUSTRIES LTD INTEGRATED FISHERIES COMP LTD NTA STAR TV NETWORK LTD NTA STAR TV NETWORK LTD SALIENT INDUSTRIES LIMITED AKEBONO INDUSTRIAL COMPANY LTD BIMVENUS MULTIPURPOSE CONCEPT INTL BASE FLUID EXCHANGES LTD PENTAGON PLASTIC INDUSTRIES LIMITED JUBAILI AGROTEC LIMITED NATURAL PRIME RESOURCES NIGERIA LI GLOBAL MANUFACTURING ALLIANCE AND OLYMPIC INKS LIMITED POSH INTERNATIONAL CO. LTD SABASTEEL INDUSTRIAL NIG LTD CROCODILE MATCHETS NIGERIA LIMITED SERENA FINE FOODS LTD JUBAILI AGROTEC LIMITED OLYMPIC INKS LIMITED GHANA HIGH COMMISSION DAG INDUSTRIES NIGERIA LTD WINNERS PEACE INDUSTRIES LIMITED CHAB INVESTMENT COMPANY LIMITED JUBAILI AGROTEC LIMITED TIGERLOGIC SOLUTIONS LIMITED JUBAILI AGROTEC LIMITED SABASTEEL INDUSTRIAL NIG LTD C JIMSON NIGERIA LTD WINNERS PEACE INDUSTRIES LIMITED JUBAILI AGROTEC LIMITED SABASTEEL INDUSTRIAL NIG LTD OBOTICA INDUSTRIAL LTD INTEGRATED FISHERIES COMP LTD FRANKENSTEIN INNOVATORS LIMITED TULCAN ENERGY RESOURCES LIMITED
193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315
C JIMSON NIGERIA LTD JUBAILI AGROTEC LIMITED OLYMPIC INKS LIMITED AKEBONO INDUSTRIAL COMPANY LTD MERCURY MILLS LIMITED SACRAL INDUSTRIES LTD SACRAL INDUSTRIES LTD JUBAILI AGROTEC LIMITED OBOTICA INDUSTRIAL LTD WANDEL INTERNATIONAL NIG LTD FAPA COMPANY LIMITED OLYMPIC INKS LIMITED SALIENT INDUSTRIES LIMITED NAKS INTERNATIONAL CO LTD UNITED AFRICAN INSURANCE BROKERS UNITED AFRICAN INSURANCE BROKERS UNITED AFRICAN INSURANCE BROKERS UNITED AFRICAN INSURANCE BROKERS CENTRAL BANK OF NIGERIA CENTRAL BANK OF NIGERIA OKWUIKPO IHE IBE CHARLES OTU JUBRIL SALAWA ESTHER GEORGE DEREK MOBOLANLE OWOSO JOSEPH OLUROPO UGO REGULAR ELEC NIG LTD UANTEX VENTURES LTD E OFOSCO AUTO SUPPLY NIGERIA ENTS GREAT EMINENT GLOBAL CONSTRUCTION LIMITED CAPITAL TELL INDUSTRIAL LTD INNO-CAMEO (NIGERIA)LTD GOLDEN SCEPTER LIMITED CHI-RESTY INTERNATIONAL COMPANY PURE LIGHT AUTO PRODUCTS LIMITED MARCELLO GLOBAL AUTO IND LTD HELEN WHITE EXPRESS LINKS AUTHENTICATED OFOSCO IYK COSMETICS MISATEX INVESTMENT LIMITED ISAAC KC INVESTMENTS NIG LTD BEN MARBLE CHUKS ENTERPRISES UPWARD SPRING INTERNATIONAL LTD CHIUTO MARKETING COMPANY LUNEZ VENTURES HAROCK INTL COMPANY LTD VIGOURS RESOURCES LIMITED MONG ROSE MGBOSHO MONG ROSE MGBOSHO OKONWANJI IRO-UWA SANDRA BULUS HASSANA BABAWI WAHAB ABISOYE OLUKEMI YAKUBU ANAWIYAT MASHOOD FANEYE ADETOLA OLALEKAN OLUWASINA FOLAJINMI OLUYEMI IHEANACHO UDOCHI NUNNY ADULOJU OJINYA SHEHU OYETEJU JANET INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED ECOBANK SOUTH SOUDAN NTA STAR TV NETWORK LTD SABASTEEL INDUSTRIAL NIG LTD CFAO MOTORS NIGERIA LIMITED IRON PRODUCTS INDUSTRIES LIMITED EDO CEMENT COMPANY LIMITED INTEGRATED FISHERIES COMP LTD SABASTEEL INDUSTRIAL NIG LTD BUA SUGAR REFINERY LIMITED MANTRAC NIGERIA LIMITED ANXIN INDUSTRIAL TECHNOLOGY NIGERIA IRON PRODUCTS INDUSTRIES LIMITED BUA SUGAR REFINERY LIMITED OLYMPIC INKS LIMITED JULIUS BERGER NIGERIA PLC IRON PRODUCTS INDUSTRIES LIMITED NAKS INTERNATIONAL CO LTD BASE FLUID EXCHANGES LTD IRON PRODUCTS INDUSTRIES LIMITED NAKS INTERNATIONAL CO LTD OLYMPIC INKS LIMITED ORIENTAL FOOD INDUSTRY LIMITED IRON PRODUCTS INDUSTRIES LIMITED JUBAILI AGROTEC LIMITED SABASTEEL INDUSTRIAL NIG LTD BASE FLUID EXCHANGES LTD ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED AUTOCORP LIMITED OKPOR ITA OKON SOLA YEMI FIDELITY STORES BOLUM JOSEPHINE ODOFIN OLUKAYODE SAMUEL ANDREWS MARYANNE EKWUTOSI ABDUL OLUSOLA ELIZABETH BRAIE WINSTON TAMARAEBI ONWURAH IBE LAWSON PRIYE KAISER ADEOGUN, OLADAPO ADEDAMOLA
INDUSTRIAL RAW MATERIAL HOT ROLLED:SEAMLESS STEEL LC PAYMENT FOR 1300 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED DIGITAL DUAL -MODE DECODER DIGITAL DUAL -MODE DECODER 49.50MT LDPE GRADE HP2023JN NEW DAYLONG MOTORCYCLE DL125 CKD INDUSTRIAL RAW MATERIAL:FLAT ROLLED ALLOY STEEL BASE OIL PAYMENT FOR LOAN CAPITAL IMPORTATION AGRICULTURAL HERBICIDES SODIUM TRIPOLYPHOSPHATE TITANIUM DIOXIDE ADHESION PROMOTER (API-011) ROSIN ESTER IMPORT OF INDUSTRIAL MACHINES SPARE PARTS - CASTER WITH SCREW HEAD FOR MANUFACTURING RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL PURCHASE OF FINISHED MATCHETS OL-001 WHOLE GREEN OLIVE -360GR ZAYTOON CHOLINE CLORIDE SILICA ETHYL ACETATE GOVERNMENT OF GHANA SPECIAL COLLECTION BAJAJ RE 4S 19B.88CC AUTORICKSHAW IN CKD PACKED CONDITION PAYMENT FOR ELECTRICAL INSULATORSOF CERAMICS IMPORTATION OF 1400 TONS OF AZ MOLDA, PLASTER OF PARIS BRANCD L-LYSINE LICENSE AGRICULTURAL INSECTICIDES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL FOR IMPORTATION OF DISPOSABLE DIAPERS , DISPOSABLE BABY WIPES , AUTOMATIC VOLTAGE REGULATOR AND SOLAR PANEL PAYMENT FOR ELECTRICAL INSULATORSOF CERAMICS AGRICULTURAL HERBICIDES RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL MOTOCYCLE SPARE PARTS LC PAYMENT FOR 1350 BAGS OF DRIED SEA PRODUCTS FOR ANIMAL FEED KENSTAR AIRCONDITIONER TO PAY DOWN ON ECOBANK CONFIRMATION LINE USED FOR IMPORTATION OF 10,000MT OF AGO FOR TULCAN ENERGY RESOURCES LIMITED FOR IMPORTATION OF DISPOSABLE DIAPERS , DISPOSABLE BABY WIPES , AUTOMATIC VOLTAGE REGULATOR AND SOLAR PANEL TETRANOR TITANIUM DIOXIDE TR 52 NEW DAYLONG MOTORCYCLE DL125 CKD ARTIFICIAL RESINS KENSTAR REFRIGERATOR KENSTAR AIRCONDITIONERS FISH OIL MOTOCYCLE SPARE PARTS TVS HLX PLUS 100CC KS (AGD) Motorcycles In Ckd - Tvs Brand, Engine Type: 4 Stroke Petrol Version PAYMENT FOR MOTORCYCLE SPARE PARTS MISC INDUSTRIAL NITROCELLULOSE IPA WET LLDPE RESIN METALLOCENE - SMART 151S PURCHASE OF DRIED ANIMAL FEED PREMIUM PAYMENT PREMIUM PAYMENT PREMIUM PAYMENT PREMIUM PAYMENT SALE TO CBN SALE TO CBN EDUCATION EDUCATION EDUCATION EDUCATION EDUCATION SINGLE ACRYLIC YARN OIL FILTER FURNACE BURNER OIL FILTER FIRE EXTINGUISHER AUTO BRAKE LINING DEHUMIDIFIER DISCHARGE LAMPS FURNACE BURNER ROLLAR CHAIN ROLLAR CHAIN OIL FILTER SURGICAL EQUIPMENTS FOOTBALL SHINE FISHING NET (MODEL: 400MD) OIL FILTER ROLLAR CHAIN CABLES SUBMERSIBLE PUMP OIL FILTER PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT LOAN REPAYMENT DIVIDEND AND CAPITAL REPATRIATION DIGITAL DUAL -MODE DECODER RAW MATERIAL FOR MANUFACTURING HOT ROLLED STEEL NEW PASSENGER LIFTS RAW MATERIAL FOR MANUFACTURING:HOT ROLLED STEEL CHANNELS OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE OFFSHORE CHARGE EDUCATION EDUCATION WALLPAPER PTA PTA PTA PTA PTA PTA PTA PTA
DATE OF USD EXFUND CHANGE SALE RATE
AMOUNT
10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19
356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50
36,459.00 6,000.00 151,459.00 21,159.00 30,564.12 131,900.00 9,500.00 470,000.00 6,081.30 27,164.00 32,500.00 100,000.00 55,080.00 6,055.00 66,311.50 40,000.00 27,125.00 26,680.00 122,360.00 15,962.00 256,630.00 12,099.00 8,000.00 24,440.00 30,000.00 20,000.00 31,300.00 117,534.00 6,028.00 82,280.00 38,000.00 58,277.04 79,500.00 4,000.00 500,000.00
10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19
356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 356.50 357.00 357.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 360.35 356.47 361.40 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 360.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50
71,308.00 41,600.00 65,000.00 134,400.00 30,000.00 44,500.00 135,747.60 38,123.20 29,561.10 176,524.83 61,173.63 50,106.75 35,355.59 27,038.15 18,071.41 10,295.95 4,018.23 476.07 600,000.00 797,459.88 680.00 2,170.00 7,357.35 6,720.41 6,617.09 10,000.00 20,000.00 20,000.00 20,000.00 10,000.00 10,000.00 11,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 452.68 2,363.40 3,945.57 3,282.50 1,313.00 500.00 500.00 4,000.00 4,000.00 4,000.00 1,966.95 106,389.76 851,118.10 1,063,897.63 425,559.05 690,500.43 425,559.05 425,559.05 690,500.43 959,990.39 251,345.81 703,263.06 1,595,846.44 251,399.01 1,172,769.91 1,450,837.19 851,118.10 15,000,000.00 150,000.00 831.58 157.05 621.18 1,488.10 357.25 1,883.98 5,414.94 245.50 77.64 98.50 10.38 169.59 785.43 3,342.79 824.87 100.00 1,599.00 896.87 744.95 6.25 99.36 99.58 579.92 4,234.90 70.26 173.02 676.15 15.76 322.65 101.29 130.57 30.70 64.03 271.50 788.84 264.83 42.12 61.29 3,836.14 3,950.00 20,000.00 4,000.00 1,900.00 3,995.17 433.69 1,000.00 4,000.00 3,300.00 500.00
43
T H I S D AY ˾ ͯͳ˜ Ͱͮͯͷ
RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 12th-APRIL 2019 This publication: Mandated by the Central Bank of Nigeria (CBN) BANK: ECOBANK NIGERIA LIMITED SN CUSTOMER 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382
ITEM OF IMPORT
DATE OF USD EXFUND CHANGE SALE RATE
SHITTA STELLA BOLANLE PTA WILLIAMS ADEJOKE FAUSAT PTA UDE ELOCHI AGATHA PTA HASSAN FRIDDAUSI FOLASHAYO PTA ASHEBU DAVID ABIOLA PTA ADEKOYA OLUBUNMI OLUBUKONLA PTA JACKSON-GOYEA MORENIKEJI OSULOLA PTA NOTORE CHEMICAL INDUSTRIES LTD 2 UREA FORMALDEHYDE CONCENTRATE - UFC-85 BASE FLUID EXCHANGES LTD BASE OIL EAGLE INDUSTRIES INTL CONCEPT LIMI INSTANT FAT FILLED MILK POWDER 28% FORTE 25KG EAGLE INDUSTRIES INTL CONCEPT LIMI INSTANT FAT FILLED MILK POWDER 28% - FORTO 25KG EAGLE INDUSTRIES INTL CONCEPT LIMI FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG EAGLE INDUSTRIES INTL CONCEPT LIMI INSTANT FAT FILLED MILK POWDER 28%-FORTO 25KG EAGLE INDUSTRIES INTL CONCEPT LIMI FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG 25KG BAG DAG INDUSTRIES NIGERIA LTD BAJAJ BOXER - BM100CC MOTORCYCLE IN CKD PACKED CONDITION EAGLE INDUSTRIES INTL CONCEPT LIMI FULL CREAM MILK POWDER GAS FLUSHED 28.1% INS/VIT KG EAGLE INDUSTRIES INTL CONCEPT LIMI INSTANT FAT FILLED MILK POWDER 28%-FORTO OGBEMUDIA FRANK ODIANOSEN PTA OGUTA FLORENCE EBUN PTA OLUSOLA BOLA MARYAM. PTA RAMALAN RABIU RILWANU PTA SHAGARI SAUDATU SHEHU PTA OFILI AKU VIVIAN ELILEOJOR ASABE PTA AGORO SHAKIRAT OLUWAKEMI PTA AKUIYIBO SELEMA MARGARET PTA EMAKPOR EDAFE PTA ABIOLA SIDIKATU PTA OKONWANJI OKECHUKWU PHILIP PTA OKONWANJI ADAEZE TOBECHUKWU PTA OGUNYE TEMITOPE OLAJUMOKE PTA ZAHRADDEEN BASIRU SANUSI PTA JO-MADUGU WEYINMI FIDELIA PTA REGHA ANTHONY ENA PTA EMEBO TOCHUKWU HUMPHRY PTA OKE SEGUN DAVID PTA CYPRIAN ONYEISI UKAH-OFUASIA EDUCATION EMMANUEL OKON NSA EDUCATION KOLAWOLE VINCENT OLADAPO EDUCATION OLOWO SUNKANMI ISREAL EDUCATION IFESINACHUKWU SUNNY AJULU (MR) EDUCATION OSADEBE NGOZI JULIE EDUCATION EVERGREEN DUTY FREE LIMITED WATER PUMP GRANITO STONE GLOBAL CONCEPTS SAFETY DOOR AND CERAMIC WATER CLOSET VINCENT JACKSON RESOURCES LIMITED STEEL DOORS TWC VENTURES ARGENTINE POP CORN NAD GODIKE INVESTMENT LIMITED BICYCLE SPARE PARTS BUT ONE DAY LIMITED UNCOATED KRAFT PAPER AND BOARD IWUJI CHIN CHARLES GLOBAL HAMMER UBASAM ASSOCIATES HAND TOOLS(HAMMER) SIR LITTLE JONNY INTERNATIONAL (NIGERIA) LIMITED FOOTBALL SHINE BON AND BON HOMES LTD WATER CLOSET MUSA MERCANTILE LIMITED SHOCK ABSORBER & DRILL MACHINE NGOBROS AND COMPANY NIGERIA LIMITED CLUTCH FIBER AND OIL SEAL MUSA MERCANTILE LIMITED TOOLS(DRILL MACHINE) EZEBUBE AND SONS MULTI SERVICES NI WATER CLOSET ONE BODY LTD SEWING MACHINE NEEDLE BIG APPLE PHARMACEUTICAL LTD WALLPAPER 50-50 GLOBAL RESOURCES UNCOATED KRAFT PAPER AND BOARD C U EMMAGOLD ENTERPRISES UNCOATED KRAFT PAPER AND BOARD GIVE AND TAKE SUPERMARKET LIMITED WATER PUMP MULTI RHYTHMS NIGERIA LIMITED SAFETY(STEEL) DOORS & CERAMIC WATER CLOSET LIMARP BUILDING MATERIAL LIMITED CURTAIN HANGING ACCESSORIES IFY CHEF GLOBAL LIMITED UNCOATED KRAFT PAPER AND BOARD ST MODEL GLOBAL RESOURCES LIMITED WATER PUMP JOHN CHIAMAKA NIG ENTERPRISES UMBRELLA E.MUCH-MORE INTERNATIONAL LIMITED WATER PUMP BLESSED OKWINCO NIGERIA LIMITED HAMMER
11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19
358.50 358.50 358.50 358.50 358.50 358.50 358.50 357.00 357.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 341.00 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50 358.50
AMOUNT 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 3,995.17 2,000.00 91,664.51 26,000.00 351,750.00 12,000.00 36,000.00 21,500.00 36,000.00 72,905.00 1,499.50 29,500.00 1,699.80 3,986.35 1,311.30 1,311.30 1,311.30 4,000.00 1,000.00 1,500.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 2,500.00 500.00 700.00 925.00 3,625.00 2,573.95 412.39 5,928.34 1,400.00 20,000.00 20,000.00 20,000.00 7,000.00 20,000.00 20,000.00 20,000.00 10,000.00 20,000.00 20,000.00 17,480.00 20,000.00 2,520.00 20,000.00 20,000.00 15,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
RETURNS ON UTILIZATION OF FUNDS SOLD (CNY) TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 12TH-APRIL 2019 SN CUSTOMER 383
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
ITEM OF IMPORT
DATE OF CNY EXCH- AMOUNT FUND SALE ANGE RATE
SEASONS TRADING SERVICES LIMITED IMPORTATION OF NEW PORTABLE GASOLINE GENERATOR
8-Apr-19
RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 12TH-APRIL 2019
SOURCE CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION CBN INTERVENTION IMTO IMTO DOMICILIARY ACCOUNTS INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS DOMICILIARY ACCOUNTS IMTO DOMICILIARY ACCOUNTS IMTO OTHERS DOMICILIARY ACCOUNTS OTHERS OTHERS OTHERS OTHERS DOMICILIARY ACCOUNTS OTHERS CBN INTERVENTION CBN INTERVENTION DOMICILIARY ACCOUNTS OTHERS OTHERS IMTO IMTO OTHERS OTHERS OTHERS OTHERS OTHERS CBN INTERVENTION CBN INTERVENTION INTERBANK OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS DOMICILIARY ACCOUNTS IMTO OTHERS OTHERS OTHERS INTERBANK IMTO INTERBANK CAPITAL IMPRT/FDI IMTO DOMICILIARY ACCOUNTS EXPORT PROCEEDS IMTO DOMICILIARY ACCOUNTS IMTO IMTO IMTO CAPITAL IMPRT/FDI OTHERS
DATE OF FUND PURCHASE 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 8-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 9-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 10-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 11-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19 12-Apr-19
USD EXCHANGE RATE 330.00 332.90 331.00 340.00 338.00 339.44 340.57 342.30 355.00 355.00 350.00 307.00 354.94 355.01 355.00 354.99 355.00 355.00 355.00 330.00 356.00 356.00 359.00 355.00 356.00 354.98 355.00 356.00 355.00 355.00 355.00 355.00 359.00 345.00 357.00 357.00 356.00 360.48 366.03 355.00 354.99 356.00 356.00 356.00 356.00 356.00 356.00 356.00 360.30 354.97 355.01 355.00 354.99 355.00 355.00 355.00 356.00 354.99 355.00 355.00 355.00 360.40 355.00 364.50 315.00 355.00 356.00 359.00 355.00 356.00 355.00 355.00 355.00 340.00 310.00
TOTAL AMOUNT AVERAGE AMOUNT
SN 76
RETURNS ON SOURCES OF FUNDS PURCHASED FROM CUSTOMERS FOR THE WEEK ENDED FRIDAY 12TH-APRIL 2019 SOURCE DATE OF FUND PURCHASE CNY EXCHANGE RATE CBN INTERVENTION 8-Apr-19 50.50 TOTAL AMOUNT AVERAGE AMOUNT
51.00 675,000.00
AMOUNT 1,000.00 275,000.00 547,000.00 839,000.00 850,000.00 1,589,000.00 1,621,000.00 4,551,000.00 18,633.11 26,790.22 150,000.00 20,000.00 16.69 110.73 215.62 224.19 255.57 368.89 9,451.81 10,303.03 13,369.21 18,939.72 20,000.00 21,302.29 29,775.28 30,559.95 33,752.02 50,000.00 51,978.28 55,082.16 62,135.05 89,362.70 90,000.00 732,236.00 1,000,000.00 1,500,000.00 2.65 3,324.42 8,944.55 32,297.91 34,547.42 92,511.94 140,110.70 140,538.64 179,114.85 527,501.69 5,000,000.00 5,000,000.00 11,915,653.41 9.17 100.53 258.06 315.79 352.94 5,175.78 19,665.63 25,664.45 46,201.91 65,495.57 90,187.51 91,562.93 150,000.00 189,762.27 2,500,000.00 15,000,000.00 2,173.12 15,000.00 20,000.00 27,377.75 102,664.51 123,218.13 124,719.67 192,751.07 561,154.50 16,129.03 56,752,351.02 756,698.01
AMOUNT 675,000.00 675,000.00 675,000.00
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T H I S D AY Ëž MONDAY APRIL 15, 2019
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Project Management Unit
Project Management Unit
NIGERIA ELECTRIFICATION PROJECT (NEP)
NIGERIA ELECTRIFICATION PROJECT (NEP)
SPECIFIC PROCUREMENT NOTICE INVITATION FOR INITIAL SELECTION
SOLAR HOME SYSTEMS OUTPUT BASED FUND (OBF) PROGRAM
Nigeria Electrification Project: Development of Solar Hybrid Mini Grids for Rural Economic Development -Minimum Subsidy Tender (Phase 1 - 4 lots) Employer: Project: Contract Title:
Credit No.: ISD No:
Rural Electrification Agency Nigeria Electrification Project Development of Solar Hybrid Mini Grids for Rural Economic Development - Minimum Subsidy Tender (Phase 1 - 4 lots) Country: Nigeria 62910 REA-NEP-SHM1 A-D
1. The Rural Electrification Agency (REA) has applied for financing from the World Bank towards the cost of the Nigeria Electrification Project (NEP) and intends to apply part of the proceeds towards payments under the Contract for Solar Hybrid Mini Grids for Rural Economic Development (Minimum Subsidy). The REA intends to initially select Applicants for Solar Hybrid Mini Grids for Rural 2. Economic Development (Minimum Subsidy). This component of the NEP will support the development of privately financed and operated mini grids in rural areas with high economic growth potential. The Request for Proposals (RFP) will be for a pilot tender to build, own, and operate solar hybrid mini grids in 57 sites, packaged into four lots in the Niger, Sokoto, Ogun, and Cross River states. At the RFP stage, Proposers will be evaluated on the basis of quality (technical proposal) and price (minimum subsidy required). The REA-NEP will provide the subsidies requested by the successful Proposers to ensure a viable implementation of the mini grids. It is expected that the Request for Proposals will be issued in July 2019. 3. Initial Selection will be conducted through the procedures as specified in the World Bank's Procurement Regulations for IPF Borrowers dated July 2016 and revised November 2017 and August 2018, as available on http://pubdocs.worldbank.org/en/178331533065871195/Procurement-Regulations.pdf, and is open to all eligible Applicants as defined in the Procurement Regulations. 4. Interested eligible Applicants may obtain further information from the REA at the address below during office hours 08:00 to 17:00 hours (WAT). A complete set of Initial Selection documents in English may be obtained for free, either on the REA's website indicated below, or through a written request to the REA by email or at the regular mail address below. In addition, the Initial Selection Document may be sent to the interested Applicant by regular mail upon additional payment of Twelve Thousand Naira (NGN12,000.00) for places within Nigeria, Thirty Thousand Naira (NGN30,000.00) for places in Europe and West Africa, and Fifty Thousand Naira (NGN50,000.00) for all other countries to cover the cost of delivery. Payment can be made via www.remita.net by generating Remita Retrieval Reference (RRR) in favor of Rural Electrification Agency - Nigeria Electrification Project. 5. The REA intends to issue the invitation for Initial Selection on April 12th, 2019. Applications for Initial Selection should be in hard copy in clearly marked envelopes and delivered to the address below by 12:00 noon (WAT) on June 3rd, 2019. Late applications will be rejected.
Rural Electrification Agency (REA), Attn: Esther Adejoke Odumosu Head, PMU - NEP, No. 22 Freetown Street, Wuse II, 900288, Abuja Nigeria. Tel: +234 803 499 5157 Tel: +234 817 217 2915 E-mail: nep@rea.gov.ng Website: www.rea.gov.ng Initial Selection web page: http://rea.gov.ng/mini-grid-tender/
Employer: Project: Component: Country: Credit No.: Ref No: Issued on:
Rural Electrification Agency Nigeria Electrification Project Solar Home Systems (Output-based Fund Program) Nigeria 62910 REA - NEP - SHS2 April 15, 2019
1. The Rural Electrification Agency (REA) has applied for financing from the World Bank towards the cost of the Nigeria Electrification Project (NEP) and intends to apply part of the proceeds towards payments under the Solar Home Systems - Output Based Fund (OBF) Program. 2. The REA intents to provide OBF to mini grid developers on a rolling basis. The OBF will be granted based on an average of 20% of system cost for each qualified system installed and independently verified. Grant applications will be considered on a first-come, first-served basis. 3. The application consists of a prequalification application for the solar home system provider firm and product qualification based on a valid Lighting Global certification or passing a technical quality verification checklist. The REA will use this program application to evaluate whether the applicant and product is eligible and qualified to enter the program. 4. All applications will be submitted on a web-based platform. To access the platform, interested applicants must register on the following website to obtain a login: http://rea.gov.ng/rea-nep-shsprogram-registration/ 5. The REA intends to open the qualification stage of the SHS Output-based Fund Program on April 15th, 2019. 6. Interested Applicants may obtain further information from the REA at the address below during office hours, from 08:00 to 17:00. Rural Electrification Agency (REA), Attn: Esther Adejoke Odumosu Head, PMU - NEP, No. 22 Freetown Street, Wuse II, 900288, Abuja Nigeria. Tel: +234 803 499 5157 Tel: +234 817 217 2915 E-mail: nep@rea.gov.ng Website: www.rea.gov.ng
Signed Management
Signed: Management
ENERGY - EMPOWERMENT - EFFICIENCY
ENERGY - EMPOWERMENT - EFFICIENCY
T H I S D AY Ëž ÍŻÍłËœ Ͱ͎ͯ͡
Project Management Unit NIGERIA ELECTRIFICATION PROJECT (NEP)
DEVELOPMENT OF SOLAR HYBRID MINI GRIDS FOR RURAL ECONOMIC DEVELOPMENTPERFORMANCE BASED GRANT PROGRAM Employer: Project: Component:
Country: Credit No.: PBG No: Issued on:
Rural Electrification Agency Nigeria Electrification Project Development of Solar Hybrid Mini Grids for Rural Economic Development (Performance-Based Grant Program) Nigeria 62910 REA - NEP - SHM2 April 15, 2019.
1. The Rural Electrification Agency (REA) has applied for financing from the World Bank towards the cost of the Nigeria Electrification Project (NEP) and intends to apply part of the proceeds towards payments under the PerformanceBased Grant (PBG) Program for Solar Hybrid Mini Grids for Rural Economic Development. The REA intents to provide PBGs to mini grid developers on a rolling basis. The 2. PBGs will be granted based on the number of customer connections. The amount of the grant is fixed at USD350/connection. Grant applications will be considered on a first-come, first-served basis. 3. The application consists of a two-stage process: first is a qualification stage, and second is a site-specific technical application stage. At the qualification stage, interested Applicants will be required to submit a program application which includes a corporate business plan. The REA will use this program application to evaluate whether the applicant is eligible and qualified to enter the program. Qualified applicants will then be invited to submit a site-specific technical application. 4. All applications will be submitted on a web-based platform. To access the platform, interested applicants must register on the following website to obtain a login: http://rea.gov.ng/rea-nep-performance-based-grant-programregistration/. 5. The REA intends to open the qualification stage of the performance-based grant program on April 15th, 2019. It is expected that the site-specific technical application stage will open in July, 2019. 6. Interested Applicants may obtain further information from the REA at the address below during office hours, from 08:00 to 17:00 hours (WAT). Rural Electrification Agency (REA), Attn: Esther Adejoke Odumosu Head, PMU - NEP, No. 22 Freetown Street, Wuse II, 900288, Abuja Nigeria. Tel: +234 803 499 5157 Tel: +234 817 217 2915 E-mail: nep@rea.gov.ng Website: www.rea.gov.ng
Signed Management ENERGY - EMPOWERMENT - EFFICIENCY
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MONDAY APRIL 15, 2019 ˾ T H I S D AY
NEWSEXTRA
Kachikwu Acknowledges Falana’s Letter, Silent on Lawyer’s Query over $60bn Oil Revenue Loss Davidson Iriekpen The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has acknowledged the request by human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, for the details of the loss of about $60 billion oil revenue due to Nigeria. Falana had made the request on the strength of the Freedom of Information Act, 2011 through his letter dated April 10, 2019 and received by Kachikwu’s office on April 11. He threatened to sue the minister if his demand was not met within seven days of receiving his letter as prescribed by the FoI Act. In an April 11, 2019 reply, the minister, through his Chief of Staff, Ms. Oge Modie, acknowledged Falana’s letter but neither supplied the requested information nor promised to do so in future. The terse letter with reference number MPR/COS/042/ VOL.1/795, and signed by Modie, reads, “On behalf of the Honourable Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kackikwu, this is to acknowledge receipt of your letter dated April
10, 2019 and received on April 11, 2019 on the above subject matter.” Falana had explained in his letter to the minister that the huge loss of oil revenue was caused by the refusal of some public officials to implement the terms of the Production Sharing Contracts between the federal government and the international oil companies. He said he had, through a letter dated November 5, 2015, brought the issue to the attention of Kachikwu when he was the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). According to Falana, a public statement credited to Kachikwu sometime in August 2017, attributed the loss of not less than $60 bIllion oil revenue to the inaction of the relevant public officers in charge of implementation of the terms of the PSCs. Falana also recalled in the letter that “another public statement made on January 19, 2019 by the Acting Chairman of the Revenue, Mobilisation, Allocation and Fiscal Commission, Mr. Shetima Bana, confirmed the loss of oil revenue of $60 billion arising from the non-implementation of the said
Insecurity: SERAP Asks Buhari, Govs to Disclose Spending of SecurityVotes A civil society organisation, Socio-Economic Rights and Accountability Project (SERAP), has sent Freedom of Information requests to President Muhammadu Buhari and the governors of the 36 states of the federation, requesting them to provide information on specific details of spending of appropriated public funds as security votes between 2011 and 2019. In the separate requests sent to Buhari and the governors, SERAP said given the current security situation in the country, it was important for it to determine if public funds meant to provide security and ensure respect and protection of the rights to life, physical integrity, and liberty of Nigerians have been spent for the purpose. The organisation limited its request to details of visible, specific security measures and projects executed and do not include spending on intelligence operations. In the FOI requests dated April 12, 2019 and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said: “’Section 14(2)(b) of the 1999 Nigerian Constitution (as amended) provides that the security and welfare of the people shall be the primary purpose of government. It is the security of the citizens that is intended and not the security of select individuals in public office. SERAP believes that transparency and accountability in the spending of security votes are critically important to fully implement this responsibility imposed on both the federal and state governments.” It said: “We are concerned that rather than serving the citizens, the appropriation of
public funds as security votes over the years would seem to serve high-ranking government officials at all levels—federal and states. We are also concerned that the practice of security votes entrusts discretionary powers to spend huge public funds on certain elected public officials who may not have any idea of operational issues on security matters.” The requests read in part: “SERAP urges you to openup on the matter and provide information and documents as requested. This will be one step in the right direction. Unless the information is urgently provided, Nigerians would continue to see the appropriation of public funds as security votes and the institutionalisation of this cash in ‘Ghana Must Go bags’ practice as a tool for self-enrichment. “We would be grateful if the requested information is provided to us within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, the Registered Trustees of SERAP shall take all appropriate legal action under the Freedom of Information Act to compel you to comply with our request. “The most general purpose of state power is to provide security for citizens and other residents and to enable them lead a life that is meaningful to them. However, the growing level of insecurity, violence, kidnappings and killings in Zamfara State and other parts of Nigeria suggest that successive governments—at both federal and state levels—have been unwilling or unable to satisfactorily implement this fundamental constitutional commitment.
production sharing contracts.” He stated, “In view of the foregoing, I am compelled to request you to furnish me with information on the revenue of $60 billion which the federal government has refused to collect from the International Oil Companies (IOCs) as at August
2017. “As this request is made pursuant to the provision of the Freedom of Information Act, you are required to supply the requested information not later than seven days from the date of the receipt of this letter. “Take notice that if you fail or
refuse to accede to my request, I shall be compelled to apply to the Federal High Court to direct you to avail me with the information on the loss of the oil revenue of $60 billion.” In an e-mail sent to journalists and in which copies of his
correspondences with Kachikwu were attached, Falana wrote, “Instead of collecting the huge fund, the federal government is determined to pile up more loans and impose additional taxes on the Nigerian people.”
HIS EXCELLENCY AT WORK…
Ekiti State Governor, Dr. Kayode Fayemi (second left), on an inspection tour of construction work at the newly-flagged off new Ado-Iyin road…recently
FG Calls for Appropriate Structure to Tackle Drug Issues in West Africa Alex Enumah in Abuja The federal government has called for the establishment of an appropriate structure that would help tackle the issue of illicit drug in West Africa. The leadership of the Economic Community of West African States (ECOWAS) - as part of its Drug Action Plan for 20162020, had recommended for the establishment of an appropriate structure that would be under the direct supervision of the President of the ECOWAS Commission. Speaking at the 12th Ministerial Meeting of the Inter-Ministerial Drug Coordinating Committee of ECOWAS Member States and Mauritania, which held in
Abuja, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), called for the immediate implementation of the recommendation so as to tackle emerging drug threats in West Africa. “The recommendation made in the Political Declaration to establish an appropriate structure under the direct supervision of the President of the ECOWAS Commission, is yet to be fully implemented. This should be noted for immediate implementation to check the emerging drug threats in the region”, he stated. Represented by the Special Assistant to the President on Narcotics, Drugs and Psychotropic Substance, Ministry of Justice,
Ahmadu Giade, the minister said that drug trafficking fuelled other organised crimes such as money laundering, terrorist financing, violence among others. According to him, only through concerted efforts at all levels would the region be able to defeat the menace, disclosing that the government of Nigeria had already put measures in place to deal with the drug situation in the country. “The human resource capacity of the National Drug Law Enforcement Agency has been strengthened to be able to address drug abuse, illicit drug trafficking and related crimes. “To further demonstrate the President’s resolve to deal with the drug menace, the President has inuagurated the Presidential
Advisory Committee on Elimination of Drug Abuse in Nigeria, (PACEDA) on December 10, 2018”, he said. The President of the ECOWAS Commission, Jean-Claude Brou, said the meeting was an opportunity to take stock of achievements made, challenges being faced and additional efforts required to address the issue of drug abuse in the region. Brou, who was represented by the ECOWAS Commissioner for Social Affairs and Gender, Dr Siga Jagne, expressed confidence that the outcome of the meeting will serve as an impetus to redoubling efforts at the national, regional and international levels.
Fund Education to Check Rising Insecurity, ASUU Tells FG Kemi Olaitan in Ibadan The Academic Staff Union of Universities (ASUU), yesterday laid the blame for the rising insecurity in the country on government’s failure to fund education and educate children of the masses. The union also said the allocation to education in the 2019 budget which is yet to be passed by the National Assembly is about the worst in recent past. The Chairman, ASUU University of Ibadan chapter, Prof. Deji Omole, in a release made available to ThisDay, said the future of the country looks bleak with the attitude of her leaders to fund education, notice that the ruling class should
see the rising insecurity as one of the consequences of failing to educate the teeming youths and attending to the welfare of the people. He called on the Federal Government to pay the N25billion Earned Academic Allowances it agreed to pay before the union suspended its strike in February, 2019, disclosing that while government has released N20billion revitalization fund to the universities, no university has received the N25billion Earned Academic Allowances that government claimed it has released. According to him, the union expects the government to strictly follow the timelines allocated to meeting specific demands now
that elections are over, insisting that while the union is discussing renegotiation of its agreements with government, it should do the needful and implement all outstanding components of the Memorandum signed with the union. He said, “The N20billion for revatilisation has been sent to the universities. The issue of renegotiation has started. The issue of the payment of Earned Academic Allowances has not been done months after suspending the strike. Government claimed it has released the money but it has not reached the university so that is why we are saying that in terms of the timelines, we can say we have not followed the MOA religiously. But in a country where everything has
to stop for elections, we assume government will do the needful and put issues in the MOA behind us by fully implementing it now that elections are over. “We are not happy about 2019 budget to education. They presented this budget while we were on strike. We had assumed that a government that promised change will increase the budgetary allocation to education while the university staffs are on strike. However, we realized that the budget was further cut down in terms of percentage allocated to education. This is about the worst in recent past. You can know that when you have such an attitude from people in Government who feel that they can achieve much without education, the future of that country is bleak.”
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Emir of Kano Seeks Improvement in Agriculture to Tackle Unemployment Segun Awofadeji in Bauchi The Emir of Kano, Alhaji Sanusi Lamido Sanusi II, has suggest the improvement of the agricultural sector as remedy towards addressing the rate of unemployment and other challenges facing the country. The Emir suggested this at the weekend during a pre-Ramadan lecture with the Topic: ‘Evidence Based Solutions to the Nigerian
Economy: The Islamic Perspective’ organised by the Bauchi State chapter of the Association of Muslim Professionals held at the Abubakar Tafawa Balewa University, Bauchi. Sanusi remarked that before the recovery of oil, the Nigerian economy was driven by agriculture, and insisted that the revival of the sector would work if experts are engaged. The Emir of Kano, who was
represented by Sarkin Shanun Kano, said the effort of the present administration to support the Agricultural sector, had motivated many Nigerians to engage in farming activities. In a key note address, the state Governor, Muhammad Abdullahi Abubukar, represented by the State Commissioner for Religious
Affairs and Community Relations, Alhaji Ado Sarkin Aska, urged the association to seek partnership with the state government for effective propagation of its activities. Guest Speakers at the public lecture, Dr. Naziru Sulaiman of ATBU Bauchi and Dr. Abdulmajid Jamal Abubakar, of ATAP Bauchi,
identified corruption as one of the challenges affecting the growth and development of the nation’s economy and suggested a review of the country’s economic policy. They also identified insecurity, lack of enabling environment and economic corruption as some of the problems affecting the economy, saying that lower human
capital, is among the impact of corruption on an economy. In a welcome address, the National President, Association of Muslim Professionals, Professor Suleiman Bala Dalhat, recalled that the Association was established to promote the practice of Islam through the use of the knowledge of its members.
Nigeria Spends $1bn Annually on Fish Importation Benjamin Nworie in Abakaliki The Director of Nigerian Institute for Oceanography and Marine Research Lagos, Dr. Adekunle Oresegun, has disclosed that Nigeria spends about $1 billion annually on the importation of fish. He stated this in Abakaliki during a four-day vocational training and empowerment on aquaculture production and fish post harvest for youths and women from Ohaozara/Onicha/ Ivo Federal constituency in Ebonyi State. Oresegun said the 40 participants drawn from the area were part of the constituency project of the House of Representatives Committee chairman of Agricultural Colleges and Institution, Hon. Linus Okorie. The director noted that Nigeria has great potentials for fish production, which if harnessed properly, would save the country about $1billion expended on fish importation. He said: “The truth of the matter is that Nigeria spends about one billion dollars annually on importation of fish. Because of our fish production deficiency in Nigeria, we want to increase
the number of people who have the knowledge and skills to farm fish. The intention of this vocational training is to increase fish production. “There are two ways to approach it: to increase production by increasing the number of people into fish production; to genetically modify the fish for productivity. “The metric tons of fish production in Nigeria are below the demand and consumption of fish and so we are still at the infancy in popularising fish production”. Oresegun further called on the Federal government to create enabling environment that will make fish production popular in Nigeria. Okorie represented by his Senior Legislative Aide, Wilson Okereke noted that the training was part of the measures of the lawmaker to engage some youths of the constituency into meaningful businesses. He admonished the participants to utilise the opportunity and engage in fish production to become self- reliant stressing that incentives would be provided for the participants for the production of fish.
APC Middle Belt Group Backs Wase’s Speakership Bid Segun James The campaign by Hon. Ahmed Idris Wase, to become the Speaker of the House of Representatives, has thickened as the All Progressives Congress (APC) Middle Belt caucus has rallied behind him. The caucus known as APC Patriots, said that by experience, charisma and wisdom, no one is more qualified to be the Speaker than Wase. Leader of the group, Hon. Ignatius Mutumutu, in a statement said, Wase, representing Wase federal constituency, Plateau State, is eminently qualified to lead the House of Representatives as its Speaker. “Hon. Ahmed Idris Wase is currently the Deputy House Leader and an experienced legislator. He is a party man and this is the fourth time he is representing his constituency. “In terms of exposure to public service, Wase is a civil engineer, a public servant, alumni of Harvard School of Governance and he is a good governance advocate and grassroots development champion,” Mutumutu said. He said the APC Patriots are
solidly behind Wase’s candidacy because the group believes he would efficiently and effectively coordinate the affairs of the House. “Wase is an advocate of good education and an activist. He is a member of the Governing Board, National Institute of Legislative and Democratic Studies, Regional Representative for West Africa, Commonwealth Parliamentary Association. “He was part of Nigeria’s delegation to 2016 UN General Assembly in New York. He is also member, National Executive Committee of the ruling party, APC. He is also the Chairman, House Committee on Federal Character, which is the most active committee in the House of Representatives that recorded over 300 sessions with the Miniseries, Departments and Agencies (MDAs) in the 7th and 8th Assembly, so there is no doubt about Wase’ experience and his ability to handle the job,” he said. Mutumutu said Wase is very popular among his colleagues because he is accessible, amiable, humble and a generous man who is always willing to listen and assist to the best of his ability.
A NEW DEAL SIGNED AND DELIVERED…
L-R: Executive Director, Sahara Group, Temitope Shonubi; President Salva Kiir Mayardit of South Sudan; and Minister of Petroleum, Ezekiel Lol Gathkuoth, after the signing of the $600 million facility provided by Sahara Energy Resources DMCC, Dubai, to support ongoing peace process and infrastructure development in Sudan…recently
Supreme Court Receives Zamfara APC’s Records of Appeal Alex Enumah in Abuja The records of the appeal filed by the Governor-elect of Zamfara State, Alhaji Mukhtar Shehu and 37 others against the judgment of the Court of Appeal, Sokoto Division, has been transmitted to the Supreme Court. The appellate court had about three weeks ago ruled that there were irregularities in the conduct of the All Progressives Congress (APC) primary in the state. The Supreme Court though was said to have received the
records of appeal last Thursday, April 11, THISDAY gathered from the registry of the court that no date has been fixed for the hearing of the appeal. An official at the registry explained that parties in the suit are expected to file, serve and exchange briefs before a date can be fixed for the hearing of the matter. The case has also led to the non- issuance of Certificates of Return to the governor-elect, and other members of the State House of Assembly.
The Independent National Electoral Commission (INEC), withheld the Certificate of Returns of APC elected candidates in the state, after the elections. However, because of the urgency of the matter, the source revealed that the court may likely abridge the stipulated timeframe. The governor-elect recently wrote to INEC Chairman, Prof. Mahmud Yakubu, drawing his attention to the notice of appeal filed at the Supreme Court. In a letter dated April 2,
Idris, had through his counsel, Mahmud Magaji (SAN), said the purported judgment of the Court of Appeal, has no positive or direct order. He argued that assuming there was even a court order arising from the said judgment, they still have 21 days to appeal, thus putting into abeyance the said judgment until after the 21days elapsed. He maintained that in the case at hand, the party still have 21days existing side-by-side with their constitutional right of appeal.
Nkwonta Asks Tribunal to Sack Abaribe as Senator Davidson Iriekpen The All Progressives Grand Alliance (APGA) senatorial candidate for Abia South senatorial district in the just concluded elections, Mr. Chris Nkwonta, has asked the National and State House of Assembly Election Tribunal sitting in Umuahia to nullify the election of Senator Enyinnaya Abaribe of the Peoples Democratic Party (PDP). The Independent National Electoral Commission (INEC) had declared Abaribe winner of the senatorial election, saying that he scored 53,086 votes to defeat Nkwonta with 27,998. But in a petition which has INEC, Abaribe and PDP as 1st to 3rd respondents respectively, Nkwonta stated that the electoral umpire declared the senator elected in spite of the fact that the scores contained in the results declared did not represent a correct
account of the actual votes polled by the candidates as shown by the polling units results for the election. He added that there were discrepancies evident in the face of the result in the polling units and wards which showed widespread irregularities in favour of Abaribe and his party and manifest non-compliance with the provisions of the Electoral Act, 2010 (as amended) and the manual for election officials, as well as the Regulations and Guidelines issued by INEC for the conduct of the elections. The petitioner contended that the election and return of 2nd respondent was invalid by reason of substantial non-compliance with the provisions of the Electoral Act 2010 (as amended), adding that his election and return were invalid by reason of corrupt practices; He also submitted that the 2nd respondent was not duly elected
by majority of lawful votes cast at the election. The APGA candidate averred that in the approved guidelines and regulations for the conduct of 2019 elections issued by INEC, it was stated that the accreditation process shall comprise of the Smart Card Reader (SCR) reading the Permanent Voter Cards (PVCs) and thereafter authenticating the voters’ fingerprints. He stated further that where fingerprints are not authenticated by the SCR, the voter shall thumb print the register and provide his or her telephone in the appropriate box in the register. He said despite INEC’s directive, accreditation and voting at the election were done in most polling units without the use of the card readers in total violation of the manual and guidelines. Nkwonta argued that the return of the PDP candidate as senator for Abia South pursuant to the
election of February 23 and March 9, 2019 was void due to the substantial non-compliance with the provisions of the Electoral Act 2010 (as amended) and which noncompliance substantially affected the result of the election. He concluded that the 1st respondent was not duly elected by majority of lawful votes cast and did not satisfy the mandatory constitutional threshold and spread across the local government areas of the state. He also added that the election and return of the 2nd respondent as senator of Abia South senatorial district was invalid by reason of corrupt practices and should be nullified. The petitioner said he won majority of the lawful votes cast during the election and supplementary election, and should be duly declared elected as senator.
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Stakeholders Seek Genuine Reconciliation in Kogi APC Regina Ogwuche Worried by the dwindling political fortune of the ruling All Progressives Congress (APC) in Kogi State, some stakeholders have urged the party’s national leadership to address the drift and reposition the party for future polls. The stakeholders, under the auspices of Kogi Rescue Group, made the call on the heels of last week’s announcement by the Independence National Electoral Commission (INEC) of November 2 date for the governorship election in the state. In a statement issued yesterday by Alhaji Yusuf Mohammed Idah, they cautioned against using the results of the recently conducted general election to rate the APC in the state, adding that only the presidential election, which was won by President Muhammadu Buhari, truly reflected the ruling party’s status in the state. “The question is what the status of APC in Kogi State today? During the general election, it won seven House of Representatives out of
nine in the state. “It lost Kogi West senatorial seat and two seats of the House of Representatives, while the ADC and the PDP won the two seats in the House of Representatives in Yagba East/Yagba West/Mopa Amuro and Kabba Bunu/Ijumu Federal constituencies. APC, however, won in Lokoja/Koto Fedral Constitueny. President Muhammadu Buhari also won the presidential election in the state. “In the state House of Assembly election, the APC won all the 25 seats available. The state House of Assembly elections were allegedly marred by serious violence and there were guns everywhere. Fake soldiers in SARS uniform were used by thugs to intimidate voters. “Money was also allegedly used to buy the unwilling voters. We are sure if the elections were free and fair, the results would have been different from what we have now. “In the elections, only the national elections were said to be free and determined on the basis of who was the candidate and not the party. The people voted for individuals
that they know have done well within the communities and cared less about the party platform they contested on.” The stakeholders said it was unfortunate that Governor Yahaya Bello had frustrated every effort made to genuinely reconcile aggrieved members of the party since he took the saddle as beneficiary of the Audu/Faleke election, which was declared inconclusive byINEC. The group described as strange the declaration of the election inclusive by the electoral umpire when a clear winner had emerged on the first ballot. “As at that time, if all outstanding votes were given to
the PDP free of charge, Audu/ Faleke ought to have still been declared winner. But the powers that be denied democracy to prevail. This was the beginning of inconclusive elections by the INEC,” they said. The elders said that rather than incorporate members of the Audu/ Faleke team that ensured victory for the APC, Governor Bello appointed PDP members who worked against the success of the APC. “Remember that about three reconciliatory committees were set up and all the three met with Faleke and his team but Governor Yahaya Bello rebuffed the committees and nothing came out of the reports. “The NWC on its part must as
a matter of urgency call the old warring factions of Hon. James Faleke-led group and that of Gover Bello to a roundtable and agree on the way forward for the party in the state. “This is the major consideration to bring to the table if the APC must win the forthcoming governorship election and subsequent elections.” They warned the party against relying on intimidation of the electorate to retain the state as the voters had been politically educated to cast their ballot for individuals and no longer parties. According to them, the National Assembly Election in the Kogi West senatorial district, which the APC lost attested to this fact.
They said: “A very good exception of the above was that of the West Senatorial election, where the government of Yahaya Bello had turned Senator Dino Melaye to a household name with all the court cases and lack of good governance at home. “He made the people to have sympathy for Melaye and at the same time show anger against his government. Melaye was not particularly loved due to his role in the annulment of the election that would have seen his kinsman become the first Okun man to be governor which the senator never wanted to happen”.
Court Orders Interim Forfeiture of Property Traced to Diezani, Others Davidson Iriekpen A Federal High Court in Lagos has granted an order of interim forfeiture of a property linked to a former Minister of Petroleum Resources, Mrs. Diezani AlisonMadueke, Donald Chidi Amangbo and Sequoyah Properties Limited. Justice Chuka Obiozor granted the order sequel to a motion filed and argued by the Economic and Financial Crime Commission (EFCC). The property is located at Plot 9, Azikiwe Road, Old GRA, Port Harcourt, Rivers State. The order was pursuant to a motion ex-parte, dated March 4, 2019 brought by the EFCC.
Ruling on the motion, Justice Obiozor held: “An interim forfeiture order of this honourable court is hereby granted, forfeiting to the Federal Government of Nigeria the properties which are reasonably suspected to be proceeds of unlawful activity.” The court further ordered the EFCC to publish the order in any national daily in Nigeria “and particularly in circulation in Port Harcourt and Lagos, and all persons interested in the said property are further put on notice to show cause why the final order of forfeiture of the affected property ought not to be made by this court.” The court is expected to give further ruling on May 9, 2019.
African Union Endorses Buhari Unity Band, Sues for Peace The African Union has endorsed the Buhari Unity Band (BUB), a not-for-profit initiative that articulates President Muhammadu Buhari’s commitment to peace and unity in fighting corruption and bringing all aggrieved ethnic, religious and political groups together for national progress. In a letter presented to the Convener, Abayomi Oyekoya, in Abuja, the Nigerian Representative of the African Union Economic, Social and Cultural Council (AU-ECOSOCC), Hon. Tunji John Asaolu, said that the African Union found the BUB initiative apt in promoting sustainable development, peace and unity in Nigeria “towards the attainment of the AU Agenda 2063.” “We endorse the Buhari Unity Band and also approve your request to organise the AU Agenda 2063 Ambassadorial Award in collaboration with AU-ECOSOCC. By this endorsement, we encourage and invite well-meaning Nigerians, government agencies, corporate bodies, African music and
entertainment industries to support the Buhari Unity Band (BUB) in all its activities.” In a statement sent to THISDAY by the Director of Communication and Media (BUB), Dr. Kunle Hamilton, President Buhari was quoted as saying this, at the official launching of the Buhari Unity Band at the Presidential Villa, Abuja just before his re-election, “I call on all Nigerians to subscribe to this unity initiative. Those that wear the band will be called Nigeria’s unity ambassadors.” Responding to BUB endorsement by the African Union, Oyekoya said, “On behalf of the Board of BUB, I thank the AU-ECOSOCC and the AU Representative in Nigeria for this recognition and honour. No matter what naysayers and looters of Nigeria say or do, we have no other country to run to. Therefore, we will continue to articulate the passion and commitment of President Buhari who in his own words insist that Nigeria’s unity is settled and not negotiable.”
WELL DESERVED AWARD…
L-R: Member, National Association of Women Journalists (NAWOJ), Osun State, Mrs. Bukola Aderibigbe; recipient’s sister, Yemisi Adeniran; Managing Director, New Telegraph Newspapers, and President Nigerian Guild of Editors, Mrs. Funke Egbemode; Osun State Deputy Governor, Mr. Benedict Adegboyega; Osun State Chairperson, NAWOJ, Motunrayo Ayegbayo; and Adeolu Adeyemo, at NAWOJ’s Leadership Awards 2019 held in Osogbo…weekend
You Have No Power to Investigate, Recover Civil Contract Debts, Court Tells EFCC Davidson Iriekpen A Federal High Court in Ibadan has ruled that the Economic and Financial Crimes Commission (EFCC) has no power to arrest anyone or investigate cases of debt recovery arising from breach of contract. Justice J. O. Abdulmalik’s damning judgment, declared that the EFCC Act 2004 does not empower the commission to arrest, detain anyone or investigate cases of breach of contract in business transactions. It held that the commission only has power to arrest, detain or investigate financial crimes, not civil transactions. He gave the judgment in a case filed by an Ibadan-based
businessman, Francis Morakinyo Afolabi, through his lawyer, Mr. Joshua Olaniyan, against the commission and five others. Afolabi dragged the EFCC to court for his arrest, torture and freezing of his bank account based on a petition submitted against him by Mr. Kehinde Olaniyan who trades under the name Kehinde R. Olaniyan Nigeria Enterprises over failure to fulfill his own part of a business transaction worth N14 million with the latter in 2015. The petition was submitted to the Ibadan zonal office of the commission, upon which it invited Afolabi. Other respondents are three investigating officers of the commission and First Bank of Nigeria Plc in whose Afolabi’s
Account was frozen. The complainant was admitted to bail while his bank account was frozen pending the completion of its ‘investigations’. But Afolabi dragged the commission and other respondents to court seeking a declaration of his arrest and freezing of account illegal as well as publication of a public apology in two national dailies that are popular in Ibadan. He also sought N100 million damages against the six respondents in the case. Citing the case of Lima versus Mohammed (1999) LPELR-1973 (Supreme Court), the judge declared that “an aggrieved party in a breach of contract is to seek for civil redress by way of insisting on actual performance
of the contract or seek damages for the breach.” Justice Abdulmalik pointed out that it has become fashionable for some Nigerians to use law enforcement agents to retrieve debts arising from civil transactions instead of approaching the court to do so, possibly in an attempt to dodge lawyers’ professional fees. The judge also held that Afolabi’s fundamental human rights were breached through his arrest and freezing of his bank account. He, therefore, awarded N500,000 damages to the applicant but absolved the bank, stressing that it was under obligation to honour the request from the EFCC for the account freezing being a commission empowered to do such.
Police Parade Abductors of Channels TV Reporter Three persons who are allegedly connected with the abduction of Channels Television reporter, Friday Okeregbe, have been apprehended by the Nigeria Police Force. The names of the suspect were given as; Hanniel Patrick, 29, from Akwa Ibom, Abdulwahab Isah, 28 and Salisu
Mohammed, 32 both from Kogi State. The Force spokesman, Frank Mba, yesterday, said the suspects were arrested on April 9 by operatives attached to ‘Operation Puff Adder’. Okeregbe was kidnapped on March 22 and released on March 28,
Mba listed the items recovered from the suspects to include a locally-made revolver gun, three live AK47 ammunition, a battle axe, handset phones and masks with which they blindfold their victims. Mba said that the suspects had made a useful statement to the police.
He said efforts were being intensified to arrest other members of the gang still at large. Mba said that the InspectorGeneral of Police Mohammed Adamu, had reassured Nigerians that the police and other security agencies would do everything possible to check crimes in the country.
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Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com
Masters:Tiger Woods Wins First Major Since 2008 Tiger Woods yesterday produced a scintillating finish to win a fifth Masters title and end an 11-year wait to claim a 15th major. There were raucous celebrations around the 18th green as Woods finished with a two-under-par 70 to win on 13 under, one clear of fellow Americans Dustin Johnson, Xander Schauffele and Brooks Koepka. Overnight leader Francesco Molinari’s hopes sunk with two double bogeys on the back nine and he had to settle for a share of fifth on 11 under. Woods, written off by so many so often as he battled back problems in recent years, punched the air in delight, a wide smile across his face, before celebrating with his children at the back of the green. “I’m a little hoarse from yelling,” said the 43-year-old. “I was just trying to plod my way around all day then all of a sudden I had the lead. “Coming up 18 I was just trying to make a five. When I tapped in I don’t know what I did, I know I screamed. “To have my kids there, it’s come full circle. My dad was here in 1997 and now I’m the dad with two kids there. “It will be up there with one of the hardest I’ve had to win because of what has transpired in the last couple of years.” It is the first time Woods has
come from behind in the final round to win a major and it his first Masters victory since 2005. He is now just one behind Jack Nicklaus’ record of six wins at Augusta National and three behind his fellow American’s overall major tally of 18. It caps a remarkable resurgence for Woods, who missed the 2016 and 2017 Masters with his back problems, finally undergoing back fusion surgery in April of that year. A superb 2018 followed where he challenged at The Open before finishing joint sixth and pushed eventual champion Koepka close at the US PGA Championship. He then capped off the season by winning the Tour Championship, his 80th PGA Tour title and this victory puts him one behind the record of 82 held by Sam Snead. Molinari, who played with Woods in the final round as he won The Open last July, dumped his tee shot into Rae’s Creek at the front of the green and walked off with a double-bogey five. Tony Finau, also in the final group, followed Molinari in the water to drop back to eight under. The more experienced Woods, who was playing his 22nd Masters, played to the heart of the green and two-putted for par to join Molinari at the top of the leaderboard on 11 under. That par was cheered like
Tiger Woods won his first major title since 2008 yesterday a birdie by the thousands of patrons who have followed his every stroke this week, alerting more and more to join the party and roar Woods home. Others were challenging from behind with Schauffele and world number two Johnson
posting four-under-par 68s to set the clubhouse target at 12 under. Molinari faded further after hitting his third shot into the pond guarding the 15th green and from that moment there was no stopping Woods’
NPFL: Rangers Stun Sunshine in Akure to Lead Group A DuroIkhazuagbe Enugu Rangers defeated Sunshine Stars 2-1 in a Match-day 15 clash at the Akure Township Stadium yesterday to move to the summit of Group A of the Nigeria Professional Football League (NPFL). That victory extended the unbeaten run of the Flying Antelopes to nine matches. It was Rangers’ Ivorian import who started the victory dance for the title-chasing team from the Coal City in the 29th minute. Anthony Omaka sealed maximum points for Rangers few minutes to end of the game. Elsewhere, former champions Enyimba also defeated Kwara United 2-0 in Aba to moved
to second spot. Stanley Dimgba scored both goals in the 2nd and 73rd minutes respectively. MFM FC was held to a goalless draw at their Soccer Temple in Agege yesterday by visiting Lobi Stars while Niger Tornadoes defeated Wikki Tourists 2-0 to ease off the pressure on the players and coaching crew. In Karsina, a controversial first half penalty set the tone at the Muhammadu Dikko Stadium as Katsina United defeated Rivers United 2-1. Centre referee, Chibuzo Udeh stunned even the home fans when he pointed to the spot on 18 minutes as the mystified Rivers United players surrounded the official, ostensibly requesting to
know why he (the referee) had pointed to the spot. “I still don’t understand why the referee awarded that penalty,” the Rivers United technical manager, Stanley Eguma said at the post match. “No Katsina United player appealed for it, I didn’t see any infringement but the referee awarded it (the penalty). Tasiu Lawal scored the penalty for Katsina United in the 18th minute, while Usman Barau doubled the advantage in the 51st minute. Cletus Emotan consolatory goal in the 68th minute was not enough for United to share in the spoil. In Group B, Akwa United
reclaimed top position following a 3-0 defeat of Kano Pillars in Uyo. Ndifreke Effiong, Emmanuel Charles and Kodjovi Dadzie scored the goals for the Promise Keepers.
MATCH-DAY 15 Enyimba 2-0 Kwara Katsina 2-1 Rivers Utd Tornadoes 2-0 Wikki Sunshine 1-2 Rangers A’Warriors 1-0 Yobe Stars Akwa Utd 3-0 Pillars El-Kanemi 1-0 Plateau Utd Gombe Utd 1-0 Delta Stars Heartland 3-1 Nasarawa Ifeanyiubah 2-0 Go-Round
Edo Acting Gov Assures Bendel Insurance’s Survival in NPFL Adibe Emenyonu in Benin City Edo State Acting Governor, Rt. Hon. Philip Shaibu, has assured fans of Bendel Insurance Football Club that the team will not be relegated from the Nigerian Professional Football League (NPFL). Shaibu gave the assurance while addressing journalists at the end of the match
between Bendel Insurance and Remo Stars of Sagamu at the weekend in Benin City, which ended in a goalless draw. The acting governor said he was optimistic that Bendel Insurance FC will not be relegated, attributing the outcome of the game to poor officiating. “I want to assure the fans of Bendel Insurance to keep
faith alive. We will not go on relegation; this I know for sure. We have been faced by bad officiating, which made us look like the visiting team in our home. We will report these issues to the Nigeria Referees Association,” he said. He urged the Nigeria Referees Association to ensure that only capable hands are allowed to officiate matches. Remo Star’s Head Coach,
Daniel Ogunmodede expressed satisfaction with the goalless draw while commending his players for the result. Ogunmodede said his players’ performance was as a result of the team’s position on the league table. He said that his players did a great job, stating “They all fought like lions. They wanted to win the game.”
Puyol Expected in Nigeria Today for UEFA Champions League Trophy Tour Carles Puyol Saforcada, UEFA Champions League legend and former FC Barcelona ace defender, who is more popularly known as Puyol is set for arrival in Nigeria on Monday April 15 with the iconic UEFA Champions League trophy which will be on Tour in Uyo and Lagos. It is in the continuation of a tradition already established by the most International Premium
Lager beer, Heineken which has been a major sponsor of the Champions League since 2005/06 season of the competition. Ahead of his arrival, Puyol, who clocked 41 last Saturday, has sent a video clip to Nigerian urging the citizens to be part of the excitement that will envelope Lagos and Uyo from April 16th to 18th, 2019, In a 16 seconds video clip,
excited Puyol announced to teeming Nigerian football fans his intention of leading the Chairman Team against that of Shine Shine Bobo being marshaled by Nigeria’s legendary Austin Jay Jay Okocha in an Unmissable match which comes up at the Godswill Akpabio Stadium in Uyo. It is the first time the UEFA Champions League Tour would be held
outside Lagos. The match will feature 20 minutes each half, with a mixture of footballers from Akwa United Football club, selected Heineken consumers and ex-Nigerian international footballers such as Mutiu Adepoju, Daniel Amokachi, Austin Eguavoen and Uche Okechukwu playing for either side of Unmissable Match.
relentless march to the title. A par on the 17th left the world number 12 with a lead of two shots going up the last - only Brooks Koepka, who has won three of the past seven majors, could realistically put any pressure on but the American
missed an eight-foot birdie putt to stay at 12 under. Woods appeared to fluff his second shot to the 18th, leaving it well short of the green and could only chip on to 14 feet, but a straightforward two-putt sealed the win.
U-17 AFCON
Eaglets Edge Amuneke’s Tanzania 5-4 in Opener Nigeria edged a yo-yo 13th Africa U17 Cup of Nations opening match 5-4 in Dar es Salaam yesterday as hosts Tanzania collapsed in the latter part of the match against the five-time world champions. The Golden Eaglets threw away several opportunities in a match they had in their hands but almost threw away as a result of sluggish marking, carelessness at the rear and slack finishing. Eaglets could have been one goal up as early as 20 seconds into the game but a weak shot, by Olakunle Olusegun, was easily thwarted by goalkeeper Yahya Mwinyi. There were more wastages by Wisdom Ubani and Ayobami Amoo, before Olatomi Olaniyan put Nigeria in front in the 21st minute by booting into the net from a rebound after an initial effort stopped by Mwinyi. Tanzania replied straight from the restart, Edmund John stroking past a badly-positioned goalkeeper Suleman Shaibu, who showed little confidence all afternoon. Eight minutes later, Nigeria regained the lead after Ubani latched onto a high pass, peeled a defender and placed the ball to the far side of Mwinyi. It was 3-1 seven minutes later – the impressive Amoo skillfully rounding Mwinyi from a pass following a
free –kick that was initially blocked. The Eaglets were expected to start the second period from where they left off in the first, only to resort to defending and collapsing in a manner unimaginable. They were soon behind after conceding three goals in seven minutes against a side charged by crowd support and a Nigerian team that encouraged them to launch onslaught after onslaught. Kelvin John scored a beauty with a 25-yard strike that Shaibu had no answer to, in the 52nd minute, and two penalties followed quickly, scored by Morice Abraham and Edmund John. In the 65th minute, Olusegun headed straight at Mwinyi as Nigeria attacked, but Ubani equalized with a spectacular shot from a free –kick in the 72ndminute. Six minutes later, Ibraheem Jabaar regained Nigeria’s lead with a well –placed shot from the edge of the box that Mwinyi’s flailing hands could not reach. Victory took the Eaglets top of Group A ahead of the other clash between Angola and Uganda. On Wednesday, the Eaglets will take on Angola at the same venue while the Serengeti Boys will be up against Uganda. Victory on Wednesday will most likely take the Eaglets to the semi finals, and a place at the FIFA U17 World Cup finals taking place in Brazil later this year.
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MISSILE BBOG to FG “This is a shame of a nation that five years after, our daughters are still in captivity including Leah Sharibu. We just seemed to have moved on because they are children of the poor. “The government is absolutely not sincere about rescuing them” – Chairperson of the BBOG Strategy Group, Aisha Yesufu, accusing the federal government of insincerity in rescuing the remaining abducted schoolgirls.
NGOZIOKONJO-IWEALA GUEST COLUMNIST
Carbon Pricing Should Drive African Devt, Not Hinder It
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overnment leaders often ask me how they can achieve development goals, such as expanding energy access, while tackling climate change. Some say, “Shouldn’t we use our coal resources to give people electricity first, then go low-carbon later?” The answer is no. A mounting body of evidence shows that development and climate action go hand-in-hand. In fact, research from The New Climate Economy shows that bold action on climate could deliver $26trillion in economic benefits globally between now and 2030. With such unequivocal evidence, the question shifts to “how?” This week, representatives from government, business and civil society are gathering at the Carbon Pricing Leadership Coalition’s High-Level Assembly to discuss how carbon pricing can be used to shift investments towards low-carbon and climate-resilient projects, and how carbon pricing can address broader social concerns. These issues are salient across the world, in developed and developing countries alike. But developed countries need to set the example, by moving faster and quicker on carbon pricing. That said, African countries can benefit, too. Carbon pricing offers African economies, in particular, a powerful vehicle for delivering on other social and economic priorities. I urge African countries to focus on three priorities, and carbon pricing plays a key role in each of them. First, deliver electricity to those without it. In remote areas of Africa, installing standalone renewables (such as solar home systems) can provide electricity more quickly than connecting to the traditional grid. With new battery technology and
AfDB President, Akinwunmi Adesina
mini-grid systems, decentralised renewables can deliver reliable energy to whole communities at a time, helping to grow inclusive, rural economies. At the same time, building utility-scale renewable power plants is now cheaper than building coal plants in most regions. After factoring in the health costs of air pollution, the calculus tips further towards renewables. Africa’s wealth of solar, wind and geothermal resources gives us a big natural advantage. And while we need to consider a carefully planned transition to rely on these abundant resources, we must phase out fossil fuel subsidies and begin pricing pollution, to remove the man-made disadvantage currently baked into the system. Second, prioritise resilient infrastructure. Mozambique, Malawi, Zimbabwe and Madagascar recently brought home the terrible tragedies that more frequent, more intense storms can cause.
The Red Cross estimates Cyclone Idai damaged or destroyed up to 90 per cent of the city of Beira. For the sake of our lives and our livelihoods, Africa’s new infrastructure, including early warning systems, must be able to withstand a changing climate. In our need lies our opportunity. The world is expected to invest $90trillion in infrastructure by 2030, with most of the growth in emerging and developing economies. Since Africa is constructing much of our infrastructure now, we have the chance to make it sustainable, efficient and resilient from the start, leapfrogging over the challenges other countries face as they upgrade dirty and dated infrastructure. To finance this need, carbon pricing programmes offer an important avenue for generating revenues governments can invest in resilient infrastructure. For instance, Colombia introduced a carbon tax in 2017, generating $127million that year. The government will use the revenues to support essential environmental and rural development projects. Third, create the conditions for the right investments. A shrinking oil market will deliver shrinking revenues for fossil-fuel rich economies relying on oil exports for growth. As more and more countries and car manufacturers commit to phase out internal combustion engines and switch to electric vehicles, the reality is that their assets could soon be stranded. India and France will end sales of non-electric cars by 2030 and 2040 respectively. Volvo aims for 50 per cent electric sales by 2025, and Volkswagen will stop producing petrol and diesel vehicles in 2026. As markets shift, so must Africa. Carbon pricing signals the direction of that shift, towards cleaner 21st century technologies and industries, providing
companies and investors with strong financial incentives. Rolling back fossil fuel subsidies, which artificially prop up outdated energy technologies, is also essential to creating the conditions for growing sustainable, resilient economies. African countries need both domestic and external investment, public and private, to transition quickly to low-carbon, resilient economies. The private sector is already helping to shape a cleaner, more productive future. Blended finance — a mix of public and private investment — is also ramping up. For example, the African Development Bank recently invested $25million in a renewable energy equity fund that plans to add 533 megawatts of electricity across sub-Saharan Africa. This initial public investment is expected to attract private investors to commit a further $60million to $75million, potentially tripling the level of investment. According to the World Bank, existing carbon price programmes around the world generated about $33billion in 2017. Across the board, revenues from carbon prices can help fund governments’ development priorities. More broadly, carbon pricing shapes decision making well beyond any government’s purview. There are many specific development priorities that Africa must achieve to improve the lives of our people today and in the future. Carbon pricing can facilitate the delivery of all these objectives. Putting carbon pricing policies in place now can ensure that African countries are full participants in and drivers of the world’s emerging new climate economy. Okonjo-Iweala is Co-chair of the Global Commission on the Economy and Climate
Adesanmi: The Music May Have Stopped, But The Dance Must Go On Matthew Kukah The tragic crash of Africa’s best and one of the world’s leading airlines, Ethiopian airline last week must be seen as one of the greatest air tragedies in Africa in particular and the world at large. May God grant eternal peace to the all the departed and console the families. The news that Professor Pius Adesanmi was one of the passengers on the ill-fated flights made the accident even more personal to us in Nigeria and some of us who knew him personally. In real life, I did not know Pius that well because we only met on two different occasions. I first met him on October 1, at the Covenant Church Headquarters when he and I appeared as speakers at the lecture series. At that event, it was he who approached me, bowed and shook my hand vigorously. I am Pius, Pius Adesanmi. He was pugnacious yet gregarious, in-your face, yet polite. Unfortunately, I had not heard his name before and was struggling to catch up with him warmth, charm and broad smiles. He showered encomiums on me, prefixing it all with his Catholic identities. He told me that he had been an altar boy, came from a strict Catholic family, which was closely related to Cardinal Onaiyekan. He then went on to talk to me about how much he had been influenced by my writings. We exchanged contacts and he did promise that he would be happy to visit me in Sokoto during one of his home visits. We parted and did not catch up again because after the lectures, I had to head back to Abuja that same evening. We exchanged one or two emails during the course of the year. He told me that he had some ideas and programmes that he believed could help some of our Universities and hoped that
through me he might link up with the Catholic University in Abuja. We agreed to stay in touch. Somehow, I went quiet and I did not hear from him again. We had had our own views about the policy direction of our country. I recall reading his comments on my views about where our country was going and the reservations I had expressed about the hazy trajectory of the anti corruption war. Like many others who came after me with their pens, I decided to stay quiet in part because I did not want our differences in political views to interfere with our budding friendship. When he did not respond to my email correspondence, I more or less decided to give him some space. I think last year or so, I stumbled on the news that he had been involved in a car accident while on a trip home. I sent him a mail to express my sympathies and wished him well. Strange enough, he still did not respond. That’s where our relationship stood before this tragedy occurred. On Sunday, March 10th, I had stopped to buy a newspaper and ended up with the Tribune. I had no idea that Pius had become a columnist for the paper. When I read his column that Sunday, I took notice of that fact that his frustration had reached a crescendo. I had to read over and over again, the last paragraph of that piece in which he stated that a thousand years from now, he hoped that in the course of the excavation of who Nigerians were, they would at least discover fragments of his writings which would point to the fact that not all Nigerians agreed to live as slaves. When, like millions of others, I woke up to the news that he had died in that plane crash, it became clear that those words had become his prophetic epitaph. To think about Pius is to think about Literature
and its contributions to society. Art and Literature cast both present and future often in the face of Janus, looking both backward and forward. The challenge for society often is to find the balance. Decaying social conditions often provide a rich opportunity for writers. The challenge for the writer is how to turn that skill into a tool for development and progress. Often, because the writer is considered a critic, we often mistakenly think that they cannot offer a roadmap for their societies. My lecture at the 80th birthday of Wole Soyinka was titled, 80 Years of Genius and Prophetic Outrage. The highpoint of the lecture for me was the attempt to interrogate the notion of art as an imitation of life. My argument was that so far, our writers have focused on art as an imitation of life. This is why we can often recognise the various characters in our daily life or environment. Somehow though, we often do not wish to be like those who read about. When, on other hand, life imitates art, then, we find ourselves trying to model ourselves after some of the characters. This for me was the real challenge. So far, there is a sense in which our writers have pandered to the weak social fabric of our society to create their stories. The result is that the average Nigerian novel set in Nigeria will hardly rise beyond the foibles of the Nigerian society. Look no further than Nollywood! The result is that we have difficulties finding inspirations from what we read or view. Often cynicism conquers hope and faith. A writer is in a sense a prophet, but not every prophesy is necessary an announcement of doom. The challenge now as I concluded is for Nigerian writers to focus more on life imitating art. Like many of his admirers, Pius celebrated the first coming of President Buhari as the dawn of the
messiah. However, his messianism soon fumbled and the result was that he soon found himself at the opposite end of the same spectrum. Writers must write to raise the hopes of their people and project a future that looms in the horizon. Professor Adesanmi has left us a great treasure trove of fine writing which will outlive him. I pray that God grants him eternal peace. For the Catholic that he was, I have celebrated Mass for his intentions and I am sure he could not have asked for more from me. As for the future of our country, one would wish that the sacrifices of people like Pius would encourage us to renew our energies and commitment to a good society. We must look beyond the current crop of opportunists who are ready to sacrifice this nation to the gods of their ambitions. Pius must live on beyond our hearts. It is my hope that his writings will become the subject of further interrogation within the academic circles. The music may have stopped, but I am sure that the dance must go on and on. The late Vaclav Havel, one of Europe’s greatest writers both former President of Czechoslovakia and later first President of Czech republic said: I am not an optimist, because I am not sure that everything ends well. Nor am I a pessimist, because I am not sure that everything ends badly. I just carry hope in my heart. Hope is the feeling that life and work have a meaning. You either have it or you don’t, regardless of the state of the world that surrounds you. Life without hope is an empty, boring, and useless. I cannot imagine that I could strive for something if I did not carry hope in me. I am thankful to God for this gift. It is as big as life itself. Kukah is the Bishop of the Catholic Diocese of Sokoto
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