THURSDAY 25TH APRIL 2019 by THISDAY Newspapers Ltd

Agbakoba: N4tn Revenue Derivable from Cabotage Law Implementation Says Nigeria is technically insolvent Eromosele Abiodun A former President of Nigerian Bar Association (NBA) and Senior Advocate of Nigeria (SAN), Mr. Olisa Agbakoba, yesterday in Lagos slammed

the federal government for failing to tap into the huge potential of the maritime sector, stressing that if the Cabotage law alone is well applied, the federal government would earn

over N4 trillion annually in revenue. He stated this in an interview with journalists on the sideline of focus group meeting themed: ‘Shipping Policy: A Catalyst for Maritime

Growth,’ put together by the Nigerian Chambers of Shipping. Agbakoba, who also described Nigeria as technically insolvent because it has a huge liability compared

to its assets, said the country is technically challenged because the federal government has failed to tap into the enormous potential in the maritime sector to turn its fortunes around. According to him, “Nigeria

is technically challenged. Nigeria is what econometrists call a technically insolvent country because if you line up our assets and our liabilities, Continued on page 6

Appeal Tribunal Reserves Judgment on Osun Gov Poll.. Page 8 Thursday 25 April, 2019 Vol 24. No 8781. Price: N250

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AMCON, Bi-Courtney Bicker over Supreme Court Judgment Davidson Iriekpen The Asset Management Corporation of Nigeria (AMCON) and Bi-Courtney Nigeria Limited yesterday disagreed over the import of a Supreme Court judgment delivered on April 5, 2019, allowing an appeal by the aviation services company and dismissing the cross appeal by the asset management company. Bi-Courtney had in a

statement made available to THISDAY on Tuesday claimed that the implication of the judgment was that AMCON was liable to netting off what the aviation services company was owing it from a judgment credit of N132,540,580,304 it had secured against the federal government in April 2012. But AMCON in a statement to THISDAY last night said the Supreme Court did not order Continued on page 8

Buhari Commends Ambode, Inaugurates Legacy Projects Omololu Ogunmade in Lagos President Muhammadu Buhari yesterday in Lagos inaugurated three legacy projects, including Oshodi Transport Interchange and 820 buses, Institute of Maternal and Child Health and the newly reconstructed international Airport Road, executed by the outgoing governor of Lagos State, Mr. Akinwunmi Ambode. He also inaugurated a 500-seater theatre in Oregun,

Ikeja, the state capital, to enhance entertainment and the social lives of Lagos residents. While inaugurating the projects, Buhari said Ambode, who was denied the opportunity of re-election by his party, the All Progressives Congress (APC) in Lagos State earlier in the year, deserve commendation for his laudable contributions to the growth and development of the state. Continued on page 6

Unsure of APC Ticket, Bello Plans Move to Accord Party... Page 6

PRESIDENTIAL COMMENDATION... L-R: Lagos State governor-elect, Mr. Babajide Sanwo-Olu; President Muhammadu Buhari; Lagos State Governor, Mr. Akinwunmi Ambode, and Chief Medical Director, Lagos State University Teaching Hospital, Prof. Adetokunbo Fabanwo, during the inauguration of the newly reconstructed Institute of Maternal and Child Health (Ayinke House) by the president in Ikeja… yesterday

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Unsure of APC Ticket, Bello Plans Move to Accord Party Petitions mount at ruling party's secretariat Yekini Jimoh in Lokoja Governor Yahaya Bello’s hope of securing the ticket of his party, the All Progressives Congress (APC), for the November Kogi State governorship election is under threat as a result of criticism by stakeholders that he has performed below average in office. The governor, according to information available to THISDAY, is set to dump the party for Accord Party due to the uncertainty that beclouds his ambition for second term. It was reliably gathered that Bello, who is presently facing a difficult task to secure the party's governorship ticket, has been petitioned by individuals, groups and even members of his party before the National Working Committee (NWC) of APC, all complaining that his administration has performed poorly. An indication that the governor is on his way out is the removal of APC flags hoisted

in the premises of Government House, including the one hoisted at the main entrance gate to Lugard House, the seat of the state government. The Accord Party secretariat has reportedly been renovated by the governor. Although the Accord Party was his alternative party in 2015 when he lost the APC governorship primary to late Prince Abubakar Audu, he was eventually nominated to take the place of Audu in the supplementary election. According to sources, Bello is said to have disclosed to some of his closest allies in his cabinet that some cabal in Aso Rock advised him to move to another party since forces were against him for the ticket. According to him, he has been assured of their support if he contests the governorship election in another party. The sources also disclosed that the governor of Benue State, Dr. Samuel Ortom, a good friend of Bello, also advised him to dump the APC for another

party so that he could contest in the November 2 governorship election. THISDAY also gathered that the National Secretariat of the party received over 10 petitions submitted by individuals, various groups and also within the party demanding that Bello should not be given ticket for second term. One of the groups, which made its statement available to THISDAY, a concerned group under the name Kogi Rescue Mission (KRM) is of the opinion that Bello’s “abysmal style of leadership has further subjected the state to political and economic hemorrhage.” The group, which embarked on a peaceful protest led by its President, Hon. Ali Dan, to the National Headquarters of the APC with numerous placards that carried various save our soul (SOS) messages, the group described the Yahaya Bello-led administration as a threat to people’s welfare and the economic prosperity of Kogi

State. In their protest letter to the national leadership of the party, the group highlighted various anti-people activities of the state government ranging from suicidal deaths among the state civil servants, whose salaries have not been paid for many months, institutional dearth in the land, misuse of state resources, hunger and perceived molestation of people, who are believed not to be supporters of the present administration in the state. The group said: “Salaries of civil servants for November and 60 per cent of December, 2017 are yet to be paid; this is despite receiving N20 billion as bailout funds, over N21 billion from the Paris Club refund and money from the monthly federal allocations as well as the internally generated revenue. “As a result of non-payment of salaries, about three civil servants took their own lives because of their inability to meet up with their family needs,

while over a hundred have died due to lack of funds to continue medical treatment.” Dan Ali who spoke on behalf of the protesters also said: “Businesses have folded up, people are leaving for another state to seek refuge and workers have become paupers, feeding from hand to mouth. You will believe me that on no account will the people support and vote for a governor that operates draconian policy of this nature.” Ali who decried the dearth of public institutions in the state also told APC national leadership that the state workers have been turned to IDPs without recourse to dignity of labour as enshrined in the Labour Acts. He said: “Workers in Kogi State are now living like IDPs; Kogi State has become hunger/ poverty capital of the country as nothing seems to be working due to the sorry state of salaries. “In Kogi State today, there are no public primary schools for the past two years as they

only exist in structures without teachers to teach the pupils due to non-payment of salaries; no primary health centres for the past two years; pensioners have not been paid for the past 12 months; there’s no judiciary for the past eight months due to non-payment of their salaries; and no development anywhere in the state.” Efforts to get the reaction of Bello were abortive yesterday as calls to the phones of his Chief Press Secretary, Mr. Muhammed Onogwu, were not answered. Senior officials of the party at the National Secretariat in Abuja that preferred anonymity, however, said while it was normal for discontent to exist in the polity, it was doubtful if Bello would contemplate jumping ship. “What the national leadership is determined to do is to level the playing field for all aspirants to play,” one of them told THISDAY, adding, “the question of anyone being favoured by Abuja is totally misconceived.”

director of maritime services. It is way too low and he is in a small department, which is why I call for a minister for shipping because you have a minister for aviation. “But I also see the point that it might also be too disparate, in that case, we need an integrated Ministry of Transportation, which will include roads, rail, shipping and aviation. It should be just like the UK where the Secretary of Transportation has four Under Secretaries with each of them running a sector. If maritime is not even mentioned in the government’s Economic Recovery and Growth Plan (ERGP) then you can imagine. “The problem with shipping is that it is invincible; it is not like a bank that you will see its

building, which is the problem I have discovered in the last 40 years I have been in the maritime sector. People don’t remember it but it is a huge industry.” On the lack of policy direction and what is needed to be done, he said Nigeria has to build the building blocks first. He said: “Without the government realising that this is a big sector we are going nowhere. They simply have to realise that the shipping sector is huge. When they realise it then they start asking, ‘how do we get it done?’ That is when the experts will come in. Right now you can see that we are even struggling to be noticed in an economy that is bleeding. “The Nigerian maritime

industry can generate N7 trillion annually because of its huge potential and as you know Nigeria is challenged in terms of its fiscal responsibilities and unemployment. “From the discussion here you can see that the potential is so huge. Ghana is now taking over from Nigeria as the shipping hub, even in the aviation sector, because I work in both sectors. Togo is now the hub for airlines like Emirates. How is it that a country of 180 million people lead by a socalled government can’t see the potential and yet we talk about poverty? The maritime sector can turn the Nigerian economy around but is the government showing enough interest? The government has to create the enabling environment.”

designed to meet both parking and passengers' demand. The composition of the interchange includes: Terminal One, located on the former Mosafejo Market ground, will serve as the centre for interstate transport activities, while Terminal Two, which used to be the location for Owonofari Market, and Terminal Three, sited adjacent to National Administration for Food, Drugs and Control (NAFDAC) office are designed for intra-city transport activities. Other features of the exchange are waiting area, loading bays, ticketing stand, drivers' lounge, parking areas, accessible walkways, pedestrian bridges/sky-walks to link all three terminals, bus lanes and lay-bys. Also forming part and parcel of the interchange are green parks designed to beautify the environment; waste management strategy, street lighting arrangement, dedicated security team for Oshodi, surveillance tower, close circuit television (CCTV), shopping malls and rest rooms, among others. With thousands of buses expected to load in the terminal daily, between 600,000 and one million commuters are expected to pass through the exchange every day. Buhari also inaugurated 820 buses of high and medium capacity under the auspices of Bus Reform Programme of the Lagos State Government. The buses are fully airconditioned, fitted with CCTV

cameras, automated fare collection system, free Wi-Fi access, USB charging ports with the commitment of original equipment manufacturers to maintain the buses. The programme will be managed by Lagos Bus Services Limited in partnership with bus operating companies which had the mandate "to upscale the number of buses to 5,000 over three years." Earlier, Buhari had inaugurated the newly reconstructed Institute of Maternal and Child Health, popularly known as Ayinke House, in the premises of Lagos State University Teaching Hospital (LASUTH) Ikeja. The project, viewed as a critical and timely intervention by the Lagos State Government in the health sector, was described as Nigeria’s biggest maternity hospital, upgraded by Ambode's government from the hitherto 80-bed facility to a 170-bed healthcare centre and equipped with the stateof-the-art medical equipment and information technology services. Speaking at the event, Ambode, who described the development as historic, expressed optimism that the facility would provide world class child-birth and maternal care services to Lagosians and Nigerians at large. According to a statement by his Chief Press Secretary, Mr. Habib Aruna, Ambode recalled how the journey began, saying the facility was initially donated exactly 29 years ago by the late

businessman and philanthropist, Sir Mobolaji Bank-Anthony. According to him, BankAnthony donated the first dedicated maternal and child care facility to the Lagos State Government, in memory of his mother and, therefore, christened it “Ayinke House.” According to him, the hospital, which started with just one surgical theatre, soon assumed a life of its own as

AGBAKOBA: N4TN REVENUE DERIVABLE FROM CABOTAGE LAW IMPLEMENTATION the government cannot pay. If consultants are called to look around, they will say, ‘these guys are not insolvent they are just stupid.’ So, we need to have people in government that will understand that this is a sector that is bleeding. Once they understand it, you will see what will happen. “If Cabotage law is well applied, it will give Nigeria over N4 trillion in revenue. Transportation is a huge business. Why do you think the President of the United States of America, Donald Trump is changing American trade policy? Actually, it is with the maritime sector that you wrap around policy. If ever I am opportune to be Nigeria’s president, I am going to hike up the entire tariff because

Nigeria is a dumping ground in anything.” Agbakoba also urged the government to ensure that all government procurements are bound to be carried on Nigerian vessels. He added: “When I was reading all the various laws relating to cargo movement, let us just take Bonga; when a Nigerian government signs a Production Sharing Contract (PSC) with an International Oil Company (IOC), all they see is a barrel of oil. They don’t see the 34 by-products. I can name four: shipping, insurance, banking and law. That is why we are fighting for Free on Board (FOB) to be scrapped for PIF. “IOCs like Shell are so happy with what is currently

obtainable. For them, the government only sees the price of crude oil. Who carries our crude? No Nigerian company currently carries Nigeria’s crude, which is the problem. We have a procurement policy that disfavour Nigerians. If you just talk about procurement and cargo movement you are looking at about 100 vessels and work. We need to have a trade policy that takes into account economic nationalism. A technically insolvent can only survive like this.” On what the government can do to harness the sector’s potential, he said the government must first have a high policy level player, adding: “The policy level player in government that oversee shipping today is the

BUHARI COMMENDS AMBODE, INAUGURATES LEGACY PROJECTS "Your governor, Akinwunmi Ambode, has performed satisfactorily and we should all commend him for his contributions to the growth and development of Lagos State,” Buhari said, adding: “I want to once again thank all the people of Lagos State for their support for our government and our party." The president had arrived the Presidential Wing of the Murtala Muhammed International Airport yesterday at 10:30am aboard the Nigeria Air Force 001 and was received by Ambode, four other governors of the South-west and some ministers. The governors were Abiola Ajimobi (Oyo), Kayode Fayemi (Ekiti), Ibikunle Amosun (Ogun), Rotimi Akeredolu (Ondo) and the Deputy Governor of Edo State, Philip Shuaibu. Also present to receive the president were Minister of Communications, Mr. Adebayo Shittu; Minister of State for Niger Delta, Prof. Omoleye Daramola; and Lagos State governor-elect, Mr. Babajide Sanwo-olu. Buhari said the projects were reflections of the drive and goals of the APC administration to pursue programmes and policies aimed at positively impacting the lives of the citizenry. According to him, the projects were demonstrations of the necessity to sustain the provision of programmes designed to foster the development of infrastructure and simultaneously create the platforms for job creation. Noting that the projects

would change the face of public transport, Buhari also said the 820 buses he inaugurated would provide comfort for the people of Lagos State in a more efficient manner, pointing out that execution of the projects was in line with the goal of the federal government to improve infrastructure development in the country especially in the transport sector. While listing other projects under execution by the federal government, the president thanked the people of Lagos State for the support given to him at the February 23 presidential election. He said: "I am delighted to be here today to inaugurate three key projects that reflect the drive and success of our administration as we pursue policies and programmes that will positively impact on our citizens. "The new Oshodi Transport Interchange; the Mass Transit Medium and High capacity public buses and the reconstructed Murtala Muhammed International Airport Road by Lagos State Government clearly demonstrate the need to continue to provide high impact projects for the development of infrastructure and opportunities for job creation at all levels. "Just as this transport interchange with three different terminals is going to change the face of public transportation, the mass transit buses totaling 820 will move the people of Lagos State in a more comfortable and more efficient manner.”

In his remarks in Oshodi, Ambode, who said the projects being inaugurated were designed to upgrade the living standard of the people of Lagos State, added that while the health institute would boost health and education at LASUTH, Oshodi interchange would elevate infrastructure and commerce status of both the state and the country in general. "There is no doubt that the future prosperity of this state is secure," he said. Describing the projects as the modest contributions of his government to the development of Nigeria, Ambode disclosed that the release of Paris Club refund by the federal government as well as the refund of some money earlier used by the state to execute federal projects contributed a long way to the success of their execution. The Oshodi Transport Interchange initiative is a notable transformation of Oshodi, a hitherto dirty and disorganised setting in Lagos, "into a world-class Central Business District where business will now be conducted in a serene, clean, orderly and hygienic environment that can be compared to other transport terminals across the globe." The interchange conceived to be a conglomerate of the tripod of transportation, security and urban renewal and environmental regeneration, will transform all city and inter-state parks into three multi-storey bus park and terminals made up of four floors with each terminal

Continued on page 8

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NEWS

Appeal Tribunal Reserves Judgment on Osun Gov Poll Alex Enumah in Abuja The Osun State Election Appeal Tribunal yesterday reserved judgment in the four appeals filed against the judgment of the Osun State Election Petition Tribunal. The five-man panel of justices of the appeal tribunal, Justice Jummai Sankey, said that the dates for judgment would be communicated to parties, shortly after counsel to parties adopted and argued their briefs of argument in the various suits. With Justice Sankey presiding, other members of the appeal panel, which heard all the four appeals yesterday, were Justices Abubakar Yahaya, George Mbaba, Isaiah Akeju and Bitrus Sanga. The first suit with number

CA/A/EPT/246/2019, which was filed by Osun State Governor, Alhaji Adegboyega Oyetola, has candidate of the Peoples Democratic Party (PDP) in the governorship election, Senator Ademola Adeleke, the PDP, the Independent National Electoral Commission (INEC) and the All Progressives Congress (APC) as 1st to 4th respondents respectively. The second with number CA/A/EPT/256/2019, filed by the APC has Adeleke, PDP, INEC and Oyetola as 1st to 4th respondents. While the third appeal filed by INEC and marked: CA/A/ EPT/259/2019, has Adeleke, PDP, Oyetola and APC as respondents. The fourth marked: CA/A/ EPT/295/2019, filed by Adeleke

Oyetola has Oyetola, APC, INEC as respondents. While the first three appeals are challenging the majority judgment of the tribunal, the fourth which is a cross appeal is seeking to upturn the dissenting

and minority judgment of the tribunal. Both Oyetola and Adeleke had appealed the judgment of the Osun tribunal on the governorship poll held on September 22, 2018 and the rerun therefore held on September 27, 2018. The petition tribunal had in a split decision of two-one in its March 22, 2019, judgment, voided the election of Oyetola and the APC in the Osun governorship poll. It in addition ordered INEC to withdraw the Certificate of Return issued to Oyetola and issue a fresh one to Adeleke having won majority of the lawful votes cast at the poll. Both Oyetola and Adeleke were present in court yesterday throughout the proceedings. Oyetola and the APC in their

appeals are asking the appeal tribunal to set aside the majority decision that nullified Oyetola's victory and return Adeleke as the lawful winner of the poll, while Adeleke on the other hand is asking the tribunal to uphold his victory as declared by the tribunal and upturn the minority judgment, which had dismissed his petition for lacking merit. INEC had declared Oyetola and the APC the winner of the Osun State governorship election on the basis of the cumulative results of the September 22, 2018, main election and the September 27, 2018, supplementary poll. Dissatisfied with the result declared by INEC, the PDP and Adeleke had filed their petition before the three-man Osun State Governorship Election Petition Tribunal, contending that they

were the true winners of the election as they had already won after the September 22, 2018 poll and that there was no need for the supplementary election held on September 27, 2018. The tribunal, in its March 22, 2019, split judgment of two-to-one, nullified Oyetola’s victory and declared Adeleke and the PDP the winner of the election. The tribunal’s chairman, Justice Ibrahim Sirajo, in his minority judgment, dissented from the majority judgment credited to Justices Peter Obiorah and Adegboye Gbolagunte. Oyetola, APC and INEC had filed separate appeals challenging the majority judgment.

W’Bank Expresses Concern over Rising Poverty in Nigeria, Calls for Action Nume Ekeghe The World Bank has once again expressed concern over the high level of poverty in Nigeria. The Washington-based institution stated this in its ‘Poverty and Equity in Nigeria,’ for April 2019, which was obtained by THISDAY yesterday. “Nigeria remains a country with high levels of poverty. Based on the most recent preferred survey of the National Bureau of Statistics (NBS), extreme poverty in 2009 is estimated at 53.5 per cent using the international poverty line of $1.90 per person per day (2011 PPP),” it stated. According to the report, in

2018, poverty was projected at 50 per cent, indicating little improvement in incomes of the bottom half of the population over the past decade. It noted that poverty trend in Nigeria, “loosely followed macroeconomic developments due to high oil dependence, regional differences and a high population growth rate.” The bank added: “In 20102014, average economic growth rates were moderately high, driven by high oil prices. However, growth was concentrated in the coastal areas and the capital, thereby yielding limited benefits to the rest of the country. “In late 2014, oil prices began to plummet, and Nigeria subsequently fell into

a recession in 2016. Though growth weakly rebounded in 2017, the benefits were insufficient to reduce least, because unemployment and underemployment remain high, each affecting over one-fifth of the labour force. “Moreover, high inflation continues, especially food inflation, which disproportionately affects the poor since food comprises about three-quarters of their consumption basket.” In addition, the report pointed out that an additional setback to poverty reduction was from increased violent conflict. This, it stated, had led to low agricultural production, population displacement, and disruption in basic services

provision, especially in the North-east and Middle Belt. The report added: “There is significant variation in poverty and social indicators in general across Nigeria. In the northern part of the country, projected poverty rates have been increasing, while in the southern part, the poverty incidence appears to have fallen significantly. “The divergence in welfare trends indicates large regional disparities in living standards due to many factors, ranging from the availability of jobs and access to services to returns on human capital and the size of the private sector. “Estimates of welfare indicate that inequality is increasing and the poor's

share of aggregate consumption is falling. This reflects the lack of gainful employment opportunities, especially for low skilled workers.” The National Bureau of Statistics (NBS) had conducted two household surveys that it relies on to measure welfare and to produce its official poverty statistics: the 2003/04 Nigeria Living Standard Survey (NLSS) and the 2009/10 Harmonised NLSS. The former survey replaced previous surveys with a greater scope that incorporated modules on demography, health, fertility behaviour, education, skills/ training, employment, housing, social capital, agriculture, and household income and expenditure.

The 2009/10 added additional modules. Both surveys are representative at the national and state levels. The next round of HNLSS began in September 2018 and would continue for 12 months. The NBS factored in the lessons learned from the 2009–2010 NLSS to draw the sample, improve the questionnaire, and implement the survey. The team drew a sample of 22,200 households with a twostage sampling approach to be representative at the state level, covering 36 states and the Federal Capital Territory. Data from the upcoming HNLSS will be used to compute the poverty rates at the national, geopolitical, zonal and state levels.

exposure and experience, with the top-class medical equipment provided." The president also inaugurarted the OshodiInternational Airport Road which is a transformation of the hitherto-four-lane road to a ten-lane highway with two flyover bridges and five pedestrian bridges. The reconstruction has put

paid to the hitherto acute traffic gridlock that was prevalent on the road, causing huge pains for passengers going to catch flights at the international airport. The president also inaugurated a 500-seater Lagos Theatre in Oregun, Ikeja. The theatre was described as an ultra-modern edifice and one of the four theatres

simultaneously constructed by the Ambode administration to promote interest in arts and create standard platforms for talented citizens of the state to showcase their skills. Ambode said three other theatres of the same specifications are also ready for inauguration in Igando, Badagry and Epe areas of the state.

this amount from any debt owed to any agency of the federal government, including AMCON. However, not satisfied with the decision of the trial court, the agency then sought leave from the appellate court as an interested party to appeal against this judgment of the Federal High Court. It was granted leave by the Court of Appeal, prompting BiCourtney Limited to approach the Supreme Court to upturn the decision of the lower court.

in Nigeria. “AMCON, who at best is a busy body in this transaction, obtained the leave of the Court of Appeal to appeal against this order as an interested party. Bi-Courtney objected very strongly stating that AMCON had no interest in the matter. “Furthermore AMCON’S appeal was incompetent because it did not comply with the laws of Nigeria. “The Supreme Court threw AMCON’s appeal out on the grounds that the appeal by AMCON was incompetent. The effect of this was that there was nothing stopping the implementation of the court order.” According to Bi-Courtney, “It is elementary law that from the day the set off was ordered, the debt of the obligor, Bi-Courtney, became extinguished. In effect, Bi-Courtney ceased to exist in the books of AMCON. For this reason, no interest could be debited into Bi-Courtney’s account from that date. This is very elementary law.” It said AMCON had continued to debit interest into Bi-Courtney’s account without legal basis hence its fathom believe that a debt that had already been paid is now so high. The aviation services firm said it is important that the

asset management firm should stop misleading the federal government that it has money to collect from non-existent debtors. It stated: “In a related matter AMCON bought an equity transaction as debt from a lender. It did not appreciate the deep ignorance in this course of action until trial in court after wasting government’s resources in pursuing the action. The court held that the company did not owe the N20billion that AMCON alleged and awarded N3billion to Resort International Limited for libel. “This amount of N3billion was more than the N2.7billion that the company owed. The said company, Resort International Limited, is in credit with AMCON. In a more enlightened environment the lender and AMCON would have been seriously sanctioned. Such level of ignorance and carelessness should not exist in financial institutions. “It is time for the appropriate authorities to look into the activities of AMCON and save the Nigerian tax payers from the unlawful and ignorant waste of government resources while claiming to be pursuing non-existent debts. “The libelous statement issued by AMCON will receive appropriate attention.”

BUHARI COMMENDS AMBODE, INAUGURATES LEGACY PROJECTS a first-class child-birth and maternal care centre in the health sector of Nigeria as well as the first choice for expectant mothers. Aruna also said the governor disclosed that the hospital later became over-stretched beyond capacity and somehow obsolete, adding that in his government's bid to sustain Bank-Anthony’s philanthropy,

the administration of former Governor Babatunde Fashola, awarded the contract for the expansion and reconstruction of the facility. He said:“Today, seven years after the closure of the facility, the new edifice is now a 170-bed facility with five surgical theatres. It has 16-bed emergency care units with the organ support facilities, 30-bed

special baby care unit, five neo-natal intensive care units, a fully equipped laboratory with support services, laboratories and a blood bank. “Beyond the significance for the health sector, this institute is a major contribution to our education sector also; as it becomes a veritable platform for our medical students in the state university to enhance their

AMCON, BI-COURTNEY BICKER OVER SUPREME COURT JUDGMENT it to pay Bi-Courtney the sum of N132billion, adding that it was the aviation services firm that is indebted to it in excess of N119billion. Bi-Courtney has always maintained that it was not indebted to AMCON. The firm had severally asserted that rather than being a debtor to AMCON, it was a net creditor to the federal government and that the corporation was one of the agencies of the said federal government. In the statement by its Head, Corporate Communication, Mr. Jude Nwauzor, AMCON said it did not owe Bi-Courtney any amount; instead, it was the aviation services firm that owes it N119billion. It said it would continue to explore every legal avenue to recover the said sum of N119billion in the national interest and interest of the bond owners. The corporation argued that there was never an issue of its liability with Bi-Courtney before the Supreme Court. It added that the decision of the Supreme Court did not deal with the merits of the appeal nor the substantive matter resulting in the exparte decision of the Federal High Court. AMCON said the appeal before the Supreme Court

was only in respect of the leave granted it by the Court of Appeal to appeal as an interested party and for which the apex court held that the application ought to have been filed at the Federal High Court first before the Court of Appeal. It noted that this was the sole issue submitted and determined by the Supreme Court while the substantive matter is still with the lower court. The corporation disclosed that the appeal against the judgment of the federal government/Federal Airports Authority of Nigeria (FAAN), who are parties to the substantive case that gave rise to the enforcement order is still pending at the Court of Appeal, adding that the said appeal is strictly between the federal government/FAAN and Bi- Courtney and has nothing to do with AMCON. It noted that Bi-Courtney is struggling to tie the matter to its debt obligation in the company when the whole matter of N132billion is strictly a case between the aviation services company and the Federal Government of Nigeria/FAAN. AMCON said: “The whole matter of N132billion is strictly a case between Bi-Courtney Limited and the Federal

Government of Nigeria/FAAN. Bi-Courtney is struggling to tie the matter to their debt obligation in AMCON. “The only import of the judgment is that AMCON seeks the leave of the Federal High Court first to appeal the enforcement order before approaching the Court of Appeal. The net effect of the above is that AMCON was never ordered to pay Bi-Courtney N132billion nor any other amount. AMCON has never been a party to any of the proceedings pending at the court of Appeal. “As far as AMCON is concerned, Bi-Courtney, owned by Wale Babalakin, is still indebted to the corporation in excess of N119billion and the corporation would continue to explore every legal avenue to recover the said sum in the national interest and interest of the bond owners.” Bi-Courtney had obtained a judgment against the federal government in 2012 wherein the court directed that all revenues due to BiCourtney under the concession agreement should be paid to the company. The court had in May 6, 2011 assessed the outstanding money to be N132,540,580,304.00. Bi-Courtney then approached the court to set-off

AMCON Lacks Understanding of the Law, Says Bi-Courtney Bi-Courtney repudiated AMCON’s position last night, in a statement by Ndudi Okpaleke, accusing the asset management firm of lacking the understanding of the law. It explained: “As early as April 2012, the Federal High Court awarded N132bn to Bi-Courtney Limited against the Federal Government and directed that this amount of money should be used to pay any liability owed to any government agency, including AMCON. “AMCON was specifically mentioned in the court order. All attempts to set aside this order have failed in all courts

THURSDAY APRIL 25, 2019 Ë¾ T H I S D AY

T H I S D AY ˾ ˜ Ͱͳ˜ Ͱͮͯͷ

COMMENT

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

LEADING EFFORTS TO END MALARIA

The United States is committed to working with partners to end malaria for good, writes W. Stuart Symington

n World Malaria Day, the United States is proud to recognize our partnership with Nigeria and support your fight to beat this deadly disease. We salute all Nigeria’s health champions—from health workers to mothers, pharmacists to drivers, journalists to researchers, teachers to warehouse managers—and all those working to end malaria. As a global community, we have achieved remarkable success. Together, we’ve cut malaria mortality by half in sub-Saharan Africa, and saved over seven million lives since 2000. In Nigeria, the United States has contributed $495 million for malaria control since the U.S. President’s Malaria Initiative (PMI) began in 2011, distributing more than 26 million long lasting insecticidal bed nets, 23 million malaria rapid diagnostic test kits, 52 million treatment courses, and 14 million doses of medication to prevent malaria in pregnancy. As we commemorate World Malaria Day on April 25, we celebrate this success. As the world’s leading donor in global health, the United States is committed to working with our partners to intensify efforts to end malaria for good. We know fighting malaria is a smart investment to protect health, create opportunity, and foster growth and security worldwide. And we know fighting malaria together makes us more e ective and achieves greater impact than any of us could alone. Countries are best positioned to beat malaria with strong partnerships behind them. American partnership—including technical and financial commitments through the U.S. President’s Malaria Initiative (PMI) as well as the U.S. contribution to the Global Fund to Fight AIDS, Tuberculosis, and Malaria—remains a cornerstone for continued global

THIS WORLD MALARIA DAY, WE ARE PROUD TO REAFFIRM THE COMMITMENT OF THE UNITED STATES TO CONTINUING THIS GLOBAL PROGRESS AND ENDING MALARIA IN NIGERIA

progress. Since 2011, PMI, led by the U.S. Agency for International Development and implemented together with the U.S. Centers for Disease Control and Prevention, has partnered with Nigeria to support their fight against malaria. PMI’s transformative programmes in Nigeria leverage and strengthen national leadership, resources, and systems to deliver lifesaving interventions more effectively and promote enduring malaria control gains. PMI walks alongside partner countries on their journey to end malaria as an evolving, but enduring partner—promoting and building their self-reliance. PMI empowers every person, every community, and every country to fight malaria as an equal, valued, and essential partner. This year’s World Malaria Day theme – Zero Malaria Starts with Me – recognizes this role we all play in ending malaria. So today we call on everyone – national governments, donors, communities, families, faith leaders, the private sector, and many others – to fight this deadly disease alongside us. Together we can scale proven interventions to close coverage gaps. We can share research, best practices, and data to stay ahead. We can welcome new products, players, and processes to advance our fight. This World Malaria Day, we are proud to reaffirm the commitment of the United States to continuing this global progress and ending malaria in Nigeria. And I extend our hand in partnership to all of those who will join us. Zero malaria starts with me, you, and everyone working together for a more prosperous and healthy future for all. Symington is United States Ambassador to Nigeria

GOOD TIDINGS FROMYOBE Governor Ibrahim Gaidam has done remarkably well in spite of the odds, writes Abdullahi Bego

n Yobe State, the last 10 years of the state’s history have been, by most accounts and estimations, remarkable. The course of history was altered in ways that will be felt for many more years to come. Those were years when Governor Ibrahim Gaidam held forte as the state’s chief executive. A binary perspective for Yobe’s history is significant. It is easily the best way to grasp the scope of the laudable work that Governor Gaidam has done against the anything-goes nature of the previous era. First, before Governor Gaidam came to power Yobe was arguably a state only in name. The civil service, clearly the engine room for responsible governance, was in atrophy. As a result, nothing else appeared to be working. Let me demonstrate this in just one sector – financial management. As a state with limited resources and limited earnings, one would expect that government officials would be circumspect about how resources are allocated and expended for the good of the people of the state. But consider the instances when this isn’t nearly the case. There were stories of how payment mandates (called releases) from the governor’s office to the Ministry of Finance were paid twice or thrice for a single mandate using duplicate copies of the same mandate. There were occasions when payment releases were either deliberately not paid at all or were sold to third parties who had ways with the relevant government officials. At a point, the different senior cadres of the ministry arguably became more ‘powerful’ than the state chief executive because they wielded so much power as to who was paid and who was not. During that period, such officials

were literally hot cakes. Their residences and offices were always swarmed with people looking to be paid for services rendered or contracts executed. And then there was the ravaging menace of ghost workers. Millions of state funds went down the drain in the name of paying workers who didn’t exist. To be fair, even in the midst of the Gaidam administration, such financial misconduct occasionally occurred but was always swiftly stamped out when discovered only because the governor, himself an accountant and auditor, was determined to see things work better for the state. For example, a little over a year ago, a bill of N950 million was once submitted by the state scholarships board for the payment of student bursaries. The governor queried the bill and asked the Ministry of Finance, now under a smart and digitally innovative leadership, to audit the details. It was discovered, in the course of the audit, that there were names of students who had already graduated; names of students who are government workers on in-service training and already enjoying monthly salaries. There were also names that were duplicated many times over. Using the students’ biometric data, BVN and other novel measures deployed by the Finance Ministry, the bill of over N950 million came down to a little over N400 million. The effort saved more than N500 million for the state government. As a result of the discoveries made, the entire staff corps of the board was replaced with another from different ministries, departments and agencies and a powerful example was set by the governor for how deliberate misconduct would never be tolerated. Today, in a financially reforming and

steadily growing Yobe State, not many people even know the senior executives at the Ministry of Finance, where much of the state’s financial management is conducted. As a contractor or service provider, you don’t need to know them or even frequent their offices to get paid. Just do your work and wait for your electronic payment alert. It’s that reformed and that easy! Governor Gaidam’s financial management style and transparency have other benefits for the people of the state. They have ensured that the state government incurred expenditures only when it had the funds to finance them. For this, the Gaidam administration remains the only one in the state to never borrowed a kobo from any financial institution to finance or execute projects. Gaidam’s financial discipline also ensured that Yobe’s workers always smiled to the banks before the end of any given month at a time that some of their peers elsewhere were waiting two months and three months to get paid. No wonder that the governor is now fondly called ‘Baba Mai Alert’. And then there is Gaidam’s singular concern for the plight of retirees. I dare say that in Nigeria today, Gaidam is the foremost governor in catering to the welfare of retired workers. This is not difficult to check out. While other states are owing their retirees billions of naira in unpaid pensions and gratuities, Yobe is up to date in such payments and retired workers are regularly scheduled for verification and subsequent payment as soon as they retire from the services of the state government. It is also the result of Gaidam’s sound financial management that, along with meeting workers obligations, the state government is able to execute and manage numerous projects and programmes

with direct benefit to the people of the state. In healthcare and roads development, for example, the stories are legion about how fortunes were changed for people in dire need of such services. In education, Yobe is on the road to recovery after years of Boko Haram’s devastating and cowardly attacks on educational institutions. In agriculture, things are looking a lot better with a new approach to irrigation farming and in housing, some workers who have never dreamt of owning a home now no longer have to contend with such worry. Governor Gaidam also made a leap of faith through three new initiatives that have changed the course of history in Yobe State. He built a new College of Medical Sciences so that the state can be assured of its own corps of indigenously trained doctors over the long term. He built a new University Teaching Hospital as the crown jewel of his unprecedented effort in healthcare, and he is building a new airport, which can be a force multiplier for the state if effectively harnessed. These and many others made Governor Gaidam a sui generis in the history of Yobe State – the idea that he reformed the civil service and how government business is conducted and the fact that without resorting to any borrowing or profligate spending, he executed more projects than would ordinarily be possible under the current heavily challenged security situation. Governor Gaidam will go on May 29th, 2019 at the end of his eventful tenure. He will be remembered for a long time by many Yobe people who genuinely appreciate his services to the state and his capacity to deliver even when the hour seemed darkest and the odds too many. Bego, Governor Gaidam’s DirectorGeneral for Press Affairs, wrote from Damaturu

T H I S D AY THURSDAY, APRIL 25, 2019

EDITORIAL Leadership In A Time Of Insecurity Government must do more to contain the volume and severity of crime

he widespread violence and worsening insecurity across the country have prompted several critical stakeholders to call for an urgent review of the national security architecture. From north to south, there is a consensus that the Nigerian state has lost the capacity to safeguard the lives and property of citizens. No state better exemplifies the sanguinary descent into anarchy than Zamfara where banditry has long become a way of life. On a daily basis innocent men, women and children are maimed or killed. At the last count, the dead numbered more than 400 while many communities had been laid waste. Even when the crisis was on a relatively smaller scale, the state governor, Abdullaziz Yari, abdicated responsibility as the chief security officer of the state. “This is Nigeria’s forgotten conflict”, Osai Ojigho of Amnesty International, Nigeria once said, “the authorities’ failure to act has left villagers in Zamfara at the mercy of armed bandits who have killed hundreds of people.” GOVERNMENT AT ALL Before the recent LEVELS MUST WORK efforts to attend to the HARD TO PROP THEIR violence in Zamfara, VULNERABLE ECONOMIES. the crisis has spread and sucked in many FOR NOW, THE NATION’S ECONOMY OFFERS LITTLE relatively calmed states like Sokoto, where no COMFORT fewer than 50 villagers were gruesomely murdered recently in Rabah local government to Katsina, and even Kaduna, where communal conflicts and the road connecting it and the Federal Capital Territory, Abuja has become a nightmare for travellers. General banditry and kidnappings are the deadly trend. The Northeast states of Borno, Yobe and Adamawa are still under the vice-grip of the decade-long brutal Islamic insurgency, Boko Haram while Benue, Plateau and Taraba still experience killings occasioned by kidnappings and farmers-herdsmen clashes over grazing land after a brief spell of calm during the 2019 general election. Across many states in the south and southeast, kidnappers and hoodlums have also stepped up their game, seizing people

Letters to the Editor

for ransom and killing at whims. In perhaps underlining the urgency to contain the spiral of violence and daunting security challenges, a bewildered House of Representatives last week summoned President Muhammadu Buhari to appear before it and address the nation within 48 hours. In an adopted motion at plenary titled “Resurgence of incessant and annual massacre of innocent Nigerians across the country by alleged bandits and killer herdsmen…,” the lawmakers wanted the president to explain the country’s gradual descent into chaos and administration’s inability to protect lives and property.

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

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

n response to the challenges President Buhari held a security council meeting at the Presidential Villa where he ordered the service chiefs to deal ruthless with the armed bandits that are holding the country by the jugular. That was not the ﬁrst. The president had in the past held many of such meetings with little or no impact. The Acting Inspector-General of Police Mohammed Adamu had earlier in the week also launched “Operation Puff Adder” in the Northwest to, among other things, arrest the menace of kidnapping on Abuja-Kaduna expressway and reclaim communities seized by criminals in Zamfara. “Our commitment at protecting the sanctity of life and property is irrevocable, and we will not scale down the pressure on the armed bandits until they are totally ﬂushed out,” said Adamu. While we wish the IG and indeed the armed forces well in the new task, we are persuaded to believe that the failure of intelligence gathering and sharing of vital information among security chiefs all have conspired to worsen the security situation in the country. It has also become increasing evident that many of the service chiefs are tired and in dire need of replacement. But above all, government at all levels must work hard to prop their vulnerable economies. For now, the nation’s economy offers little comfort, at least for the millions of the restless and the jobless. It was Gunnar Heinsohn, a German social scientist that warned that countries with “youth bulge” often gravitate towards violence. Ours is worse: more than half the youth are unemployed.

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

FROM CHANGE TO THE NEXT LEVEL

he caption, ‘’Change mantra ‘’ will not escape the memory of many Nigerians like a shark would not forget the arrival of toxic waste into the sea. The change mantra paved way for a change of baton in 2015 as APC‘s presidential candidate. In 2019, the change mantra has metamorphosed into ‘’Next

Level.’’ The next level has therefore captured the mindset of the voters who voted for President Muhammadu Buhari and are truly expecting positive next level. It has to be reiterated that Nigerians are acutely hungry with many people unable to afford three square meals per day. The average man knows that it is mathematically impossible to fix plethora of challenges at once except those who ride through the air on broomsticks. The economy, the debt profile, healthcare, power, education, security, among others, require guts to solve but the masses request that a revolutionary journey starts with a step. There are various alibis given for the slow speed of the APC -led government in the first tenure. However, in the second terrain, the president must be careful of the stench of treachery hanging in the air like the sword of Damocles. The civil servant will be the first to smile in the second term of President Buhari but I hope the government will not use a carrotstick approach with the looming value added tax increment. I see pessimism in many people’s eye but I see light of hope in some people’s eyes when the slogan was changed from ‘’Change

‘’ to ‘’Next Level’’ with a rider “we are going higher.’’ Many have asked, ‘’what is next level?’’ Next level in the dictionary of common people should be a government that takes the masses as first priority. Next level should be a regime that strives for perfection with all infrastructural projects in progress. Next level should be an administration that endeavours to clear the backlogs of bad leadership and the tumults and disorders of past misgovernance Next level should be a government that tries hard to surpass all the achievements of past governance. Next level is a government that works hard to make a difference in the lives of people and in the communities sheltered. Next level is government that promotes small and medium business enterprise and consequently decreases unemployment to the barest minimum. Next level is a government that closes the gap between the rich and the poor. Next level is a government that usually thinks differently. We hope the APC-led government is saying welcome to the season of quality service, welcome to the next level of health care, welcome to the time of sound education, welcome to the world of impregnable security and welcome to a boom period. In all these, the president is the spider in the virtual web of our nation. He spins and weaves the nation to shape. We therefore hope that the president and his cabinets can truly take us to the next level of achievements we truly yearn for. Olusanya Anjorin, Lagos

HAMLET AND OTHER STORIES

oung people have almost given up reading books, at least physical ones and are now getting their stories from twitter and Facebook - or at least 140 characters of the

story. There are a number of great stories that they may potentially miss out on, so some 140 character summaries are provided below so that they can decide what stories may be worth following up with. Romeo and Juliet - a couple of kids in love stuff up. Moby Dick - a dude goes fishing. Dracula - an old dude sucks. Lord of the flies - kids don’t always play nice. Hamlet - every family has a few problems. Frankenstein -don’t do surgery at home. Les Misérables - a very long story about a guy who is wrongly jailed and ends up a good guy. Tell your children that the story of their lives should take more than 140 characters to tell. Dennis Fitzgerald, Melbourne, Australia

THURSDAY APRIL 25, 2019 Ë¾ T H I S D AY

T H I S D AY ˾ THURSDAY APRIL 25, 2019

POLITICS

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

‘Condition of Living in Kogi is Miserable’ Yekini Jimoh encounters former Governor of Kogi State, Alhaji Ibrahim Idris on the sidelines of events marking his 70th birthday; as he reminiscences over his life and politics

ow do you feel at 70? I feel great and I am grateful to God to have kept me up to this moment. I remain grateful to Him for what He has been doing for me, what he has done for me and my family and what he has used me to do for the people, as well. You served the state for a while, most of the things you left behind are still there, anytime you come to the state or maybe passing by, how do you see it? Most of the things I left behind while in office are dilapidated. They are not being taken care of. Government should be a continuous exercise, when you leave, whoever is taking up from you will continue from where you stopped. However, it is sad when you find out that some of those things left are not being taken care of, constantly checked to make sure they are working perfectly or even better than what you even left behind. I remember the one you call ‘Ibro Water’, the one that everybody is talking about, is not there anymore. I remember ‘Ibro Water’ was meant to service Okene, Kotonkarfi and even all the towns towards Kabba, because it produces about 50 million gallons every day. Up to the time I left, we don’t use up to five million gallons. We had enough for expansion. There are so many. Do I talk about the roads, institutions, like Kogi State University that was ranked as one of the best state and private universities in Nigeria even in West Africa that was able to clock about 29 accredited courses within 29 months which I think Kogi State was the first and the only that has done it so far. That institution is now something that you will just sit back, look at and lament. I remember when I was there, we had over 100 professors but now I doubt if there are more than 10. There are so many to count. All I will say is that I am not really happy when I see all the good job I have done not maintained. As one of the leaders of the people in Kogi State, election is coming up in November, what steps are you taking to make sure that this power that APC is … To be honest with you, my concern is to have a good leader who will take care of Kogi State. That is my main concern. I don’t really mind whether the person is from APC or from SDP or any party, my concern is to have a leader who will continue from where I stopped, so that people will have food on their table and live happily, people will have quality life. That is my concern but when these are not available and people are crying no food, you get disgusted. The question now is, when you ask people how you are doing now, they will tell you hunger, which is quite different from when they say ‘we are working hard’ though it is tight but they are hoping it will be well. To be frank and honest I am not happy with what is going on in Kogi, I am not trying to condemn anybody, condition of living in Kogi is so miserable. Since you left ofﬁce you have been living a quite life, little has been heard from you in terms of participation in politics. Is this deliberate? From the word go, I am not a noise maker even while I was in the office. I am a silent achiever. I believe in doing things for the people to see and make use of. That is what is important. When I was there, most people didn’t see what I did. By the time I left they realised what I have done is there for the people to see. Even if you say I didn’t do anything, they are there for the people to see. The fact is I do not believe in talking, I only talk when it is necessary. I don’t just wake up and start making noise. Not really that I am

Idris quiet, I may be quiet because people don’t hear me criticising and jeering people, I don’t believe in that, I don’t believe in violence. I want to live happily, quiet life, peaceful life with my people. But I will feel bad if I have food to eat with my family while the rest of my brothers and sisters out there have nothing to eat. For me, that’s where my concern comes. I don’t think there is a good leader who will be happy to see that happen to his people. I don’t care who is there, my interest is who will serve the people well and give the people what they want. That is my interest. Where this doesn’t come then it is worrisome, it is something that everybody should be interested in. If PDP will be an answer to that, then I will work very hard collectively with every member of PDP to make sure we bring back our lost home, Kogi State. You look younger than your age, what is the secret? I am a contented person. I am grateful to God for what He has done for me. I believe it’s when you look for trouble that it will find you. I try to cut my cloth according to my size, I try to live a peaceful life. I don’t think about anybody, I don’t sleep with people in mind while sleeping and I don’t have people in mind when I wake up. Each time I lie down and think about God, I pray. That alone is enough to keep me young. What is the greatest challenge you have ever faced in life? It has not been smooth all through. I have always worked very hard, from my childhood God has always been kind to me. Things were difficult but God is always finding a way of putting it right for me. You find out people look at me and say why do I build Mosques and Churches all over, not because I have money, if I tell you that I lied. Why I do that is because I want to appreciate God for what He has done for me. I cannot pay

God and I cannot bribe Him. I believe in helping to improve the houses of God be it Christian or Muslim, we are all praying to God. If it is so, then whatever I do, I do it because of God, that is all I think I can offer for now because I cannot pay Him enough for what He has done for me. I feel happier than the people I carry these projects to. That alone is enough happiness and joy for me and makes me look younger. Any regrets? No regrets. I am very contented. I see myself like the most beloved person on earth. I am not saying that God does not love you. That is the way I see myself. You were able to anoint you successor in Kogi State, former Governor Idris Wada. In this country we have seen former governors having problems with people they brought to power, how did you manage that we didn’t hear of any crisis within? We are humans and we are not perfect. We are subject to make mistakes. It is normal, natural. You didn’t hear us quarrelling like other states because I mind my business, I am not the one that made him governor, it’s God that made him governor because I don’t have such powers. I may be instrumental to it but because that has happened does not mean I should tell him what to do while in office, I don’t have such right. But I can only advice him, where I advice him, he takes it and it works for him, fine; where he doesn’t, that is left to him. To be honest, I never intruded in his administration from the beginning to the end. Mine is just to give him a useful advice that will help him get up. That was how we worked. That doesn’t mean he has not done anything to offend me. I have to know and I believe that the moment somebody is in power and you try to tell him what to do and how to do it, that is when you get into

trouble. The moment you avoid that, you don’t have any problem and I did so. That was why you didn’t hear us quarrel. What is your next political aspiration? I am contented, to be frank between me and my God I am into politics today because of what is happening. My prayer to God when I was leaving office was to give me somebody that will do better than what I did. Luckily, I left the office without blemish from the people I served. I did not have ICPC or EFCC coming after me. Above all, today in Kogi, people still love me. For them to appreciate me, I think that is enough for me. There are some of my colleagues who cannot go back to their places. For now, I don’t have any political ambition. To crown it all, being interested in politics was because of what is happening, I cannot sit down in my house eating, drinking and wining and other members outside are suffering and you want me to be happy. That was why I decided to come back to see what I can do. We need the cooperation of everybody; all hands must be on deck to work hard and see how best we can present PDP to the people. You can’t do it if the people don’t support you. I still believe PDP has ample opportunity in Kogi State to bring back the power. What is happening now is an eye opener to them. Except if there is a change in the heart of the leadership to allow a free and fair election, if what they have done in the past elections will be repeated then there will be no free and fair election in the state. Can you tell us your happiest day? My happiest day was when I won my first election. It is God that gave me power to defeat an incumbent governor. Your saddest day in life? When my father and mother died, those two moments were my saddest days.

T H I S D AY ˾ THURSDAY APRIL 25, 2019

POLITICS

‘The Greatest Politicians are Those who Listen’ Keniebi Okoko ﬁelds questions from Emmanuel Addeh on how he will bring about an era of prosperity as the next Governor of Bayelsa State

hy do you want to be the next Bayelsa governor and what do you think sets you apart from the rest? I want to be governor because I want a massive change in Bayelsa and among our people in terms of education, in healthcare, in terms of the economy and in fact in all spheres of their lives. I am not trying to evaluate my fellow contestants. I am not too concerned about them. I am more concerned about my own blueprint which will enable our people take a decision soon. For starters, if you look at my educational background, I started school here in Nigeria at the University of Port Harcourt then proceeded to Carlton University in Canada. I also attended Wharton Business School for short courses, before proceeding to Havard where I did two short courses and finally a three-year programme at the Harvard business school which makes me an alumnus of the Harvard Business School and several other colleges. Educationally , you can see I am very qualified. I am not from the regular political class. Everyone else who is interested has held one political post or another. Bayelsans want to know what achievements those who have held these positions made when they held those positions. I am not bothered by my fellow contestants. The people know what is good for them at this point in time. People see Bayelsa as performing below expectation, given that it has so much resources and a high level of poverty. What is responsible for this disparity? I am not aware of people saying our state is underperforming and I cannot confidently say how much money comes in. There are different dynamics. Bayelsa is a growing state. Let’s not be quick to judge. When you don’t wear the shoe, you don’t know where it pinches. People might be saying that the money coming in is a lot, forgetting that there are several ongoing capital projects. There are lots of bank loans, debts from what I gathered, salaries and capital projects. I am not quick to judge. It’s also possible that the head is good, but the strength around the head may not have the capacity to deliver the vision of the visioner. The visioner may have a good vision but the workforce is not able to implement the vision. I am not saying that’s the situation, but I don’t think that statement that Bayelsa is underperforming is fair.

Being a coastal area, what would you do to ensure that Bayelsa takes full advantage of its peculiar environment for the good of its people? Industrialisation is the key. The same environment is pretty much what they have in Singapore. The government should stop being a company, it should not own companies. It should create a decent environment for business to thrive. It should be looking for Foreign Direct Investment. Inviting companies that have been tested and trusted. Today, Nigeria is branded as a corrupt destination. Most of these companies are afraid. But that is not the case. I will be an ambassador for the state. Going into contractual agreements and sticking to these agreements. Because many foreign investors think we don’t follow through signed agreements. In Vietnam for example, you talk about rice. In Singapore, you talk about fishing. Not long ago, these countries were tagged underdeveloped. Have agreements with these countries, ensure they come and transfer this knowledge which is very important. Our people have to understand that government cannot provide everything, but provide opportunities. I have always been a strong advocate of knowledge transfer, educating the mind to greater things that we can achieve. The Ijaw man is not lazy, there is nothing you give an Ijaw man to do that he cannot accomplish, given the right circumstances. We are a determined and dogged people. The late Governor Diepreye Alamieyeseigha was known for resource control, Governor Dickson is talking about restruc-

Okoko turing. What’s your take on restructuring? It is obvious that this country needs to be restructured. I have always been a strong advocate of this. We need to use every non-violent channel. It has to be more intellectually driven now. I do not subscribe to making inflammatory statements from whichever side of the divide. We need to talk about it because it is inevitable. Closely linked to restructuring is the call for state police, like what obtains in so many parts of the developed world. Do you think this call is justiﬁed, especially given the rising crime wave in the state? First of all, when you say Bayelsa has serious security challenges, I will tell you that Zamfara has been in the news recently, that the Kaduna, Abuja axis is also a sore point, that there has been a lot of kidnapping recently in Lagos. Its not a situation that is peculiar to Bayelsa. But the framework is very important. How are they going to be funded? What are the

I am not from the regular political class. Everyone else who is interested has held one political post or another. Bayelsans want to know what achievements those who have held these positions made when they held those positions. I am not bothered by my fellow contestants. The people know what is good for them at this point in time

reporting channels, because there has been a lot of abuse of power in this country. You spoke about developed nations. There are rules about their kind of policing and these rules are strictly obeyed. That framework is important. We must have the enabling environment. We must continue to discuss it , but for now , let’s build on what we have. There has to be a transition period. We should be able to say that in the next four years, we are moving from point A to point B. Unemployment is a big issue in Nigeria, more so Bayelsa where majority of the youths are not gainfully employed. When you become governor, how do you intend to tackle this? I will take it from the point of Donald Trump. I have not seen the media bash any other President in recent times, like the American President. But everything that Trump says he will do, he is doing for America. He said he will provide more jobs. He has done it. He has simply taken away the things that stifle investment, made the big companies invest more in the factories and insisting that if they build companies outside America and try to bring the goods in, they will be heavily taxed. By doing that, he has increased job creation and the salary strength of American workers. If you come down to Bayelsa and Nigeria at large, Bayelsa is largely dependent on government and probably a few companies. There are no industries and no matter how the government shouts about job creation, without industries, we are going nowhere. You cannot continue to employ people into the civil service who do not have anything to do. Its not about taking people and giving them empty offices. They are not being allowed to task their brains. Industries in every local government will be encouraged. The middle class is already gone. We need to look for factories for the low and middle class. Let’s look for the model that works for the low and middle class. You can see the phones that are selling for the upper and lower class. You can have a factory that produces those kind of phones in Nembe local government or Sagbama, Aba, Enugu and Onitsha. There will be knowledge transfer, then you create a business ecosystem that works. India is not better than Nigeria. We have the

same opportunities. My friend has a $3 billion company in India called Micromax. Why can’t we bring him to replicate that here. Let’s not continue to look at the problems , but for solutions. We need to develop our land. Mind transformation is important. Give Bayelsa four years and you will see transformation. Give us a brief background of yourself, given that a lot that people know about you seem to be about philanthropy and business and not in politics? I disagree with you. My father is Professor Kimse Okoko, whom I am very proud of. He tutored and nurtured me. Maybe I am not as prominent in the political space as much as I am in business and philanthropy. Funny enough, this is not my first time in politics. When I finished from Carlton in Canada and I came back to Nigeria in 2005, I participated in the House of Assembly election, but the party in its wisdom did a kind of special primaries. I hold no grudge against anyone. I left and went into business. I am glad that it happened. Because it gave me more determination to succeed in life. Politics is not about how long, but what you are bringing into the game. Donald Trump wasn’t a politician , but he beat everybody. In France and Austria, it is the same. What I will bring to bear on governance in Bayelsa is my knowledge in business, my integrity, my capacity to turn things around. The greatest politicians are those who listen and take advice. Those around me will tell you that I listen to everyone. When you take advice and know peoples problems, you are not an emperor. As Bayelsa leader, I will listen to their complaints. I will be close to my people. I will not loot their funds because I am not looking for free money. I will work to the extent that when a successor is taking over from me, it will be more or less a standard to measure the next administration. I can guarantee that. All the things I have learnt in Harvard, Carlton, Wharton, Uniport, I will bring to bear. I can assure them that because I am a child of God, I have empathy for my people. When the righteous rule, the people rejoice. My people will see the difference when I take over governance of the state.

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FEATURES

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

Highway Danger: Rail Transport to the Rescue Chiemelie Ezeobi writes that given the increase in danger on the highways, especially on the Abuja, Kaduna, Zamfara, and Nasarawa corridors that are prone to kidnapping and armed robbery, the rail transport system offers a viable alternative

hen the Nigerian Police launched Operation Puff Adder, it was targeted at curbing the alarming spate of criminalities like armed robbery and kidnapping along the Abuja-Kaduna Expressway. For months unending, that corridor including Zamfara and Nasarawa had been plagued by these gangs, who held sway. Although the operation has recorded many successes including the recent arrest of nine notorious criminals on the Abuja-kaduna Expressway meet their waterloo, such acts of criminalities still thrive. In that operation, the police recovered six AK47 rifles, one Pump Action Gun, 1,206 rounds of Ak47 Ammunition, seven magazines, 28 cartridges and 158 expended shells. However, despite the security measures constantly put on ground, the Kaduna-Abuja corridor, as well as highways like Zamfara and Nasarrawa States have been battling with the menace of kidnapping and armed robbery, which perhaps explains the huge crowds often recorded at the Abuja rails. That the rails even provide a viable alternative to road transportation is a testimony of the doggedness of Minister of Transportation, Rotimi Amaechi, whose key derivatives for the rail system has been to connect one city to another. He is known to undertake rail inspection trips sometimes twice a month, showing how passionate he is about the process. This is because under this administration, rail development has been taken to a higher level with greater dedication and commitment. Meanwhile, in line with FG’s desire for the best, the minister was recently directed that all rails in the North should be double-track rail lines, even though research had indicated the volume of passengers upcountry will not require double-guage tracks until sometime in the future. It was not always like this. The rail system of transportation had virtually almost ground to a halt until the last administration under former President Goodluck Jonathan, who gave initial life to the system, before the rest was continued by this present administration under the President Muhammadu Buhari-led government. Although the cost of building a rail is higher than roads, its maintenance however is lower and reduces the intense pressure on the roads. Again, besides relieving the roads of pounding and traffic snarls, rail transportation has proven to be a highly economical and energy efficient means of transit. World over, the rail system of transportation is the most common mode of mass transit for either conveying persons or goods from one point to another. While some still make use of the usual rails, some nations on the other hand have even gone above and beyond in advancing to high-speed trains. History According to Wikipedia, the history of the rail system in Nigeria can be traced to the British government, who began the construction of a railway from Lagos Colony to Ibadan in March 1896. The Lagos Government Railway began operations in March 1901 and was extended to Minna in 1911, where it met the Baro–Kano Railway that was built by the government of Northern Nigeria between 1907 and 1911. The two lines were amalgamated in 1912 into the Government Department of Railways, the predecessor to the Nigerian Railway Corporation. The railway reached its North-east terminus of Nguru in 1930. After coal was discovered at Udi, the Eastern Railway was built to Port Harcourt between 1913 and 1916. This railway was extended to Kaduna in 1927, connecting the Eastern Railway to the Lagos–Kano Railway. The Eastern Railway was extended to its northeastern terminus of Maiduguri between 1958 and 1964. Years of Neglect During the years of plenty, the rail was used to convey commercial goods like groundnut,

Some of the trains

Operation Control Centre that monitors the railway

cocoa and other food produce. But lack of maintenance struck, relegating the rail to the background. Although the Nigerian Railway Corporation was still in existence, by 2013, the only operational rail network was between Lagos and Kano and it purportedly took 31 hours to complete the journey. Given that the rails in Nigeria were gradually neglected and later abandoned, subsequent attempts to rehabilitate the rail lines have not been cost effective, yet without any tangible results. In 2009, moves to restore the railways began with the Port Harcourt to Maiduguri flank. That success has since spread to other corridors under this administration. Therefore, for many who cannot afford to fly, especially in areas where water transportation, another affordable means of transit, is practically non existent, the rail readily comes in handy. The positives associated with the rail cannot be overemphasised. In overly populated areas like Lagos where trucks compete for space with cars, coupled with the bad road networks, the beauty of the rail speaks volumes. Economies of Rail Networks Around railways, economies have been created. At the Lagos -Ibadan railway, over 10,000 people have been employed. Now, to feed these people lies on petty traders, bukas and local canteens, a process which ends up improving the economy of the surroundings. It has been proven that through outlets like food vending shops, shop operators and motor parks, thrive, including property owners around rail corridors, who experience increased valuation of their properties. About this Amaechi said: “with the coming of the rail, there is bound to be improved economy for those around the rail stations as there will be food vendors, shop operators at the train stations, motor parks to offer connecting road transport service for train passengers, as well as

opening up several other business corridors in the Nigerian economy.” He cited the example of the Lagos-Ibadan rail project which presently has employed about 10,000 workers, pointing out that they have to be fed and taken care of, by food vendors and the like. Amaechi further noted that the cost of land and other properties on the rail corridor have all gone up as many people are already scrambling to buy lands and properties along such places in anticipation of the economies that will be built within those areas. Safety Guaranteed Unlike the roads and highways, which are prone to attacks, the railway somewhat guarantees one safety. Although petty thieves might take advantage of the mammoth crowds that throng the rails, bigger acts of criminalities like kidnapping and armed robbery are rarely recorded. Itakpe-Warri Rail Abandoned for 36 long years, the ItakpeWarri has now been given new wings to fly. For Itakpe, which 20minutes from Lokoja, the idea of the railway was to connect the two steel communities in the country—DSC(Delta Steel Company) Ovwian, Aladja, in Delta State and Ajaokuta Steel Company, in Kogi State Also, the Rail Village in Agbor, Delta State which was burnt, is now being rehabilitated, since many facilities and equipment were stolen following the abandonment of the project for many years. When completed, it’s now to include a school, hospital and residential quarters for staff etc. In the same way, THISDAY gathered that the Railway Yard is also being built in Agbor, for the ease of maintenance of the rail system. It is truly laudable that the cost of Itakpe-Warri rail is $200million, and not a dime was a loan, as it was fully and solely funded by the FG. Already,

the Itakpe-Warri rail now carries 100 passengers per trip daily, although plans are on top gear to build motor parks at all the rail stations, just like the motor park in Rigasa station, Kaduna. According to Amaechi, the Warri-Itakpe Standard Gauge line had commenced operation for passenger, commercial and freight services. The train corridors involved Itakpe in Kogi, Aghenebode in Edo and Agbhor in Delta with 12 railway stations along the corridors. On plans to link the Itakpe Rail to Abuja axis, the minister was quoted as saying that it would cost the government $3 billion. If done, it would include a seaport in Warri. The minister added that “it is one rail project that we did not borrow a dime to complete”, adding that “President Muhammadu Buhari was and is still enthusiastic in driving the rail project in Nigeria as a way of improving the nation’s economy”. Commenting on the progress the rail is bringing to the area, Chief Madu Agboifo, a traditional chieftain in Agbor, remarked during the recent rail inspection project in the area that “life is bound to pick up again in this area when the rail comes fully operational”, adding that “already, some of our boys are being offered some jobs at the Railway yard and at the Railway village. So we are looking forward to a round of robust economy again”. He commended the passion and commitment the minister of transport has shown in the execution of the abandoned rail, enthusing further that “we cannot wait to start enjoying the full benefits of railway transportation”. Hope for Lagos-Ibadan Rail Determined to deliver on the rail project, the minister assured that by early June this year, the Lagos- Ibadan rail transport system would have been ready. Although it’s already 70 per cent completed, the laying of tracks is expected to be

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FEATURES is there but it is not efficient. The moment we fix this, those goods will be transferred to the rail and the logjam will disappear.” Adding that the Lagos-Ibadan rail line would be extended to the port once the Iju section in Lagos was completed, he said once that was done, he would push them to go to the seaport.

Passengers’ coaches

Minister of Transportation, Rotimi Amaechi, during one of his frequent inspections of ongoing construction of the rails

Passengers undergoing screening

completed, while the entire rail will start running from Lagos to Ibadan in December 2019. On the other hand, the Ibadan-Kano Rail, although it cost $5.3billion, it’s yet to commence. Completed Rails The Lagos to Abeokuta Rail on the other hand was ready over three months ago and that entire stretch is already operational. It’s operational cost was pegged at $1.6 billion. Also, the Abuja-Kaduna Rail has been completed with $500million loan and has since been running. That is not to say nothing was done under the previous administration. Then, the tracks were merely laid but there was no rail transport up to Kaduna, rather, the rail was between Idu and Kubwa. It stopped in Kubwa because of a Catholic Hospital which was on the right of way. The Catholic church refused to release the facility for demolition and that stalled the continuation of the rail project. But under this administration, the minister of transportation negotiated with the Catholic authority and the latter agreed to relocate the hospital. Thus, the government funded the rebuilding of the hospital elsewhere. Again, what the previous administration did was to use construction

locomotives to showcase rail transport at the time, not using the real coaches. Now, it is fully running just as plans are being made to increase the coaches so more passengers will be carried between Abuja and Kaduna. Amaechi who spoke to some journalists over the weekend noted that his commitment to the full take off of rail transportation in Nigeria is aimed at making life easier and better for Nigerians. It is pertinent to state that the Ghanaian government recently sent a team led by its minister of Rail Development, Hon Joe Ghartey, to come and understudy the progress being made in Nigeria’s rail projects. One of the successes is the Lagos-Ibadan rail project, which is being executed at the cost of $1.6 billion, and is being funded from the loan from the Chinese government. Linkage to Seaports One of the truly unique features about the rail project is the fact that all rail lines in cities where there are ports will terminate in the seaport. This is applicable for cities like Lagos, Calabar, Onne and Warri etc. The essence is so the cargo rail can lift goods directly from the ports and

spare the roads from pounding, traffic snarls and all the baggages involved with road carnages. This will also go a long way to decongest the traffic situations always recorded around the ports. Panacea to Gridlocks That Lagos and other big cities are synonymous to gridlocks is not news, neither is the fact that such traffic situations drain manpower. One of such traffic-prone areas is Apapa, where heavy duty vehicles have taken over every aspect of the ports, thus holding the town hostage. In providing solution to this anomaly, the minister has repeatedly stressed that the establishment of an efficient rail line would be solution to the gridlocks around Lagos ports. Again speaking during an inspection of the ongoing Lagos-Ibadan rail project, the minister said the major challenge at Lagos seaports was not clearing but inefficient rail line. He said: “The problem at the Lagos seaports is not clearing because goods are cleared on time. The problem is movement of those goods out of port. I am not under pressure from anybody. Part of the solution to Lagos seaport is an efficient rail line. You can argue that the narrow gauge

Elimination of Road Carnages It’s no gainsaying rails eliminate road rage and carnages. In Nigeria alone, incidents of road carnages by heavy articulated vehicles thrive. From one mishap to another, these accidents often take lives and properties in their numbers. According to the National Bureau of Statistics (NBS), there are 11,363 road accidents recorded nationwide in 2016, leading to a total of 5,053 Nigerian deaths. These sad statistics explain why Nigeria has been known as the country with the most dangerous roads to travel. Available statistics on road crashes have shown that about 85 per cent of the road mishaps are human triggered. At a recent forum in Lagos, the Federal Road Safety Corps (FRSC), in a document made available to THISDAY on articulated vehicles involved in RTCs in Nigeria has been on the high side. In 2016, the data for truck, tanker and trailer accidents were 1637, 359 and 657 respectively. In 2017, the data for truck, tanker and trailer accidents were put at 1732, 308 and 624 respectively. Also in 2016, the number of RTCs recorded and RTCs involving articulated vehicles were put at 9,694 and 2,653 respectively with a percentage of 27.4 per cent, while in 2017, the figures were put at 9,383 and 2,664 with a percentage of 28.4 per cent. Therefore, the FRSC has estimated that Nigeria loses three per cent of its GDP to road crashes annually. This translates to billions of naira lost in human and capital resources. At the event, the Corps Marshal, Oyeyemi Boboye, listed some of the causes of road carnage by articulated vehicles to include non-adherence to road traffic safety practices, inadequate driver’s training/certification and re-training leading to drivers’ errors, inadequate provision of tanker/ trailers parks across the country, non- adherence to safe laden/haulage practices /standards (including vehicle’s) by stakeholders; inspite of practice guidance and non-functional weighbridges to assist in enforcement of axle load compliance, including overload with sundry goods e.g. Tomatoes, firewood. He cited others as aging trucks and lack of fleet renewal programmes, heady and non-cooperative attitude of drivers and other stakeholders, security challenges and lack of clear-cut policy on tanker/ truck transit in Nigeria, non- adherence to standards by operators and by tank constructors, alteration of original design value of truck heads and/or trailer, state of the nation’s roads (though this is being tacked head-on currently), parking on unauthorised location along the road, failure to install speed limiting device and lack of cooperation of private tank farm owners on Safe-To-Load programme. Although road carnages are not restricted to such heavy articulated vehicles, they often take the larger chunk of statistics. Need for More Coaches Every good thing usually faces its share of challenges. For the rail transit, one of the challenges usually faced is the number of available coaches, which explains the long queues often recorded at some stations. As part of measures to ameliorate this, the minister once disclosed plans to move two additional coaches from the Itakpe Warri railway corridor to decongest the mounting pressure on the Abuja-Kaduna train service. During the inspection of the Lagos-Ibadan railway in Abuja, he admitted to being aware of the ongoing racketeering at the Idu and Rigasa stations as coaches that usually take 200 passengers now carry 500 persons. About this he said: “We also discovered that some people will buy tickets and resell to the public. We’re going there. We’ll put policemen there to arrest them. Even if you put policemen there, that won’t solve the problem. The queue is because the coaches are not enough; people are standing. The reason for which we bought those coaches was for people to sit down. So, I have directed that they should move two coaches from Itakpe-Warri to Abuja-Kaduna.” Also, the minister while admitting that it would be difficult to manage when passengers will stop standing because the upsurge is high he however said the trip to China is meant inspect the new coaches and locomotives meant for Lagos-Ibadan, adding that some of the coaches would be deployed to the Kaduna-Abuja rail.

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Quick Takes DRIF Hosts Foreign Delegates

Ă’Ă? Ă?Ă?Ă Ă?Ă˜ĂžĂ’ Ă?ĂŽĂ“ĂžĂ“Ă™Ă˜ Ă™Ă? ĂžĂ’Ă? Ă“Ă‘Ă“ĂžĂ‹Ă– Ă“Ă‘Ă’ĂžĂ? Ă‹Ă˜ĂŽ Ă˜Ă?Ă–Ă&#x;Ă?Ă“Ă™Ă˜ Ă™ĂœĂ&#x;Ă— Ě™ Ěš ĂĄĂ“Ă–Ă– Ă’Ă™Ă?Ăž ĂŽĂ?Ă–Ă?Ă‘Ă‹ĂžĂ?Ă? Ă?ĂœĂ™Ă— ÍąÍś Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă?Ë› Ă‹ĂœĂžĂ“Ă?Ă“ĂšĂ‹Ă˜ĂžĂ? Ă‹ĂœĂ? Ă?Ă˘ĂšĂ?Ă?ĂžĂ?ĂŽ ĂžĂ™ ĂŽĂ?Ă–Ă“ĂŒĂ?ĂœĂ‹ĂžĂ? Ă™Ă˜ Ă“Ă?Ă?Ă&#x;Ă?Ă? Ă?Ă™Ă˜Ă?ĂœĂ™Ă˜ĂžĂ“Ă˜Ă‘ ĂžĂ’Ă? ĂŽĂ“Ă‘Ă“ĂžĂ‹Ă– Ă?ĂšĂ‹Ă?Ă? Ă“Ă˜ Ă?ĂœĂ“Ă?Ă‹Ë› Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ Ă‹ĂœĂ‹ĂŽĂ“Ă‘Ă— Ă˜Ă“ĂžĂ“Ă‹ĂžĂ“Ă Ă?Ëœ ĂžĂ’Ă? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă?Ăœ Ă™Ă? ĂžĂ’Ă? ÍąĚ‹ĂŽĂ‹ĂŁ Ă?Ă™Ă˜Ă?Ă?ĂœĂ?Ă˜Ă?Ă?Ëœ ĂžĂ’Ă? Ă?Ă™ĂœĂ&#x;Ă—Ëœ ĂĄĂ’Ă“Ă?Ă’ Ă?Ă™Ă—Ă—Ă?Ă˜Ă?Ă?ĂŽ Ă™Ă˜ Ă&#x;Ă?Ă?ĂŽĂ‹ĂŁ ĂžĂ’Ă“Ă? ĂĄĂ?Ă?Ă•Ëœ ĂĄĂ™Ă&#x;Ă–ĂŽ Ă?Ă˜ĂŽ ĂžĂ™ĂŽĂ‹ĂŁË› ÍŻÍˇ ĂĄĂ?Ă–Ă?Ă™Ă—Ă?ĂŽ ĂŽĂ?Ă–Ă?Ă‘Ă‹ĂžĂ?Ă? Ă?ĂœĂ™Ă— Ă?Ă“Ă Ă“Ă– Ă?Ă™Ă?Ă“Ă?ĂžĂŁËœ Ă‹Ă?Ă‹ĂŽĂ?Ă—Ă“Ă‹Ëœ Ă—Ă?ĂŽĂ“Ă‹Ëœ ĂžĂ?Ă?Ă’Ă˜Ă“Ă?Ă‹Ă– Ă?Ă™Ă—Ă—Ă&#x;Ă˜Ă“ĂžĂŁËœ Ă‘Ă™Ă Ă?ĂœĂ˜Ă—Ă?Ă˜ĂžĚ‹ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ“Ă˜Ă‘ Ă?Ă?Ă?Ă&#x;ĂœĂ“ĂžĂŁ Ă‹Ă‘Ă?Ă˜Ă?Ă“Ă?Ă?Ëœ Ă”Ă&#x;ĂŽĂ“Ă?Ă“Ă‹ĂœĂŁËœ Ă‹Ă˜ĂŽ Ă–Ă?Ă‘Ă“Ă?Ă–Ă‹ĂžĂ&#x;ĂœĂ?Ëœ Ă‹Ă˜ĂŽ ĂžĂ’Ă? ĂšĂœĂ“Ă Ă‹ĂžĂ? Ă?Ă?Ă?ĂžĂ™ĂœËœ Ă?ĂœĂ™Ă— ÍąÍ° Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă? Ă“Ă˜ Ă?ĂœĂ“Ă?Ă‹Ëœ Ă‹Ă˜ĂŽ Ă?Ă“Ă˘ Ă?Ă™Ă&#x;Ă˜ĂžĂœĂ“Ă?Ă? Ă™Ă&#x;ĂžĂ?Ă“ĂŽĂ? ĂžĂ’Ă? Ă?Ă™Ă˜ĂžĂ“Ă˜Ă?Ă˜ĂžË› Ă’Ă? Ă?Ă™ĂœĂ&#x;Ă— ĂĄĂ‹Ă? Ă–Ă“Ă Ă?Ě‹Ă?ĂžĂœĂ?Ă‹Ă—Ă?ĂŽ ĂžĂ™ Ă‹ Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă™Ă˜Ă–Ă“Ă˜Ă? Ă‹Ă&#x;ĂŽĂ“Ă?Ă˜Ă?Ă?Ë› Ă“ĂœĂ?Ă?ĂžĂ™ĂœËœ Ă‹ĂœĂ‹ĂŽĂ“Ă‘Ă— Ă˜Ă“ĂžĂ“Ă‹ĂžĂ“Ă Ă? ĂœĂ™Ă‘ĂœĂ‹Ă—Ă?Ëœ Ă™ĂšĂ? Ă‘Ă&#x;Ă˜ĂŽĂ“ĂšĂ?Ëœ Ă?Ă‹Ă“ĂŽË? ËŤ Ă™ĂœĂ—Ă?ĂœĂ–ĂŁ Ă•Ă˜Ă™ĂĄĂ˜ Ă‹Ă? ĂžĂ’Ă? Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž ĂœĂ?Ă?ĂŽĂ™Ă— Ă™ĂœĂ&#x;Ă—Ëœ Ă’Ă‹Ă? ĂŒĂ?Ă?Ă™Ă—Ă? ĂĄĂ?Ă–Ă– Ă•Ă˜Ă™ĂĄĂ˜ Ă?Ă™Ăœ Ă“ĂžĂ? ĂžĂœĂ‹Ă?Ă• ĂœĂ?Ă?Ă™ĂœĂŽ Ă™Ă? ĂžĂ‹Ă˜Ă‘Ă“ĂŒĂ–Ă? Ă‹Ă?ĂžĂ“Ă™Ă˜Ă‹ĂŒĂ–Ă? Ă™Ă&#x;ĂžĂ?Ă™Ă—Ă?Ă? Ă‹Ă˜ĂŽ Ă’Ă‹Ă? Ă‘Ă‹Ă“Ă˜Ă?ĂŽ Ă‹ ĂœĂ?ĂšĂ&#x;ĂžĂ‹ĂžĂ“Ă™Ă˜ Ă‹Ă? Ă‹Ă˜ Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ĂšĂ–Ă‹ĂžĂ?Ă™ĂœĂ— ĂĄĂ’Ă?ĂœĂ? Ă?Ă™Ă˜Ă Ă?ĂœĂ?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă˜ ĂŽĂ“Ă‘Ă“ĂžĂ‹Ă– ĂšĂ™Ă–Ă“Ă?ĂŁ Ă“Ă˜ Ă?ĂœĂ“Ă?Ă‹ Ă‹ĂœĂ? Ă?Ă’Ă‹ĂšĂ?ĂŽËœ Ă‹Ă˜ĂŽ ĂšĂ™Ă–Ă“Ă?ĂŁ ĂŽĂ“ĂœĂ?Ă?ĂžĂ“Ă™Ă˜Ă? Ă?Ă™ĂœĂ‘Ă?ĂŽË› ËŤ Ă’Ă? ĂŒĂœĂ™Ă‹ĂŽ Ă?Ă‹ĂžĂ?Ă‘Ă™ĂœĂ“Ă?Ă? Ă™Ă? ĂšĂ‹ĂœĂžĂ“Ă?Ă“ĂšĂ‹Ă˜ĂžĂ? Ă?Ă˘ĂšĂ?Ă?ĂžĂ?ĂŽ Ă‹ĂœĂ? Ă?ĂžĂ‹ĂžĂ? Ă‹Ă?ĂžĂ™ĂœĂ?Ëœ Ă?Ă“Ă Ă“Ă– Ă?Ă™Ă?Ă“Ă?ĂžĂŁ Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă?Ëœ Ă‹Ă?Ă‹ĂŽĂ?Ă—Ă“Ă‹Ëœ Ă’Ă&#x;Ă—Ă‹Ă˜ ĂœĂ“Ă‘Ă’ĂžĂ? Ă‹Ă?ĂžĂ“Ă Ă“Ă?ĂžĂ?Ëœ ĂžĂ?Ă?Ă’Ă˜Ă™Ă–Ă™Ă‘ĂŁ Ă?Ă˜ĂžĂœĂ?ĂšĂœĂ?Ă˜Ă?Ă&#x;ĂœĂ?Ëœ Ă‘Ă?Ă˜ĂŽĂ?Ăœ Ă‹Ă?ĂžĂ“Ă Ă“Ă?ĂžĂ?Ëœ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ĂšĂ™Ă–Ă“Ă?ĂŁ Ă?Ă˜ĂžĂ’Ă&#x;Ă?Ă“Ă‹Ă?ĂžĂ? Ă‹Ă˜ĂŽ Ă‹Ă?ĂžĂ™ĂœĂ? ĂĄĂ“ĂžĂ’Ă“Ă˜ ĂžĂ’Ă? Ă‘Ă–Ă™ĂŒĂ‹Ă– Ă“Ă˜ĂžĂ?ĂœĂ˜Ă?Ăž Ă‘Ă™Ă Ă?ĂœĂ˜Ă‹Ă˜Ă?Ă? Ă?ĂšĂ‹Ă?Ă?Ë›ËŹ

Nokiaâ€™s 5G Will Enhance Speedâ€™

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L-R: Managing Director/Chief Executive Officer, Blueprint Technologies Limited, Saheed Alao; Chief Executive Officer and Founder, GLOW Health Enterprise, Adanna Monde and Group Managing Director/Chief Executive Officer, United Bank for Africa Plc, Kennedy Uzoka, at the official launch of GLOW Health in Lagosâ€Śrecently

Report: Feeding Nigeriaâ€™s Population a Critical Challenge Hamid Ayodeji Feeding Nigeriaâ€™s current and future population is now a critical challenge that must be addressed, a report has stated. The report by one of the leading professional services firms, PwC, titled: â€œFeeding 398 million people in Africaâ€™s largest economy by 2050,â€? noted that with over 50 per cent of the countryâ€™s 198 million people living in rural areas, the economy is highly dependent on agriculture as a means of livelihood. The sector contributed approximately 21 per cent of the countryâ€™s Gross Domestic Product (GDP) in 2017. Despite this, agricultural productivity remains low further dampened by post-harvest

ECONOMY losses. Overall, food cultivation is primarily through subsistence farming and characterised by low technology and high labour intensity. Since 2013, the sectorâ€™s contribution to GDP has remained almost flat on account of low yields, which was further exacerbated by internal conflicts such as terrorism and the herdsmen crisis, as well as the impact of climate change. â€œFeeding Nigeriaâ€™s current and future population is a critical challenge. This challenge necessitates the adoption and application of innovations to agriculture so as to make the sector more competitive and

sustainable. â€œBoosting economic growth in agriculture is a function of three factors: farmland expansion, yield growth and reduction in post-harvest losses. â€œAdoption of innovative systems, technologies and products within the sector can improve agricultural productivity; increase the supply of food output; aid local farmers to produce cheaper and more accessible products; as well as reduce post-harvest losses and enhance storage capabilities for small-holder farmers,â€? the report added. It noted that advances in innovations and technologies are key to the future of agriculture, as farmers strive to feed the world with limited natural resources.

According to the report, the global human population could grow to 9.7 billion people by 2050. In 2018, there were nearly 821 million people (2017: 804 million) who regularly did not have enough food to eat, according to the United Nations. The number of undernourished people have been on the rise since 2014. West Africa accounted for 15.1 per cent share of undernourished people in the world in 2017. On the International Food Policy Research Instituteâ€™s (IFPRI) global hunger index, Nigeria ranked 103rd out of 119 countries in 2018 implying that the level of hunger in the Continued on page 24

GSMA Urges Operators to Leverage Innovative Solutions for Rural Rollout Emma Okonji GSMA, which represents the interests of global mobile operators has stressed the need for telecoms operators to take advantage of innovative solutions to enhance rollout of telecoms services in rural communities within sub-Saharan African counties. Director, sub-Saharan Africa for GSMA, Mr. Gerald Rasugu, who gave the charge during an interview with THISDAY Newspapers in Abidjan, CĂ´te de Ivoire, expressed worry about the wide margin that exists between rural communities and urban cities in the area

TELECOM of mobile services rollout. He also raised the alarm on the wide gender gap in the usage of mobile devices in sub-Saharan Africa. â€œIn sub-Saharan Africa, we have seen a huge gap between the men and the women in the usage of mobile devices to access the internet, and the poor rollout of telecoms services in rural community, but the GSMA is working hard to address the anomalies. Telecoms operators must therefore take advantage of innovative solutions to address rural connectivity challenges. â€œAt GSMA, we have pro-

grammes that focus on rural connectivity, which seeks to increase access to internet connectivity among sub-Saharan dwellers,â€? Rasugu said. According to him, â€œWe have since discovered that mobile operators find it extremely difficult to rollout services in rural communities and the cost of rollout in rural communities is higher than that of urban cities. â€œSo what we did in Tanzania was to bring together all the mobile operators including the countryâ€™s regulator, and we discussed the possibility of rolling out mobile services in rural communities in Tanzania at very low cost model.

â€œWe agreed to assign a region in the rural areas to each operator and they will allow their customers to roam services among each regional operator and through that initiative, we had a regional roaming concept which worked out very well. What we did was to split the cost of rollout of among telecoms operators and within a year, we saw the return on investments.â€? He further explained that the same method could be applied in other sub-Saharan Africa countries including Nigeria, where rural connectivity and Continued on page 24

Ă™Ă•Ă“Ă‹ Ă“Ă? Ă—Ă‹Ă•Ă“Ă˜Ă‘ Íł ĂŽĂ?ĂšĂ–Ă™ĂŁĂ—Ă?Ă˜ĂžĂ? Ă?Ă‹Ă?ĂžĂ?Ăœ Ă‹Ă˜ĂŽ Ă—Ă™ĂœĂ? Ă?Ă™Ă?ĂžĚ‹Ă?Ă?Ă?Ă“Ă?Ă“Ă?Ă˜Ăž ĂĄĂ“ĂžĂ’ Ă“ĂžĂ? ĂšĂ‹ĂžĂ?Ă˜ĂžĚ‹ĂšĂ?Ă˜ĂŽĂ“Ă˜Ă‘ Íł Ă Ă“ĂœĂžĂ&#x;Ă‹Ă– ĂžĂ?Ă?ĂžĂ“Ă˜Ă‘ Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜ĂžËœ ĂžĂ’Ă? Ă?Ă™Ă—ĂšĂ‹Ă˜ĂŁ Ă’Ă‹Ă? Ă?Ă‹Ă“ĂŽË›

Ă˜ Ă“ĂžĂ? Ă™Ă Ă?ĂœĚ‹ĂžĂ’Ă?Ě‹Ă‹Ă“Ăœ Ă Ă‹Ă–Ă“ĂŽĂ‹ĂžĂ“Ă™Ă˜ Ă‹ĂœĂ?Ă‹ Ă“Ă˜ Ă&#x;Ă–Ă&#x;Ëœ Ă“Ă˜Ă–Ă‹Ă˜ĂŽËœ Ă™Ă•Ă“Ă‹ ĂĄĂ™ĂœĂ•Ă? ĂĄĂ“ĂžĂ’ Ă™ĂšĂ?ĂœĂ‹ĂžĂ™ĂœĂ? ĂžĂ™ Ă?Ă“Ă—Ă&#x;Ă–Ă‹ĂžĂ? Ă—Ă‹Ă?Ă?Ă“Ă Ă? Ă‹Ă˜ĂžĂ?Ă˜Ă˜Ă‹ ĂŒĂ?Ă‹Ă— Ă?Ă™ĂœĂ—Ă“Ă˜Ă‘ ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă? ĂŒĂŁ Ă?Ă™Ă—ĂŒĂ“Ă˜Ă“Ă˜Ă‘ ĂšĂ’ĂŁĂ?Ă“Ă?Ă‹Ă– ĂžĂ?Ă?ĂžĂ“Ă˜Ă‘ ĂĄĂ“ĂžĂ’ Ă‹ Ă–Ă?Ă‹ĂŽĂ“Ă˜Ă‘ Ă?ĂŽĂ‘Ă? Ă Ă“ĂœĂžĂ&#x;Ă‹Ă– Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜ĂžË› Íł Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?Ă? ĂžĂ’Ă? Ă?Ă™Ă—ĂšĂ–Ă?Ă˘Ă“ĂžĂŁ Ă™Ă? ĂšĂ’ĂŁĂ?Ă“Ă?Ă‹Ă– Ă‹Ă˜ĂžĂ?Ă˜Ă˜Ă‹Ă?Ëœ ĂžĂ’Ă? Ă‹Ă–Ă‘Ă™ĂœĂ“ĂžĂ’Ă—Ă? Ă˜Ă?Ă?Ă?Ă?Ă?Ă‹ĂœĂŁ ĂžĂ™ ĂŽĂ?Ă–Ă“Ă Ă?Ăœ Ă™ĂšĂžĂ“Ă—Ă‹Ă– Ă?Ă?Ă?Ă“Ă?Ă“Ă?Ă˜Ă?ĂŁËœ Ă‹Ă? ĂĄĂ?Ă–Ă– Ă‹Ă? ĂžĂ’Ă? Ă?Ă’Ă?Ă?Ăœ Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă? Ă?Ă“ĂžĂ? ĂŽĂ?ĂšĂ–Ă™ĂŁĂ—Ă?Ă˜ĂžĂ?Ë›

Ă˜ ĂžĂ’Ă? Íł ĂžĂ?Ă?Ăž Ă–Ă‹ĂŒËœ Ă™Ă•Ă“Ă‹ Ă?Ă™Ă—ĂŒĂ“Ă˜Ă?Ă? Ă‹ Ă&#x;Ă˜Ă“Ă›Ă&#x;Ă? ĂšĂ’ĂŁĂ?Ă“Ă?Ă‹Ă– Ă™Ă Ă?ĂœĚ‹ĂžĂ’Ă?Ě‹Ă‹Ă“Ăœ ĂžĂ?Ă?Ăž Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜Ăž ĂĄĂ“ĂžĂ’ Ă Ă“ĂœĂžĂ&#x;Ă‹Ă– ĂœĂ?Ă‹Ă–Ă“ĂžĂŁ Ě™ Ěš ĂžĂ™ ĂžĂ?Ă?Ăž Ă‹Ă˜ĂŽ Ă Ă?ĂœĂ“Ă?ĂŁ ĂžĂ’Ă? Ă™ĂšĂžĂ“Ă—Ă‹Ă– Ă?Ă“ĂžĂ? Ă–Ă™Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă? ĂžĂ’Ă? Ă‹Ă˜ĂžĂ?Ă˜Ă˜Ă‹Ă? Ă?Ă™Ăœ Ă™ĂšĂ?ĂœĂ‹ĂžĂ™ĂœĂ?Ë› Ă?Ă“Ă˜Ă‘ Ă™Ă•Ă“Ă‹ËŞĂ? ĂšĂ‹ĂžĂ?Ă˜ĂžĚ‹ĂšĂ?Ă˜ĂŽĂ“Ă˜Ă‘ Ă‹ĂšĂšĂœĂ™Ă‹Ă?Ă’Ëœ ĂžĂ’Ă? ĂžĂ?Ă?Ăž Ă–Ă‹ĂŒ Ă?Ă“Ă—Ă&#x;Ă–Ă‹ĂžĂ?Ă? Ă‹ Ă—Ă&#x;Ă–ĂžĂ“ĂžĂ&#x;ĂŽĂ? Ă™Ă? ĂŽĂ“Ă?Ă?Ă?ĂœĂ?Ă˜Ăž ĂšĂ’ĂŁĂ?Ă“Ă?Ă‹Ă– Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜ĂžĂ? ĂžĂ™ Ă“Ă—ĂšĂœĂ™Ă Ă? ĂŒĂ™ĂžĂ’ ĂžĂ’Ă? Ă‹Ă?Ă?Ă&#x;ĂœĂ‹Ă?ĂŁ Ă‹Ă˜ĂŽ ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă? Ă™Ă? Íł Ă— ĂŒĂ?Ă‹Ă—Ă?Ă™ĂœĂ—Ă“Ă˜Ă‘ Ă‹Ă˜ĂžĂ?Ă˜Ă˜Ă‹Ă? Ă“Ă˜ ĂžĂ’Ă? ĂœĂ?Ă‹Ă– ĂĄĂ™ĂœĂ–ĂŽË›

Groups Endorse Miss Telecom

ĂĄĂ™ Ă–Ă?Ă‹ĂŽĂ“Ă˜Ă‘ Ă‘ĂœĂ™Ă&#x;ĂšĂ? Ă“Ă˜ Ă“Ă‘Ă?ĂœĂ“Ă‹ËŞĂ? ĂžĂ?Ă–Ă?Ă?Ă™Ă—Ă? Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁËœ ĂžĂ’Ă? Ă?Ă?Ă™Ă?Ă“Ă‹ĂžĂ“Ă™Ă˜ Ă?Ă–Ă?Ă?Ă™Ă—Ă—Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă™Ă—ĂšĂ‹Ă˜Ă“Ă?Ă? Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ě™ Ěš Ă‹Ă˜ĂŽ Ă?Ă?Ă™Ă?Ă“Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? Ă“Ă?Ă?Ă˜Ă?Ă?ĂŽ Ă?Ă–Ă?Ă?Ă™Ă—Ă—Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? ĂšĂ?ĂœĂ‹ĂžĂ™ĂœĂ? Ă™Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹ Ě™ Ěš Ă’Ă‹Ă Ă? Ă?Ă˜ĂŽĂ™ĂœĂ?Ă?ĂŽ ĂžĂ’Ă? Ă“Ă?Ă? Ă?Ă–Ă?Ă?Ă™Ă— Ă“Ă‘Ă?ĂœĂ“Ă‹ ĂŒĂ?Ă‹Ă&#x;ĂžĂŁ ĂšĂ‹Ă‘Ă?Ă‹Ă˜ĂžËœ Ă‹Ă˜ Ă“Ă˜Ă“ĂžĂ“Ă‹ĂžĂ“Ă Ă? Ă™Ă? Ă?ĂŽĂ“Ă‹ Ă™Ă˜Ă?Ă?ĂšĂž Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă?ĂŽ Ă“Ă˜ Ă?Ă™Ă˜Ă”Ă&#x;Ă˜Ă?ĂžĂ“Ă™Ă˜ ĂĄĂ“ĂžĂ’ Ă‹ĂœĂ•Ă?ĂžĂ“Ă˜Ă‘ Ă?ĂœĂ Ă“Ă?Ă?Ă? Ă“Ă—Ă“ĂžĂ?ĂŽË› ĂšĂ?Ă‹Ă•Ă“Ă˜Ă‘ Ă‹Ăž Ă‹ ĂœĂ?Ă?Ă?Ă˜Ăž ĂšĂœĂ?Ă?Ă? Ă?Ă™Ă˜Ă?Ă?ĂœĂ?Ă˜Ă?Ă? ĂžĂ™ Ă‹Ă˜Ă˜Ă™Ă&#x;Ă˜Ă?Ă? ĂžĂ’Ă? ĂŒĂ?Ă‹Ă&#x;ĂžĂŁ Ă?Ă™Ă˜ĂžĂ?Ă?ĂžËœ ĂžĂ’Ă? Ă?Ă’Ă“Ă?Ă? Ă™ĂœĂ‘Ă‹Ă˜Ă“Ă?Ă?ĂœËœ ĂœË› Ă?Ă?ĂžĂ&#x;Ă? Ă‘Ă‹Ă˜Ă‹ ĂŽĂ“Ă?Ă?Ă–Ă™Ă?Ă?ĂŽ ĂžĂ’Ă‹Ăž ĂžĂ’Ă? Ă“Ă?Ă? Ă?Ă–Ă?Ă?Ă™Ă— Ă“Ă‘Ă?ĂœĂ“Ă‹ Ă?Ă˜ĂŽĂ™ĂœĂ?Ă?Ă—Ă?Ă˜Ăž Ă?ĂœĂ™Ă— ĂŒĂ™ĂžĂ’ Ă‹Ă?Ă?Ă™Ă?Ă“Ă‹ĂžĂ“Ă™Ă˜Ă? ĂĄĂ‹Ă? ĂŽĂ™Ă˜Ă? Ă“Ă˜ Í°ÍŽÍŻÍśË› Ă? Ă?Ă‹Ă“ĂŽ ĂžĂ’Ă? Ă?Ă Ă?Ă˜Ăž ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? ĂŽĂ?Ă?Ă“Ă‘Ă˜Ă?ĂŽ ĂžĂ™ Ă?Ă?Ă–Ă?ĂŒĂœĂ‹ĂžĂ? ĂžĂ’Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂžĂ?Ă–Ă?Ă?Ă™Ă— Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă‹Ă˜ĂŽ ĂžĂ™ Ă‹Ă–Ă?Ă™ ĂšĂœĂ™Ă—Ă™ĂžĂ? ĂžĂ’Ă? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂœĂ“Ă?Ă’ Ă?Ă&#x;Ă–ĂžĂ&#x;ĂœĂ? Ă?Ă‹ĂŁĂ“Ă˜Ă‘ Ă“Ăž Ă“Ă? Ă‹Ă–Ă?Ă™ ĂžĂ™ Ă?Ă?Ă–Ă?ĂŒĂœĂ‹ĂžĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂžĂ?Ă–Ă?Ă?Ă™Ă—Ă—Ă&#x;Ă˜Ă“Ă?Ă‹ĂžĂ“Ă™Ă˜Ă? Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁ Ă?Ă™Ăœ Ă’Ă?Ăœ Ă‘Ă™Ă™ĂŽ ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă‹Ă˜Ă?Ă? Ă“Ă˜ ĂžĂ’Ă? ĂšĂ‹Ă?Ăž ÍŻÍś ĂŁĂ?Ă‹ĂœĂ?Ë› Ă’Ă? ĂšĂ‹Ă‘Ă?Ă‹Ă˜Ăž ĂžĂ“ĂžĂ–Ă?ĂŽ ËŤ Ă“Ă?Ă? Ă?Ă–Ă?Ă?Ă™Ă— Ă“Ă‘Ă?ĂœĂ“Ă‹ËŹ Ă“Ă? Ă?Ă?Ă’Ă?ĂŽĂ&#x;Ă–Ă?ĂŽ ĂžĂ™ Ă’Ă™Ă–ĂŽ Ă™Ă˜ Ă‹ĂžĂ&#x;ĂœĂŽĂ‹ĂŁËœ Ă&#x;Ă–ĂŁ Í°ÍľËœ Í°ÍŽÍŻÍˇ Ă‹Ă˜ĂŽ Ă“Ăž ĂžĂ‹ĂœĂ‘Ă?ĂžĂ? Ă“Ă‘Ă?ĂœĂ“Ă‹Ă˜ ĂŁĂ™Ă&#x;Ă˜Ă‘ Ă–Ă‹ĂŽĂ“Ă?Ă? ĂĄĂ“ĂžĂ’Ă“Ă˜ ĂžĂ’Ă? Ă‹Ă‘Ă?Ă? Ă™Ă? ÍŻÍśĚ‹ÍąÍŽ Ă?Ă™Ăœ ĂšĂ‹ĂœĂžĂ“Ă?Ă“ĂšĂ‹ĂžĂ“Ă™Ă˜Ë›

Egyptâ€™s Economy Projected to Grow

Ă‘ĂŁĂšĂžËŞĂ? Ă?Ă?Ă™Ă˜Ă™Ă—ĂŁ Ă“Ă? Ă?Ă˘ĂšĂ?Ă?ĂžĂ?ĂŽ ĂžĂ™ Ă‘ĂœĂ™ĂĄ ÍłË›Íł ĂšĂ?Ăœ Ă?Ă?Ă˜Ăž Ă“Ă˜ ĂžĂ’Ă? Ă?Ă“Ă?Ă?Ă‹Ă– ĂŁĂ?Ă‹Ăœ ĂžĂ’Ă‹Ăž Ă?Ă˜ĂŽĂ? Ă“Ă˜ Ă&#x;Ă˜Ă?Ëœ Ă‹Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ĂžĂ™ Ă?Ă?Ă™Ă˜Ă™Ă—Ă“Ă?ĂžĂ? ĂšĂ™Ă–Ă–Ă?ĂŽ ĂŒĂŁ Ă?Ă&#x;ĂžĂ?ĂœĂ?Ëœ Ă‹ Ă?Ă™ĂœĂ?Ă?Ă‹Ă?Ăž Ă?Ă–Ă“Ă‘Ă’ĂžĂ–ĂŁ Ă’Ă“Ă‘Ă’Ă?Ăœ ĂžĂ’Ă‹Ă˜ ĂžĂ’Ă? Ă™Ă˜Ă? Ă™Ă?Ă?Ă?ĂœĂ?ĂŽ ĂŒĂŁ Ă‹ Ă?Ă&#x;ĂœĂ Ă?ĂŁ ĂžĂ’ĂœĂ?Ă? Ă—Ă™Ă˜ĂžĂ’Ă? Ă‹Ă‘Ă™ ĂŒĂ&#x;Ăž Ă–Ă™ĂĄĂ?Ăœ ĂžĂ’Ă‹Ă˜ ĂžĂ’Ă? Ă‘Ă™Ă Ă?ĂœĂ˜Ă—Ă?Ă˜ĂžËŞĂ? ĂžĂ‹ĂœĂ‘Ă?ĂžË› Ă’Ă? Ă?Ă?Ă™Ă˜Ă™Ă—ĂŁËœ ĂĄĂ“ĂžĂ’ ĂžĂ’Ă? Ă?Ă˘Ă?Ă?ĂšĂžĂ“Ă™Ă˜ Ă™Ă? ĂžĂ’Ă? Ă™Ă“Ă– Ă“Ă˜ĂŽĂ&#x;Ă?ĂžĂœĂŁËœ Ă’Ă‹Ă? Ă?ĂžĂœĂ&#x;Ă‘Ă‘Ă–Ă?ĂŽ ĂžĂ™ Ă‹ĂžĂžĂœĂ‹Ă?Ăž Ă?Ă™ĂœĂ?Ă“Ă‘Ă˜ Ă“Ă˜Ă Ă?Ă?ĂžĂ™ĂœĂ? Ă?Ă“Ă˜Ă?Ă? ĂžĂ’Ă? Í°ÍŽÍŻÍŻ Ă&#x;ĂšĂœĂ“Ă?Ă“Ă˜Ă‘ ĂžĂ’Ă‹Ăž Ă&#x;Ă˜Ă?Ă?Ă‹ĂžĂ?ĂŽ Ă™Ă?Ă˜Ă“ Ă&#x;ĂŒĂ‹ĂœĂ‹Ă•Ë› Ă‘ĂŁĂšĂžËŞĂ? Ă˜Ă™Ă˜Ě‹Ă™Ă“Ă– ĂšĂœĂ“Ă Ă‹ĂžĂ?Ě‹Ă?Ă?Ă?ĂžĂ™Ăœ Ă‹Ă?ĂžĂ“Ă Ă“ĂžĂŁ Ă?Ă™Ă˜ĂžĂœĂ‹Ă?ĂžĂ?ĂŽ Ă?Ă™Ăœ ĂžĂ’Ă? Ă?Ă?Ă Ă?Ă˜ĂžĂ’ Ă?Ă™Ă˜Ă?Ă?Ă?Ă&#x;ĂžĂ“Ă Ă? Ă—Ă™Ă˜ĂžĂ’ Ă“Ă˜ Ă‹ĂœĂ?Ă’Ëœ Ă‹Ă?Ă?Ă™ĂœĂŽĂ“Ă˜Ă‘ ĂžĂ™ ĂžĂ’Ă? Ă—Ă“ĂœĂ‹ĂžĂ?Ă? Ă‘ĂŁĂšĂž Ă&#x;ĂœĂ?Ă’Ă‹Ă?Ă“Ă˜Ă‘ Ă‹Ă˜Ă‹Ă‘Ă?ĂœĂ?ËŞ Ă˜ĂŽĂ?Ă˘ Ě™ ĚšË› ĂœĂ“Ă Ă‹ĂžĂ? Ă?Ă?Ă?ĂžĂ™Ăœ Ă‹Ă?ĂžĂ“Ă Ă“ĂžĂŁ Ă’Ă‹Ă? Ă?Ă˘ĂšĂ‹Ă˜ĂŽĂ?ĂŽ Ă“Ă˜ Ă™Ă˜Ă–ĂŁ Ă?Ă“Ă Ă? Ă—Ă™Ă˜ĂžĂ’Ă? Ă™Ă Ă?Ăœ ĂžĂ’Ă? Ă–Ă‹Ă?Ăž ĂžĂ’ĂœĂ?Ă? ĂŁĂ?Ă‹ĂœĂ?Ë› ËŤ Ă?ĂŽĂ“Ă&#x;Ă—Ě‹ĂžĂ?ĂœĂ— Ă?Ă?Ă™Ă˜Ă™Ă—Ă“Ă? Ă‘ĂœĂ™ĂĄĂžĂ’ Ă“Ă? Ă&#x;Ă˜ĂŽĂ?ĂœĂšĂ“Ă˜Ă˜Ă?ĂŽ ĂŒĂŁ Ă“Ă—ĂšĂœĂ™Ă Ă“Ă˜Ă‘ Ă?Ă“Ă?Ă?Ă‹Ă– Ă?Ă“Ă˜Ă‹Ă˜Ă?Ă?Ă?Ëœ ĂœĂ?Ă?Ă™ĂœĂ—Ă? ĂžĂ™ Ă?ĂžĂœĂ?Ă˜Ă‘ĂžĂ’Ă?Ă˜ ĂžĂ’Ă? ĂŒĂ&#x;Ă?Ă“Ă˜Ă?Ă?Ă? Ă?Ă˜Ă Ă“ĂœĂ™Ă˜Ă—Ă?Ă˜Ăž Ă‹Ă˜ĂŽ ĂœĂ“Ă?Ă“Ă˜Ă‘ Ă“Ă˜Ă Ă?Ă?ĂžĂ—Ă?Ă˜Ăž Ă“Ă˜ Ă•Ă?ĂŁ Ă?Ă?Ă?ĂžĂ™ĂœĂ?ËœËŹ Ă‹ĂŽĂ?Ă˜Ă? Ă™Ă’Ă˜Ă?Ă™Ă˜Ëœ Ă‹Ă˜ Ă?Ă?Ă™Ă˜Ă™Ă—Ă“Ă?Ăž Ă‹Ăž Ă?ĂœĂ“Ă?Ă‹Ă˜ Ă?Ă™Ă˜Ă™Ă—Ă“Ă?Ă?Ëœ ĂžĂ™Ă–ĂŽ Ă?Ă&#x;ĂžĂ?ĂœĂ?Ë› ËŤ Ă&#x;Ăž Ă?ĂžĂœĂ&#x;Ă?ĂžĂ&#x;ĂœĂ‹Ă– Ă?Ă™Ă˜Ă?ĂžĂœĂ‹Ă“Ă˜ĂžĂ? Ă‹ĂœĂ? Ă•Ă?Ă?ĂšĂ“Ă˜Ă‘ ĂžĂ’Ă? Ă‘ĂœĂ™ĂĄĂžĂ’ Ă?Ă™ĂœĂ?Ă?Ă‹Ă?Ăž Ă?Ă–Ă“Ă‘Ă’ĂžĂ–ĂŁ Ă?Ă&#x;ĂŒĂŽĂ&#x;Ă?ĂŽË›ËŹ Ă˜ Ă&#x;Ă?Ă?ĂŽĂ‹ĂŁËœ Ă‘ĂŁĂšĂžËŞĂ? Ă?Ă–Ă?Ă?ĂžĂ“Ă™Ă˜ Ă?Ă™Ă—Ă—Ă“Ă?Ă?Ă“Ă™Ă˜ Ă?Ă‹Ă“ĂŽ Ă˜Ă?Ă‹ĂœĂ–ĂŁ ÍˇÍŽ ĂšĂ?ĂœĂ?Ă?Ă˜Ăž Ă™Ă? Ă Ă™ĂžĂ?ĂœĂ? Ă“Ă˜ Ă‹ ĂœĂ?Ă?Ă?ĂœĂ?Ă˜ĂŽĂ&#x;Ă— Ă’Ă‹ĂŽ Ă‹ĂšĂšĂœĂ™Ă Ă?ĂŽ Ă?Ă™Ă˜Ă?ĂžĂ“ĂžĂ&#x;ĂžĂ“Ă™Ă˜Ă‹Ă– Ă?Ă’Ă‹Ă˜Ă‘Ă?Ă?Ëœ Ă‹ Ă—Ă™Ă Ă? ĂžĂ’Ă‹Ăž Ă?Ă™Ă&#x;Ă–ĂŽ Ă‹Ă–Ă–Ă™ĂĄ ĂœĂ?Ă?Ă“ĂŽĂ?Ă˜Ăž ĂŒĂŽĂ?Ă– Ă‹ĂžĂžĂ‹Ă’ Ă‹Ă–Ě‹ Ă“Ă?Ă“ ĂžĂ™ Ă?ĂžĂ‹ĂŁ Ă“Ă˜ ĂšĂ™ĂĄĂ?Ăœ Ă&#x;Ă˜ĂžĂ“Ă– Í°ÍŽÍąÍŽË›

â€œStatistics has revealed the continual increase in the number of mobile internet users in West Africa, but there are still large numbers of people who are unconnected and classified as digitally excludedâ€? Senior Director, Government and Regulatory Affairs at GSMA,

Mr. Fraser Graham

T H I S D AY Ëž Í°ÍłËœ Í°ÍŽÍŻÍˇ

REPORT: FEEDING NIGERIAâ€™S POPULATION A CRITICAL CHALLENGE

country is serious. â€œNigeria is projected to add no fewer than 202 million people to its current population of 196 million between 2018 and 2050. â€œThe country is also expected to surpass the United States, currently ranked the third most populous in the world by 2050. â€œWith sustained growth rate of 2.7 per cent annually and fertility rate of 36.9 births per 1,000 people, Nigeriaâ€™s population will continue to increase for the foreseeable future. Already, only 3.13 per cent of Nigerians are 65 years and above,â€? it added. However, it pointed out that as Nigeriaâ€™s population continues to grow, it was becoming increasingly challenging for food supply to meet demand. The impact of climate change alone could reduce crop yields by half over the next 35 years. â€œIn Nigeria, the agriculture sector continues to be impacted by weather hazards, restricting access to food and increasing food insecurity. â€œIn 2018, flooding across major farming belts in 10 states ruined crops of 100,000 farmers and damaged over 30 per cent of farmland in the affected areas. This severe weather condition will be more frequent because of climate change, hence the need to build resilience,â€? it added. GSMA URGES OPERATORS TO LEVERAGE INNOVATIVE SOLUTIONS FOR RURAL ROLLOUT

rollout pose some forms of challenges to telecoms operators. The other thing the GSMA is doing under the connected society programme, is to have a low-cost model that can work for all networks in the rural areas. We identified mobile operators who were interested, and through our selection process, we identified a company that has the expertise in rolling out networks in rural areas, and we provided the company with a grant that would help it work with the mobile operators to rollout networks in the rural areas, Rasugu said.

Group Business Editor

NCC Moves to Protect 114m Internet Users in Nigeria Stories by Emma Okonji

lives, Onwuegbuchulam stressed the need for the consumers to show interest in getting constant enlightenment and be conscious of fraudulent tendencies by some internet users while online. According to Onwuegbuchulam, who was represented at the forum by the Head, Information and Reference Unit at the Commission, Alhaji Ismail Adedigba, the theme of the event had been

carefully chosen for deliberations to effectively educate and inform the telecom consumers on the threats and modus operandi of cyber criminals in the industry and suggest ways by which the consumers can be protected. She disclosed that as at February this year, there were over 114 million Internet users in the country with over 63 million of them accessing broadband

services on 3G and 4G networks. She said the need to constantly educate was further underscored by the large number of Nigerians online with even more to come online as the Commission intensifies efforts towards implementing its various initiatives aimed at deepening connectivity across the nooks and crannies of Nigeria. â€œAs access to internet increase, the dimension of cyber-criminal

activities was also becoming more sophisticated. There is a need, therefore, for the consumers to get enlightened on the dangers of cybercrimes and for them to, in turn, take the skills learnt through such consumer engagement programmes as CTM very seriously and apply them when using the Internet in order for keep the cyber space safe for them,â€? she said.

The Nigerian Communications Commission (NCC) has reiterated how the over 114 million internet users in the country could be properly protected while online. According to the Commission, one of the key ways to achieve this was through enlightenment and awareness programmes where consumers are informed on the dangers of cybercrimes as well as learn and observe skills gained through such awareness in order to be protected while on the internet. Director, Consumer Affairs Bureau, Mrs. Felicia Onwuegbuchulam, stated this during the 47th edition of the NCCâ€™s Consumer Town Hall Meeting (CTM), a monthly regulator, operators and consumer engagement forum for the grassroots, which held in Uzuakoli, Abia State, recently. With the theme: â€œMitigating Effects of Cyber Crimes: The Role of Telecom Consumers,â€? Onwuegbuchulam said the tripartite programme remained one of the initiatives of the Commission to bring together consumers, network operators and the regulator to identify and discuss salient issues bordering on the telecoms industry with a view to jointly providing solutions to identified challenges. While stating that cyberspace covers everything consumers do online or with computing devices including mobile phones, tablets and personal computers, just as the internet touches L- R: Partner, Ventures, Verraki, Kelvin Balogun; Partner, Real Sector, Abayomi Olarinmoye; Partner, Services, Toluwaleke Adenmosun and almost all aspects of human Managing Partner/Social Sector, Niyi Yusuf, during the companyâ€™s media unveiling in Lagosâ€Śrecently PHOTO: ABIODUN AJALA

MEDIA BRIEFING

EFInA Partners British High Commission on Financial Inclusion The Enhancing Financial Innovation and Access (EFInA) and the British High Commission to Nigeria are set to support Nigeriaâ€™s financial inclusion drive through the support of FinTech across several hubs. Both bodies, last week, held an interactive session with the Central Bank of Nigeria (CBN) and financial industry stakeholders in Lagos to power financial inclusion in Nigeria, where EFInA announced the winners of its $2 million Fintech Challenge Grant. FinTech companies announced as winners of the $2 million Fintech Challenge Fund included CredPal, Capricom Digital, RIBY, SmartTeller, ExtraMile Africa and Social Lender. The event themed â€˜Powering Financial Inclusion through Fintechâ€™, focused on explor-

ing methods and activities to grow the ecosystem through increased funding and enhanced regulatory harmony. EFInAâ€™s Board Chairman, Mr. Segun Akerele, said with over $250 million in cumulative funding and about 200 active FinTech ventures operating in the digital retail payments, lending and payments infrastructure spaces, the Nigerian industry remained one of the most active in the world. He however expressed his worries that 36.8 per cent of Nigerian adults were still excluded from the formal economy and basic financial services, even though they have access to mobile phones. Emphasising the importance of collaboration to enhance financial inclusion in the country, the Chief Executive

Officer of EFInA, Mr. Esaie Diei, explained that several organisations were working to ensure that CBNâ€™s 2020 National Financial Inclusion Strategy (NFIS) to reduce financial exclusion to 20 per cent in 2020 remains achievable. The objectives of the EFInA Fintech Challenge Fund are to provide financial services that are accessible to everyone especially the low-income segment, improve customer experience, enhance the transparency of financial services and increase the adoption of financial services with reliable, valuable and affordable products, he said. Head, Digital Financial Services at CBN, Mr. Stephen Ambore, said: â€œThe CBNâ€™s National Financial Inclusion Strategy is directly intended to create a level playing field

that focuses on driving collaborative activities among actors while also adopting a risk-based approach. â€œSo with the single goal of ensuring that eight in ten Nigerians are financially included by 2020, all stakeholders have to play strongly to achieve high impact. With the regulatory framework provided by the Central Bank, we all also need to facilitate stronger collaboration among stakeholders to create innovative financial products and services.â€? Unveiling EFInAâ€™s Global and Nigerian Fintech Landscape Survey Report, Head of Innovation at EFInA, Dayo Ademola, explained that successful FinTech industries across the world had mainly focused on factors such as product innovation, strategic partnerships, physical and

digital mix, and also lowering barriers to services. Congratulating EFInA and winners of the Fintech challenge grant, the British Deputy High Commissioner to Nigeria, Laure Beaufils, commended the organisation, as she explained that Nigeria remains central in United Kingdomâ€™s objectives to accelerate financial inclusion in Africa. â€œEFInAâ€™s excellent work to promote the sector in Nigeria is good for the grantees, good for Nigeria and good for the UK. A well run grant scheme with worthy grantees is a great start â€“ but it can only do so much. EFInA and its partners will now have to work hard with firms and regulators to create the safest, strongest and most enabling environment for good ideas to flourish,â€? she said.

Obinna Chima

Capital Market Editor

Goddy Egene

Globacom Records Highest Number of New Subscribers in February

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

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The latest report by the Nigerian Communications Commission (NCC) has indicated that Globacom recorded the highest number of new subscribers for the month February, thus making the telecoms company the most preferred network for month of February under review. The report showed that the telco added 400,879 new subscribers, which was the highest gain by any operator. 9mobile was second with 345,264 new

customers, while Airtel came third with 4,559 new users. MTN, the largest network operator by subscriber number, however suffered loss of subscribers in the month under review. With the latest NCC statistics, Globacom had 46,004,517 subscribers on its network in February, while Airtel had 44,975,532. Globacom thus increased its margin over the third largest operator by

1,028,985 subscribers in the month of February 2019. In January Glo had 632,665 users more than Airtel, as the figure for the two operators stood at 45,603,638 for Globacom and 44,970,973 for Airtel. While Globacomâ€™s customer base grew by 0.87 per cent in February, Airtelâ€™s grew by 0.01 per cent in the same month. For 9mobile, its subscriber base grew by 2.1 per cent in February to close at 16,730,581

after adding 345,264 subscribers to the 16,385,317 it had in January. While Glo led 9mobile by 29,218,321 subscribers in January, the gap widened to 29,273,936 in February 2019. The latest data showed that Globacom has maintained a steady rise in new customer acquisition for several months. For instance, in November last year, the network added 1,691,133 new customers to have a total of 43,273,188

subscribers, compared to the 41,582,055 subscribers it had in the preceding month of October. The figures rose further to 45,255,297 at the end of December, 2018, and 45,603,638 at the end of January this year. Reacting to the new statistics released by NCC, Globacom said its steady subscriber growth was a result of its commitment to continuous improvement in infrastructure and service delivery.

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BUSINESSWORLD

INTERVIEW

Goodluck: Africa Must Rise against Digital Exclusion The Head, Sub-Saharan Africa at the GSMA, Mr. Akinwale Goodluck, in this interview speaks on the growth of mobile money across West Africa as well as various initiatives that have been introduced to deepen mobile connectivity and bridge digital exclusion gap in Africa. Emma Okonji provides the exerpts:

GSMA has been involved in the conversations to deepen collaboration and we will continue to do so in order to bring governments up to speed with the pace of industry operators. In February this year, we had a meeting with all government regulatory agencies at the Mobile World Congress in Barcelona, Spain, and there were a lot of discussions on how the telecoms industry and governments could work better.

ow is the GSMA addressing mobile internet penetration challenges in rural parts of Nigeria and other Sub-Saharan African countries that have left a large chunk of people unconnected, which also negates the vision of GSMA to deepen connectivity across Africa? In Nigeria and in most sub-Saharan African countries, telecoms operators are encouraged to tap into the utilisation of the Universal Service Provision Fund (USPF), and in Nigeria, USPF has reached out to operators, offering them the opportunity to take advantage of the fund to drive rural connectivity and internet penetration. One of the chosen mechanism for increasing coverage in West Africa and sub-Saharan Africa has usually been through the Universal Service Provision Fund, but these have generally had limited success in overcoming the overall problem and sometimes the funds have not been deployed, leaving USPF as a de facto tax. One thing I think operators should do is to move away from USPF mechanisms and move towards Universal Service Obligations linked to low frequency spectrum. The 700 MHz and 800 MHz digital dividend spectrum for instance, will become available for assignment in African countries over the next few years. It is recommended that this spectrum be assigned to service providers that can deploy it efficiently with obligations to further improve mobile broadband coverage. What in your view are the implications of the challenges to economic development across Africa? The economic implication is that it could lead to digital exclusion, especially with people in rural communities. The particular challenge with digital exclusion is that the longer it persists, the longer it takes people and regions to catch up with a moving target. Digital exclusion can quickly result, therefore, in economic exclusion. So addressing and reducing digital exclusion requires a significant amount of investment because the unconnected are typically in rural areas where the subscriber acquisition costs are higher, compared to urban areas. Furthermore, the unconnected typically have lower disposable incomes, making the economics of network rollout even more challenging for service providers. The challenge therefore cannot generally be solved by governments alone. State budgets struggle with providing universal coverage in developed countries, and in Africa the magnitude of the unmet need is greater. Therefore, the emphasis should be on encouraging and enabling further investment, with the logical sources of such investment being the service providers.

What roles must African governments play to address the challenges of rural mobile internet penetration? African governments can come up with regulatory frameworks that encourage investment, which will enable and motivate service providers to extend connectivity to rural communities. A key component to encouraging investment is to remove unnecessary barriers to such investment that may reside in the legal and regulatory frameworks. GSMA will continue to engage with African governments on the need to invest significantly in rural connectivity. GSMA launched its West African Mobile Money Report at the just concluded GSMA Mobile 360 Conference in Abidjan, Côte d Ivoire. What were the outcomes of the report? The report underlines the vital role that the mobile ecosystem is playing in contributing to economic growth, social development and job creation across West Africa. From the report, about 30 per cent of the West African population is connected and about 43 per cent are not connected, which could be as a result of issues with affordability, lack of digital literacy, or lack of vision for the benefit of the internet. The report

What is your take on 3G growth in most West African countries even though advanced economies have started rolling out 4G and 5G services? The truth is that technology is evolving and we see 3G developing fast across West African countries to overtake 2G and become the leading mobile technology in West Africa this year, supporting about half of the region’s mobile connections. However, 4G momentum is already building, as 10 new 4G networks have recently been launched in West Africa, including the first ever 4G networks in Burkina Faso, Sierra Leone and Togo. 4G services were launched in Nigeria by Mobile Network Operators (MNOs) few years ago.

Goodluck

however shows an increase in mobile money growth in West Africa, with a prediction that its contribution will reach $70 billion by 2023, which is about 9.5 per cent contribution to GDP, up from its contribution of over $50 billion in 2018, which is equivalent to 8.7 per cent of the region’s GDP. The report attributed the expected rise in mobile money contribution to the rising mobile phone ownership and the ongoing migration to mobile broadband networks and services across the West African region, Nigeria inclusive. To harness the power of a new generation of mobile users and mobile networks, we therefore urge governments and policymakers in West Africa to develop regulatory frameworks that encourage innovation and investment in the sector, enabling the provision of mobile-powered digital services to citizens across the region.

address the amount of power required, the cost of backhauling, cost of equipment deployment, and cost of transportation among others. So if we have solutions that can reduce these costs, it makes it a lot easier for operators to deploy in rural areas, which will, in turn help people in rural areas to have access to the services at reduced costs.

So what does the report seek to achieve? It is a report that highlights mobile economy development in West Africa, in relation to mobile money growth. From that report, we can see the growth trajectory of mobile money in West Africa. The new report ‘The Mobile Economy, West Africa 2019’ is authored by GSMA Intelligence, the research arm of the GSMA, and it showed increase in the contribution of mobile money in West Africa. The report revealed that the number of unique mobile subscribers across West Africa, reached 185 million at the end of 2018, equivalent to 48 per cent of the region’s population. The report however said the number would rise to reach 248 million by 2025, which is 54 per cent of the region’s population. Presently, the West Africa’s mobile ecosystem directly employs around 200,000 people, supports 800,000 jobs in the informal employment sector, and a further 600,000 jobs across the wider economy.

The infrastructure companies (Infracos) have been licenced by NCC to deepen broadband infrastructure in Nigeria, but their rollout has been slowed down. What is GSMA’s position on this? The Infracos were licensed in Nigeria by the Nigerian Communications Commission (NCC) to provide metropolitan fibre that will boost broadband penetration, with less emphasis on rural penetration, but the concern of GSMA is about mobile connectivity in the rural areas of ECOWAS communities, and Nigeria is a member of ECOWAS. But the truth is that the provision of broadband infrastructure is a question of infrastructure economics. The issue of infrastructure development cuts across African countries and Nigeria is not an exception. In providing infrastructure, operators have to first ensure that there are people who will take those services to people who can afford the services, and it is best for operators to start in an incremental manner to work closely with government and other stakeholders to achieve the purpose of infrastructure rollout, and ensure that all are included in the digital inclusiveness drive. So GSMA is working closely with various governments across Africa to help operators achieve the infrastructure rollout plan, especially in rural areas where majority of people are digitally unconnected.

What is GSMA doing about the section of the report that highlighted huge gap in mobile connectivity in rural areas of West African countries, even though it saw steady growth in mobile money penetration in the regions? Yes, the report highlighted some gap in rural connectivity and we are addressing that by putting in place, funding for operators who have innovative ideas on how we can take connectivity to rural areas. We are looking at innovative solutions that

GSMA is interested in enhancing collaboration between operators and African governments to boost mobile connectivity, but most times, government is slow in policy implementation, which may limit the speed of operators. How are you addressing this? There are several engagements going on between African governments and industry stakeholders and the GSMA is interested in strengthening the engagements by encouraging collaboration between governments and industry players.

Multiple taxes are the bane of insufﬁcient rollout of telecoms services in rural areas of African countries. What is GSMA doing to address this issue? Multiple taxes on telecoms services are reoccurrence features across sub-Saharan Africa and West Africa, driven by government deficits. All these boils down to sector specific taxes and GSMA frowns at that. So wait we are doing at GSMA is to advocate to various governments, the alternatives to multiple taxes. For instance, the GSMA has a very strong tax programme and we have done a lot of work in sub-Saharan Africa. We are currently proposing resolutions and solutions to various governments. Across Africa, we believe that if we are able to take person-to-government payments electronically, then governments will generate more money for government, block financial loopholes and ultimately dampen the need for sector specific taxes. Spectrum licence is also an issue for telecoms operators in Nigeria and in most African countries, which could affect mobile connectivity penetration. How could this be addressed? In Nigeria, spectrum licence is not much of an issue, compared to other African counties and this is largely so because NCC has done a lot in the area of spectrum licence. The regulator in Nigeria is committed to best-in-class spectrum practices and this is also evident in other African countries. We have seen regulators in Togo, Burkina Faso, Côte d Ivoire, Ghana, releasing various spectrum frequencies for operators. So we expect commensurate increase in service rollout in countries where their telecoms regulators are releasing frequency spectrums to the operators. We envisaged that continuous rollout of telecoms services will boost 4G rollout and that by 2023 and 2024, 4G technology will overtake 2G technology and become the second most popular means of internet adoption in West Africa. What are some of the success stories for GSMA in terms of achieving connectivity across African countries? One thing that GSMA is actively involved in is that it has recognised the potential of mobile financial services being enabler for bringing people into the digital economy. Mobile money for sure is a major opportunity in driving this growth and we have seen mobile money scaled in Kenya, Ghana, and in most African counties and we expect to see a major upswing in Nigeria as a result of the recent changes in the telecoms regulation. This is one area where GSMA has spent a lot of time and resources and we are very pleased with the positive outcomes across West Africa.

T H I S D AY Ëž Í°ÍłËœ Í°ÍŽÍŻÍˇ

Anammah: NYSE Listing Will Enhance Africaâ€™s Digital Innovation The Chief Executive Officer, Jumia Nigeria, Mrs. Juliet Anammah, spoke with journalists on the benefits of the companyâ€™s recent listing on the New York Stock Exchange, and how the e-Commerce firm intends to showcase Africaâ€™s digital technology innovation. Emma Okonji presents the excerpts:

African player. No local competition in most of our markets except South Africa and Egypt. In South Africa, there is Takealot, who belongs to Naspers. We are focused on the fashion vertical in this market. In Egypt, there is Souq, which is Amazon. Amazon bought Souq in 2017, Souq is a Middle East player with presence in Egypt. Weâ€™ve been growing very well since then, and the reason weâ€™re doing very well in Egypt is because we are very agile, and very local. We feel very positive about our position in this market.

umia was recently listed on the New York Stock Exchange (NYSE). What were the motives for the listing? Yes, we listed on the NYSE and we are glad we did because it is the largest stock exchange in the world. Many technology companies are listed on the NYSE such as Alibaba, Twitter, and Snap. By joining the NYSE and by being the first African technology company to do so, we want to show the digital innovation happening in Africa and the opportunities from Africa in terms of technology and ecommerce. We contemplated several venues, ultimately, we met a lot of investors and New York seemed the more natural place given the number of investors familiar with the business model. More investors have a marketplace and tech focus in New York than in any other place. We made a logical choice. So why the Initial Public Offering (IPO)? We have been private for seven years, and we see a lot of positive aspects to being public, hence our decision to float an IPO. For us, this is really about creating more trust and raising the public profile to help with the business. So raising the public profile is going to help us bring more sellers to Jumia. Many sellers or partners are yet to know about us, and once they do, we hope they will be keen to work with us. We also hope this will help us build even more trust with consumers, in particular, those who are still not comfortable with e-commerce, may now see us as an established company and we hope this will help our growth and consumer adoption. We also hope that the listing will help us with talent recruitment, retention, as we aim to attract more attention from top talent.

What was the size of the IPO and what is the valuation of your company? I will like to refer you to the registration statement on Electronic Data Gathering, Analysis and Retrieval (EDGAR), which is an online public database from the United States Securities and Exchange Commission (SEC). EDGAR performs automation collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms and companyâ€™s information with the SEC. What is the scope of Jumia and is it right to call it an African company? Yes, it is absolutely correct to call Jumia an African company because Jumia only operates in 14 Africa countries and will never go anywhere else. Jumia has invested heavily in tackling major infrastructure challenges including investing in logistics and delivery. It has also developed a proprietary online payments technology. Itâ€™s also worth noting that though the two Chief Executive Officers (CEOs) of the company are French, just like many companies where CEOs/Founders are of a different nationality, and a small team of key account managers in Dubai, to oversee partner brands whose headquarters are in Dubai, Jumiaâ€™s management and staff in most countries are largely local, including country heads. We directly employ more than 5,000 people in

What are the intentions of your shareholders, it seems they all want to sell and your share price is going to be hurt from that? This IPO is all primary, and is about providing the resources to the company and not to selling shareholders. Why do you have your development centre in Portugal? People in Africa are super talented and entrepreneurial. There are great developers in Africa - what has historically lacked is infrastructure. We made the decision in 2012 to host our development team in Portugal because it made sense to do so due to technical reasons. It was the best option for us due to the internet connection, data centre, and the cloud computing system.

Anammah

Africa and believe that our business has a significant indirect impact on job creation across the continent. What kind of investors do you have at Jumia presently? Jumia has international shareholders, like many other companies and we are bringing investors to the African tech scene and building the economy and talent there. Though initially funded by German investors in 2012, we got one of our main shareholders, which still operates till date, MTN in South Africa. It is amazing that international investors are bringing positive news to the whole tech scene in Africa and for many more startup companies after us. Now that we are public, any African investor is welcome to invest in Jumia. Nigeria is our headquarter in Africa, and our incorporation in Germany, is a way to get foreign investors excited to send funds to Africa to boost our operations.

So raising the public proďŹ le is going to help us bring more sellers to Jumia. Many sellers or partners are yet to know about us, and once they do, we hope they will be keen to work with us

What exactly is the mission of Jumia? Our mission remains to help our consumersâ€™ everyday lives better and save time and money. We are also helping our sellers grow their businesses through our platform; as evidenced by the fact that we have fostered economic growth for 80 thousand sellers on the continent. Can you explain the reason for the financial holding in Berlin? Most international investors have challenges when they try to push money to sub-Saharan African countries as investment. So theyâ€™re more comfortable with investing in companies incorporated in the U.S. or markets theyâ€™re more familiar with. Despite your spread in 14 African countries, Jumia has not been profitable. What is the plan to become profitable and satisfy investors? Jumia is growing rapidly. Please understand that we are not able to comment on the specific projections. You can see in the registration statement that in 2018, Jumia delivered GMV growth of 63.3 per cent, and revenue from third party sales grew by 121.5 per cent. For the last two years, Jumia has also delivered positive platform contribution at group level, and for the biggest market, Nigeria, positive contribution after all fulfilment expenses during the second half of 2018. We are working on the long term, we have invested heavily in infrastructure such as warehouse, logistics, marketing and management. Among our existing shareholders are investors who are operating in Africa. Whatâ€™s the competition like in Africa? For us at Jumia, there is no other pan-

Do you have any developers working in Africa? We do, though in limited numbers in Nigeria, Morocco, Egypt and South Africa and they are 100 per cent Africans. We are focused on providing skills training and development to our local teams across African countries where we operate, to enhance local talent and support. We continue to watch the exciting evolution of development talent closely. Outside of this, we are committed to localising talent and building skill sets, which is what we have done in the last two years in paid marketing, shops, among others. We are not only a tech company but an e-Commerce one at that. No one else on this continent is developing people with pure e-Commerce skills as much as we are commercial, content development, last mile logistics, operations, customer service, among others. When do you think you will have all your developers in Africa? Andela is the living proof of this and there are several other initiatives everywhere. Yet, there is a huge need for developers across all economic sectors and itâ€™s hard for companies to find enough developers. This is true in Africa, and all the world also, which is why a lot of companies have multiple tech centres and not only one. We already have developers in several countries of Africa and are super committed to recruit and train even more. Everything should be in Africa. What are your plans to help the local start-ups? Jumia also acts as an incubator, where a lot of talent passes through and is developed; as we reinforce the value of learning and growth. As a result, we have ignited a vibrant scene of Jumia alumni who now run their own startup companies across Africa and are doing very well. Our aim, as we grow, is to also empower those who encounter Jumia in all levels.

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BUSINESSWORLD

E-BUSINESS

Samsung Puts Launch of Galaxy Fold on Hold Stories by Emma Okonji Samsung, maker of the Galaxy series of smartphone has put on hold its plan to launch its latest smartphone, the Galaxy Fold in the United States market, for reasons bothering on technical faults. The launch of the smartphone, which was pencilled for sale at $1,980 (N700,920) per unit, has been postponed indefinitely as the company investigates issues with its

display. Last week Samsung acknowledged problems experienced by reviewers, but said the release date in the US market, which was slated for April 26, would not be met. While some reviewers accidentally peeled off the top layer of the display, thinking it was a protective cover, others found issues with its hinge. Some also reported flickering screens on the $1,980

smartphone. “While many reviewers shared with us the vast potential they see, some also showed us how the device needs further improvements that could ensure the best possible user experience,” the company said in a statement. “To fully evaluate this feedback and run further internal tests, we have decided to delay the release of the Galaxy Fold. We plan to announce the release date in the coming

weeks,” the statement it added. Samsung explained its initial findings showed issues could be associated with impact on the top exposed areas of the device’s hinge, and in one instance substances found inside the device affected the display performance. Meanwhile, Huawei another smartphone maker has announced that its revenue for the first quarter of 2019 jumped 39 per cent year-on-year to $26.8 billion, but didn’t provide

profit figures nor did it give a breakdown of revenue by its three major divisions. Last month, Huawei founder and CEO, Ren Zhengfei, said the company’s sales in January and February increased 35.8 per cent from the same period in 2018, emphasising at the time US scrutiny and bans on its equipment in some countries was not having an impact on its top-line. At the end of March, the vendor reported its net profit

in 2018 jumped 25.1 per cent, with overall revenue increase of 19.5 per cent. In a statement, Huawei said its net profit margin in Q1 was about 8 per cent, slightly higher than the same period of 2018. The company’s statement added: “Huawei maintained its focus on ICT infrastructure and smart devices, and continued to boost the efficiency and quality of its operations, which has helped contribute to its solid performance in Q1 2019.”

New Technology Firm Unveiled A new business and technology solutions firm has been launched. The company has promised to partner with enterprises and governments to accelerate development and transformation in Africa. The new organisation called ‘Verraki Partners,’ is focused on implementing technology and business solutions designed inherently for Africa, while also curating business ventures to unlock new sources of growth across the continent. Led by foremost corporate professionals as well as former Accenture leadership in Nigeria, the promoters of Verraki have promised to apply their global expertise and local insights to partner with enterprises and governments to accelerate the development and transformation of Africa by providing business solutions uniquely tailored for Africa. “Verraki is asserting its capability not only to provide tailored business solutions across Technology, Advisory and Ventures, cutting across the social sector, services and real sector, but also focused on working with its clients to provide solutions to Africa’s seemingly intractable challenges,” they said. Unveiling its new corporate identity during an interactive session held in Lagos recently, the Managing Partner, Mr. Niyi Yusuf, who until now was the Country Managing Director for Accenture in Nigeria, explained that Verraki would be working with enterprises and governments to ignite opportunities and unleash their potential to

create a better future. “Professional services firms in Africa are currently at an inflexion point. Digital technologies, revolutionary ideas and new business models are creating disruptions and new factors such as agility, flexibility, risk tolerance, cost-leadership, value for money and entrepreneurship are key requirements for success. “Verraki’s birth at an auspicious time like this is driven by our understanding of clients’ needs and our desire to harvest the opportunities the disruption brings and participate fully, via a rebalance and reconfiguration to address the specific needs of the market,” Yusuf said. He added: “We are now able to expand our services to cover more sectors of the economy, to service different types of clients (small and big, local and multinational) and invest in the market while taking measured risks and developing relevant home-grown solutions that will be needs-based and affordable, offering significant value for money. “As the African Union launches the Africa Continental Free Trade Area in 2019 to create a single continental market for goods and services, with free movement of business persons and investments, we are excited about the prospects on the continent and look forward to contributing to Africa’s transformation via fit-for-purpose solutions and working with leading enterprises and governments to drive their capacity and motivation for change.” Following the reorganisation

Stakeholders Set for PoS Innovation Summit The PoS Innovation Summit has been scheduled to hold next month in Lagos. The event is expected to draw delegates from the Central Bank of Nigeria (CBN), Nigeria Interbank Settlement System (NIBSS), banks, players in the Fintech industry and other key stakeholders. Convened by Nigeria’s Fintech company, Global Accelerex Limited, the PoS Innovation Summit brings together all stakeholders in the financial technology ecosystem to deliberate and foster understanding of the value chain in a bid to improve service delivery in the e-payment sector. The discussions are aimed at achieving the financial inclusion goals of the Federal Government and attaining the Financial System Strategy (FSS)

2020 Plan of the Central Bank of Nigeria. Themed, “Agent Banking to Reach the Last Mile”, the event would focus on the delivery of convenient, accessible and costeffective financial services to the underserved and unbanked in Nigeria. The objective will be to further improve financial inclusion through the agency banking system. To deepen understanding of how agent banking really works, a live demonstration of agency banking, using the Accelerex Agent Network Platform would also occur during the summit. A considerable number of Nigerians have embraced the deposit, transfer and withdrawal of money through agent banking operators both in urban and rural areas.

FACTS BEHIND THE LISTING

L–R: Head, Listing Business Division, Nigerian Stock Exchange (NSE), Mr. Olumide Bolumole; Director General, Bureau of Public Enterprise(BPE), Mr. Alex Okoh; Non- Executive Director, SAHCO Plc, Chike Ogeah; Executive Director, Regulation, Tinuade Awe; Chairman, Dr. Taiwo Afolabi; Managing Director, Basil Agboarumi; Executive Director, Group Compliance, Sifax Shipping Company Limited, Mariam Afolabi, during the ‘Facts Behind the Listing’ of SAHCO Plc at the NSE in Lagos…recently

Commissioner, Business Strategist to Promote Digital Women Inclusion Dare to Inspire (DTI), an initiative set up to empower, enlighten and elevate young Muslim women in the digital inclusion drive for women, will next month, present its third annual mentoring session. The event would feature the Lagos State Commissioner for Wealth Creation and Employment, Mrs. Uzamat Akinbile-Yussuf, and a Business Strategist, Mrs. Zainab Ini-Abimbola, among other leading women, as speakers at the forum. The session provides a platform for young women to observe, interact with and learn from outstanding and established women leaders, experienced business people and leading industry experts. The theme for this third edition is “Muslim Women Inclusion in the Digital World”. Speaking on the forthcoming event, it’s convener, Mrs. Bunmi Ghiazat Adebimpe said: “This edition of DTI mentoring session will center around our ever fast changing digital landscape. As technology becomes the change driver in our interconnected world, we are excited to explore how young women can acquire the requisite skills and

leverage digital knowledge to accelerate their personal development while expanding the frontiers of knowledge for an inclusive growth development of the society.” The event, she said, would create opportunity for young women professionals and aspiring entrepreneurs to be mentored, guided and inspired by the success stories and life experiences of our seasoned business leaders. At the second edition, which was focused on “Living a Purpose Driven Life”, the forum had charged the young women to discover their true purpose in life and continuously nurture or reinforce the right values that could drive them to become a positive change in the entire world. Those in attendance included the Chairman, Access Bank Plc and ProChancellor/Chairman of Council, Olabisi Onabanjo University, Mrs. Mosun Bello-Olusoga; General Manager, Lagos State Parks and Gardens Agency and Founder of Wecyclers Nigeria Limited, Mrs. Bilikiss Adebiyi-Abiola; Founder, She Writes Woman, Ms Hauwa Ojeifo, among others.

ARM Supports Young Entrepreneurs The Deji Alli ARM Young Talent Award (DAAYTA), organised by Asset and Resource Management Holding Company Limited (ARM), recently held an event in Lagos, where it announced Murtala Sani of WeSabi as the first place winner of its award. Sani, emerged the winner from among the six finalists with his business proposition, WeSabi, and received the award worth of N12 million. The funding, according to the organisers, would be disbursed over a period of one year to develop his business plan, complete a five-month entrepreneurial education at the Pan Atlantic University’s Enterprise Development Centre in Lagos, and also to receive support for development of his venture, WeSabi through an accelerator programme by a reputable entrepreneurial hub in Lagos. According to Sani, the urge to make a system better, drove him to start WeSabi, an initiative created to help households find reliable and pre-screened artisans in their neighbourhood through a website, mobile app and a USSD platform. It’s goal being to build Africa’s marketplace for the blue-collar sector. In the fifth position was Oluwayomi Oyatoye of MechoMedics whose initiative aims to address the problem

of poor adoption of the new Secondary School curriculum in Nigerian schools specifically in the area of implementing trade courses and entrepreneurship development. Daniel Odediran of PrestPro came fourth with his idea, which aims to produce an energy-saving cooling system using clay for the preservation of freshly plucked tomatoes in order to extend their shelf life. Yusuf Shittu of “Jojolo” Neo Childcare, bagged the third position after explaining that Neo Childcare as a mobile child health service provider, seeks to provide top quality and affordable healthcare for children especially in low-income communities in Nigeria. Dare Odumade of Chekkit, made the second position with his innovation, which is an anticounterfeiting, asset-tracking and consumer feedback analytics platform and tool aimed at addressing the problem of counterfeiting, pilferage and inefficient supply of products. The DAAYTA programme which was inaugurated by ARM in honour of its founding CEO, Mr. Deji Alli in 2015, is part of the company’s CSR efforts to educate and empower the younger generation to make a meaningful socio-economic impact in their immediate environment and the nation at large.

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How Clean Energy Solutions Can Help Nigerian Farmers, Businesses Local farmers and businesses in Nigeria can leverage the potential in renewable energy to remain efficient and profitable, writes Chineme Okafor writes

non-governmental organisation, Clean Technology Hub which focuses on renewable energy research and advocacy has discovered that business owners in Kaduna and Anambra States stood better chances at growing their operations and businesses with renewable energy solutions. This also suggests that it could be applicable in most parts of Nigeria. These findings were the result of a project titled: â€˜Local Solutions Lab,â€™ and funded by the Heinrich Boell Foundation that researched the challenges faced by micro, small and medium-scale enterprises (MSMEs) in the two states through workshops with the MSME operators, market associations and artisansâ€™ unions and co-created possible solutions to these challenges that incorporate the use of renewable energy. The research was inspired by a report by Climate Transformation and Energy Remediation Society (CLIMATTERS) on off-grid power solutions for small businesses in Nigeria which highlighted the challenges of inadequate and unpredictable power supply and its costs to MSMEs, limiting their profitability. For instance, the CLIMATTERS research showed that an average low-end barber shop in the country spends about N180, 000 annually on power supplied by electricity distribution companies (Discos) and for selfprovision through fuel generators, while an upper-end barber shop spends N600, 000 for same per annum. Similarly, cyber cafes from the research spend between N366, 000 and N858, 000 annually on same costs while shoemakers spend between N120, 000 and N274, 800 annually on cost for power supply, as well as N1, 764,000 is spent by cold rooms annually on power supply. Even businesses as small as pepper grinders which are at the lower-end of the food-processing industry spend as much as N192, 000 annually on power supply using fossil-fuel generators. These cost to power their operations constrain the businesses from increasing their profitability, and they could be reduced by using decentralised renewable energy (DRE) systems to run their operations instead.

Solutions for small farmers At the workshops, Clean Technology Hub explained to the participants that there are efficient DRE solutions to address their business challenges and increase the profitability of their businesses. For instance, farmers can leverage on crop irrigation system using Photovoltaic (PV) water pumping systems especially for off-grid farm settlements or locations to increase their food production. According to Clean Technology Hub, these basic irrigation systems run pumps directly when the sun is shining and ensure they work hardest in the hot months when they are needed most. â€œSolar irrigation systems have become very reliable and cost-effective. They equally require low maintenance costs farming communities can afford,â€? said Ifeoma Malo, Chief Executive Officer (CEO) of Clean Technology Hub at the workshop in Kaduna which had 50 participants in attendance. Besides the irrigation system, Malo noted that solar water heaters can also provide low to medium temperature hot water for pen cleaning, and that smallholding dairy farmers can as well use solar heated water to clean equipment, warm and stimulate cowsâ€™ udders. She also explained that DRE solutions could be used for crop and grain drying by farmers, adding that while they are efficient, they also could minimise post-harvest losses often posted by farmers in Kaduna and some other northern states in Nigeria. â€œSolar drying equipment can dry crops faster and more evenly than leaving them in the field after harvest, with the added

advantage of avoiding damage by birds, pests, and weather. â€œA typical solar dryer consists of an enclosure or shed, screened drying trays or racks, and a solar collector, and can be done in a simple design,â€? Malo, explained. Providing an insight into how other small businesses could leverage DRE solutions in their operations, the Lead, Communications and Research at Clean Technology Hub, Mark Amaza, stated at the training in Awka, capital of Anambra, that solar powered storage for hospital supplies; farm produce; perishable food commodities; and other small businesses such as ice block production and sale, are potential revenue earners and savers for small businesses in the health and services business sectors. According to Amaza: â€œStandalone solar home systems which could be offered on a pay-as-you-go basis for lighting and basic needs are also options businesses could explore. â€œSmall holding kiosks in urban and semi urban environments could use them to keep their businesses open longer than they would have if there was no means of electricity.â€? The workshop in Awka was attended by 80 participants cutting across different sectors including academia, artisansâ€™ unions and market associations.

Citing cases that have worked To better appreciate their thoughts, both Malo and Amaza provided examples of DRE solutions that have worked for small businesses across Nigeria. They pointed out that SOSAI Women Solar Dryer Program which has a lease to own model; GoSolar Africa, a solar re-purposed refrigeration and storage system; ColdHubs, a walk-in solar-powered cold stations; and Quintas Renewable Energy Solutions biomass off grid power solutions, were some of the DRE solutions that have helped businesses grow their profitability and service deliveries without relying on erratic Discosâ€™ supplies. â€œFor only about N200, farmers dry a bag of pepper through an innovative solar-powered pepper dryer installed by Sosai Renewable Energies Company, which is connecting rural women farmers with renewable energy powered agricultural processing technologies. â€œSosaiâ€™s Innotech 18-meter tunnel solar dryer is able to dry peppers of farmers faster in two days as against five days that it would take on the average to dry directly in the

open field. The dryer cost 12,000 euros and is kept with a farming community which rent out the use of the dryers to users for between N200 and N500 per bag. Proceeds from this are used to pay back the cost of the dryer in instalments,â€? Malo, explained. She also stated that GoSolar Africa provides solar refrigeration kiosks that operate with pure sine wave Maximum Power Point Tracking (MPPT) intelligent equipment which can transform direct current to stable alternating current. â€œThese are solar powered refrigerator or kiosk capable of extending shelf life of foods and farm produce between two and 21 days. Customers pay about N50/kWh of storage capacity to use the kiosk. â€œIn addition, Go Solar operates an entrepreneurship business model that engages association of women; farmers and youths across Nigeria. Customers and farmers take their farm produce to a nearby cold kiosk and deposit with operators for storage, and users donâ€™t have to purchase a cold kiosk but can simply pay per use â€“ the Pay-Go model,â€? she added. According to her, GoSolar usually repurposes discarded fridges and convert them to solar fridges. She noted that it involves also setting up cold rooms for storage of vegetables and perishable produce, stating: â€œFarmers and market women are targeted in developing the product considering that preserving their farm produce and leftover wares is still challenging to them.â€? Amaza, on his part, explained that Quintas Renewable Energy Solutions fabricates simple agro-processing machinery to process farm gate produce beyond primary raw material levels. He said: â€œSolutions include single and multi-stage pressure and velocity compounded steam turbines for off grid distributed electricity generation. Turbines come in four models with power output of 100kW, 250kW, 500kW and 1MW, and boilers that accompany turbines could use forest and agro residue or processed municipal wastes as fuel for steam generation in agro processing industries, amongst other users.â€?

Businesses most suited to beneďŹ t Citing a 2013 report from the National Bureau of Statistics (NBS) and Small and Medium Enterprises Agency of Nigeria (SMEDAN) on the status of MSMES in

Nigeria, they disclosed that Anambra State for example has 1,223,395 MSMES which generated 1,441,047 jobs distributed amongst 741,653 males; and 699,395 females, while Kaduna State has 1,635,453 MSMES that provided 2,367,461 jobs distributed amongst 2,071,929 males and 295,531 females. This also included 2,712 small scale enterprises and 170 medium enterprises which collectively provided 114,132 jobs with men holding 30,645 of these jobs and women holding the remaining 83,487 jobs. Malo and Amaza said small businesses in agriculture, health services; retail and wholesale trade, as well as manufacturing and water services, were perhaps best suited to benefit from simple DRE solutions. Malo in further explanations stated that there is a need to step up promotion of solar and other renewable energy sources, with active emphasis on its economic benefits, as well as develop acquisition models to drive up usage and deployment of them amongst small businesses. She said: â€œFor instance, a social enterprise called Babban Gona believes smallholder farmers hold the key to Nigeriaâ€™s agricultural future, and so provides them access to enhanced, high quality, cost-effective training, financial services, agricultural inputs and marketing services. The Babban Gona cooperative has over 20,000 farmers within its network. Most of them live very far electricity grid. If DRE operators work with the Babban Gona cooperative to scale these solutions, we believe there will be a lot of benefits to be gained.â€? Malo emphasised on the need to educate MSME operators on the financial benefits of power from renewable sources over fossil generated power because they can afford it, adding that a sustainable mechanism for grants to install and operate renewable energy solutions such as cold storage and agro processing solutions and irrigation pumps, with repayment plans could be a profitable opportunity to maximise. â€œMSME clusters such as sawmills; grains threshers; and fishmongers can be helped to collectively procure and install renewable energy solutions for their operations. Sawmills and threshers could leverage the biomass turbines and boilers solutions of Quintas, for example to power their operations using residues generated, while fishmongers could leverage the cold storage and dryers solutions available,â€? added Malo, in this regard.

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Lawal: Drop in Purchasing Power Affecting Real Estate Sector A fellow of Chartered Institute of Accountants and Managing Director, Seagul Properties Limited, Mr. Saheed Yemi Lawal, in this interview with Raheem Akingbolu, speaks on the countryâ€™s dwindling economic fortune and the need for the government and stakeholders in the real estate sector to harness the opportunities therein. Excerpts:

019 was projected to be positive for the real estate sector, but we ended the first quarter with sluggish growth. Do you think the forecast can be achieved? Yes, it will, but only if the government puts in more money on infrastructure and other related projects; and by extension, this will embrace other allied industries in the sector who will also tap into the accompanying benefits of the more money pumped in by the government. Aside that, like you said that 2019 will be windfall on the real estate. Yes, it will because the CBN is working hand-in-hand with the real sector to institute a long-term enabling loan for people to enable them to purchase houses with ease of repayment and this idea will surely make the industry to boom and vice versa, the economy. Itâ€™s a two-way mutually beneficial thing and is readily welcomed. The agricultural sector seems to be taking the shine off the real sector, what is your take on this? I canâ€™t give an accurate submission to that, because Iâ€™m not in that sector. But like I said, in every other business, the purchasing power is low and the government is not spending as much as they should be spending. In any economy, the highest spender is government, and it is only when the government spends money that money can multiply and spread into other businesses. Banks are no longer lending, just as the government is not spending. So, thereâ€™s no serious activity going on in the economy. But it is not only the real estate sector that is affected. Generally, businesses have fallen abysmally low in the last four years. We are only hoping that, with this new dispensation coming on the way, things will improve, because with the governmentâ€™s plan, we saw what they tried to do in the last part of this administration, spending so much money on infrastructure, roads, railways and all that, and I also know that they plan to do a lot of that in their second coming. It is only when they do that and the economy is opened up, that money will flow in again, foreign investors will also come in because they were scared of the election. Now that weâ€™ve had a good transition, we can expect the foreign investors to come back in. And by the time thereâ€™s optimum activity in the economy, the banks are lending and all of that, it will positively affect the real estate sector, because people will now be able to buy houses with ease and without any apprehension. Does this really have to do with the economic policies? Iâ€™m not a politician, but I know for one that most of the policies embarked on by the government were only for a short term, in an attempt to recapitulate the humongous money that was siphoned and expended unwisely by the previous politicians. These policies were only put in place to put some fiscal sanity back into the system. Furthermore, because of the high level of corruption, what this government did when they came in was to introduce the use of BVN, the control of the parastatals, the

Lawal

government account and all that. There was serious liquidity in the economy and banks too were affected because most of them were relying on government funds and when the funds were withdrawn they were really affected. They could no longer give out credit to this sector, like any other sector, and that greatly affected

Generally, businesses have fallen abysmally low in the last four years. We are only hoping that, with this new dispensation coming on the way, things will improve, because with the governmentâ€™s plan, we saw what they tried to do in the last part of this administration, spending so much money on infrastructure, roads, railways and all that, and I also know that they plan to do a lot of that in their second coming

the industry. But as we move into the new regime, it is expected that the government will start spending more money on infrastructure, opening up new roads, renewing all the things that have damaged and all that. Politicians that were spending big money before are not doing so any longer because they are afraid of EFCC, thatâ€™s in the short term, anyway, because it cannot continue for long, and it canâ€™t be sustained. The government has to re-inflate the economy, spend more money, and once money is spent, it will directly and positively affect the real estate. It is believed in many quarters that the number of people buying houses have reduced, what in your view responsible for this? People are not buying houses like before because thereâ€™s no money in circulation, and if thereâ€™s no money what do we do? The first thing anybody wants to do is to eat, second is accommodation, and most people are buying from investors because money is not flowing; a lot of people donâ€™t have readily available money and that really affected the real estate business. As a player in the industry what can you say about the recent incidence of collapsed building in Lagos Island and what do you think the government should do about its recurrence? Like I said, at a stakeholdersâ€™ meeting with the government, there are lots of quack developers and operators in the sector and again over 95 per cent of buildings on the Lagos-Island are weak; over 190

or more buildings have for years been marked for demolition by the government and they have started demolishing them, with the recent mishap as the catalyst. If they carry out feasibility and structural test on most of these houses in the core Lagos Island, over 95 per cent of them will fail, because of the location. Iâ€™m also aware that they have their peculiar challenges and all that. Part of the responsibility of the government is to protect the lives and properties of the citizens, but as far as Iâ€™m concerned, they have not. Look at the number of people that died in that singular incident, all of them wasted away because of the negligence and unprofessional Shylock attitude of some quack developers, whose main interest is to make quick money not minding the safety of tenants of the building they put up hurriedly with substandard materials. Iâ€™ve been to that area before, some of these places are not even motorable, and if you ask me, more than 95 per cent of the buildings in the area are structurally weak and need to be reconstructed to be in line with modern building facilities and technology. I sympathise with the owners of the building but human lives are far more important than landed properties. Some of the buildings were built without approval, and not only that, the qualities of materials are substandard. We will continue to have this as long as professionals are not contacted or used in the construction of these buildings. How come we are not having a distressed or collapsed building in Ikoyi, Victoria Island, Lekki, Ajah, where even the topography and soil quality are not as favourable as that of the Lagos Island comparatively. Are the sector stakeholders doing any other thing to address the matter? First, the government needs to be more pro-active in issues that have to do with shelter for human beings, especially the poor masses. The ministry and specific agencies that handle issues of approvals for buildings, licenses for construction and real estate development practitioners must be people with professionals who will never cut corners or can be baited with perks by quacks to have their way, which at the end of the day could have a tragic effect on innocent lives and hard-earned properties. Real estate is not synonymous with the usual buy and sells mode of business, it is a specialised industry that a peasant or street-like businessman can just dabble into. Strict rules, regulations with stiff penalties must be promulgated for any erring developer, and no offender must go unpunished to serve as deterrents. Can you speak on the Unique Selling Point of Seagle over other players in the industry? It is the quality and we have been consistent, there is no project we started that we didnâ€™t finish, which is key. We may have one or two delays, which are also normal, but the fact that we deliver what we promise, and the quality of the property we also deliver to our clients; all these jointly and severally give us an edge in the industry.

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How NBC Leveraged World Water Day to Boost CSR Raheem Akingbolu writes on 2019 World Water Day and how Nigerian Bottling Company Limited leveraged the global initiative to deepen its corporate social responsibility.

ater has remained an essential component for sustainability of man, animal and plant. Individuals, corporate organisations and plants depend on water for healthy living and manufacturing process. To this end, concerned environmentalists have continuously made clarion calls to stakeholders on the need for preservation and purification of water. This perhaps informs why many organisations across the world now tie their Corporate Social Responsibility to the World Water Day to sensitize societies on the significance of fresh water. World Water Day is an annual United Nations observance day (always on 22 March) that highlights the importance of freshwater. The day is used to advocate for the sustainable management of freshwater resources. World Water Day is celebrated around the world with a variety of events. The first edition was held on March 22, 1993. As the world marks this yearâ€™s edition with the theme; â€˜Leaving no one behindâ€™, communities, governments at various levels and corporate bodies also rolled out the drum, not only to celebrate the important day but to highlight various crisis associated with water. This is in line with the global mission to tackle the water crisis by addressing the reasons why so many people are being left behind. NBC and World Water Day As a manufacturing company that relies on water as core ingredient, the Nigerian Bottling Company, a member of the Coca-Cola Hellenic Bottling Company (CCHBC) and bottler of CocaCola brands in Nigeria, has always been atthe forefront of companies that promote the needsto focus attention on the importance of freshwater and to advocate for sustainable management of freshwater resources. In all the locations -Lagos, Port Harcourt and Abuja - where the company held activities to commemorate the 2019 edition, it was pointed out that the World Water Day is crucial to NBC because it provides an added impetus for people to seek ways to further the attainment of the UNâ€™s Sustainable Development Goal 6 - Water for all by 2030. According to the company, this aptly captured the theme; leaving no one behind. Today, billions of people are still living without safe water â€“ with their households, schools, workplaces, farms and factories struggling to survive and thrive. According tothe Public Affairs and Communications Director, Nigerian Bottling Company Limited (NBC), Ekuma Eze, â€œNigerian Bottling Company considers such a platform as an opportunity to advocate for the sustainable use of water while also helping communities in need of water interventions to ensure that when it comes to safe water, truly no one is left behind,â€? In Lagos, NBC held a water sustainability stakeholder forum which was graced by stakeholders, including the Permanent Secretary, Lagos StateMinistry of the Environment, Bamgboye Abiodun and the Executive Secretary, Manufacturers

Association of Nigeria, Oluchi Odimuko, students and community leaders.It was established that only 33% of the 22 million residents have access to potable water from the state water corporation. Speaking at the event, the Chief Executive Officer of the Water Corporation, Muminu Badmus said the state is presently pumping less than 300 million gallons of potable water daily and the organisation wants to take it to 492 million gallons per day in the next four years to meet increasing demand for water. He said the corporation is facing the challenges of electricity to pump water and the destruction of some of its underground infrastructure by contractors. Badmus further disclosed that the corporation has plans to increase the stateâ€™s water production capacity to 492 million gallons per day by year 2023, to close the water demand gap significantly. He explained that LWC has also widened its database to effectively supply water to more people in Lagos and is improving the consumer experience by deploying water meters to properties across the state, so that consumers can now pay for the exact amount of water they consume. Also, the Permanent Secretary, Lagos State Ministry of the Environment, Mr.Bamgboye Abiodun commended the role of NBC in ensuring the efficient use and management of water particularly in their operations. Abiodun noted that the company has demonstrated a clear commitment to making water accessible not only for their operations but for the

communities around them through their water management processes. Speaking at the Lagos event, the Public Affairs Manager, Lagos/West, Nigerian Bottling Company Limited (NBC), Ifeoma Okoye explained that NBCâ€™s efforts arein line with the Coca-Cola Hellenic Bottling Companyâ€™s 2025 sustainability commitments. Okoye stated that â€œOur plant here has a fully functional effluent treatment plant technology which was deployed to ensure the monitoring and protection of water resources. We have recorded a 27 per cent efficiency improvement in the last five years.â€? In Port Harcourt, Rivers State, NBC staff alongside volunteers and residents in the neighborhood community cleaned up the Oginigba River opposite its Port Harcourt Plant. Also, in Abuja, the NBC partnered with the Federal Ministry of Water Resources, Abuja and the Federal Capital Territory Water Board to hold lectures and commission boreholes in two communities in Abuja to mark the 2019 World Water Day. The companyâ€™s efforts around water stewardship were recently recognized with the award of the prestigious Alliance for Water Stewardship (AWS) Certification to its Abuja manufacturing plant in January 2019. The AWS Standard Certifications role is to recognise and reward good water stewardship performance. The recognition wasa milestone achievement for the company, as NBC is the first organization in Nigeria, and the first Coca-Cola

bottling plant in Africa to be certified under the AWS global water stewardship program. Before the NBC Abuja plant was accorded this recognition, it was rigorously audited and certified to meet key indicators by credible, third party assessors independent of AWS or the site owners. Other Sustainability Programs Meanwhile, observers have linked the achievement of the company in this regard to the fact that across many countries, Coca-Cola HBC is known to be a sustainability leader in the beverage industry. â€œAt NBC, we operate under the basic philosophy that our business is only as sustainable as the communities in which we operate. Consequently, the company invests in programmes and partnerships that help build better communities around the world through promoting inclusive and sustainable development,â€? its Managing Director,George Polymenakos, had told THISDAY during a recent interview. As part of NBCâ€™s commitment to environmental sustainability, the company played pivotal role in the establishment of the Food and Beverage Recycling Alliance (FBRA) â€“ a coalition which includes Coca-Cola Nigeria, Nestle, Nigerian Breweries, 7Up and The Nigerian Bottling Company â€“ with a shared concern for the environment and a commitment to collaborate with all stakeholders to build a sustainable recycling economy for food and beverage packaging waste.

180-year Future Debt: BudgIT Warns Ayade over Looming Fiscal Crisis BudgIT has warned the Cross River State Government to halt its controversial superhighway project on ground of undue financial hazard and avoidable hardship that may plague the state for the next hundred years should the government compound its existing debt burden. The civic tech organisation pointed out that online reports showed that the state government had transmitted a letter to the House of Assembly to approve modalities for the repayment through Irrevocable Standing Payment Order (ISPO) for N300 million per month for a period of 180 years. â€œFor the umpteenth time, BudgIT is blowing alarm over

this attempt to hold public resources to ransom. Suspecting an obstinate intention of the Ayade government to defraud the people of Cross River, we deem the project overly ambitious, superfluous and almost a misplaced priority especially - besides its viability to investors - when there has been hardly any explanation on â€˜infallible plansâ€™ to upscale the state revenue and clear cumulative debts let alone fix the human and environmental costs of the project. â€œWith a budget estimate of N648 billion, the 275km superhighway fails all tests of fiscal sustainability and proper procurement process, as the state government has unacceptably failed to

name the investors, four years down the drain. The purported appointment of MESSRS SYDNEY Construction Company as contractors for the Superhighway was carried out without a clear, transparent tender process, we maintain,â€? a statement from the organisation added. It revealed that Cross River has the fourth largest external debt among Nigerian states, due to â€œits obsession with phantom projects without federal government institutional support.â€? As of December 31, 2018, the stateâ€™s domestic debt stood at N167.96 billion, according to the Debt Management Office of Nigeria (DMO). â€œOstensibly, it is financially

myopic for the state to pursue this project, especially with its approved budget not reflecting the realities of its total revenue uptake. In the whole of 2017, Cross River was only able to generate total revenue of N41.6 billion, with its internally generated revenue accounting for 34.58 per centâ€“ N18.1 billon. Yet, the government has come up with a proposed budget of N1.4 trillion for the 2019 fiscal year. â€œConsidering the poor conditions of other â€œmegaprojectsâ€? embarked upon by the state government such as the Tinapa project, an expensive outlay that collapsed with weak port infrastructure and lack of connection to the grid,

and the rot in Obudu Cattle Ranch, all projects that have had little or no impact on the livelihood of the citizens, it would not be wise for the government of Cross River to ransom the future generations with unnecessary debt that would take two centuries to vanish. â€œOur observation in the past is that state governments get clearance from the Ministry of Finance/Debt Management Office before they can proceed on new debts. We are alarmed that the Minister of Finance is quiet on this issue just as we are shocked to observe the deafening silence of the federal government, which seemingly means a â€œgo aheadâ€? nod. â€œAs much as we encour-

age innovative ideas and are eager to see state governments turbocharge their internal revenues and assert fiscal independence, we believe this project is a wrong step in the wrong direction, as it doesnâ€™t conform to the three pillars of sustainable developmentâ€”economic growth, social development and environmental protection. â€œBudgIT advises the Cross River State Government to focus its funds on viable and more financially realistic projects such as information technology hubs, renewable energy facilities for Agric processing, stronger ecotourism profile for the state and large-scale empowerments for local SMEs,â€? it added.

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SEC in the Limelight over Gwarzoâ€™s Acquittal Saheed Aluko

he recent acquittal of the suspended Director General (DG) of the Securities and Exchange Commission (SEC), Mounir Gwarzo, brings the SEC into the limelight as Gwarzoâ€™s sympathisers have risen up in arms reiterating their belief that he was suspended illegally. Delivering judgment on the case recently, the presiding judge of the Federal High Court in Abuja, Mr Baba-Yusuf, held that the prosecution did not prove beyond reasonable doubt that the accused persons, in this case Gwarzo and his co-defendant Zakwanu Garba, who was the Executive Commissioner of the Commission at the time, committed the offences for which they were charged. From the get go, Gwarzo had always insisted that he was suspended because the former Minister of Finance, Kemi Adeosun wanted him to stop his investigation into Oando Plc and not the corruption charges levelled against him by the Independent Corrupt Practises and Other Related Offences Commission (ICPC). You would recall that these charges included paying himself a whooping N104 million severance allowance, allegedly likened to the Gross Domestic Product of a small country, as Executive Commissioner after he was appointed SEC DG, as well as taking an excess car grant allowance of N10 million. In addition, a report of the Administrative Panel of Inquiry into Allegations of Violations of Public Service Rules, Financial Regulations and other Extant Rules and Regulations set up by the then Minister of Finance had allegedly found that he had used his position in SEC to award contracts worth over N33 million to companies he was a Director in, all whilst serving as SEC DG. Following the excitement after Gwarzoâ€™s acquittal and the call to reinstate him as SEC DG by his sympathisers, the National Image Solidarity Group (NISG) have called for an in-depth look into the facts before us. They have stressed that the charges against Gwarzo were not false as the offences allegedly took place. At his acquittal the judge had said the Board of SEC was the highest authority in the SEC and had by resolution approved Gwarzoâ€™s severance benefit and car grant. The ICPC in appealing this judgment said it was dissatisfied with the judgment because the board resolution the trial judge relied on did not decide severance benefit but retirement and resignation benefits. Whilst the ICPC appealed the courtâ€™s decision the SEC must use this time to re-position itself as a regulator beyond reproach. A regulator that is not defined by the whims of individuals, because all humans are fallible. Contrary to Gwarzoâ€™s claims, whilst Adeosun was still the Minister of Finance the forensic audit into Oando Plc did begin and is still ongoing. On Tuesday, March 7, the then acting SEC DG Dr Abdul Zubair, had announced during a press conference that Deloitte had been asked to proceed with the forensic audit of Oando after the regulator was accused of delaying the process. The press conference came a day after Oando withdrew its lawsuit against the Commission. So clearly Gwarzoâ€™s suspension was not as a result of his unwillingness to drop the forensic audit into Oando. Since then Zubair has been replaced as acting SEC DG and before the naysayers speculated as to his removal the reoccurring character

Gwarzo

in this drawn out saga, Adeosun resigned from her post as the Minister of Finance. Mary Uduk is the current acting SEC DG, a role she took on in April 2018 and you could effectively argue that from the onset she has presided over the forensic audit into Oando. Uduk has been described as an astute administrator and a leader with exceptional quality. She is well experienced and has a blemish free record, key characteristics under the current circumstances. As the Oando forensic audit comes into the spotlight again it is important that she proactively take the necessary steps to fast track the audit and release the report so the Commission is seen as able to function effectively whichever individual is leading it. It is imperative that the SEC be above personality clashes between public officers, but be seen as a

Under her leadership the SEC has made concerted efforts to push initiatives aimed at educating investors on capital market development. To this end, the Commission has been carrying out regular investor education campaigns nationwide to inform investors of the beneďŹ ts of investing in long term securities and avoiding investments in illegal schemes, among others

regulator diligently working in the interests of the capital market. When Uduk was appointed acting SEC DG, she came in with a mission to fulfil the commissionâ€™s statutory mandate through team work, collaborative engagements of stakeholders and a committed sense of purpose. Given the circumstances of her appointment, she knew then that her primary task was to restore investorsâ€™ confidence in the nationâ€™s capital market system and by so doing, make the Nigerian investment space attractive to global and domestic investors, despite the nationâ€™s economic challenges. Under her watch she has been applauded for the introduction of initiatives that will instil investor confidence and discipline in transactional processes. For example, the cumbersome process that was in place in merging multiple share accounts was reviewed when she came on board, today accessing unclaimed dividends and merging multiple share accounts into one is now considerably easier. The Uduk-led team has actively promoted the e-Dividend Mandate Management System (EMMS), the Direct Cash Settlement (DCS) and the multiple subscription service option for investors. In addition, investor confidence has been further boosted through the National Investors Protection Fund (NIPF) Risk-Based supervision and the Complaints Management Framework that opens communication channels for investors to lodge complaints and get prompt responses. Under her leadership the SEC has made concerted efforts to push initiatives aimed at educating investors on capital market development. To this end, the Commission has been carrying out regular investor education campaigns nationwide to inform investors of the benefits of investing in long term securities and avoiding investments in illegal schemes, among others. SEC has also initiated a collaborative relationship with the Nigerian Educational Research and Development Council (NERDC) on the development of a curriculum for basic and secondary schools on Capital Market studies as part of the managementâ€™s futuristic approach in Nigeriaâ€™s capital market

development. Far more fundamental to the current and future of the nationâ€™s investment space is the sustained implementation of the 10-year Capital Market Master Plan (CMP), which in the past year, has been given more attention. Uduk recently disclosed that the Commission had commenced implementation of 66 out of the over 90 initiatives outlined in the CMP with 13 of them completed so far. She listed the de-materialisation of shares, re-capitalisation of capital market operators, setting up of a National Investment Protection Fund, and establishment of the West African Securities Regulators Association, as some of the completed initiatives. Uduk expressed optimism that many of the yet-to-be completed initiatives now at various stages of implementation would be concluded before the end of 2019. Against a backdrop of such reforms Uduk must continue full steam ahead in creating a modern and effective Commission. The onus is also on the Commission to complete the forensic audit into Oando in a timely fashion to retain the Commissions integrity as having the interest of shareholders at heart. As the most neutral party in this nearly two-yearlong saga it is imperative that Uduk sees the conclusion of the forensic audit in as transparent a manner as possible as a key mandate. The executives within the Commission must work to ensure that if Gwarzo does return, he come into a Commission that has moved far ahead in terms of the process of closing out on investigations, introducing reforms to the capital market and positively effecting change. And it is a very big if because he is yet to be vindicated. The reality is none of us know what the outcome of an ICPC appeal will be or whether Gwarzo will indeed be reinstated, whatever the case may be the onus is on the regulator led by Uduk to ensure that the Commission cannot remain the same way she met it when she took on the role of acting SEC DG. -Aluko is a Lagos-based strategic analyst

T H I S D AY ˾ Ͱͳ˜ Ͱͮͯͷ

BUSINESSWORLD

DEVELOPMENT

Olowu Advocates Institutional Framework to Address Infrastructural Deﬁcit Ugo Aliogo The Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uche Olowu has called for institutional framework as a solution to the infrastructural deficit facing the country. Olowu, who disclosed this in Lagos, at the 7th transport award and lecture with the theme: ‘Financing the Transport/ Allied Industry Stock Taking and Paving the Way Forward,’ noted that through a public-private sector partnership, there are institutional investors that can partner with government.

He also stated that the framework should be transparent enough to support PPP investment. “Government resources to provide social services are insufficient, therefore the next step is to making sure that government put in place institutional frameworks using a public-private sector partnership, and there are institutional investors, which can partner with government. “The framework should be transparent enough to support such investment. If you design a policy and it doesn’t work, you rejig the policy framework

and ensure that all stakeholders are involved to ensure that you come out with a more robust policy,” he noted. He explained that the China investment in Nigeria was a welcome development, but advised government to ensure that the terms of those agreements are well defined. Olowu further stated that Nigeria’s core infrastructure stock was estimated at about 20- 25 per cent of GDP far below the international benchmark, adding that the gap is even wider if non-core infrastructure is added. According to him, “In assessing current state of infrastructure, a

recent assessment was conducted by the National Planning Commission and other related MDAs. In identifying the funding gap, the National Integrated Infrastructure Master Plan (NIIMP) identifies the gap in Nigeria’s infrastructure. “An optimal funding mix will be determined around bridging this gap. A holistic and wellthought plan will be formulated to guide implementation across various infrastructure projects. The implementation of this plan will begin to move Nigeria’s transport from its current state to a level where it can compete globally.”

Report: Gold Worth Billions Smuggled out of Africa Ugo Aliogo with agency report Billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond – a Reuters analysis has found. Customs data shows that the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006. The total weight was 446 tonnes, in varying degrees of purity – up from 67 tonnes in 2006. Much of the gold was not

recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are leaving Africa with no taxes being paid to the states that produce them. Previous reports and studies have highlighted the blackmarket trade in gold mined by people, including children, who have no ties to big business, and dig or pan for it with little official oversight. No-one can put an exact figure on the total value that is leaving Africa. But the Reuters analysis gives an estimate of the scale. Reuters assessed the volume

of the illicit trade by comparing total imports into the UAE with the exports declared by African states. Industrial mining firms in Africa told Reuters they did not send their gold to the UAE – indicating that its gold imports from Africa come from other, informal sources. Informal methods of gold production, known in the industry as “artisanal” or small-scale mining, are growing globally. They have provided a livelihood to millions of Africans and help some make more money than they could dream of from traditional trades. But the methods leak chemicals into rocks, soil and rivers. And

African governments such as Ghana, Tanzania and Zambia complain that gold is now being illegally produced and smuggled out of their countries on a vast scale, sometimes by criminal operations, and often at a high human and environmental cost. Artisanal mining began as small-time ventures. But the “romantic” era of individual mining has given way to “large-scale and dangerous” operations run by foreigncontrolled criminal syndicates, Ghana’s President Nana AkufoAddo told a mining conference in February. Ghana is Africa’s second-largest gold producer.

UN Medal Awarded to 140 Nigerians A total of 140 Nigerian peacekeepers serving with the United Nations Multidimensional Integrated Stabilisation Mission in Mali (MINUSMA) have been awarded the United Nations medal on 18 April. According to a statement made available to THISDAY by the National Information Officer, United Nations Information Centre (UNIC), Oluseyi Soremekun, the Deputy Chief of the United Nations Police Component (UNPOL), Brigadier General Jean François VOILLOT, presided over the ceremony that was held in

the historic city of Timbuktu. It also noted that the medal recipients, including 40 women, were members of the Nigerian Formed Police Unit (FPU). Soremekun noted that the UN medal rewards the courage and commitment of peacekeepers who have spent 90 days in MINUSMA, particularly in northern Mali, in the service of peace. The statement further noted that: “Given the current context of the region, and in accordance with its mandate, this unit of the UN Police conducts daily, long

and medium range patrols with the Malian Defence and Security Forces (FDSM), including the Police and the Gendarmerie, in the city of Timbuktu and the surrounding villages. It conducts escorts and security operations allowing people to go about their business in serenity. “The recipients for the professionalism that allowed them to honourably perform their missions with determination and integrity. You will receive the UN medal which is both a testimony and a mark of recognition of the international community

for your participation in the efforts and work done for the stabilization and maintenance of peace in Mali. “The ceremony was held at the UN Mission Integrated Camp, in the presence of Acting Head of Office Mamane Sani Moussa, UN Force Commander for Sector West, UNPOL Regional Commander Colonel Chérif Sami, representatives of the local and administrative authorities of Timbuktu and Taoudeni, as well as the hierarchy of the Defense and Security Forces of Mali (FDSM).”

Malaria Vaccine Pilot Launched in Malawi Ugo Aliogo with agency report The World Health Organisation (WHO) has welcomed the Government of Malawi’s launch of the world’s first malaria vaccine today in a landmark pilot programme. According to a statement on the WHO website, signed by the WHO Director-General Dr. Tedros Ghebreyesus, the country was the first of three in Africa in which the vaccine, known as RTS would be made available to children up to two years of age; “Ghana and Kenya would introduce the vaccine in the coming weeks. The statement also noted that the malaria remains one of the world’s leading killers, claiming the life of one child every two minutes. It further noted that most of these deaths are in Africa, where more than 250 000 children die from the disease every year, adding that children under 5 are at greatest risk of its life-threatening complications, “worldwide, malaria kills 435 000 people a year, most of them children.” “We have seen tremendous gains from bed nets and other measures to control malaria in the last 15 years, but progress has stalled and even reversed in some areas. We need new solutions to get the malaria response back on track, and this vaccine gives us a promising tool to get there. The malaria vaccine has the potential to save tens of thousands of children’s lives,” Ghebreyesus said. Ghebreyesus in the statement explained that 30 years in the making, RTS was the first, and to date the only, vaccine that has demonstrated it can significantly reduce malaria in children. It added that in clinical trials, the vaccine was found to prevent approximately four in 10 malaria cases, including three in 10 cases of life-threatening severe malaria The WHO Regional Director for Africa, Dr. Matshidiso Moeti, in the statement said malaria was a constant threat in the African communities where this vaccine would be given. Moeti, explained that the poorest children suffer the most and are at highest risk of death. “We know the power of vaccines to prevent killer diseases and reach children, including those who may not have immediate access to the doctors, nurses and health facilities they need to save them when severe illness comes. “This is a day to celebrate as we begin to learn more about what this tool can do to change the trajectory of malaria through childhood vaccination,” she added.

Polaris Bank Partners MOJEC on Pre-paid Meter Polaris Bank Limited has reiterated its commitment to the success of the Meter Acquisition Partners (MAP) Project by ensuring that the acquisition of pre-paid meters by Nigerians is seamless. The Managing Director/CEO of the Bank, Mr. Tokunbo Abiru, gave this indication at the signing ceremony of a Memorandum of Understanding (MOU) between the Bank and Mojec, a leading Meter Manufacturing Company which took place at the bank’s headquarters in Lagos recently. Abiru, who was represented by the Executive Director, Technology and Services, Mr. Innocent Ike, was quoted in a statement to have said: “Polaris Bank is pleased to be partnering with Mojec International to support consumers on the meter acquisition scheme; our bank will be facilitating the acquisition of these meters by granting loans to eligible customers under the Programme.” Abiru applauded the commitment of the regulators and partners in the public electricity value chain towards ensuring that the pre-paid meters are made available and affordable. Giving further insight into the bank’s involvement in the MAP project, the banker said: “Some of the advantages of using prepaid electricity meter is that it enables consumers determine their level of consumption, manage their cash flow and allocate costs appropriately.”

T H I S D AY Ëž Í°ÍłËœ Í°ÍŽÍŻÍˇ

BUSINESSWORLD

PERSPRCTIVE

IMF and AMCONâ€™s Sunset Debate Uche Uwaleke Should the Asset Management Corporation of Nigeria be winding down pursuant to a sunset clause like the case of the National Asset Management Agency of Ireland after which it was originally patterned or should the AMCON Act be amended to accommodate an extension of its lifespan possibly in perpetuity similar to the case of the Korea Asset Management company? That is one burning issue in the countryâ€™s financial systemsâ€™ discourse regarding which the International Monetary Fund seems to have taken a position in support of the argument for the activation of the sunset clause. It will be recalled that AMCON was established in July 2010, following the signing into law of the AMCON Bill by the President, with the aim of reviving the financial system via the resolution of the non-performing loan assets of banks in Nigeria. Among the achievements listed on its website include the fact that the corporation â€˜has acquired the Eligible Bank Assets (EBAs) or Non-performing Loans (NPLs) of various Eligible Financial Institutions (EFIs) in three different phases/ tranches with the top five EFIs representing 58.18 per cent of all purchased EBAsâ€™. Recently, the Minister of Finance, Mrs Zainab Ahmed, provided what appears to be an update of the activities of AMCON, while inaugurating its Board under the chairmanship of Mr Muiz Banire, when she stated that as of the end of 2018 the corporation had been able to recover over N1trillion while its total debt obligation to the Central Bank of Nigeria was in excess of N5trillion. The Minister was quoted to have said that the corporation at inception â€˜â€™acquired over 12,000 nonperforming loans worth approximately N3.7 trillion from 22 commercial banks and injected N22trillion as financial accommodation to 10 banks. The direct impact of that action is seen in the protection of N3.66 trillion of depositorsâ€™ funds and about 14,000 jobs were savedâ€™â€™. Against this backdrop, she asserted, the â€˜corporation has made significant progress in its management of toxic assets in the financial sector â€™. This view is also shared by some who argue that AMCON has become an important institution in the Nigerian financial system considering the significant reduction in the NPLs of the banking

CEO, AMCON, Ahmed Kuru

system to nearly single digit compared to about 35 per cent in 2009. But the IMF seems to take a different view. At the end of the Fundâ€™s Article IV consultation with Nigeria in March this year, the Executive Board of the IMF had, while applauding the decline in nonperforming loans and the improved prudential banking ratios, also noted that â€˜restructured loans and undercapitalized banks continue to weigh on financial sector performanceâ€™. Consequently, the Board recommended, among others, the â€˜establishment of a credible time bound recapitalization plan for weak banks and a timeline for phasing out the state backed asset management company AMCONâ€™. This is not the first time that the Breton Woods Institution is making such recommendation. Following the conclusion of the 2012 Article IV Consultation with Nigeria, the IMF had also recommended the winding down of the operations of AMCON in order to curb what the Directors described as â€˜moral hazard and fiscal risksâ€™. On the issue of moral hazard, it is contended by pro AMCONists that the challenge of a moral hazard is somewhat

addressed by the punitive price at which AMCON purchases toxic assets from defaulting operators. In any case, AMCON is known to have discontinued the purchase of NPLs since December, 2012. Be that as it may, the concern about moral hazard should not be completely swept away. The recent call by the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, for the federal government to revisit the Failed Bank Act seems to justify the fears expressed by the IMF concerning the need to curb moral hazards in the banking industry. Mr Kuru is reported to have not only made a strong case for the return of the Failed Bank Act, but also decried the resurgence of toxic loans in the banking sector noting that these days â€œcredits are booked with impunity without any intention of paying back and there is the urgent need to revisit the failed bank act so that operatives become responsible for their actionsâ€™â€™. Even by AMCONâ€™s own admission, it is near impossible for the bad bank to recover all loans by 2023 to 2024 when the corporation is expected to wind down. Mr Kuru underscores

this fact when he admitted that â€˜â€™even if you extend the life of AMCON for 20 years, it will not be able to recover all the loansâ€™â€™. AMCON is said to be carrying a total portfolio of over 12,000 loans of various sizes and in different sectors that are still outstanding many years after the corporation was established despite outsourcing over 6,000 accounts of such portfolio to Asset Management Partners. In order to justify its going-concern status, AMCON should borrow a leaf from the Korea Asset Management company (KAMCO) which has taken on new business models to complement its status as a perpetual restructuring institution or bad bank of Korea. Besides the purchase and resolution of non-performing loans of financial institutions and implementing the restructuring plan of corporations, the company, established since 1962, also undertakes the agency business of the government such as the disposal of government-seized properties, management of stateowned properties and liquidation of corporate bodies taken over by the government. The corporation also performs the tasks of investigating the property of persons responsible for repayment of non-performing bonds and debts as well as operates real estate-related trust businesses associated with companies subject to structural improvement. In addition, it conducts personal credit funding programs to help delinquent borrowers repair their credit standings. As a quasi-governmental entity, it is equally engaged in collection of overdue taxes. In the light of the IMF recommendation, what has become clear is that the Business Philosophy of AMCON which is to â€˜acquire Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs) at a fair value and put these assets to economic use in a profitable manner â€™ is very narrow and needs to be broadened to accommodate new business models similar to the KAMCO example. To this end, the AMCON Act should be amended to enable a reorganization of the corporation to be able to handle new tasks besides its core mandate. This will bring to a logical end the longstanding debate on the sunset clause for the nationâ€™s bad bank. -Uwaleke, is a Professor of Capital Market and the Head of Banking & Finance department at the Nasarawa State University Keffi

Financing for Sustainable Development: Tackling Big Challenges Chris Lane Without adequate financing, the best intentions of the global community expressed in the Sustainable Development Goals (SDGs) will remain beyond reach. Recent setbacks in financing for development should therefore focus policymakersâ€™ attention on the need for decisive national strategies so these best intentions might be realized. Harnessing the necessary resources could be achieved through a combination of revenue mobilization, attracting private finance, and supporting financial sector development. Policy makers will need to engage in collective action and practice a new multilateralism in support of global goals. A new UN study, prepared with significant contributions by the IMF, the World Bank Group, the World Trade Organization, the United Nations Development Program and other UN agencies, takes a deep dive into how countries and the international community are faring in mobilizing the needed financing. The financing needs are not small changeâ€”an IMF study earlier this year

estimated additional annual spending needs by 2030 would be $2.6 trillion in low-income and emerging markets for the big-ticket SDGs delivering education, health, power, roads, water and sanitation to growing populations. The financing challenge is particularly large in low-income and fragile states given their low starting point, rapid population growth, and often weak growth trajectory accounting for one-fifth of the total financing needs. The UN report also notes that some recent developments may make mobilizing financing more difficult. Global growth has likely peaked, trade restrictions are intensifying, some emerging markets are experiencing capital flow reversals, and debt risks are rising with about thirty low-income countries at a high risk of debt distress or in debt distress. We are indeed at a delicate moment for the global economy as the IMF Managing Director remarked earlier this month. Meeting the financing challenge The Financing for Sustainable Development Report makes over 40 specific recommendations to UN member states to better align financing with investments in the sustainable development

goals. Four proposals merit particular attention: r %FWFMPQ B Ă OBODJOH GSBNFXPSL Financing is often the weakest part of national SDG plans: a recent study showed that over three-quarters of 107 national plans do not contain costings or financing details. The report makes concrete recommendations on how to operationalize a financing framework and illustrates how some countries developed plans identifying both public and private flows. r .FEJVN UFSN SFWFOVF TUSBUFHJFT The report recommends building a national consensus for medium-term revenue strategies that can support reforms through the political cycle by highlighting the link between additional revenues and effective and equitable public services. Indonesia provides a good example of an ambitious revenue strategy that aims to raise revenue from 10 to 15 percent of GDP over the medium term (explained in this IMF book ). Revenue strategies may be bolstered by global coordination on international corporate tax reform. r "DUJPOT UP TVQQPSU EFCU TVTUBJOability. An in-depth discussion of debt

risks provides a rich menu of actions to help countries spot vulnerabilities early on, and better manage their debt. The report highlights that all debt crisis situations are different and discusses ongoing efforts and challenges for debtrestructuring in the Gambia, Republic of Congo, and Mozambique. r 1SFQBSF GPS GVUVSF DSJTFT &WFO UIF best laid plans, strategies, and tools may not prepare developing countries adequately for future financial crises and spillovers from advanced economies. The report reiterates the importance of ensuring the adequacy and comprehensiveness of the global financial safety net, including through the ongoing review of IMF financing arrangements. While the financing challenges are large, they are not overwhelming for most countries. Particularly strong efforts will be needed to move the needle in Africa and parts of the Middle East, with national policies to support SDG investments, and international cooperation to find solutions to new and emerging challenges. The Financing for Sustainable Development Report makes an important contribution to identifying necessary actions.

T H I S D AY ˾ THURSDAY, APRIL 25, 2019

HEALTH & LIFESTYLE

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

Adeyi: Govt Should Ensure Efficient Use of BHCPF, Improve Health Financing Dr. Olusoji Adeyi is the Director of Health, Nutrition and Population Global Practice at the World Bank Group. In this exclusive interview with Funke Olaode, Shola Oyeyipo and Martins Iﬁjeh at the recently concluded IMF/World Bank Spring Meeting in Washington DC, he shared models on how best to address healthcare issues in Nigeria, need for improved funding, the ongoing BHCPF implementation and other sundry issues. Excerpts: What is your take on the level of implementation of the BHCPF by the federal government? The 2018 Federal Budget included, for the first time, an allocation for the Basic Health Care Provision Fund (BHCPF). The Federal Government is taking the lead with support from some of the development partners who are also investing in health in Nigeria. My current understanding is that they are now working very seriously to operationalise it by ensuring that the implementation mechanisms and operational manual are in place. So, there is progress. It could move faster, but there is progress. The one per cent equity fund allocated by the federal government for BHCPF in 2018 is still being implemented half way. If we don’t expend funds for 2018, don’t you think it will affect release of the 2019 BHCPF by the government and by extension discourage development partners from releasing funds for 2019? That is a decision to be made by the Federal Government and by the National Assembly. One of the things to consider, I understand, is that the BHCPF started as a Service-Wide Vote, under which unspent funds would be returned to the treasury at the end of each year. That reduces predictability. If it were instead designated and implemented as a Statutory Vote, the BHCPF would be able to roll over unspent funds from year to year, which means that any unspent fund will not be returned to the treasury after the fiscal year. There would be l be greater confidence in the system both by the public and the managers of the fund. Last year there were many conversations on improving healthcare in Nigeria, and part of it was the BHCPF and implementation of the health act, yet in the 2019 budget, health allocation is still small. How can government improve on this? There are several factors to keep in mind, especially the fact that the Nigerian government spends less on health than almost any other country in the world. In 2018 for instance, I think it was 4.5 per cent of the federal budget that was allocated to healthcare. The total government expenditure for health in 2015 was 0.6 per cent of Gross Domestic Product (GDP) and as a share of total government expenditure, government health spending is also low. Health expenditure in Nigeria is dominated by private out-of-pocket (OOP) expenditures at about 75 per cent of total health expenditure; that is one of the highest in the world. Consequently, about a quarter of all households in Nigeria spend 10 per cent or more of their total household expenditure on health, a situation that is described as catastrophic health expenditure. This causes a lot of stress for households, and of course out of pocket expenses can push people into poverty, or in fact they may forgo healthcare all together. The need is for two concurrent things to happen and it is important they are taken concurrently because they are not mutually exclusive: First, the government should ensure the efficient use of the funds that are already being allocated. That is where performancebased funding is important, with better public financial management. With this you can

Adeyi

actually see the way the money allocated is being used, while increasing transparency and accountability. Second, there should be increased allocation to the health sector at all levels in the federal, state and local governments. Such increase could come from increased budgetary allocation and of course in a very careful way, government could also look at equitable and efficient ways of putting in place mandatory social health insurance. Mandatory Health Insurance is very different from Voluntary Health Insurance, and I note that the global evidence does not support Voluntary Health Insurance as a pathway to Universal Health Coverage in a country like Nigeria with millions of people in the informal sector and tens of millions of people living in poverty. In 2012, only about five countries have generated more than 20 percent of their total expenditures from Voluntary Health Insurance. Therefore, I am not at all suggesting voluntary health insurance because when you look at the global evidence, the best way for Nigeria to improve financing in the health sector is to improve public spending in terms of adequacy, efficiency, and equity. However, if the governments were to

expand insurance, it should be noted that while those in the formal sector will be able to make contributions via the pay roll, there are millions of people in the informal sector in the country, and there are millions of people who are poor and vulnerable as well, who would not be able to afford the premium, and would therefore need support through subsidy from the general budget. In short, governments would pay all or most of the premium on behalf of such people. This underlines the point I already made that the most efficient way to do this thing is via the public budget. Health insurance is very useful and is part of the overall health financing framework, but health insurance by itself is not an escape route to avoid spending more public budget on health. Nigeria has over 11 million stunted children in the country. How do we address human capital development if our children are stunted? The point of improving human capital is that a viable economy for the country depends on a sound, healthy and educated workforce, and if you continue to have a situation whereby there is a high prevalence of stunting in the country, it affects the capacity of the children

to learn, and when that capacity is impaired, it means the workforce of the future in the country will not perform at full capacity. Global and regional experience suggest that it takes a multi-sectoral approach that includes the health sector, agricultural sector , water and sanitation sector , social protection, and education sector, just to name a few. We need to work across sectors in to deliver interventions that are nutritionspecific and nutrition-sensitive as part of plans to tackle the problem of malnutrition in the country. With regards to human capital more broadly, that goes concurrently to access and quality of health services. It also goes with improving access to, and the quality of education. It is not enough to just go to school; the quality of the education has to be of high standard so that people actually learn. We should be putting a lot of emphasis on what the children are learning. When you have healthy children, who have access to high quality education, then you are building human capital for the children. This will contribute towards broad and durable economic growth which will then help to reduce the prevalence of poverty in the country.

T H I S D AY ˾ THURSDAY, APRIL 25, 2019

NEWS

Researchers Cure Deadly Newborn Disease Using Incurable HIV Martins Iﬁjeh Human Immuno Virus (HIV), no doubt is the most intelligent virus known to man, hence whoever finds a cure for it deserves the Nobel Prize in Medicine and Physiology. It has evaded cure for more than three decades simply because it is incredibly smart, so it’s going to take someone that is very clever indeed, to outsmart it. Although genetically simple, HIV demonstrates remarkably complex behaviour. It is a master of invasion and evasion. Despite its comparatively small “genetic brain,” the virus is able to evade sophisticated detection mechanisms of the immune system. It also counters attacks of the vastly more complex human cells, reach into the cell’s nucleus and replace the human genome with its own viral DNA. By attacking the immune system directly, HIV weakens the entire body. After taking over invaded cells, the smart HIV transfers itself between multiple cells. Enormous research has been done on HIV, yet much more is yet to be known about the incredibly adaptive virus that continues to face human onslaught. Certainly, scientists have not given up in the quest to overcome the smart virus and while a cure may have not been found, cure research remains promising as scientists continue work on a functional cure and a sterilising cure. While the search continues,

significant discoveries about the human immune system made on the road to finding a cure remain paramount. The efforts to improve treatment, prevention and awareness tools are continuing to have a positive impact on the lives of many. Ten reasons you should be having more sex! One of the most profound outcomes of application of HIV research occurred lately when doctors at St Jude’s Children Research Hospital in Memphis, Tennessee, reported how they “used” HIV to “cure” children with a rare immune system abnormality. The children were all born with a condition known as Severe Combined Immunodeficiency (SCID)—commonly known as Bubble Boy Disease— that makes it impossible for their bodies to make white blood cells and they were at risk of dying as infants. 10 of the affected children were treated with an experimental gene therapy which made eight of them to produce vital white blood cells for the first time. The scientists “edited” DNA to fix the fault which causes the genetic illness and delivered the “cured” genes into the children’s body using HIV. The altered genes used to fix the children’s defective DNA were delivered into the body using damaged HIV viruses. Experts working on the project say the breakthrough is a first for children with this rare and life-threatening illness and say only time will tell if it’s a permanent cure.

SocietyTakes Health Outreach to Nasarawa Community, Donates Sanitary Kits Kuni Tyessi in Abuja The International Society of Media in Public Health (ISMPH) has sensitised and donated sanitary kits and other materials to Roguwa community in Keffi Local Government Area of Nasarawa State. The Executive Director of ISMPH, Mrs Moji Makanjuoala, who presented the materials to the Village Head of Roguwa, Alhaji Abdullahi Mohammed, said the donation was to improve health outcomes in the area. She said the sensitisation and outreach programme was aimed at addressing the whole gamut of public health towards preventing some diseases that ravaged the community. “When we say people should be clean, we have provided soap and some measure of succour that we think can encourage people to have a healthy environment and keep themselves clean. We also talk about oral health; friends and colleagues supported the community with tooth pastes and brushes. We

also provided women with feminine sanitary towels,’’ she said. The executive director said the donation and three-day outreach programme in the community was given freely with the hope that it would improve the health and well being of the people. She said the outreach which started on April 18, was conducted in the community with the support of the National Primary Health Care Development Agency (NPHCDA). According to her, NPHCDA provided l medication for the treatment of some ailments during the programme in addition to immunisation. She noted that over the three days, findings revealed that malaria was one of the major ailments bedevilling the community, “we therefore provided mosquito nets for the households in the community”. She expressed optimism that people would sleep in the insecticide treated nets to further reduce and prevent malaria.

New Bill Will Ensure Mandatory Health Insurance, Says Tejuoso Martins Iﬁjeh The recently passed bill for the enactment of the National Health Insurance Commission by the Nigerian Senate will ensure it is mandatory for every resident of the country to contribute a minimum amount to health insurance pool, the Chairman, Senate Committee on Health, Senator Lanre Tejuoso has said. He said this will in turn mean Nigerians will no longer pay out of pocket for healthcare, and that it would inch the country closer to achieving universal health coverage. In a chat with THISDAY recently, he said once the

National Assembly transmits the bill to the executive and it is duly signed by President Muhammadu Buhari, it would now be mandatory for every Nigerian to contribute to the scheme; whether from the formal sector or informal sector. Titled, National Health Insurance Act, 2003 (Repeal and Re-enactment) Bill 2019, it was named Senate Bill 278. He said: “If we have 100 million Nigerians, for example, contributing N200 each month to the pool, we will have N20 billion per month and N240 billion per annum for the health sector. This will put us at the level of health financing

of successful countries as far as health delivery is concerned. “The common features among countries enjoying good health systems and universal health coverage is a reasonably high percentage of national budget dedicated to health sector. African countries signed to a minimum of 15 per cent of national budget for health sector to guaranty a functional health sector. Nigeria has never surpassed four per cent,” he said. On the impact this will have on Nigerians, he said this will make all primary health centresin every ward of the country functional, and any contributing Nigerian shall not be denied

basic healthcare provision at any centre in the country, free of charge. We shall also have less impact of the frequent industrial actions of health workers as the PHCs will be financially sustainable. Reacting to the bill’s passage earlier, Senate President Bukola Saraki said, “I think it is the best gift we can give to all Nigerians to ensure that they have basic healthcare for everyone.” Saraki congratulated Tejuoso and all those who worked on this bill, adding, “it is a massive achievement towards achieving universal coverage in the country”.

ADDRESSING MATERNAL, NEWBORN DEATHS

Minister of Health, Prof. Isaac Adewole (4th left); flanked by healthcare stakeholders during the launch of the Reproductive Health, Gender, Adolescent SchoolHealthandCarefortheElderlyPolicyDocument,heldinAbujarecently

Weight Loss Improves Overall Health, Aids Pregnancy, Experts Posit Rebecca Ejifoma Some experts in the field of nutrition and weight loss have urged women especially to consider weight loss and better weight management to improve fertility and balance hormones. One of the weight loss expert and Managing Director, Cambridge Weight Plan West Africa, Mrs. Eniola Karunwi narrated how losing weight balanced her hormones and fertility rate after 10 years of miscarriages and infertility. The MD, who once weighed 120kg, expressed that she had five miscarriages including a five months old pregnancy, removal of tube and ectopic pregnancy among other complications. “As an obese person, I never saw myself that way. I always thought I was beautiful and

healthy. Although after my first child, I couldn’t conceive for 10 years. At this time, I weighed 120kg and had several miscarriages and other complications,” she said. Attesting to the use of Cambridge Weight Plan, the expert described her life as more interesting after she lost 50kg in six months without exercising. “It was so easy. I became healthier and sleep better now and even more fertile”. According to Karunwi, her hormones became more balanced and her period flowed regularly. “At 39, I had my second baby after having the first 10 years ago. So, in the space of three years, I had my third child”. She said: “That for me was an eye opener. Obesity is a problem in Nigeria and CWP is the magic formula. It’s simple,

well-reserved and gives you value for money.” Meanwhile, Karunwi listed some health damages obesity poses to the body. She cited studies which showed that being overweight leads to imbalances in an individual’s hormones, which can affect overall health issues like infertility. Other complex health breakdown include: improper insulin levels, low metabolism, reduced sexual drive, irregular body temperature, abnormal sleep cycles, reduced appetites and other health related issues. Studies, also, show that hormones are the most powerful chemical messengers in the body and balanced hormones is important for good health. Speaking on the importance of losing weight, Karunwi decried, “Sadly, many people

do not recognise that excess weight affects the way body organs function and instead blame it on stress and other factors.” Having been an obese for years, she confidently said that without good health, an individual will be unhappy, spend huge amounts on treatments, and can even become depressed. “An effective weight loss and management plan is needed to achieve balanced hormones and consequently, overall good health”. Having been in existence since 1960, CWP is said to be an effective solution to losing weight and maintaining it. Not only would it improve hormonal balance, it will also aid the proper functioning of other vital organs in the body.

Brown Advocates Universal Health Coverage, Health Security for Nigeria Ayodeji Ake The Founder, Flying Doctors Nigeria, Dr. Ola Brown has advocated for universal health coverage and health security in the country, noting that this will improve healthcare services. Speaking at the fifth Annual Crans Montana Forum in Dakar recently, during her plenary session themed ‘Universal Health Coverage and Health Security’, she noted that the health sector

was facing challenges. According to the trainee helicopter pilot and pioneer of West Africa’s first Indigenous and leading air ambulance service, “poor logistics is one of the most significant global health problems, and air ambulances help address this challenge”. She attributes this to the logistical solution that she and her team provide, which enable as well as facilitate the delivery of healthcare services for all

by providing timely access to advanced medical care. “This solution is especially important in Africa due to the poor road infrastructure and long distances to tertiary hospitals.” She also emphasised the ability of air ambulances to make healthcare more affordable as critically unwell persons could be transferred to centralised hospitals and minor cases handled in primary healthcare centers. Structured under the high

patronage of H.R.M King Mohammed VI, the Crans Montana Forum is a yearly event that brings together high ranking government officials (Heads of State and Government, ministers, parastatals), international organisations and bodies alike from all over Africa and the world at large to discuss as well as proffer possible solutions to the challenges faced by the African Continent coupled with its global integration.

T H I S D AY ˾ THURSDAY, APRIL 25, 2019

HEALTH

Giving Back to Host Communities In line with its Corporate Social Responsibility, Adibe Emenyonu writes on how Seplat, in collaboration with the Nigeria Petroleum Development Company NPDC, organised free eye surgery and other medical treatment for host communities of Edo and Delta States

Cross session of patients being attended to during the free medical programme organised by Seplat Petroleum in Benin recently

Genesis Esekose is a 12 years-old boy from Ughelli, Delta State. Genesis,according to his parents, Joseph and Grace Esekose, developed cataracts at the age of one and since then, they have been moving him from one hospital to another in search of solution. Coming from indigent background, Mr and Mrs Esekose find it difficult to make ends meet not to mention coughing out between N100,000 to N200,000 for eye operation to restore his full sight. Narrating their experience, they said: “Genesis was found to have cataracts at the age of one. It started with the first eye before the other eye was affected which further compounded his (our) problem. First, he can no longer see which slowsdown his educational pursuit, and at the same time, we don’t have the kind of money the hospitals are asking us to pay”. Emphatically, the mother of Genesis said, “We have gone to many hospitals in Ughelli, some in Yenegoa, Bayelsa. Some of the hospitals we went to told us to bring N100,000 while others will charge us N200,000. We don’t have that kind of money”. The 52 and 41 years old couple who are petty traders have almost lost hope to the fact that their son will become blind eventually. However, they had their faith rekindled when a neighbour introduced them to a community service programme sponsored by Seplat Petroleum for host communities and asked them to try their luck. That luck eventually came as on getting to the medical service centre in Ughelli venue of the programme, Genesis was booked for an operation.

“One of the eyes was operated upon on Tuesday and they opened it on Wednesday. Then they also operated on the second eye on Thursday and opened it today Friday. I am very happy over what Seplat has done for my son, Genesis”, Mrs Esekose narrated, throwing her hands in excitement. Solomon Ogbeide, 45 and a civil servant who resided at Ugbowo area of Benin City, capital of Edo State had almost a similar experience with little Genesis. The only difference is that he was not affected by cataracts at his early age like Genesis. He said his started developing when he was aged 30 and pointed out that he had been taking medication as his salary can afford until he heard about the programme on radio and decided to give it a trial since he cannot afford the kind of money he was asked to bring for eye operation to remove the cataracts. Genesis and Solomon are among the 3,000 persons that had free medical treatment organised by Seplat inside the Palace of the Oba of Benin. It was a culmination of one the month of free medication for host communities of Edo and Delta States. Speaking at the closing ceremony, External Affairs Manger of Seplat, Dr. Chioma Nwachucku, said the three days event entitled: “Eye Can See, A Seplat JV: Corporate Social Responsibility Initiative”, is for host communities in Delta and Edo States. Nwachuku also said the 2019 edition of the initiative which was organised by the Oil firm in partnership with the Nigeria Petroleum Development Company (NPDC), and Edo State Government to give free medical screening and

treatments to the host communities, and some others, noting that all the eye surgeries performed were successful, without complaints. She said the programme has been in existence since 2012, adding that every year, Seplat gathered professional team of medical doctors to carry out this task, to touch the lives of the people and to solve the eye problem, so that the people can have good healthcare. “I am very happy to say that, over 65,000 patients had been saved. We have done almost 3,000 surgery for eye patients, and all of them were successful. Everything we did, and the eye surgeries are free. ‘’Yesterday and today, we saved over the lives of 500 people and while the event is going on, we did medical screening, and in the process, we discovered people who have HIV/AIDs, diabetes, sight problem, blood pressure and other illness to encourage them to be sound in health because health is wealth. We are really grateful because of the Edo State Government support of everything we have done at the Oba palace’. ‘’We are also grateful to the palace, the media for the efforts since this event and every other persons that came far and near to grace this programme. ‘’This is a programme we are committed to by using it to partner with our host communities. It is an event we use to impact the lives of those who have various eye sight problems in the localities. We all know how vital sight is to us. You could see how the 11 years old boy, Genesis Esekose, who could not see when he was in school is happy that, he can now see. Now he can go back to school again,’’ she stressed.

Also, in his remarks, Seplat Director of Operations, Effiong Okon, said apart from free medical treatment, the firm had been rendering scholarship and other social services as part of it’s social responsibility to host communities. Okon noted: “Seplat is not just there to produce oil and gas, but to affect the lives and well-being of the host localities, and Nigeria, as whole. We are trying to play a key role by impacting the lives, and welfare of the host communities. We also help to enhance the lives of the people by giving scholarship to the real indigenes of communities”. Expressing thank to the oil firm, Edo StateGovernor, Godwin Obaseki, said government’s major target is to ensure there is adequate security for companies and the people in the host communities in Edo state. Obaseki, who was represented on the occasion by the commissioner for Oil and Gas, Mr. Joseph Ukghoke, said, ‘’ what we are doing is a combination of what the state government had been doing. What is expected by Seplat oil firm, as part of cooperate social responsibility by in Edo is to continue to reach back to the host localities”. He said “We want Seplat to equally spread the initiative to other communities in the state. And we want other oil companies, in Edo state to learn and take example from Seplat. The Oba palace is a place we can use to reach out to the people in the state, and it is a good publicity, especially for those that are not from oil localities.’’ The father of the 12 years old Genesis earlier, said his family will ever remain grateful to Almighty God for bringing Seplat to their rescue.

Orange Drugs LTD Introduces Laris Anti-malaria Caplets One of the nation’s leading pharmaceutical giants; Orange Drugs LTD, has introduced a new Anti-malaria medication called Laris. Laris is an anti-malaria drug with 480 mg Lumefentrin and 80mg Artemether, a powerful Arteminism Combination Therapy, (ACT). Malaria is a life-threatening disease caused by parasites that are transmitted to people

through the bites of infected female Anopheles mosquitoes. Plasmodium falciparum malaria is the most common type of malaria found in SubSaharan Africa and responsible for more than the 880,0000 malaria related fatalities that occur a year. According to research by the World Health Organisation, artemisinin-based combination

therapy (ACT) regimens have been shown to effectively treat Plasmodium falciparum malaria cases in endemic areas. Due to its efficacy, ACT malaria drugs are considered one of the best and most sought after in the market, making it expensive for some consumers. Malaria sufferers will be happy to learn that Larisoffers quality treatment at an afford-

able price. The introduction of this new and effective anti-malaria medication is a great feat in the fight against Malaria in Nigeria. For Orange Drugs, launching Laris is another step in the expanding the company’s pharmaceutical portfolio. A subsidiary of Orange Group, Orange Drugs LTD is recognised for 30 years of offering

Nigerians quality when it comes to medicine. Some of the company’s popular products include the highly efficacious and popular Procold caplets, Medik 55, Mixanal , APC plus, Boska paracetamol, Mixagrip, Cannon Paracetamol,Cypron, Komix, and Exadon among others. Orange Drugs LTD also manufactures the popular and widely ac-

claimed Delta Antiseptic and Medicated soap. With its fully integrated logistics, warehousing and sales operations, as well as its strong distribution networks across Nigeria and within the West African Sub region, industry watchers predict that with the launch of Laris, a large chunk of ACT malaria drug market will be captured by Orange Drugs.

T H I S D AY ˾ THURSDAY, APRIL 25, 2019

HEALTH

Succour for Stroke Patients in Niger Delta Emmanuel Addeh writes that help may have come the way of Niger Delta residents who have had to deal with cardiovascular diseases and other ailments, with the recent acquisition of the only functional machine in the entire region Respite may have come the way of patients suffering from heart-related ailments as the entire South-south and South-east geopolitical zones now have their first functional Cardiovascular Laboratory at the Bayelsa Specialist Hospital (BSH), in Yenagoa. A CardLab is a specially equipped hospital room where doctors perform minimally invasive tests and procedures to diagnose and treat cardiovascular diseases, involving the use of tiny, flexible tubes which can be used instead of invasive surgery, to access the heart and blood vessels. It comprises diagnostic imaging equipment used to visualise the arteries of the heart and the chambers of the heart and treat any stenosis or abnormality found therein. The orgnaisers say before now, those with such serious aliments would either travel to Lagos, Abuja or fly outside the country to get medical help, but that things have began to look up with the current availability of quick rescue operation devices used for such life-threatening diseases. They say with the equipment, the medical team can diagnose and treat blockages and other problems in the arteries, including reversal of strokes and such other cardiovascular diseases. Renown Interventional Cardiologist, Dr. Dafe Emmanuel, in an interview at the Specialist hospital, said since the inauguration of the hospital, which was built by the state Governor, Seriake Dickson, the lab now serves the 11 states that make up the South-south and South-east. Dafe, who heads the cardiovascular unit of the hospital, however, said patients from other parts of the country also patronised the facility, adding that this is the only functioning card lab in the Niger Delta region. “Other card labs working in Nigeria are three in Lagos and one in Abuja. The one in Abuja serves the whole of the North and it is privately driven. In Enugu the federal government tried to establish one but it never worked. He said over 100 patients from outside the state patronised the hospital for cardiovascular procedures in the past one year, adding that they came from Abuja, Katsina, Zaria, Calabar, Benin, Owerri, Enugu, Port Harcourt among others. “We have had more than 100 patients since we the card lab became operational hat come from outside to get cardiovascular help here”, he said. Dr Dafe said the laboratory was equipped to manage all cardiovascular cases such as coronary setting, right and left heart cathetisation, geoplasting, peripheral balloons among others. He added: “We have treated many patients that were due for above knee amputation. The orthopedic doctors said they would chop off their legs. Nobody wants their legs chopped off. No matter how beautiful the artificial legs look like, they cannot be

Some of the state-of-the-art equipments

exactly like the natural leg. “A number of them that came here, we were able to convert them. Many of them did not have the amputation anymore. Some of them we converted from above knee to below knee amputation because the gangrene was extensive and we couldn’t salvage the muscles and the tissues. We also do pace maker insertions here. “We do minor heart surgery. You don’t open up the heart. You use needle to get into the vessel. Then pass your wires and get the work done and while doing that the patient is awake and you are talking with the patient. Everything is done and the same or next day, the patient will go.” Community Chief Executive Officer (CCEO) of BSH, Cynthia Oye, also said though the state government owned the hospital, it was being managed by a private organisation, Oasis Global Network. She said

the hospital was also equipped to undertake other critical health procedures other than cardiovascular cases, adding that BHS was effectively handling stroke and kidney cases through state-of the-art machine. Oye noted that the hospital was currently running free cleft lip ad cleft palate surgeries in partnership with an American-based organisation. She said: “We have free surgeries and it is still ongoing. We started the surgeries June last year and we have had 22 successfully done so far. The hospital is in Government House. It looks nice and clean so people just assume it is expensive. Most people still don’t know that it is open to the general public. They assume it is for dignitaries and high-profile persons.” The state government said its investment in health had started paying off, as the machine can now reverse some life-threatening medical

conditions, including stroke, when presented within the first hour of attack and dead limbs due to chronic diabetes. Commissioner for Health, Professor Ebitimitula Etebu, said the government acquired the latest equipment available in the field of medicine, to bring succour to those who desperately need it. He said: “We have what we call CardLab. And you know in Nigeria even if we buy highfalutin equipment we don’t use them. But here it is different. When you have a stroke and you come in at the right or appropriate time, it is possible for us to reverse it. “Most people who have a stroke are either paralysed on one side of the face, arm or leg. If such patients are brought in within an hour, we can now reverse the processes that led to it and ensure that blood flows to the affected vein, then patient will live.”

OPINION

Greenlife Commemorates World Malaria Day Derrick Osondu Zeithaml et al (1984) posited that the fundamental responsibility of marketing is to effect change in the external environment, in which a business operates. Marketing’s role as an agent of change at the business level is a theme which can be traced back to Alderson (1961) who depicted Marketing as a process of arriving at desirable outcomes. Greenlife Pharmaceuticals Limited is a wholesome manufacturing and distribution concern, with marketing of affordable medicines especially anti-malaria drugs being at the heart

of our business. As a marketing concern, we are committed to deploying this to effect a drastic reduction in deaths attributable to malaria in Nigeria, through the provision of information by way of education and enlightenment. Through the years we have consistently provided affordable malaria commodities across the length and breadth of the country. However to ensure proper and rational use of these Malaria commodities we have year on year deployed significant resources towards marketing communications and public education on the use of these Malaria commodities, especially ACTs; the WHO approved

treatment standard for P. falciparum Malaria in sub Saharan Africa. The aim is to point to availability, improve uptake and ensure their proper use following rapid testing and diagnosis. This has proven to be successful as recent studies have shown a reduction in deaths attributable to Malaria as well as reduction in transmission in areas with previously well documented high infection rates. This can only be related to reduction in gametocyte load (a fallout of increased uptake and use of ACTs) a key factor in transmission of the infection in areas of high endemicity. So it can be safely said that a co-ordinated

approach anchored on marketing can help bring about social behavioural change that can lead to individuals taking decisive action to improve their health. As we celebrate another world malaria day aptly themed ‘Zero Malaria starts with me’, there is a need for all stakeholders to once again spread the word that together we can tackle this monster. All that is required is an outward sign which is an expression of an inward commitment to bring an end to this age old scourge. t 0TPOEV JT XJUI (SFFOMJGF 1IBSNBDFVUJDBMT -JNJUFE

T H I S D AY Ëž Í°ÍłËœ 2019

BUSINESS/MONEYGUIDE

CBN to Implement New Collateral Mgt Regime Ugo Aliogo The Central Bank of Nigeria (CBN) is set to develop a new collateral management regime. The move is in line with ongoing efforts to evolve a robust collateral management regime which would be proportionate to transactional level of participants within the payment system. Disclosing this yesterday in Lagos, at the Lagos Fintech Week 2019 with the theme: â€˜Fintech: Exploring the Huge Opportunities,â€™ the Director, Payments System Management Department, CBN, Mr. Sam Okojere, said in line with the new collateral management regime, both incumbents and new entrants would operate without unnecessary collateral burden. He also stated that a fintech enterprise support scheme was being developed to extend low cost finance to firms

participating in the payments ecosystem. â€œAlso, of concern, is the dilemma in balancing security and convenience in product design. Operators often lean towards simplicity in product design at the expense of security,â€? he added. In his remarks, the Chief Executive Officer, Xpress Payment Solutions, Oluwadare Owolabi, noted that as a brand the focus of the company was to provide end-to-end experience, and smarter way of doing things for clients. â€œAll that we have put together is to ensure we give you a product that will enable you to improve on your processes, because the experience the customers have with us determines the trust. We seat with our clients to procreate. Procreating means we come to you and understand your processes, it is about layering

your business on payment,â€? he added. Owolabi, who was represented the Group Head, Switching and Terminal Service, Oluwatoyin Albert, noted that fintechs have been able to innovate, collaborate and ensure that there are products that meets the needs of the consumers, because of changing behavioural patterns. He added that 10 years ago, the e-Payment space provided what the customers wanted, but today now the customer determines what they want, â€œwe have a platform which is the value added services platform and there we talk about lifestyle. â€œIt is a lifestyle platform to us. So we want you as an individual or family to have contact with that platform in carrying out certain services such as payment of electricity bills, purchase of airtime, DSTV subscription and other things.â€?

L-R: Master Tailor, Kachins Bespoke Couture, Mubarik Hussain; Business Development Manager, Anil Ramchandani and Sales Manager, Mahammad Sadik, at the Kachins Fashion Exhibition held in Lagosâ€Ś recently

PEBEC Strengthens Stakeholdersâ€™ Engagement on Ease of Doing Business Ugo Aliogo In line with the objective to actively engage members of the organised private and public sector as well as to drive awareness about the implementation of relevant business climate reforms, the Presidential Enabling Business Environment Council (PEBEC) recently hosted multiple stakeholder engagement events in Lagos and Kano State. The series of events took place last week, kicking off in Kano with a focus on the agribusiness value chain and the impact of regulatory agencies. A statement explained that progress on the reforms delivered in collaboration with MDAs and the Kano State government were shared for feedback and discussions, to enable PEBEC identify opportunities to inform the agenda for the next cycle of

reforms commencing in July 2019. A technical session on Apapa gridlock and call-up system reforms was also organised in Lagos, the stated added. The session served as a platform for discussions to deliver a gridlock-free Apapa, and enhance the ease of entry and exit into the ports in line with the Trading Across Borders focus area of the Council. â€œFollowing the last intervention by Vice President, Prof. Yemi Osinbajo in November 2017, processes were agreed to address the persisting issue but implementation remains a challenge. â€œRecording an impressive turnout with strong private and public sector representation, this session signalled a recommitment to ensuring the delivery of a workable resolution, as stake-

holders across board engaged and agreed all agencies in the joint task force must be called to order and made to work together. â€œOn legislative interventions of the Council, the Lagos forum was also well attended by members of the legal community and other stakeholders, as it shone a spotlight on the legal reforms delivered in several focus areas such as Getting Credit and Starting a Business,â€? the statement added. In particular focus were the proposed Omnibus Bill, and the Companies Allied Matters (CAM) Bill - a repeal and re-enactment of the current Companies and Allied Matters Act (CAMA). The CAM Bill has undergone its first review in 29 years with the support of several members of the public and private sector, including legal firms.

Interbank FX Market Gets $210m Intervention In continuation of its mediation in the interbank foreign exchange market, the Central Bank of Nigeria (CBN) yesterday intervened with the sum of $210 million to sustain liquidity in that segment of the market. According to the figures released by the Bank, authorised dealers in the wholesale segment of the market, as in previous deals, were offered the sum of $100million, while those in the Small and Medium Enterprises

(SMEs) segment got a boost of $55 million. Customers purchasing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allotted a total of $55 million. The Bankâ€™s Director, Corporate Communications Department, Mr. Isaac Okorafor, in a statement, confirmed the transactions, reiterating that the CBN would continue to ensure the availability

of foreign exchange in order to ensure continued stability in the markets. In its last intervention on Thursday, April 18, 2019, the Bank had injected the sum of $254.8million and CNY34.8 million into the Retail Secondary Market Intervention Sales (SMIS) segment. Meanwhile, the naira exchanged at an average of N360/$1 in the BDC segment of the market.

Seplat Eyes $700m for Gas Development Seplat Petroleum Development Company Plc yesterday said it had taken a final investment decision to develop gas fields in the countryâ€™s Imo state and would raise $700 million for the venture in partnership with the Nigeria National Petroleum Corporation (NNPC). Seplat Chairman and cofounder A.B.C Orjiako, told Reuters during a visit to London that a decision had been taken to develop the Assa North and Ohaji South gas fields. He said the company was deepening its operations in the sector. The company, which has dual listings in Lagos and London , is focusing heavily on gas invest-

ments, drilling and acquisitions to boost its gross output with the aim of tapping into demand for electricity. It now supplies around 30 percent of the gas required for power generation in Nigeria. Orjiako said Seplatâ€™s gas production stood at 525 million standard cubic feet (scuf) per day from 90 million scuf nine years ago. In 2013, Nigeria, which is plagued by blackouts, started selling parts of its moribund state electricity firm in a privatisation aimed at improving power supplies and attracting billions of dollars in investments, neither of which happened. Most of the plants sold in that privatisation were gas-fired,

operating below capacity due to inadequate gas supply. Orjiaku said Nigeria had one of the highest cost per kilowatt of power, but it produces less than 10 percent of its requirement. The bulk of electricity produced comes from diesel generators which is expensive and unreliable. Despite holding the top spot among Africaâ€™s oil producers, Nigeriaâ€™s power generation and electricity grid are plagued by a lack of investment and poor infrastructure which leaves many people dependent on diesel generators. Orjiaku said the sector could thrive once government relinquished its tight control on power generation.

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

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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 Ă™Ă–Ă“Ă?ĂŁ Ă‹ĂžĂ? Ě‹ ÍŻÍąĎą

OPEC DAILY BASKET PRICE Ëœ Í°Íą Í°ÍŽÍŻÍˇ

The price of OPEC basket of fourteen crudes stood at $73.37 a barrel on Tuesday, compared with $72.44 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela SOURCE: OPEC headquarters, Vienna

T H I S D AY ˾ Ͱͳ˜ Ͱͮͯͷ

MARKET NEWS

UBA Grows First Quarter Profit after Tax by 21% to N29 Billion Goddy Egene United Bank for Africa Plc has grown its profit after tax (PAT) for the first quarter (Q1) ended March 31 by 21 per cent, to N28.665 billion, up from N23.736 billion in the corresponding period of 2018. Details of the results showed that UBA ended the period with net interest income of N58.075 billion, compared with N53.55 billion, while net fee and commission

income rose to N16.759 billion, from N14.996 billion in 2018. Profit before tax was N30.157 billion in 2019, as against N26.555 billion in 2018. PAT grew faster by 21 per cent to hit N28.665 billion, compared with N23.736 billion. The Q1 results came on the heels of the annual general meeting(AGM) of the bank held in Lagos on Tuesday, where shareholders of the pan African bank hailed the N29.9 billion

P R I C E S MAIN BOARD

F O R DEALS

dividend recommended for the 2018 financial year. With the growth recorded in Q1 bottom-line, there are expectations that a higher dividend would be paid at the end the current financial year. The Chairman of UBA, Mr. Tony Elumelu had at the AGM expressed optimism about the policy environment in most African economies, where the financial institution operate, saying they expect diligent

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

QUANTITY TRADED

VALUE TRADED ( N )

implementation of fiscal policies to help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business. “I am very optimistic that we will sustain the strong growth trajectory, as we continue to gain market share across Africa, leveraging our core values of Enterprise, Excellence and Execution,” Elumelu said. Also speaking, the Group Managing Director/CEO of

T R A D E D MAIN BOARD

A S

UBA, Mr. Kennedy Uzoka, promised shareholders that the team remained poised to do more in the coming year. He said: “We are on a new cost optimisation journey and we are diligent in executing far-reaching cost-efficient initiatives, which will complement our revenue growth drive in moderating the cost-to-income ratio towards our desired target. Ultimately, we look forward to delivering superior returns

O F

to shareholders in the years ahead.” According to him, the bank has the strong financial capacity backed by high capitalization (BASEL II capital ratio well above requirement) and strong liquidity. “We have worked hard towards connecting Africa and the world through our presence in key African markets and major global financial centres such as New York, London and Paris.

2 3 / 0 4 / 2 0 1 9 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ THURSDAY, APRIL 25, 2019

Thursday, April 25, 2019 Thisday Afrinvest 40 Index Sheds 0.4%

THISDAY AFRINVEST 40 INDEX

Yesterday, the Thisday Afrinvest 40 Index shed 44bps to ƐĞƩůĞ Ăƚ ϭ͕ϰϯϬ͘ϯϱ ĚƵĞ ƚŽ ƉƌŽĮƚ ƚĂŬŝŶŐ ĂĐƟǀŝƟĞƐ ŝŶ DANGCEM (-Ϭ͘ϵйͿ͕ NESTLE (-ϭ͘ϵйͿ ĂŶĚ INTBREW (-ϴ͘ϳйͿ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

dŚĞƐĞ ƐƚŽĐŬƐ ĐƵŵƵůĂƟǀĞůǇ ĂĐĐŽƵŶƚ ĨŽƌ ϮϬ͘ϰй ŽĨ ƚŚĞ ŝŶĚĞǆ͘

>ŽĐĂů ŽƵƌƐĞ ^ŚĞĚƐ 'ĂŝŶƐ &ŽůůŽǁŝŶŐ WƌŽĮƚ dĂŬŝŶŐ͙ ASI

Down 63bps In yesterday͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ƌĞǀĞƌƐĞĚ ŝƚƐ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ DANGCEM (-Ϭ͘ϵйͿ͕

Ticker

Current Price

THISDAY AFRINVEST 40

/ŶĚĞǆ ; ^/Ϳ ďĞůŽǁ ƚŚĞ ƉƐǇĐŚŽůŽŐŝĐĂů ŵĂƌŬ͕ ĚŽǁŶ ϲϯďƉƐ ƚŽ ƐĞƩůĞ Ăƚ Ϯϵ͕ϵϬϬ͘ϭϭ ƉŽŝŶƚƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ Eϲϲ͘ϴďŶ ƚŽ Eϭϭ͘ϮƚŶ ǁŚŝůĞ zd ƌĞƚƵƌŶ ĚĞĐůŝŶĞĚ -ϰ͘ϵй͘ ^ŝŵŝůĂƌůǇ͕ ĂĐƟǀŝƚǇ ůĞǀĞů ǁĞĂŬĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƐůŝƉƉĞĚ ϯ͘ϲй ĂŶĚ Ϯϳ͘ϴй ƚŽ ϯϬϰ͘ϵŵ ƵŶŝƚƐ ĂŶĚ EϮ͘ϲďŶ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ǁĞƌĞ JAPAULOIL ;ϵϮ͘ϯŵ ƵŶŝƚƐͿ͕ ACCESS ;Ϯϳ͘ϱŵ ƵŶŝƚƐͿ ĂŶĚ UBA ;Ϯϱ͘ϵŵ ƵŶŝƚƐͿ ǁŚŝůĞ ZENITH ;Eϱϰϯ͘ϲŵͿ͕ GUARANTY ;Eϱϭϱ͘ϮŵͿ ĂŶĚ UNILEVER ;Eϯϭϱ͘ϲŵͿ ůĞĚ ƚŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀĂůƵĞ͘

Mixed Sector Performance WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ŵŝǆĞĚ ĂƐ Ϯ ŽƵƚ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚ͘ dŚĞ ĂŶŬŝŶŐ ĂŶĚ

Price Change Index to Date

ROE

ROA

P/E

P/BV

1,430.35

-0.44%

-2.5%

43.0%

19.4%

7.0%

5.2x

0.7x

5.6%

34.20

0.3%

19.4%

-0.7%

-0.9%

33.1%

5.3%

5.1x

1.6x

8.0%

19.6%

2 Zenith Bank PLC

21.35

2.2%

11.7%

-7.4%

2.9%

24.7%

3.2%

3.6x

0.9x

13.3%

27.9% 12.1%

3 Dangote Cement PLC 4 Nestle Nigeria PLC

189.20

-0.9%

9.2%

-0.3%

1.7%

44.6%

23.2%

8.3x

3.3x

8.5%

-1.9%

8.7%

4.4%

5.1%

90.4%

27.8%

28.6x

24.5x

3.8%

3.5%

64.00

0.0%

4.6%

-25.1%

-16.4%

11.3%

5.0%

26.0x

3.1x

3.8%

7.80

0.8%

5.3%

-1.9%

-2.5%

9.9%

1.1%

4.7x

0.5x

3.3%

21.1%

17.00

0.0%

4.0%

-12.4%

3.3%

3.1%

4.2x

0.7x

2.4%

23.7%

3.0x

0.5x

12.1%

33.6%

0.5x

3.3%

16.9%

7.2%

5 Nigerian Brew eries PLC

7 Cement Co Northern Nigeria PLC 8 United Bank for Africa PLC

7.00

2.2%

4.0%

-9.1%

-10.3%

15.2%

1.7%

9 International Brew eries PLC

21.00

-8.7%

2.5%

-31.1%

-33.3%

-23.8%

-3.2%

545.00

-4.4%

3.1%

-14.8%

-12.2%

9.4%

5.7%

10 SEPLAT Petroleum Development C 11 Access Bank PLC

5.1x 5.9x

7.00

1.4%

3.6%

2.9%

7.7%

22.2%

2.1%

1.8x

0.4x

0.0%

2.3%

-23.2%

-24.8%

15.3%

1.2%

2.8x

0.5x

13 Stanbic IBTC Holdings PLC

46.20

-0.2%

2.6%

-3.6%

-0.5%

34.5%

4.7%

6.5x

2.0x

3.2%

14 Unilever Nigeria PLC

31.00

0.0%

2.1%

-16.2%

12.7%

7.7%

17.3x

2.1x

5.0%

5.8%

15 Lafarge Africa PLC

11.30

-1.3%

1.6%

-9.2%

-5.8%

-53.7%

-7.9%

0.8x

12.9%

-55.7%

16 Guinness Nigeria PLC

54.00

0.0%

1.0%

-25.0%

8.5%

4.5%

15.1x

1.4x

3.6%

6.6%

17 Okomu Oil Palm PLC

80.00

0.0%

1.4%

5.0%

32.9%

24.4%

9.0x

2.4x

3.8%

11.1%

182.00

0.0%

1.2%

-10.3%

27.0%

6.6%

7.8x

2.0x

9.3%

12.9%

175.00

-2.7%

1.2%

-5.7%

38.0%

16.8%

5.8x

2.0x

4.7%

17.1%

16.35

0.3%

0.9%

-29.2%

-26.4%

6.6%

2.0%

7.6x

0.5x

6.1%

13.2%

21 Oando PLC

4.80

-5.9%

1.1%

-4.0%

0.0%

2.4x

0.3x

22 Fidelity Bank PLC

1.93

1.0%

1.1%

-4.9%

11.6%

2.4x

0.3x

5.8%

41.0%

23 Transnational Corp of Nigeria

1.15

-1.7%

0.9%

-12.9%

-8.7%

19.3%

4.3%

3.7x

0.7x

2.6%

26.7%

24 Dangote Sugar Refinery PLC

14.70

3.2%

0.9%

-3.6%

-0.7%

32.6%

16.4%

7.9x

1.7x

7.4%

12.6%

20 Flour Mills of Nigeria PLC

1.5%

25 Diamond Bank PLC

2.42

12.6%

-5.8%

-0.7%

26 FCMB Group Plc

1.82

-4.2%

0.6%

-3.7%

1.1%

8.0%

1.1%

27 UAC of Nigeria PLC

6.95

-0.7%

0.4%

-28.7%

-27.2%

-9.6%

-4.0%

28 Sterling Bank PLC

0.9%

7.7%

41.1%

0.3x

9.2%

-29.3%

40.4%

2.70

0.0%

0.7%

42.1%

9.2%

0.8%

8.3x

0.8x

29 Presco PLC

62.75

0.0%

0.4%

-2.0%

37.0%

24.8%

2.5x

0.8x

3.2% 5.2%

0.0%

0.4%

6.9%

47.0%

17.5%

11.5x

4.5x

0.3%

-15.3%

-13.2%

52.2%

5.8%

88.9x

1.9x

ĨŽůůŽǁŝŶŐ ŐĂŝŶƐ ŝŶ ZENITH ;нϮ͘ϮйͿ͕ UBA ;нϮ͘ϮйͿ ĂŶĚ AIICO

32 Union Bank of Nigeria PLC

6.80

0.0%

0.4%

21.4%

6.0%

1.1%

11.9x

0.9x

33 Julius Berger Nigeria PLC

25.00

0.0%

0.3%

24.4%

13.1%

31.5%

3.6%

3.9x

1.0x

34 PZ Cussons Nigeria PLC

0.2%

-21.9%

-23.2%

0.9x

1.6%

0.2%

-2.4%

80.4%

35.8%

11.7x

8.5x

7.4%

8.5%

36 Wema Bank PLC

0.72

-4.0%

0.2%

14.3%

6.6%

0.8%

8.3x

0.5x

4.2%

12.0%

37 Beta Glass PLC

56.00

0.0%

0.1%

-18.0%

21.1%

14.7%

5.2x

1.0x

2.3%

19.3%

38 Dangote Flour Mills Plc

12.90

9.8%

0.3%

88.3%

95.5%

-3.2%

-0.9%

1.9x

1.6%

-1.8%

39 Transcorp Hotels Plc

5.40

0.0%

0.1%

-11.5%

-9.2%

11.0x

0.7x

2.8%

9.1%

40 AXA Mansard Insurance PLC

2.00

0.0%

0.1%

9.3%

9.5x

1.0x

3.0%

10.6%

ĚĞĐůŝŶĞƌƐ͘

;нϵ͘ϴйͿ͕

BOCGAS ;нϵ͘ϴйͿ ĂŶĚ FIDSON ;нϵ͘ϲйͿ ǁĞƌĞ ƚŚĞ ďĞƐƚ

3.1%

T o p 10 T r a d e s b y V o l u m e P ric e C hg %

12.90

9.8%

J A P A ULOIL

92.3

9.1%

4.16

9.8%

A C C ESS

27.5

1.4%

F ID SON

4.55

9.6%

UB A

25.9

2.2%

J A P A ULOIL

0.24

9.1%

Z EN IT H B A N K

25.8

2.2%

N EIM ET H

0.61

8.9%

UA C N

16.6

-0.7%

B OC GA S

DANGFLOUR

10.7%

P ric e

D A N GF LOUR

ϭϰ

25.4%

0.0%

T ic k er

ĂŐĂŝŶƐƚ

8.4% 8.0%

0.0%

T o p 10 G a i n e r s

ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƐĞƐƐŝŽŶ ĂƐ Ϯϲ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ

8.7% 1.1%

9.45

ƐŽƵƚŚǁĂƌĚ ďǇ ϭ͘ϭй ĂŶĚ Ϭ͘ϳй ƌĞƐƉĞĐƟǀĞůǇ͘

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϭ͘ϵǆ ĨƌŽŵ ϭ͘Ϯǆ

12.0%

34.00

35 Chemical and Allied Products P

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

-29.0%

0.2x

0.0%

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ

40.9%

0.3x 2.4x

24.30

ĚƌŽǀĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ

15.3%

18 Total Nigeria PLC

19.25

in NESTLE (-ϭ͘ϵйͿ͕ INTBREW (-ϴ͘ϳйͿ ĂŶĚ DANGCEM (-Ϭ͘ϵйͿ

56.1% 35.4%

19 11 PLC

31 Forte Oil PLC

OANDO (-ϱ͘ϵйͿ ĂŶĚ MOBIL (-Ϯ͘ϳйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƉƌŽĮƚ ƚĂŬŝŶŐ

-1.7%

10.75

12 Ecobank Transnational Inc

30 NASCON Allied Industries PLC

ĚĞĐůŝŶĞƌƐ͕ ĚŽǁŶ ϰ͘ϲй ĚƵĞ ƚŽ ƐĞůů-ŽīƐ ŝŶ SEPLAT (-ϰ͘ϰйͿ͕

13.7%

1,550.00

/ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ Ϭ͘ϵй ĂŶĚ Ϭ͘ϴй ƌĞƐƉĞĐƟǀĞůǇ

;нϱ͘ϲйͿ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞǆ ůĞĚ

Divindend Earnings Yield Yield

1 Guaranty Trust Bank PLC

6 FBN Holdings Plc

NESTLE (-ϭ͘ϵйͿ ĂŶĚ INTBREW (-ϴ͘ϳйͿ ĚƌĂŐŐĞĚ ƚŚĞ ůů ^ŚĂƌĞ

Price Previous Current Change Price Weightin YTD Change g

T ic k er

Vo lum e

P ric e C hg %

UN ION D A C

0.25

8.7%

GUA R A N T Y

15.1

0.3%

R EGA LIN S

0.26

8.3%

WEM A B A N K

12.4

-4.0%

ET ER N A

4.65

8.1%

UN ILEVER

10.2

0.0%

C A VER T ON

2.74

7.5%

CHA M S

10.1

0.0%

C UT IX

1.70

6.3%

LA SA C O

6.9

0.0%

ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁŚŝůĞ CONOIL (-ϵ͘ϲйͿ͕ INTBREW (-ϴ͘ϳйͿ

T o p 10 L o s e r s

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

and AGLEVENT (-ϳ͘ϭйͿ ůĞĚ ĚĞĐůŝŶĞƌƐ͘ &ŽůůŽǁŝŶŐ ǇĞƐƚĞƌĚĂǇ͛s ƉĞƌĨŽƌŵĂŶĐĞ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ďĞĂƌŝƐŚ ŽƵƚůŽŽŬ ŝŶ ƐƵďƐĞƋƵĞŶƚ ƐĞƐƐŝŽŶƐ ĂƐ ŝŶǀĞƐƚŽƌƐ ůŽŽŬ ƚŽ ƚĂŬĞ ƉƌŽĮƚ ĂŵŝĚƐƚ ƚŚĞ ĐŽƌƉŽƌĂƚĞ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ͘

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

C ON OIL

20.80

-9.6%

Z EN IT H B A N K

543.6

2.2%

IN T B R EW

21.00

-8.7%

GUA R A N T Y

515.2

0.3%

A GLEVEN T

0.26

-7.1%

UN ILEVER

315.6

0.0%

OA N D O

4.80

-5.9%

N EST LE

250.7

-1.9%

SEP LA T

545.00

-4.4%

A C C ESS

190.7

1.4%

1.82

-4.2%

UB A

180.9

2.2%

136.5

0.0%

116.1

-0.7%

FCM B WEM A B A N K M OB IL N EST LE T R A N SC OR P

Afrinvest West Africa Limited

P ric e C hg %

0.72

-4.0%

175.00

-2.7%

UA C N

1550.00

-1.9%

FB NH

45.4

0.6%

1.15

-1.7%

F LOUR M ILL

29.6

0.3%

Brokerage

Asset Management

Investment Research

Ayodeji Ebo | aebo@afrinvest.com

Ola Belgore | obelgore@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

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

Jolomi Odonghanro | jodonghanro@afrinvest.com

THURSDAY, APRIL 25, 2019 ˾ T H I S D AY

MARKET NEWS

SEC, PenCom to Collaborate on Financial Literacy Goddy Egene The Securities and Exchange Commission (SEC) and the National Pension Commission (PenCom) have agreed to collaborate and ensure more Nigerians have knowledge and play in the financial markets. This was part of the resolutions at a meeting between the Technical Committee on Financial Literacy

(FLTC)and PenCom in Abuja recently. Head Market Development Department of the SEC, who led the FLTC to PenCom, Mr. Edward Okolo, said the aim of the visit was to further strengthen collaboration between the committee and PenCom in a bid to improve financial literacy among Nigerians. He disclosed that the committee

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

was currently in partnership with FMDQ OTC Securities Exchange on the training of students on their platform so as to increase their interest in capital market issues. “We would like to have an open window to collaborate with you, where we could get ideas from you. We should try to collaborate more with the investors and give them avenues for value optimization” Okolo added.

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 23Apr-2019, unless otherwise stated.

Also commenting, member of the committee, Omagbitse Barrow expressed the need for the committee to collaborate with relevant agencies and foster a multi directional approach to what the committee does. According to Barrow, “We believe that when more members of the public are financially literate, they will make better financial decisions and deepen their

participation in the market. We have to work at financial literacy from the foundation, how to get people to manage their resources better before we can move on to investing in the capital market. The more people who are selling their products are interested in financial literacy the more products they will sell. Let’s broaden financial literacy approach so that the public will get value from the

financial system. Financial literacy is about the people, he investors and ordinary Nigerians.” In his remarks, Head Investment Supervision Division, PenCom, Dr. Farouk Aminu disclosed that the commission had started courses in some universities on pension issues and expressed the need for more synergy among regulators in promoting financial health of Nigerians.

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 5.25% ACAP Income Funds 0.63 0.63 12.39% 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 13.02% AIICO Balanced Fund 2.29 2.31 3.06% 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 16.57 17.07 -0.15% ARM Discovery Fund 359.77 370.62 0.88% ARM Ethical Fund 29.60 30.49 4.80% ARM Money Market Fund 1.00 1.00 13.25% 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 100.15 100.86 -1.03% AXA Mansard Money Market Fund 1.00 1.00 12.81% 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 13.75% Paramount Equity Fund 12.10 12.20 2.45% Women's Investment Fund 106.58 107.12 2.86% 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 12.53% Cordros Milestone Fund 2023 98.79 99.23 Cordros Milestone Fund 2028 100.17 100.06 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 13.69% Coronation Balanced Fund 0.84 0.84 Coronation Fixed Income Fund 1.18 1.18 5.10% 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 12.18% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.34% 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 1,247.40 1,248.26 5.22% FBN Heritage Fund 0.00 0.00 -100.00% FBN Money Market Fund 100.00 100.00 13.41% FBN Nigeria Eurobond (USD) Fund - Institutional 0.00 0.00 -100.00% FBN Nigeria Eurobond (USD) Fund - Retail 0.00 0.00 -100.00% FBN Nigeria Smart Beta Equity Fund 146.27 148.38 -2.49% FIRST CITY ASSET MANAGEMENT LTD fcamhelpdesk@fcmb.com Web: www.fcamltd.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Equity Fund 1.18 1.20 -2.98% Legacy Debt Fund 3.37 3.37 3.79% Legacy USD Bond Fund 1.04 1.04 1.47% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 2,989.23 3,021.17 0.20% Coral Income Fund 2,864.90 2,864.90 4.58% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 12.22% Nigeria Entertainment Fund 109.51 109.94 0.71% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 12.53% Vantage Balanced Fund 2.14 2.16 -0.43% Vantage Guaranteed Income Fund 1.00 1.00 15.35% Kedari Investment Fund (KIF) 125.44 125.67 0.43%

LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.17 1.19 2.50% Lotus Halal Fixed Income Fund 1,087.62 1,087.62 4.24% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.17 11.26 -2.94% Meristem Money Market Fund 10.00 10.00 11.77% 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 1.27 1.29 3.48% PACAM Fixed Income Fund 11.50 11.55 3.25% PACAM Money Market Fund 10.00 10.00 12.37% 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 121.19 121.76 0.38% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 4.31% 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 2,379.66 2,393.14 2.83% Stanbic IBTC Bond Fund 198.52 198.52 4.41% Stanbic IBTC Ethical Fund 0.95 0.97 1.05% Stanbic IBTC Guaranteed Investment Fund 256.79 256.82 3.89% Stanbic IBTC Iman Fund 164.47 166.28 0.81% Stanbic IBTC Money Market Fund 100.00 100.00 12.73% Stanbic IBTC Nigerian Equity Fund 8,395.01 8,491.85 -1.13% Stanbic IBTC Dollar Fund (USD) 1.13 1.13 2.00% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.21 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 10.84 11.00 4.73% Zenith Ethical Fund 12.30 12.45 2.29% Zenith Income Fund 21.61 21.61 11.90% Zenith Money Market Fund 1.00 1.00 11.18%

REITS NAV Per Share

Yield / T-Rtn

5.40 120.06 52.31

-44.85% 1.98% 1.10%

Bid Price

Offer Price

Yield / T-Rtn

10.35 106.46 86.48

10.45 108.73 88.08

-1.88% -9.24% -2.47%

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

3.83 6.78 14.09 11.52 153.44

3.87 6.86 14.19 11.72 155.44

-4.35% -10.91% -5.72% -6.77% 6.85%

NAV Per Share

Yield / T-Rtn

106.90

17.40%

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.

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

UTILIZATION OF FOREIGN EXCHANGE AS AT 19TH OF APRIL 2019 S/N

CUSTOMERS

S/N

CUSTOMERS

S/N

CUSTOMERS

ADETONA A. ADISA

4,000.00 PTA

359.00 15-Apr-19

AKINLEYE AKINYEMI

917.43 PTA

359.00 15-Apr-19

101

GREYSTONES INDUSTRY LTD

65,936.60 NON ELECTRICAL FAN PARTS

360.60 17-Apr-19

NSOFOR CHITOM CLARE

AMOUNT (US$)

1,500.00 PTA

PURPOSE

359.00 15-Apr-19

RATE DATE

BEATRICE A ATUNDE

AMOUNT (US$)

657.20 PTA

PURPOSE

359.00 15-Apr-19

RATE DATE

102

NOVA BANK

AMOUNT (US$)

47,349.19 INTERBANK

PURPOSE

360.20 17-Apr-19

RATE DATE

KOLEOWO A. BAMIDELE

4,000.00 PTA

359.00 15-Apr-19

MOORE O. OLASUNKANI

OLAMIDE LAWAL

4,000.00 PTA

359.00 15-Apr-19

OMONUSI MICHAEL OLUROTIMI

UDOUSORO I. INYAN

800.00 PTA

359.00 15-Apr-19

MMADUKA A. COSMAS

DR SAMUEL A. EKANEM

3,000.00 PTA

359.00 15-Apr-19

BISFARN INV.COMPANY NIG LTD

OGUNLEYE A. YEMI

1,700.00 PTA

359.00 15-Apr-19

OLATUNJI OLUTAYO AKANJI

OGU TOCHI AGATHA

4,000.00 PTA

359.00 15-Apr-19

ONYEKACHUKWU USHIADI

BRAHIM Y. MUHAMMAD

4,000.00 PTA

359.00 15-Apr-19

GREYSTONES INDUSTRIES LTD

EZE K. CHIJIOKE

1,600.00 PTA

359.00 15-Apr-19

DHL INTERNATIONAL

ELIZABETH T. AMBAKEDEREMO

4,000.00 PTA

359.00 15-Apr-19

AKPODIETE OMOLARA

4,000.00 PTA

KUNUJI EBIAREDE

4,000.00 PTA

359.00 15-Apr-19

AKPODIETE PAUL

ADEGBULU A. AYODELE

1,500.00 PTA

359.00 15-Apr-19

SOKUNBI ADEOLA

MINISTRY OF HOUSING MABUSHI

4,000.00 PTA

359.00 15-Apr-19

UKOTAK INAM UKO

ILIKA N. FRANCES

4,000.00 PTA

359.00 15-Apr-19

OSHO A. OYINDAMOLA

4,000.00 PTA

AKINPELU B. AYINKE

600.00 PTA

359.00 15-Apr-19

SANI SULEIMAN

4,000.00 PTA

359.00 16-Apr-19

LAWAL O. AMOKE

1,500.00 PTA

359.00 15-Apr-19

IBEANUSI M. MADUABUCHUKWU

4,000.00 PTA

UDEANI KATE OKWUDILI

3,000.00 PTA

359.00 15-Apr-19

IKPOMWEN E. OSAWARU

MR & MRS BANKOLE ALUKO

2,500.00 PTA

359.00 15-Apr-19

UMAR FATU MOHAMMED D

4,000.00 PTA

359.00 15-Apr-19

CHIEF CHINYE EDWIN

3,000.00 PTA

359.00 15-Apr-19

DORIS O. OWENAZE

ONOBUN O. FRANKLY

2,000.00 PTA

359.00 15-Apr-19

CBN

ONUMINYA T. OLABISI

4,000.00 PTA

359.00 15-Apr-19

CBN

AMAIKE O. GOD'SGIFT

3,000.00 PTA

359.00 15-Apr-19

TINCAN ISLAND CONTAINER TERMINAL

EZEKIEL A. AWUDE

1,000.00 PTA

359.50 15-Apr-19

SMT NIGERIA LTD

DR IFEOMA NWATU H.

2,000.00 PTA

359.50 15-Apr-19

PLASTIMAT LTD

OLATUNDE BABS-OLUGBEMI

3,995.50 PTA

359.00 15-Apr-19

CBN

25,000,000.00 INTERBANK

OLATUNJI S. OLUWAFEMI

3,939.76 PTA

359.00 15-Apr-19

CBN

25,000,000.00 INTERBANK

BADMOS O. RACHEAL

3,750.00 PTA

359.00 15-Apr-19

GBADAMOSI A. MOHAMMED

URAIH CHUKWUWETA

970.51 PTA

359.00 15-Apr-19

AMAITARI C. BARIWENI

OGUNDARE E. OLUKAYODE

3,150.00 PTA

359.00 15-Apr-19

AOMREORE EFETOBORE

OLUKAYODE-OGUNDARE JOY

3,150.00 PTA

359.00 15-Apr-19

HELEN BARIWENI

HELEN ORDIA PERRY

2,555.60 PTA

359.00 15-Apr-19

OGIRIGA C. EKEOMA

OBEY-FABIYI O. OLUSOLA

2,520.00 PTA

359.00 15-Apr-19

OBIORA LYNDA ADAUGO

AYOKA N KUTEYI

378.00 PTA

359.00 15-Apr-19

OLUWATUSIN K. EFFE

PAUL EKENE ISIUWE

3,238.50 PTA

359.00 15-Apr-19

OKWUTE -OKONINEME OJOMA

UVIEGHARA DOMINIC

4,887.92 BTA

359.00 15-Apr-19

MBAEGBU NORBERT

3,810.08 PTA

359.00 15-Apr-19

OKPALA FRANKLIN

3,968.00 PTA

UGOCHUKWU T. KINGSLEY

3,994.08 PTA

DR MRS IWOUNO S. HADASSAH

ELEGBA H. O. TAIWO

EZE KELVIN CHIJIOKE

657.30 PTA

359.00 15-Apr-19

103

RAND MERCHANT BANK

1,813,254.04 INTERBANK

359.60 17-Apr-19

3,948.20 PTA

359.00 15-Apr-19

104

RAND MERCHANT BANK

469,328.83 INTERBANK

359.60 17-Apr-19

650.00 PTA

359.00 15-Apr-19

105

OKOLO ANGELA ANENE

4,000.00 PTA

359.00 18-Apr-19

1,048.00 BTA

359.00 15-Apr-19

106

AWONUGA O. OLUWATUNMISE

4,000.00 PTA

359.00 18-Apr-19

788.91 SCHOOL FEES

359.00 15-Apr-19

107

OGUNYEMI D. ADERONKE

4,000.00 PTA

359.00 18-Apr-19

5,799.20 SCHOOL FEES

359.00 15-Apr-19

108

BELLO OPEYEMI WASIU

4,000.00 PTA

359.00 18-Apr-19

360.75 15-Apr-19

109

IGWE, SAMUEL CHUKWU

4,000.00 PTA

360.70 15-Apr-19

110

AWELE MABIAKU

4,000.00 PTA

359.00 18-Apr-19

359.00 16-Apr-19

111

AKPODIETE A. OMOLARA

4,000.00 PTA

359.00 18-Apr-19

4,000.00 PTA

359.00 16-Apr-19

112

KEJEH IHUNDA EUCHARIA

4,000.00 PTA

359.00 18-Apr-19

2,000.00 PTA

359.00 16-Apr-19

113

GEORGE KOLAWOLE EMDIN

4,000.00 PTA

359.00 18-Apr-19

359.00 16-Apr-19

114

UBA AUSTIN CHUKWUMA

4,000.00 PTA

359.00 18-Apr-19

359.00 16-Apr-19

115

FALOUGHI ANGELA OLABISI

1,000.00 PTA

359.00 18-Apr-19

116

ADEKOYA E. ADELEKE

4,000.00 PTA

359.00 16-Apr-19

117

LAWAL O. OLUWATOYIN

4,000.00 PTA

359.00 18-Apr-19

4,000.00 PTA

359.00 16-Apr-19

118

OKEREKE PAUL UCHENNA

4,000.00 PTA

359.00 18-Apr-19

CHUKWUMEZIE F. TOSIN

4,000.00 PTA

359.00 16-Apr-19

119

MMADUAGWU NKEIRUKA

4,000.00 PTA

359.00 18-Apr-19

CHIROMA ALI BARKA

3,947.29 PTA

359.00 16-Apr-19

120

LIADI AYOKU

4,000.00 PTA

359.00 18-Apr-19

554.66 PTA

359.00 16-Apr-19

121

FRANK OMOAMADASUN

4,000.00 PTA

359.00 18-Apr-19

181,543.01 IMTO TRANSFERRED TO CBN

357.00 16-Apr-19

122

AWAIKO J. AGIRI

4,000.00 PTA

359.00 18-Apr-19

45,128.54 IMTO TRANSFERRED TO CBN

357.00 16-Apr-19

123

GBADAMOSI A. MOHAMMED

4,000.00 PTA

359.00 18-Apr-19

700,000.00 LEASE FEES

360.65 16-Apr-19

124

UGHERUGHE A. GLORIA

2,400.00 PTA

359.00 18-Apr-19

126,048.00 4 SDLG WHEEL LOADER

360.75 16-Apr-19

125

MURPHY KALU

3,000.00 PTA

359.00 18-Apr-19

360.70 16-Apr-19

126

OGUNDIRAN F. OLUDELE

139.00 PTA

359.00 18-Apr-19

360.00 16-Apr-19

127

NWOSU G. CHINYERE

100.00 PTA

359.00 18-Apr-19

360.00 16-Apr-19

128

DR MUTIU BAMIDELE W

1,000.00 PTA

359.00 18-Apr-19

4,000.00 PTA

359.00 17-Apr-19

129

OKAFOR MOSES CHINEDU

1,200.00 PTA

359.00 18-Apr-19

4,000.00 PTA

359.00 17-Apr-19

130

IBEANUSI M. MARTIN

4,000.00 PTA

359.50 18-Apr-19

4,000.00 PTA

359.00 17-Apr-19

131

CHRISTIE ECHELIBE

3,994.44 PTA

359.50 18-Apr-19

4,000.00 PTA

359.00 17-Apr-19

132

OLUWADARE G. OLAWALE

3,696.00 PTA

359.00 18-Apr-19

1,000.00 PTA

359.00 17-Apr-19

133

ONYEMIZE O. ANTHONY

2,106.87 PTA

359.00 18-Apr-19 359.00 18-Apr-19

97,871.24 NON ELECTRICAL FAN PARTS 450,000.00 INTERNATIONAL COURIER SRVICES NOV '18

4,000.00 PTA

43,410.00 HI TENACITY POLYVESTER PACKING

359.00 18-Apr-19

359.00 PTA

359.00 17-Apr-19

134

ABINA TAIWO SULAIMAN

1,316.79 PTA

2,000.00 PTA

359.00 17-Apr-19

135

WILLIAMS ABISOLA OLAYEMI

3,950.39 PTA

930.00 PTA

359.00 17-Apr-19

136

OPAH MIRIAM

1,981.63 PTA

359.00 18-Apr-19

EDET O OKON

4,000.00 PTA

359.00 17-Apr-19

137

NJOKU LINUS CHINENYE

7,686.00 SCHOOL FEES

359.00 18-Apr-19

MUHAMMED SANI SULEIM

4,000.00 PTA

359.00 17-Apr-19

138

OSUJI GEOFFREY NDUBISI

8,000.00 SCHOOL FEES

359.00 18-Apr-19

359.00 15-Apr-19

ANTHONY CHUKWUDI

4,000.00 PTA

359.00 17-Apr-19

139

IKPEAMA PETER CHUKWUDI

SCHOOL FEES

359.00 18-Apr-19

359.00 15-Apr-19

ODINIWU STELLAMARIS

4,000.00 PTA

359.00 17-Apr-19

140

CBN

89,610.90 IMTO TRANSFERRED TO CBN

357.00 18-Apr-19

1,267.35 PTA

359.00 15-Apr-19

DELMUT COMMERCIAL ENTERPRISES

4,928.00 BTA

359.00 17-Apr-19

141

CBN

19,991.32 IMTO TRANSFERRED TO CBN

357.00 18-Apr-19

3,840.00 PTA

359.00 15-Apr-19

ADEGBORO ISAAC OMOWA

3,900.00 PTA

359.00 17-Apr-19

142

AIRTEL NETWORKS LTD

30,887.16 TELECOMMUNICATION EQUIPMENT

360.50 18-Apr-19

393.00 PTA

359.00 15-Apr-19

GAMBARI AHMED KOLAWOLE

3,900.00 PTA

359.00 17-Apr-19

143

AIRTEL NETWORKS LTD

11,757.08 TELECOMMUNICATION EQUIPMENT

360.50 18-Apr-19

TEMILOLUWA I. YUSUF

1,957.52 PTA

359.00 15-Apr-19

AYINLA COMFORT IYABODE

AFRICAN WIRE & ALLIED IND.

FAKUNLE O. OMOLADE

2,489.00 PTA

359.00 15-Apr-19

OPALEYE TEMITOPE

AZEEZ A. AYOBAMI

4,970.38 BTA

359.00 15-Apr-19

OPALEYE O. ADEBISI

IRUSOTA PAULINE I

1,962.74 PTA

359.00 15-Apr-19

CBN

136,858.73 IMTO TRANSFERRED TO CBN

IWOGBEMI JANET OMOLARA

1,320.00 PTA

359.00 15-Apr-19

CBN

41,498.69 IMTO TRANSFERRED TO CBN

OJUTIKU M. OLUGBOYEGA

1,310.11 PTA

359.00 15-Apr-19

MTN

NWOSU GEORGIANA.C.

1,617.99 PTA

359.00 15-Apr-19

100

GREEN FUELS LTD

9,250.00

359.00 18-Apr-19

700.00 PTA

359.00 17-Apr-19

144

5,000.00 INDUSTRIAL MACHINERY

2,906.42 PTA

359.00 17-Apr-19

145

JUST FOOD

75,217.80 COMELLE ICE CREAM POWDER

360.25 18-Apr-19

2,906.42 PTA

359.00 17-Apr-19

146

HPZ

70,703.32 INDUSTRIAL RAW MATERIAL

357.00 17-Apr-19

147

REGAL CHEM. NIG. LTD

2,178.62 UNCOATED WOOD FREE PLAIN PAPER IN SHEET

360.75 18-Apr-19

357.00 17-Apr-19

148

ARRA MICCOLLI

3,600.00 FOUR STROKE GASOLINE GENERATOR

360.75 18-Apr-19

259,200.00 INTELSAT-TRANSPONDER SERVICES

360.40 17-Apr-19

149

UNIQUE PHARMACEUTICALS

47,420.00 PHARMACEUTICAL RAW MATERIALS

360.60 18-Apr-19

318,740.52 STAGE ELECTRIC CNG

360.60 17-Apr-19

150

GLOBAL ORGANICS LTD

52,710.00 VETERINARY FORMULATIONS

360.75 18-Apr-19

360.60 18-Apr-19 360.50 18-Apr-19

SOURCE OF FOREIGN EXCHANGE AS AT 19TH OF APRIL 2019 S/N

SOURCE

S/N

SOURCE

S/N

SOURCE

S/N

SOURCE

AUTONOMOUS

450.00

359.00 15-Apr-19

AUTONOMOUS

15.00

359.00 16-Apr-19

155

AUTONOMOUS

196.66

359.00 17-Apr-19

232

AUTONOMOUS

190.00

359.00 18-Apr-19

AUTONOMOUS

AMOUNT (US$) 28.06

359.00 15-Apr-19

RATE DATE

AUTONOMOUS

AMOUNT (US$) 521.00

359.00 16-Apr-19

RATE DATE

156

AUTONOMOUS

AMOUNT (US$) 100.00

359.00 17-Apr-19

RATE DATE

233

AUTONOMOUS

AMOUNT (US$) 1,000.00

359.00 18-Apr-19

RATE DATE

AUTONOMOUS

374.99

359.00 15-Apr-19

AUTONOMOUS

31.62

359.00 16-Apr-19

157

AUTONOMOUS

1,904.00

359.00 17-Apr-19

234

AUTONOMOUS

1,000.00

359.00 18-Apr-19

AUTONOMOUS

1,067.00

359.00 15-Apr-19

AUTONOMOUS

195.00

359.00 16-Apr-19

158

AUTONOMOUS

1,245.00

359.00 17-Apr-19

235

AUTONOMOUS

2,435.00

359.00 18-Apr-19

AUTONOMOUS

3,493.00

359.00 15-Apr-19

AUTONOMOUS

266.22

359.00 16-Apr-19

159

AUTONOMOUS

600.00

359.00 17-Apr-19

236

AUTONOMOUS

2,180.00

359.00 18-Apr-19

AUTONOMOUS

3,443.00

359.00 15-Apr-19

AUTONOMOUS

852.11

359.00 16-Apr-19

160

AUTONOMOUS

340.00

359.00 17-Apr-19

237

AUTONOMOUS

140.19

359.00 18-Apr-19

AUTONOMOUS

855.00

359.00 15-Apr-19

AUTONOMOUS

1,634.78

359.00 16-Apr-19

161

AUTONOMOUS

50.00

359.00 17-Apr-19

238

AUTONOMOUS

732.17

AUTONOMOUS

1,001.24

359.00 15-Apr-19

AUTONOMOUS

636.00

359.00 16-Apr-19

162

AUTONOMOUS

114.71

359.00 17-Apr-19

239

AUTONOMOUS

108.00

359.00 18-Apr-19

AUTONOMOUS

1,135.00

359.00 15-Apr-19

AUTONOMOUS

330.09

359.00 16-Apr-19

163

AUTONOMOUS

5,000.00

359.00 17-Apr-19

240

AUTONOMOUS

2,424.00

359.00 18-Apr-19

AUTONOMOUS

1,191.36

359.00 15-Apr-19

AUTONOMOUS

90.00

359.00 16-Apr-19

164

AUTONOMOUS

50.00

359.00 17-Apr-19

241

AUTONOMOUS

355.00

359.00 18-Apr-19

AUTONOMOUS

350.00

359.00 15-Apr-19

AUTONOMOUS

250.00

359.00 16-Apr-19

165

AUTONOMOUS

130.00

359.00 17-Apr-19

242

AUTONOMOUS

150.00

359.00 18-Apr-19

AUTONOMOUS

434.95

359.00 15-Apr-19

AUTONOMOUS

850.00

359.00 16-Apr-19

166

AUTONOMOUS

515.00

359.00 17-Apr-19

243

AUTONOMOUS

122.77

359.00 18-Apr-19

AUTONOMOUS

490.69

359.00 15-Apr-19

AUTONOMOUS

100.00

359.00 16-Apr-19

167

AUTONOMOUS

100.00

359.00 17-Apr-19

244

AUTONOMOUS

500.00

359.00 18-Apr-19

AUTONOMOUS

500.00

359.00 15-Apr-19

AUTONOMOUS

100.00

359.00 16-Apr-19

168

AUTONOMOUS

95.00

359.00 17-Apr-19

245

AUTONOMOUS

200.00

359.00 18-Apr-19

AUTONOMOUS

695.00

359.00 15-Apr-19

AUTONOMOUS

600.00

359.00 16-Apr-19

169

AUTONOMOUS

146.86

359.00 17-Apr-19

246

AUTONOMOUS

340.00

359.00 18-Apr-19

AUTONOMOUS

705.00

359.00 15-Apr-19

AUTONOMOUS

950.00

359.00 16-Apr-19

170

AUTONOMOUS

165.74

359.00 17-Apr-19

247

AUTONOMOUS

445.00

359.00 18-Apr-19

AUTONOMOUS

137.70

359.00 15-Apr-19

AUTONOMOUS

194.62

359.00 16-Apr-19

171

AUTONOMOUS

23.40

359.00 17-Apr-19

248

AUTONOMOUS

172.00

AUTONOMOUS

190.00

359.00 15-Apr-19

AUTONOMOUS

220.00

359.00 16-Apr-19

172

AUTONOMOUS

295.00

359.00 17-Apr-19

249

AUTONOMOUS

130.00

359.00 18-Apr-19

AUTONOMOUS

200.00

359.00 15-Apr-19

AUTONOMOUS

222.80

359.00 16-Apr-19

173

AUTONOMOUS

41.68

359.00 17-Apr-19

250

AUTONOMOUS

3,125.00

359.00 18-Apr-19

AUTONOMOUS

228.00

359.00 15-Apr-19

AUTONOMOUS

300.00

359.00 16-Apr-19

174

AUTONOMOUS

89.30

359.00 17-Apr-19

251

AUTONOMOUS

119.75

AUTONOMOUS

270.00

359.00 15-Apr-19

AUTONOMOUS

305.00

359.00 16-Apr-19

175

AUTONOMOUS

142.51

359.00 17-Apr-19

252

AUTONOMOUS

349.00

359.00 18-Apr-19

AUTONOMOUS

498.25

359.00 15-Apr-19

AUTONOMOUS

350.00

359.00 16-Apr-19

176

AUTONOMOUS

1,000.00

359.00 17-Apr-19

253

AUTONOMOUS

1,000.00

359.00 18-Apr-19

AUTONOMOUS

564.00

359.00 15-Apr-19

100

AUTONOMOUS

352.06

359.00 16-Apr-19

177

AUTONOMOUS

177.95

359.00 17-Apr-19

254

AUTONOMOUS

245.00

359.00 18-Apr-19

AUTONOMOUS

643.53

359.00 15-Apr-19

101

AUTONOMOUS

398.00

359.00 16-Apr-19

178

AUTONOMOUS

183.71

359.00 17-Apr-19

255

AUTONOMOUS

535.00

359.00 18-Apr-19

AUTONOMOUS

650.40

359.00 15-Apr-19

102

AUTONOMOUS

431.34

359.00 16-Apr-19

179

AUTONOMOUS

250.00

359.00 17-Apr-19

256

AUTONOMOUS

700.00

359.00 18-Apr-19

AUTONOMOUS

657.00

359.00 15-Apr-19

103

AUTONOMOUS

490.00

359.00 16-Apr-19

180

AUTONOMOUS

21.96

359.00 17-Apr-19

257

AUTONOMOUS

10,749.20

359.00 18-Apr-19

AUTONOMOUS

706.86

359.00 15-Apr-19

104

AUTONOMOUS

525.69

359.00 16-Apr-19

181

AUTONOMOUS

1,000.00

359.00 17-Apr-19

258

AUTONOMOUS

800.00

359.00 18-Apr-19

AUTONOMOUS

767.15

359.00 15-Apr-19

105

AUTONOMOUS

3,292.00

359.00 16-Apr-19

182

AUTONOMOUS

1,800.00

359.00 17-Apr-19

259

AUTONOMOUS

939.30

AUTONOMOUS

300.00

359.00 15-Apr-19

106

AUTONOMOUS

700.00

359.00 16-Apr-19

183

AUTONOMOUS

290.00

359.00 17-Apr-19

260

AUTONOMOUS

990.00

359.00 18-Apr-19

AUTONOMOUS

5,882.69

359.00 15-Apr-19

107

AUTONOMOUS

717.70

359.00 16-Apr-19

184

AUTONOMOUS

4,330.00

359.00 17-Apr-19

261

AUTONOMOUS

1,000.00

359.00 18-Apr-19

AUTONOMOUS

110.00

359.00 15-Apr-19

108

AUTONOMOUS

1,800.00

359.00 16-Apr-19

185

AUTONOMOUS

20.83

359.00 17-Apr-19

262

AUTONOMOUS

2,800.00

359.00 18-Apr-19

AUTONOMOUS

42.00

359.00 15-Apr-19

109

AUTONOMOUS

2,552.09

359.00 16-Apr-19

186

AUTONOMOUS

80.00

359.00 17-Apr-19

263

AUTONOMOUS

2.95

359.00 18-Apr-19

AUTONOMOUS

815.00

359.00 15-Apr-19

110

AUTONOMOUS

100.00

359.00 16-Apr-19

187

AUTONOMOUS

102.00

359.00 17-Apr-19

264

AUTONOMOUS

400.00

359.00 18-Apr-19

AUTONOMOUS

45.00

359.00 15-Apr-19

111

AUTONOMOUS

100.00

359.00 16-Apr-19

188

AUTONOMOUS

200.00

359.00 17-Apr-19

265

AUTONOMOUS

150.00

359.00 18-Apr-19

AUTONOMOUS

7,000.00

359.00 15-Apr-19

112

AUTONOMOUS

5,700.00

359.00 16-Apr-19

189

AUTONOMOUS

351.00

359.00 17-Apr-19

266

AUTONOMOUS

265.00

359.00 18-Apr-19

AUTONOMOUS

11.64

359.00 15-Apr-19

113

AUTONOMOUS

5,755.00

359.00 16-Apr-19

190

AUTONOMOUS

629.63

359.00 17-Apr-19

267

AUTONOMOUS

1,908.82

359.00 18-Apr-19

AUTONOMOUS

168.34

359.00 15-Apr-19

114

AUTONOMOUS

28.25

359.00 16-Apr-19

191

AUTONOMOUS

70.00

359.00 17-Apr-19

268

AUTONOMOUS

1,700.00

359.00 18-Apr-19

AUTONOMOUS

515.08

359.00 15-Apr-19

115

AUTONOMOUS

300.03

359.00 16-Apr-19

192

AUTONOMOUS

100.00

359.00 17-Apr-19

269

AUTONOMOUS

103.50

359.00 18-Apr-19

AUTONOMOUS

433.95

359.00 15-Apr-19

116

AUTONOMOUS

1,063.52

359.00 16-Apr-19

193

AUTONOMOUS

10,687.57

359.00 17-Apr-19

270

AUTONOMOUS

127.00

AUTONOMOUS

111.95

359.00 15-Apr-19

117

AUTONOMOUS

447.80

359.00 16-Apr-19

194

AUTONOMOUS

507.24

359.00 17-Apr-19

271

AUTONOMOUS

223.93

359.00 18-Apr-19

AUTONOMOUS

67.17

359.00 15-Apr-19

118

AUTONOMOUS

123.14

359.00 16-Apr-19

195

AUTONOMOUS

141.33

359.00 17-Apr-19

272

AUTONOMOUS

5,152.00

359.00 18-Apr-19

AUTONOMOUS

1,036.70

359.00 16-Apr-19

196

AUTONOMOUS

112.21

359.00 17-Apr-19

273

AUTONOMOUS

5,000.00

359.00 18-Apr-19

AUTONOMOUS

134.34

359.00 15-Apr-19

119

AUTONOMOUS

2,239.00

359.00 15-Apr-19

120

AUTONOMOUS

104.11

359.00 16-Apr-19

197

AUTONOMOUS

189.69

359.00 17-Apr-19

274

AUTONOMOUS

481.38

359.00 15-Apr-19

121

AUTONOMOUS

160.65

359.00 16-Apr-19

198

AUTONOMOUS

631.55

359.00 17-Apr-19

275

AUTONOMOUS

280.38

359.00 18-Apr-19

AUTONOMOUS

391.82

359.00 15-Apr-19

122

AUTONOMOUS

279.87

359.00 16-Apr-19

199

AUTONOMOUS

953.18

359.00 17-Apr-19

276

AUTONOMOUS

1,091.22

359.00 18-Apr-19

AUTONOMOUS

167.92

359.00 15-Apr-19

123

AUTONOMOUS

123.43

359.00 16-Apr-19

200

AUTONOMOUS

336.42

359.00 17-Apr-19

277

AUTONOMOUS

252.34

359.00 18-Apr-19

AUTONOMOUS

559.75

359.00 15-Apr-19

124

AUTONOMOUS

185.04

359.00 16-Apr-19

201

AUTONOMOUS

784.97

359.00 17-Apr-19

278

AUTONOMOUS

6,205.28

359.00 18-Apr-19

AUTONOMOUS

996.35

359.00 15-Apr-19

125

AUTONOMOUS

67.33

359.00 16-Apr-19

202

AUTONOMOUS

168.21

359.00 17-Apr-19

279

AUTONOMOUS

252.32

359.00 18-Apr-19

AUTONOMOUS

1,069.12

359.00 15-Apr-19

126

AUTONOMOUS

2,320.48

359.00 16-Apr-19

203

AUTONOMOUS

173.82

359.00 17-Apr-19

280

AUTONOMOUS

1,121.50

359.00 18-Apr-19

AUTONOMOUS

275.96

359.00 15-Apr-19

127

AUTONOMOUS

308.83

359.00 16-Apr-19

204

AUTONOMOUS

224.28

359.00 17-Apr-19

281

AUTONOMOUS

423.37

359.00 18-Apr-19

AUTONOMOUS

324.50

359.00 15-Apr-19

128

AUTONOMOUS

224.42

359.00 16-Apr-19

205

AUTONOMOUS

1,563.22

359.00 17-Apr-19

282

AUTONOMOUS

224.30

359.00 18-Apr-19

AUTONOMOUS

64.90

359.00 15-Apr-19

129

AUTONOMOUS

109.52

359.00 16-Apr-19

206

AUTONOMOUS

177.18

359.00 17-Apr-19

283

AUTONOMOUS

841.13

359.00 18-Apr-19

AUTONOMOUS

389.40

359.00 15-Apr-19

130

AUTONOMOUS

268.68

359.00 16-Apr-19

207

AUTONOMOUS

134.57

359.00 17-Apr-19

284

AUTONOMOUS

224.30

359.00 18-Apr-19

AUTONOMOUS

324.50

359.00 15-Apr-19

131

AUTONOMOUS

260.12

359.00 16-Apr-19

208

AUTONOMOUS

379.46

359.00 17-Apr-19

285

AUTONOMOUS

134.58

359.00 18-Apr-19

AUTONOMOUS

5,000.00

359.00 15-Apr-19

132

AUTONOMOUS

325.15

359.00 16-Apr-19

209

AUTONOMOUS

104.05

359.00 17-Apr-19

286

AUTONOMOUS

129.68

359.00 18-Apr-19

AUTONOMOUS

8,616.00

359.00 15-Apr-19

133

AUTONOMOUS

1,700.00

359.00 16-Apr-19

210

AUTONOMOUS

910.76

359.00 17-Apr-19

287

AUTONOMOUS

922.02

359.00 18-Apr-19

AUTONOMOUS

10,000.00

359.00 15-Apr-19

134

AUTONOMOUS

200.00

359.00 16-Apr-19

211

AUTONOMOUS

10,000.00

359.00 17-Apr-19

288

AUTONOMOUS

648.40

AUTONOMOUS

650.00

359.00 15-Apr-19

135

AUTONOMOUS

1,000.00

359.00 16-Apr-19

212

AUTONOMOUS

500.00

359.00 17-Apr-19

289

AUTONOMOUS

194.52

359.00 18-Apr-19

AUTONOMOUS

900.00

359.00 15-Apr-19

136

AUTONOMOUS

1,600.00

359.00 16-Apr-19

213

AUTONOMOUS

2,950.00

359.00 17-Apr-19

290

AUTONOMOUS

5,000.00

359.00 18-Apr-19

AUTONOMOUS

1,600.00

359.00 15-Apr-19

137

AUTONOMOUS

1,000.00

359.00 16-Apr-19

214

AUTONOMOUS

3,400.00

359.00 17-Apr-19

291

AUTONOMOUS

1,500.00

357.00 18-Apr-19

560.70

359.00 18-Apr-19

AUTONOMOUS

33.58

359.00 15-Apr-19

138

AUTONOMOUS

1,000.00

357.00 16-Apr-19

215

AUTONOMOUS

1,155.99

359.00 17-Apr-19

292

AUTONOMOUS

10,000.00

359.00 18-Apr-19

AUTONOMOUS

3,358.50

359.00 15-Apr-19

139

AUTONOMOUS

7,174.87

359.00 16-Apr-19

216

IMTO

180,345.56

355.00 17-Apr-19

293

AUTONOMOUS

7,000.00

359.00 18-Apr-19

AUTONOMOUS

9,170.00

359.00 15-Apr-19

140

AUTONOMOUS

4,488.36

359.00 16-Apr-19

217

IMTO

2,132.75

355.00 17-Apr-19

294

AUTONOMOUS

4,979.83

359.00 18-Apr-19

AUTONOMOUS

30,000.00

359.00 15-Apr-19

141

IMTO

114,118.44

355.00 16-Apr-19

218

IMTO

54,569.59

355.00 17-Apr-19

295

AUTONOMOUS

80.00

357.00 18-Apr-19

AUTONOMOUS

1,000,000.00

359.75 15-Apr-19

142

IMTO

1,310.63

355.00 16-Apr-19

219

IMTO

762.00

354.81 17-Apr-19

296

AUTONOMOUS

1,600.00

359.00 18-Apr-19

AUTONOMOUS

65,225.00

359.75 15-Apr-19

143

IMTO

29,482.30

355.00 16-Apr-19

220

AUTONOMOUS

12,000.00

359.00 17-Apr-19

297

AUTONOMOUS

400.00

357.00 18-Apr-19

CBN

3,500,000.00

357.00 15-Apr-19

144

IMTO

451.54

355.00 16-Apr-19

221

AUTONOMOUS

1,000,000.00

359.75 17-Apr-19

298

AUTONOMOUS

3,551.54

359.00 18-Apr-19

CBN

2,000,000.00

357.00 15-Apr-19

145

IMTO

125,031.64

355.00 16-Apr-19

222

AUTONOMOUS

564,100.00

359.75 17-Apr-19

299

AUTONOMOUS

190.66

AUTONOMOUS

5,430.00

359.00 16-Apr-19

146

IMTO

1,596.64

355.00 16-Apr-19

223

AUTONOMOUS

1,813,254.04

359.25 17-Apr-19

300

AUTONOMOUS

672.89

359.00 18-Apr-19

AUTONOMOUS

500.00

359.00 16-Apr-19

147

IMTO

29,796.34

355.00 16-Apr-19

224

AUTONOMOUS

469,328.83

359.25 17-Apr-19

301

AUTONOMOUS

9,490.12

359.00 18-Apr-19

AUTONOMOUS

120.00

359.00 16-Apr-19

148

IMTO

441.21

354.75 16-Apr-19

225

AUTONOMOUS

1,068.00

359.50 17-Apr-19

302

IMTO

118,092.27

355.00 18-Apr-19

AUTONOMOUS

1,500.00

359.00 16-Apr-19

149

AUTONOMOUS

1,000.00

359.00 16-Apr-19

226

AUTONOMOUS

274,990.00

359.60 17-Apr-19

303

IMTO

1,388.93

355.00 18-Apr-19

AUTONOMOUS

82.09

359.00 16-Apr-19

150

AUTONOMOUS

1,000,000.00

359.75 16-Apr-19

227

AUTONOMOUS

40,000.00

359.50 17-Apr-19

304

IMTO

26,292.99

AUTONOMOUS

650.00

359.00 16-Apr-19

151

AUTONOMOUS

1,000,000.00

359.75 16-Apr-19

228

AUTONOMOUS

21,367.39

359.00 18-Apr-19

305

IMTO

362.10

354.82 18-Apr-19

AUTONOMOUS

392.55

359.00 16-Apr-19

152

AUTONOMOUS

1,000,000.00

359.75 16-Apr-19

229

AUTONOMOUS

50.16

359.00 18-Apr-19

306

AUTONOMOUS

150,000.00

359.60 18-Apr-19

AUTONOMOUS

50.00

359.00 16-Apr-19

153

AUTONOMOUS

800,000.00

359.50 16-Apr-19

230

AUTONOMOUS

120.15

359.00 18-Apr-19

307

AUTONOMOUS

1,000,000.00

359.75 18-Apr-19

AUTONOMOUS

588.00

359.00 16-Apr-19

154

AUTONOMOUS

70.60

359.00 17-Apr-19

231

AUTONOMOUS

3,000.00

359.00 18-Apr-19

www.ubagroup.com

359.00 18-Apr-19

355.00 18-Apr-19

Africa’s global bank

THURSDAY APRIL 25, 2019 Ë¾ T H I S D AY

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

67$7(0(17 21 )$/6( 1(:6 6725< $*$,167 1%(7 0'

ŶĞǁƐ ƐƚŽƌǇ ƉƵďůŝƐŚĞĚ ĂŶĚ ĐŝƌĐƵůĂƚĞĚ ŝŶ ďŽƚŚ ƉƌŝŶƚ ĂŶĚ ƐŽĐŝĂů ŵĞĚŝĂ ƐŝŶĐĞ Ɖƌŝů ϭϮ͕ ϮϬϭϵ ǁŚŝĐŚ ĐůĂŝŵƐ ƚŽ ďĞ ďĂƐĞĚ ŽŶ ĂŶ / W ƌĞƉŽƌƚ ǁŚŝĐŚ ĂůůĞŐĞĚůǇ ŝŶĚŝĐƚĞĚ ƚŚĞ D ͬ K ŽĨ E d͕ ƌ DĂƌŝůǇŶ ŵŽďŝ ŚĂƐ ďĞĞŶ ďƌŽƵŐŚƚ ƚŽ ŽƵƌ ĂƩĞŶƟŽŶ͘

ĐĐŽƵŶƟŶŐ KĸĐĞƌ ŽĨ E d͘ ^ŚĞ ĂĚŚĞƌĞƐ ƐƚƌŝĐƚůǇ ƚŽ ƚŚĞ ƌƵůĞƐ ƚŚĂƚ ŐƵŝĚĞ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƟŽŶ ŽĨ ƉƵďůŝĐ ĨƵŶĚƐ ďǇ ƚŚĞ ŚŝĞĨ ĐĐŽƵŶƟŶŐ KĸĐĞƌ ŽĨ E d͕ Ă ƐĞůĨͲĂĐĐŽƵŶƟŶŐ ŐŽǀĞƌŶŵĞŶƚ ĞŶƟƚǇ͘

ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŶĞǁƐ ƐƚŽƌǇ͕ ƚŚĞ ƉƵƌƉŽƌƚĞĚ / W ƌĞƉŽƌƚ ǁĂƐ ŝƐƐƵĞĚ ĨŽůůŽǁŝŶŐ ƚŚĞ ĐŽŶĐůƵƐŝŽŶ ŽĨ ĂŶ ŝŶǀĞƐƟŐĂƟŽŶ ŝŶƚŽ ĂůůĞŐĂƟŽŶƐ ŽĨ ŵŝƐĂƉƉůŝĐĂƟŽŶ ŽĨ ƉƵďůŝĐ ĨƵŶĚƐ ĂŐĂŝŶƐƚ ƌ ŵŽďŝ ĂŶĚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ ŽĨ E d͘

>> ' Ks Z W zD Ed K& &hZE/dhZ >>Kt E dŚĞ ĨƵƌŶŝƚƵƌĞ ĂůůŽǁĂŶĐĞ ƉĂŝĚ ƚŽ ŚĞƌ͕ ůŝŬĞ ŽƚŚĞƌ ĞŵŽůƵŵĞŶƚƐ ƉĂŝĚ ƚŽ E d ƐƚĂī͕ ǁĂƐ ĂƉƉƌŽǀĞĚ ďǇ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ĐŽŵƉĂŶǇ ŝŶ ϮϬϭϮ͕ ůŽŶŐ ďĞĨŽƌĞ ƌ͘ ŵŽďŝ ƌĞƐƵŵĞĚ ĂƐ ƚŚĞ ůĞĂĚ ŽĨ ƚŚĞ ĐŽŵƉĂŶǇ ŝŶ ƵŐƵƐƚ ϮϬϭϲ͘

dŚĞ ŶĞǁƐ ƐƚŽƌǇ ĐŽŶƚĂŝŶƐ ŵĂŶǇ ŝŶĂĐĐƵƌĂĐŝĞƐ ǁŚŝĐŚ ĚĞƐĞƌǀĞ Ă dŚĞƌĞ ŝƐ ƚŚĞƌĞĨŽƌĞ͕ ŶŽ ΖŽǀĞƌ ƉĂǇŵĞŶƚΖ ŽĨ ĨƵƌŶŝƚƵƌĞ ĂůůŽǁĂŶĐĞ ĂƐ ƌĞƐƉŽŶƐĞ͘ ŶŽƚĞĚ ŝŶ ƚŚĞ ƉƵƌƉŽƌƚĞĚ ƌĞƉŽƌƚ ďƵƚ Ă ůĂǁĨƵů ƉĂǇŵĞŶƚ ĂƉƉƌŽǀĞĚ ďǇ &Žƌ ŝŶƐƚĂŶĐĞ͕ ƚŚĞ ƐƚŽƌǇ ĐůĂŝŵĞĚ ƚŚĂƚ ƚŚĞ ĂůůĞŐĞĚ / W ƌĞƉŽƌƚ ǁĂƐ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶǇ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ĚĂƚĞĚ &ĞďƌƵĂƌǇ ϲ͕ ϮϬϭϵ͘ Ƶƚ E d ŝƐ ŶŽƚ ĂǁĂƌĞ ƚŚĂƚ ƚŚĞ ƐĞƌǀŝĐĞ ŽĨ >> ƚŚĞ ƐƚĂī Ăƚ E d͘ ŽŵŵŝƐƐŝŽŶ ŚĂƐ ĐŽŶĐůƵĚĞĚ ƚŚĞ ŝŶǀĞƐƟŐĂƟŽŶ ƵŶĚĞƌ ƌĞĨĞƌĞŶĐĞ͘ >> ' t Z K& KEdZ d dK > t &/ZD^ Η/E s/K> d/KE /Ŷ ĨĂĐƚ͕ ĂƐ Ăƚ tĞĚŶĞƐĚĂǇ Ɖƌŝů ϭϬ͕ ƚǁŽ ĚĂǇƐ ďĞĨŽƌĞ ƚŚĞ ƉƵďůŝĐĂƟŽŶ K& WZK hZ D Ed WZK ^^Η͘ ŽĨ ƚŚĞ ŶĞǁƐ ƐƚŽƌǇ͕ E d ƐƚĂī ǁĞƌĞ Ăƚ ƚŚĞ / W ŽĸĐĞ ƚŽ ƉƌŽǀŝĚĞ ŽĐƵŵĞŶƚĞĚ ĞǀŝĚĞŶĐĞ Ăƚ E d ĐŽŶĮƌŵƐ ƚŚĂƚ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ƚŚĂƚ ĂĚĚŝƟŽŶĂů ĚŽĐƵŵĞŶƚƐ ƚŽ ƚŚĞ ŽŵŵŝƐƐŝŽŶ ŽŶ ƚŚĞ ŝƐƐƵĞƐ ƌĂŝƐĞĚ ďǇ ůĞĚ ƚŽ ƚŚĞ ĂǁĂƌĚ ŽĨ ƚŚĞ ĂĚǀŝƐŽƌǇ ĐŽŶƐƵůƚĂŶĐǇ ĐŽŶƚƌĂĐƚƐ ƚŽ ƚŚĞ ƚǁŽ ƚŚĞ ƉĞƟƟŽŶĞƌƐ͘ ;ϮͿ ůĂǁ ĮƌŵƐ͕ ĐŽŵƉůŝĞĚ ǁŝƚŚ >> ĂƐƉĞĐƚƐ ŽĨ ƚŚĞ ŐƵŝĚĞůŝŶĞƐ ƚŚĂƚ ĂƌĞ tŝƚŚŝŶ ƚŚĞ ƐĂŵĞ ƉĞƌŝŽĚ͕ ĂŶ / W ƚĞĂŵ ǁĂƐ ĂůƐŽ Ăƚ E d ƉƌĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ WƌŽĐƵƌĞŵĞŶƚ Đƚ ŽĨ ϮϬϬϳ͘ ĐŽŶĚƵĐƟŶŐ Ă ƐǇƐƚĞŵ ƐƚƵĚǇ ĞǆĞƌĐŝƐĞ ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ ŝŶǀĞƐƟŐĂƟŽŶ ^ŝŐŶŝĮĐĂŶƚůǇ͕ ƚŚĞ ƉƵƌƉŽƌƚĞĚ ƌĞƉŽƌƚ ĚŝĚ ŶŽƚ ŝŶĐůƵĚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚĂƚ ƚŚĞ ŶĞǁƐ ƐƚŽƌǇ ƐĂŝĚ ŚĂĚ ďĞĞŶ ĐŽŶĐůƵĚĞĚ ƚǁŽ ŵŽŶƚŚƐ ďĞĨŽƌĞ͘ ďƌĂǌĞŶ ĂĐƚƐ ŽĨ ŵŝƐĂƉƉůŝĐĂƟŽŶ ŽĨ ƉƵďůŝĐ ĨƵŶĚƐ ƚŚĂƚ ǁĞƌĞ ƚŚĞ ŶŽƌŵ E d ŝƐ ƚŚĞƌĞĨŽƌĞ ĐŽŶĐĞƌŶĞĚ ĂďŽƵƚ ƚŚĞ ĂůůĞŐĞĚ ĞǆŝƐƚĞŶĐĞ ŽĨ Ă Ăƚ E d ďĞĨŽƌĞ ƌ ŵŽďŝ ƌĞƐƵŵĞĚ͕ ǁŚŝĐŚ ǁĞƌĞ ďƌŽƵŐŚƚ ƚŽ ƚŚĞ ƌĞƉŽƌƚ ďĞĐĂƵƐĞ E d ďĞůŝĞǀĞƐ ƚŚĂƚ ƚŚĞ ŽŵŵŝƐƐŝŽŶ ŝƐ ǇĞƚ ƚŽ ĂƩĞŶƟŽŶ ŽĨ ƚŚĞ ŽŵŵŝƐƐŝŽŶ͘ dŚĞƐĞ ŝŶĐůƵĚĞĚ ŝƌƌĞŐƵůĂƌ ƉƌŽĐƵƌĞŵĞŶƚ ŽĨ ƚĞŶƐ ŽĨ ŝƚĞŵƐ ƐƵĐŚ ĂƐ ĚƵƐƚďŝŶƐ ĨŽƌ ďĞƚǁĞĞŶ ĐŽŶĐůƵĚĞ ŝƚƐ ŝŶǀĞƐƟŐĂƟŽŶ͘ EϭϱϬ͕ϬϬϬ ĂŶĚ EϭϴϬ͕ϬϬϬ ĞĂĐŚ͖ ĂƐƐŽĐŝĂƚĞ ĐŚĂŝƌƐ ĨŽƌ EϱϱϬ͕ϬϬϬ ^ƚĂŬĞŚŽůĚĞƌƐ ĂƌĞ ŚĞƌĞďǇ ƌĞƋƵĞƐƚĞĚ ƚŽ ŬŝŶĚůǇ ŶŽƚĞ ƚŚĂƚ ƚŚĞ ĞĂĐŚ ĂŶĚ ƐŚƌĞĚĚĞƌƐ ĨŽƌ EϯϬϬ͕ϬϬϬ ĞĂĐŚ͕ ƚŽ ŵĞŶƟŽŶ ďƵƚ ũƵƐƚ ƚŚĞƐĞ ĂůůĞŐĂƟŽŶƐ ǁŚŝĐŚ ƚŚĞ ƐĞƌŝĂů ŚĂƌďŝŶŐĞƌƐ ŽĨ ŵŝƐĐŚŝĞĨ ŵĂĚĞ ƚŽ ƚŚĞ ƚŚƌĞĞ ;ϯͿ ŝƚĞŵƐ͘ / W ĂƌĞ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ƚŚĞ ƐƚƌĂƚĞŐǇ ǁŚŝĐŚ ƚŚĞǇ ĂĚŽƉƚĞĚ ŽǀĞƌ dŚŝƐ ǁŝůůĨƵů ŵŝƐĂƉƉůŝĐĂƟŽŶ ŽĨ ƉƵďůŝĐ ĨƵŶĚƐ ǁĂƐ ĐĂƌƌŝĞĚ ŽƵƚ ƵŶĚĞƌ ƚǁŽ ǇĞĂƌƐ ĂŐŽ ŝŶ ƚŚĞŝƌ ĐĂŵƉĂŝŐŶ ŽĨ ĐĂůƵŵŶǇ ƚŽ ƌĞůŝĞǀĞ ƌ͘ ŵŽďŝ ƚŚĞ ƐƵƉĞƌǀŝƐŝŽŶ ŽĨ ƚŚĞ ƐĂŵĞ ƐĞƌŝĂů ƉĞƟƟŽŶĞƌƐ͘ ŽĨ ƚŚĞ ƉŽƐŝƟŽŶ ŽĨ ƚŚĞ D ͬ K ŽĨ E d͘ dŚĞƐĞ ƚǁŽ ƉĞƌƐŽŶƐ ŚĂǀĞ ƉƵƌƐƵĞĚ Ă ĐĂƌĞĞƌ ŝŶ ƚŚĞ ǁƌŝƟŶŐ ŽĨ tŚŝůƐƚ ĂǁĂŝƟŶŐ ŽĸĐŝĂů ĐŽŵŵƵŶŝĐĂƟŽŶ ĨƌŽŵ ƚŚĞ / W ŽŶ ƚŚĞ ƉĞƟƟŽŶƐ ĂŐĂŝŶƐƚ ƌ ŵŽďŝ ǁŚŝĐŚ ƚŚĞǇ ŬŶŽǁ ĨƵůůǇ ǁĞůů ƚŚĂƚ ƚŚĞǇ ƐƚĂƚƵƐ ŽĨ ƚŚĞ ŝŶǀĞƐƟŐĂƟŽŶ͕ E d ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ĐŽŽƉĞƌĂƚĞ ǁŝƚŚ ĐĂŶŶŽƚ ƐƵďƐƚĂŶƟĂƚĞ ǁŝƚŚ ĐƌĞĚŝďůĞ ĚŽĐƵŵĞŶƚĂƌǇ ĞǀŝĚĞŶĐĞ͘ ƚŚĞ ŽŵŵŝƐƐŝŽŶ͕ ŝŶ ůŝŶĞ ǁŝƚŚ ƚŚĞ ĐƵƌƌĞŶƚ ŵĂŶĂŐĞŵĞŶƚΖƐ ƉŽůŝĐǇ ŽĨ ƚƌĂŶƐƉĂƌĞŶĐǇ ĂŶĚ ĂĐĐŽƵŶƚĂďŝůŝƚǇ͘ dŚĞƐĞ ƉĞƟƟŽŶƐ ĂƌĞ ďĞĨŽƌĞ ƚŚĞ / W ͕ & ͕ ŽĂůŝƟŽŶ ŽĨ ŝǀŝů ^ŽĐŝĞƟĞƐ͖ ŽĂůŝƟŽŶ ŽĨ tŚŝƐƚůĞ ůŽǁĞƌƐ͖ ŽĂůŝƟŽŶ ŽĨ DƵƐůŝŵ ĞůŽǁ ĂƌĞ ƐŽŵĞ ƉƌĞůŝŵŝŶĂƌǇ ĐŽŵŵĞŶƚƐ ŽŶ ƚŚĞ ĂůůĞŐĞĚ ĂƌĞĂƐ ŽĨ ŽƌŐĂŶŝǌĂƟŽŶƐ͖ ĂŶĚ ƚŚĞ ,ĞĂĚƐ ŽĨ ƐŽŵĞ ŽƚŚĞƌ ŐŽǀĞƌŶŵĞŶƚ ΗŝŶĚŝĐƚŵĞŶƚΗ ŚŝŐŚůŝŐŚƚĞĚ ŝŶ ƚŚĞ ŶĞǁƐ ƐƚŽƌǇ͗ ĂŐĞŶĐŝĞƐ͕ ƚŽ ŵĞŶƟŽŶ ũƵƐƚ Ă ĨĞǁ͘ >> ' & />hZ dK K ^ Zs h WZK ^^ ^ŝŶĐĞ ƐŚĞ ƌĞƐƵŵĞĚ ŝŶ ƵŐƵƐƚ ϮϬϭϲ͕ ƌ͘ ŵŽďŝ ŚĂƐ ĞŶƐƵƌĞĚ ƚŚĂƚ dŚĞ EŝŐĞƌŝĂŶ ůĞĐƚƌŝĐŝƚǇ ŽŵŵŝƐƐŝŽŶ ƌĞĐĞŶƚůǇ ŝƐƐƵĞĚ Ă ƉƵďůŝĐ ĞǀĞƌǇ ĐŽŶƚƌĂĐƚ E d ĞǆĞĐƵƚĞƐ ĐŽŵƉůŝĞƐ ǁŝƚŚ ƚŚĞ ƐƚĂƚƵƚŽƌǇ ĂĚǀĞƌƚŽƌŝĂů ǁŚŝĐŚ ƐƚĂƚĞĚ ƚŚĂƚ ƚŚĞ ĂůůĞŐĂƟŽŶ ďǇ ƚŚĞ ƐĂŵĞ ƉĞƌƐŽŶƐ ƉƌĞƐĐƌŝƉƟŽŶƐ ĐŽŶƚĂŝŶĞĚ ŝŶ ƚŚĞ WƵďůŝĐ WƌŽĐƵƌĞŵĞŶƚ Đƚ ŽĨ ϮϬϬϳ͘ ƚŚĂƚ ƌ ŵŽďŝ ŵĂĚĞ ŝůůĞŐĂů ƉĂǇŵĞŶƚƐ ƚŽ ƚŚĞ KůŽƌƵŶƐŽŐŽ ĂŶĚ dŚŝƐ ŝƐ ŶŽƚ ƐƵƌƉƌŝƐŝŶŐ͘ /Ŷ ƚŚĞ ƐĞĐƚŽƌ͕ ƐŚĞ ŝƐ ƌĞƉƵƚĞĚ ĨŽƌ ŚĞƌ ƐƚƌŝĐƚ KŵŽƚŽƐŚŽ ƉŽǁĞƌ ƉůĂŶƚƐ ǁĞƌĞ ĨĂůƐĞ ĂŶĚ ƵŶĨŽƵŶĚĞĚ͘ dŚŝƐ ŝƐ ĂĚŚĞƌĞŶĐĞ ƚŽ ƐƚĂƚƵƚŽƌǇ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ͕ ĂƐ ǁĞůů ŚĞƌ ĂĚĚŝƟŽŶĂů ƉƌŽŽĨ ƚŚĂƚ ďŽƚŚ ƚŚĞ ĂĐĐƵƐĞƌƐ ĂŶĚ ƚŚĞ ĂĐĐƵƐĂƟŽŶƐ ůĂĐŬ ƵŶĐŽŵƉƌŽŵŝƐŝŶŐ ƐƚĂŶĚ ĂŐĂŝŶƐƚ ĐƵƫŶŐ ĐŽƌŶĞƌƐ͘ ^ƚĂŬĞŚŽůĚĞƌƐ ŝŶ ĐƌĞĚŝďŝůŝƚǇ͘ ƚŚĞ ŝŶĚƵƐƚƌǇ ĐĂŶ ĂƩĞƐƚ ƚŽ ŚĞƌ ƵŶǁĂǀĞƌŝŶŐ ƐƚĂŶĚ ĂŐĂŝŶƐƚ ĂŶǇ tĞ ƵƌŐĞ ƚŚĞ ŵĞĚŝĂ ƚŽ ďĞǁĂƌĞ ŽĨ ĚƵďŝŽƵƐ ΗǁŚŝƐƚůĞ ďůŽǁĞƌƐΗ ĂĐƟŽŶƐ ƚŚĂƚ ŵĂǇ ďĞ ƵŶůĂǁĨƵů Žƌ ĂŐĂŝŶƐƚ ƚŚĞ ƉƵďůŝĐ ŝŶƚĞƌĞƐƚ͘ ǁŚŽƐĞ ŵŽĚƵƐ ŽƉĞƌĂŶĚŝ ŝƐ ƚŽ ƚĂƌŶŝƐŚ ƚŚĞ ƌĞƉƵƚĂƟŽŶ ŽĨ ŚŽŶĞƐƚ ĂŶĚ >> ' W zD Ed^ D &KZ ^ hZ/E' Z Yh/Z ŚĂƌĚǁŽƌŬŝŶŐ ƉƵďůŝĐ ƐĞƌǀĂŶƚƐ ŝŶ ƉƵƌƐƵŝƚ ŽĨ ƚŚĞŝƌ ďĂƐĞ ƉĞƌƐŽŶĂů WWZKs >^ ŝŶƚĞƌĞƐƚ͘ ƌ͘ DĂƌŝůǇŶ ŵŽďŝ ĚŝƐĐŚĂƌŐĞƐ ŚĞƌ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ Ăƚ E d ǁŝƚŚŝŶ ƚŚĞ ĂƉƉƌŽǀĂů ůŝŵŝƚ ƚŚĂƚ ŝƐ ƐƚĂƚƵƚŽƌŝůǇ ƉƌĞƐĐƌŝďĞĚ ĨŽƌ ƚŚĞ ŚŝĞĨ

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THURSDAY APRIL 25, 2019 Ë¾ T H I S D AY

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

MOUNIR HALIRU GWARZO: THE UNPUBLISHED FACTS IN THE REPORT OF PROBE BY THE ADMINISTRATIVE PANEL OF INQUIRY ON THE ACTIVITIES OF THE SUSPENDED DG OF THE SEC WHILE IN OFFICE

he Consolidated Capital Market Stakeholders Forum ("CCMSF") notes with great concern, the judgment of the High Court of the Federal Capital Territory ("FCT") sitting in Maitama, Abuja which on Tuesday 16th April, 2019 dismissed corruption charges involving alleged mismanagement of about N105 million public fund, preferred against the suspended DG of the Securities and Exchange Commission ("SEC"), Mounir Haliru Gwarzo. CCMSF categorically states that such a verdict amounts to a clog in the wheels of President Muhammadu Buhari's avowed efforts at tackling the menace of corruption in Nigeria. We view the judgment as not only a miscarriage of justice but grossly inimical to the culture of corruption-free society which President Buhari and our Forum are striving so hard to enthrone in the Nigerian capital markets and Nigeria. It is instructive to note that capital markets world over thrive on integrity. Apart from the unprofessional manner in which the ICPC prosecutors handled the case in court, our Forum is especially concerned by the decision of the Independent Corrupt Practices and Other Related Offenses Commission ("ICPC") to have charged Mr. Gwarzo for only the alleged illegal collection of severance package; while in fact, the Report of the Administrative Panel of Inquiry (the "Report") set up by the Honourable Minister of Finance had recommended that the ICPC charge Mr. Gwarzo for several alleged offenses which borders on fraud, abuse of office and gross violation of several provisions of the Public Service Rules ("PSR"). Our Forum is aware that the Report was forwarded to the ICPC by the Federal Ministry of Finance for necessary action. For the avoidance of doubt, the CCMSF has sighted the Report of the Panel of Inquiry which seriously indicts Mr. Mounir Gwarzo and we intend to make the report available to the investing public in due course. However, we refer to the Section 8.0 (Summary of Recommendations) on Pages 38 & 39 of the Report which is quoted below:

“8.1.1 Mr. Mounir H. Gwarzo i) should be directed to refund the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty One Thousand, One Hundred and Fifty Four Naira and Ninety Four Kobo) only, which he illegally collected as severance package; ii)

should be dismissed from the Public Service of the Federal Government for holding the position of a Director in private companies (Medusa Investment Limited and Outbound Investments Limited) while in service as the Director-General of SEC in breach of PSR 344, PSR 030402 and Section 6 of the Investment and Securities Act 2007;

iii)

should be referred to the ICPC for further investigation of the allegation of using his position as Director-General to influence the award of contracts to Outbound Investments Limited in view of the provisions of Sections 57 (12) (b) and 58(5) of the Public Procurement Act, 2007;

iv)

should be dismissed from the Public Service of the Federal Government, in line with PSR 030402 (in relation to the allegation on Golden Handshake), having breached paragraphs 313 and 316(4) of the Financial Regulations (Government Notice No. 291 of the 27th October, 2009) (engaging in extra budgetary expenditure without appropriate approval )".

Consequently, we call for the immediate dismissal of Mr. Mounir Haliru Gwarzo from the service of the Federal Government as recommended by the Panel of Inquiry and that the relevant anti-corruption agencies be directed to immediately prosecute him for the above mentioned offences, as prescribed by the relevant laws, rules and regulations which he has violated. Anything short of this will amount to the relevant institutions working against President Buhari's efforts at fighting corruption in Nigeria.

SIGNED UMAR USMAN – PRESIDENT, CCMSF

THURSDAY APRIL 25, 2019 Ë¾ T H I S D AY

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THURSDAY APRIL 25, 2019 ˾ T H I S D AY

INTERNATIONAL

Lindsey Graham Tells Trump to Expect Impeachment Proceedings President vows to fight to Supreme Court A senior ally of the US President Donald Trump, Senator Lindsey Graham, has informed him to expect impeachment proceedings against him despite Democrat leader, Nancy Pelosi, attempting to steer party members away from the move.

But Trump yesterday vowed to fight any effort by congressional Democrats to launch impeachment proceedings against him. Graham, a Republican Senator and chair of the senate judiciary committee, made the prediction on Twitter.

Sudan’s Military Council Invites Opposition for Talks Sudan’s Transitional Military Council has invited the opposition to a meeting in Khartoum on Wednesday night, with the two sides at loggerheads over how long it will take to move to civilian rule. They were at loggerheads over how long it will take to move to democracy after the ouster of former autocrat ruler Omar alBashir. The council and opposition umbrella group Forces of the Declaration of Freedom and Change have appeared on a collision course in recent days over the demands for civilian rule. “The Transitional Military Council declares that the doors of dialogue and negotiation are open,” the council said in a statement. While the opposition has insisted on a swift handover of power to civilians, the military council has said the process

could take up to two years. It was not clear if the opposition group, which includes protest organisers the Sudanese Professionals’ Association (SPA), planned to attend the meeting. The SPA said on Sunday it would suspend talks with the military council. “We have decided to opt for escalation with the military council, not to recognise its legitimacy and to continue the sit-in and escalate the protests on the streets,” SPA member Mohamed Abdel-Aziz said on Sunday in front of the military headquarters. Abdel-Aziz said this where thousands have been camped out since April 6. On Tuesday, the SPA and witnesses said security forces had tried to disperse the sit-in. The group encouraged protesters to put up more barriers and keep protesting.

The U.S. Constitution lays the ‘sole power’ of impeachment before the House of Representatives and the Senate. Democrats, who control the House, remain divided over the issue of impeachment even as a new front has opened in their investigations into the presidency, sparking a new legal war with the White House as Trump fiercely seeks to fight any new congressional oversight. U.S. House Speaker Nancy Pelosi and other Democratic leaders have remained cautious over impeaching Trump ahead of the 2020 presidential election while others in the party’s more liberal wing have demanded such proceedings begin. Special Counsel Robert Mueller’s findings, released in a redacted report last week, indicated Trump had obstructed justice and noted that Congress could address whether the president violated the law. Mueller separately concluded there

was not enough evidence to establish any collusion between Moscow and Trump’s 2016 presidential campaign. Trump has said the findings cleared him of any wrongdoing and has called for an investigation into the start of the probe. “We waited for Mueller and WON, so now the Dems look to Congress as last hope!” he tweeted on Wednesday. Graham declared that the ‘radical left’ is now in charge of the Democratic Party, meaning attempts by House Speaker, Ms Pelosi, to avoid divisive impeachment proceedings would fail. “Nancy Pelosi is not in charge of the Democratic Party. The radical left is in charge. “So, I will expect that there will be impeachment proceedings against President Trump.” Speaking to Sean Hannity on Fox News on Monday night, he said he expected a

“stampede” by the so-called radical left to impeach the president. He said he “hates” that Trump will have to go through the process, but believes the Mueller report, released in a heavily redacted form last week, “vindicates” the president. The end result of impeachment proceedings, he predicted, would be Trump’s re-election in 2020. Any impeachment process would be extremely unlikely to pass the Senate. His comments come in the wake of Ms Pelosi, a pragmatic party elder not known for grand gestures, urging colleagues to pursue other options to impeachment this week. She said it was “important to know that the facts regarding holding the president accountable can be gained outside of impeachment hearings”. She condemned Trump’s “highly unethical and unscrupulous behaviour” as

revealed in Robert Mueller’s report, but warned her party not to become overly obsessed with the specific way it responded. “While our views range from proceeding to investigate the findings of the Mueller report or proceeding directly to impeachment, we all firmly agree that we should proceed down a path of finding the truth,” Ms Pelosi wrote to colleagues ahead of a conference call. mageBut Trump on yesterday vowed to fight any effort by congressional Democrats to launch impeachment proceedings against him after the U.S. special counsel’s Russia probe, promising to take any legal battle to the Supreme Court despite Congress’ constitutional power to impeach. “If the parti s a n D e m s ever tried to impeach, I would first head to the U.S. Supreme Court,” Trump wrote on Twitter.

EU, WHO Call for Urgent Action on Immunisation against Measles Measles took over 70 lives and caused around 80,000 infections in Europe in 2018, the World Health Organisation (WHO) and the EU’s European Centre for Disease Prevention and Control said on Wednesday. For 2017, the two organisations reported 37 deaths in Europe. The statement was issued in conjunction with Europe Immunisation Week, which is marked across the European Union. The two organisations also noted that numbers in early 2019 are rising, especially in France, Poland, the Czech Republic, Belgium, Bulgaria and Ireland. “Eliminating measles and rubella, as well as protecting children, adults from other vaccine-preventable diseases, is an intrinsic part of achieving’’ the United Nations’ health and development goals, the groups wrote.

“This requires collective action and accountability to ensure high immunisation coverage for all,’’ they added. Earlier, the WHO reported that global measles cases are rising for the third year in a row, with recorded cases between January and March 300-per cent higher than in the same period in 2018. In the case of rising numbers in the European Union, the two organisations have cited declines in overall routine immunisation coverage and low coverage among some marginalised groups as reasons for the surge. Measles is a highly contagious disease. It is spread by coughing, sneezing, close personal contact or direct contact with infected nose or throat secretions. The most vulnerable include unvaccinated young children and pregnant women, according to the WHO.

WELCOME TO NIGERIA...

President Muhammadu Buhari (left), receiving a Letter of Credence from the new Indian High Commissioner to Nigeria, Mr. AbhayThakurat the Presidential Villa, Abuja ...recently GODWIN OMOIGUI

Supreme Court Hears Sexual Harassment Charge against Chief Justice A three-judge bench of the Supreme Court hearing charges of sexual harassment against the Chief Justice of India Ranjan Gogoi on Wednesday examined evidence presented by a lawyer who claimed there was a conspiracy to frame the judge. After examining the material submitted by lawyer Utsav Bains in a sealed cover, the judges said the matter was “very serious”. They however called the chiefs of federal investigation

agencies and Delhi Police for consultations, legal reporting website Bar and Bench reported. A junior assistant of the top court had written to 22 judges of the court on April 19 that Gogoi had made sexual advances to her at his residence office in October. The court took up the case as a matter of great public importance. According to an affidavit filed with the court, the 35-year-old woman claimed

that after rebuffing Gogoi’s advances she was moved out of his office and dismissed from service two months later. The woman also alleged that her family was persecuted after the incident. Gogoi denied the allegations and claimed they were part of a bigger plot to destabilise the judiciary. Media report said that a three-judge bench of the court is now hearing the

case. The Supreme Court also appointed on Tuesday a three-judge panel to carry out an internal inquiry. Report says the panel includes the two judges next in line to take up the chief justice’s post and a woman judge. A social media campaign on workplace sexual harassment in 2018 forced several prominent men including India’s junior foreign minister MJ Akbar to resign.

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

NEWS

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

Senate to Pass 2019 Budget Tuesday Conﬁrms Abiola-Edewor as ED, NDIC Rejects motion to make Kogi oil-producing state Deji Elumoye in Abuja The Senate yesterday postponed the final consideration and passage of the 2019 Appropriation Bill to next Tuesday due to the unavailability of details of the budget report for senators to peruse. This is coming as the upper legislative chamber also yesterday confirmed the nomination of Hon. Lola Abiola-Edewor, as Executive Director, Corporate Services, Nigerian Deposit Insurance Corporation (NDIC). The lawmakers, however, rejected a motion seeking the law to recognise Kogi as oil-producing state. Leader of the Senate, Senator Ahmad Lawan (Yobe North), had in moving for stepping down of the 2019 Appropriation Bill, which had been listed on the day’s Order Paper till another legislative day, cited the absence of the Chairman, Senate Committee on Appropriation , Senator Danjuma

Goje (Gombe Central), and his Vice, Senator Sonny Ogbuoji (Ebonyi South). However, the Senate President, Dr. Bukola Saraki, cited nonavailability of copies of details of the reports as reason for stepping it down. According to Saraki, “some members have not received the printed copies of the details and I have directed the Clerk of the Senate to make sure that latest by Monday, we all have printed copies, so that everybody can see the details of the budget, and by so doing we can now pass it next Tuesday “We don’t want to run into a problem where we pass it without details and our colleagues will start to comment. So, Clerk, ensure that everybody has copies of the details by Monday and we will pass it on Tuesday,” he further said . The final report on the budget estimates , was laid before the Goje last Wednesday before the

upper legislative chamber went on one week Easter break. The Red Chamber had before the break , planned to pass the budget for third reading on Tuesday last week but could not do it due to failure of many of its standing committees to submit reports on scrutinised budget proposals of Ministries, Departments and Agencies (MDAs) under their purview to the appropriation committee on Thursday, April 11, 2019 as directed by the Saraki. Saraki had in given the directive two weeks ago, hinted that the N8.83trillion 2019 budget would be passed on April 16, but the lawmakers also failed due to delay in submission of reports by the various standing committees to the Appropriation committee. Meanwhile, the Senate also yesterday confirmed the nomination of Hon Lola Abiola-

Edewor, as Executive Director in charge of Corporate Services at the Nigerian Deposit Insurance Corporation (NDIC). This is sequel to the consideration of Senator Rafiu Adebayo-led committee on Banking, Insurance and other Financial Institutions report on the nominee by the upper chamber of the National Assembly. But the upper legislative chamber also yesterday, rejected a motion seeking the law to recognise Kogi as oil producing state. The rejection followed observations by Senators on the impossibility of the Senate to recognise Kogi as one of the oilproducing states through adoption of mere motion sponsored by Senator Isaac Alfa (Kogi East). Efforts by the lawmakers to convince the sponsor to withdraw the motion didn’t yield fruit as

he declared that “I have moved the motion and I am not ready to withdraw it; it is left for Senate to shoot it down if it wants”. The Senate, however, urged the governors of Anambra, Enugu, and Kogi States to resolve the communal crises among the various communities in the states. It particularly advised the communities of Ibaji, Igga and Aguleri of Kogi, Enugu and Anambra States to sheath their swords and allow peace to reign while the National Boundary Commission (NBC) to delineate the correct boundaries. The Senate also urged the federal government to direct the commission to immediately release its report on the determination of the boundaries contiguous to Oil Prospecting Leases (OPLs) 915 and 916. Similarly, it asked the government to ensure that the

displaced communities in the disputed area are allowed to return to their ancestral homes and compensated for their loss. Presenting the bill before its rejection, Alfa informed the lawmakers that oil exploration commenced in Ibaji as far back as 1952 by three companies -Shell BP now known as Shell Petroleum Development Company, SPDC; Elf, now Total Fina Elf and AGIP Energy. He said the companies collectively drilled 25 exploration wells, two appraisal wells and eight core drill wells in the entire Anambra Basin out of which majority of them fall within Kogi State with facts made available through a letter, dated November 21, 2003 to the Nigerian President by the former Manager in charge of Drilling at the NNPC, Sam A. Uchola.

Cont’d on page 53

House to Probe $27bn Oil Revenue Loss The House of Representatives has resolved to investigate Nigeria’s loss of $27 billion crude oil revenue to international oil companies (IOCs) since 1999. This is coming as some members of the Islamic Movement in Nigeria (IMN) attempted to break into the premises of the National Assembly, forcing the lawmakers to hurriedly conclude the business of the day and adjourn plenary. The resolution was passed at the plenary yesterday after a debate on the bill presented by President Muhammadu Buhari seeking to increase federal government’s share of the revenue accruing from crude oil. The Bill for an Act to Amend the Deep Offshore and Inland Basin Production Sharing Contracts Act, CAP D3 Laws of the Federation of Nigeria 2004, to Review the Share of the Government of the Federation in the Additional Revenue Under the Production Sharing Contracts was passed for second reading. According to the existing Act authorising the sharing formula, the IOCs are to drill crude and sell with the proceeds shared between them and the federal government on a 60/40 basis at $20 per barrel of crude. According to the House, it means the companies have been keeping whateverexcessrevenuetheygenerated from the increase in the price of crude and share based on $20 agreement irrespective of the current prevailing market price. Leading the debate on the bill, the Deputy Majority Leader, Hon. Idris Wase, urged the lawmakers to support the bill. However, Hon. Uzoma Nkem-Abonta from Abia State cited Order 12 Sub-Rule 3, noting that he and other lawmakers did not have the hard copies of

the bill to allow to them debate it adequately. Another lawmaker, Nicholas Ossai, from Delta State supported Nkem-Abonta, calling for the suspension of the second reading pending the availability of the copies of the bill to members. The Deputy Speaker, Hon. Lasun Yussuff, however urged the Speaker, Hon. Yakubu Dogara, who presided over the session, to allow the debate to go on while appealing that more legislative days be set aside for the debate to enable members to exhaust their thoughts on the subject matter. Lasun said as an engineer, who started his career in the oil sector, he knew well that the federal government had little control over deep offshore oil exploration. He said, “The way things stand, we may end up being pushed out of the sharing formula in the future because the IOCs own the expertise and the funds, and they can even decide to apply international laws to claim the locations of the deep offshore wells. Meanwhile, some members of the IMN attempted to break into the premises of the National Assembly, forcing the lawmakers to hurriedly conclude the business of the day and adjourn plenary. The IMN members were said to have overpowered security operatives before breaking down the first gate. Shouts of “Allah Akbar” rented the air after the aggrieved protesters gained entry into the complex. They advanced towards the second gate, which lead to the chambers but were stopped by their leaders who appealed to them not to proceed further.

CORRIGENDUM In our Wednesday, April 24, 2019 edition, a news story with the headline: ‘Osoba Cautions Nigerians on Restructuring’ was erroneously attributed to former Governor of Ogun State, Chief Olusegun Osoba instead of the right speaker and former lecturer of the Obafemi Awolowo University, Dr. Olusegun Osoba. We sincerely apologise for the error and regret the embarrassment it might have caused the former governor. -Editor

DEEPENING REVENUE BASE...

L-R: Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa- Dutse; President and Chairman of Council. Chartered Institute of Taxation of Nigeria, Chief Cyril Ikemefuna- Ede; Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler; Guest Speaker, Mr. Tony Elumelu; and Executive Chairman, Lagos State Internal Revenue Service, Mr. Ayo Subair, during the CITN 21st annual conference, in Abuja... yesterday KINGSLEY ADEBOYE

Telecos Condemn NCAA’s Threat to Demolish 7,000 Telecoms Masts Emma Okonji Telecommunications operators (Telcos) have raised the alarm over threat to demolish about 7,000 telecoms masts across the country by the Nigerian Civil Aviation Authority (NCAA), warning that the action will create challenges for the

telecoms sector. The operators declared that any telecoms site brought down illegally and without due consultation would not be rebuilt, adding that the consequences would be felt by all. Chairman of the Association of Licensed Telecoms Operators

of Nigeria (ALTON), Mr. Gbenga Adebayo, who gave the warning, described the move as another way to impose unwarranted taxes on the sector, which he said was already over- burdened with multiple taxations. Adebayo who spoke at the Vanguard Economic Forum in

Lagos yesterday, said the sector had become subject of attack from every angle and that the country has forgotten that telecoms still remain infrastructure because other sectors, including aviation, banking, health, transport rely on Information and Communications Technology (ICT) to drive their operations.

US Spends $495m to Combat Malaria in Nigeria Kingsley NwezehinAbuja As the world marked World Malaria Day yesterday, the United States Government said it has spent $495 million to combat malaria in Nigeria. This is coming as the World Health Organisation (WHO), has called for renewed political commitment to cover gaps in the implementation of measures to prevent malaria disease, which it said was stagnating domestic and international funding for malaria

prevention and control. A statement issued yesterday by the United States Ambassador to Nigeria, William Stuart Symington, said the US Government has spent $495 million for malaria control since 2011. “As a global community, we have achieved remarkable success. Together, we have cut malaria mortality by half in sub-Saharan Africa, and saved over seven seven million lives since 2000. In Nigeria, the United States has contributed

$495 million for malaria control since PMI began in 2011, distributing more than 26 million long lasting insecticidal bed nets, 23 million malaria rapid diagnostic test kits, 52 million treatment courses, and 14 million doses of medication to prevent malaria in pregnancy. “As we commemorate World Malaria Day on April 25, we celebrate this success. As the world’s leading donor in global health, the United States is committed to working with our partners to

intensify efforts to end malaria for good”, he said. The US envoy said a global coalition remained the best way to tackle the scourge of malaria. “We know fighting malaria is a smart investment to protect health, create opportunity, and foster growth and security worldwide. And we know fighting malaria together makes us more eective and achieves greater impact than any of us could alone.”

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

NEWSEXTRA

Doctors are Free to Leave Nigeria, Says Ngige Only 40,000 doctors care for 200m people, NMA, NARD insist The Minister of Labour and Employment, Dr. Chris Ngige, has said that medical doctors

who want to leave Nigeria, are free to do so as the country has a lot of medical personnel.

NAMA Confirms Poor Communication in Nigeria’s Airspace Chinedu Eze The Managing Director of the Nigeria Airspace Management Agency (NAMA), Captain Fola Akinkuotu, has said despite the efforts to improve airspace radio communication, the system still suffers disruptions, which have impeded flight safety. Akinkuotu made this known yesterday during the Air Traffic Controllers (ATC)/ Pilot interactive session in Lagos. The interaction with the theme: ‘Enhancing Safety of Flight Operations’ was organised by Nigerian Air Traffic Controllers’ Association (NATCA) in collaboration with the Flight Crew Association of Nigeria (FCAN) and National Association of Aircraft Pilots and Engineers (NAAPE). According to Akinkuotu, part of NAMA’s job is provision of communication in the airspace, but the agency is yet to achieve that 100 per cent. He said: “Radio communication today is not the best. I have spent two years in NAMA, and I thought I would have fixed this problem but I haven’t. Effort is being made and we are not going to stop because any air traffic communication that is not crisply clear is a recipe for confusion. “In the South-east region, a lot of pilots have had to step on one another and ATCs because

of poor communication, and if you are foreign to the clime, that may make you categorise our airspace as unsafe. “I work for NAMA, and part of NAMA’S job is communication but we have not achieved what we set out to do. And so we are asking feedback from the users. We are not afraid of criticism but we enjoin you to make it civil. We beg, we implore, we beseech in the interest of safety to take things seriously, and for our pilots to be more patient and understanding with the ATCs.” Speaking in the same vein, President of NATCA, Abayomi Agoro, said commercial flight operations without communication between the pilot in the cockpit and controllers in the tower have consequences that could better be imagined. “The present Controller-Pilot VHF Communication coverage of Nigeria’s airspace is a far cry from the required international standard, but it is still work in progress with NAMA. Over the years, it has been quite herculean task for air traffic controllers to communicate effectively with pilots. “At the risk of sounding repetitive, it is important to mention it again that the control towers at the following locations- Kaduna, Maiduguri, Ilorin, Yola, Sokoto, Benin-city Kastina-are in very deplorable state.

UNODC Builds Capacity of Trainers on Gender in Terrorism Bennett Oghifo The United Nations Office on Drugs and Crime (UNODC) has trained 20 officials from Nigeria’s criminal justice system and training institutions, security and defence sectors, the bar and civil society on gender dimensions of criminal justice responses to terrorism. The training, which took place in Abuja, was based on a Nigeria-specific training module on ‘Gender Dimensions of Criminal Justice Responses to Terrorism’, which the United Nations Office on Drugs and Crime (UNODC) country office in Nigeria developed and which will be unveiled later in the year. A statement issued yesterday, by their Outreach and Communications Officer, Mr. Sylvester Atere, stated that those trained were being “equipped with the skills as trainers, as part of efforts to build the capacity of Nigerian justice sector practitioners to understand and respond to the different impact of counterterrorism laws and practices on women and men, and to ensure respect for women’s rights in this

context, as well as in the context of Nigerian justice sector institutions.” They were joined by experts from UNODC, the United Nations Office of the High Commissioner on Human Rights, UN Women, and the African Union. The workshop was part of the EU-Nigeria-UNODC-CTED Partnership Project III: Support for Criminal Justice Responses to Terrorism and Violent Extremism, generously financed by the European Union. The statement said, “Terrorism Prevention Branch (TPB) of UNODC has a specific role to play in international efforts. For over a decade, TPB has been the key United Nations entity providing legal counter-terrorism technical assistance to Member States. As mandated by the United Nations General Assembly, TPB works to assist Member States, upon request, with the ratification, legislative incorporation and implementation of the universal legal framework against terrorism. “UNODC has developed several tools and issued various publications on counter-terrorism and prevention of violent extremism.”

But the Nigeria Medical Association (NMA) and the National Association of Resident Doctors (NARD) have described as “unfortunate” the minister’s statement on brain drain in the medical sector. Ngige said this when he appeared on Channels TV Sunrise Daily, saying he was not bothered about the large number of medical doctors leaving the country. The minister was responding to questions about brain drain and deliberate recruitment of Nigerian doctors by foreign embassies in Nigeria. He said, “I am not worried, we have surplus doctors, if we have a surplus, we export. I was taught Biology and Chemistry by Indian teachers in my secondary school days”.

“They are surplus in their country. We have a surplus in the medical profession in our country. I can tell you this. It is my area, we have excess. We have enough, more than enough, quote me. “There is nothing wrong, they go out to sharpen their skills, earn money and send them back home here. Yes, we have foreign exchange earnings from them, not from oil.” He also said the number of doctors leaving the country does not amount to brain drain when asked. “Those guys go there, they are better trained because of the facilities they have there. Eventually, I know a couple of them who practice abroad but set up medical centres back home. They have CAT scan, MRI scan

which even the government hospitals cannot maintain. So, I don’t see any loss. “Brain drain will only be inimical when for instance neurosurgeons travel and we don’t have neurosurgeons here.” However, the NMA and NARD have described the minister’s statement as “unfortunate”. NMA president, Dr. Adedayo Faduyile, said Nigeria had no enough doctors, stressing the need to ensure the country retains its medical personnel. He said, “That is an unfortunate statement which shows that he has done nothing in medical practice. “The World Health Organisation (WHO) stated that, for optimal healthcare to be achieved, we need doctor/patient ratio of one to 600.

“In Nigeria, we have 40,000 doctors taking care of 200 million people. “It’s unfortunate; we do not have enough doctors. May be, he is looking at the monetary part, but there is opportunity cost. “We have the maternal mortality that is about the highest in the world. To correct it, we need health professionals around.” NARD president, Dr. Olusegun Olaopa, said Ngige spoke as a politician. “He spoke as a politician who does not know what is happening in the country. “The doctors we are losing are not fresh doctors but specialists. That means that Nigeria will continue to battle with shortage of specialist doctors,” he said.

EXPLORING MARKET OPPORTUNITIES…

L-R: Director General, Bureau of Public Enterprise, Mr. Alex Okoh; Vice Chairman, Skyway Aviation Handling Company PLC (SAHCO), Mr. Chike Ogeah; Executive Director, Regulation, Nigerian Stock Exchange (NSE), Ms. Tinuade Awe; Chairman, SAHCO, Dr. Taiwo Afolabi; Managing Director/CEO, SAHCO, Mr. Basil Agboarumi; Executive Director, Compliance, SIFAX Group, Ms. Mariam Afolabi, on the trading floor of the NSE…yesterday

Buratai Cautions Media against Glorifying Terrorists, Criminals John Shiklam in Kaduna The Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai, has cautioned the media against glorifying terrorists and other criminal elements in the country. Speaking yesterday at the opening of the 2019 First Quarter Chief of Army Staff Conference at the Command and Staff College, Jaji in Kaduna State, Buratai said it was unpatriotic for the media and other Nigerians to glorify criminals, giving the impression that they

are stronger than the military and other security agencies. According to him, “undue publicity and praise singing of the bandits and other criminal elements would only motivate them to commit more criminal acts at the detriment of the society. “I will seize this opportunity to caution the media and the public not to glorify bandits, armed robbers, kidnappers and ethnic militias to the extent that they are seen as stronger than the military and other security

agencies. “The criminals are only as strong as the society paints or views them and further propagated by the media. “It is important to state that information and intelligence flow from the people and indeed from the media and the public. “Such criminal activities are intelligence-based and the people in this regard are to provide timely information and clear identifications of the perpetrators. “Therefore, the media, the

public, security analysts and public commentators are advised to show more maturity and due diligence in this collective effort of ridding the country of criminals and criminalities.” He stressed that in order to tackle the security challenges facing the country, there was need for credible intelligence, as he directed commanders to work closely with communities to decisively deal with terrorists, bandits and other criminal gangs.

Crisis Rocks Plateau PDP as Executive Suspends Chairman, Deputy Seriki Adinoyi The Peoples Democratic Party (PDP) in Plateau State may have been thrown by severe credibility crisis, leading to the suspension of its Chairman, Chief Damishi Sango and his deputy, Mr. Amos Gombi Goyol by the party executives in the state. But embattled Sango who has descried his ouster as illegal, said executive members behind his travail are biblical ‘Judas Iscariot’. According to a resolution of the party signed by the EXCO and made available to newsmen in Jos at the end of its emergency meeting on Wednesday, the

executive of the party passed a vote of no confidence on Sango and Goyol over gross misappropriation of resources sent to the state for presidential election. The executives alleged that the resources sent to the state for the presidential elections were not accounted for by the chairman aided by his deputy, as they both concealed the amount sent by the Presidential Campaign Committee and created a fraudulent unseen template used as “a sharing formula” unknown to the state party structure, adding that “up till date no disclosure has been made by the chairman and/or

the deputy chairman”. The party also alleged that the monies raised and saved by the party to help relieve Internally Displaced Persons (IDPs) of their pains were also mismanaged. “It is worthy of note that the deputy chairman is the Chairman of the Committee on IDPs for the party. The money meant for PDP Plateau State Retreat was equally not accounted for by the Chairman and/or the Deputy Chairman. “The arbitrary substitution of the legitimate candidate who won his primaries for Wase Federal House of Representatives by the Chairman and his Deputy without recourse to the EXCOor SEC due to some financial

inducement to the chairman and the deputy chairman caused PDP to lose the election in Wase Federal House of Representatives”, the EXCO lamented. But dismissing his suspension, Sango said that all the allegations levelled against him and his deputy were baseless, describing those behind the suspension as Judas Iscariots that have been sponsored to destroy the party. “Their action was illegal, it will not stand. This is the month that our Lord Jesus Christ was betrayed; they are the Judas Iscariots of this month, they will not succeed, my suspension is illegal and I am not moved by their illegal action.

THURSDAY APRIL 25,2019 ˾ T H I S D AY

NEWSEXTRA

Buhari: FG to Develop Framework for Mobilising Revenue from Non-oil Sector Ndubuisi Francis, Kasim Sumaina andUdora Orizuin Abuja President Muhammadu Buhari yesterday declared that the federal government would develop a framework to mobilise revenue from the non-oil sector. He also reiterated the federal government’s commitment to achieving a more vibrant and resilient tax system for the country, even as he lamented the low tax-togross domestic product (GDP) ratio. The president stated that no nation could make meaningful progress without stability and predictability of her earnings, expressing government’s commitment to work with the Chartered Institute of Taxation of Nigeria (CITN) to attain an enviable height for the Nigerian tax system.

Speaking at the 21st annual tax conference of the CITN with the theme, “Taxation and National Development: Unlocking the Potential of Taxation,” Buhari who was represented by the Minister of Finance, Mrs. Zainab Ahmed, noted that although Nigeria’s tax-to-GDP ratio has improved from six per cent to about nine per cent in the last three years, it is still one of the lowest in the world. He said: “Our tax system must reflect the nature of our commercial activity levels. Oil is just about 10 per cent of our GDP but it represents a disproportionate share of our tax revenue. We will therefore, develop a framework that mobilises revenue from the non-oil sector. “Our tax system must be dynamic in order to respond to an ever evolving commercial landscape and to increasing technology driven

business models. “As part of our drive to increase non-oil revenue, we have set an aggressive target for increasing tax collection. This is a reflection of the fact that the current level of compliance is low and in some cases, the effective tax rate paid by those that are compliant is lower than expected. “The commendable administrative efforts of the FIRS will be complemented by progressive overhaul of the tax code and tax laws. This administration has been instrumental to critical reforms in the Nigerian tax system, though, for instance, the introduction of

the tax amnesty regime under the Voluntary Asset and Income Declaration Scheme (VAIDS) and the Voluntary offshore Assets Regularisation Scheme (VOARS). “These measures have no doubt led to improvement in voluntary tax payment compliance by the citizenry,” he said On VAIDS, for instance, the president noted that, “5,122 applications were received, at the end of July 2018, when the scheme had gone through a 12-month cycle and entered sunset.” He added that out of these applications, 1,006 made full

payment; 1, 613 had outstanding payments to make and 2,503 fell under those who did not furnish adequate information on their tax status. He disclosed that N92.67 billion tax liability was declared, while N34.67 billion had been paid out of declared liability, adding that the outstanding liability of N56. 81 billion will be paid in installments. “In all, 16,906 assets were declared under VAIDS. Of these, 3,317 are immovable assets, 13,771 are moveable assets, while 205 represented intangible assets and investments,” the president said.

Buhari observed that a committee set up to drive the implementation of the national tax policy has resulted in two executive orders and five amendment bills, which will be exposed for relevant stakeholders’ input and legislative action. He urged the CITN to check any proven unethical and unprofessional practice by its members as a way of upholding the ethics of the profession in the tax system, adding that government will lend support to professionalism in the Nigerian t a x s y s t e m .

Dogara Decries High Rate of Foreign Medical Trips by Nigerians Shola Oyeyipo in Abuja The Speaker of House of Representatives, Hon. Yakubu Dogara, has decried the high rate of foreign medical trips by Nigerians, even as he called for total overhaul of the health sector to engender efficiency. Dogara, who made the call yesterday while speaking at a public hearing organised by the House Committee on Health at the National Assembly, said the trend has reached a worrisome dimension, especially considering the attendant brain drain in the heath sector. He said there is need for a quick intervention to guarantee efficient and effective service delivery in the health sector. According to Dogara, “The ultimate aim of these legislations is to ensure that we have a more efficient service delivery in the health sector. There is a compelling need for us to overhaul our health sector in view of the continuous public outcry against our defective healthcare delivery. “The high number of Nigerians who go on foreign medical trips and the brain drain that we witness among our professionals in the sector, are indications that our health sector requires a serious surgical operation”. “On our part, the National

Assembly will always use its powers to legislate for the betterment of our health sector as a matter of priority. In this digital age, there will always be need to update our laws to meet with the contemporary global best practices, and the National Assembly will continue to be responsive in that regard.” He said both bills were aimed at improving the practice of their professions by two important professionals in the healthcare system. “The first Bill, which deals with healthcare data management by Health Information Practitioners, seeks to repeal an outdated Act and to enact a new one. “This is to enhance an effective and efficient Health Information Practice in the country. Without any doubt, efficient healthcare data management will help us to improve research, policymaking and policy decisions in our healthcare. “The second Bill, which seeks to amend the Institute of Chartered Chemist Act, is also to ensure proper regulation of the profession by its council. I wish to note that a properly regulated profession will lead to greater motivation, continuous training, closer peer interaction and better performance by the practitioners”, the Speaker further explained.

L-R: Company Secretary, Custodian Investment Plc, Mr. Adeyinka Jafojo; Chairman, Dr. Omobola Johnson; and Managing Director, Mr. Wole Oshin, at the 24th Annual General Meeting of Custodian Investment in Lagos...yesterday

OndoVarsity Shut down over Students’ Protest James Sowole in Akure Authorities of Adekunle Ajasin University, Akungba-Akoko (AAUA), Ondo State, have shut down the institution following protest by students over the decision of the management to enforce ‘no payment of tuition, no test/no examination’ policy. THISDAY learnt that protest erupted yesterday as the students

Author and teacher trainer, James Nicholson, who has taught secondary mathematics for over 25 years and was a principal research fellow at Durham University, will be the host of the two events taking place at Chrisland School in Lekki, Lagos. James is also part of the author team for Cambridge Mathematics for Cambridge AS and A Level. He believes that a practice-focused approach grounded in real-life application is vital to supporting students’ success.

resisted the school authorities’ decision to enforce the policy from last Tuesday when 100 level and 200 level students commenced their test. The university had in a circular issued in March 2019 stated that students who were yet to pay their tuition would pay additional N10,000 for late registration, and whoever does not register would not be allowed to write first semester 2018/2019 test and examination.

Sequel to the protest, the management of the institution had directed all students to proceed on mid-semester break. The university in a statement signed by its Registrar, Dr. Sunday Ayeerun, directed all students to vacate the school immediately. The statement said the students are to return to campus on May 20, 2019. AAUA was engulfed in crisis

last year when the tuition fee was hiked from N35, 000 to N200,000. However, after several students’ protests, the state government later reduced school fees. One of the students, who simply identified himself as Emmanuel Ojuko, asked: “How can you expect a student that is yet to pay the main school fee to pay additional N10, 000 as fine for late registration?

Nigeria Loses Billions of Naira to Illegal Lottery Operators, Says Gbajabiamila Deji Elumoye in Abuja

Oxford University Press to Host Events in Lagos Oxford University Press will on April 29 and 30 host two teacher training events in Lagos for teachers of Cambridge Mathematics, IGCSE, AS and A’Level in collaboration with SchoolstoreNG Limited, a schools supplier, distributor and online channel. Oxford University Press will provide engaging professional development, using its trainers’ knowledge of teacher needs and educational trends to help support the improvement of student outcomes.

STOCK-TAKING...

The Director General of the National Lottery Regulatory Commission (NLRC), Mr. Lanre Gbajabiamila, yesterday revealed that Nigeria loses billions of naira to illegal lottery operators practicing on different platforms across the country. Gbajabiamila, who raised the alarm in Abuja yesterday, warned that anyone caught operating illegal lottery scheme will face the wrath of the law “The federal government is losing billions of naira to the illegal operators. We are sanitising the industry because it will be unfair to allow the ponzi scheme scammers to continue to

defraud Nigerians. If we allow the scammers to continue, it will affect the operators. Our zonal offices across the country have been fully equipped to monitor the activities of the illegal operators”. The DG who spoke at the opening of a two-day training programme for staff of the NLRC and other stakeholders, said his commission had signed a Memorandum of Understanding (MoU) with the National Communication Commission (NCC) to check the activities of the illegal lottery operators. According to him, with the measures being put in place by the NLRC and the NCC, it would be difficult for illegal operators to defraud unsuspecting

members of the public without being apprehended. “We are committed to enforcing the laws and ensuring that the operators comply with the regulations. We still carried out some enforcement last week and we will continue to do that. We are actually after the online operators because many of them are operating illegally,” he added. “We have signed an MoU with the National Communications Commission to knock out any illegal operator that is not registered with the NLRC. Also speaking, the Permanent Secretary, Special Duties in the Office of the Secretary to the Government of the Federation, Mr. Festus Dauda, said lottery has continued to gain

acceptability in the country. The “gambling” stigma, he said, attached to lottery players is now being relaxed, especially in the Northern part of the country. According to him, “lottery includes sports betting and promotion activities by manufacturers and network providers. Lottery is bigger than the oil industry that the nation has in stock, a lot of wealth that is yet to be tapped. “I believe that if we focus our energy on lottery, and make sure that the entire citizenry are well aware of the activities of lottery and the gains that abound in lottery, the sky will be our starting point and lottery will even overtake the oil industry in contributing its quota to the treasury.

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

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Nigeria Seeks Russia’s Assistance to Build Nuclear Power Plants, Modernise Military Arsenal Kingsley Nwezeh in Abuja The federal government yesterday sought the assistance of the Russian Federation to build nuclear power plants in Nigeria and modernise the country’s military arsenal. Minister of Defence, Brigadier General Mansur Dan Ali (rtd), who made the request at a conference in Moscow, also called for the Russia’s intervention in constructing petroleum pipelines and railways. This is coming as the Chief of Army Staff, Lt. General Tukur Buratai, disclosed that the Nigerian Army would soon take delivery of military hardware recently ordered by President Mohammadu Buhari. A team of nuclear experts from America, Britain, Norway and China along with Czech and Russian contractors recently removed highly enriched uranium from a research reactor in Kaduna State. Nuclear non-proliferation experts had long warned that the reactor could be a target for terrorists hoping to lay their hands on nuclear material. Presenting a paper at an International Security Conference in Moscow, the minister expressed government’s interest in the construction of a nuclear power plant, petroleum pipelines and railways and modernisation of its military arsenal in order to

balance the lopsided trade ties between Russia and Nigeria. “Nigeria wishes to create the legal and environmental conditions to accelerate Russian investment in the country, to expand trade and to achieve better balance in the trade relationship. At the moment the countries’ trade ties are lopsided in favour of Russia. “Russia is the biggest market in Europe, while Nigeria the biggest market in Africa. The trade relations have been below expectation leaving gap for many unexploited potentials. “Nigeria would also be interested in Russia helping it build nuclear power plants, petroleum pipelines, railways and other infrastructural development investments in oil and gas. “Nigeria also seek your assistance with critical infrastructural development, especially the modernisation of its military arsenal”, he said. On security, Dan-Ali said Nigeria would leverage on Russia’s experience in counterterrorism to eliminate Boko Haram and the Islamic State for West African Province (ISWAP) operating in Nigeria. “The Federal Government of Nigeria looks forward to the promotion of friendly and cordial relations that will progress to excellent socio-economic partnership and the establishment of business ties that will be

beneficial to both countries. “On the security front, Nigeria counts on Russia’s continued partnership in eliminating the Boko Haram insurgents from our sub-region. We wish to leverage on Russia’s experience in counterterrorism operations to bring this scourge to an end. “Military and technical assistance in this respect would be highly appreciated. We remain grateful to the Russian government for the numerous Nigerians who have over the years benefited from Russian training

programmes, scholarship and the recent military hardware procurement initiative”, he said. On technology, the minister said Nigeria was desirous of closing the technological gaps in order to safeguard national security. “The attributes of the region mostly consists of inability to keep up with the global advancement in technology. This is the dividing line between successful nations and not so successful nations. Africa is finding it extremely difficult to keep abreast of advancement in technology.

“African countries need to be current with technological advancement in order to safeguard their national security. The region and Nigeria in particular earnestly look up to Moscow for succour in this respect”, he said. Meanwhile, Buratai said the Nigerian Army would soon take delivery of military hardware recently ordered by President Mohammadu Buhari in a bid to stem the tide of insecurity in Nigeria. Speaking at the Chief of Army Staff Combined First Quarter

Conference and Combat Arms Training Week held at the Ihejirika Hall Headquarters Infantry Corps and Center, Jaji, the Chief of Army Staff said the military platforms were due for delivery. “An army needs logistics support to function optimally. To this effect, Mr. President has intervened promptly by authorising concerted efforts through a government to government procurement policy to obtain critical platforms needed for our operations.

Killing of Gombe Christians: NSCDC Orders Psychological Test on Personnel Kuni Tyessi in Abuja Following the death of nine persons in Gombe State, which was caused by an operative of the Nigeria Security and Civil Defence Corps (NSCDC), the Commandant General of the agency, Abdullahi Gana Muhammadu, has directed the forensic psychology unit of the organisation to work out a timetable for the security profiling and psychological test of all personnel of the agency as part of efforts to guide against recurrence.

The directive came after NSCDC officer’s vehicle ran into a procession of Boys Brigade members, killing nine persons on the spot, while some others were injured. In a statement issued yesterday in Abuja by the corps spokesman, Okeh Emmanuel, the agency said the NSCDC boss regretted the incidence. According to him, “He (Commandant General) has also directed the forensic psychology unit of the corps to work out the timetable for the security profiling and psychological test

of all personnel of the corps against future occurrences. “Apart from the testing to re-examine the psychological and physical stability of personnel, he noted that the corps will embark in massive training and retraining programmes for all personnel irrespective of the cadre in line with global best practices.” The statement said the NSCDC boss in his condolence message to the family of the bereaved, the government of Gombe State and the Church members, stated that he regretted

the incidence and asked the people to be calm assuring that “justice will prevail. “The incidence has no religious correlation and that the personnel in question was not on official duty and the vehicle involved was his personal car and cannot be misconstrued to be a planned action. He therefore, cautioned against misinterpretation of incidence such as this to avoid mayhem and reprisal attack. He stated that, ‘it’s quite unfortunate and should be termed as an act of God.’

THURSDAY APRIL 25, 2019 ˾ T H I S D AY

NEWSEXTRA

Measles: Nigeria Ranks Highest With Unvaccinated Children, Says UNICEF Kuni Tyessi in Abuja The United Nations Children’s Fund (UNICEF) has revealed that Nigeria is not only among the 20 sub- Saharan countries with

unvaccinated children for measles, but has the highest figure so far. It added that though Nigeria is on track in its 2019 preparations, it is yet to introduce the necessary second dose in the national vaccination

MTN Nigeria Converts to Public Company ahead of NSE Listing Emma Okonji MTN Nigeria has changed its status from a private company to a public liability company (PLC) ahead of its listing on the Nigerian Stock Exchange (NSE). This conversion is one of the requirements for listing on the NSE. The company had previously announced that it looks to list on the NSE before July, saying it plans to enter the market by way of listing by introduction. Speaking on the conversion, the Chief Executive Officer of MTN, Fredi Moolman, said the listing is part of its commitment to localisation in the markets in which it operates. “Our conversion to a Plc is a major step towards

listing by introduction on the Nigerian Stock Exchange in the first half of 2019,” the telecommunications company said on Wednesday. “It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process.” A listing on the NSE was one of the conditions reached in the resolution of a N330 billion fine placed on the telco by the Nigerian Communications Commission (NCC) for its inability to disconnect improperly registered SIM cards.

schedule, thereby putting millions of infants a year at higher risk of measles during their childhood. In a statement released by UNICEF Communications Specialist, Dr. Geoffrey Njoku, the Executive Director of UNICEF, Ms. Henrietta Fore, said UNICEF has partnered other organisations into bringing down the cost of measles vaccine and helping countries identify underserved areas and unreached children. She said “In low- and middleincome countries, the situation is critical. In 2017, for example, Nigeria had the highest number

A foremost human rights organisation in Nigeria, Committee for Defence of Human Rights (CDHR), will today mark 30 years of its resilient commitment to the defence and protection of human rights with innovations and strategies to meet the challenges of rights abuse and to consolidate the gains of the human rights movement in Nigeria. In a statement made available to THISDAY yesterday, the President of CDHR, Mr. Malachy Ugwummadu, said, “we are thrilled that over the past 30 years we have supported all manners of persons, whose rights have been violated or were likely to be violated, and who had called on us or of whose situation we got aware.” The event, which is

scheduled to hold at CitiHeights Hotel, Lagos, has its theme as: Chronicling the Struggle and Identifying the Way Forward.’ It will feature lectures, a book launch, a documentary and many more. The CDHR 30th Anniversary is held to commemorate the establishment of the organisation, the founding members, and comrades who have passed on during the struggle and to reaffirm the groups’ continued commitment to the defence of human rights. The statement noted that since its inception in April, 1989, during the repressive regimes of the military juntas, CDHR Played very crucial roles in ensuring the end of military rule in Nigeria and the enthronement of democratic governance. It has since remained very vocal in condemnation of all tendencies of discrimination, abuse of the rule of law and

Esther Oluku The Senator representing Rivers South-east Senatorial district in the National Assembly, Magnus Ngei Abe, has appealed to the people of Ogoni ethnic nationality to imbibe the spirit of forgiveness so as to usher in peace, progress, and prosperity into Ogoni land. Abe made the appeal at a multi-stakeholders meeting of Ogoni leaders cutting across the political class, academia, women, youths and the traditional institution at Saakpenwa, headquarters of Tai Local

disobedience of court orders. CDHR has also grown in membership and expanded with branches scattered across the country offering assistance to citizens within the country and in diaspora. Speaking to journalists, the National Publicity Secretary of CDHR, Mr. Ekine Peter Henry, said that, “after three decades, the core concepts of freedom and fundamental liberties have remained as important as ever.” According to him, “while the group has provided needed solutions and pro bono legal aid services to deserving individuals, it has, in recent times, broadened its scope to focus on mass enlightenment, advocacy and human rights education as strategies to address the challenge of lack of sufficient awareness on the subject of human rights”.

SENATE TO PASS 2019 BUDGET TUESDAY Opposing the motion, Senator Chukwuka Utazi, (Enugu East) reminded his colleagues that the Senate had since agreed that the three states should work together with acceptable percentages before they could be jointly declared oil producing states, advising the sponsor to withdraw the motion. Contributing, Deputy Senate President, Senator Ike Ekweremadu, sought withdrawal of the motion since the upper legislative chamber could not by a motion declare Kogi an

oil-producing state, adding that the Senate Committee on Petroleum (Upstream), handling the matter is also yet to submit its report. Senator Magnus Abe, (Rivers South East) also opposed the motion, explaining that the Senate, in accordance with Section 162 of the Constitution has no power to recognise Kogi State, which has never contributed anything to the Federation Account as oil producing state. Chairman of the Senate Committee on Petroleum

putting over 17 million infants a year at higher risk of measles during their childhood. UNICEF, with partners such as the Measles and Rubella Initiative and Gavi, the Vaccine Alliance, is helping address this measles crisis by: Negotiating vaccine prices, the cost of the measles vaccine is now at an all-time low. It is helping countries identify underserved areas and unreached children; procuring vaccines and other immunization supplies; Supporting supplementary vaccination campaigns to address gaps in routine immunization

coverage; Working with relevant countries to introduce the second dose of the measles vaccine in the national immunization schedule. “Cameroon, Liberia and Nigeria are on track to do so in 2019. Introducing innovations like the use of solar power and mobile technologies to maintain vaccines at the right temperature.” He added. measles is far too contagious and as such, “It is critical not only to increase coverage but also to sustain vaccination rates at the right doses to create an umbrella of immunity for everyone.”

Abe Calls for Forgiveness Among Ogoni People

CDHR Commemorates 30th Anniversary of Human Rights Defence Martins Iﬁjeh and Esther Oluku

of children under one year of age who missed out on the first dose at nearly 4 million. It was followed by India (2.9 million), Pakistan and Indonesia (1.2 million each), and Ethiopia (1.1 million). “Worldwide coverage levels of the second dose of the measles vaccines are even more alarming. Of the top 20 countries with the largest number of unvaccinated children in 2017, nine have not introduced the second dose. “Twenty-countries in sub-Saharan Africa have not introduced the necessary second dose in the national vaccination schedule,

(Upstream), Senator Tayo Alasoadura, (Ondo Central), however, pleaded for two weeks to submit the report of the committee, saying members had met twice and also had discussions with the boundary commission on the matter. In his remarks, Saraki directed the Committees on State and Local Governments, and Petroleum (Upstream) to ensure compliance with resolutions of the upper legislative body.

Government Area of the State, recently. He stated that until there is genuine forgiveness among the leadership and the people, peace and progress may elude them, noting that even the Ogoni clean-up cannot take place in an atmosphere of violence, and bitterness. The Senator urged them to put behind whatever might have been responsible for their differences and chart a course for a new beginning. According to Abe, “It is important that we understand

that without forgiveness, this land cannot move forward. All of us have had our differences but we cannot pursue our differences while Ogoni is sinking; let us forgive one another. “It is our responsibility as leaders of the people to bring the current state of insecurity and hopelessness in the land not just under control but bring it to an end in such a manner that peace, prosperity, and progress will find a place in Ogoni land. We must restore order in this land,” Senator Abe stated. Earlier, Chairman of the Ogoni stakeholders’ meeting, Senator

Ben Birabi had appealed to the leaders to own up to the failures of the past and follow the path of peace to ensure a better and prosperous future for the Ogoni people to avoid a self imposed ostracism from the rest of the world. In his remark, convener of the meeting and Chairman, Supreme Council of Ogoni Traditional Rulers, King Godwin Gininwa said that it would be difficult to achieve any meaningful development in the area in an atmosphere devoid of peace while urging the youths, in particular, to embrace peace at all times.

T H I S D AY ˾ THURSDAY, APRIL 25, 2019

THURSDAYSPORTS

ÜÙßÚ ÚÙÜÞÝ ÎÓÞÙÜ˝ Duro Ikhazuagbe ×ËÓÖ˝ duro.ikhazuagbe@thisdaylive.com 08111813083

Otedola Redeems $50,000 Pledge for Chukwu’s Medical Overseas Enugu Gov gives immediate employment to Chukwu’s son Duro Ikhazuagbe Ailing former Captain of the Green Eagles, Christian Chukwu has received the lifeline promised him by billionaire oil magnate, Femi Otedola. The former head coach of the Nigerian senior football team yesterday in Enugu received the money promised him by Otedola to enable him proceed to UK in early May for treatment of the prostrate cancer he has been battling for sometime now. THISDAY learnt last night that the COO of Otedola Foundation, Phillip Akintola represented the chairman of Zenon Petroleum and Gas Ltd at the cheque presentation to Chukwu. He was accompanied to Chukwu’s home by Enugu State Governor, Ifeanyi Ugwuanyi, President of the Nigeria Football Federation (NFF) and others. “Otedola’s decision to extend his hand of fellowship to Chukwu is a “token of support to a great Nigerian who served this country to the best of his ability,” THISDAY was informed by a top football personality in Enugu last night.

In a similar development, Gov Ugwuanyi has directed the immediate employment of Emeka Chukwu, the first son of the ailing Chukwu into the state’s civil service fold. The State Commissioner for Sports, Josef Udedi made the announcement after a closed-door meeting between the delegation and the family of Chukwu. Udedi said that the engineering graduate would be given automatic employment by the state government. On his part, Pinnick said that the NFF would approve an appointment for the former skipper of the Green Eagles as a Life Ambassador of the organisation. He said that the management of the NFF would work out a stipend that would be paid to him. Pinnick said that the football house was desirous of improving the welfare of ex-internationals. He said that one of the objectives of the proposed NFF Foundation was to build a database of every player that represented the country whether in the past or in time to come. The NFF president described Chukwu as a living legend, adding that the NFF would

L-R: Enugu State Governor, Ifeanyi Ugwuanyi, Former Green Eagles Captain, Christian Chukwu, NFF President, Amaju Pinnick and Phillip Akintola at the presentation of cheques to Chukwu in Enugu…yesterday

not allow him to die. Responding, the son of the former coach, Emeka Chukwu,

thanked the donor and the NFF for their interests in his father’s illness.

The NFF had originally offered to step in to help the 68-year-old, who captained

the Super Eagles to their first Africa Cup of Nations title in 1980.

NPFL: Drama in Benin as Guinea Edges Eaglets 10-9 on Penalties to Reach Final Referees Abandon Bendel Insurance, Rangers Match Forward Wisdom Ubani Toure Alya came close in the 66th Mahmoud, Bah Algassime, Guinea and Nigeria battled UNDER-17 AFCON

out a scoreless 90 minutes in the first semi final of the 13thAfrica U17 Cup of Nations in Tanzania, before a marathon penalty shoot-out that ended when Ogaga Oduko heaved his effort sky-high to send the Junior Syli Nationale into Sunday’s final. Characteristically, the Eaglets Class of 2019 fluffed gilt-edged opportunities that would have long settled the encounter before the end of regulation time, and paid dearly in the lottery of penalty kicks as they would be battling for the bronze instead of the gold medals.

should have done better with two opportunities in the first half, but he delayed his decision each time and the chances went away. Guinea came close through Bah Algassime and Toure Momo but also could not utilize the openings. Seven minutes into the second half, Ubani fluffed another golden opportunity when it appeared easier to put the ball in the net, and three minutes later, Fawaz Abdullahi’s dipping shot flew narrowly over the sticks. On the hour, Algassime rocked goalkeeper Sunday Stephen’s upright from long range, and

minute as he hit the bar from a corner. In the 72nd minute, Ubani was clever to create an opening for himself, only to waste the same. Three minutes later, with goalkeeper Camara Sekou wrong-footed, Ubani’s 25 –yard free kick was deflected and kissed the crossbar. Fawaz Abdullahi and Ogaga Oduko had chances later on, but the two teams would only be separated by sudden death penalties. Bangoura Alya, Toure Alya, Conte Aboubacar, Bangoura Sekou, Keita Ahmed, Bangoura

Fofana Ibrahima, Dado Ibrahima and Soumah Mohamed made no mistake from the spot, while Nigeria’s Ogaga Oduko lost his kick after Ibraheem Jabaar, David Ishaya, Olakunle Olusegun, Clement Ikenna, Olatomi Olaniyan, Shedrack Tanko, Fawaz Abdullahi, Wisdom Ubani and Samson Tijani had scored. The result means Nigeria, already with a ticket to the FIFA U17 World Cup finals holding in Brazil later this year, will battle for the third place at this tournament on Saturday.

EPL: City Wins Manchester Derby to Return to theTop Wolves dent Arsenal’s Top Four hopes Manchester City struck an important blow in their pursuit of a second successive Premier League title with a convincing derby victory over Manchester United at Old Trafford last night. At Molineux, Arsenal missed the chance to go fourth in the Premier League as they were outplayed by Wolves. Pep Guardiola’s side knew anything but a win would

leave Liverpool at the top of the table and in charge of their own destiny with only three games left. City were anxious in a goalless first 45 minutes but turned up the heat after the break to take them one point clear at the top of the table. They have played the same number of games as Liverpool, performing with control and composure to eventually

outclass United. Bernardo Silva’s low drive went inside United keeper David de Gea’s near post after 54 minutes and the keeper was at fault again when Leroy Sane’s drive went straight through him. Liverpool must now respond at home to relegated Huddersfield Town at Anfield on Friday, while City travel to Burnley on Sunday.

City’s players showed nerve as well as quality to come through what many felt would be their toughest assignment between now and the end of this enthralling title campaign. They could have been forgiven for fearing the worst after a goalless first half in which they were superior but saw chances get away and also demonstrated a tendency to over-elaborate.

DuroIkhazuagbe

Attempts to reposition the domestic league in the country suffered a major setback yesterday as referees assigned for the rescheduled clash of the Nigeria Professional Football League (NPFL) between Bendel Insurance and visiting Enugu Rangers refused to show up for the game. Signs that the game may not take began at the pre-match formalities when the referees refused to turn up for the ceremony. Sources close to Insurance told THISDAY yesterday that both teams were at the University of Benin Sports Ground for the match but their were no arbiters on sight to record the proceedings that would have either allowed Insurance move out of relegation zone if they had won or consolidate Rangers position as leaders of the Group A of the NPFL. The referees, it was further learnt, claimed that their lives were not safe due to some threats allegedly made by the Acting Governor of Edo State, Phillip Shaibu who incidentally plays for the Benin Arsenal. While Insurance and Edo State

FA officials accused the referees of bad faith, that there was no iota of truth in the allegations of lack of security, the umbrella of the referees, NRA, headed by Tade Azeez insisted that it communicated to both the League Management Company and the Edo FA of its impending action not to officiate home matches of Insurance any more. NRA is insisting that the acting governor withdraws the alleged threat and tender unreserved apology before they can rescind their decision on the remaining Insurance home matches for the rest of the season. But Frank Ilaboya, chairman of Edo FA, insisted his secretariat never received any correspondence from the NRA on Insurance. “Who did they give the letter to? We have no letter from NRAin our secretariat. This is unbelievable to be happening in our topflight league. This season, there has been no record of any case of violence in Insurance home matches, so It remains a mystery to me what the NRA is claiming,” stressed the Edo FA boss who is also the chairman of Owan West Local Government Area of the state.

Organisers Move The Match for Ambode to Agege Stadium The much awaited The Match for Akinwunmi Ambode earlier scheduled to hold at the Onikan Stadium currently under refurbishment has been moved to Agege Stadium. Organisers of the game, which is African Legends versus Naija Legends is aimed at celebrating the sporting glories of the Akinwunmi Ambode administration in Lagos. Waidi Akanni, one of the

organisers of The Match confirmed yesterday that the shift to Agege Stadium was the last resort as ongoing construction work at Onikan is not likely to be completed before the date for the game. “We really would have been happy to play the African Legends versus Naija Legends match for Governor Akinwunmi Ambode at Onikan but we do not want to take any chance now that it is

obvious it will not be ready. Agege Stadium is a better alternative,” stressed the ex-international. The former chairman of Lagos State FA also confirmed that air tickets have been dispatched to all the invited former African stars listed to take on their Nigerian counterparts. “The African stars include - Richard Kingston, (Ghana), Geremi Njitap (Chelsea & Cameroon), Herita Illunga( West Ham and

captain DRC, Christian Karembeu (Real Madrid and France World Cup winner), Aaron Mokoena( Portsmouth, Black Burn and South Africa ), Didier Zokora (Tottenham and Ivory Coast), Mamodu Sissoko (Liverpool and Mali ) and El- Hadji Diouf (Liverpool and Senegal). Others include, Samuel Eto’o (Chelsea & Cameroon), Diomontsy Kamara (Fulham & Senegal ), khalilou Fadiga ( Senegal), Abdul

Kader Kaita ( Senegal) , James Debba(Liberia ) and Tiene Siaka ( Ivory Coast). Akanni also listed those whose tickets have also been booked to include, Tresor Lomana Lua Lua ( Newcastle & DRCongo), Aboubakar Titi Camara(Liverpool & Guinea) and Michael Essien(Chelsea and Ghana). Former World Footballer of the Year, Mr. George Weah

is expected to make cameo appearance at the game. Part of the proceeds from the game is expected to be donated to support scholarships for indigent kids of former Nigerian players. Already VIP Tickets for The Match scheduled to hold on May 18, 2019, will go on sale next week. Curtain Raiser also planned for the day include Lagos U-15 vs Kebbi U-15 Boys .

THURSDAY APRIL 25, 2019 Ë¾ T H I S D AY

Thursday, April 25, 2019

UT H

& RE A S O

Price: N250

MISSILE Bukola Saraki to Bola Tinubu

“A Machiavellian politician like Tinubu will forever agonize over his erroneous belief that Saraki frustrated his ambition from becoming running mate to President Buhari through a Muslim-Muslim ticket in 2015. We know that this attack is not about the interest of the nation. It is about his 2023 ambition and it is obvious in the statement as he struggled to explain this away” – Senate President Bukola Saraki, describing Asiwaju Bola Tinubu’s attack on him as ill-motivated.

OLUSEGUNADENIYI Of China, BRI and the Road Ahead THE VERDICT

olusegun.adeniyi@thisdaylive.com

n Tuesday, I joined journalists from 25 countries across Asia, Africa, Europe, Latin America, Middle East and Eurasia for the inaugural session of the Belt and Road News Network (BRNN) Council. Coordinated by Peoples Daily, the official newspaper of the central committee of the ruling Communist Party of China (CPC), with membership from 182 media organisations in 86 countries, the objective of the BRNN is to build an open and cooperative platform under the Belt and Road Initiative (BRI) in a bid to promote “mutual assistance, collaboration and exchanges among members.” The council will serve as the decision-making organ of BRNN. In his congratulation letter to us read by Mr Huang Kunming, member of the political bureau and head of the publicity department of the CPC central committee, President Xi Jinping said he expects the platform to further boost people-to-people exchanges and promote the BRI. Charging BRNN council members to tell stories about the BRI in a way that will help shape healthy public opinion and advance the initiative, President Xi said the idea may have been conceived in China, but its opportunities and achievements belong to the world. As I said during the discussion session preceding the signing of the council charter, the BRNN could not have come at a better time given ongoing debate about whether China’s credit activities, especially in Africa, will in the long run prove to be harmful or helpful. Presenting the International Monetary Fund (IMF) fiscal monitor report last April, Vitor Gaspar, Director of Fiscal Affairs Department, warned that with a deluge of Chinese loans, Africa might be headed for a new debt crisis. Two weeks ago, the IMF senior resident representative for Nigeria, Amine Mati echoed the same sentiment about our country. Shortly before he was relieved of his job as the American Secretary of State while on a visit to the continent last year, Mr Rex Tillerson spent most of his time expressing concerns about China’s activities in Africa. While the United States has never disguised its distrust of the Chinese for her “opaque financing practices, poor governance, and disregard for internationally accepted norms and standards”, it feels riled by the idea of BRI that seems to be gaining acceptance even among some countries in Europe. Launched in 2013 by President Xi, the initiative has become a powerful economic and political tool for China. As at the end of March 2019, the Chinese had signed 173 cooperation agreements with 125 countries and 29 international organisations. By the end of 2018, trade between China and other BRI countries reached $1.3 trillion, an increase of 16.4 percent from the previous year. Gradually but surely, China is helping to create a new international economy order by investing its resources abroad and reaping enormous rewards in the process and that cannot be pleasing to America.

Xi Jinping... Chinese President On the political front, China is using BRI to project global power and many of its officials are no longer subtle in admitting it. Releasing a progress report last week, Director General of the department leading BRI promotion, Mr Xiao Weiming said the achievement of the initiative thus far confirms an old Chinese saying that “peaches and plums do not have to talk, but the world beats a path to them.” Lang Hailing, Dean of Hainan University Belt and Road Research Institute was no less bullish: “The more complicated the world is, the more countries will join the BRI” which he described a counterpoise to the “troubled economic model” of the West. Even President Xi said in his book on BRI that “China has become a major factor in changing the world political and economic landscapes.” The question now is, as China throws its weight around, where does this place Africa as a continent and how does my country derive the possible maximum benefits from BRI? President of the African Development Bank (AFDB), Dr Akinwunmi Adesina and former Nigerian Coodinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, who now sits on the board of Twitter and Global Alliance for Vaccines and Immunization (GAVI), provide useful insights. Africa, Adesina said recently in Johannesburg, should learn from the experience of China that has lifted about 700 million people out of poverty. “African countries are mature enough to negotiate with China about their needs, which is to close infrastructure gaps. Sometimes there is too much hullabaloo about it,” said Adesina. Chinese investment in infrastructure could help unlock the continent’s potential, argued Okonjo-Iweala who added that “ultimately, it is for Africa to forge its own path, with self-determination, towards a more sustainable future.” That precisely is the point. African leaders must take responsibility and go beyond begging for loans to seeking a more beneficial partnership with China. When I spoke at the 2018 edition of the Media Cooperation for Belt and Road in Boao, Hainan Province of China, last October on whether China has become Africa’s ‘new colonial master’ as being

suggested in some quarters, I addressed some of these issues. While I fully subscribe to the ideals of BRI, for Africa to develop and thrive, building physical infrastructure should go with human development and building a vibrant social sector, especially education and health. That has been the path of countries that moved from poverty and underdevelopment to prosperity, including China. President Xi said as much in the English and French versions of his BRI book launched yesterday. “We need a mind that is broader than the sky as we approach different civilizations, which serve as water, moistening everything silently,” he said even as he admonished, “We should not only think about our own generation, but also take responsibility for those to come.” That forward-thinking will serve African leaders. In yesterday’s edition of Global Times, the largest circulating English newspaper in the country, there were two interesting stories. In the first, a Kindergarten in Xinjiang now uses a robot called Xiaopang that integrates manmachine communication, motion sensing and image projection to aide teaching in a pre-primary education. “Children don’t make trouble and noise in class any more… as Xiaopang attracts their attention and gives good classes in a simple way,” attested one of the parents. The second story is about a hospital in central China that developed toy cars with which children drive themselves into surgery. “The car makes them feel like they’re playing a game instead of going under the knife. It also relaxes them because they feel more in control of the situation, and that will help their recovery” said the head nurse at the hospital. The two stories illustrate how China is building for the future beyond brick and mortar by also focusing on the development of the human mind and the nurturing of a healthy body. That is where African leaders fail most miserably. According to most estimates, no less than 60 percent of Africa’s total population is between the ages of 15 and 25. Sadly, there is little or no plan for the education and health needs of this young population that keeps growing. So invariably, in most countries in Africa including Nigeria, we are breeding a liability for the future. Yet, as a Yoruba adage says, it is the child you refused to build that will eventually mortgage the house that you built. For African countries to benefit from the BRI, they need to be more strategic in their approach and not continue to pile up debts for future generations. As at 2015, according to the China-Africa Research Initiative (CARI) at John Hopkins University, no fewer than 17 African countries were identified with risky exposure to Chinese debts. By 2017, the IMF said Chad, Eritrea, Mozambique, Congo Republic, South Sudan and Zimbabwe were considered to be in debt distress while Zambia and Ethiopia were said to be at high risk of debt distress. In 2017, Zambia’s debt amounted to $8.7 billion out of which $6.4 billion was owed to

China. For Djibouti, 77% of its debt is from Chinese lenders. CARI estimated that Congo’s debts to China was around $7 billion. The analysis by McKinsey and Company should compel serious thinking by the authorities and stakeholders within the continent. Chinese companies, it is revealed, already earn $180 billion annually from their investments in Africa and this revenue is projected to hit $440 billion by 2025 yet only five African countries have been able to record a trade surplus with China. Notwithstanding, “more than 100 senior African business and government leaders” were interviewed, “and nearly all of them said the Africa–China opportunity is larger than that presented by any other foreign partner—including Brazil, the European Union, India, the United Kingdom, and the United States” reported McKinsey which also highlighted a serious problem that has for decades held our continent down: “In five of the eight countries in which we conducted fieldwork, 60 to 87 percent of Chinese firms said they paid a ‘tip’ or bribe to obtain a license.” Certainly, the responsibility for the viability of the projects being funded by Chinese loans is that of African leaders who must also consider whether they can deliver value. But it is important for the authorities in Beijing to the pay attention to the continent’s nuances. Either as a result of its experience or a deliberate policy that may turn out to be counter-productive, I warned on Tuesday that China seems to prefer dealing more closely with African governments rather than the African people. However, the lesson from China is that visionary leadership matters and that comes with quality education. It is only such leaders that can dream big and use symbols to instil national pride while galvanising the people for peace and prosperity. In a chapter in President Xi’s book which I completed reading last night, he explained the significance, in contemporary sense, of some 20 artefacts, dating back to the Byzantine era, that were exhumed in 1987. “Marvelling at these exotic relics, I was struck by the thought that we should appreciate their cultural significance rather than simply admiring their exquisiteness, and bring their interesting spirit to life instead of merely appreciating the artistic presentation of life in the past,” he said. Meanwhile, the consensus at our inaugural council session on Tuesday is that for countries within the BRI, we require new narratives to dispel mutual distrusts and seek common ground while exploring the prospect for shared prosperity with China. As I told the Peoples Daily President, Mr Li Baoshan at the appreciation dinner he held for us last night at the Yushengtang Museum of Chinese Traditional Medicine, the opportunity for interactions through the unique media collaboration that the BRNN offers can serve as a catalyst not only for the promotion of harmony and development within the BRI implementing countries but also for a better understanding between our diverse peoples.

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