CBN Tightens Noose on Currency Mutilation, Counterfeiting Obinna Chima and Nume Ekeghe The Central Bank of Nigeria (CBN) yesterday vowed to impose stiff sanctions on commercial banks and individuals that dispense mutilated and counterfeit
currencies. The central bank has also called for an increase in private companies participating in the currency management value chain to enhance its clean note policy. The CBN Governor, Mr. Godwin Emefiele, said this
yesterday during the unveiling of the Bank’s Clean Notes Policy and Banknotes Fitness Guidelines in Lagos. Emefiele said CBN branch controllers across the country have been empowered to work with security agencies in their respective states to ensure that
cases of currency mutilation are addressed. He noted that bank notes remain important for payments and settlement of commercial transactions in Nigeria, saying the central bank takes the state of the nation’s currency very important.
Emefiele, who was represented by the Deputy Governor (Operations), CBN, Mr. Folashodun Shonubi, said: “It is worth noting that the bank has the responsibility for preserving the integrity of the naira and sustaining public confidence in the national
currency as enshrined in Section 2 of the CBN Act 2007. “To attain these objectives, the bank strives to ensure an optimal supply of clean and quality banknotes in a balanced denominational mix Continued on page 8
Transcorp, Quest Electricity Win Afam, Yola Disco... Page 10 Wednesday 1 May, 2019 Vol 24. No 8787. Price: N250
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DefineYourVision, Be Transparent, Accountable, Obaigbena Tells Govs Fayemi may succeed Yari as NGF chairman Omololu Ogunmade in Abuja Chairman of THISDAY and ARISE News Network, Mr. Nduka Obaigbena, yesterday in Abuja, counselled returning and newly elected governors to define their
goals from the outset and simultaneously cultivate the spirit of transparency and accountability. Obaigbena, who is also the President of the Newspapers’ Proprietors Association of Nigeria (NPAN), gave this
advice while speaking on strategic communications as a member of media panel at the ongoing three-day induction programme organised by the Nigeria Governors' Forum (NGF) at the old Banquet Hall of the Presidential Villa.
The session was anchored by former governor of Ogun State, Chief Olusegun Osoba. Obaigbena, who said the media had remained partners in progress in Nigeria's 20 years of unbroken democracy, added that with common
access to the media as a result of technological advancement, the media landscape had been altered. According to him, governors must define their goals and have vision for each ministry under their
administrations, adding that they must make transparency and accountability their watchword. Obaigbena also advised the governors to learn how Continued on page 8
Analysts Seek Strict Implementation as N’Assembly Passes 2019 Budget Call for return to January-December cycle Legislators increase estimates by N90bn Deji Elumoye, Shola Oyeyipo in Abuja, Obinna Chima and Chris Uba in Lagos The National Assembly yesterday passed the 2019 budget after jerking it up by N90 billion from N8.83 trillion to N8.91 trillion. The passage of the appropriation bill is coming more than four months after the budget estimate was presented to the joint sitting of the National Assembly by President Muhammadu Buhari
last December. However, beyond the passage of the 2019 Appropriation Bill into law by the National Assembly, some economists and operators have, in separate interviews with THISDAY, called for strict implementation of the budget. The analysts have also stressed the need for the federal government to return to the January- December budget cycle. A former Director General Continued on page 10
FG Secures Alleged Drug Trafficker, Zainab’s Release... Page 8
VISION MATTERS... L–R: Edo State Governor, Mr. Godwin Obaseki; his Delta State counterpart, Senator Ifeanyi Okowa; Chairman, THISDAY Newspapers/ARISE News Network, Prince Nduka Obaigbena; and Ekiti State Governor, Dr. Kayode Fayemi, at the induction of new and returning governors by Nigeria Governors’ Forum in Abuja…yesterday godwin omoigui
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FG Secures Alleged Drug Trafficker, Zainab’s Release Northern CAN: We can’t celebrate Aliyu’s release and forget Sharibu Shola Oyeyipo in Abuja The federal government has succeeded in securing the release of a Nigerian student, Ms. Zainab Aliyu, arrested and detained in Saudi Arabia for alleged drug trafficking. The Permanent Secretary, Ministry of Foreign Affairs, Mr. Suleiman Mustafa, who made this known to journalists in Abuja yesterday, said the country’s diplomatic interventions paid off when the innocent young lady was granted freedom in faraway Saudi Arabia. Mustafa also hinted that the other person arrested along with her, Mr. Ibrahim Abubakar, would also be released today. Zainab, a student of Maitama Sule University, Kano, was arrested after a banned drug, tramadol, was found in her bag in Saudi Arabia, while she maintained her innocence, claiming that the substance was put in her luggage by unknown persons. According to Mustafa, “I am very pleased to inform you that in the last couple of minutes that Zainab has been released to our mission in Saudi Arabia and that is
a news that I believe will be very heart-warming and will be relieving also to both the family and Nigerians that have had to express their concerns and their care about these two Nigerians, who have found themselves in this situation basically as a result of some criminals whose activities have put these Nigerians into very difficult situation. “I am happy to announce that Zainab, especially has been released in the last couple of minutes. She is with our mission. She is in good state and in good hands now and we believe the other gentleman, Ibrahim Abubakar, will also be released by tomorrow because by the time they were able to get Zainab out it was closing time at the prisons, so they couldn’t get him.� “In the last few days, we have seen issues that were generated by the arrest, in Saudi Arabia, of a young Nigerian girl and another person, which is actually connected with a drug related offense. “The ministry, from the date of such arrest, has put in place so many efforts in
order to secure the release of that young girl and the other gentleman. We realised upon investigations at the Nigerian end that there is cartel that specialise in packaging drugs from the airport and attaching them to innocent passengers.’’ The ministry added that through investigation some arrests were made and are right now undergoing judicial process – prosecution, stating that the Ministry in conjunction with Nigeria’s mission in Saudi have made several efforts in order to establish the innocence of these people, the young girl and the other gentleman. “Arising from that effort, at least we were able to bring to the attention of the Saudis the level of innocence of these two Nigerians and we have engaged over and over; we have given the mission various instructions and in a typical diplomatic way we have raised several note verbal to the ministry in Saudi. ‘’We have also from here sent the same notes to the Saudi embassy here and their consulate in Kano and we have piled up the pressure of intervention and there have been discussions at
various levels between the Minister of Foreign Affairs and the Attorney-General of the Federation (AGF) on this same issue. “We have passed document relating to the trial of the suspects that were arrested in Kano and passed also information on the judicial process and all that. The ministry has continued to use all available channels, especially in the context, the diplomatic channel while also pursuing the legal process from this end.�
Northern CAN: We can’t celebrate Aliyu’s release and forget Sharibu Meanwhile, the northern states chapter of the Christian Association of Nigeria (CAN) has asked the president to double up efforts in securing the freedom of Leah Sharibu, following the release of Zainab Aliyu from Saudi Arabia detention. In a statement by the Public Relations Officer, Northern CAN, Mr. Joseph Hayab, the association expressed sadness at how “innocent Nigerians�
are suffering abroad for crimes they didn’t commit. CAN northern states also commended the federal government’s prompt effort in rescuing Aliyu, adding that the same energy and effort be directed towards securing the release of Sharibu. Sharibu, who was the only Christian girl among the 112 kidnapped from the Government Girls’ Technical College, Dapchi, Yobe State, in February 2018, is still in Boko Haram custody. The association charged Buhari to treat all Nigerians equally as this will make citizens proud of the government and the country. “CAN northern states rejoices with the parents of Aliyu and the government of our country for securing her release after she was arrested and detained in Saudi Arabia for allegations of drug trafficking,� the association said. It added: “It is sad that many innocent Nigerians are suffering for a crime they know nothing about. “This prompt effort by government is commendable and should be sustained for all and in the future, because this
is what we want to see from our leaders in this country. “But as we rejoice about this development, we are also compelled to ask this important question: Are all Nigerians equal or some are more equal than others? “We are aware that many innocent citizens of our country have been arrested, some killed and others are still in detention; but we have not heard any directives from Mr. President to his Attorney General to take action about them with this kind of urgency. “If we want our citizens to be proud of their government and country, then we need to show equal concern about what happens to everyone in this country. “We cannot also celebrate the release of Zainab and forget Leah Sharibu who did not commit any crime but has been in captivity for over a year now. “We, therefore, appeal to President Buhari to direct his security agencies to double their efforts and get Leah released and reunited with her parents. “Leah, too, wants to enjoy the protection of her leaders.�
as NGF Chairman Meanwhile, Ekiti State Governor, Dr. Kayode Fayemi, is favoured to succeed Zamfara State Governor, Alhaji Abdulaziz Yari, as the chairman of Nigeria Governors’ Forum, THISDAY learnt last night. A reliable source familiar with NGF’s politics said Fayemi appears acceptable to a cross section of returning governors among whom the next chairman would be chosen. Yari’s tenure has ended as he moves to the Senate having completed his second term as governor of Zamfara, and elected a senator to represent his home state at the upper legislative chamber. Going for Fayemi, said the source, is the respect his colleagues have for him, given his intellectual standing,
approachable mien and wide ranging experience, having been a minister believed to enjoy the confidence of President Muhammadu Buhari. “The governors feel they need a unifying character that enjoys the confidence of the president, and would consequently be a bridge between the federal and the states,� the source said. By the zoning convention of the forum, the South-west stands a good chance of having the post allotted to it as the South-south has taken the slot twice, through former governors Attah (Akwa Ibom) and Rotimi Amaechi (Rivers). The election of the chairman is expected to hold in June after the inauguration of returning and newly elected governors who were inducted on Monday.
DEFINE YOUR VISION, BE TRANSPARENT, ACCOUNTABLE, OBAIGBENA TELLS GOVS to communicate by regularly briefing the media on their activities, pointing out that the 1999 Constitution (as amended) empowers the press to hold public officers accountable. He charged them to ensure that they maximally make use of the media during disasters and as well reject falsehood when reported by journalists, insisting that they must define their purpose in power, set agenda and think. He said: "As we celebrate 20 years of democracy in Nigeria, the press remains a partner in progress. The world of media is changing because every citizen has access to media. Technology has changed media's landscape. "The purpose of this session is to discuss things you must do as governor.
First, you must define your vision. What is your vision or mission for each ministry? Every ministry must have vision. Your primary responsibility is to provide security. Next is transparency and accountability, ensuring that resources of the state are well managed. "Of course, you must communicate. Briefings every day, briefings every week are not out of place. If journalists report false reports, you must fight back. The Constitution gives the press the power to hold governors to account. When there is disaster, stay ahead of news. Define your purpose. Set agenda. Think." Echoing Obaigbena, former Managing Director of Daily Times, Dr. Yemi Ogunbiyi, advised the governors to set agenda, uphold such agenda, keep advice and be accessible.
Ogunbiyi was, however, swift to add that as good as media involvement in their administrations might be, it cannot be alternated with good governance, reiterating that if they care to succeed, good governance must be their major priority. He said: "Set your agenda. Keep agenda. Keep advice. Make yourself accessible as much as possible. Sometimes it is difficult to reach out to governors, commissioners. You need the media, cultivate them. No amount of media coverage is as good as good governance. The most effective weapon of succeeding is good governance." In his own submission, a Commissioner with the Nigeria Communications Commission (NCC), Mr. Sunday Dare, who spoke
on the impact of the social media, explained that social media were the offshoot of digital media, advising the governors to pay diligent attention to social media. He also advised them to clean up fake Facebook accounts opened in their names and likewise set goals and engage competent journalists when need be. "Digital media gave birth to social media. Pay attention to social media. There are no gate keepers any longer. There are no editors on social media. Clean up multiple Facebook accounts. Let there be situational government, goal setting and communication competence. Sit down with competent journalists and bring them together going forward," Dare said. Fayemi May Succeed Yari
CBN TIGHTENS NOOSE ON CURRENCY MUTILATION, COUNTERFEITING to meet public demand, while also maintaining a balanced currency structure that is both efficient and cost effective. “The responsibility for clean notes in circulation is not exclusively that of the central bank, rather a collaborative effort between the central bank, banknote suppliers, deposit money banks, manufacturers of currency management equipment, currency transportation and processing companies, security agencies, and the general public. “I commend the existing collaboration between the CBN and the stakeholders in the currency management value chain, and wish to stress that this should be deepened and strengthened for the overall good of the industry. “Currency management is vital to our daily lives because despite the improvements in electronic payments system, banknotes remain predominant for payment
and settlement of commercial transactions in Nigeria.� Speaking further, Emefiele said the central bank had registered eight companies to carry out cash-in-transit and two cash processing companies to operate in Nigeria. He urged commercial banks to patronise only these registered companies for CIT and sorting services. “It is expected, therefore, that more private sector participation in the currency management value chain would further strengthen the efforts toward ensuring availability of clean banknotes,� he added. In addition, Emefiele revealed that the apex bank intends to embark on a project that would enable it mop-up mutilated banknotes from circulation. He also said the central bank would continue to embark on sustainable institutional reforms and enact policies that would
promote efficient currency management in Nigeria. He said: “I will like to seize this opportunity to urge Nigerians to handle the naira properly, as it is a criminal offence to abuse the naira. Moreover, the naira is our identity as a country, so we need to respect it. “I wish to bring to your attention that after this unveiling event, the bank would monitor and sanction any commercial bank/ financial institution that contravenes the provisions of the two policy documents.� Speaking in an interview on the side-lines of the event, Shonubi said: “When people go around, they look at your currency and that represents the nation. And half the time we show them currency notes that are less than fit, it must tell on us in some shape and manner. “The whole industry not just the central bank has committed to changing that image.
“The document unveiled today explains how it would be done; what everybody’s role and responsibilities are and how we can make it a reality. “From the banks who actually handle the notes to ensure the notes they have are always fit for purpose. We also feel it would affect commerce because people would be more inclined to spend when they have new notes in their hands and merchants more willing to accept. “So, we believe it would definitely help the economy and how money moves around.� In her presentation, the Director, Currency Operations, CBN, Mrs. Priscillia Ejeme, said despite the huge volume of CIC and its attendant challenges, the CBN remained committed to ensuring that the nation has fit notes in circulation. Also alluding to the incentives for banks to bring
in bad notes, she said: “We would give a timeframe by which banks would need to bring all mutilated bank notes to us for replacements and we would do it in a way that they would be encouraged to bring them forward.� She also added that ATMs are expected to have only mint and close to mints dispensed, which the guideline stipulates as Level 1 and Level 2. She also urged banks to sort increase sorting of mutilated notes to the CBN to retrieve the cleaner notes. On sanctions she also said: “There would a penalty for counterfeits from ATMs and it is currently N1 million for counterfeits detected via ATMs or across the counters.� On his part, the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, said: “The clean note policy document provides the uniform standard of only clean and fit bank notes in Nigeria.�
TOP GAINERS JAPAUL UPDC CAVERTON FORTEOIL DANGFLOUR TOP LOSERS CUTIX GOLDINSURE CCNN
NGN NGN 0.03 0.33 0.15 1.65 0.27 2.97 3.20 35.30 1.70 18.80 NGN 0.20 1.85 0.04 0.40 1.35 14.00 UNITYBANK 0.05 0.80 NASCON 0.90 18.10 HPE Nestle Nig Plc â‚Ś1,580.00 Volume: 543.924 million shares Value: N8.199 billion Deals: 4,682 As at yesterday 30/4/19 See details on Page 39
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Transcorp, Quest Electricity Win Afam, Yola Disco Ndubuisi Francis in Abuja A Transcorp Power Consortium yesterday submitted a bid of N105.3 billion to emerge the preferred bidder for the Afam Power Plc just as Quest Electricity's N19 billion won the bid for the acquisition of 60 per cent stake in Yola Electricity Distribution Company (YEDC). The Bureau of Public Enterprises (BPE) held the highly-applauded commercial/ financial bids for the two power companies in Abuja. To emerge winner of the bid for the acquisition of 100 per cent Afam Power Plc, Transcorp beat Diamond Stripes Consortium and Unicorn Consortium. Afam comprises Afam Electricity Generation Company, Afam Power Plc, and Afam Three Fast Power Limited, located in Oyingbo Local Government Area of Rivers
State At the opening of the commercial and financial bids for the privatisation of the power assets, which held at the Transcorp Hilton Hotel, Abuja, Transcorp Consortium emerged the winning bid, while Diamond Stripes Consortium and Unicorn Power Consortium were first and second runnersup, respectively. The ground rules for the bid were in six stages, which opened with the first bids, where all the companies failed to meet the requirement to bid above the reserve prices, thereby forcing the representatives of the Chairman of the Technical Committee of the National Council on Privatisation, Dr. Ayo Teriba, to give bidders 15 minutes within which to revise their financial bids. In the first bid, Transcorp Power Consortium made a bid N85 of N100 billion; Unicorn Power Consortium-- N95, 667
Minister of Power, Works and Housing, Babatunde Fashola billion, and Diamond Stripes’ N69, 270,690,420.95, as well as the Quest Electricity, which offered, N16.7 billion for Yola Disco. During the revised bids, Transcorp Power Consortium jerked up its offer to N105,300,000,000; Diamond Stripes Consortium offered to pay N102,388,150,000, while Unicorn Power Consortium offered N101, 050, 000, 000 for the assets.
The sole bidder for Yola Disco - Quest Electricity, which offered to pay N16,777,777,777, was to later increase the price to N19, 000,000,000 after it was told that what it offered did not meet the reserve price set by the BPE. In his opening address, the Director General of BPE, Mr. Alex Okoh, recalled that in line with the approval of National Council on Privatisation (NCP), the BPE placed an advertisement in relevant newspapers to call for Expressions of Interest from prospective bidders for the acquisition. The power assets to acquire, he said, include100 per cent of the equity capital of Afam Power, 100 per cent of the share capital of Afam Three Fast Power Limited (ATFPL), jointly called Afam Power. He said, a publication also called for Expressions of Interest in the acquisition of 60 per cent of the share capital
of Yola Electricity Distribution Company (YEDC). Okoh recalled that at the expiration of the deadline for the submission, expression of interests (EOIs) were received from 12 firms and consortia for Afam Power. “After the evaluation of the EOIs, nine firms obtained the qualifying mark and were consequently short-listed to progress to the Request for Proposal (RfP) stage,� he said. He said in the Yola Disco transaction, EOIs were received from seven firms. “After the evaluation of the submissions, five firms obtained the qualifying mark and were subsequently shortlisted to progress to the Request for Proposal (RfP) stage,� Okoh added. He explained: "In order to facilitate informed technical and financial bids, all the firms and consortia were provided access to virtual and physical data
rooms, as well as site visits to the enterprises between December 4, 2018 and January 25, 2019. “The prospective bidders interacted with the management of the companies and also conducted physical inspection of the plants and the franchise assets. “The deadline for the submission of the technical and financial bids was fixed for March 15, 2019. “On the appointed date, BPE received technical and financial proposals from three firms/ consortia out of the nine prequalified for Afam Power, and proposals for two firms out of the six pre-qualified for YEDC. “The technical proposals were opened publicly to ascertain compliance with the requirements in the RfP. Bidders had been instructed to include a Bank Guarantee as a precondition for the receipt and evaluation of their bids.�
and crude oil production. All these items, the way they were presented by the President, the National Assembly sustained them. The crude oil production (output) was 2.3 million barrels per day and the exchange rate was N305 to a dollar. The benchmark was $60 per barrel. The National Assembly sustained all these; we did not change anything in the executive proposal. “The only area that is affected is the area of deficit; the deficit sent to us was N1.906 trillion. There was an increment of N53 billion. The reason is that there were so many outstanding items that were not captured in the 2019 budget proposal. One, there was a resolution by the Senate that urged the federal government's intervention in the security situation in Zamfara, to which N10 billion was proposed. We had to make that available in the capital supplementation under the Service Wide Vote. “There is also a severance benefit of the outgoing legislators and legislative aides, which was not captured in the 2019 proposal. These benefits and expenses always happen in the transition year; that is, the fourth year when legislators are exiting and new ones are coming. We had to make a provision for that, which amounted to N24.6 billion. There is also salary arrears of legislative aides that have not been paid for the period of four years, for which N3 billion was provided. “There is also an addition to the security agencies generally because of what is happening in Nigeria regarding the security situation. We still believe that providing more fund for them - it can never be enough - will make them to discharge their constitutional responsibilities diligently; and the various allowances to take care of their personnel. These are the areas where the National Assembly intervened.� Bothered by the quantum of money allocated to the office of the National Security Adviser as against what came to sections of the National Assembly, Kano lawmaker, Hon. Damburam Nuhu, on his part, said it is important for Nigerians to note that one office got as much as N86 billion. “My worry is, we are passing a budget of N86.8 billion for
the office of the National Security Adviser alone and the entire budget of the National Assembly N128 billion. This comprises the recurrent plus the capital and everything, which is not only for legislators; it is also for the commission and all other aides and co. “The people of the country need to know that if a single agency like the National Security Adviser’s office will be taking N86bn, then there is cause for worry; when people say perhaps we are taking too much in this place; that is why I am raising this observation for everybody to know,� he stated. Other caveats in the budget include: “The department of government charged with the responsibility of certifying that due process have been complied with in the processing of implementation of projects shall ensure that all processes of approval are completed within the specified period as provided for in the Public Procurement Act. “All accounting officers of Ministries, Parastatals and Departments of government, who control heads of expenditure, shall upon the coming into effect of this bill, furnish the National Assembly on quarterly basis, with detailed information on the Internally Generated Revenue (IGR) of the agency in any form whatsoever. “All accounting officers of ministries, parastatals and departments of government, who control heads of expenditure, shall upon the coming into effect of this bill, furnish the National Assembly on quarterly basis, with detailed information on all foreign and domestic assistance received from any agency, persons or organisation in any form whatsoever. For the purpose of this bill the term ‘schedule’ includes the detailed estimates of expenditure.� The House of Representatives also noted: “In line with the provisions of Section 318 of the constitution of the Federal Republic of Nigeria, 1999, as amended, this bill will run for a course of 12 months starting from the date it is assented into law. President Buhari had on Wednesday, December 19, 2018 unveiled a federal budget proposal of N8.83 trillion for the 2019 fiscal year.
ANALYSTS SEEK STRICT IMPLEMENTATION AS N’ASSEMBLY PASSES 2019 BUDGET of the West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, on his part, called for closed monitoring of the budget implementation when signed into law by the president. Ekpo said: “The problem with Nigeria is that we just allocate money, we don’t monitor the outcome. The main thing is to get the result of what you are putting money into. “So, allocation is no longer the issue, but budget implementation. For example, if, last year, money was allocated for security, how was it implemented? What did they buy for security? Was it properly utilised? “Again, we are in the fifth month, and we are still talking about the 2019 budget. A budget is supposed to be a tool for macro stability. Once it is delayed for five months, it creates a lot of distortions in the economy. So, going forward, we need to return to the December-January budget cycle.� The Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, described the passage of the budget by the lawmakers as a welcome development. He said: “We only hope that the president can quickly assent to it so that implementation can start in earnest. “We hope that there is no major discrepancy between what was submitted and what was passed by the lawmakers, because over the years that has always been the bone of contention and has always delayed the signing of the budget. “Going forward, as we move to the next phase of this administration, we should endeavour to return to the December-January budget cycle.� His counterpart at the Nigeria Employers’ Consultative Assembly, Mr. Timothy Olawale, regretted the avoidable delays, which had become traditional with very serious adverse implications for the economy. “We hope the executive and legislative arms will bury their differences and work together for the good of the nation and the people they have agreed to serve,� he said. An analyst at Ecobank Nigeria, Mr. Kunle Ezun,
said he anticipated that the lawmakers would have raised the budget to N10 trillion, considering the new minimum wage. He explained: “The budget, as it is presently, is not enough to stimulate economic growth in Nigeria. An economy of over $500 billion, with a population that has a three per cent growth rate, you can’t be having budget of this size. “I am sure that in the life of this budget, a supplementary budget would be submitted before the end of the year. We expect the government to increase spending this year if it is to achieve its three per cent GDP projection and to achieve that, they would need to spend more.�
N'Assembly Increases Budget by N90bn Meanwhile, the National Assembly yesterday passed the 2019 budget after jerking it up by N90 billion from the N8.83 trillion budget size presented by President Buhari to N8.91trillion. The breakdown of the N90 billion added to the budget include N23.67 billion earmarked as severance gratuity for outgoing legislators and their aides and induction of new legislators; N10 billion added as federal government intervention for tackling humanitarian crisis in Zamfara State, and additional N66 billion for security agencies including Army, Navy, Air Force, and the Police to tackle insecurity and all forms of crimes in the country. The budget reports were presented at yesterday's plenary of the two chambers by the Chairman of Senate committee on Appropriation, Senator Danjuma Goje (Gombe Central), and his counterpart in the House of Representatives, Hon. Mustapha Dawaki, before the two chambers dissolved into their respective Committees on Supply to consider the clauseby- clause report of the budget. Presenting the budget report earlier, Goje explained that the N23.678 billion severance package for outgoing legislators also included induction programme and inauguration of the ninth assembly. He added that in implementing the just approved N30,000 minimum wage for public servants, the N160 billion
proposed as service-wide votes was appropriated for, under the public service wage adjustment for Ministries, Departments and Agencies (MDAs). All the parameters upon which the budget estimates were based by the executive were retained by both Senate and House of Representatives. The parameters are $60 per barrel oil price benchmark, 2.3 million barrel per day production level, N350 to one US dollar as exchange rate. Major highlights of the N8.916 trillion budget passed by the National Assembly are N502.058 billion for Statutory Transfers; N500 billion for Special Intervention and N4.055 trillion for recurrent expenditure. Others are N2.094 trillion for capital expenditure, N1.908 trillion as fiscal deficit within the ambit of 1.37 per cent deficit to GDP (Gross Domestic Product). Within the service wide votes allocation in the approved budget, N5 billion is earmarked for payment of outstanding death benefit to civil servants and police personnel, N15 billion as additional support for universities and N65 billion for Presidential Amnesty Programme on reintegration of transformed ex- militants. Within the capital expenditure component of the budget, N394.906 billion is earmarked for the Federal Ministry of Power, Works and Housing, N107.218 billion for the Ministry of Agriculture and Rural Development, N159.125 billion for Ministry of Defence and N92.178 billion for Ministry of Water Resources. Others are N58.689 billion for Ministry of Education, N179.384 billion for Ministry of Transportation, N53.678 billion for Ministry of Interior and others. However, in the recurrent expenditure component of the budget, the Ministry of Interior has the highest appropriated votes of N564.222 billion, followed by Ministry of Education with N463.395 billion. Others include N502, 058,892,965 set aside for statutory transfers, N2,254,014,113,092 for debt servicing, N4,055,940,383,684 for recurrent (non-debt) expenditure, while N2,094,950,709,632 was earmarked as contribution to the development fund for
capital expenditure for the year ending December 31, 2019. Under the statutory transfers, the National Judicial Council (NJC) got N110,000,000,000; Niger Delta Development Commission (N100,188,921,129); Universal Basic Education (N112,471,421,836); National Assembly (N128,000,000,000); Public Complaint Commission (4,398,550,000,000); INEC (N45,500,000,000); National Human Rights Commission (N1,500,000,000); Independent Corrupt Practices and Related Offences (N5,380,108,639); Ministry of Niger Delta Affairs (N2,199,690,571); and Federal Ministry of Youth and Sports Development (N122,668,019,823). Other statutory transfers are: Federal Ministry of Women Affairs (N1,521,618,086); Federal Ministry of Education (N463,395,832,111); Federal Ministry of Health (N315,717,344, 56); Federal Ministry of Environment (N18,774,175,241); and National Population Commission (N6,013,849,931). Speaking after the Appropriation Bill passed third reading, Senate President, Dr. Bukola Saraki, said: “With passage of this bill for third reading today, the executive must ensure full implementation of the budget, sector by sector for the benefit and well- being of Nigerians. In a related development, the House of Representatives at plenary also yesterday appropriated N8,916,964,099,373 for the 2019 fiscal year. This followed the consideration of the report of the Hon. Mustapha Bala Dawaki-led Committee on Appropriation Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N8.916 trillion Briefing journalists about the processes that led to the conclusion of the budget, Dawaki said: “The budget has been passed by both chambers. Today, we are happy that the National Assembly has passed the budget at the end of April - on April 30, 2019. I believe that by Thursday it will be transmitted to the president for assent. “The proposal that was laid before the National Assembly; there are two components of the budget, the exchange rate
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NEWS
Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268
Boko Haram Kills 26 Persons in Adamawa Multiple accidents claim 13 lives Daji Sani in Yola At least 26 people were feared killed and several others injured in a suspected Boko Haram’s attack on Monday night at the Madagali area of Adamawa State. This is coming as multiple accidents along Ngurore-Mayo Belwa highway also claimed 13 lives, while passengers sustained various degrees of injure in Mayo Belwa Local Government Area (LGA) of the state. Suspected Boko Haram’s members riding motorcycles in large numbers were said to have attacked Kudakaya village, in Madagali LGA of Adamawa state, at about 9.00 p.m. on Monday. An eyewitness disclosed that he saw corpses of 26 people who were killed, while several others were critically injured and taken to hospital. A former chairman of Madagali LGA, Abawu Maina Ularamu, confirmed that 26 people were killed. “They burnt several shops and
many homes. They also stole food. ‘’ As I am talking to you, we are living in an atmosphere of despair and agony for this attack, over 20 were killed, while many injured and rushed to hospital. “There is no doubt the attackers came from Sambisa. We experience such periodic attacks from Boko Haram, who usually look for food. “Already residents are fleeing for fear of uncertainty; they (Boko Haram) are not far away from us; any slight opportunity they may strike again,’’ he said. Reports from the affected areas also revealed that the insurgents had last week attacked three villages but on their way out, they ran into a group of vigilantes on patrol in Kuda village, who engaged them in a shoot-out, killing two of the attackers. The state Police spokesman, Othman Abubakar, confirmed the attack, saying that, “Yes, I was briefed that members of the dreaded Boko Haram insurgents have attacked the village, though I am yet to get the casualty figures
but security operatives were deployed and are on the top of the situation.’’ Adamawa State was said to have been cleared of Boko Haram in late 2015, after they rampaged across the North-east, seizing towns and territory. But attacks have continued in the north of the state, particularly around Madagali, which borders Borno State and the militants’ Sambisa forest stronghold. The insurgency began in 2009 and has since killed at least 20,000
people and made more than 2.6 million others homeless In another development, multiple accidents claimed 13 lives on Monday along NguroreMayo Belwa highway while 21 others were injured. The Information Officer of Mayo Belwa, Mr. Kabiru Kelly who confirmed the incident to THISDAY, said the first accident, which happened on Monday night, had claimed six lives, while three others sustained life-threatening injuries.
Kelly noted that the accident involving a Sharon bus, occurred when the driver attempted to avoid a pothole, lost control and rammed into a pole. He noted that the dead victims have been taken to Yola Specialist Hospital, while the injured victims were receiving treatment at the Mayo-Belwa cottage hospital. Kelly noted that the second accident was a head-on collision involving a Hummer bus and a Toyota starlet. He noted that the accident
was caused when the driver of the bus tried to overtake a heavy-duty vehicle and rammed into the starlet car. The second accident almost wiped off a whole family, including a father, his wife and their four children who were on their way from Jalingo to Zamfara. The dead bodies and the injured person were deposited at Mayo Belwa General Hospital, according to the information officer.
FG Saves N500bn from Implementation of Integrated Payroll System James EmejoinAbuja The Minister of Finance, Mrs. Zainab Ahmed yesterday disclosed that the federal government had recovered over N500 billion in personnel costs through the implementation of the Integrated Personnel and Payroll Information System (IPPIS). This is as the Accountant General of the Federation (AGF), Mr. Ahmed Idris, also said the sum of N197 billion through the removal of ghost workers from the federal payroll between 2017 and 2018. Both spoke at the opening of a retreat on the role of MDAs in the implementation of IPPIS and its effect on the worker’s condition of service and government revenue. The programme was organised by the office of the AGF. The IPPIS scheme is one of the federal government’s reform initiatives designed to centralise payroll and payment systems, facilitate convenient staff remuneration with minimal wastage, aid manpower training and budgeting, which began in 2007. It further facilitates planning, monitor monthly payment of staff emoluments against what was provided for in the budget; ensure database integrity; facilitate easy storage; updating and retrieval of personnel records for administrative and pension processes. Ahmed further noted that the concept of IPPIS was an integral part of the federation government’s public finance reform initiative aimed at ensuring transparency and accountability in the management of government payroll. According to her, the reforms initiative was aimed at reducing the cost of governance, adding that currently, about 70 per cent of monthly revenue inflow into the Consolidated Revenue Fund is being spent on recurrent expenditure. She said this trend, if not corrected, would not free the much-
needed resources for improving the standard of living of the people. She said: “Over the years, several attempts have been made to remove records of ghost workers as well as ensure that personnel are paid directly to prevent the diversion of personnel emoluments as was the case prior to the implementation of the policy. “You will all recall that the first forensic audit of the IPPIS carried out at the inception of the present administration revealed multiple deficiencies in the personnel records of MDAs. “More instances of personnel records padding as well as unsanctioned recruitment exercised were identified. “Available records from the federal ministry of finance through the activities of the Presidential Initiative on Continuous Audit revealed a saving of over N500 billion. “A substantial part of this amount was as a result of the continuous verification of the nominal roll and payrolls of MDAs” The AGF, however, explained that of the N197 billion salvaged from ghost workers, the sum of N67 billion was saved in 2017 while the balance of N130 billion was saved in the 2018 fiscal period. He said through the implementation of the IPPIS initiative, over 700,000 government workers from 515 MDAs are now on IPPIS platform. He also said that 39 Nigeria Police commands and three formations, four paramilitary agencies and retired heads of service and permanent secretaries are also on the platform- in contrast to the 285 MDAs and over 235,000 workers in 2015. Idris said the initiative was aimed at reducing wastage in personnel cost, facilitating easy storage, updating of personnel record and aiding manpower planning and budgeting.
OILY INVESTMENTS ON THEIR MINDS…
L-R: Managing Director/Chief Executive of Total E&P Nigeria Ltd, Mr. Nicolas Terraz; Deputy Managing Director, Deepwater District, Ahmadu-Kida Musa; Managing Director/Group Chief Executive Officer, Total Group, Patrick Jean Pouyanné; Vice President Yemi Osinbajo; and Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, during a courtesy visit of officials of Total to the vice president, at the Presidential Villa in Abuja…yesterday
Train Crushes Tricyclist, Passengers in Lagos Chiemelie Ezeobi An Abule Egba-bound train, yesterday crushed a tricyclist and his three passengers after the tricycle veered into its tracks. THISDAY gathered that the train had left the station at Ike Aro and was heading to Abule Egba when the tragedy occurred as it approached Toyin, a suburb between Agbado Crossing and Ijuishaga Station. According to eyewitness account, as the train approached, motorists and pedestrians alike stopped to give it the right of way.
However, the tricyclist tried to make a last-minute dash across the tracks and was crushed by the moving train. His attempt was foiled midway as the tricycle stuck to the rails, which made the train run into it and crush all its occupants except one of the passengers, who managed to escape unhurt. After the train passed, the mangled remains of the occupants and the carcass of the tricycle splattered on the tracks. Reacting to the incident, the Lagos State Emergency Management Agency (LASEMA), said the incident
which happened at about 6.52 a.m., killed four persons. According to LASEMA General Manager, Adesina Tiamiyu, the agency received the distress call via the emergency toll free number 112/767 about the accident at the Iju area, Shina Peters Road Iju Ishaga. He said this prompted the immediate activation of the Agency’s Response Team and other stakeholders to the scene of the incident accordingly. He said: “On arrival at the scene of incident, it was gathered that a tricycle with five people on board had a collision with a moving train
at the aforementioned address. “Further information gathered at the scene revealed that the immediate cause of the incident was due to reckless driving on the path of the tricycle driver trying to cross the rail crossing. “Unfortunately fourpersons (three adult males and one adult female) lost their lives. One adult male escaped unhurt. Tiamiyu however, advised motorists especially tricycle operators, to always exercise patience when crossing the railway line to avoid unnecessary loss of lives in the state.
Senate to Probe Removal of NYSC DG by Buratai Deji Elumoye in Abuja The Senate yesterday expressed reservation at the reported removal of the Director General of the National Youth Service Corps (NYSC), Brigadier General Sule Kazaure, by the Chief of Army Staff (COAS), Lt. General Yusuf Buratai. It has therefore, mandated its committee on Sports and Youth Development headed by Senator Obinna Ogba (Ebonyi Central), to within one
week, investigate the recent appointment of a new Director General of NYSC, Brigadier General Sani Ibrahim by Buratai. This was sequel to the adoption of a motion moved by Senator Dino Melaye, describing as illegal the removal of NYSC boss by the Nigerian Army authorities. The committee is to establish whether any law was violated in the appointment of the new NYSC boss.
Melaye had while raising a point of order claimed that there was an infraction by the Chief of Army Staff in the appointment of a new NYSC DG contrary to the Act establishing the body. According to him, “Section 5 of the NYSC Act states that there shall be a service to be headed by a person called the Director General to be appointed by the President. “Surprisingly, the Chief of Army Staff, removed the
Director General through signal and through another signal appointed another one. The law doesn’t confer the power of appointing NYSC DG on anybody, but the President. The last person and all other past persons were appointed by presidents. He added that “if we allow this, the announcement of the Senate president can come from the road safety and replacement may come from the same institution.”
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Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
CHRISTIAN CHUKWU MUST NOT DIE
Sonnie Ekwowusi writes that Nigeria could do more for the retired and ailing footballers
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he news has pierced the cloud. Dean of defence, ex-Rangers International captain, ex-Super Eagles coach, ex-Super Eagles who captained the squad that won the 1980 African Cup of Nations “Chairman� Christian Chukwu is seriously ill. He is about to be flown to London (if he is not already in London) for an urgent medical surgery. Christian Chukwu must not die. Sad to say, many Nigerian ex-footballers who had done Nigeria proud in many local and international football matches have died young in circumstances that suggest that they had no access to good medicine or due to poverty or sheer negligence. For example, the nation woke up one morning to hear that former dangling striker and two-time African Footballer of the Year Rashidi Yekini who in fact scored Nigeria’s vital goal against Bulgaria in the 1994 World Cup was dead. On the day Rashidi died, he allegedly woke up hale and hearty only to die later in the day. Some claim that shortly before his death he suffered from severe depression. You will recall that on 25th May 2008 ex-Rangers International and Super Eagles striker Aloysius Atuegbu, whose powerful shots at goals earned him the sobriquet “block buster�, died. On 4th December 2008 ex-Super Eagles mid-fielder Haruna Ilerika died of a liver problem. On 28 September 2009 ex-ICC Shooting Stars and Super Eagles goalkeeper Best Ogedegbe died after being in coma for one week as a result of an eye surgery. And on June 6, 2016, ex-Super Eagles captain and coach, Stephen Keshi, who in fact captained the Super Eagles in the 1994 World Cup in the U.S., died of cardiac arrest en route to hospital. Prior to Keshi’s death, Super Eagles and ICC Shooting Stars of Ibadan midfield maestro Mudashiru Lawal had slumped in his house and died. Other ex-Super Eagles and ex-Nigerian footballers who have died in somewhat unexplainable circumstances include Taiwo Ogunjobi, Okey Isima, Luke Okpala, Sule Kekere, Yakubu Mambo, Earnest Ufele, Christian Madu, Felix Owolabi (“Owo blow�), Paulinus Ezike, Patrick Okala, Thompson Oliha, Mathias Obianika, Kelechi Emeteole (“Caterpillar’) Uche Okafor, Moses Otolorin, Kenneth Ilodigwe, Sam Okwaraji, Wilfred Agbonavbare and others. Sam Okwaraji, you will recall, slumped in the field of play at the National Stadium, Surulere, Lagos and died. Thompson Oliha died from complications from malaria. From the preceding you can see how over the years many of our budding football stars have been left to die unsung. This is sad. Great footballers such as Chukwu who have generously rendered great service to their fatherland belong to the national icon worth preserving. If these players have given so much they should also receive so much. I remember last year when the Super Eagles were preparing for the World Cup Christian Chukwu was with the team preparing them for the World Cup. This attests to Chukwu’s selfless service to his country. Therefore we cannot abandon him. Happily, some public-spirited persons and bodies have hearkened to Chukwu’s assistance to save his life. Last week oil magnate and business mogul Femi Otedola doled out a gargantuan sum of N18 million to Chukwu for his medical surgery in London. Also last week the President of the Nigeria Football Federation (NFF) Amaju Pinnick assured all that the NFF would not allow Chukwu to die. He said that the NFF had specifically set up
NFF BOSS AMAJU PINNICK HAS PROMISED TO SET UP A FOUNDATION FOR THE WELFARE OF NIGERIAN FOOTBALLERS. WE PRAY THAT THIS COMES TO FRUITION
a foundation to cater for the health of Chukwu. In the meantime NFF has appointed Chukwu its Life Ambassador. On his part, the charismatic Enugu State governor Ifeanyi Ugwuanyi went visiting Chukwu last week. After the visit the governor directed that Chukwu’s first son Emeka should be offered immediate employment in Enugu as a way of assisting the family. The governor had in the past donated money to ailing Chukwu. These are praiseworthy solidarity. I am sure other generous Nigerians will follow suit and send their donations to Chukwu. Truth to tell, football has helped to project Nigeria abroad. Nigerian professional footballers are improving Nigeria’s battered image abroad. If you travel abroad and introduce yourself as a Nigerian to any foreigner, he or she is likely to exclaim, “Ah! you are from Nigeria, the country of Nwankwu Kanu, Mikel Obi, Victor Moses�. This tells you how popular and influential Nigerian top footballers are. As far as many foreigners are concerned Nigeria begins and ends with Kanu Nwankwu, Mikel Obi or Victor Moses. But the paradox is that a Kanu Nwankwu, Mikel Obi or Victor Moses cannot win an election in his local government area in Nigeria. If you are in doubt ask politician Segun Odegbami who contested for Ogun State governorship under the platform of the Labour Party to enlighten you on the matter. Some can’t still believe that the former World Footballer of the Year and former star of AC Milan, Chelsea and Monaco George Oppong Weah is now the President of Liberia. But that is the reality. Liberia knows how to preserve her humanl capital Therefore Nigeria should learn to cater for her retired and ailing footballers. In 2014 Taiwo Alimi wrote an article in The Nation with the title: Painful World of Ex-Footballers. In the article he narrates how ex-Super Eagles players such as Sylvester Egbogie, Peter Fregene, Emmanuel Okala, Stanley Okoronkwo, Samuel Okoye, Segun Olumodeji, Samuel Opone, Oshode Muyiwa, and Paul Hamilton, Kenneth Olayombo, Mohammed Lawal, Durojaiye Adigun, Willy Andrews, Sebastian Broderick-Imasuen, Clement Obojemene, Ganiyu Salami, Joseph Aghoghovbia, Yakubu Ibrahim, Alfred Kossi, Bunmi Adigun, Kadiri Ikhana, Joe Erico, Demola Adesina and others who ought to be basking in the euphoria of their retirement benefits are today living in squalor and misery. Ex-Super Eagles finest goaltender “Man Mountain� Emmanuel Okala, we gather, now lives in misery. Sylvester Egbogie whose two legs have been amputated is now sorrowing away in Warri. Ex-Rangers and Super Eagles star Christian Madu died in 2017 or so because he could not afford the medical bills. So, our ex-footballers need immediate assistance. NFF boss Amaju Pinnick has promised to set up a foundation for the welfare of Nigerian footballers. We pray that this comes to fruition. But beyond establishing a foundation for the welfare of Nigerian players, the federal government should set up an endowment fund for the well-being of Nigerian ex-footballers. Ghana Football Association (GFA) has done so. Nigeria should follow suit. Were such endowment fund in place, Chukwu and other ailing Nigerian ex-footballers would probably not be dying of sickness and misery at the moment. A nation that allows its human capital to waste away is tottering on the brink of collapse.
A TALKER OR A WALKER? Despite the insinuations, Rotimi Amaechi, minister of transportation, has made his mark, writes Peter Abuchi
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he history of modern politics in Nigeria, especially since return to civil rule in 1999, cannot be written without generous space devoted to the personality of Right Honorable (Chief) Rotimi Chibuike Amaechi. Chief Amaechi is currently the Minister of Transportation and in the last general elections, was the Director General of the President Muhammadu Buhari Campaign Organisation, a position he also held successfully in the 2015 presidential polls. Amaechi is also the immediate past Governor of Rivers State, a position which he held for eight years after being Speaker of the State’s House of Assembly, also for eight uninterrupted years, during the tenure of Dr. Peter Odili as Governor of the State. From the going alone, it is easy to discern that Chief Amaechi is an achiever, a consummate politician, a team player and a go-getter. He was there when the foundation of the Rivers State of today was laid, he was there when the building blocks of the state were being put in place and, indeed, played a leading role in the development of the state to what is today. Indeed, to his credit is the fact that he ran cultists and militants that now seem to be returning to their trenches out of town during his tenure as Governor. Along the line, however, forces, fifth
columnists, have emerged that are trying very hard to rewrite the history of his contributions which are already well embossed in gold in annals of history. These are the same forces, who, in collusion with other forces of retrogression in the state and beyond that have tried severally without success to stop his meteoric but well merited rise to national political lime-light. They tried very hard to stop him from becoming Governor of Rivers State after Dr. Odili but failed woefully. He is not called the Lion of the Niger Delta for nothing. He fought them off and battled them every inch of the way till he retrieved his gubernatorial mandate at the Supreme Court of Nigeria to popular acclaim and to their eternal shame. They did not stop there. They went ahead to put all manner of hurdles on his way to success in his first term as governor, but he scaled them all and recorded a successful tenure. In spite of them and their shenanigans, he went on to secure his second term in office and also acquitted himself creditably. He brushed aside the feeble opposition from within the state and moved on sure- footedly to the national scene where he became a rallying point for governors of the Southern states of the country and the Chairman of the Nigeria Governors’ Forum. At this point in his political career, he built most of the very solid bridges of understanding and friendship across the length and breadth
of the country that have served Nigeria well. An activist in government, he led the Forum of the 36 states’ governors very successfully and from that pedestal advanced several laudable courses, and it is easy to notice that since after his tenure, the Governors’ Forum has been a shadow of itself. His second term in office as governor saw him weathering many fierce storms of opposition, especially with the then President, Dr. Goodluck Jonathan and his wife, Patience, deciding that he was their problem that must be got out of the way. They unleashed the federal might on him but he proved equal to the task. When, eventually, he teamed up with some other governors and political forces and moved out of the Peoples Democratic Party (PDP) the country felt the tremor and when they went ahead to form the All Progressives Congress (APC), with him in the driving seat with some others, political pundits knew that the game was up for Jonathan and the PDP. Within the APC, he again played a very major role in the emergence of Muhammadu Buhari as candidate of the party at the Lagos Congress of the party and many were sure that he would be announced the VicePresidential candidate of the party, but again, some power mongers in the APC conspired and worked against his emergence. He, again, quickly overcame that hurdle and Alhaji Buhari, who knows how key
Amaechi was to his emergence had no second thoughts appointing him the Director General of his Presidential Campaign Organisation. His exploits in that office that saw Buhari, the opposition party’s candidate defeating the incumbent president, a rarity in Africa as a whole and first time such was happening in Nigeria, are now part of history that cannot be erased, diminished or distorted, however hard his harshest critics work to achieve these ends. The same forces of darkness that have been at work trying to use their little palms to cover his rising sun from shinning brightly for Nigeria are still at work today, joined by other putative forces of retrogression, trying to rewrite history, spinning false tales in a bid to paint him in negative colours before his people of Rivers State and the Niger Delta and before President Buhari, to try to force a wedge between them. They failed woefully before, they will fail again, because no one can use their palms to cover the shining sun or the full moon. As no power was able to stop him before, no gang -up, from within Rivers State, from within the Niger Delta or even from within or outside the APC will be able to put a wedge between him and the president, between him and the people of Nigeria or between him and his people in Rivers State and the Niger Delta. Dr. Abuchi wrote from Lagos
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EDITORIAL Minimum Wage And Workers’ Day There are more battles ahead
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he recent signing into law of a bill increasing the country’s minimum wage to N30,000 from N18,000 is a welcome development for which both the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) must be commended for their tenacity. When they started the struggle for a review of the minimum wage that had been in operation for the past eight years, the argument from the government was that many of the 36 states struggle to meet existing salaries. But labour countered that wages cannot remain stagnant when the cost of living has skyrocketed in an economy riddled with ination and depressed spending. However, on a day reserved for the celebration of workers across the world, it is important for the NLC and TUC as well as their afďŹ liates to understand that while the battle may have been won, the real war is ahead given the situation in many of the states where many cannot even pay the WHILE THE BATTLE MAY current amount. While HAVE BEEN WON, THE we need a drastic REAL WAR IS AHEAD re-orientation that GIVEN THE SITUATION requires the federating states to live up to IN MANY OF THE STATES certain ďŹ scal expectaWHERE MANY CANNOT tions, the governors EVEN PAY THE CURRENT cannot continue to live AMOUNT in luxury and yet deny workers in their states living wages. But there must be a conversation on the way forward. Even when low remunerations result in low productivity, there is also a wrong assumption in this clime that minimum wage should be uniform across all the states, without isolating the peculiarity and operating environment. That of course is no excuse for irresponsibility, especially as some governors who do not pay workers in the states waste resources on white elephant projects that are conduits for stealing public funds. But we are also concerned about the large number of idle workers
Letters to the Editor
on the pay roll both at the federal and in the states. Also there is need to reect on some of the cadres of workers in the civil service: many of them have no places in the service. Our civil service is more or less a social welfare programme. For instance, of what value and relevance is enrolling typists on the payroll in this computer age?
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T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR DAVIDSON IRIEKPEN MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE
T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: ďŹ rst name.surname@thisdaylive.com
eanwhile, one major attraction in public service, despite its poor remuneration package, is the beneďŹ t of receiving pension after retirement. But over the years, such prospect has become problematic and uncertain in Nigeria. And this has worsened the woes of retired civil servants. The failure of government to meet the pension expectation of retirees ends up shattering the plans of many as well as inducing economic trauma, which in some cases have led to fatalities. Indeed, many senior citizens who had no other source of earning a living after service had collapsed and died while on queues waiting for their pensions. It was in a bid to move beyond this tragic situation that the Pension Reforms Act of 2004 was enacted. It was, as the name suggests, designed to address the failures of the old scheme—the DeďŹ ned BeneďŹ t Scheme (DBS). In its place, the Contributory Pension Scheme (CPS) was introduced wherein both the government and the workers themselves are to save up a given amount of their earnings towards building up an accumulated funds reserve which the worker can fall back on after retirement. While we urge the federal and state governments to keep faith with their obligations to pensioners, we also call on the pension sector regulator, PenCom, to apply stricter measures in enforcing compliance with the provisions of the Pension Reforms Act by the PFAs. Indeed, we believe and demand that it is only fair and just to allow pension to sooth the nerves of retired persons, especially after the workers have been faithful in making appropriate contributions to the scheme while in active service. We wish all Nigerian workers happy May Day.
TO OUR READERS Letters in response to speciďŹ c 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.
JOURNALISTS AND COVERAGE OF THE 2019 ELECTION
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he much hyped Nigeria’s general elections have come and gone, leaving a sore taste in the month. The presidential and National Assembly elections were held on 23rd February 2019 while the governorship and State House of Assembly elections came up on 9th March 2019. As predicted, following the intense heat generated in the political space by the candidates and the political parties, the elections didn’t end well, with violence and deaths on their trail. For journalists, the coverage of the elections was like taking a journey to the unknown. Yes, treading the unknown might be a common endeavour to the journalist as, to unearth the unknown, is the true essence of journalism. However, I’m talking about life and death here; that the coverage of the 2019 general elections in Nigeria was like going to a war zone. But why a war zone? First, it could be because of the existential reality of Nigeria being the largest democracy and economy in Africa: the stakes are high. Secondly, because the politicians and their collaborators want to continue to rip off the country’s economy by desperately assuming authority. What’s on my mind? I’d not hesitate to choose the latter. Let’s now look at the report of one or two accredited observers of the 2019 general elections in Nigeria. A joint observation mission by the International Republican Institute (IRI) and the National Democratic Institute (NDi) wrote: “Incidents of violence and disruption to the balloting process were observed in Lagos, Benue, Rivers and Nasarawa states. The delegation was informed of loss of lives as a result of election day violence. The mission deplores these losses and expresses its deepest condolences to the bereaved and the Nigerian people.
“These actions and the impunity, with which some electoral actors conducted themselves, including some polling agents and members of the military, undermine citizen confidence in elections and threaten the legitimacy of Nigeria’s democracy.� The heart may jump out of the chest watching the videos and seeing the photos of violence displayed across social media platforms, and in the newspapers in the aftermath of the elections. No system can be completely perfect though, but the apparent buying over of security forces by politicians across the political divide to advance their enlightened self-interest calls to question the free and fair conduct of the elections by the Independent National Electoral Commission (INEC). It was in the midst of these happenings that journalists did their beat during the muddled elections. So much so that a group of Nigerian journalists, in Abeokuta, South West Nigeria, launched a celebration of fun in a Facebook page for the relief which came their way after the hectic and dangerous coverage. However, some journalists weren’t as lucky as to pose for fun. The concerned journalists encountered one form of harassment or the other in the line of duty, including denial of access to election collation centres, verbal attack, beating, kidnapping, illegal arrest and detention, illegal seizure and destruction of laptops, vehicles and equipment, as well as gunshots wounds. More specifically, let’s look at five details of such harassment as highlighted by the International Press Centre (IPC) in Lagos, an organisation that is “dedicated to building media capacities for democracy and development�, amongst others. r $PMMJOT 0TTBJ PG $IBOOFMT 5FMFWJTJPO XBT CBSSFE CZ QPMJUJDBM UIVHT from covering the elections in Central Primary school, Iruekpe, Edo
State. r ##$ "GSJDB 1JEHJO SFQPSUFS "KPLF XBT TMBQQFE CZ B QPMJUJDJBO PWFS her coverage of vote buying at Pleasure Bus Stop polling booth, Agege, near Lagos. r "NPT 5BVOB PG %BJMZ 1PTU BOE B HSPVQ PG KPVSOBMJTUT XFSF physically assaulted close to Zonkwa police station by thugs in Kaduna State while covering the irregularities being perpetrated by politicians and their thugs. Phones, cameras and other personal belongings were seized and destroyed. r "TJEF UIF *1$ SFQPSU 1SFNJVN 5JNFT QVCMJTIFE UIBU 3FHJOBME Dei, a Government House photographer was shot in his residence by VOJEFOUJĂ FE BSNFE NFO XIP XPSF NJMJUBSZ VOJGPSN BU 0XFJLPSPHIB Southern Ijaw Local Government, Bayelsa State. r "HBJO /PO[P *TJHV[P B OFXT FEJUPS XJUI UIF QSJWBUFMZ PXOFE Nigeria Info radio station narrated to the Committee to Protect Journalists (CPJ) how the officially branded vehicle of his office in which he travelled on election day to cover the elections was stopped in Ahoada local government area of Rivers State by armed men wearing camouflage uniforms, the occupants were ordered to disembark and the car key seized. There could be no doubt that such attacks endanger not only journalism, they threaten freedom of speech and democracy. If allowed to fester, human existence itself will be swamped and spoiled by absolute power. As part of efforts to limit the aggressiveness of power and hold government to account, there has been an increased use of digital tools to effectively highlight the dangers that confront journalists and the journalism profession in Nigeria. Wole Elegbede, Abeokuta, Ogun State
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T H I S D AY ˾ WEDNESDAY MAY 1, 2019
MIDWEEKPOLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
NEWSMAKER
Values Ndoma-Egba Can Bring to the Federal Executive Council
As President Muhammadu Buhari’s first term winds down, Ayomide Yusuf writes that vibrant individuals like former Senate Leader, Victor Ndoma-Egba, should be a member of the impending Federal Executive Council
Ndoma-Egba
I
n the light of the backlash that has trailed President Muhammadu Buhari’s administration in the last four years vis-à-vis the performance of members of his cabinet, pundits are of the opinion that the President has a golden opportunity to appoint eminently qualified men and women who would help in translating his vision and consolidating on his achievements as he begins his second term in office. Prominent on the long list in the public space is a former Senate Leader and a former Chairman of Niger Delta Development Commission (NDDC), Victor Ndoma Egba. He is an exceptionally talented lawyer and gentleman. Over the years, he has built a network of friends; spreading his tentacles across the length and breadth of Nigeria and beyond. Ndoma-Egba is indisputably a leading light from whatever perspective one chooses to assess him. During his 12 year-old in the Senate, Ndoma-Egba sponsored and cosponsored 38 bills most of which have become Acts of the National Assembly including the famous Freedom of Information Bill. This is an unrivalled feat in the history of parliamentary representation in Nigeria. In the dark days of the cabal, Senator Ndoma-Egba stood to be counted as one of the wise men who framed the now famous “Doctrine of Necessity” that was adopted to stabilize the ship of state. Senator Victor Ndoma-Egba has remained the first and only lawyer to be recognised as a Senior Advocate of Nigeria while serving at the National Assembly. Senator Victor Ndoma-Egba is a man of prodigious intellect and a man imbued with the capacity to multi-task. Since 1984, Ndoma-Egba has built an untainted reputation of excellence, integrity, credibility and character in
public service in addition to a thriving private legal practice which dates back to 1979 at K.G. Agabi Chambers in Ogoja, Cross River State. He has served on many occasions as chairman or member of different government boards, agencies and commissions making unrivalled
In the dark days of the cabal, Senator Ndoma-Egba stood to be counted as one of the wise men who framed the now famous “Doctrine of Necessity”that was adopted to stabilize the ship of state. Senator Victor Ndoma-Egba has remained the first and only lawyer to be recognised as a Senior Advocate of Nigeria while serving at the National Assembly
contributions to the development of his state and country. In 1987, Senator Ndoma-Egba with a junior colleague in the bar, Richard Ebri (deceased) founded the highly reputable Ndoma-Egba, Ebri & Co (Legal Practitioners) in Calabar. For almost two decades after the demise of Richard Ebri, Senator Victor NdomaEgba has maintained the name of the chambers. He is a personification of loyalty. He gives absolute loyalty. President Buhari needs a man that is credible, respected across the geopolitical zones and amongst his people. He is compassionate and kind to all manner of people. In 2007, NdomaEgba initiated the entrepreneurial scheme where more than 120 people were trained in different vocations/ skills and empowered with start-up capital and now own their businesses. As a serving Senator of the Federal Republic, Ndoma-Egba was a master of legislative advocacy where he attracted projects in excess of N7 billion to his constituency in the Central Senatorial District of Cross River State. His unceremonious exit from the hallowed chambers of the Nigerian Senate after 12 years of meritorious service to his fatherland has kept the tongues of watchers of Nigerian politics wagging and their mouths yawning for more of his unmatchable legislative depth. The void created by his absence at the 8th Senate is quite undeserving to the Nigerian people at this critical moment in history. Recognising his capacity, President Buhari appointed him as the Chairman of NDDC and within two years of his stewardship, NDDC rehabilitated 90 per cent of roads in Cross River State. The former lawmaker said that the initiative was to attract development to the state by way of expanding and rehabilitating urban and rural roads for easy movement of goods and com-
muters. Justifying the intervention, Ndoma Egba said, “I have said this before and let me say it again, whatever road you see anywhere in the state that was tarred in the last two years, 90 per cent of the chances are that they were tarred by NDDC or the Ministry of Niger Delta. “I want to be challenged on this. We have roads right from Calabar South to Bakassi, right down to Obudu and Obanliku Local Government area of the state. “If you see any school renovated in the last two years, new roof, new building, new furniture; 90 per cent of the chances are that it was done by NDDC. “These are some of the achievements we have recorded in Cross River. We remember that once upon a time, the Calabar-Itu Road was impassable, but the road became passable by the effort of NDDC,” he said. According to him, same goes for the Calabar-Ikom-Ogoja-Obudu road. He pointed out that from Ikom to Calabar that usually took up to five hours is now a journey of two hours plus. Based on his track records in the National Assembly from 2003-2015, Ndoma-Egba is believed to have attracted over 74 projects within the period under review and facilitated federal employment for over 358 constituents. He added that he also provided scholarship for 700 undergraduates, organised skills acquisition training, and sponsored the Freedom of Information Bill, among others. “Some of my projects include the Faculty of Law in the University of Calabar, the Irruan Water Dam in Boki Local Government, the Edor community water project and many others,’’ he said.
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ANALYSIS
Tasks Ahead of Masari’s Second Term
Francis Sardauna writes on the need for Governor Aminu Bello Masari of Katsina State to tackle the increasing rate of kidnapping, banditry and administrative logjam that weighed down his first tenure
Masari
I
n Katsina State, the intensity of political activities that pervaded the period leading to the the 2019 governorship election which saw the re-election of Governor Aminu Bello Masari for a second term is yet to abate. The main opposition party, Peoples Democratic Party (PDP) has continued to drum the sentiments that the reelection of Masari was a product of brutal violence, vote buying, ballot-stuffing, results-falsification and a range of other irregularities that have “no place” in our electoral laws. The election was a ferocious combat between the incumbent Governor Masari of the All Progressives Congress (APC) and Sen. Yakubu Lado Danmarke of the PDP. Both Masari and Lado come from the Southern Senatorial part of the state which usually determine election results in the state because of the critical bloc votes that they control. Danmarke, is an accomplished politician. A one-time Supervisory Councillor, two-time chairman of Kankara local government, a former member of House of Representatives before terminating at the Senate. Aside from having a strong financial muscle with which he ran his recent campaign tagged ‘Chanza Su Lado’ his lavish campaigns have always endeared him to supporters, ensuring also a large pool of voters. However most of his shortcomings have to do with not staying enough in the state. Danmarke is not based in the state and is only remembered when elections are around the corner. Also, people are still very wary of his style of politics. It was widely alleged he trades with parties and candidates who are willing for a ‘pay out’. These reasons among others, might have haunted his recent governorship bid. For Masari, the power of incumbency, the President Muhammadu Buhari factor, and the defection of numerous PDP stalwarts including the then PDP governorship aspirant, Musa Nashuni, Sada Ilu, late Kanti Bello and Dr. Usman Bugaje supporters into the ruling APC in the state before the election contributed significantly to his landmark victory. Another factor was the appointment of caretaker committee chairmen into the 34 local government areas of the state, which political observers believe was another move to reach out to the rural dwellers ahead of the primaries and governorship election that led to his victory. Several other foot soldiers and party platforms were also reactivated. As the dust generated in the course of the election began to settle (even though the opposition, PDP, has gone to court), the need to roll up the sleeves and get to work has become pertinent.
Buhari
Interestingly, Masari is aware of this and promised, in his acceptance speech, to redouble his efforts and also correct the blunders committed in his first tenure. The governor reaffirmed his commitment to improved security, empowerment and education, just as he assured every one of his willingness to run an all-inclusive government in his second term. He described his victory as vote of confidence and affirmation of trust on what his administration succeeded in achieving in the last four years adding that, “As we move to the next level, I wish to reassure you of our commitments to continue to promote good governance in our state and to prioritise the education sector, empowerment and security of our people. “Our success in this election will not have been possible without the general support and contribution of millions of our party loyalists, supporters and well-wishers. In particular, I will like to pay tributes to the tireless effort of our campaign council. As we celebrate our victory, it is important to caution our people that the contest was not between enemies. In Katsina state, we do not have losers, everyone is a winner.” At the moment, there is relative stability in APC in Katsina State. There is no internal acrimony threatening to rock the boat, but the perception of the people on governance in the state is a different kettle of fish. In his first tenure, Masari has adopted different approaches to tame the tide of herdsmen/ farmers clashes in the state but while the people appear to be heaving a sigh of relief, there was a resurgence of banditry that is currently ravaging some parts of the state. There is general insinuation in the state that the governor did not give the killings adequate attention and that he did not stand by the people in the course of their travails. So, the governor has a lot of work to do to convince the people that he feels their pain. While some have observed that the administration in recent times has tried to put necessary machinery in motion to address the situation, those watching political events in the state believe that the government needs to do more to assuage the feelings of the people, especially victims of bandits attack. However, in recent times, the governor seems to have realised this and he is seen to be gradually adapting to the reality of the times. His recent moves to address the plight of the IDPs at Nuhu Model Primary School, Kankara, and to resettle them in their various communities, apart from the security arrangement being put in place, are welcome development. It is also paramount that the governor addresses the acute water shortage that
has hit the state capital for several months. This scenario prompted residents to live at the mercy of water vendors for their daily water supply, not minding where they get the water from. In Katsina metropolis, including Government Reservation Areas (GRA), long queues of water vendors at commercial borehole centres have become a common sight. Following the scarcity, commercial borehole operators have increased their rate by 50 per cent. While owners of private boreholes now charge between N10 and N15 as against N5 per 25-litre can. Another critical area where the governor must direct his attention, if he wants to succeed, is the state civil service. The civil service in any society is the driving force behind every government policy and development. Presently, about 30 per cent of the state civil service is made up of casual staff or contract workers. These casual staff are, most times, not paid regularly because they draw their salaries from overhead to ministries and extra ministerial departments for day-to-day running of these agencies. The overhead is currently only paid exclusively to a select organisations for reasons that have remained unclear. The governor will do well to ensure even spread of the overhead among ministries and extra ministerial departments for effective service delivery. The success of any administration is measured on how well agencies of government have delivered on their mandate. For them to deliver on government programmes and policies, they must be very well funded. For example, for the Katsina State Water Board to supply water to the populace, it must be funded by government to buy water treatment chemicals as well as buy fuel to pump water. The governor must create time to have periodic interface with heads of his ministries and ministerial departments for first-hand information about developments and challenges facing them. The texture of the new administration would be defined clearly by the political temperament of the governor. For many, his last tenure was beguiled with lots of political power play such that it almost distracted the administration from robust governance. While some analysts believe that the political events of the outgoing tenure was solely the governor’s fault, other pundits expected him to pursue a reconciliatory and inconclusive government as measure towards ensuring that the state is peaceful. For an administration that is returning for second term, the burden of adjusting in office would not be much of a problem. Much more, it might not be too challenging
for the governor to setup his cabinet just as it is expected that he would have reappraised the sectors that under-performed in his first tenure. But a staunch member of the APC who pleaded anonymity disclosed that the outgoing political appointees should not be reappointed in his new tenure, adding, however, that there was pressure on the governor, and the party to raise another set of party faithful to form his new cabinet. Accordingly, the battle is fiercer as about100 people are currently struggling to secure placement or retain their positions in the next cabinet of Governor Masari. At the movement, 10 persons from Katsina local government area have openly shown interest in Masari’s upcoming cabinet. The lobby for cabinet or other executive positions in the state is reportedly done through different platforms including the current favourite Islamic sect in Katsina, the JIBWIS. Pundits revealed that the sect influenced the appointments of about two or three commissioners and a special adviser among others in the present cabinet. The lobbyists are also said to have found the listening ears of the Daura traditional ruler. According to sources, one difficult bridge most aspirants must cross to get into the new cabinet is Alhaji Dahiru Bara’u Mangal, a business tycoon cum politician, who has shunned public functions after the elections. He is believed to have traveled abroad to reduce the pressure on him. He is reputed to wield considerable influence on the composition of the new cabinet. At different events, Masari has assured that everyone who contributed to the success of Katsina APC in the last election would be rewarded. For this reason, the governor must prepare himself to begin the last phase of this journey by appointing a new cabinet immediately after the May 29 swearing-in-ceremony. He must realise that there is not much time and that the time to play politics is over. Now, it’s time to perform and leave an indelible mark on the sands of time. In this direction, he must limit the volume of courtesy calls by politicians to the barest minimum so as to have enough time to attend to matters of state. In the past, every day, the governor was made to attend to one group or the other on courtesy visit. An administration is remembered and judged kindly for projects completed and commissioned. No administration is ever applauded for abandoned projects. Governor Masari must strive to complete and commission all the laudable projects started by his administration.
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08152252325 2019 INTERNATIONAL WORKERS DAY
Uniting Workers for Social and Economic Development To commemorate the International Workers’ Day, Ayodeji Ake and Sunday Ehigiator, who sampled the opinion of some workers, report on the need for employers of labour to do better for their employees, especially with the 2019 theme centred on uniting workers for social and economic advancement
Mrs. Pam Dusu Mercy
Mr. Tunde Lawal
Mrs. Taiwo Olokungbemi
Mr. Jide Oyediran
Mr. Akanni Azeez
Luqmon Balogun
E
very May 1, Nigeria marks its International Workers’ Day. This year is no different. Tied around ‘Uniting Workers for Social and Economic Advancement’, this year’s event will be marked today across all states of the federation. Also notable is that workers in Nigeria will take the day off in observance of the workers day. For workers, it’s a day to bring their demands to the front burner. While the day is set aside to celebrate workers, it also provides an opportunity to demand for better welfare and working conditions. About International Workers’ Day According to Wikipedia, the International Workers' Day, also known as Workers' Day, Labour Day in some countries and often referred to as May Day, is a celebration of labourers and the working class that is promoted by the international labour movement which occurs every year on May 1, an ancient European spring festival. The date was chosen by a pan-national organisations of socialist and communist political parties to commemorate the Haymarket affair, which occurred in Chicago on May 4, 1886. The 1904 Sixth Conference of the Second International, called on "all Social Democratic Party organisations and trade unions of all countries to demonstrate energetically on the
First of May for the legal establishment of the eight-hour day, for the class demands of the proletariat, and for universal peace�. The first of May is a national public holiday in many countries worldwide, in most cases as "Labour Day", "International Workers' Day" or some similar name – although some countries celebrate Labour Day on other dates significant to them, such as the United States, which celebrates Labour Day on the first Monday of September. FG’s Declaration Expectedly, the Federal Government has declared Wednesday, May 1, as public holiday to celebrate the 2019 Workers’ Day. The Minister of Interior, Lt.- Gen. (Rted) Abdulrahman Dambazau, who made the declaration on behalf of the Federal Government, congratulated Nigerian workers on their commitment and sacrifice toward building a greater Nigeria. Dambazau who made the announcement in a statement issued on Monday in Abuja by Mrs. Georgina Ehuriah, permanent secretary of the ministry, commended workers’ effort at ensuring the full implementation of the policies and programmes of government through efficient and effective service delivery to Nigerians and foreigners. While calling for continuous support of Nigerian workers in government’s effort at re-positioning the economy and moving it to
the Next Level, he also commended them for keeping faith with the President Muhammadu Buhari Administration’s resolve of building a better Nigeria. Nigerians Speak Barring her mind about the day, an Optician with Peak Eyecare, Dr. Priscilla Oseahumen said: “I think the new minimum wage is a welcome idea. But when you are being elevated to a higher level, your take home pay is not so elevated, the problem lies there. I think the higher level workers won't be so happy about this as it it would only significantly be affecting low income earners. I only hope there is an even percentage increase across all levels. “Let's imagine this. Let’s say in 10 years time, will N30,000 be okay as minimum wage? Do you think this our government can do better than this? I think the government right now will be feeling like they have done the masses a very huge favour hence might not really see the need for any increment again. In the real sense though, the government has tried but can be better. Trust me, the government we have in our country will not do any better than this new minimum wage in five years time, then comes another trouble. But sincerely, I hope they do better.� Luqmon Balogun from Voice of Nigeria said the new minimum wage is a good
development, though long awaited. He said: “It is an obligation by the government at all levels to cater for its teeming staff by way of encouraging increment of salary at intervals and prompt payment of workers. So, it's a welcome development. “What is expected from the government, particularly state and federal is to be consistent in the payment and to ensure continuous review of the minimum wage. Also, it must design a feedback mechanism to gauge the level of compliance by the private sectors who also form part of the agreement.� Also lending his voice to the recently increased minimum wage, Mbadugha Kingsley of Backdesk Innovative Solutions said it’s a good initiative as this would help the underpaid workers earn something better. He added, “I think the government should set up a body to monitor and ensure that companies adhere to this policy. They can start by requesting for employment offers given to staff in their organisation, and also announce a fine for any company that fails to follow the policy. Pending the date the policy is made, companies should be given at least two months to implement this new policy, after which, any company found wanting will have to pay fine and then make up for the payment to the staff involved. “Also, I want the government to take the issue of worker’s security more seriously.
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FEATURES 2019 INTERNATIONAL WORKERS DAY
Mbadugha Kingsley
Goddie Ofose
Odogwu Dorcas
Olite Magdalene
Tobiloba Babayemi
Dr. Priscilla Oseahumen
In some parts of the country, workers don’t sleep with their two eyes closed, and this will affect their productivity. Generally, Nigeria is insecure and not safe at the moment, let government step up its security apparatus.� Goddie Ofose, a journalist with Star Fm and public analyst, said the minimum wage should have taken effect three years ago, “but like they say, it is better late than never. That said, we understand that the so-called minimum wage is for federal civil servants and by extension, states that can pay. Be informed that some states are still unable to pay the current N18,000 minimum wage, therefore, it is a no brainier that some state governments may not be able to pay. “The N30,000 minimum wage will only make sense if it won't trigger inflation. Federal Government should therefore devise a good strategy that will cushion any negative impact that may be generated by the N30,000 minimum wage. Obviously, market women, transporters and other sectors of the economy will receive this news and react according. As always the case, landlords, basic food materials and transport operators will react negatively. “So, I expect government to reassure Nigerians and providers of the essential services and goods of support in order to stem off negative reaction. Subsequently, government should engage leaders of these groups and even ensure basic transport system owned by government are put in place before minimum wage is announced�. For the CEO of La' Duchs Fashion House, Dorcas Odogwu, it’s a great step to building a better Nigeria. She added that the government needs to do more. “The standard of living in Nigeria is high. The new wage is a bit low considering the hike in transportation, price change of food commodities due to high cost of production, increase in house rent, school fees and clothing. “A citizen who earns N30,000 cannot conveniently contribute to the development of the country. How can a country provide basic amenities when taxes are not paid in a country where the masses are more than the capable hands? I believe the government can
do more than increasing the new minimum wage. On my expectations from the government; they should ensure it's a consistent and growing process to making Nigeria better. It shouldn't end with the current administration. “Small medium enterprises should be given room to grow and organisations involved in skill acquisition should be used as tools to empowering the workers and unemployed youths so as to create more income and job opportunities. The government can partner financial organisations that provide loans (capitals) for start-up businesses in order to make the loans accessible to SMEs or the workers with interest payable. “Start-up businesses or SME’s are vital to the financial growth of any country. The government should also explore other viable sectors that can provide financial growth, freedom and job opportunities�. Olite Magdalene of the Bank of Agriculture said her expectation from the government is that they should create more job opportunities, as well as also improve the working value of Nigerian workers. Tobiloba Babayemi of Primera Credit Micro-finance Bank was of the opinion that the minimum wage of N30,000 is not applicable in the Nigeria of today. He said: “Government should ensure the workers in Nigeria are at least comfortable. Nigeria is fast losing young and good hands to foreign countries. This should stand as a national concern to the government. “Creating more and better employment opportunity would go a long way in curbing crime; especially, cyber-crime as a lot of youths including graduates are now endangered and at the mercy of cyber-crime to survive, due to lack of jobs. There must be an immediate rescue effort from government to create job, because this goes along way to dent our image to international communities�. For Mr. Jide Oyediran, an accountant, his expectations from government include the fact that Nigerian workers deserve more recognition and motivation, welfarism and disposable income of workers. There are things that enhance standard of living of citizens which the Govt. needs to
fix. The new minimum wage cannot enhance the standard of living if; the cost of living in the country is still high, basic social amenities such as healthcare, transport, electricity,foods, housing, etc are not fixed, the rate of inflation is still high, hence devaluation is an issue on this minimum wage, palletives for workers are not available, and if some states may still struggle to pay and meet up with this wage, hence may lead to huge debts on respective state and resultant effects on the workers. Mrs. Taiwo Olokungbemi, a business developer, her expectations from the Nigerian government this year is that healthcare delivery will show signs of life from its current state by providing dedicated funds in treating chronic debilitating diseases and emergences. “Moreover, I expect the government to increase the budgetary allocation to health and education, and also provide free drugs for patients. So, I am looking forward to see a marked improvement in the provision of health facilities and services so as to limit the number of deaths in the country in general. Secondly, government should provide basic needs like water, electricity, education and more job opportunities. “According to research, deficient school curricula and poor teacher training have contributed to the failure of educational institutions to provide their students the appropriate skills to make them employable. Government should provide more teachers and try to give them a proper training as well as trying to increase there salaries too. Furthermore, utilities (water, electricity and gas) are essential services that play a vital role in our economic and social development. The problem facing the power sector is huge and it requires concerted efforts of the Federal Government and the stakeholders in the power sector to fix it permanently.� Pam Dusu Mercy, a market researchers from Jos, Pleatue State said: “I expect the government to take concrete steps to reduce the number of out of school children because poverty has actually increased the number of children out of school. The government should also pay more concern on health issues, they
should dedicate funds for terminal diseases and emergencies. The government should increase the scale of development because that's the only way to open up the economy and attract local and foreign investments. On the new minimum wage, it will not enhance the standard of living rather it will lead to increase in prices.� Mr. Lawal Abidemi, a civil engineer said this year would go down as one of the best celebrations for workers due to the new minimum wage bill of N30,000 that has been signed to law. He however posited that Nigerian workers deserves more in terms of welfarism. “Government must put in place a conducive environment for workers to give their best by making affordable low cost housing available with a long term payment plans (mortgage). “Also a good transportation system and where necessary, a reasonable car loan should also be put in place. Continuous and qualitative refresher courses should be encouraged for Nigeria workers to keep abreast of latest developments in their chosen career and improve on productivity. Last but not the least, quality health insurance policy must be put in place for Nigeria workers�. Mr. Akanni Azeez, a development planner in Abuja lamented that the “apparent incompetence of this government in the handling of affairs of governance has continued to take a huge toll on the nation. There is no evidence of the presence of government in this country as crimes of all kinds are committed all over the country and Nigerians have never lived in such great fear and trembling for their lives. “Also, N30,000 minimum wage is long overdue. With the minimum wage at N18,000, states are owing and unable to pay. States like Kogi (30months) and Osun State (modulated salary of 50 per cent). How can they pay N30,000? I don’t think it will have any significant impact in the standard of living of Nigerian workers�. While the annual workers day has proven a veritable platform to celebrate workers, the onus also lies on government and employers of labour to do better in order to ensure better efficiency.
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BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB
A S
A T
REPO 17.29 % 16.43%
CALL 1-MONTH 3-MONTH
16.50% 15.13% 15.75%
A P R I L 2 6 , S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE
388.29% 0.25% 0.44%
Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08024557078, 08152447875
2 0 1 9 S & P INDEX 1/4 TO DATE YEAR TO DATE
0.44% 8.77%
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Quick Takes OlamideNowGoldbergBrandAmbassador
Nigerian musician, Olamide, has been unveiled as the new brand ambassador for Goldberg Lager. The announcement was made during a media event held in Lagos recently. Promoters of the brand stated that the announcement marked the beginning of a new era for Goldberg, with the assurance that the beer brand now seeks to appeal to people who celebrate tradition and culture as its way of shaping the future. “Olamide is a perfect example of this, as he is industrious, traditional, open minded and outgoing making him a perfect ďŹ t for the brand. He has become one of the most sought after Nigerian entertainers, all whilst remaining authentic and true to his roots,â€? the company explained in a statement. As part of the event, Olamide headlined his ďŹ rst concert of 2019 themed “The Takeoverâ€?. The concert which was a special edition of the experiential platform by Goldberg called Unlimited Faaji, featured Olamide alongside other musical acts such as Zlatan Ibile and Mayorkun while Dj Kaywise was on the wheels of steel. Hosted by fellow brand ambassador, Odunlade Adekola the concert saw thousands of beer lovers and residents take to the Ikeja City Mall for the groundbreaking event. Olamide joined actor, Odunlade Adekola, on the brand’s portfolio as the brand eludes to big plans in the coming months.
Noah’s Ark Wins Awards
STOCKTAKING
L-R: Non-Executive Director, FSDH Merchant Bank, Mr. Vincent Omoike; Company Secretary, Mrs. Aidevo Odu-Thomas; Chairman, Mr. Femi Agbaje;and ManagingDirector/CEO,Mrs.HamdaAmbah,atthecompany’sAnnualGeneralMeetingheldinLagos‌recently ETOP UKUTT
How to Close Nigeria’s Social Infrastructure Gap Obinna Chima One of the leading professional services firms in the country, PwC Nigeria, has stressed the need to improve outcomes in higher education institutions in the country, in order to enhance human capital. The firm, in a report titled: “Closing the funding gap in social infrastructure - Making the case for adoption of endowment funds,� pointed out that governments at all levels have clearly demonstrated their inability of being the sole source of funding for public higher education institutions in the country. “There is a saying in Nigeria that if you wait for a crab to blink you will wait a long wait. If the education system
ECONOMY is waiting for the government to increase its budget to the UNESCO benchmark of between 15-20 per cent to achieve the needed outcomes, they may have to queue up behind other pressing needs like power and transportation. “If the endowment funds had been running properly in the country, we will have better outcomes today but like the Chinese say, the best time to plant a tree was 20 years ago and the next best time to plant is now,� the report stated. Nigeria’s Gross Domestic Product is presently growing below its population growth rate of 2.6 per cent. The country is
expected to become the thirdmost populous country in the world by 2050. This has serious implications for economic and human development in the absence of adequate funding. According to an Oxfam report in 2017, Nigeria was ranked 41st out of 41 countries in Africa for spending on healthcare, education and social security compared to South Africa that was ranked second with a score of 0.512. “Seeking alternative sources of funding to boost social infrastructure While Nigeria’s allocation to tertiary education has declined over the years, other countries have actively taken steps to increase their spending commitments in these sectors. “Relying solely on the govern-
ment to fund tertiary education is no longer adequate because of the growing government budget deficit and a need to focus on hard infrastructure such as transport network and power,� it noted. Nigeria has the highest number of out-of-school children in the world. According to UNICEF, 10.5 million children are believed to be out of school, a figure that represents approximately 20 per cent of the total statistic. The national budgetary allocation to the education sector in 2017 of 7.3 per cent was way below the UNESCO benchmark of 15 to 20 per cent. In 2017, the education budget was N544 billion, of which N95 billion was allocated to universal Continued on page 24
Report: Global Economic ConďŹ dence Slows Down in Q1 Global economic confidence remained low in the first quarter (Q1) of 2019, despite rising for the first time in a year, the latest Global Economic Conditions Survey (GECS) from the Association of Chartered Certified Accountants(ACCA) and the Institute of Management Accountants(IMA). The global poll of 1,355 accountants showed that all key regions reported a bounce in confidence with Asia Pacific and the Middle East seeing the biggest gains, while confidence in Africa registered a modest increase in the quarter and orders declined.
ECONOMY While the continent’s confidence index was virtually unchanged, oil prices boosted resource exporters and the pause in US monetary tightening eased pressure on capital outflows and currency depreciation. Reacting to the report, the Director of ACCA Africa, Jamil Ampomah said: “Political uncertainty is an issue in many African countries where much-needed domestic reform is being held up. Looking ahead, we think investment in some of the large African economies
should pick up this year and the GECS measure of investment opportunities is on a strong upward trend with a big jump in Q1 2019. “However, there are significant downside risks, notably the economic slowdown in China and the euro-zone – the major destinations for African exports. Growth in the region this year is likely to be around three and half per cent, an improvement on recent years but still below the rate that will significantly lift per capita incomes.� For Q1 2019, the global orders index was virtually unchanged in the latest GECS.
This index held up better than confidence in recent quarters and underscores the message that GECS is pointing to slower global growth this year but not a major collapse. The report also revealed easing concerns about inflation with 48 per cent of respondents expressing concern about rising costs, down from 52 per cent in Q4 2018. In addition, the report showed that while 22 per cent of global respondents said they had problems accessing finance suggesting fairly easy financial conditions; 45 per cent were
Noah’sArkCommunicationsLimited,oneofNigeria’sleadingcreative powerhouses, has recorded yet another feat as it recently won the 2019A ‘ gency of theYear,’award at the just concluded Pitcher Awards as part of activities marking the 2019 CreativityWeek, held in Lagos. The agency won 15 individual laurels in 7 dierent categories of the awards; winning 5 Gold, 5 Silverand 5 Bronze medals to emerge the most decorated agency. Some of the campaigns that won laurels for the agency include ‘Father’s Day’ for Peak Milk, ‘In-Laws’ campaign for Airtel, ‘Ewa Agoyin’ for Hypo, ‘Portmanteau’ for Airtel, ‘Gele’ for Airtel among other notable campaigns. In the Social Media Innovation category, two campaigns stood out with Three Crowns ad campaign winning the Bronze while In-Laws for Airtel won the Silver. In the Heritage Awards print category, Indomie won a Bronze. In theYoung Pitcher’s Category for Print, the agency’s team of Sodiq Sheu and Mary Ogedengbeemerged winners, which qualiďŹ es them to represent Nigeria at the Young Lions contest at the Cannes Lions Festival in France. Speakingshortlyafterreceivingtheawards,theCEO/ChiefCreative OďŹƒcer of the agency, Mr. Lanre Adisa, described the feat as abig recognition and reward for the agency’s contribution to raising the bar of excellence in the advertising industry. Heattributedthefeatrecordedtothehugesupportreceivedfromthe agency’sclientsaswellasthecommitmentandhardworkingspiritof the agency’s team who work relentlessly to churn out winning ideas.
Kenya Airways to Stick with Boeing
Kenya Airways has not considered switching its future plane orders toAirbusfollowingBoeing’s737-MAXjetcrisis,theairline’schairman saidonTuesdayafteritpostedariseinlastyear’srevenue.Theairline, in which Air France-KLM holds a 7.8 percent stake, reported revenue of 114.45 billion shillings ($1.13 billion) for the 12 months to Dec. 31, up from 106.17 billion a year earlier. The carrier, which narrowed its pretax loss for the period to 7.59 billion shillings from 9.44 billion, needs to boost its eet of Boeing and Embraer planes to grow its business in the face of sti competition from rivals like Ethiopian Airlines. “We have a plan to grow the eet if we had the means to do that and it is both wide bodies and narrow bodies.That means the 787s, 737s andEmbraers,â€?MichaelJosephtoldReutersafteraninvestorbrieďŹ ng. Airlines and regulators around the world last month grounded the 737-Maxplanes,anarrowbodyindustryworkhorse,aftertwohorror crashes in Indonesia and Ethiopia. “We haven’t even thought about possibly going to A320-Neo. It is not even in our thoughts at the moment.We need to see where they are going with the 737 Max,â€? Joseph said.
“Lagos, like Nigeria, is the epicentre of the energy access crisis across the globe. There is not one person, or business in Nigeria that is not confronted with this crisis. Unfortunately, Lagos is one large city that has suffered much energy crisis, considering its huge location of businesses and massive population�
CEO, ZOLA Electric
Bill Lenihan Continued on page 24
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HOW TO CLOSE NIGERIA’S SOCIAL INFRASTRUCTURE GAP basic education (UBE) and N330 billion to tertiary education. “To close the funding gap of N572 billion, the 2017 education budget should be in the region of N1.1 trillion. The world over, the cost of providing tertiary education is expensive, however multiple avenues of funding are available, exclusive of government allocation and out-of-pocket payments. “Nigeria needs to find sustainable ways to fund tertiary education. One of such sustainable strategies is through the adoption endowment funds, which have successfully established in the West and will take little or nothing to implement in Nigeria. “For instance, Harvard University’s endowment fund is estimated at $US35.7billion, and managed by Harvard Management Company, a subsidiary of the University, which serves as the school’s investment manager,� it stated further. REPORT: GLOBAL ECONOMIC CONFIDENCE SLOWS DOWN IN Q1 considering laying off staff; 17 per cent were considering taking on new workers and 36 per cent of respondents were considering scaling back investment in new capital projects, compared with just 16 per cent who were looking to increase investment in new projects. On his part, the Chief Economist at the ACCA, Michael Taylor said: “Whilst the confidence index increased in Q1 2019, compared with Q4 2018, it remains at a fairly low level and consistent with a slowdown in growth. It should be recalled that confidence and activity indicators are all significantly lower than a year ago. “But the orders index is little changed in Q1 compared with Q4 last year and suggests that the slowdown in growth will not be too severe this year. “Even before the increasing evidence of a growth slowdown emerged the inflation picture was generally benign. It has become even more so recently as demand has slowed.�
Group Business Editor
Obinna Chima
Capital Market Editor
Nigerian Navy, Customs Flay Rice Smuggling into Nigeria Okon Bassey in Uyo The Nigerian Navy and the Nigeria Customs Service have expressed concern and displeasure that efforts by the federal government to boost rice production in Nigeria were being frustrated or hampered with the activities of rice smugglers into the country. The Commanding Officer, Forward Operating Base (FOB), Ibaka, Captain Toritseju Vincent and the Zonal Commander, Nigeria Customs Service (NCS), Assistant Comptroller, Kolade Iloyode, said this during the parade of six suspected rice smugglers arrested with 416 bags contraband rice seized in two actions “These anti-smuggling activities are inimical to the growth of our own rice industry. So we will continue to do our duty to make sure we nip it in bud, and bring it to a complete halt,� Vincent said. The Commanding Officer who handed over the suspects and the seized bags of rice and wooden boats to the NCS explained that the first set of 223 bags of 50kg rice was intercepted in the early hours of 28th April by officials of the Navy while on duty, but no arrest was made as the driver of the boat escaped. Also, he said the second boat carrying 193 bags of 50kg rice was intercepted and six suspects arrested, with two pumping machines and two outboard engines equally seized. Vincent assured Nigerians that the Navy would continue to do its best to nip rice smuggling in the bud and bring it to a stop and promote government’s drive towards the production of local production rice.
“On behalf of the Flag Officer Commanding the Eastern Naval Command, I hereby hand over 223 bags of Habiba rice seized in the early hours of 28th April 2019. It was unaccompanied because the suspects abandoned the boat and the products, the pumping machine and an outboard engine. “In the same morning of 28th April, we also intercepted another boat with six suspects. I am officially handing over the suspects, the boat, pumping machine and outboard engine to you, the Nigeria Customs along with 193 bags of Marori Benze rice, which we believe was brought in from Cameroon.
“We thank you for your cooperation, diligence and interaction in assisting us with these anti-smuggling operations. We would continue to do our best to promote the federal government’s drive in promoting our own local production of these goods,� he explained. On his part, Iloyode, vowed that the suspects would be handed over for prosecution to serve as deterrent to others. He added: “This activity of smugglers undermine the intention of the government towards the policy of rice sufficiency in the country. And the only way the government can achieve this and improve the economic status
of the country is through arrests and combating these smuggling activities.� Iloyode who was represented by Kabir Ogah, Deputy Superintendent of Customs, Comptroller General of Customs Strike Force (CGC), Zone C, Akwa Ibom State, lauded the Navy for the support in combating smuggling. “I want to assure you that these products will be evacuated immediately and converted to seizures, and the suspects will be handed over to our legal department for prosecution, to serve as deterrent to others. “You have proven that you are not deterred, you are
not tired, and you have also indicated your interest to ensure that the Nigerian government succeeds in this fight.� One of the suspects, Mr Abia Etim, said he was a passenger on the seized boat and joined the boat from Cameroon to Nigeria. Etim, a fisherman who plied his trade in Cameroon denied involvement in the smuggling of the bags of rice. “I came from Cameroon with the boat carrying the rice. I fish in Cameroon and decided to come to Nigeria. I was only a passenger on the boat and not involved in the smuggling; the driver of the boat escaped.� he stated.
MANPOWER DEVELOPMENT
L-R: Managing Director, Continental Reinsurance, Botswana, Mr. Cassim Hansa; Programme Leader, UNEP’s Principles for Sustainable Insurance (PSI), Mr. Butch Bacani; Group Managing Director/CEO Continental Reinsurance, Dr Femi Oyetunji and Executive Head, Underwriting and Reinsurance, Santam, Mr. JohnMelvile,attheUNEPPSIsecondAfricanmarketeventhostedbyContinentalReinsuranceinLagos‌recently
Standard Bank Predicts Increased Investment in Oil and Gas Sector Africa is likely to experience continued oil and gas investment over the next three to five years as the stabilisation of crude prices above US$ 60 a barrel, coupled with the continent’s rapidly expanding population, lure both major and independent oil producers to invest in the continent. This view was expressed by Dele Kati, Head, Oil and Gas, at the Standard Bank Group. According to him, a string of successful exploration projects over the last decade had seen the number of African countries with proven oil and gas reserves
rise to 28. He said this could be linked to new discoveries in Ghana, Niger, Mozambique, Uganda, Kenya, Senegal, Mauritania and South Africa. He added that the investment required to bring these countries on stream would add further impetus to Africa’s oil consumption, which at four million barrels a day already significantly exceeds the continent’s output. “An expanding population, rapid urbanisation and accelerating economic growth are causing the gap between Africa’s demand for gas and petroleum products, and its
ability to supply them, to incrementally widen over time. “This will serve to attract further investment from both major and independent oil producers, which in itself will exert further pressure on the demand side of the equation as the resulting infrastructure investment in refineries, roads, pipelines and housing drives energy consumption,� he said. Kuti, noted that after a slump in oil prices which saw price of crude oil dropped to as low as $30 a barrel, Africa’s oil and gas sector was once again attracting investment from exploration companies
and refiners. “In 2018, the International Energy Agency (IEA) projected global energy demand would grow by more than 24 per cent to 2040, requiring more than US$ 2 trillion a year in investment to bring new energy supply on stream. Given Africa’s burgeoning population and economic growth, it is likely that a portion of this investment will be directed towards the continent’s relatively untapped energy market. “All of these investment activities will in turn spur demand for lending, deal structuring and transacting capabilities
across the continent,� Kuti said, adding that institutions with deep knowledge of the continent stand to benefit from those initiatives.� He explained that Standard Bank was one of the largest oil and gas lenders in Sub-Saharan Africa given its on-the-ground presence in 20 countries across the continent. He added that it’s Corporate and Investment Banking (CIB) division has a deep specialisation in Africa’s natural resources sector, where it has built up an enviable track record across the full spectrum of the mining, oil and gas value chain. Nigeria.
ÙÎÎã Ă‘Ă?Ă˜Ă? AgriBusiness/Industry Editor
Ă™Ă˜Ă‹ĂžĂ’Ă‹Ă˜ äĂ? Comms/e-Business Editor
Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent
GACN Okays Gas Supply Order for New Project Chineme Okafor in Abuja
Ă‹Ă’Ă?Ă?Ă— Ă•Ă“Ă˜Ă‘ĂŒĂ™Ă–Ă&#x; (Advertising) Correspondents
Ă’Ă“Ă˜Ă?ĂŽĂ&#x; äĂ? (Aviation) ĂœĂ™Ă—Ă™Ă?Ă?Ă–Ă? ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ (Maritime) Ă‹Ă—Ă?Ă? Ă—Ă?ÔÙ (Finance) ĂŒĂ?ĂœĂ? åÙÔÓ (Insurance) Ă’Ă“Ă˜Ă?Ă—Ă? Ă•Ă‹Ă?Ă™Ăœ Ě™(Energy) Reporters
Ă&#x;Ă—Ă? Ă•Ă?Ă‘Ă’Ă? (Money Market) Ă™Ă?Ă‹ Ă–Ă?Ă•Ă’Ă&#x;ÙÑÓĂ? (ICT)
The Nigerian Gas Marketing Company has been issued a Gas Purchase Order (GPO) by the Gas Aggregation Company of Nigeria (GACN), for the development of a Liquefied Natural Gas (LNG) plant in Ajaokuta area of Kogi State. A statement obtained by
THISDAY in Abuja indicated that the project was a joint venture partnership with Transit Gas Nigeria Limited, a subsidiary of Axxela Limited. It noted that the GPO was to guarantee gas would be supplied to the project, adding that it was a milestone which would help ensure that commercial and industrial
businesses across Nigeria that adopt the LNG solution for their power or process needs achieve over 40 per cent in cost-savings compared to alternative fuels. According to the statement, the liquefaction plant would be strategically located in the middle of the country to enable easy access of LNG trucks to northern parts of Nigeria
which it said was a stranded gas market. LNG storage facilities, it added, would also be installed at customer locations to ensure continuous gas supply. “Natural gas - predominantly methane - is an environmentally friendly fuel that burns cleaner than other fossil fuels. Gas-fired equipment are more efficient and have
significantly contributed to the reduction of greenhouse gas emissions across the world. “The LNG plant is expected to be completed by next year and will boost the productivity of existing industries, attract new investments into the country, and also create jobs for Nigeria’s growing populace,� said the statement sent by Axxela.
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Fidelity Bank to Leverage Technology, Innovation for Growth, Says CEO Oluchi Chibuzor In line with its five years strategic plan, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has disclosed that the bank will deploy artificial intelligence and robotic automation as well as other innovations to enhance service delivery. The Fidelity Bank boss stated this in his statement at the bank’s 31st Annual General Meeting (AGM), held in Lagos recently. “The introduction of the artificial intelligence and robotic process automation like Chatbots in our internal processes and service delivery channels will be used to drive growth in all sectors we are currently servicing,� he stated. Okonkwo, said with the economic activities relatively slow in the first two quarters
of the year, but was expected to pick by third quarter and then stabilise in fourth quarter 2019, Fidelity Bank would focus on redesigning its systems and processes to enhance service delivery and cost optimisation. This, is expected to reduce operating expenses and cost-to serve. On the dynamics in the industry, he said the “bank will continue to increase the adoption and migration of customers to digital platforms and increase retail banking market share through innovative products and services.� He said the board and management were pleased with the full year 2018 results and remained focus in ensuring that they meet the medium term strategic objectives. Earlier while responding to questions from shareholders, Okonkwo said the bank would
continue to partner with relevant agencies to that shareholders get positive returns on investments and customer satisfaction. On his part, the Chairman of the bank, Mr. Ernest Ebi, reiterated the company’s target of achieving a tier 1 status in the next five years, saying the 2018 results were achieved through diligent and meticulous execution of, “our medium term strategy, hence the declaration of 11 kobo per ordinary share for our esteemed shareholders. “We did not expect a smooth ride, especially with the slow pace of recovery in the macro environment. We delivered the highest profit before tax in our history despite the headwinds in the domestic economy and grew profit before tax by 31.57 per cent, from N19 billion in 2017 to N25 billion in 2018.�
Investors, Exhibitors, Others Indicate Interest in Nigerian Food Fair Raheem Akingbolu More than 85 exhibitors, with 70 per cent of the number as foreign organisations that are seeking viable investments in Nigeria have signified their intention to participate at this year’s B2B food, drink and hospitality exhibition scheduled to hold in the last quarter of 2019, in Lagos. The exhibition, which will see not less than 2,500 visitors in attendance, according to the Regional Director, West Africa Afrocet Montgomery, organisers of the event, Mr. George Pearson, will have three key segments: the Nigerian Food Event (NFE), the pioneer B2B food event in Nigeria; the Nigerian Drink Event and the
Nigerian Hospitality Event. Pearson, stated that the company, as one of the leading exhibition and events companies, at the forefront of trade and consumer shows in Europe, Asia, Africa and the Middle East, was already putting finishing touches to a successful hosting of the event, scheduled for October, this year. “The Nigerian Food Event (NFE), the pioneer B2B food event in Nigeria , will not only cater to businesses operating within the food industry, but with the inclusion of two other incorporated exhibitions; the Nigerian Drink Event and the Nigerian Hospitality Event. “The cumulative exhibition will encompass three key industry segments to bring
together qualified stakeholders and key industry members,� he added. He said the food fair would provide a catalyst for international companies looking to break into the market, as well as local companies, desirous of expanding their current footprint. “This year’s exhibition will also include dynamic features such as ‘Drink Lagos’ as part of the Nigerian Drink Event, a premier pavilion for those who source, buy or serve drinks from sommeliers to bartenders,� Pearson stated. Assuring the organisers of the support of the Advertisers’ Association of Nigeria (ADVAN), its president, Folake Ani-Mumuney, stated that the association would ensure members’ organisations, in the culinary market segment, participate fully at the event.
Firm Deepens Capacity on Digital Marketing Nosa Alekhuogie The Amplify Digital Agency has called on organisations to always ensure they carry out some form of measurement of their return on investment (ROI) in digital marketing. This call was made at the maiden edition of its knowledge-based meet-up event, which held recently in Lagos. The event, which is expected to hold every last Thursday, brought together practitioners as well as clients to share experiences and proffer solutions to some of the challenges that surrounds the segment in the country. Explaining the essence of the meet-up, the Chief Executive Officer, Amplify Digital Agency, Alexander Edem said: “We think that if marketers could deepen their knowledge of the industry and the tools that are available for use, and also, deepen the
knowledge of the customer and their knowledge of the client, things will be better. “Poor results from investment in digital marketing have seen many executives underplay the importance of brand communication and visibility. “Nevertheless, the survival of the business often depends on how well it is leveraging digital marketing channels. The 21st century customer has moved his location online hence any serious organisation that does not have any form of presence online is essentially choosing not engage their clients in their new location.� He added: “There are many new digital marketing trends and strategies that are evolving in the current high-tech, internet-connected era and organisations now need to use them to succeed in their efforts to scale. “In the same vein, digital marketing agencies need to
upgrade their knowledge on what really works for specific situations in order to achieve maximum results. “This is where the clients’ ROI becomes very critical as the agency will often have to show proof that money was well utilised and results match up to investment.� Experts present during the panel session also agreed that ROI does vary from one company to another. Speaking further, Edem said: “I don’t think we will ever finish the conversation, it is an ongoing discussion because ROI can only be subjective. “For some companies having more customers engage with them is enough ROI, for some other people it comes down to the hard money, what was the investment and what was the profit from the investment? Different marketers have slightly different perspective to how to measure ROI.�
ELEVATING TO THE NEXT LEVEL Marie-Therese Phido
Will You Survive? One question I always ask people these days, is what are you doing to remain relevant in your career and to ensure that you continue to remain valuable to your organization and yourself? Many people in my age bracket or much younger are stuck about what next, or have gotten so comfortable earning a salary or doing a particular line of business and have not thought about the future. Key questions to ask are, “will my job be relevant in the next five years?� “How do I remain relevant?� “How do I key into the organization’s strategy and continue to be one step ahead of them?� There is this story I tell people when I facilitate. Many years ago, the organization I worked in had a crop of very talented people they called production staff made up of mature men who were gifted at what they did, which was to produce well formatted and typed reports and financial statements. They were about 10 in all. In those days, they were given prime consideration in the quality of computers assigned, a library of diskettes properly organized and they were treated as key staff because, without their output the organization would not make money as the reports they produced was critical in delivering the value clients paid for. So, what happened? They got comfortable. They forgot the world was changing and evolving and the organization was constantly reviewing its strategy. One day, the organization released a new strategy aimed at enhancing efficiency. The management felt the firm had grown, and those crop of staff could no longer meet our requirements. The firm decided that every staff would be given a laptop and these reports will be done on a real-time basis and we would only give production staff to format our work since that was their area of specialization. Immediately, their jobs were threatened and they became people who just formatted. The immediate consequence was only about 3-4 of them were needed. Some who had improved their qualifications in line with current requirements were absorbed into other units. Those who were complacent were let go. Two years after, they were all let go. We’ve been hearing about jobs that will become extinct. What are you doing about you? What skills are you developing? According to the World Economic Forum, the following top skills are going to be relevant in 2020: complex problem solving, critical thinking, creativity, people management, coordinating with others, emotional intelligence, judgment & decision making, service orientation, negotiation,and cognitive flexibility. Will your skill become extinct? Will your job become extinct? Cashiers -> self-checkout machines According to Lottoland “With the rise of self-checkout machines, it’s unlikely to be long until cashier jobs are made redundant entirely. On top of this, the opportunity for online grocery shopping keeps expanding, with big firms such as Amazon now offering the delivery of fresh groceries, as well as their many other services.� This is already happening in Nigeria. Today banks are discouraging people from collecting cash from cashiers and coming into their banking halls. Many transactions are now done online or via ATMs. This method will soon transcend the banking sector to other sectors in the economy. Newspaper delivery -> electronic reading devices With the popularity of ipads, kindle, etc many people now prefer to read their papers online. Newspaper delivery and print will become obsolete. This is encouraged by the fact that the online versions a cheaper than the print versions.
Travel agents -> travel websites With the proliferation of websites and holiday packages available to travelers, many of them are now spoilt for choice of the decisions they can make for themselves. These websites are already travel agents, and many times provide more service than travel agents provide. With the technology and perks available on these websites and the freedom travels have in making their travel decisions on a real-time basis themselves. Many agents will soon be out of work. Taxi drivers -> mobile apps Mobile apps such as Uber and Taxify have allowed us to cut out the need for a “drop� taxis as we call them in Nigeria. These taxi expensive and it was almost a sellers’ market. With the advent of these mobile apps, users are now spoilt for choice. The local taxi’s have been forced to reduce their prices and many have become uber or and Taxify drivers. The customer is now king in this regard. Journalists -> artificial intelligence software According to Lottoland, “advanced developments in artificial intelligence software mean that soon enough even writing won’t be a problem for AI, and in some cases it’s already been possible to use it for purposes such as creating quarterly reports. This suggests that in the future content could be created with any human input at all.� Digital-media individuals
expert
->
everyday
Many people have already been advised to stop taking on job roles as digital media experts or staff, because in most organisations in Nigeria it is a dead end job, except you have combined it or converted it to digital analytics or data analytics, etc. because workers have made digital and social media and integral part of their everyday lives from the get-go. With this in mind, a role solely dedicated to managing and maintaining digital and social media is unlikely to be necessary, as there will simply be common skills rather than a specialized career.� Factory workers -> robots Assembly lines have been synonymous with manufacturing industries a far back as 1913 when it was introduced by Henry Ford. Since then, there have been innovative enhancements to the process. Today, technology has improved the process to greater accuracy and reliability that these robots have replaced humans in some countries. Though this will take some time to happen in Nigeria, because labour is cheap and labour laws are lax on working hours and commensurate rates. Referees -> video technology According to Lottoland, “although this has always been regarded as a well-respected job, it’s become more and more common for both players and spectators to question the decision of referees, and instead trust technology to give more accurate results. With this type of technology only getting more advanced, it won’t be long until referees are no longer required to monitor games.� The need to ensure that you survive and remain relevant cannot be over-emphasized. Please ensure you review your job and skills and make yourself relevant. Good luck!
Marie-Therese Phido is Sales & Market Strategist and Business Coach Email: mphido@elevato.com.ng tweeter handle @osat2012 TeL: 08090158156 (text only)
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Repositioning MFBs for Real Sector Growth James Emejo and Nume Ekeghe write that the microfinance sub-sector has the capacity to propel activities in the real sector Globally, microfinance banks (MFBs) are known for their intermediation role, especially in the provision of financial services to micro and small businesses with the primary aim of poverty alleviation and financial inclusion. MFBs were established to fill the gap created by the commercial banks by improving the socio-economic condition of the poor in the society. As a result of the essential role micro, small and medium scale enterprises (MSMEs) that are largely described as the catalyst for economic growth, play in any economy, a vibrant microfinance banking system is always the target of policymakers. Unfortunately, the MFB sub-sector in Nigeria has not been able to meet its objectives. In fact, with over 37.07 million MSMEs accounting for more than 84 per cent jobs in Nigeria, the sub-sector has remained a critical tool for poverty alleviation and economic growth. And the central bank has over the years continued to design policies to ensure that the sub-sector effectively plays its role in the financial system. That was why the focus of the 27th seminar for financial journalists that was organised by the Central Bank of Nigeria in Gombe recently was themed: “Repositioning Microfinance Bank for Real Sector Growth.� The uneven spread of MFBs in the country has remained a source of concern to the regulators who are seeking to achieve greater financial inclusion. Role of MFBs The existence of huge financing gap and unserved market had prompted the CBN to initiate a micro credit policy framework. Although microfinance operations have been in existence in Nigeria, dating as far back as pre-independence years, they began in Nigeria as small-scale with traditional thrift saving system and activities of the traditional group networks such as esusu, ajo, adashi, rotating savings and credit associations amongst others. Government’s initiative to meet the socio-economic complexities and needs of the rural communities and reach rural areas resulted in the establishment of community banks. Community banks emerged to meet the needs of the poor in order to increase their access to finance and improve their income generating activities. However, the failure of the community banks resulted in the establishment of microfinance banks in Nigeria. The objective behind the establishment of microfinance banks in Nigeria was to provide diversified, affordable and dependable financial services to the active poor, in a timely and competitive manner. The policy was meant to serve as a guide for the activities of informal unregulated institutions as well as new entrants in the sub-sector, as well as ensuring that operators within the sub-sector are guided by a set of rules, principles and a robust legal framework. According to the CBN Director, Other Financial Institutions Supervision Department (OFISD), Mrs. Tokunbo Martins, the microfinance policy was to provide financial services to the poor who are traditionally not served by the conventional banks. These financial services, she said includes credit, savings, micro-leasing, and money transfer and payment services. Unfortunately, 14 years after their establishment, Martins noted that rather than mobilise funds and ease access to credit for micro businesses and rural communities, a lot of MFBs have been operating like mini commercial banks, with a large concentration in urban areas. Martins stressed the importance of microfinance banks in poverty alleviation, in providing access to finance as well as in banking the banked population in the country. She said: “Deposit mobilisation by many of the MFBs is not enough, otherwise why do we have so much currency outside the banking system? With the statistics within the CBN, what we are seeing is that the currency
outside that banks is still huge. “Cash should either be in vaults of banks or in vaults of CBN and we know how much we have issued. So when we minus the one in our vaults and we minus the one in the banks then where is the rest? “What we are saying is that this is the money MFBs should pursue and encourage them to, not just keep it under their pillows or wherever they are putting it.� She further pointed out that microfinance banks would be pivotal to economic growth if only they can enhance their reach and give out loans to MSMEs to further develop their businesses. Martins said: “With over 80 per cent of the population working in MSMEs which contributes to over 80 per cent of the jobs and over 80 per cent of GDP. “Specifically, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Lagos Business School did a survey that there are 37 million SMEs and out of that, 36 million are micro and only one million are able to get access to loans. “And I don’t mean to repeat the importance of borrowing because when you have a business that is profitable, you can enhance that business by borrowing to expand that business as long as the cost of borrowing is
The micro ďŹ nance banks are supposed to be more nimble, are supposed to serve and are supposed to be owned, exists to the rural areas and communities and are supposed to serve them better because these are the majority
less than the return you get on that business. “The micro finance banks are supposed to be more nimble, are supposed to serve and are supposed to be owned, exists to the rural areas and communities and are supposed to serve them better because these are the majority.� Furthermore, she added: “It is unfortunate that some or many MFBs are not achieving what they should achieve. When you hear of stories of microfinance in other jurisdictions, like in Bangladesh, microfinance was a success and 50 million people were lifted out of poverty in Bangladesh.� Also, the CBN Governor, Mr. Godwin Emefiele, disclosed that the aggregate loans granted by MFBs to MSMEs in the country stood at N482.896 billion as at December 2018. He added that the CBN was working to increase the share of micro credit as percentage of total credit to at least 20 percent by 2020. Emefiele noted that small businesses had been more successful in securing credit from the microfinance institutions rather than conventional deposit money banks (DMBs). He noted that data from the licensed credit bureaus indicated that the operations of micro finance banks had helped to improve financial inclusion among smallholder peasant farmers, artisans and other small business operators. Emefiele, nevertheless, bemoaned the inadequate spread in the location of the MFBs in relation to their target beneficiaries, demand for immovable collaterals for loans, high interest rate, and absence of a credit reporting system. He added that the apex bank is currently working assiduously to address identified challenges. He emphasised the fact that microfinance institutions exist to provide financial services to the economically active operators of the base of the income pyramid who are either undeserved or not served at all by conventional financial institutions. Represented by CBN Deputy Governor, Corporate Services, Mr. Edward Adamu, the governor noted that the CBN had in 2005 formulated the Microfinance Policy Regulatory and Supervisory Framework in line with its developmental role. “The policy was aimed among other at bringing microfinance institutions and activities into greater focus in order to deepen financial inclusion and alleviate the financing needs of micro, small and medium enterprises (MSMES),� he said.
According to him, “The bank has since then worked towards increasing access to financial services for the economically active poor in order to enhance job creation and poverty reduction. “The bank remains committed to the economic empowerment of disadvantaged groups including women and actively seeks to achieve this through the instrumentality of microfinance amongst other initiatives.� He further added: “Only recently, the bank took some actions including a thorough review of the subsector, increased surveillance and revocation, where necessary. These measures were intended to revitalise the sector to ensure the institutions remain mission-focused and to grow public confidence in sub-sector. “In a developing economy like ours, the link between microfinance and the real sector is quite strong. Microfinance banks are conceived to serve as critical financial lubricants for the real sector, which is the pillar of sustained economic growth. “At the moment, economic policy in Nigeria faces a major challenge of reviving growth which is the (only) sure path to ending pervasive poverty. Microfinance has worked in this regard in many climes and promises to work in Nigeria, if we get it right.� The CBN governor added that by increasing access to credit and related services to the economically active segment of the low income population, microfinance directly contributes to expanding the production base and serves as credible strategy for increasing financial inclusion and reducing unemployment. He added that the CBN, in collaboration with other agencies of government is currently implementing various intervention schemes in addition to promoting microfinance. Emefiele, however, noted that the theme of the seminar was appropriate considering its recent efforts to prime the MFBs as catalysts for financial inclusion and poverty reduction. Also, the National Coordinating Consultant FCT Project, Monitoring Reporting and Remediation Office, Steve Ogidan said: “A number of micro finance banks are not present in grassroots or rural areas the adult population of Nigeria 18 years and above is about 99.6m and out of this 99.6m ,63.1m leave in the rural areas, but 49.1 million are women and about 56.7m are 35 years above. “What are we talking about here, majority of people micro finance banks are to serve CONTINUED ON PAGE 27
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REPOSITIONING MFBS FOR REAL SECTOR GROWTH
Experts Seek More Liberal Policies in Nigeria Oluchi Chibuzor In order to attract more foreign investments into the country, there is need for the implementation of more liberal and clearer policies. This call was made by the Chief Economist for North and West Africa, Oxford Economics, Cobus de Hart, who was a guest speaker at the ICAN /ICAEW Joint Economic Insight event held in Lagos recently. Speaking on the theme: ‘Nigeria: The African Giant Crawling Back on its Own and its Untapped Technological Potential,’ Hart was quoted in a statement to have stated that the Nigerian business environment was still seen as very unfriendly, especially since wrong policies were implemented after oil price shock. He, however, noted that the economy has witnessed a progressive shift to non-oil outputs. He said: “The non-oil sector is now the main driver of growth. The non-oil sector has expanded from 0.8 to 2.7 per cent. That is actually progressive,� explain-
ing that diversification can be accelerated with even more liberal policies. Hart, also said the near-term outlook was encouraging with PMIs hinting at a solid start to 2019, forex risks which have eased off considerably and the loosening of the monetary policy. According to him, despite the 2019 general elections, portfolio investor appetite is still strong, and this has prompted the Central Bank of Nigeria (CBN) to change policy direction. Taking a cue from a 2017 World Bank report, Hart noted that Nigeria was still largely unbanked with only 39 per cent of adults having accounts in financial institutions. Nevertheless, according to him, there is still a huge mobile money opportunity in Nigeria because of her population. Sadly, this was not the case with mobile penetration. According to Hart: “As of 2017, Nigeria only had 39 mobile money accounts per 1,000 adults and saw only 447 mobile money transactions per 1,000 adults. In China, guess what the transactions figure was?
52,000! Despite such as a large market, Nigeria is lagging far behind its peers.� He affirmed that Sub-Saharan African countries in general have seen a sharp increase in mobile penetration, although East African countries like Kenya still take the lead. With the rise of financial technology (Fintech), Hart believes that Nigeria was making progress in innovation. “It is nice to see that Nigeria is making progress in Fintech. Last year, CBN launched the Payment Service Banks (PSB) licensing guidelines with the aim to increase financial inclusion. What this does now is that it allows telecommunication companies (telcos) to provide limited financial services like holding deposits, payments and remittances, issuing debit and prepaid cards. However, they are not allowed to give loans,� Hart added. Also speaking at the event, President, ICAEW, Paul Aplin, said you cannot have a strong economy without a strong national accounting profession.
ElanoDeclaresN5.2bnDividendfor HostCommunities Bassey Inyang in Calabar are in the rural areas. Majority of them are women and majority of them are young and Microfinance bank as is presently configured even up till today is not reaching the people and central bank now has various interventions.� He added: “The economy has existed economic recession, but is still recovering very slowly and the latest survey by National Bureau of Statistics and as the Gross Domestic Product (GDP) is growing, domestic value is coming down, oil revenue is increasing revenue sources is coming down and with the growth in GDP, more people that are leaving formal employment are for the private sector.� He further added: “Micro finance banks are giving credit at 30 per cent and above. It is extremely difficult to take credit at that per cent and start getting a return. That is why the operators of NIRSAL micro finance bank, the regulators, the Bankers’ Committee and NIRSAL came together to see what can we do differently.� On his part, the Registrar, National Collateral Registry Mr. Mohammed Mainasara, explained how the credit bureaux can facilitate credit to the real sector. He said: “It is a data bank whereby you can also access information about movable assets. That is if I decide to use my wristwatch to take credit, and this wristwatch has a landmark that it can be identified by, you can endeavour to use that identification to access the level of the progress of that asset under the registry.� “It allows the borrowers to prove their creditworthiness. The system has a lot of gold ornament that are being kept at home. “Gold is a very expensive ornament, and if they are to carry all the golden cheque to the bank or sell them in the market, it attracts a lot of money; which means they are creditworthy, but they cannot use those assets to transact business in the financial space.� Way Forward with NMFB Speaking further, Ogidan highlighted the strategic objective of the NIRSAL MFBs (NMFBs), saying they are expected to drive financial inclusion, bring every farmer into the financial sector and create jobs. “We will give loans to SMEs at reduce interest rate which has been fixed at five per cent per annum, then channel the fund to
mostly the rural areas who are mostly in credit targeting. “The business strategy is to serve farmers, SMEs, rural communities and the excluded sector of the economy and quite a number of government agencies are coming in. Last week we had meetings with Ministry of Women Affairs and social development. “There is a lot of window within the Ministry of Women Affairs. The banks are collecting the money from the ministry and are not disbursing the loan to women, the ministry is coming back to NIRSAL MFB, saying ‘take this money, this is our target- the rural women, the disadvantage women in this location, use technology to deploy the money for them.� Conclusion For Martins, inspite of the plethora of challenges, several opportunities exist within the sub-sector. The growing entrepreneurial spirit, increased government interest, large unbanked rural area and high population of poor people are some of opportunities MFBs are expected to tap into. She said: “The microfinance sector has continued to grow, attracting several players and service providers, offering diverse services. Repositioning the sub-sector for better service delivery especially in the wake of emerging digital age is crucial. “The CBN envisions a viable and sustainable microfinance sub sector that will be marketoriented, where the private sector plays the major role and the government provides enabling environment through appropriate strategies and institutional policy framework.� Microfinance has positively impacted on increased access to financial services for the poor and rural populace. Success stories abound, but many MFBs still have to reach sustainability without relying on subsidies. According to her, despite the challenges the future is bright, with the right support and enabling environment. These include MFBs adopting sound risk management practices as well as building institutional capacity, regulatory authorities creating an enabling environment, government proving basic infrastructure to support service delivery and enhancing inter-agency collaboration.
Elano Investments Limited, the managers of the proceeds of 7.5 per cent shareholding of six host communities of Idorama Eleme Petrochemicals Limited has declared that N5,275,972,855 accrued to the benefiting communities for the financial year which ended on March 31,2018. Chairman of Elano Investment Limited, Chief Gomba Okanje, who made the announcement while addressing shareholders at the 6th Annual General Meeting (AGM), disclosed that from the dividend declared, N2,300,212,689 has been distributed to the host communities. Okanje, also disclosed that N1,764,210,841 billion was committed to community
development programmes. “This high expenditure was necessitated by the payment of compensations for properties damaged by some misguided host community youths. “Compared to last year’s dividend of N4,688,785,575, there was an increase of about N687,187,280 in the dividends received in this reporting year.� At the AGM which held in Calabar, Cross River State, the chairman said the company had also embarked on developmental programmes in the benefiting communities. “When we met at our fifth AGM, we informed you that your company was entering a stage of diversification and consolidation to ensure the achievement of sustainable development of the host communities through our
programme in education, healthcare, infrastructure, housing estate, and security. “Our Health Insurance Programme has a portfolio of 6,600 beneficiaries from all our host communities and has saved many lives through critical surgical procedures such as caesarean deliveries, regular preventive medicine, and hospitalisations. Our educational programme offered more than 200 bursary awards to students in tertiary educational institutions all over the country and has assisted recipients to earn their academic qualifications. The infrastructural programme has opened up the host communities through road networks and double sided drains.�
SmileAssuresCustomersofStable Network,DespiteMalwareAttack Emma Okonji Smile Nigeria has assured its customers of the security and safety of their connectivity on its network, despite the malware attack on some notable broadband service providers in Nigeria recently. The company implored its customers currently experiencing service disruption caused by the malware attack to visit their nearest Smile shop for immediate attention and solution. Acknowledging that some of its customers’ devices were affected by the reported malware believed to have been instigated by
Jisatsu, Smile Nigeria noted that the bulk of customers on its network were unaffected by the malware as a result of its timely identification of the malware activities through its firewall. The company said it regretted any inconvenience caused by the incident and advised those that have noticed any service disruption to contact the nearest Smile shop or call the call Centre. Smile, said it would continue to protect businesses on its network, using latest technologies. Managing Director of Smile Nigeria, Mr. Godfrey Efeurhobo, reassured custom-
ers that it has always adopted the best technologies in enhancing its network infrastructure so as to withstand any attack. The quick response from Smile and its willingness to support customers on its network who experienced service disruption due to the malware has received commendation from industry analysts. Secretary of Business Renaissance Group (BRG), Dr. Funsho Akomde, commended Smile for its swift response and willingness to stand by its customers at all time. In a similar view, President of The Telecoms Collective, Smart.
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Eradicating Substandard Tyres Jonathan Eze writes on the campaign against substandard tyres in the country
Usually, tyre failure occurs due to the combination of stress and heat, low pressure, an injury to the tyre through nails and other sharp objects, among others. Over time, the preponderance of accidents on the high ways have been traced to so many factors ranging from negligence on the part of the driver, bad road and low quality tyres or purchase of already used ones imported into the country. It has also been established that in a bid to pay lesser duty and maximise profits, some tyre importers get quantities meant for four containers stuffed into one. Profits are made by twisting or squeezing three to four tyres into one. The tyres are often times in this squeezed or compressed state for months and are only brought out and stretched to their normal positions after they are delivered to the markets or shops where they are to be retailed. The most visibly affected and dangerous part is the tyre bead which contains a round metal wire. The bead of the tyre is supposed to have an airtight seal between the tyre and the rim. Where this fails, air will escape from the tyre and this could lead to explosion leading to possible loss of control and accidents. A Customs officer who preferred anonymity told THISDAY that “Importers will pay for one container but have three to four containers volume of tyres to sell and make more profits while endangering lives. This is also one means through which government revenue leaks out.� However, in keeping with its mandate, the Standards Organisation of Nigeria (SON) has embarked on campaigns to sensitise importers, traders and vehicle owners on the need for quality in the buying or selling of tyres. SON has also intensified efforts in recent times to raid markets of substandard tyres as it recently destroyed substandard tyres worth over N50 million in Enugu. It said that the aim was to save lives of Nigerians and discourage importers from further engaging in acts capable of endangering lives of vehicle owners who might use such
tyres on their vehicles. SON’s Director General, Osita Aboloma, who was represented by the SON’s Director, Inspectorate and Compliance Directorate, in the Enugu Zonal office, Obiora Manata, during the exercise performed at Emene, Enugu premises of the organisation, said that SON would not tolerate a situation in which Nigerian importers jeopardise the safety and lives of citizens by importing substandard tyres into the country and circulating same in the markets where the unsuspecting vehicle owners would buy and risk their lives and those of other road users. He said that the agency, working in collaboration with the Nigeria Customs Service, Police, Nigerian Security and Civil Defence Corp (NSCDC) and other relevant security agencies, would always make sure that importers are discouraged from bringing into the country substandard materials of any type, stressing that Nigeria should not be a dumping ground for substandard products. Aboloma said: “The tyres are substandard, meaning that you are not supposed to use them on your vehicles. It is dangerous to use any of these tyres on any vehicle, and that’s why we have brought them out today to destroy them. “Ordinarily, the tyres, as manufactured, were not substandard; but because of the act of what we call stuffing and un-stuffing.
The tyres are substandard, meaning that you are not supposed to use them on your vehicles. It is dangerous to use any of these tyres on any vehicle, and that’s why we have brought them out today to destroy them
“Stuffing is a process in which a tyre is squeezed with mechanical force and rammed inside a slightly bigger tyre; and then another one is forced into the other tyre and it continues like that until you now have about four or five tyres in one. Stuffing affects the tyres in a negative manner and makes them substandard.� A trader, Stanley Onyilimba, spoke with THISDAY in Lagos about his experience. He said: “I was into buying and selling of Tokunbo tires before i ventured in to new tyre. Something made me to stop selling them, when you go to where they pack them or where they buy it from, you will see how they fold four –to five tyres together and you see these are wires, before you know it, they start to break. Sometimes, they come here to pump tyre, you will see that they are swollen with wires coming out. “The problem is that after selling 20 to 30 tyres in a day, the following day, they might return 15, so what is the need of selling them and you are scared that the buyers might come back. So I sat down and said this cannot continue, one has to change, and so I tried and sell off all the tokunbo tyres in my shop.� He went ahead to mention the quality tyres in the market but lamented that customers won’t be able to buy them because they are quite expensive. “In this our area, if i should bring all this new tyres , i will not be able to sell any market here, because it is quite expensive and am not the only one selling them here. “But the truth about Tokunbo tyres is that is not an option, I still prefer China tyres to used ones, but if you have money, you can go for German made tyres. Government should eradicate used tyres because it is contributing to the major accidents on our high ways.� To Mr. Okechukwu Noah, a tyre merchant and importer, there are lot of fairly used tyres that look new. “The fairly used tyres have grade. It depends on the one you can go for. For example, when you buy top grade which has never been used roughly it will still maintain its quality, because white people do not use things rough as we do here in the country. “I prefer to use tokunbo as it is popularly
called because most of them are imported from European countries, which means they follow laws and abide with safety regulations and what they produce are of good quality. Also they come in grades, so depending on your pocket, you can get good ones that will last for you.� When quizzed on why new tyres burst, Noah said It depends on the quality of the tyre. “A lot of business men prefer getting the product with lower quality because they get them at cheaper rate. So they tell people who produce them to reduce quality especially those imported from China.� Regrettably, the Federal Road Safety Commission (FRSC) recently disclosed that said no fewer than 2,598 Nigerians died in road accidents between October, 2017 and March, 2018, according to the National Bureau of Statistics (NBS). The NBS disclosed this in the Road Transport Data for 4th quarter, 2017 and 1st quarter, 2018, posted on its website. The breakdown showed that 1, 306 Nigerians died in road accidents in the fourth quarter of 2017 while 1, 292 people died in accident in the first quarter of 2018. According to the data, 2,489 road accidents occurred in the fourth quarter of last year while 2,482 accidents were recorded in the first quarter of this year. The bureau attributed the major cause of road crashes in the first quarter to speed violation as it accounted for 50.81 per cent of the total road accidents reported. It stated that tyre burst and dangerous driving followed closely as they both accounted for 8.26 per cent and 8.42 per cent respectively of the total number of road accidents recorded. FRSC Corps Marshall, Boboye Oyeyemi, recently appealed to the government to ensure the reduction of tariff placed on imported tyres into the country. Therefore, to address the situation, the federal government is expected to empower the SON to continue its campaign which is aimed at saving lives and increasing revenues for government.
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BUSINESSWORLD
ANALYSIS
Examining Nigeria’s Troubled Power Sector Nigeria’s power sector is still underdeveloped and measures taken so far have not been comprehensive, write Chineme Okafor Last Sunday, at about 13:33 hours, a multimillion naira 45 mega volt amp (MVA) 132/33kV power transformer of the Transmission Company of Nigeria (TCN) went up in flames at its Apo substation, and there was no guarantee the transformer would be salvaged after the fire was put out afterwards. Shortly after the fire went off, a statement from the TCN said, “that the fire resulted from a direct fault from one of Abuja Disco’s 33kV feeders which had a history of incessant tripping.� It added that the 33kV feeder of the Disco lacked protection, thus bringing to fore the level of blame games that defines Nigeria’s power sector. Even though the TCN said it was investigating the possibility of a transformer protection failure as the cause of the fire on its 45MVA transformer, it noted that the 33kV feeder H13 circuit breaker and current transformer exploded when the 33kV outgoing transformer snapped. This, however indicate that after about five years of Nigeria’s power privatisation, the sector appears to still struggle with getting it right in key areas of its development trajectory. Between 2013, when the privatisation exercise was concluded and last year, reports indicate that it has mostly struggled to secure enough investment for its generation and distribution sectors, as well as being riddled with debt from tariff shortfalls. Though the government would often argue against the situation, records show that it has never being easy for the sector. Some hard-hitting records Bringing to reality the situation in the sector, recent records from the Advisory Power Team in the office of the Vice President, Prof. Yemi Osinbajo, indicate the power sector is still facing challenges and has not achieved very much since 2013. For example, last Saturday, Osinbajo’s office stated that the sector has so far in 2018, lost an estimated revenue of N179.461 billion to poor operational conditions relating to insufficient gas supply to generation companies (Gencos); distribution and transmission challenges like the Apo transformer fire; as well as water reserves management issues as regards the operations of the hydro Gencos. Further breaking it down, the records stated that on that same day, just about 3,937 megawatts (MW) of electricity was generated for distribution to millions of Nigerians, while 2,382.50MW could not be generated due to unavailability of gas. In the same vein, 227.5MW was lost to unavailability of transmission infrastructure, while 849MW was not generated due to high frequency resulting from unavailability of distribution infrastructure, thus resulting to a financial loss of N1.660 billion on that day. Again, the records showed that 4,070MW was generated daily on the average in 2019, while 3,116MW was shut-in. The situation was even worst in 2018 when an average of 3,807MW was generated every day into the national grid and 3,039MW was not. In all, the sector lost a total of N532.436 billion in 2018 and N957.629 billion in 2017, which was a total of N425.193 billion last year. Cumulatively, however, between May 29, 2015 when President Muhammadu Buhari, took over office and April 29, 2019, the data showed that the country’s power sector has only managed an average daily generation of 3,609MW, while an average of 2,926MW have not been generated daily due to constraints. With regards to revenue, the records equally noted that for this period, the sector lost over N2.006 trillion to these constraints. The real issues Based on its review of the workings of the sector, the Stakeholder Democracy Network (SDN), which is an international advocacy group that supports the efforts of those affected by the extractives industry and weak governance, had stated in a 2018 report that investment in the sector still remains far below the 20,000MW of capacity demanded by the country’s “Vision 2020� policy. SDN explained that the power privatisation
has largely failed because the 11 existing Discos are still not in alignment with the various transmissions zones of the TCN. Thus, indicating that this could be the reason for the frequent bickering between the Discos and TCN. Also, the SDN noted that metering of consumers have remained inadequate, creating under-billing, bypassing of tariffs and stealing of electricity. “There is a low level of power output and it is deteriorating. Most of the new generating capacity is unfinished,� the report titled: ‘Nigerian Power Sector Review 2018,’ added. According to the organisation, “there is no enumeration of customers or basic market information to guide both tariff setting and expectations,� in the sector. It added that the wide variety of tariffs bears little relation to costs, and that the expansion of the transmission system has been inadequately planned and slow. “There is a major lack of investment capital. There is a chronic lack of gas available for fuel with an inadequate gas supply infrastructure. The plans failed to allow for ‘systemic risks’. “There is a lack of ‘back-to-back’ contracts, particularly affecting gas purchasing, but also for forcing the Discos to take volumes of power. The system of tariff formulation through Multi-Year Tariff Order (MYTO) is inflexible. There is considerable tension between the Gencos and the Discos, each blaming the other,� SDN further listed as the real challenges of the sector. Beyond these, the SDN equally explained
Expectations of demand have been over-estimated. There has been a chronic lack of investment in the sector as a whole. There is no effective legal regulation regarding theft of electricity. Most of the Discos are effectively bankrupt
that there are risks relating to foreign exchange in the sector, while the potential of demand has been under-assessed. “Expectations of demand have been overestimated. There has been a chronic lack of investment in the sector as a whole. There is no effective legal regulation regarding theft of electricity. Most of the Discos are effectively bankrupt. “The net result of all this is that the sector needs considerably more political attention than it has recently received,� added the SDN in the report detailing the challenges of the sector. But despite these challenges, the government however believes the sector is on an upward trajectory and that it (government) has been alive to its responsibilities. At a recent meeting in Abuja where a book on how well the government has executed its infrastructure plan, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, claimed Nigerians were pleased with the state of the sector. He specifically said: “For power, I said that we will change paltry budget of N5 billion which we met in 2015 by spending more and I committed to the delivery of incremental power, as our short-term objective. “In the power sector, well-meaning Nigerians acknowledge our efforts by saying clearly that their power supply experience has improved compared to 2015, and we acknowledge that the work has not finished. “The task going forward is to solve the outstanding issues of estimated billing, supply of meters, add more power and make the supply steady which I stated will be our medium-term goal.� Fashola, also noted that some good works have been put in the off grid solar power sub-sector, through the Rural Electrification Agency (REA) which is implementing off grid projects initiated by the government in the forms of Energising Economy Programme (EEP) and Energising Education Programme (EEP) – both programmes aim to provide clean stable electricity to select markets; economic centres and higher places of learning in the country. Nevertheless, a former chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, argued that the sector has done badly in the last four years. “I think in a way it is a wasted four years.
Today, with a wonderful staff, I think the NERC no longer have a full-arm embrace of the sector. “There are rejections which have resulted in lawsuits because regulatory stability and authority has collapsed partly due to government’s policy failure and failing to empanel a full regulator in time. “I think the future of the sector is very bleak. We are not seeing technical improvements from a technical market based approach. We have no capacity growth, but flash in the pan improvement. We have not seen qualitative improvements even in regulatory perspective,� Amadi said in his assessment of the situation. Speaking specifically on the regulatory situation, Amadi explained: “We have also seen the regulator drop in terms of credibility, public and industry acceptability, as well as authority. “Financially, it is not looking good for the sector. At some point when we were there, there were up to 80 per cent remittance level and to think that the debate has gone further down four years after means that where we are now is similar to where we were in 2013, when out of fear we enabled the interim market rule. “So, evidence based, we have moved backwards and it is fair to say we have not made progress within the last four years. Growth in four years after privatisation should be greater than growth in 10 years before privatisation when we did a lot of work and should be seeing rapid growth,� added Amadi. Besides Amadi, the Discos through their trade association – the Association of Nigerian Electricity Distributors (ANED), also said the sector has done badly and urged President Muhammadu Buhari to take bold steps and fix the situation. Through the Director of Advocacy at ANED. Mr. Sunday Oduntan, the Discos said the sector was in deep trouble with more than N1.4 trillion revenue shortfall, and declared they would only guarantee stable electricity supply to Nigerians if the government would meet certain conditions including, that it allowed cost-reflective tariff in the sector; provide financial subsidies for people who may not be able to pay the right economical tariff in the case of a review; and create regulatory assets scheme for them to leverage in sourcing for finance to expand their operations and augment tariff shortfall.
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PenOp Promotes Micro Pension Scheme Stories by Ebere Nwoji With N8.7 trillion assets accumulated in the Contributory Pension Scheme (CPS) since its creation, the Pension Fund Operators Association of Nigeria(PenOp), has urged self- employed Nigerians, artisans and informal sector employers to key into the micro pension scheme. PenOp is optimistic that the advent of micro pension scheme as a means of saving for the self-employed, artisans and informal sector employers would geometrically increase the quantum of pension assets and provide bumper long term investable funds in Nigeria. The micro pension scheme was launched in Nigeria barely
a month ago by the PenCom. The commission said its target was to ensure that Nigerians outside the formal sector not accommodated by the contributory pension key into it, as a means of saving for their retirement and guard against old age poverty. The CPS has been running for a decade and half in Nigeria, but has been targeted at only the public and formal sector operators. Though after the 2014 review of the 2004 Pension Reform Act, employers with up to three employees were said to have qualified to key into the scheme, the modus operandi of the scheme left much to be desired by the micro economy operators,
prompting the commission to launch the micro pension special scheme for the informal sector operators to key in. But PenOp Chairman, Mrs Ronke Adedeji, while addressing the media on the micro pension scheme at the quarterly press briefing organised by the association in Lagos, said the scheme was extremely important to Nigerians, adding that pension generally is meant to provide for financial stability of people at their old age. She said though pension fund administrators have started registering contributors into the micro pension scheme, Nigerians need awareness and enlightenment to understand and key into the scheme.
“Micro pension scheme is very significant and important we need a lot of enlightenment campaign, education and publicity is key to the success of the scheme�, Adedeji said. She said because of the all-important nature of micro pension scheme and the need for Nigerians who were not captured into the contributory pension scheme to be enlisted into the new initiative, a lot of incentives have been introduced into the new scheme. This include freedom of a contributor to pay in and withdraw up to 40 per cent of his contribution anytime, simplicity of the registration language and easy access to the contributed funds. Both Adedeji and the Ex-
ecutive Secretary of PenOp, Susan Orange, were worried about public acceptance of the micro pension saying it will take time because of high level of ignorance. She however said the pension fund operators would use different strategies including agents and electronic gadgets in marketing the scheme to Nigerians. She said the BVN data base would be of immense help to them in this regard, saying operators would use electronic platforms to drive the process. PenCom, had last year developed a framework for the implementation of the provisions of Section 2(3) of PRA 2014 on Micro Pension Plan. Micro Pension refers to an
arrangement for the provision of pension plan to the selfemployed and persons operating in the informal sector through the CPS. With the official launch of the scheme recently, both pension fund operators and the regulator Pencom, have been advised to use various channels of communication in educating members of the public on the initiative. Industry stakeholders and observers said the most important and effective channels should be periodic town hall meetings with trade unions, trade associations and cooperatives. This is expected to educate members, proffer clarifications and address concerns on the scheme.
NIA Warns against Fake Insurance CertiďŹ cates The Nigeria Insurers Association (NIA) has once again warned motorists on Nigerian roads against holding any paper in the name of insurance certificate just to pass police check points. To this end, the association has advised motorists to use the opportunity of its technologydriven Nigerian Insurance Industry Data- base (NIID), to verify the genuineness of the insurance certificates they are holding, especially for the compulsory motor insurance third party certificate. NIA, which is the umbrella body of all licenced insurance companies in Nigeria, has also urged all licenced insurance companies to ensure they upload on the NIID portal all motor insurance policies they have sold so far, in order to help the association succeed in its ongoing fight against fake motor and marine insurance certificates. Findings by THISDAY revealed that even with the NIID, some criminals are taking advantage of failure by some genuine insurers to upload the motor policies they have sold on the NIID portal to still parade their fake certificates and sell the same to unsuspecting members of the public. Against this backdrop, the NIA Director General, Mrs Yetunde Ilori, has vowed to ensure that every motorist patronises licenced insurers. Prior to the advent of the
NIID, motor insurance ranked first among the compulsory five insurance policies that suffer abuses by the fake insurance certificate sellers. The genuine insurers, officially charge N5,000 for the motor insurance third party certificate, the fakers charged as low as N1,000. Their business continued to boom until 2011, when the NIA developed ways of identifying fake and genuine certificate. This gave rise to the NIID which the association described as the only central record of all insured vehicles in Nigeria as well as one of the most important tools to ensure that only insured vehicles are driven on Nigerian roads. The association evolved the ‘AskNIID’ model used by authorised law enforcement agencies to enforce motor insurance law. With the NIID in place, once a motorist buys motor insurance policy from a genuine insurance firm, an alert of genuineness of the policy is automatically sent to his phone for confirmation. Ilori urged vehicle owners, who buy either third party or comprehensive insurance, to ask the insurer to upload the policy on the NIID platform. The association, she said had fined some insurance companies who did not upload motor policies sold on the platform, adding that the NIID remains one of the best ways to curb fake motor insurance policy.
Swiss Re, China Pacific Seal Deal Global insurance and reinsurance giant Swiss Re has signed a new Cooperation Framework Agreement with China Pacific Insurance (Group) Company Limited, deepening ties within the important country. Swiss Re had long highlighted China as the likely source of significant growth in insurance and reinsurance premiums for the firm and has been active there for many years. During that time the company has cooperated with Chinese domestic market insurer China Pacific Insurance a number of times, on initiatives ranging from education to specific
parametric insurance products. This relationship continues today and Swiss Re has entered into a new cooperation agreement with China Pacific recently. reinsurancene.ws, quoted the company to have said it could not comment on the nature of the partnership, due to confidentiality in the client relationship. However, it’s assumed that the pair will continue to partner on certain opportunities in the Chinese domestic insurance market, helping Swiss Re to grow its revenue coming from that all-important marketplace
REWARDING CUSTOMER LOYALTY
R-L: Brand manager, itel Nigeria, Kevin Zhang; winner/Managing Director, Grace Communication, Mrs Mary Borire and Mr. Borire Borire, during itel retailer promo held in Lagos‌recently
Shareholders Commend Custodian Investment Shareholders of Custodian Investment Limited, an investment and financial services conglomerate have commended the company over its impressive dividend pay-out for the year ended December 31, 2018. The shareholders at the 24th Annual General Meeting of the company held in Lagos recently gave kudos to the board and management of the company for proposing 35kobo dividend for every 50 kobo share held. The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, commended the board and management of the company. Other shareholders who spoke commended the company for
its performance in the year under review. Addressing the shareholders at the meeting, Custodian Investment Chairman, Mrs Omobola Johnson, said despite the moderate macro -economic growth on the domestic front, the company was able to post strong financial performance across all of its business lines and from the subsidiaries. “We recorded strong top line growth as gross revenue improved by 16.8 per cent to N50.3 billion. Similarly, total asset and shareholders’ funds remain strong at N98.1billion and N41.5 billion with year-on year- growth of 21.5 per cent and 13.9 per cent. “Significant higher reinsurance
and claims expenses, typical of the cyclical nature of the underwriting business, kept profit after tax flat was at N7.1 billion,� she said. She said Custodian investment board recognises the importance of dividends to shareholders and had therefore sustained the company’s practice of regular dividend payment by rewarding shareholders with an interim dividend of 10 kobo per share in September, 2018 and has proposed additional 35 kobo per share final dividend making a total dividend of 45kobo per share in the 2018 financial year. Speaking further, Johnson said despite the challenging business environment in 2018, profit before tax of the company
rose to N9.5 billion, from the N8.9 billion posted in 2017. Its total asset and shareholders’ funds stood at N98.1 billion and N40.5 billion respectively, with year-on-year growth of 21.8 per cent and 13.2 per cent. Custodian Managing Director, Wole Oshin, said that the company, would continue to thrive in all sectors in which it operates and would be guided by its vision to always exceed stakeholders’ expectations in the delivery of services to its esteemed clients, observance of high corporate governance standards and the recruitment and retention of highly skilled personnel while leveraging on innovation and bespoke technology for excellence.
Morgan Stanley to Pay $150m to Settle California Crisis Morgan Stanley will pay $150 million to settle charges it misled two large California public pension funds about the risks of mortgage-backed securities they bought in the years leading up to the 2008 global financial crisis. The settlement announced on Thursday by California Attorney General Xavier Becerra resolves an April 2016 lawsuit filed by his predecessor Kamala Harris, who is now a U.S. senator. Becerra said the California
Public Employees’ Retirement System (CalPERS) will receive $122 million from the settlement, while the California State Teachers Retirement System (CalSTRS) will receive $8 million. The other $20 million will cover costs and help fund other investigations. Morgan Stanley denied wrongdoing. A spokesman said the accord is the New York-based bank’s last regulatory settlement related to the financial crisis. California said Morgan
Stanley overstated the quality of subprime loans from lenders such as New Century Financial, which went bankrupt in 2007, that it bundled into seemingly safe securities that CalPERS and CalSTRS bought from 2003 to 2007. Reuters said the bank was also accused of failing to remove poor-quality loans from those securities, and hiding the risks because disclosure could become a “relationship killer� prompting lenders to send future business
elsewhere. “Morgan Stanley lied about the risks of its products and put profits over teachers and public employees who relied on its advice,� Becerra said. The lawsuit was one of hundreds accusing banks of misleading investors in the marketing and sale of residential mortgage-backed securities. Morgan Stanley agreed in February 2016 to pay $3.2 billion to resolve federal and state claims over those securities.
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Debt Overhang Looms in Nigeria Akin Morakinyo In a recent paper by Brookings on the danger of accumulation of debt by African countries, he expressed concerns for African countries racking up debts. Sadly, Nigeria came to mind. While putting finishing touches to this article this morning, the news broke that the Nigerian debt has risen by N2.66trillion in one year! This translates to about $8.7. It is a common prayer in Nigeria that ‘may we not leave debt for our children’. You will gauge from the chorus ‘Amen’ that that is seen as an important prayer. But is debt bequest a bad thing? Can we avoid it? If not, what sort of debt and how much of it can be left for the children? Finally, is Nigeria moving towards a debt overhang? Answering all these questions leads us to starting from understanding the concept of debt overhang. Debt overhang, a phenomenon that applies to individuals, households, business entities and government alike, refers to a situation whereby even though new debt will improve the profile of an entity, it is unable to access it because the present level of debt is such that the benefits of additional debt is deemed to be subject to partial appropriation by the existing debt holders. A structural macroeconomic debt overhang is a condition where additional credit creation measures are engaged in to address an underemployment or output gap, the build-up of which leads to a debt overhang. It so happens that in most scenarios, the debt overhang is preserved by substituting one form of public debt for another and it keeps growing. Debt overhang has various negative consequences. In the literature, its major consequence of serving as a disincentive for investment attracts my attention as a perspective. The importance of investment as a factor of economic growth is emphasized by the employment channel. Through the employment channel, investment enhances, not only productivity, but also the general welfare of the citizenry, thereby leading to economic development. But debt overhang hinders investments. For instance, an economic entity is forced to pass up investments that yield positive net present value (NPV). A positive NPV is a selection criterion for some projects and when profit-oriented entities have to pass up investment alternatives just because it does not have additional capacity to take up debts to execute such alternatives, opportunities to add value is lost. For a nation, this ultimately leads to a GDP growth that is less than its potential. The concern in this instance is Nigeria. Not only is Nigeria the most populous black nation in the world, but also one of the world’s fastest growing countries in terms of population. Indeed, it is projected that we will have a population of about 400million by 2050. This growth is not peculiar to Nigeria. The whole of Africa which has roughly 1 billion in population today is expected to have grown to 4 billion by that time with Nigeria contributing its own quota of 10%! Recently, Nigeria added $2.86b to its debt stock (November, 2018) thereby moving our total debt stock to about $76b. This is inclusive of states’ $11b+ portion of the debt. The tenor of this new debt are 7years, 12 years and 30years. With the life expectancy at birth in Nigeria, ranked at 178th in the world by the World Health Organization in 2018, currently at about 55 years for male and 56 years for female, most of the current actors in consummating this loan will not be alive by the time the last tranche is paid in 2048. That is if there are no restructuring. The truth is more are on the way when you project our debt profile. For instance, from a foreigndenominated loan portfolio of below $1b up till 1993 when we joined the loan-billionaire club, we have gradually trended upwards to around $76billion. The current foreign-domestic borrowing ratio profile is 86:14. The DMO has the mandate to tilt the ratio to 60:40. The idea behind this is to free up domestic funds available from competition between the private sector and the government. Apparently, the availability of government debt instruments which is almost always well over-subscribe tends to stifle the potential growth of the private sector with its pivotal growth implication on the economy when funds they can use are equally competed for by the government. The flipside to this mission is that rejigging the combination imposes more attention to dollar receivables over a long period as shortfalls may portend danger. The concern for accumulation of debt is valid.
Oniha If you review the trend, it is going up perpetually even when oil prices go up. Secondly, the debt to income ratio which measures the tendency for revenue to cover debt is also going-up and it is projected that in about 5 years, revenue will no longer be able to service debt. This, if it crystalizes is a dire situation as the international rating agencies will write our ratings down. Thirdly, there are some doubts about the total capture of our debt stock. What that means is that the debt-GDP ratio of about 18%+ which we currently refer to as a healthy level when compared to the estimated headroom of about 56% for countries of our development status, may be incorrect. If this is so and some local government debts and other uncollateralized debts have been excluded, then our current debt-GDP ratio may be incorrect and we may actually be nearer debt trap than we think. Lastly, there is a concern over our foreign exchange receivables over that length of time. Considering that over 80% of our current foreign exchange receipts come from oil, and developments in the oil markets particularly as it relates to transition to renewable energy, the implication on price in the future is anything but heart-warming. In order to address our concerns, we need to note that the source of debt is budget deficit. For budget deficit to be bridged, there is the need for borrowing. According to the DMO, in the 2018 budget, there is a funding gap of over N2.1trillion of which N1.6t is to be met with domestic and foreign debts of N750b and N850b respectively. Sovereign debt is an equivalent of financial leverage for a company. Just as this leads to growth for some institutions which think through, it can be an albatross for others who spend loans on frivolous things. Therefore, debt is not necessarily bad if it leads to development. Conversely, a low level of debt, debt/GDP ratio, such as 21.3% for Nigeria in 2017, is not necessarily good if the debt make-up is not justifiable. After all, since 1990, our highest point was at 75% in 1991 and lowest was 7.3% in 2008. For some countries, debt appears linked to economic growth and development. Cases in point are the US which has $19t in debt and is the largest economy in the world, and Japan, the third biggest economy in the world have debt/GDP ratio in excess of 250%. But the ownership of the public debt gives another dimension to the issue. As seemingly alarming the debt/GDP ratio of Japan is, less than 5% of that portfolio is owned by foreigners while only one-third of the American debt is owned by foreign countries. Curiously, our current budget deficit looks like the subsidy for fuel. Whether we should and what level of subsidy the country can provide on fuel and the management of oil subsidy is a discussion for another day. To make debt worth-while, we need to do a number of things. Firstly, it needs to be channeled towards investment as debt that are obtained to fund life-style or towards crass expenses or spending can be akin to smoking a stick of cigarette which gives satisfaction while smoking it but cannot be relied upon to give such satisfaction in medium time. Soon after, you feel like smoking another stick and the remnant you can see is the stub. Snugly tied to this point is that debts
should also be project-targeted. For instance, the sum of $350m was specifically borrowed to enhance the Port Harcourt refinery in 1988. This involved the enhancement of production from 60,000 barrel per stream day (bpsd) to 210, 000 bpsd. This approach allows for ascertaining in specific terms the purpose of debts. The process should not only be transparent, debts should be taken to build capacity. The return on investment should be undertaken. Only when the return is justifiable should such loans be taken. In order words, debts should be tied to project that are not only self-liquidating, but also such that will have multiplier effects on the economy. For instance, a 1995 study of the effect of software producer Microsoft on the local economy revealed that each job at Microsoft created 6.7 new jobs in Washington State, whereas a job at Boeing created 3.8 jobs. Targeting such multiplier effects are critical. A rigorous cost-benefit analysis and link to economic growth should be a pre-requisite for obtaining loans. For instance, it seems that over time, for us in Nigeria, there is a correlation between debt pile-up and poverty. Poverty seems to be perpetually increasing with these debts. In comparison, countries like China who had over 750 million poor people years ago now have just about 10 million in that category. This is in contrast with Nigeria with the number of poor people seemingly increasing on a yearly basis. And now, on the World Poverty Clock, 86.9million people live in extreme poverty putting Nigeria as the number one nation usurping India with a population that is more than 6 times Nigeria’s. This will continue to be so for as long as our GDP growth rate, currently below 2% falls short of population growth rate which is currently just below 3% per year which should put Nigeria as the third most populous country in the world by 2050. These two growth rates directly affect the per capita income of a country. Allowance should be given for maintenance of projects. Currently in Nigeria, such allowances are either not given, not adequately given or consumed altogether with corruption. The maintenance culture is important for us to continue to reap the full benefits of our investment. All our refineries now operate below installed capacity because of this problem and we now find ourselves in the trap of importing what we have the capacity to produce. A comprehensive plan is critical. Good projection about national budget deficit and projects will give option on timing of debts. For instance, the cost of debt for SA, obtained earlier in the year, is cheaper than ours. An important integral part of this is the institutionalization of a capital budget plan and framework which a new government should put in place within its first 6 months which will run for 3 years with serious accountability responsibility up to the highest level of the national assembly. In this new age of knowledge economy, know-where and know-when are increasingly becoming more important than know-how and know-what (mere facts!). The different timings for Nigeria’s foreign debt as well as that of South Africa this same year comes to mind. Whereas, South Africa obtained loan at 6% in May. Nigeria obtained
loan at 9.75% in October. In the space of few months, there has been about 33% increase in the cost of debt. By implication, Nigeria has started a catch-up race with South Africa from Day One in terms of putting the project to use and should then have the potential of earning more in order to compete with the equivalent South African project. This scenario is needless if our administration has a better ‘know-when’ appreciation. Tied to this penultimate issue is the growth rate of the economy. Comparing our cost of debt with economic growth rate gives a gloomy scenario. If we compare our economy that is expected to grow at 2% by year end with 9.75% cost of debt literarily means that whereas the Nigerian economy, to which the funds is applied will grow at 2%, we will add 9.75% in value to the lender of the funds, whether country or institution. The engagement of the federal legislators by the populace is critical. The truth is that the total number of legislators in both houses, of 469, in conjunction with the executive, consummate this debts on our behalf. Once the budget is approved, it implies that the 200 million Nigerians have approved it. We need to see representation as a very serious business. The consciousness on the part of the electorates is currently missing. By some of the actions of the federal legislatures on budgeting, you find it difficult to argue that the consciousness on issues of debt is not also lost on the majority of them. We deserve the best people to take decisions at the highest level of consciousness and responsibility. Waste and cost of governance are also too high in Nigeria. When we engage in needless debate about infrastructure as a major driver of growth which creates an enabling environment for businesses to thrive, we need to acknowledge that the level of waste and cost of governance is too high. This can be attested to by the mindboggling level of appointments at all levels of executive and a wanton waste of resources. Eradicating waste and drastically reducing cost of governance will unarguably create a healthy headroom to allocate resources to enhance the level of infrastructure. Expanding our revenue base is of importance. In alliance with the position of the IMF, our tax base may currently be adequate but not efficient as there are loopholes still to be blocked. This concern for an inadequate revenue base is founded in the fact that a budget deficit is inseparably attached to deficit budgeting arising from insufficient revenue to meet budgeted expenditure. For instance, as of May 2017, only 14mio people of 70million taxable Nigerians pay taxes. This means 80% of economically active and taxable Nigerians still evade taxes. Of the big five economies in Africa, Nigeria with the biggest economy, has by far, the least tax revenue to GDP of 6.1%. This compares with 26.9% for South Africa and 10.33%, 11.6% and 18.4% for Angola, Ethiopia and Kenya respectively. Even though this may be a reflection of poverty spread, the 80% of economically active Nigerians which are currently evading taxes shows that there is a huge room for improvement. This leakage adds to the leakage from the grossly under-taxed Nigerians. Again, to compound the situation, corruption cannot be taxed! The issue of tax structure is indeed a discussion for another day. When these tax leakages, which have multiplier effect are combined with the unjustifiable economic-rent- driven government concessions, there comes the inevitable realization that some of our sovereign debts are probably needless as a proper revenue capture would have made these debts unnecessary. In conclusion, whereas an accumulated public debt in itself and a high debt/GDP ratio is not necessarily bad, the structure of ownership between domestic and foreign should be watched. Most importantly, how transparent the process is in addition to the economic justification of the debt, debt planning, the timing of the debt, paying attention to the revenue base of the country as well as dogged implementation of projects are of utmost importance. The rising debt service as a percentage of revenue which the DMO warned against in its recent Debt Sustainability Analysis (DSA) and which IMF warned as being extremely high at 63% before the last foreign debt, can only be reined in if in addition to the mentioned palliatives, our currency does not suffer depreciation. This looks like a tall order considering the current macroeconomic situation and outlook. Morakinyo, lectures Economics at the Pan-Atlantic University, Lekki, Lagos
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EDUCATION TECH-U: Achieving a Tall Order Barely two years after its establishment, the First Technical University, Ibadan (Tech-U) has proved skeptics wrong as the institution is at the verge of becoming the first self-sustaining public university in Nigeria. The Vice-Chancellor, Professor Ayobami Salami highlights the institution’s effort at fulfilling its dreams of producing market-ready graduates that will provide solutions to societal needs, among others. Uchechukwu Nnaike reports
N
igerian universities have over the years been accused of producing half-baked graduates that are not employable, just as their curricula are said to be opposed to the needs of the industry. To step away from the norm, the First Technical University (TECH-U) was established by the Oyo State Government in 2017 to equip its students with the relevant skill-sets they require to stand-out among their peers. According to the Vice-Chancellor, Professor Ayobami Salami, to ensure that none of its student will ever become a liability to the society, it is mandatory for all students to acquire an additional foreign language; get certified (through NABTEB and London City and Guild) in at least two relevant vocations of their choice; and meet all conditions for the award of a diploma in entrepreneurship programme after series of interface with top-class industry experts that will get them ready for the world of work. As part of efforts to actualise this dream, he said the University has an existing partnership with the Texas Tech University, US, which allows an exchange of staff and students. “A major highlight of that partnership that should interest you is that henceforth, interested students of this University will be eligible to spend a full academic session at Texas Tech during their third or fourth session and may subsequently return there for postgraduate studies.� The VC stated that the institution is also in partnership with the organised private sector, which culminated into a curriculum review session that had in attendance notable organisations like the Nigeria Employers Consultative Council (NECA), Council for the Regulation of Engineering in Nigeria (COREN), Nigerian Society of Engineers (NSE), among other reputable industry leaders. He described the benefit of the programme as invaluable, as it enabled the university to benefit in no small measure from the critical input of these players in shaping its curriculum and preparing the students for the world of work. “We are glad and excited that we already have on-board a number of these topflight professionals signed-up as our facilitators; with many more joining the growing list soon. Of course, it needs to be underscored once again, that at Tech-U the balance of instruction is shared 60 to 40 per cent between our experienced academics and industry hands, respectively�, Salami said. He added that the University had finalised a Memorandum of Understanding with the Nigeria Machine Tools Limited, Osogbo within the framework of which its engineering students will have unhindered access to their standard facility for learning. “We have had a productive engagement with the German International Aid Agency (GIZ) for partnership in their ‘Skills Development for Youth Employment in Nigeria (SKYE)’ for the benefits of all our students.� Taking cognizance of the fact that not all students desiring the quality of education offered by the university can afford it, the institution had launched a students’ financing scheme now worth over N1 billion. “Since Tech-U debuted two sessions ago, not less than three hundred ben-
Salami eficiaries have emerged through the scheme. In choosing the beneficiaries, the University relies absolutely on a merit-driven process that involves series of aptitude tests preceded by an open call widely advertised.� On the rationale for establishing the fund, the VC said: “We are committed to empowering youths from all classes of the society. Our creed is to never subsidise the rich or deprive the poor. We are therefore pleased to raise the bar in students funding. I am happy that the scheme has brought to fruition the dreams of many underprivileged and deprived students.� He said the endowment fund is generated from the public and private sectors. “Notable public sector contributors for instance are Oyo State local governments. Through their magnanimity and foresight, at five students from each LGA in the state enjoy full scholarship throughout their study on campus. “Leading the way from the private sector is the Josephus Foundation Scholarship, graciously endowed by Chief Tunde Afolabi, a renowned oil magnate and Chancellor of the University. This is a partial annual scholarship to the tune of N650,000 per beneficiary, and covers tuition, accommodation and some other fees. To enjoy the privilege till graduation, beneficiaries are expected to maintain a minimum Cumulative Grade point Average (CGPA) of 3.5,� he said. Some of the beneficiaries of the scholarship scheme, who shared their experiences, thanked the university and donors for giving them such opportunity. A parent, Mrs. Olufunke Adepoju said: “I can say without any equivocation that the best thing that has happened to my daughter since graduation from secondary school is her admission to Tech-U. She was almost giving up after
a long time of seeking admission to various Nigerian universities, but Tech-U came as a big reward for all her waiting years. The best part of it for me is the scholarship she was offered for her entire undergraduate programme. We are glad to see her happy and improving in all spheres of life. We cannot but pray for the continuous uplifting of the university that has come to stay as the trail blazer in quality technical education in Africa.� A student, Adedamola Adegoke of the Department of Industrial Chemistry said: “When I received the news about my admission into Tech-U as a beneficiary of the Josephus Foundation scholarship, I was very excited and felt proud of myself. It came as a relief to my parents and me as we felt the fee was too high, though I admired the quality of education Tech-U gives. I am utterly grateful and I hope to make the most of it.� Another beneficiary, Caleb Kowhoegba of the Department of Mechanical Engineering said: “It was a great honour and privilege to sit for the Josephus Foundation scholarship and also to be selected as one of the pioneer recipients of the N650,000 scholarship per annum. I was thrilled to learn of my selection for this honour and I am deeply appreciative of the support. A big thank you again to the donor for the generosity and support. I promise to work hard to retain it and eventually give something back to others, possibly a scholarship to future students like myself.� Though the University was set up by the Oyo State Government, Salami said the institution was able to survive because it does not depend solely on the government, adding that it was established from the onset to be selfsustaining; a public university with private sector orientation.
“What government gave us is the take-off grant; apart from the take-off grant, we are supposed to generate resources to actually forge ahead while the government takes care of infrastructural development and that is what we have been doing in the last two years. We have been partnering with so many agencies and we have been running the University smoothly.� On the quality of lecturers the university employs, the VC said the management has consistently ensured that it recruits the brightest hands in the various fields of study to teach its students. “I am proud to say our growing faculty consists of some of the best from the available pool of experts. Additionally, we have engaged scholars in the diaspora as visiting lecturers to strengthen the pool. As a way of enriching the experience of our students, we are putting finishing touches to a policy of attracting exceptional and highly experienced industry players for appointment as Professors of Practice which hitherto does not exist in any Nigerian university. When fully implemented, the university will set the pace as the first institution in Nigeria to introduce this innovation.� Salami also reiterated the institution’s commitment to staff motivation, saying, “on our part, we will not leave any stone unturned in ensuring that we motivate our staff, who already are about the best paid in the public tertiary education system in Nigeria, to be able to nurture our students to become intellectual giants who dictate trends in their fields.� He added that the university pays salaries as and when due and that salaries are paid latest on the 25th of every month. “For the past two years, we have never failed. “Also, we are implementing the new pension law, which means the staff will pay eight per cent, the employer will pay 10 per cent. So every of our permanent staff has 18 per cent every month as pension scheme (contribution) instead of 15 per cent that you’d find in most public institutions in Nigeria and these deductions are remitted to the Pension Fund Administrator (PFA) selected by every staff on or before 10thday of every month.� In the areas of research and community development, he said the research conducted at the university would be need-driven and development-oriented. “We only do basic research to the extent that it fits into our mandates and facilitates a good outcome for need-driven innovative research. For example, we are conducting research on the problems of power, waste management and curtailing road traffic accidents. We have structured our research efforts in such a way that they solve problems and meet the needs of the society. “Gradually, we are building a presence; we are creating a new hub of activities in this environment. We are still at the initial stage; in the next two to three years, you’d see our footprints boldly on ground.� To affirmation of the university’s achievements, it was adjudged one of the leading universities in Nigeria in the latest Webometric ranking. Tech-U was ranked 43rdout of a total of 252 higher institutions ranked in the country. The parameters deployed were impact rank, web presence, openness rank and excellence rank.
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EDUCATION
NUC Produces Code of Governance for PrivateVarsities James Sowole in Akure The National Universities Commission (NUC) has developed a Code of Corporate Governance for private universities in the country. The NUC Executive Secretary, Professor Abubakar Rasheed disclosed the production of the document in his address at the third convocation ceremony of the Elizade University, Ilara Mokin, Ondo State. Elizade University, a private institution founded by Chief Michael Ade Ojo, turned out a total of 131
graduands at its third graduation ceremony, out of which 18 bagged first class. Rasheed, who was represented by the Director, Quality Assurance in the commission, Dr. Noel Saliu, said the document was produced to guide the proprietors, the board of trustees, governing council and university management in the governance of institutions. Specifically, he said the code was produced to tackle challenges of governance in private universities. According to him, the federal government would
continue to be grateful to the private sector for their involvement in the delivery of quality university education in Nigeria. “The participation of the private sector has, to a very large extent, expanded accessibility of education to many Nigerians, even though the carrying capacity of all the private universities put together is less than the public universities.� He reiterated that the government is not just interested in increasing access, but achieving expanded assess without compromising quality.
While commending the Elizade University for the feat achieved since its establishment, Rasheed said the commission is impressed by its achievement despite being a young institution. The NUC executive secretary also stated that the commission has developed the blue print for the rapid revitalisation of university education in Nigeria for the year 2019-2023. He said the development of the blueprint was thought on an extensive multi-stakeholder base and that input were sought from students, parents,
teaching and non-teaching, vice-chancellors and other stakeholders in the education sector. According Rasheed, data were gathered to determine Nigeria’s rank and challenges faced in the system at currently, as well as to seek practicable and sustainable solutions to the challenges and the cost implication for the solution. He said the document clearly delineates the role of each level of governance structure of a university to improve university governance in the country. He therefore solicited the
cooperation of the government, the academia, the industries and all well-meaning Nigerians to achieve the strategic objectives of the blueprint so that the document will not go the way of past strategic documents that were not implemented. He said since universities are quality assurance institutions by design, they must be seen to reflect quality in all their operations, be it academic or non-academic in order to ensure that graduates of Nigerian universities will be both nationally relevant and globally competitive.
Dangote Donates Multibillion Naira Student Hostels to ABU Jonathan Eze Africa’s foremost businessman and Chairman of Aliko Dangote Foundation, Alhaji Aliko Dangote, has made another critical intervention in the education sector when he donated fully equipped 2,160 bed space hostel complex to the Ahmadu Bello University, Zaria at the weekend. The students’ halls of residence comprising 10 blocks of 360 rooms built at the sum of N1.2 billion came after similar gestures to Bayero University, Kano and University of Ibadan, where the business mogul donated multi-billion naira business school complexes respectively as part of his contribution to the education development in the country. The new students’ hall of residence was inaugurated as part of activities marking the 41st convocation ceremony of the university, during which the university reciprocated the act of philanthropy by conferring on him and the renowned labour leader, Hassan Sumonu, honorary Doctorate Degree. Also 15,787 graduating students were awarded various degrees. In his remarks, Dangote explained that he was moved to build the structure having realised that the student population at the universities have recorded significant increase without a corresponding growth in terms of infrastructure. He regretted that the situation has remained a subsisting and growing major challenge as Nigerian public universities continue to grapple with underfunding. “Thus, I will like to use this opportunity to enjoin the federal government to consider allocating special funds to the universities to enable them to improve on research and upgrade their infrastructure. Such special intervention has become imperative given the perennial funding challenges facing our universities,� he stated. Dangote stated that the federal government alone cannot shoulder the entire burden of funding tertiary education due to competing needs of other sectors that also demand priority attention. This he said is where Public Private Partnership (PPP)
can and should come in to fill the gap. He enjoined the private sector to adopt a new approach towards supporting the federal government in tackling the funding deficit in higher institutions. “I strongly believe the private sector must go beyond just the payment of the two per cent education levy and be ready to join hands with the state and federal governments in expanded funding for tertiary education in Nigeria. This will ensure that our institutions of higher learning are positioned to produce graduates who can transform this nation. “If there are two things that I am passionate about, they are education and entrepreneurship. I believe they go hand in hand. Some years ago, as Chairman of the National Committee on Job Creation, my committee strived to fashion out strategies for integrating entrepreneurship into our national educational curriculum, in line with what obtains in the western world.� While expressing his gratitude on the award conferred on him, Dangote described ABU as “an institution famed for its incredibly thorough academic tradition, the quality of faculty, and the enriching experiences of life within its walls. Today, the university has lived to its billing as a melting pot for ideologies by honouring a renowned socialist and champion of employees’ rights, Sunmonu and myself, for being a leading capitalist and investor in employment generating enterprises.� Dangote added: “It is also with a deep sense of fulfilment that today’s occasion is also being used for the inauguration of 10 blocks of student hostels which consists of 360 fully equipped rooms with capacity for housing 2,160 students, built at a cost of N1.2 billion donated by the Aliko Dangote Foundation to Ahmadu Bello University, (ABU) Zaria. While commending him, Governor Nasiru El-Rufai of Kaduna State, who officially opened the hostel, said Dangote’s philanthropic spirit should be emulated by others who have been blessed by God.
United States Consulate Public Aairs OďŹƒcer, Russell Brooks (right); Deputy Vice-Chancellor for Research, Innovation and Strategic Partnerships, University of Ibadan, Professor Olanike Adeyemo (left), with winners of the US Consulate supported 2019 CampusLabs Disability Hackathon Pitch Competition held in Ibadan... recently
National Common Entrance Exam: Teachers Laud NECO’s Efforts to Curb Malpractice Uchechukwu Nnaike Following the smooth conduct of the National Common Entrance Examination across the country weekend, some teachers have lauded the recent innovation by the National Examinations Council (NECO) of omitting candidates’ serial numbers on the examination slips, saying that the move would curb examination malpractice. A total of 75,635 primary six pupils wrote the examination
for possible admission into the 104 unity colleges in the country. During a visit to the examination centre at Imoye Senior High School and Odofin Junior and Senior Secondary School, Mile II, Lagos, THIS DAY observed that the parents and students conducted themselves in an orderly manner, just as NECO officials and invigilators arrived early for the examination to commence as scheduled. However, some parents
complained of not being notified that the examination would commence at 12 noon, as they expected it to start earlier than that. Commenting on the general outcome of the examination, a parent, who identified himself as Mr. Peter said the process was orderly and the officials arrived on time for accreditation and examination, adding that the little misinformation earlier was promptly addressed. Asked if the aims of establishing unity school are still
maintained, he answered in the affirmative, saying that it is important for students to mix and make friends with their peers from other parts of the country and also learn about their respective culture. This he said helps to foster peace and togetherness in the country. Some of the candidates who spoke with THISDAY after the examination said the questions were not difficult for them and expressed hope of passing the examination in flying colours.
US Supports Tech-driven Solutions to Disability Issues Funmi Ogundare Students of the University of Ibadan, Oyo State recently converged on the campus for the 2019 CampusLabs Disability Hackathon, designed to address the challenges and needs of people with disabilities using technology solutions. Following a five-day boot camp facilitated by three Mandela Washington Fellows; Emeka Ossai (CEO, CampusLabs), Busola Majekodunmi and Tobiloba Ajayi, 26 participating students representing seven teams pitched their ideas before a jury of leading tech leaders and disability inclusion advocates. The hackathon is supported by a public diplomacy grant
from the United States Consulate in Lagos. Speaking at the grand finale of the programme the US Consulate Public Affairs Officer, Mr. Russell Brooks commended the students for working collaboratively to improve accessibility and mobility for people living with disabilities. Brooks, who also served as a member of the jury for the pitch competition, explained that hackatons provide opportunities for solving problems in novel ways. “The United States government is proud to support initiatives like this which seek to leverage the exponential power of technology to solve problems and promote a culture of social innovation
and inclusion,� he said. He explained that about 15 per cent of Nigeria’s population representing 25 million people have one form of disability or another, while calling for concerted efforts to promote inclusion and reduce the obstacles they face. “Inclusion is a good indicator of how much we value and respect human life. We must become more actively involved in creating a more inclusive environment for all,� he said. The Vice-Chancellor, University of Ibadan, Professor Idowu Olayinka, who attended the programme with his principal officers, expressed commitment to supporting students working hard to promote inclusion of people living with disabilities.
Team Afia won the competition with their pitch for an app that will ease access of people living with disabilities to connect with providers of basic social services. They were rewarded with a cash prize of N500,000 for their impressive performance. All seven teams in the pitch competition came up with varying technological solutions after meeting with families and people living with disabilities to gain a better understanding of the challenges they face. CampusLabs works across Nigerian universities to raise a community of budding social entrepreneurs capable of implementing high-impact projects that benefit their local communities.
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32 First Class Graduates of FUPRE Become Instant Millionaires Sylvester Idowu in Warri A total of 32 graduands of the Federal University of Petroleum Resources (FUPRE), Effurun, Delta State became instant millionaires last weekend during the second convocation of the institution. A former member of the House of Representatives, Hon Ned Nwoko presented each of the first class graduands a donation of one million naira in appreciation of the efforts they put into their education. The politician, who bagged an honorary degree of FUPRE, in response on behalf of the three honorary awardees, stunned the gathering when
he called out the first class graduates and announced the donation. He also announced a yearly donation for the future first class graduates of the institution, saying that the gesture is to stimulate the reading culture amongthe students of FUPRE. Some of the beneficiaries and recipients of Vice-Chancellor’s Prize included Abel Okojunu of the Department of Mathematics with a CGPA 4.95; Jacinta Okpanum of Chemical Engineering with 4.69 CGPA; Israel Osagbe Momoh of Petroleum Engineering with CGPA of 4.76 and Destiny Route of the Department of Physics with 4.74 CGPA.
The visitor to the university, President Muhammadu Buhari, rejoiced with and congratulated all the graduands and their guardians for the successful completion of their courses and for being worthy to be enlisted in the honours roll. He thanked the people of Niger Delta for their support to the federal government, under his leadership, through the sustenance of peace in the region. This he said has encouraged smooth operation of industries in the oil and gas sector. The Vice-Chancellor of FUPRE, Professor Akii Ibhadode, said the vision of his management is to take the university
to the top 500 universities in world ranking. Ibhadode, who was represented by the Deputy Vice- Chancellor, Administration, Professor Prekeyi Tawari-Fufeyin said: “This dream was anchored on the untapped potential of the university; being in the rich Niger Delta belt of the country and the place of Nigeria as a major oil producing country. “The recent and increasing oil finds in Sub-Saharan Africa; from Ghana to Niger to Equatorial Guinea, East Africa etc, suggests huge market for skilled and managerial manpower which the Federal University of Petroleum Resources, Effurun is ready to provide,� he said.
The Director of Schools Services, Cross River State Ministry of Education, Charity Ottoho; Nollywood actor, Ime Bishop Umoh; the Head Legal and Corporate Communications, Promasidor Nigeria Limited, Andrew Enahoro; and the Principal, West African People’s Institute (WAPI), Calabar, Mercy Etim, during the ďŹ fth Promasidor Harness Your Dream initiative, a career guidance workshop for junior secondary school students held at WAPI recently‌ recently
Literamed Publications to Commemorate Golden Jubilee Funmi Ogundare Literamed Publications, publishers of Lantern Books is 50. The organisation is set to commemorate its anniversary by launching a leaders competition where children between the ages of five and 13 can win one year scholarship and other prizes by reading one lantern storybook every month. The Chairman of the organisation, Chief Yinka Lawal-Solarin, who briefed journalists, weekend in Lagos on the development, said the move will further stimulate the reading culture, adding that the competition will comprise a spelling bee, essay and brain teasers, all from subscription
titles. “The competition will be in four stages. There will be an entry level where all subscribers can take part in to get shortlisted. The stage two will be an inter-level competition between subscribers of a particular level of a school against that same level of another school. The stage three will comprise of a regional draws where shortlisted subscribers are picked, while the grand finale which will hold in Lagos in October 2019, will be televised live.� He said the winners would smile home with a scholarship prize of N500,000, laptop and smartphone; N300,000, laptop and smartphone, as well as N200,000 and a smartphone
for the first, second and third position respectively, adding that there will also be a school prize of N500,000 and other consolation prizes. Lawal-Solarin recalled how the organisation was incorporated in 1969, the same year it pioneered medical publishing in the country with Medipharm, a medical index of pharmaceutical specialties, adding that apart from publishing medical journals, Literamed has also published children’s books. “In the beginning, our vision was to provide total education by making available books for both learning and leisure. We also considered that good books targeted at children give the right foundation for education
at all levels. “Over the last 50 years, the vision is alive through more than 250 curriculum relevant lantern primary and junior secondary textbooks, about 200 culture relevant storybooks, over 150 comics that tell good African stories and about 100 living scrolls comics of bible stories.� As part of the organisation’s contribution to support the provision of sound basic education for the Nigerian child, Lawal-Solarin said it has trained thousands of teachers nationwide in Lantern Books Skills Upgrade for Teachers (SUFT) workshops and also partnered with the state government on ‘support our schools’ initiative.
IgbinedionVarsity Establishes Security Affairs Centre, Honours Burutai Adibe Emenyonu in Benin City As part of efforts to support the tackling of the prevailing security situation in the country, Igbinedion University, Okada, Edo State has established the Centre for Contemporary Security Affairs. The centre, named after the Chief of Army Staff, Lt. General Tukur Buratai, was launched at the university Main Campus, Okada.
The event, which featured the maiden public lecture titled ‘Military and Democratic Consolidation in Nigeria- Appraisal of Nigerian Army Counter-terrorism and Counter-insurgency Operations’, which was delivered by Buratai, witnessed the foundation laying and unveiling of the plaque at the construction site of the Buratai Centre for Contemporary Security Affairs Complex.
In his remarks, the ViceChancellor, Professor Lawrence Ezemonye announced that the establishment of the centre is in pursuit of the university’s mission to deepen research and provide workable and pragmatic solutions to security challenges not only in Nigeria, but as a global concept. He said the centre, which is the first of its kind in SubSaharan Africa, will frequently bring together the academia
and the military to compare notes, challenge status quo in an intellectually stimulating discourse on security and allied contemporary issues. Speaking before the lecture, Buratai expressed delight at the university’s gesture and for the honour bestowed on him and the Nigerian Army by naming the centre after him and for the opportunity to be the maiden guest lecturer of the centre.
KEHINDE OMORU www.kayomoru.com
SLOUCHED BY MARKING Ă Ă?Ăœ ÞÒĂ? ĂœĂ?Ă‹ĂœĂ? Ă™Ă? ĂĄĂœĂ“ĂžĂ“Ă˜Ă‘Ëœ Ă’Ă‹Ă Ă? ĂŽĂ?Ă Ă?ÖÙÚĂ?ĂŽ Ă?Ù×Ă? Ă?Ă•Ă“Ă–Ă–Ă? Ă‹Ăž ĂŽĂ?ĂœĂ“Ă Ă“Ă˜Ă‘ ĂœĂ?Ă–Ă?Ă Ă‹Ă˜Ăž Ă?Ă&#x;ĂŒĂ”Ă?Ă?Ăž ×ËÞÞĂ?ĂœĂ? Ă?ĂœĂ™Ă— Ă‹Ă˜Ă“Ă—Ă‹ĂžĂ? Ă‹Ă˜ĂŽ Ă“Ă˜Ă‹Ă˜Ă“Ă—Ă‹ĂžĂ? ÞÙÚÓĂ?Ă? Ă‹Ă–Ă“Ă•Ă?Ë› Ă’Ă? ÙÞÒĂ?Ăœ ĂŽĂ‹ĂŁËœ ĂŒĂ&#x;Ă—ĂšĂ?ĂŽ Ă“Ă˜ĂžĂ™ Ă‹Ă˜ ÙÖÎĂ?Ăœ Ă?ÙÖÖĂ?Ă‹Ă‘Ă&#x;Ă?Ëœ Ă’Ă“Ă—Ă?Ă?Ă–Ă? Ă‹ Ă Ă?ĂžĂ?ĂœĂ‹Ă˜ ĂžĂ?Ă‹Ă?Ă’Ă?ĂœËœ Ă–Ă&#x;Ă—ĂŒĂ?ĂœĂ“Ă˜Ă‘ ĂžĂ™ĂĄĂ‹ĂœĂŽĂ? Ă‹ Ă?Ă&#x;ĂšĂ?ĂœĂ—Ă‹ĂœĂž ĂĄĂ‹Ă? Ă‹Ă–Ă?Ă™ Ă’Ă?Ă‹ĂŽĂ“Ă˜Ă‘ Ă?Ă™ĂœË› ÔÙÕĂ?ĂŽ Ă‹ĂŒĂ™Ă&#x;Ăž Ă’Ă“Ă? ˊÚÙåĂ?ĂœĚ‹Ă‘Ă‹Ă“ĂžËŞ Ă‹Ă–Ă–Ă&#x;ĂŽĂ“Ă˜Ă‘ Ă“Ăž ÞÙ Ă“Ă˜Ă?Ă–Ă&#x;Ă?Ă˜Ă?Ă?Ë› Ă? Ă–Ă‹Ă&#x;Ă‘Ă’Ă?ĂŽ Ă’Ă?Ă‹ĂœĂžĂ“Ă–ĂŁ Ă‹Ăž Ă?Ă“ĂœĂ?ĂžËœ ÞÒĂ?Ă˜ Ă?Ă™ĂŒĂ?ĂœĂ?ĂŽ Ă‹Ă˜ĂŽ ĂŽĂ?Ă?Ă–Ă‹ĂœĂ?ĂŽ Ă?Ă‹ĂŽĂ–ĂŁ ÞÒËÞ Ă’Ă? Ă’Ă‹ĂŽ Ă‘ĂœĂ‹ĂŽĂ&#x;Ă‹Ă–Ă–ĂŁ Ă?Ă™Ă&#x;Ă˜ĂŽ Ă’Ă“Ă—Ă?Ă?Ă–Ă? Ă’Ă&#x;Ă˜Ă?Ă’Ă?ĂŽ Ă?ĂœĂ™Ă— ĂŁĂ?Ă‹ĂœĂ? Ă™Ă? Ă—Ă‹ĂœĂ•Ă“Ă˜Ă‘ Ă?ĂžĂ&#x;ĂŽĂ?Ă˜ĂžĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂĄĂ™ĂœĂ•Ë›
Ă? Ă“Ă˜ĂŽĂ?Ă?ĂŽ ĂŁĂ?Ă‹ĂœĂ? Ă™Ă? ĂĄĂœĂ™Ă˜Ă‘ ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ă“Ă˜Ă‘ Ă‹Ăž ÞÒĂ? ĂžĂ?Ă‹Ă?Ă’Ă?ĂœËŞĂ? ĂžĂ‹ĂŒĂ–Ă? Ă?Ă‹Ă˜ Ă?ÓâËÞĂ? ÞÒĂ? Ă’Ă?Ă‹ĂŽ Ă‹Ă˜ĂŽ Ă?Ă’Ă™Ă&#x;Ă–ĂŽĂ?ĂœĂ? Ă“Ă˜ Ă‹ Ă?ĂžĂ™Ă™ĂšËœ Ă“Ă?Ă˜ËŞĂž Ă“Ăž Ă‹ĂŒĂ™Ă&#x;Ăž ÞÓ×Ă? ĂŁĂ™Ă&#x; Ă—Ă‹ĂœĂ•Ă?ĂŽ Ă?Ă‹Ă?Ă?Ă–ĂŁËŁ Ă’Ă? Ă˜Ă‹ĂžĂ&#x;ĂœĂ‹Ă– Ă?Ă’Ă‹ĂšĂ? Ă™Ă? ĂŁĂ™Ă&#x;Ăœ Ă?ĂšĂ“Ă˜Ă? Ă?ÒÙåĂ? ĂžĂ’ĂœĂ?Ă? Ă?Ă&#x;ĂœĂ Ă?Ă? ÞÒËÞ Ă?Ă™ĂœĂ— Ă‹ Ă?Ă’Ă‹ĂšĂ? Ă?Ă“Ă—Ă“Ă–Ă‹Ăœ ÞÙ ËŤ ËŹË› Ă’Ă? Ă?Ă“ĂœĂ?Ăž Ă?Ă&#x;ĂœĂ Ă? Ă“Ă? ÞÒĂ? Ă˜Ă?Ă?Ă• Ă?Ă&#x;ĂœĂ Ă?Ëœ ÞÒĂ? Ă?Ă?Ă?Ă™Ă˜ĂŽ Ă“Ă? ÞÒĂ? Ă—Ă“ĂŽ ĂŒĂ‹Ă?Ă• Ă?Ă&#x;ĂœĂ Ă? Ă‹Ă˜ĂŽ ÞÒĂ? ĂžĂ’Ă“ĂœĂŽ Ă?Ă&#x;ĂœĂ Ă? Ă“Ă? ÞÒĂ? ÖÙå ĂŒĂ‹Ă?Ă• Ă?Ă&#x;ĂœĂ Ă?Ë› Ă&#x;Ă?Ă’ Ă‹ Ă?Ă&#x;ĂœĂ Ă? Ă™Ăœ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă“Ă? Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž Ă?Ă™Ăœ Ă–Ă?Ă‹ĂŽĂ“Ă˜Ă‘ Ă‹ Ă’Ă?ËÖÞÒã Ă–Ă“Ă?Ă?Ë› Ă“ĂžĂžĂ“Ă˜Ă‘Ëœ Ă?ĂžĂ‹Ă˜ĂŽĂ“Ă˜Ă‘Ëœ ĂĄĂ‹Ă–Ă•Ă“Ă˜Ă‘ Ă‹Ă˜ĂŽ ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă“Ă˜Ă‘ Ă Ă‹ĂœĂ“Ă™Ă&#x;Ă? ÙÞÒĂ?Ăœ ÚÒãĂ?Ă“Ă?Ă‹Ă– Ă‹Ă?ÞÓà ÓÞÓĂ?Ă? Ă“Ă˜ ĂĄĂœĂ™Ă˜Ă‘ ĂŒĂ™ĂŽĂ“Ă–ĂŁ ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ă?Ëœ Ă?Ă™Ăœ Ă‹ Ă–Ă™Ă˜Ă‘ ĂšĂ?ĂœĂ“Ă™ĂŽ Ă™Ă? ÞÓ×Ă?Ëœ Ă–Ă?Ă‹ĂŽĂ? ÞÙ ĂŒĂ‹ĂŽ Ă™Ăœ Ă“Ă˜Ă?Ă™ĂœĂœĂ?Ă?Ăž ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ë› Ă‹ĂŽ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă“Ă? ÞÒĂ? ĂœĂ™Ă™Ăž Ă™Ă? Ă?Ă?Ă Ă?ĂœĂ‹Ă– Ă&#x;Ă˜ĂŽĂ?Ă?Ă“ĂœĂ?ĂŽ ÚÒãĂ?Ă“Ă?Ă‹Ă– Ă?Ă™Ă˜ĂŽĂ“Ě‹ ĂžĂ“Ă™Ă˜Ă?Ë› Ă’Ă? Ă–Ă“Ă?Ăž Ă“Ă? Ă›Ă&#x;Ă“ĂžĂ? Ă–Ă™Ă˜Ă‘ Ă‹Ă˜ĂŽ Ă“Ă˜Ă?Ă–Ă&#x;ĂŽĂ?Ă? Ă“Ă—ĂšĂœĂ™ĂšĂ?Ăœ Ă?ÖÙå Ă™Ă? 􉋄Ă?Ă˜ ĂžĂ’ĂœĂ™Ă&#x;Ă‘Ă’Ă™Ă&#x;Ăž ÞÒĂ? ĂŒĂ™ĂŽĂŁËœ Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă?ĂŽ Ă?Ă&#x;Ă?Ă?Ă?ĂšĂžĂ“ĂŒĂ“Ă–Ă“ĂžĂŁ ÞÙ Ă“Ă˜Ă”Ă&#x;ĂœĂŁËœ ÖÙåĂ?ĂœĂ?ĂŽ Ă?Ă˜Ă?ĂœĂ‘ĂŁ Ă–Ă?Ă Ă?Ă–Ă? Ă‹Ă˜ĂŽ ÖÙå Ă–Ă?Ă Ă?Ă– Ă™Ă? Ă?Ă?Ă–Ă?Ě‹Ă?Ă™Ă˜Ă?Ă“ĂŽĂ?Ă˜Ă?Ă?Ë› Ă? ĂŁĂ™Ă&#x; ĂĄĂ“Ă?Ă’ ÞÙ Ëà ÙÓÎ Ă?Ă&#x;Ă?Ă’ Ă’Ă?ËÖÞÒ Ă‹Ă˜ĂŽ ĂĄĂ?Ă–Ă–ĂŒĂ?Ă“Ă˜Ă‘ Ă“Ă?Ă?Ă&#x;Ă?Ă? ĂŁĂ™Ă&#x; Ă˜Ă?Ă?ĂŽ ÞÙ Ă—Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜ Ă‹ ÑÙÙÎ ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ë› Ă?Ă™ĂœĂœĂ?Ă?Ăž ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă—Ă?Ă‹Ă˜Ă? ÞÒËÞ ĂĄĂ’Ă?Ă˜ ĂŁĂ™Ă&#x; Ă?Ă“Ăž Ă™Ă˜ Ă‹ Ă?Ă’Ă‹Ă“ĂœËœ ĂŁĂ™Ă&#x;Ăœ ĂŒĂ‹Ă?Ă• Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?ĂžĂœĂ‹Ă“Ă‘Ă’ĂžËœ Ă?Ă’Ă?Ă?Ăž Ă&#x;Ăš Ă‹Ă˜ĂŽ Ă™Ă&#x;ĂžĂĄĂ‹ĂœĂŽ Ă‹Ă˜ĂŽ ĂŁĂ™Ă&#x;Ăœ ĂžĂ&#x;Ă—Ă—ĂŁ Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ù×ÚÖĂ?ĂžĂ?Ă–ĂŁ ĂžĂ&#x;Ă?Ă•Ă?ĂŽ Ă“Ă˜Ë› Ă’Ă? Ă?Ó×ÚÖĂ?Ă?Ăž ĂĄĂ‹ĂŁ ÞÙ Ă—Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜ Ă?Ă&#x;Ă?Ă’ Ă‹ ĂŒĂ™ĂŽĂŁ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă“Ă? ÞÙ Ă?Ă“Ăž Ă‹Ă˜ĂŽ Ă?ĂžĂ‹Ă˜ĂŽ Ă?ĂžĂœĂ‹Ă“Ă‘Ă’Ăž Ă—Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜Ă“Ă˜Ă‘ ÞÒĂ? Ă‘Ă“Ă Ă?Ă˜ Ă“ĂŽĂ?Ă‹Ă– Ă?ĂžĂ‹Ă˜Ă?Ă?Ë› Ă‹Ă•Ă? Ă?Ă&#x;ĂœĂ? ÞÒËÞ ĂŁĂ™Ă&#x; ĂšĂ&#x;Ăž Ă—Ă“Ă˜Ă“Ă—Ă&#x;Ă— ÚÙĂ?Ă?Ă“ĂŒĂ–Ă? Ă?ĂžĂœĂ‹Ă“Ă˜ Ă™Ă˜ ĂŁĂ™Ă&#x;Ăœ ĂŒĂ™Ă˜Ă?Ă? Ă‹Ă˜ĂŽ Ă—Ă&#x;Ă?Ă?Ă–Ă?Ă?Ë› Ă–Ă?Ă™Ëœ Ă&#x;Ă?Ă? Ă‹ Ă?Ă’Ă‹Ă“Ăœ ÞÒËÞ ËÖÖÙåĂ? Ă?Ù×Ă?Ă™ĂœĂž Ă‹Ă˜ĂŽ ÞÒĂ? Ă?Ă&#x;Ă‘Ă‘Ă?Ă?ĂžĂ?ĂŽ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™Ăœ Ă–Ă™Ă˜Ă‘ ĂžĂ?ĂœĂ— ĂšĂ&#x;ĂœĂšĂ™Ă?Ă?Ă?Ë› Posture correction exercises Exercise 1: ĂžĂ‹Ă˜ĂŽ Ă?ĂœĂ?Ă?Þ˛ Ă–Ă“Ă‘Ă˜ ĂŁĂ™Ă&#x;Ăœ Ă?Ă‹ĂœĂ? Ùà Ă?Ăœ ÞÒĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽĂ?ĂœĂ?Ë› Ă‹Ă“Ă?Ă? ĂŒĂ™ĂžĂ’ ĂŁĂ™Ă&#x;Ăœ Ă’Ă‹Ă˜ĂŽĂ? Ă?ĂžĂœĂ‹Ă“Ă‘Ă’Ăž Ă&#x;Ú˛ Ă’Ă? Ă‹ĂœĂ—Ă? Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹Ă–Ă™Ă˜Ă‘Ă?Ă“ĂŽĂ? ĂŁĂ™Ă&#x;Ăœ Ă?Ă‹ĂœĂ?Ë› Ă?Ă˜ĂŽ ĂŁĂ™Ă&#x;Ăœ Ă’Ă‹Ă˜ĂŽĂ? Ă‹Ăž ÞÒĂ? Ă?Ă–ĂŒĂ™ĂĄ Ă?Ă™ ÞÒËÞ ÞÒĂ? ÚËÖ×Ă? ÞÙĂ&#x;Ă?Ă’ ÞÒĂ? ĂŒĂ–Ă‹ĂŽĂ?Ă? Ă™Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă™Ă&#x;Ă–ĂŽĂ?ĂœĂ?Ë› ÞËã Ă“Ă˜ ÞÒÓĂ? ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜ Ă?Ă™Ăœ Ă‹ Ă—Ă“Ă˜Ă&#x;ĂžĂ?Ë› Ă?ĂœĂ?Ă™ĂœĂ— ÞÒÓĂ? Ă?âĂ?ĂœĂ?Ă“Ă?Ă? ÞÙ Ă‹ Ă?Ă™Ă&#x;Ă˜Ăž Ă™Ă? ÍŻÍŽ Ă?Ă Ă?ĂœĂŁ ĂŽĂ‹ĂŁË› Exercise 2: Ă‹Ă•Ă? Ă‹ Ă?Ă’Ă‹Ă“Ăœ Ă‹Ă˜ĂŽ Ă?Ă“Ăž Ă™Ă˜ Ă“Ăž åÓÞÒ ĂŒĂ™ĂžĂ’ ÞÒĂ? Ă?Ă?Ă?Ăž ÞÙĂ&#x;Ă?Ă’Ă“Ă˜Ă‘ ÞÒĂ? Ă?Ă–Ă™Ă™ĂœË› Ă‹Ă•Ă? Ă?Ă&#x;ĂœĂ? ÞÒËÞ ĂŁĂ™Ă&#x; Ă?Ă“Ăž Ă™Ă˜ ÞÒĂ? Ă?Ă’Ă‹Ă“Ăœ Ă?ĂžĂœĂ‹Ă“Ă‘Ă’Ăž ĂŁĂ?Ăž Ă?Ù×Ă?Ă™ĂœĂžĂ‹ĂŒĂ–ĂŁË› Ă‹Ă“Ăž Ă‹Ă˜ĂŽ ĂœĂ?ÖËâ Ă?Ă™Ăœ Ă‹ Ă?Ă™Ă&#x;ÚÖĂ? Ă™Ă? Ă?Ă?Ă?Ă™Ă˜ĂŽĂ?Ë› Ă’Ă?Ă˜ ĂŁĂ™Ă&#x; Ă?Ă?Ă?Ă– Ă‹Ăž Ă?Ă‹Ă?Ă?Ëœ ÚÖËĂ?Ă? ĂŁĂ™Ă&#x;Ăœ ÚËÖ×Ă? Ă™Ă˜ ĂŁĂ™Ă&#x;Ăœ ÞÒÓÑÒĂ?Ë› Ă™ĂĄËœ ×Ùà Ă? ĂŁĂ™Ă&#x;Ăœ Ă?Ă’Ă™Ă&#x;Ă–ĂŽĂ?ĂœĂ? ĂŒĂ‹Ă?Ă•ĂĄĂ‹ĂœĂŽĂ?Ë› Ă›Ă&#x;Ă?Ă?äĂ? ÞÒĂ? Ă?Ă’Ă™Ă&#x;Ă–ĂŽĂ?Ăœ ĂŒĂ–Ă‹ĂŽĂ?Ă? ÞÙÑĂ?ÞÒĂ?ĂœË› Ă™ ĂŒĂ™ĂžĂ’ ÞÒĂ? ×Ùà Ă?Ă—Ă?Ă˜ĂžĂ? Ă?Ă“Ă—Ă&#x;Ă–ĂžĂ‹Ă˜Ă?Ă™Ă&#x;Ă?Ă–ĂŁ ĂŒĂ&#x;Ăž Ă?ÖÙåÖã˛ ÞËã Ă“Ă˜ ÞÒÓĂ? ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™Ăœ Ă‹ ×Ù×Ă?Ă˜ĂžË› Ù×Ă? ĂŒĂ‹Ă?Ă• ÞÙ ĂŁĂ™Ă&#x;Ăœ Ă™ĂœĂ“Ă‘Ă“Ă˜Ă‹Ă– ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ë› Ă?ĂœĂ?Ă™ĂœĂ— ÞÒÓĂ? Ă?âĂ?ĂœĂ?Ă“Ă?Ă? Ă?Ă™Ăœ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜ ÞÙ Ă‹ Ă?Ă™Ă&#x;Ă˜Ăž Ă™Ă? ÍŻÍł Ă?Ă Ă?ĂœĂŁ ĂŽĂ‹ĂŁË› Exercise 3: Ă“Ăž Ă?ĂžĂœĂ‹Ă“Ă‘Ă’Ăž Ă™Ă˜ ÞÒĂ? Ă?Ă–Ă™Ă™Ăœ åÓÞÒ ĂŁĂ™Ă&#x;Ăœ Ă–Ă?Ă‘Ă? Ă?ĂœĂ™Ă?Ă?Ă?ĂŽË› Ă–Ă‹Ă?Ă? ĂŁĂ™Ă&#x;Ăœ Ă’Ă‹Ă˜ĂŽĂ? Ă™Ă˜ ĂŁĂ™Ă&#x;Ăœ ÞÒÓÑÒĂ?Ë› Ă™Ă&#x; Ă?Ă’Ă™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă?Ù×Ă?Ă™ĂœĂžĂ‹ĂŒĂ–Ă? Ă“Ă˜ ÞÒÓĂ? ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ë› Ă‹Ă•Ă? Ă‹ ĂŽĂ?Ă?Ăš ĂŒĂœĂ?ËÞÒ Ă‹Ă˜ĂŽ ĂšĂ&#x;Ă–Ă– ĂŁĂ™Ă&#x;Ăœ ĂžĂ&#x;Ă—Ă—ĂŁ Ă“Ă˜Ë› âÒËÖĂ? Ă?ÖÙåÖã ĂŒĂŁ ĂœĂ?Ă–Ă?Ă‹Ă?Ă“Ă˜Ă‘ ÞÒĂ? ĂžĂ&#x;Ă—Ă—ĂŁ Ă?ÖÙåÖã˛ Ă™ Ă“Ăž ÍŻÍł ÞÓ×Ă?Ă? Ă“Ă˜ ÞÒĂ? Ă“Ă˜Ă“ĂžĂ“Ă‹Ă– Ă?ÞËÑĂ?Ë› ÓÞÒ ĂœĂ?Ă‘Ă&#x;Ă–Ă‹Ăœ ĂšĂœĂ‹Ă?ÞÓĂ?Ă? ĂŁĂ™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹ĂŒĂ–Ă? ÞÙ ĂšĂ?ĂœĂ?Ă™ĂœĂ— ÞÒÓĂ? ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜ Ă?âĂ?ĂœĂ?Ă“Ă?Ă? ÞÙ Ă‹ Ă?Ă™Ă&#x;Ă˜Ăž Ă™Ă? ͯͳ͎̋Ͱ͎͎˛ Ă’Ă“Ă? ĂšĂ‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹Ăœ Ă?âĂ?ĂœĂ?Ă“Ă?Ă? Ă“Ă? Ă™Ă˜Ă? Ă™Ă? ÞÒĂ? Ă—Ă™Ă?Ăž Ă?Ó×ÚÖĂ? ĂĄĂ‹ĂŁĂ? ÞÙ ĂžĂ&#x;Ă?Ă• ĂŁĂ™Ă&#x;Ăœ ĂŒĂ&#x;Ă–Ă‘Ă“Ă˜Ă‘ ĂŒĂ?Ă–Ă–ĂŁ Ă“Ă˜ Ă‹Ă˜ĂŽ Ă?Ă™ĂœĂœĂ?Ă?Ăž ĂŁĂ™Ă&#x;Ăœ ĂŒĂ™ĂŽĂŁ ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ë› Posture Correction Tools Ă™Ă&#x; Ă—Ă‹ĂŁ Ă?Ă“Ă˜ĂŽ Ă‹ Ă˜Ă&#x;Ă—ĂŒĂ?Ăœ Ă™Ă? ÞÙÙÖĂ? Ă?Ă™Ăœ Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă˜Ă‘ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă&#x;Ă?Ă?ĂŽ ĂŒĂŁ ÚÒãĂ?ÓÙÞÒĂ?ĂœĂ‹ĂšĂ“Ă?ĂžĂ? Ă‹Ă˜ĂŽ Ă–Ă“Ă•Ă? ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ă‹Ă–Ă?Ë› Ă’Ă?ĂŁ Ă‹ĂœĂ? ĂŒĂ‹Ă?Ă“Ă?Ă‹Ă–Ă–ĂŁ Ă™Ă? ÞåÙ ÞãÚĂ?Ă? ĚŽ Ă‹Ă?Ă?Ă?Ă?Ă?Ă—Ă?Ă˜Ăž Ă‹Ă˜ĂŽ Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜Ë› Ă’Ă? Ă‹Ă?Ă?Ă?Ă?Ă?Ă—Ă?Ă˜Ăž ÞÙÙÖĂ? ĂŽĂ?ĂžĂ?ĂœĂ—Ă“Ă˜Ă? ÞÒĂ? ĂšĂœĂ™ĂŒĂ–Ă?Ă— ĂĄĂ’Ă“Ă–Ă? ÞÒĂ? Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜ ÞÙÙÖĂ? Ă?Óâ ÞÒĂ? ĂšĂœĂ™ĂŒĂ–Ă?Ă—Ë› Ă’Ă?Ă“Ăœ ĂœĂ?Ă‘Ă&#x;Ă–Ă‹Ăœ Ă‹Ă˜ĂŽ ĂšĂœĂ™ĂšĂ?Ăœ Ă&#x;Ă?Ă? ĂĄĂ“Ă–Ă– ĂŒĂœĂ“Ă˜Ă‘ ĂŁĂ™Ă&#x; ÚÙĂ?ÓÞÓà Ă? ĂœĂ?Ă?Ă&#x;Ă–Ăž Ùà Ă?Ăœ ÞÓ×Ă?Ë› Ù×Ă? Ă™Ă? ÞÒĂ? Ă?Ă™Ă—Ă—Ă™Ă˜ Ă?âË×ÚÖĂ?Ă? Ă‹ĂœĂ? ĂŒĂœĂ“Ă?Ă?Ă–ĂŁ ĂŽĂ?Ă?Ă?ĂœĂ“ĂŒĂ?ĂŽ Ă‹Ă? Ă&#x;Ă˜ĂŽĂ?ĂœË› Dowel Rod: Ă’Ă? ÎÙåĂ?Ă– ĂœĂ™ĂŽ Ă“Ă? Ă‹Ă˜ Ă‹Ă?Ă?Ă?Ă?Ă?Ă—Ă?Ă˜Ăž ÞÙÙÖ Ă?Ă™Ăœ ĂŒĂ™ĂŽĂŁ ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ë› Ăž Ă“Ă? Ă‹ Ă–Ă™Ă˜Ă‘ Ă‹Ă˜ĂŽ ÖÓÑÒÞåĂ?Ă“Ă‘Ă’Ăž Ă?ÞÓĂ?Ă• ÞÒËÞ Ă“Ă? ÚÖËĂ?Ă?ĂŽ Ă™Ă˜ ÞÒĂ? ĂŒĂ‹Ă?Ă• ÞÙ Ă™ĂŒĂ?Ă?ĂœĂ Ă? Ă?ĂšĂ“Ă˜Ă‹Ă– Ă‹Ă–Ă“Ă‘Ă˜Ă—Ă?Ă˜ĂžË› Ăž Ă?Ă‹Ă˜ ĂŒĂ? Ă&#x;Ă?Ă?ĂŽ ÞÙ ĂŽĂ?ĂžĂ?ĂœĂ—Ă“Ă˜Ă? Ă“Ă? ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? ÞÒĂ? ĂžĂ?Ă˜ĂŽĂ?Ă˜Ă?ĂŁ ÞÙ Ă?Ă‹Ă Ă™Ă&#x;Ăœ Ă‹ ĂšĂ‹ĂœĂžĂ“Ă?Ă&#x;Ă–Ă‹Ăœ Ă?Ă“ĂŽĂ? Ă™Ă? ÞÒĂ? ĂŒĂ™ĂŽĂŁË› Ă™Ăœ ĂŽĂ?ĂžĂ?ĂœĂ—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ëœ ĂŁĂ™Ă&#x; Ă—Ă‹ĂŁ ĂŒĂ? Ă‹Ă?Ă•Ă?ĂŽ ÞÙ ĂšĂ?ĂœĂ?Ă™ĂœĂ— Ă‹ Ă?Ă?ĂĄ ÎÙåĂ?Ă– Ă‹Ă?Ă?Ă?Ă?Ă?Ă—Ă?Ă˜Ăž Ă?âĂ?ĂœĂ?Ă“Ă?Ă?Ă?Ë› Ă˜Ă? Ă?Ă&#x;Ă?Ă’ Ă?âĂ?ĂœĂ?Ă“Ă?Ă? Ă“Ă? ĂšĂ?ĂœĂ?Ă™ĂœĂ—Ă?ĂŽ Ă™Ă˜ ÞÒĂ? Ă•Ă˜Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă’Ă‹Ă˜ĂŽĂ?Ë› Ă™Ă&#x; ĂĄĂ™Ă&#x;Ă–ĂŽ ĂŒĂ? Ă‹Ă?Ă•Ă?ĂŽ ÞÙ ĂŽĂœĂ‹ĂĄ ĂŁĂ™Ă&#x;Ăœ ĂŒĂ?Ă–Ă–ĂŁ Ă“Ă˜Ëœ åÓÞÒÙĂ&#x;Ăž Ă?ĂœĂ?Ă‹ĂžĂ“Ă˜Ă‘ Ă‹Ă˜ĂŁ Ă?ĂšĂ“Ă˜Ă‹Ă– ×Ùà Ă?Ă—Ă?Ă˜ĂžË› Ă’Ă? ÎÙåĂ?Ă– ĂœĂ™ĂŽ Ă“Ă? ÚÖËĂ?Ă?ĂŽ Ă™Ă˜ ÞÒĂ? Ă?ĂšĂ“Ă˜Ă? Ă“Ă˜ Ă‹ Ă Ă?ĂœĂžĂ“Ă?Ă‹Ă– ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜Ë› Ă“Ă?Ăž ĂŁĂ™Ă&#x;Ăœ ĂœĂ“Ă‘Ă’Ăž Ă–Ă?Ă‘ Ă‹Ă˜ĂŽ Ă–Ă?Ă?Ăž Ă‹ĂœĂ— Ă?Ă“Ă—Ă&#x;Ă–ĂžĂ‹Ă˜Ă?Ă™Ă&#x;Ă?Ă–ĂŁË› Ù×Ă? ĂŒĂ‹Ă?Ă• ÞÙ ĂŁĂ™Ă&#x;Ăœ Ă™ĂœĂ“Ă‘Ă“Ă˜Ă‹Ă– ÚÙĂ?Ă“ĂžĂ“Ă™Ă˜ Ă‹Ă˜ĂŽ ÞÒĂ?Ă˜ Ă–Ă“Ă?Ăž ĂŁĂ™Ă&#x;Ăœ ĂœĂ“Ă‘Ă’Ăž Ă‹ĂœĂ— Ă‹Ă˜ĂŽ Ă–Ă?Ă?Ăž Ă–Ă?Ă‘Ë› Ă? ÞÒĂ? ÎÙåĂ?Ă– ĂœĂ™ĂŽ ×Ùà Ă?Ă?Ëœ ÞÒĂ? ĂŽĂ?ĂžĂ?ĂœĂ—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă“Ă? ÞÒËÞ ĂŁĂ™Ă&#x; Ă?Ă‹Ă Ă™Ă&#x;Ăœ Ă™Ă˜Ă? Ă?Ă“ĂŽĂ? Ă™Ă? ĂŁĂ™Ă&#x;Ăœ ĂŒĂ™ĂŽĂŁ Ă‹Ă˜ĂŽ ËÖÖÙå ĂŁĂ™Ă&#x;Ăœ ĂŒĂ‹Ă?Ă• ÞÙ Ă?Ă‹Ă‘Ë› Braces: Ă™Ă?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ÞÓà Ă? ĂŒĂœĂ‹Ă?Ă?Ă? Ă‹ĂœĂ? Ă&#x;Ă?Ă&#x;Ă‹Ă–Ă–ĂŁ ĂœĂ?Ă?Ù××Ă?Ă˜ĂŽĂ?ĂŽ ĂŒĂŁ Ă—Ă?ĂŽĂ“Ă?Ă‹Ă– ĂšĂœĂ™Ă?Ă?Ă?Ă?Ă“Ă™Ă˜Ă‹Ă–Ă? Ă?Ă™Ăœ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜Ë› Ă’Ă?ĂŁ Ă‹ĂœĂ? Ă?Ă™Ă?ĂžËœ Ă˜Ă™Ă˜Ě‹Ă?Ă–Ă‹Ă?ÞÓĂ? Ă?ĂžĂœĂ‹ĂšĂ? ÞÒËÞ Ă‹ĂœĂ? ĂŽĂ?Ă?Ă“Ă‘Ă˜Ă?ĂŽ Ă“Ă˜ Ă‹ ĂĄĂ‹ĂŁ ÞÙ ĂšĂœĂ™Ă Ă“ĂŽĂ? Ă‹ Ă?Ă?Ă?Ă&#x;ĂœĂ? Ă‹Ă˜ĂŽ Ă˜Ă™Ă˜Ě‹ĂŒĂ“Ă˜ĂŽĂ“Ă˜Ă‘ Ă?ÓÞ˛ Ă’Ă?ĂŁ Ă‹ĂœĂ? Ă™Ă?ĂžĂ?Ă˜ Ă?Ă›Ă&#x;ÓÚÚĂ?ĂŽ åÓÞÒ Ă?Ă‹Ă?Ă“Ă–ĂŁ Ă‹ĂŽĂ”Ă&#x;Ă?ĂžĂ‹ĂŒĂ–Ă? Ă’Ă™Ă™Ă•Ě‹Ă‹Ă˜ĂŽĚ‹Ă–Ă™Ă™Ăš Ă?Ă–Ă™Ă?Ă&#x;ĂœĂ?Ëœ ÞÙ Ă“Ă˜Ă?ĂœĂ?Ă‹Ă?Ă? Ă™Ăœ ĂŽĂ?Ă?ĂœĂ?Ă‹Ă?Ă? ÞÒĂ? Ă‹Ă—Ă™Ă&#x;Ă˜Ăž Ă™Ă? Ă?Ă&#x;ĂšĂšĂ™ĂœĂž Ă‹Ă˜ĂŽ ĂšĂœĂ?Ă?Ă?Ă&#x;ĂœĂ?Ë› Ă’Ă? ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ÞÓà Ă? ĂŒĂœĂ‹Ă?Ă?Ă? ĂšĂœĂ™Ă Ă“ĂŽĂ? Ă?Ă&#x;ĂšĂšĂ™ĂœĂž ÞÙ ÞÒĂ? ĂŒĂ‹Ă?Ă• Ă—Ă&#x;Ă?Ă?Ă–Ă?Ă?Ë› Ă’Ă?ĂŁ Ă?Ă‹Ă˜ ĂŒĂ? Ă&#x;Ă?Ă?ĂŽ ĂŒĂ™ĂžĂ’ ĂŒĂŁ Ă‹ĂŽĂ&#x;Ă–ĂžĂ? Ă‹Ă˜ĂŽ Ă?Ă’Ă“Ă–ĂŽĂœĂ?Ă˜Ë› Ă™Ă&#x; Ă‹ĂœĂ? Ă‹Ă˜ Ă“ĂŽĂ?Ă‹Ă– Ă?Ă‹Ă˜ĂŽĂ“ĂŽĂ‹ĂžĂ? Ă?Ă™Ăœ ÞÒĂ? Ă&#x;Ă?Ă? Ă™Ă? ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ÞÓà Ă? ĂŒĂœĂ‹Ă?Ă?Ă? Ă“Ă? ĂŁĂ™Ă&#x;Ăœ Ă”Ă™ĂŒ ĂœĂ?Ă›Ă&#x;Ă“ĂœĂ?Ă? ĂŁĂ™Ă&#x; ÞÙ Ă?Ă“Ăž Ă?Ă™Ăœ Ă–Ă™Ă˜Ă‘ Ă’Ă™Ă&#x;ĂœĂ?Ëœ ĂĄĂ’Ă“Ă?Ă’ ĂšĂ&#x;ĂžĂ? Ă‹ ÖÙÞ Ă™Ă? Ă?ĂžĂœĂ‹Ă“Ă˜ Ă™Ă˜ ĂŁĂ™Ă&#x;Ăœ ĂŒĂ™ĂŽĂŁ Ă™Ăœ ĂŁĂ™Ă&#x; Ă‹ĂœĂ? Ă‹ Ă?ĂšĂ™ĂœĂžĂ?ĂšĂ?ĂœĂ?Ă™Ă˜ ĂĄĂ’Ă™ Ă’Ă‹Ă? ÞÙ ĂšĂ?ĂœĂ?Ă™ĂœĂ— ĂœĂ“Ă‘Ă™ĂœĂ™Ă&#x;Ă? Ă?âĂ?ĂœĂ?Ă“Ă?Ă?Ă?Ë› Ă? ĂŁĂ™Ă&#x; Ă’Ă‹Ă Ă? ÞÙ ĂŒĂ&#x;ĂŁ Ă‹ ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ÞÓà Ă? ĂŒĂœĂ‹Ă?Ă?Ëœ ÞÒĂ?Ă˜ Ă‘Ă™ Ă?Ă™Ăœ ÞÒĂ? Ă™Ă˜Ă? ÞÒËÞ Ă’Ă‹Ă? Ă‹ ĂžĂ?ĂœĂœĂŁ Ă?ÖÙÞÒ ĂšĂœĂ™ĂžĂ?Ă?ĂžĂ™ĂœË›
Ăž ĂĄĂ“Ă–Ă– Ă•Ă?Ă?Ăš ĂŁĂ™Ă&#x;Ăœ ĂŒĂ‹Ă?Ă• ĂŽĂœĂŁË› Ă? Ă’Ă‹Ă? ĂŒĂ?Ă?Ă˜ Ă—Ă?Ă˜ĂžĂ“Ă™Ă˜Ă?ĂŽ Ă‹Ă–ĂœĂ?Ă‹ĂŽĂŁËœ Ă‹ ĂšĂ™Ă™Ăœ ÚÙĂ?ĂžĂ&#x;ĂœĂ? ÙÚĂ?Ă˜Ă? ĂĄĂ‹ĂŁĂ? ÞÙ Ă˜Ă&#x;Ă—Ă?ĂœĂ™Ă&#x;Ă? Ă’Ă?ËÖÞÒ ĂšĂœĂ™ĂŒĂ–Ă?Ă—Ă?Ë› Ăž ĂŽĂ“ĂœĂ?Ă?ÞÖã Ă‹Ă?Ă?Ă?Ă?ĂžĂ? ÞÒĂ? ÚÙĂ?Ă“Ě‹ ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? ĂŒĂ™ĂŽĂŁËŞĂ? Ă?Ă?Ă˜ĂžĂœĂ? Ă™Ă? Ă‘ĂœĂ‹Ă Ă“ĂžĂŁË› Ă’Ă“Ă? Ă?Ă Ă?Ă˜ĂžĂ&#x;Ă‹Ă–Ă–ĂŁ Ă‹Ă?Ă?Ă?Ă?ĂžĂ? ĂŒĂ‹Ă–Ă‹Ă˜Ă?Ă? Ă‹Ă˜ĂŽ Ă?Ă™Ă™ĂœĂŽĂ“Ă˜Ă‹ĂžĂ“Ă™Ă˜Ë› Ă’Ă?ĂœĂ?Ă?Ă™ĂœĂ?Ëœ Ă“Ăž Ă“Ă? Ă Ă?ĂœĂŁ Ă“Ă—ĂšĂ™ĂœĂžĂ‹Ă˜Ăž ÞÙ ĂĄĂ™ĂœĂ• ĂžĂ™ĂĄĂ‹ĂœĂŽĂ? Ă—Ă‹Ă“Ă˜ĂžĂ‹Ă“Ă˜Ă“Ă˜Ă‘ Ă‹ Ă?Ă™ĂœĂœĂ?Ă?Ăž ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ë› Ă™Ă&#x; Ă?Ă‹Ă˜ Ă&#x;Ă?Ă? Ă‹Ă˜ĂŁ Ă™Ă? ÞÒĂ? Ă‹ĂŒĂ™Ă Ă? Ă?Ă&#x;Ă‘Ă‘Ă?Ă?ĂžĂ?ĂŽ ĂĄĂ‹ĂŁĂ? ÞÙ Ă?Ă™ĂœĂœĂ?Ă?Ăž ĂŁĂ™Ă&#x;Ăœ ĂŒĂ™ĂŽĂŁËŞĂ? ÚÙĂ?ĂžĂ&#x;ĂœĂ?Ë› Ă’Ă? ĂŒĂ?Ă?Ăž Ă“ĂŽĂ?Ă‹ Ă“Ă? ÞÙ Ă Ă“Ă?Ă“Ăž Ă‹ Ă—Ă?ĂŽĂ“Ă?Ă‹Ă– ĂšĂœĂ‹Ă?ĂžĂ“ĂžĂ“Ă™Ă˜Ă?Ăœ Ă?Ă™Ăœ ĂŽĂ?ĂžĂ?ĂœĂ—Ă“Ă˜Ă‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÞÒĂ? ĂœĂ™Ă™Ăž Ă?Ă‹Ă&#x;Ă?Ă? Ă‹Ă˜ĂŽ ĂœĂ?Ă?Ù××Ă?Ă˜ĂŽĂ‹ĂžĂ“Ă™Ă˜ Ă™Ă? ÚÙĂ?ĂžĂ&#x;ĂœĂ? Ă?Ă™ĂœĂœĂ?Ă?ĂžĂ“Ă™Ă˜ ĂŽĂ?Ă Ă“Ă?Ă?Ă? Ă‹Ă˜ĂŽ Ă?âĂ?ĂœĂ?Ă“Ă?Ă?Ă?Ë›
Mrs Kehinde Omoru writes from the UK
T H I S D AY Ëž ÍŻËœ Ͱ͎ͯ͡
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‘With Increased Interest in Maths, Nigeria Can Truly Become Giant of Africa’ The Marketing Manager, Promasidor Nigeria Limited, Abiodun Ayodeji, in this interview with Uchechukwu Nnaike, highlights the impact of the Cowbellpedia Secondary School Mathematics TV Quiz Show on students and how the country is benefitting from it
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lives of Cowbellpedia participants and the impact the brand has had on their lives and families.
ne of Promasidor’s major CSR initiatives is the Cowbellpedia Secondary School Mathematics TV Quiz Show. What informed the involvement of the company in this project? For Cowbell and Mathematics, the journey started about 21 years ago as a Lagos-based initiative. Presently, it has become a national affair. In 2016, we brought all Cowbell interventions in mathematics under an umbrella, Cowbellpedia, which is a brand asset of Cowbell Milk to provide a platform to reward excellence in the subject area of mathematics, irrespective of where you come and social strata. This is in line with the essence of the brand - providing affordable quality nutrition to every Nigerian child. What do you think is the essence of mathematics to the brand and the nation? No nation can truly develop without a conscious investment and effort in science and innovation, and mathematics is the bedrock of these two. Mathematics promotes reasoning as it helps the mind to organise complicated situations or problems into clear, simple and logical steps. Experts also believe that since the foundation of science and technology, which is the basic requirement for the development of a nation, is mathematics, the subject therefore plays a vital role not only in human development, but also in nation building. Also, you will agree with me that a lot of students have a phobia for this subject area, and with the Cowbellpedia platform, we have been able to stimulate the interest of many students in mathematics. What are the components of the Cowbellpedia initiative? Cowbellpedia has three major legs: Cowbellpedia Secondary Schools TV Quiz Show, Cowbellpedia Radio Maths Class, which is a five-minute class on radio; and Cowbellpedia Mobile App that can be downloaded on Google Play Store on android devices and App Store on Apple devices. Why did Promasidor take this Cowbellpedia route? Investment in education has assumed an entirely new frontier, requiring both the government and corporate organisations to raise their commitment to building capacity in mathematics, which represents a concrete pillar in modern development. It is interesting to note that this commitment to mathematics has been demonstrated by Promasidor Nigeria Limited in the last 21 years. More importantly, stakeholders in the education sector agree that the initiative has helped to arouse and re-awaken the interest of students in mathematics at the secondary school level, which has further reinforced the importance of the subject. In fact, during a media interaction at the 2018 finals in Lagos, NECO’s Director of Examination Development, Mr. Mustapha Abdul, who represented the acting Registrar, Mr. Abubakar Gana, commended Promasidor for the Cowbellpedia initiative and pledged the council’s continued technical support for the project. He described the project as a laudable mission, which enables students across the country to compete
What do you think is responsible for the upsurge in the enrolment figure for the competition this year? I will like to thank our partners, the schools and parents who have encouraged their wards to take part in the competition. The state ministries of education have also been of significant help. Secondly, continuous improvement to raise the bar every year in terms of the call for entry, conduct of examination, TV quiz-show format, among others. Secondary school owners now use Cowbellpedia as an important marketing tool for enrolment of new students hence, the interest shown by schools. Also, we have increased significantly the total prize money in the last five years, the prize money is now N2 million for the winner in each category and there are other cash prizes at each stage of the competition for students and teachers.
Ayodeji
openly. He even added that the company deserves a national award for promoting scholarship through this Cowbellpedia initiative over the years. Why are you so convinced about this approach? It is important to demonstrate to students that mathematics is easy and fun to learn, it will help a lot of them who have phobia for the subject. That is what Cowbell has done to demystify mathematics. We figured out that if we could let our students become more interested in mathematics, our country Nigeria can truly become the giant of Africa. Even in commerce, if you are doing a “profit and loss� statement, you need to be able to add and subtract. Everything is around mathematics. If an average student has an interest in mathematics; he would excel in science, commerce and all the spheres of life. Has the competition been able to meet its stated objectives? Yes, it has. The objectives are to awaken the consciousness and interest in mathematics amongst junior and senior secondary school students in Nigeria; improve students’ performance in mathematics across Nigeria; create a credible platform for identifying outstanding students and encouraging excellence in mathematics; provide a creditable platform that will reward excellence in the subject area of mathematics. Student enrolment has been increasing on a yearly basis and in 2019, we have the highest in the history of the competition at over 56,000 students. Also, the brand’s top and bottom line has moved in sympathy with this direction. What has been the highpoints of sponsoring the competition over
the years? It has been a symbiotic relationship; the brand and the Nigerian child have gained a lot. In terms of high point, an example is Master Ayodeji Akinkuowo, the student that won in the senior category of the maiden edition of the Cowbellpedia Secondary Schools Mathematics TV Quiz Show. He got a government scholarship to Russia, studying Aeronautic Engineering. This was possible, because he made his life’s dream of becoming an aeronautic engineer known during the competition. Another high point is Munachi Ernest-Eze, who won the junior secondary school category in 2015. Two years later, he won the senior secondary school category. It shows consistency. The 2018 edition produced another hero in Faith Odunsi, a student of The Ambassadors College, Ota, Ogun State, who set a competition record in speed and accuracy by answering 19 questions in the ‘60 Seconds of Fame’ segment to advance to the semi-finals in the junior category. Faith’s feat shattered the record of 17 questions in that segment set in 2017 by Emmanuel Mebude, a student of Ogunlade Memorial Secondary School, Surulere, Lagos. Last year, in celebrating the 20 years relationship between Cowbell and mathematics, we added some new dimensions to the Cowbellpedia initiative. We had the Cowbellpedia Academy in partnership with some foreign universities and professors, aimed at driving support and interest in mathematics by exposing selected students and teachers across the country to various teaching and learning techniques in achieving, sustaining and managing academic feats especially in mathematics. Also, we did a documentary, ‘Milk of Kindness’ which focused on the
What has been the impact of Cowbellpedia on the brand? There are ways we measure impact. Cowbellpedia is a platform that makes dreams come to reality, a case in point is Ayodeji Akinkuowo, who won the 2015 edition in the Senior Category who is now studying Aeronautic Engineering in Russia. Every year, Cowbell increases its footprints in many households through the Cowbellpedia platform and families have been reciprocating by buying Cowbell fortified with VitaRich. This is coming through in our numbers and brand health measures. When you promote a good cause, it is about the long-term value of the consumers Are you considering support for the arts and humanities too? Or, is it only mathematics and science? Cowbellpedia is presently focused on mathematics and if there are opportunities in future, the company may consider, but not necessarily under the Cowbell brand. When you talk about Promasidor, what comes to your mind? Promasidor is about providing quality nutrition to the Nigerian people. This has been since inception in 1993 that we pioneered powdered milk in small portions in sachets at affordable prices that made milk a good source of protein accessible to most Nigerian homes and families. Also, we immersed ourselves in the lives of consumers to understand how milk is consumed and we launched Cowbell Chocolate and Cowbell Coffee. These are convenient three-in-one propositions that the only task required of a consumer is to add water and have a complete beverage. What is the philosophy behind your brand and marketing? Our guiding principle is understanding the consumers’ pain points and helping them to solve them through our products and brands. There are some major nutritional deficiencies in Sub-Saharan Africa which are iron, zinc, calcium, iodine, folate and protein, and Promasidor products fortification strategy has been along this direction.
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T H I S D AY Ëž ÍŻËœ Ͱ͎ͯ͡
CITYSTRINGS
ĂœĂ™Ă&#x;Ăš Ă?Ă‹ĂžĂ&#x;ĂœĂ?Ă? ĂŽĂ“ĂžĂ™ĂœË? Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă? äĂ?Ă™ĂŒĂ“ Ă—Ă‹Ă“Ă– Ă?Ă’Ă“Ă?Ă—Ă?Ă–Ă“Ă?Ë›Ă?äĂ?Ă™ĂŒĂ“ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ă™Ă—Ëœ ͙͖͓͓͖͓͔͓͖͑͒
Providing Succor for Windstorm, Flood Victims Adibe Emenyonu writes that given the pains suffered by victims of windstorm and flood disasters in Edo State, the state government has taken measures not just to cushion the effects, but to also avoid future occurrences
One of the houses aected by windstorm at Ofunama community, Ovia South West LGA of Edo State
R
ecently in Edo State, windstorm ravaged some communities in Ovia South-west Local Government Area of the state. Those severely affected were Ofunama, a riverine community and Iguobazuwa, headquarters of the local government. Apart from rendering some of the inhabitants homeless, economic trees and livestock were also affected.
Disaster in Ofunama Narrating the ordeal of his community, Godspower Ebiere, a native of Ofunama said he was just outside his compound trying to mend his fishing net when the entire community was enveloped by heavy winds, which forced him to run into his house for refuge. He said he was hardly inside the house when a portion of his roof was destroyed by the windstorm forcing him, his wife and three children to run towards the remaining part of the roof, which was still standing. He said they were murmuring prayers that the roof should remain because they don't have elsewhere to go except his neighbour's house or the school compound that was quite some distance from his house. Ebiere pointed out that while they were contemplating a better alternative, the said neighbour suddenly rushed into his house because the windstorm had destroyed his home. "I couldn't ask them to go based on moral grounds but we continued to supplicate to God to allow the storm subside so that we can all run to the primary school. Luckily for us, it stopped and all of us had to run to the primary school where we met other community members taking refuge and we had to join them", he said.
ing the administrative headquarters of Ovia South-west was not spared either in the disaster. A resident of the area, Orobosa Igbinovia, whose building was affected by the storm, lamented the great loss he suffered. While calling on the local authorities to come to their rescue, he said apart from his building that was affected, he also lost some of the economic trees, including domestic animals to the storm.
Great Loss at Iguobazuwa At Iguobazuwa, the community hous-
Palliative Measures by Government Fortunately, help actually came
Relief materials being distributed by Edo State Government to ood victims in ďŹ ve local government areas
their way when the state government through the SOS message it received from the local government council authorities sent a delegation to visit the affected areas for an on-the-spot assessment, to enable it deploy men and materials to cushion the adverse effects of climate change in the rural communities. Based on the report made available, the state government first donated relief materials to Ofunama community. The Special Adviser to Governor Godwin Obaseki on Special Duties, Hon. Yakubu Gowon, handed over
the relief materials on behalf of the state government to representatives of the local government council in Benin City, the state capital. Gowon said the first batch of relief materials comprised food items, while another batch of materials to include building items are being processed for distribution. "This is in continuation of the state government's commitment to provide succour to people affected by natural disaster in the state. We have completed an assessment of the impact of the disaster and submitted
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T H I S D AY ˾ ͯ˜ Ͱͮͯͷ
CRIME&SECURITY CRIME SITUATION REPORTS
VIOLENCE AGAINST PERSONS PROHIBITION ACT (VAPP) What does the VAPP Act entail?
Special Adviser to Edo State Governor on Special Duties, Hon. Yakubu Gowon (second right), with other members of the delegation, during a visit to assess the impact of the windstorm in Iguobazuwa
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How does NAPTIP Implement the VAPP Act?
/"15*1 JNQMFNFOUT UIF 7"11 "DU UISPVHI UIF DPPSEJOBUJPO PG JUT NVMUJ EJTDJQMJOBSZ EFQBSUNFOUT 5IF *OWFTUJHBUJPO %FQBSUNFOU UIF -FHBM 1SPTFDVUJPO %FQBSUNFOU UIF $PVOTFMMJOH 3FIBCJMJUB UJPO %FQBSUNFOU BOE UIF 1VCMJD &OMJHIUFONFOU %FQBSUNFOUT BSF QJWPUBM UP UIF JNQMFNFOUBUJPO PG UIF "DU 5IF "DU TUSFOHUIFOT DPMMBCPSBUJPO CFUXFFO (PWFSONFOU "HFODJFT BOE HJWFT SPPN GPS TZOFSHZ CFUXFFO UIFN 5IJT DBO CF BEEVDFE GSPN UIF NVMUJ GVODUJPOBM TUSVDUVSF PG UIF "DU XIJDI FTTFOUJBMMZ DPOGFST SFTQPOTJCJMJUJFT PO /"15*1 UIF 1PMJDF SFMFWBOU .JOJTUSJFT BOE $JWJM #BTFE 0SHBOJTBUJPOT 5IF *OWFTUJHBUJPO %FQBSUNFOU DPOEVDUT JOWFTUJHBUJPOT PO UIF SFQPSUFE DBTFT BOE XIFSF OFDFTTBSZ FGGFDUT UIF OFDFTTBSZ BSSFTU PG PGGFOEFST VOEFS UIF "DU 5IF JOWFTUJHBUFE DBTFT BSF UIFO GPSXBSEFE UP UIF -FHBM 1SPTFDV UJPO %FQBSUNFOU XIJDI QSPGGFST MFHBM PQJOJPOT JO EFTFSWJOH DBTFT BOE XIFSF OFDFTTBSZ $IBSHFT BSF QSFGFSSFE BHBJOTU UIF TVTQFDU JO $PVSU GSPN XIFSF UIF QSPDFTT PG QSPTFDVUJPO DPOUJOVFT BOE FOET 0O UIF QBSU PG UIF $PVOTFMMJOH 3FIBCJMJUBUJPO %FQBSUNFOU UIFZ BSF TBEEMFE XJUI UIF SFTQPOTJCJMJUZ PG SFDFJWJOH WJDUJNT PG WJPMFODF XIFO UIFZ BSF SFTDVFE GSPN UIFJS WJPMBUPST J 5IFZ BSF UIF Ã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m 5IFZ FOMJHIUFO UIF NBTTFT PO IPX UP TFFL SFESFTT GPS UIF WJPMFODF VOMFBTIFE PO UIFN CZ UIFJS BTTBJMBOUT CZ SFQPSUJOH QSPNQUMZ UP /"15*1 Source: Naptip.gov.ng
NAPTIP Director General, Julie Okah-Donli
38
T H I S D AY Ëž ÍŻËœ 2019
BUSINESS/MONEYGUIDE
Nigeria’s Business Environment Challenging, MAN Survey Reveals Jonathan Eze The Manufacturers Association of Nigeria (MAN) has said the Composite Manufacturers’ CEO’s Confidence (MCCI) index for the first quarter of 2019 stood at 51.3 per cent. MAN President, Mr. Ahmed Mansur, who disclosed this, explained that the newly created MCCI report revealed that the manufacturing sector was struggling as operating conditions remained challenging. The MAN president made the disclosure yesterday in Lagos, at the launch of the confidence index. Mansur, who was represented by the Managing Director of Flour Mills Nigeria, Mr. Paul Gbededo, said the association would no doubt continue to promote a friendlier operating system for the manufacturing sector in Nigeria, to remain global and stay competitive. According to him, the MCCI is an integral part of the fouryear transformation roadmap of the association. This index is a strategic effort to proactively review the impact of government policies on the manufacturing sector, with a view to using the
evidence-based feedback to advocate for a specific direction of government policy formulation and implementation, he added. Speaking further, he said the maiden edition was a statistical indicator created to measure the pulse of the manufacturing sector by sampling the perception of business operators, using CEOs of MAN member-companies across 10 sectoral groups and 14 industrial zones as respondents. ‘’The index essentially gauges manufacturers’ perception using a set of diffusion factors, macroeconomic conditions and business operating environment indicators. “The diffusion indicators include business condition, employment condition (rate of employment), production level, level of confidence on the performance of the manufacturing sector and expectations for the next three months. “Specifically, the general macroeconomic indicators assessed include foreign exchange, lending rate, credit to the manufacturing sector and capital expenditure of the government while the business operating environment condition was
measured by the intensity of regulation, multiple taxes/ levies, access to seaports, local raw-materials sourcing and government patronage of Made in Nigeria manufactured products,� he said. He said the fact that operators were struggling signified the minimal impact of regulatory reforms and macroeconomic policies on the performance of the sector. He further revealed that the MAN sectoral group and industrial zones on the MCCI for the quarter turned out to be a mixed bag. While few sub-sectoral groups and zones were measured above the 50 points benchmark, adding that majority recorded 50 points and below. Mansur, bemoaned the numerous challenges confronting the sector. According to him, the outcomes showed that poor electricity supply was ranked first, multiple taxation and over-regulation were jointly ranked second; high-interest rate was third; poor access to Nigerian ports and delay in clearance of containers/cargoes and the attendant demurrage were also ranked fourth.
Leadway Pensure Assures Retirees of Improved Services Ugo Aliogo In line with the provisions of the Contributory Pension Scheme (CPS), Leadway Pensure has said it will continue to strive to satisfy retirees through superior engagement and strategic investment of funds for competitive returns. The firm also assured the retirees of the safety of their funds. Speaking at a three-day retiree forum themed: ‘Life at Retirement’ in Lagos, the Head, Benefits Processing Department, Leadway Pensure, Tade Gbadebo, revealed the desire of the PFA to continuously satisfy its customers. He also noted that the forum provided an opportunity for retirees to understand the performance trend of their funds, get updates on industry happenings and have all their concerns regarding the scheme adequately addressed.
He said there are investment guidelines which stipulate how funds in the CPS are invested, such that the allowable risks in investment portfolios for an active person differs significantly from the portfolios for a retiree, who does not have income expectation from any other source. According to him, “The retiree fund started in 2009 and has recorded a steady growth over the years through attractive investment returns. There are investment guidelines which stipulate how funds in CPS are invested, such that the allowable risks in investment portfolios for an active person differs significantly from the portfolios for a retiree, who does not have income expectation from any other source, this is why at Leadway Pensure, we always ensure that those funds are invested in a manner that will not jeopardise its existence. “The essence of pensions is
sustainable lifetime payment and as such, the hearsay that retirees’ pensions would be exhausted within few years after retirement is unfounded.� He also stated that the steady and competitive returns which have accrued over the years had resulted in the recent increase in earnings of some eligible retirees, “as approved by PenCom and this is expected to continue from time to time as approved by the commission. During the forum, retirees were taken through how their monthly pension payment is calculated and arrived at as well as factors that are responsible for determining the value of their lump sum at retirement. The forum also enlightened the retirees on the dynamics of pension’s payments and fund growth and how Leadway Pensure constantly ensures the retirees have meaningful lives at retirement.
L-R: Regional Manager at Aston University, Kerry Smith and Managing Director, Wema Bank Plc, Mr. Ademola Adebise, at the Aston University Alumni Global Celebration, Nigeria Chapter, held in Lagos‌recently
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
NOVEMBER 2018 Money Supply (M3)
31,794,803.44
-- CBN Bills Held by Money Holding Sectors
6,333,064.28
Money Supply (M2)
25,461,739.17
-- Quasi Money
14,773,076.98
-- Narrow Money (M1)
10,688,662.18
---- Currency Outside Banks
1,711,763.59
---- Demand Deposits
8,976,898.59
Net Foreign Assets (NFA)
18,990,400.78
Net Domestic Assets(NDA)
12,804,402.66
-- Net Domestic Credit (NDC)
26,062,986.22
---- Credit to Government (Net)
2,980,229.66
---- Memo: Credit to Govt. (Net) less FMA
7,093,619.43
---- Memo: Fed. and Mirror Accounts (FMA)
-4,144,571.43
---- Credit to Private Sector (CPS)
23,082,756.56
--Other Assets Net
13,258,583.57
Reserve Money (Base Money
6,811,192.37
--Currency in Circulation
2,100,129.91
--Banks Reserves
4,366,259.05
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Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR)
Fidelity Bank Rewards More Customers in Promo Hamid Ayodeji Fidelity Bank Plc has once more rewarded more of its loyal customers with cash and other consolation prizes in its ongoing promo. The bank’s Deputy Managing Director, Mohammed Balarabe, who spoke during the ‘Get Alert in Millions (GAIM) Season Three’ promo draws in Lagos yesterday, said the bank has been able to attain its target of making 77 of its customers millionaires. According to him, the financial institution has also given out 108 consolation prizes to customers across the country. Balarabe said: “This promo is actually aimed at getting more people involved in the banking sector by opening accounts, saving and other forms of transactions whilst empowering our customers.
“If you get accustomed to the culture of saving, you realise that when the rainy day comes around, you would be prepared enough to manage or contain the situation because we have been able to protect your savings in our bank. On her part, Regional Bank Head, Fidelity Bank, Chinwe Iloghalu said, “This initiative definitely impacts the lives of our customers. And today being the day of the final and grand draws, we have awarded the grand prize of N10 million in line with our promise to customers. “A total of 77 millionaires have been created courtesy Fidelity Banks GAIM promo and N31 million has been giving out today to 15 of our customers. “Based on the success and impact GAIM promo has had, I am excited to let our customers know that this is not the end
as we are going back to our drawing board to deliver a bigger and better edition very soon. Therefore, I urge all our customers to keep saving so as to be qualified for the next draws.� The Chief Executive Officer of the bank, Mr. Nnamdi Okonkwo, recently said: “Two years ago, we set out at Fidelity Bank, to drive a five-year strategic plan, beginning from last year, that would see us migrating to a tier 1 bank in the country by 2022. What we actually did was to take the growth rate of the banks that we know are bigger than us that are in tier 1, and measured it against our growth rate, to determine how much we needed to grow for us to break into the league of Tier 1 banks. Year-on-year, both balance sheet size, deposit and profitability, we have been growing.�
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
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OPEC DAILY BASKET PRICE AS AT MONDAY, 29 APRIL 2019
The price of OPEC basket of fourteen crudes stood at $71.07 a barrel on Monday, compared with $72.38 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna
39
T H I S D AY Ëž ÍŻËœ Ͱ͎ͯ͡
MARKET NEWS
Union Bank Maintains Positive Performance with N5.4bn Profit in Q1 Goddy Egene Despite the challenging operating environment that pervaded the first quarter (Q1) of 2019, Union Bank of Nigeria Plc sustained an impressive performance with profit before tax of N5.4 billion. The unaudited results showed that Union Bank ended the Q1 with gross earnings of N37.7 billion, indicating a decline of five per cent from N39.5 billion in 2018.
Non-interest income rose 39 per cent from N7.8 billion to N10.8 billion, an outcome of ongoing debt recovery efforts, improved fees and commission income and dividends from investments. Profit before tax stood at N5.4 billion in 2019, same level posted in 2018, while it ended the Q1 with profit after tax (PAT) of N.5.3 billion, same figures as in 2018. Gross loans rose five per cent to N494.9 billion, from N473.5 billion, while customers’ deposit
P R I C E S MAIN BOARD
F O R DEALS
witnessed a growth of one per cent from N857.6 billion in December 2018 to N857.6 billion in Q1 of 2019. According to the Chief Executive Officer of Union Bank, Mr. Emeka Emuwa, the focus of the bank in 2019 is to leverage our platform to deliver efficiency and seek to maximize value across all areas of the Bank. “In a low yield environment, the group’s non-interest income growth compensated for the
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
slowdown in interest income stemming from the optimisation of our loan portfolio in 2018. Consequently, Profit Before Tax (PBT) was maintained at N5.4 billion, consistent with Q1 2018. In line with our priorities, we recorded a material improvement of 819 per cent in loan recoveries with N2.8 billion recovered during the period. Our asset quality continues to improve, with non-performing loans (NPLs) down to 7.8 per cent from 8.7
T R A D E D MAIN BOARD
A S
per cent as at December 2018. We are employing a multipronged approach focused on increasing revenue and optimising cost to ensure we deliver enhanced performance in 2019,� Emuwa said. Also speaking on the results, the Chief Financial Officer of Union Bank, Mr. Joe Mbulu said: “The group’s resilience in a challenged environment is demonstrated in these first quarter numbers. While gross earnings declined
O F
by five per centto N37.7 billion from N39.5 billion in Q1 2018 due to loan book resolutions from the previous year, our non-interest income grew by 39 per cent from N7.8 billion to N10.8 billion driven by recoveries, credit-related fees and dividends from investments.� He disclosed that with the commencement of the bank’s Long-term Efficiency Acceleration Programme (LEAP), it expects to record savings on the expense line in 2019.
2 7 / 0 4 / 2 0 1 9 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
˾ WEDNESDAY, MAY 1, 2019
40
Wednesday, May 1, 2019 Thisday Afrinvest 40 Index Sheds 73bps
THISDAY AFRINVEST 40 INDEX
Yesterday, the Thisday Afrinvest 40 Index shed 73bps to ƐĞƩůĞ Ăƚ ϭ͕ϯϵϭ͘ϲϰ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ GUARANTY (-ϭ͘ϯйͿ͕ DANGCEM (-ϯ͘ϮйͿ ĂŶĚ NESTLE (-ϭ͘ϵйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϯϳ͘Ϭй ŽĨ ƚŚĞ ŝŶĚĞdž͘ Ticker
Current Price
THISDAY AFRINVEST 40
-5.2%
39.2%
18.7%
6.8%
5.2x
0.7x
5.8%
-4.2%
-4.3%
33.1%
5.3%
4.9x
1.6x
8.3%
20.3%
2 Zenith Bank PLC
21.30
0.9%
12.0%
-7.6%
2.7%
24.7%
3.2%
3.6x
0.9x
13.2%
27.9% 12.3%
180.00
-3.2%
9.0%
-5.1%
-3.2%
40.1%
21.8%
8.1x
3.0x
8.8%
-1.9%
8.7%
2.4%
3.1%
90.4%
27.8%
25.5x
24.0x
3.9%
3.9%
65.00
0.0%
4.8%
-24.0%
-15.0%
9.5%
4.4%
29.8x
3.0x
3.7%
3.4% 22.8%
7 Cement Co Northern Nigeria PLC 8 United Bank for Africa PLC 9 International Brew eries PLC
ŽŶƐĞƋƵĞŶƚůLJ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ Eϭϯϱ͘ϴďŶ ƚŽ 10 SEPLAT Petroleum Development C
-8.2%
-8.8%
10.0%
1.1%
4.4x
0.5x
3.6%
3.4%
-27.8%
-27.8%
3.3%
3.1%
4.1x
0.6x
2.9%
24.6%
6.80
1.5%
4.0%
-11.7%
-12.8%
15.5%
1.7%
2.9x
0.4x
12.5%
34.6%
0.6x
3.2%
16.0%
7.2%
0.0%
2.4%
-34.4%
-36.5%
-23.8%
-3.2%
3.3%
-10.2%
-7.4%
9.4%
5.7%
14 Unilever Nigeria PLC
ǀĂůƵĞ ƚƌĂĚĞĚ ĂĚǀĂŶĐĞĚ ďLJ ϴϳ͘ϰй ĂŶĚ Ϯϳϴ͘ϴй ƚŽ ϱϰϯ͘ϴŵ 15 Lafarge Africa PLC
4.9x 6.2x
6.95
2.2%
3.6%
2.2%
6.9%
22.2%
2.1%
1.8x
0.4x
10.45
0.0%
2.2%
-25.4%
-26.9%
15.3%
1.2%
2.9x
0.5x
-1.8%
43.40
-3.8%
2.5%
-9.5%
-6.5%
30.3%
4.6%
6.5x
1.7x
3.4%
31.00
0.0%
2.1%
-16.2%
-16.2%
12.7%
7.7%
17.3x
2.1x
4.8%
5.8%
11.45
2.2%
1.6%
-8.0%
-4.6%
-53.7%
-7.9%
0.8x
12.7%
-55.0% 6.1%
48.60
0.0%
0.9%
-32.5%
-32.5%
6.8%
3.7%
16.3x
1.2x
3.7%
72.00
-0.7%
1.3%
-5.5%
-5.5%
32.9%
24.4%
11.4x
2.2x
4.2%
8.8%
166.10
0.0%
1.1%
-18.2%
-18.2%
27.0%
6.6%
9.7x
1.8x
10.3%
10.3%
177.00
1.1%
1.3%
-4.6%
-4.6%
38.0%
16.8%
5.9x
2.0x
4.7%
16.9%
16.25
0.3%
0.9%
-29.7%
-26.8%
6.6%
2.0%
7.5x
0.5x
6.2%
13.3%
21 Oando PLC
4.95
-1.0%
1.2%
-1.0%
3.1%
14.3%
2.5%
2.2x
0.3x
22 Fidelity Bank PLC
1.90
-1.0%
1.1%
-6.4%
-6.4%
12.7%
1.4%
2.3x
0.3x
5.8%
44.0%
19 11 PLC
44.5%
23 Transnational Corp of Nigeria
1.11
-3.5%
0.9%
-15.9%
-11.9%
19.3%
4.3%
4.2x
0.7x
2.7%
24.1%
24 Dangote Sugar Refinery PLC
13.90
-0.7%
0.9%
-8.9%
-6.1%
32.6%
16.4%
7.0x
1.6x
7.9%
14.3%
25 Diamond Bank PLC
2.42
12.6%
-5.8%
-0.7%
26 FCMB Group Plc
1.85
0.5%
0.7%
-2.1%
2.8%
8.8%
1.2%
27 UAC of Nigeria PLC
6.95
7.8%
0.4%
-28.7%
-27.2%
-9.6%
-4.0%
ϯ ŽƵƚ ŽĨ ϱ ŝŶĚŝĐĞƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ ƚƌĞŶĚĞĚ ŶŽƌƚŚǁĂƌĚƐ͘ 28 Sterling Bank PLC
0.9%
0.3x 2.3x
-29.0%
0.2x
7.6%
43.2%
0.3x
9.5%
-28.1%
2.70
0.0%
0.8%
42.1%
42.1%
9.2%
0.8%
8.3x
0.8x
dŚĞ Kŝů ĂŶĚ 'ĂƐ ŝŶĚĞdž ůĞĚ ĂĚǀĂŶĐĞƌƐ ďLJ ϭ͘ϱй ĨŽůůŽǁŝŶŐ 30 NASCON Allied Industries PLC
62.75
0.0%
0.4%
-2.0%
-2.0%
37.0%
24.8%
2.5x
0.8x
3.3%
18.10
-4.7%
0.4%
0.6%
0.6%
47.0%
17.5%
11.8x
4.2x
5.5%
ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ SEPLAT;нϭ͘ϮйͿ ĂŶĚ FO ;нϭϬ͘ϬйͿ͘ 31 Forte Oil PLC
35.30
10.0%
0.4%
23.0%
26.1%
52.2%
5.8%
129.2x
2.7x
29 Presco PLC
32 Union Bank of Nigeria PLC
^ŝŵŝůĂƌůLJ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ŝŶĚĞdž ĂĚǀĂŶĐĞĚ Ϭ͘ϭй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ 33 Julius Berger Nigeria PLC ŐĂŝŶƐ ŝŶ LASACO ;нϯ͘ϯйͿ ǁŚŝůĞ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ŵĂƌŐŝŶĂůůLJ 34 PZ Cussons Nigeria PLC
35 Chemical and Allied Products P
ŝŶĐŚĞĚ ŚŝŐŚĞƌ ďLJ ϭďƉ ĚƵĞ ƚŽ ŐĂŝŶƐ ŝŶ ZENITH ;нϭ͘ϬйͿ ĂŶĚ 36 Wema Bank PLC
ůĞĚ ĚĞĐůŝŶĞƌƐ ĚŽǁŶ ϯ͘Ϯй ĚƵĞ ƚŽ ƉƌŽĮƚ ƚĂŬŝŶŐ ŝŶ DANGCEM (-ϯ͘ϮйͿ ĂŶĚ CCNN (-ϴ͘ϴйͿ ĂŶĚ ǁŚŝůĞ ůŽƐƐĞƐ ŝŶ NESTLE (-
15.4%
16 Guinness Nigeria PLC
ƚƌĂĚĞƐ ďLJ ǀŽůƵŵĞ ǁŚŝůĞ CCNN ;Eϭ͘ϵďŶͿ͕ hE/L s Z ;Eϭ͘ϲďŶͿ 20 Flour Mills of Nigeria PLC
ACCESS ;нϮ͘ϮйͿ͘ KŶ ƚŚĞ ŇŝƉƐŝĚĞ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž
56.5% 34.1%
17 Okomu Oil Palm PLC
;ϲϴ͘ϴŵ ƵŶŝƚƐͿ ĂŶĚ UNILEVER ;ϱϬ͘ϱŵ ƵŶŝƚƐͿ ǁĞƌĞ ƚŚĞ ƚŽƉ 18 Total Nigeria PLC
dŚĞ ƐĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ŵŝdžĞĚ ĂůďĞŝƚ ůĂƌŐĞůLJ ďƵůůŝƐŚ ĂƐ
5.1%
1.2%
,ŽǁĞǀĞƌ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ŶŽƚĂďůLJ ƐƚƌĞŶŐƚŚĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ 13 Stanbic IBTC Holdings PLC
Mixed Sector Performance
0.7% -8.8%
20.00
11 Access Bank PLC
and GUARANTY ;Eϭ͘ϰďŶͿ ůĞĚ ƚŚĞ ƚŽƉ ƚƌĂĚĞƐ ďLJ ǀĂůƵĞ͘
7.30 14.00
575.00
ƐĞƩůĞ Ăƚ Eϭϭ͘ϬƚŶ ǁŚŝůĞ zd ůŽƐƐ ǁŽƌƐĞŶĞĚ ƚŽ -ϳ͘Ϯй͘ 12 Ecobank Transnational Inc
ƵŶŝƚƐ ĂŶĚ Eϴ͘ϮďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ CCNN ;ϭϯϮ͘ϯŵ ƵŶŝƚƐͿ͕ FBNH
13.7%
1,520.00
6 FBN Holdings Plc
(-ϯ͘ϴйͿ͘
Divindend Earnings Yield Yield
19.3%
Nigerian Brew eries PLC
STANBIC
P/BV
-1.3%
ŝŶ ƚŚĞ ƐĞĐŽŶĚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ǁĞĞŬ ƐŚĞĚĚŝŶŐ ϭ͘Ϯϯй 5
ĂŶĚ
P/E
-0.73%
Nestle Nigeria PLC
(-ϭ͘ϵйͿ
ROA
33.00
3 Dangote Cement PLC
NESTLE
ROE
1,391.64
dŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƚĞƐ ŵĂƌŬĞƚ ĐŽŶƟŶƵĞĚ ŽŶ Ă ďĞĂƌŝƐŚ ŶŽƚĞ 4
(-ϯ͘ϮйͿ͕
Price Change Index to Date
1 Guaranty Trust Bank PLC
Local Bourse Extends Bearish Run͙ ASI down 123bps
ƚŽ ƐĞƩůĞ Ăƚ Ϯϵ͘ϭϱϵ͘ϳϰ ƉŽŝŶƚƐ ĨŽůůŽǁŝŶŐ ůŽƐƐĞƐ ŝŶ DANGCEM
Price Previous Current Change Price Weightin YTD Change g
7.00
0.0%
0.4%
25.0%
25.0%
6.0%
1.1%
12.2x
0.9x
26.95
9.1%
0.3%
34.1%
21.9%
31.5%
3.6%
5.0x
1.1x
12.0% 40.4% 8.5% 0.8% 8.2% 7.5%
20.1%
9.15
0.0%
0.2%
-24.4%
-25.6%
0.9x
1.6%
34.00
0.0%
0.2%
-2.4%
-2.4%
80.4%
35.8%
11.5x
8.5x
8.3%
8.7%
0.73
-1.4%
0.2%
15.9%
15.9%
7.3%
0.7%
7.6x
0.5x
4.1%
13.2%
5.2x
37 Beta Glass PLC
56.00
0.0%
0.1%
-18.0%
-18.0%
21.1%
14.7%
38 Dangote Flour Mills Plc
18.80
9.9%
0.4%
174.5%
184.8%
-3.2%
-0.9%
39 Transcorp Hotels Plc
5.40
0.0%
0.1%
-11.5%
-9.2%
6.0%
3.2%
40 AXA Mansard Insurance PLC
2.00
0.0%
0.1%
9.3%
9.3%
10.7%
3.1%
T o p 10 G a i n e r s
1.0x
2.3%
19.3%
2.7x
1.1%
-6.0%
12.0x
0.7x
2.8%
8.3%
9.5x
1.0x
3.0%
10.6%
T o p 10 T r a d e s b y V o l u m e
ϭ͘ϵйͿ ĂŶĚ DANGSUGAR (-Ϭ͘ϳйͿ ůĞĚ ƚŽ Ă Ϭ͘ϳй ĚĞĐůŝŶĞ ŝŶ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞdž͘
/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ
T ic k er
P ric e
P ric e C hg %
T ic k er
Vo lum e
P ric e C hg %
UA C -P R OP
1.65
10.0%
CCNN
132.3
-8.8%
J A P A ULOIL
0.33
10.0%
FB NH
68.8
0.7%
C A VER T ON
2.97
10.0%
UN ILEVER
50.5
0.0%
FO
35.30
10.0%
GUA R A N T Y
41.4
-1.3%
D A N GF LOUR
18.80
9.9%
D A N GF LOUR
37.9
9.9% 10.0%
M A YB A KER
;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ ϭ͘ϰdž ĨƌŽŵ ϭ͘Ϭdž ƌĞĐŽƌĚĞĚ ŝŶ ƉƌĞǀŝŽƵƐ ƐĞƐƐŝŽŶ ĂƐ Ϯϲ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ĂŐĂŝŶƐƚ ϭϵ ĚĞĐůŝŶĞƌƐ͘ dŽƉ ƉĞƌĨŽƌŵĞƌƐ ǁĞƌĞ UAC-PROP ;нϭϬ͘ϬйͿ͕
2.25
9.8%
J A P A ULOIL
37.5
J B ER GER
26.95
9.1%
Z EN IT H B A N K
25.1
0.9%
J A IZ B A N K
0.50
8.7%
A C C ESS
20.2
2.2%
CHA M S
0.50
8.7%
UA C N
16.4
7.8%
C H A M P ION
1.43
8.3%
A IIC O
10.9
0.0%
JAPAULOIL ;нϭϬ͘ϬйͿ ĂŶĚ CAVERTON ;нϭϬ͘ϬйͿ ǁŚŝůĞ CUTIX (-ϵ͘ϴйͿ͕ GOLDINSURE (-ϵ͘ϭйͿ ĂŶĚ CCNN (-ϴ͘ϴйͿ ĚĞĐůŝŶĞĚ ƚŚĞ ŵŽƐƚ͘ /Ŷ ƚŚĞ ŶĞĂƌ ƚĞƌŵ͕ ǁĞ ĞdžƉĞĐƚ ƚŽ ƐĞĞ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ ĚƵĞ ƚŽ ƚŚĞ ĂƩƌĂĐƟǀĞ ĞŶƚƌLJ ƉƌŝĐĞƐ ŽĨ ƐĞǀĞƌĂů ĨƵŶĚĂŵĞŶƚĂůůLJ ƐŽƵŶĚ ƐƚŽĐŬƐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͕ ĂůƚŚŽƵŐŚ ƚŚŝƐ ŵĂLJ ďĞ ƐŚŽƌƚ-ůŝǀĞĚ ŝŶ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ŵĂũŽƌ ŐƌŽǁƚŚ ƚƌŝŐŐĞƌƐ ŝŶ ƚŚĞ ĞĐŽŶŽŵLJ͘
T o p 10 L o s e r s T ic k er
P ric e
P ric e C hg %
T ic k er
Value
P ric e C hg %
C UT IX
1.85
-9.8%
CCNN
1855.1
-8.8%
GOLD IN SUR E
0.40
-9.1%
UN ILEVER
1564.6
0.0%
CCNN
14.00
-8.8%
GUA R A N T Y
1376.9
-1.3%
UN IT YB N K
0.80
-5.9%
D A N GF LOUR
712.1
9.9%
N A SC ON
18.10
-4.7%
Z EN IT H B A N K
532.5
0.9%
NA HCO
3.25
-4.4%
FB NH
497.2
0.7%
SOVR EN IN S
0.24
-4.0%
D A N GC EM
234.1
-3.2%
43.40
-3.8%
M OB IL
182.0
1.1%
1.11
-3.5%
N EST LE
177.7
-1.9%
180.00
-3.2%
SEP LA T
167.3
1.2%
ST A N B IC T R A N SC OR P D A N GC EM
Afrinvest West Africa Limited
T o p 10 T r a d e s b y V a l u e
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
41
WEDNESDAY, MAY 1, 2019 ˾ T H I S D AY
MARKET NEWS
Stanbic IBTC Records N59bn Gross Earnings, N19bn Q1 Profit after Tax Goddy Egene Stanbic IBTC Holdings Plc has announced a profit after tax of (PAT) of N19.150 billion for the first quarter(Q1) ended March 31, 2019, showing a decline of 16 per cent compared with N23.1 billion posted in the corresponding period of 2018. Details of the results by the
financial institution showed gross earnings of N58.7 billion in Q1 of 2019, compared with the N57.4 billion it achieved in the same period of 2018. The group achieved profit before tax(PBT) of N23.5 billion as against N26.690 billion in 2018, while PAT stood at N19.150 billion compared with N23.1 billion in 2018.and profit after tax of N19.2 billion.
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
A further breakdown of the results showed the group’s liquidity position remained robust as liquidity ratio increased to 130.1 per cent compared with the 110.68 per cent achieved in December 2018. This ratio is well above the regulatory minimum requirement of 30 per cent and is an indication that the group is strong enough to continue to meet its liquidity
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 29Apr-2019, unless otherwise stated.
obligations in a timely manner. Total assets decreased marginally by five to N1.579 trillion as against N1.664 trillion in December 2018, gross non-performing loans slightly improved to N17.5 billion compared to N17.7 billion in December 2018. Commenting on the performance, the Chief Executive, Stanbic IBTC Holdings Plc, Mr.
Yinka Sanni, said the slowdown in economic activities as well as the socio-political environment impacted the results. “The operating environment in the first quarter of this year was challenging evidenced by the slowdown in economic activities which were impacted by the sociopolitical environment leading to muted client activity. These factors
affected the growth pace of our overall business volumes and earnings,” Sanni said. According to him, the group achieved a resilient performance despite the challenging environment, expressing optimism that economic activities would improve over the rest of the year and the group was well positioned to take advantage when it does.
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 N/A N/A N/A ACAP Income Funds N/A N/A N/A 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 13.11% AIICO Balanced Fund 2.29 2.31 2.99% 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 16.25 16.74 -2.04% ARM Discovery Fund 354.58 365.27 -0.58% ARM Ethical Fund 29.35 30.23 3.92% ARM Money Market Fund 1.00 1.00 13.20% 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 99.94 100.64 -1.24% AXA Mansard Money Market Fund 1.00 1.00 12.83% 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 13.81% Paramount Equity Fund 12.07 12.12 1.98% Women's Investment Fund 105.80 106.32 2.10% 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 N/A N/A N/A Cordros Milestone Fund 2023 N/A N/A N/A Cordros Milestone Fund 2028 N/A N/A N/A 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 11.95% Coronation Balanced Fund 0.83 0.84 Coronation Fixed Income Fund 1.18 1.18 5.34% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,174.82 1,175.63 5.31% FBN Heritage Fund 144.88 145.89 1.03% FBN Money Market Fund 100.00 100.00 13.85% FBN Nigeria Eurobond (USD) Fund - Institutional 118.60 119.01 4.14% FBN Nigeria Eurobond (USD) Fund - Retail 118.50 118.91 4.30% FBN Nigeria Smart Beta Equity Fund 144.58 146.66 -3.61% 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 Money Market Fund 1.00 1.00 11.28% Legacy Equity Fund 3.37 3.37 4.00% Legacy Debt Fund 1.16 1.18 -4.80% Legacy USD Bond Fund 1.05 1.05 1.54% 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 2,999.10 3,031.23 0.53% Coral Income Fund 2,870.26 2,870.26 4.78% 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 11.87% Nigeria Entertainment Fund 108.74 109.19 0.96% 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 12.14% Vantage Balanced Fund 2.17 2.19 0.94% Vantage Guaranteed Income Fund 1.00 1.00 15.28% Kedari Investment Fund (KIF) 128.60 128.91 2.99%
LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.17 1.19 1.81% Lotus Halal Fixed Income Fund 1,089.21 1,089.21 4.39% 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 11.13 11.22 -3.23% Meristem Money Market Fund 10.00 10.00 11.71% 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 3.46% PACAM Fixed Income Fund 11.33 11.38 1.87% PACAM Money Market Fund 10.00 10.00 12.34% 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 121.48 121.97 0.59% 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 4.63% 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 2,368.14 2,381.17 2.32% Stanbic IBTC Bond Fund 198.60 198.60 4.45% Stanbic IBTC Ethical Fund 0.94 0.95 -0.53% Stanbic IBTC Guaranteed Investment Fund 252.48 252.51 2.15% Stanbic IBTC Iman Fund 160.81 162.56 -1.44% Stanbic IBTC Money Market Fund 100.00 100.00 12.72% Stanbic IBTC Nigerian Equity Fund 8,297.57 8,392.03 -2.28% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 -0.16% 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 1.18 1.19 -1.03% United Capital Bond Fund 1.68 1.68 5.10% United Capital Equity Fund 0.69 0.71 -2.38% United Capital Money Market Fund 1.00 1.00 13.17% United Capital Eurobond Fund 110.19 110.19 2.73% United Capital Wealth for Women Fund 1.12 1.13 2.83% 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 10.76 10.93 2.48% Zenith Ethical Fund 12.21 12.35 2.65% Zenith Income Fund 21.65 21.65 12.16% Zenith Money Market Fund 1.00 1.00 12.01%
REITS NAV Per Share
Yield / T-Rtn
5.40 120.17 52.31
-44.85% 2.07% 1.10%
Bid Price
Offer Price
Yield / T-Rtn
9.99 104.32 85.19
10.09 106.53 86.75
-5.26% -11.07% -3.93%
Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund
VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
funds@vetiva.com Bid Price
Offer Price
Yield / T-Rtn
3.79 6.71 13.85 11.48 153.55
3.83 6.79 13.95 11.68 155.55
-5.12% -11.92% -7.35% -7.07% 6.93%
NAV Per Share
Yield / T-Rtn
107.24
17.42%
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
T H I S D AY ˾ WEDNESDAY MAY 1, 2019
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T H I S D AY ˾ WEDNESDAY MAY 1, 2019
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T H I S D AY ˾ WEDNESDAY MAY 1, 2019
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WEDNESDAY MAY 1, 2019 ˾ T H I S D AY
INTERNATIONAL
Trump, Democrats Reach $2tn Bipartisan Deal on Infrastructure Democratic leaders emerged from White House talks with Donald Trump Tuesday saying they had reached agreement with
the president to spend $2 trillion to improve America’s creaking infrastructure. “We agreed on a number which
Emperor Akihito Prays Ahead of Japan’s First Abdication in 200 Years Japan’s Emperor Akihito prayed to a Shinto sun goddess on Tuesday, starting a day of ceremonies to mark the end of a 30-year reign. Akihito marks the end of his reign to ease painful memories of World War Two and bring the monarchy closer to people. Akihito, 85, was the first monarch to take the Chrysanthemum Throne under a post-war constitution that defines the emperor as a symbol of the people without political power. His abdication is the first in 200 years. His father, Hirohito, in whose name Japanese troops fought World War Two, was considered a living deity until after Japan’s defeat in 1945, when he renounced his divinity. Akihito, together with Empress Michiko, his wife of 60 years and the first commoner to marry an imperial heir, carved out an active role as a symbol of reconciliation, peace and democracy. “I think the emperor is loved by the people. His image is one of encouraging the people, such
as after disasters, and being close to the people,’’ Morio Miyamoto, 48, said as he waited near a train station in Tokyo. “I hope the next emperor will, like the Heisei emperor, be close to the people in the same way,” he said. Akihito, who has had treatment for prostate cancer and heart surgery, said in a televised address in 2016 that he feared his age would make it hard for him to carry out his duties fully. Akihito reported his abdication in sanctuaries inside the Imperial Palace, including one honouring the sun goddess Amaterasu Omikami, from whom mythology says the imperial line is descended, and two others for departed emperors and Shinto gods. Video aired on NHK public TV showed Akihito, wearing a dark orange traditional robe and black headdress, walking slowly into the first sanctuary as a courtier in a white robe walked behind holding the train and another carried a sword.
was very, very good: $2 trillion for infrastructure,” Senate Minority Leader Chuck Schumer said, in a sign the feuding sides are willing to work together on accomplishing a major bipartisan goal to upgrade the nation’s roads, bridges, airports, rail lines, waterways and broadband internet access. “Even the president was eager to push it up to $2 trillion,” the Democrat added. “There was goodwill in this meeting, and that was different than some of the other meetings that we’ve had, which is a very good thing.” House Speaker Nancy Pelosi
meeting was held in Bukoba town located on the western shores of Lake Victoria –Africa’s largest lake, which is being shared by Tanzania, Uganda, and Kenya. According to him, the meeting involves permanent secretaries in the ministries of Lands, Housing and Human Settlements Development, Foreign Affairs and East African Cooperation, Livestock, and Fisheries, Water as well as Ministry of Energy. “This meeting is part of the regular meetings organised to address challenges facing the two countries,’’ Mnyepe
South Africa’s ruling African National Congress (ANC) appears headed for victory in May’s election, as President Cyril Ramaphosa seeks to strike a reforming tone, with three opinion polls showing support ranging between 51 and 61 per cent. The three pollsters, which used different methodologies and turnout assumptions for the May 8 parliamentary vote, put support for the biggest opposition party, the Democratic
said. He added that such meetings were also meant to improve trade relations and smooth movement of goods and people between the two countries. Faustin Kamuzora, Kagera Regional Administrative Secretary, said that before the meeting, experts from the two countries met and their recommendations are to be presented to the permanent secretaries for endorsement. He described the meeting as a key platform for the two countries to discuss developmental issues.
Rwanda Announces Capture of Rebel Group Leader Rwanda has detained Callixte Nsabimana alias Sankara, who announced himself as the head of Rwanda rebel group National Liberation Force (NLF), Rwanda foreign minister Richard Sezibera said on Tuesday. NLF is a military wing of a Rwanda opposition political party, the Rwandan Movement for Democratic Change led by Rwandan dissident Paul Rusesabagina, known for protecting people during 1994’s Rwandan genocide as a manager of Hotel des Mille Collines. Nsabimana, in an interview with the BBC Kinyarwanda service in July 2018, claimed that NLF had started an armed struggle in Rwanda to oust the Rwandan government.
Nsabimana has been wanted over several offences committed on the Rwandan territory, including the formation of an irregular armed group, incitement to commit terrorist acts, among other crimes, said Sezibera at a press briefing on the security situation after meeting foreign diplomats. He also said the Rwandan government has raised concern over leaders of armed groups operating from neighbouring countries, who have been claiming responsibility for terrorist attacks on the Rwandan territory and announced plans to destabilise the country. Leaders of terrorist groups are moving freely and making statements from Europe, Canada and are not held accountable
the White House over the investigations into Russian interference in the 2016 US election, and the Trump team’s contacts with Russians. “We may have difficulties in the other area but we cannot ignore the needs of the American people as we go forward,” Pelosi said when asked whether it was difficult to work with Trump while he stonewalls the investigations. Trump, a New York real estate tycoon, has already voiced his commitment to upgrading US infrastructure. He made it a campaign pledge in 2016, playing up his
background in construction, and in early 2018 during his State of the Union address he proposed a $1.5 trillion plan. Under such a proposal, states and private investors would put up as much as $1.3 trillion of the investment. Schumer said Trump’s backing was crucial for any major infrastructure push. “Where does he propose that we can fund this? Because certainly in the (Republican-led) Senate if we don’t have him on board, it will be very hard to get the Senate to go along,” he said.
Support for South Africa’s ANC at 51-61%, Opinion Polls Show
Tanzania, Uganda Officials Meet to Address Border-related Challenges Permanent Secretaries from Tanzania and Uganda on Tuesday met in the country’s north-western region of Kagera to discuss border-related challenges. Faraji Mnyepe, Permanent Secretary in Tanzania’s Ministry for Foreign Affairs and East African Cooperation, said among the key issues to be discussed include ways of reinforcing international borders between the two states. Others are sustainable development of Kagera River Basin – a river that drains into Lake Victoria. Mnyepe said the two-day
added that the lawmakers and Trump agreed on a “big and bold” proposal, but that Democrats would be waiting eagerly to see the president’s plans for how to pay for it. The group will meet again with the president in three weeks, she said. Commitment to work on a bipartisan infrastructure plan could mark a bright spot in a Washington riven by political division, but there was no guarantee the plan would advance in a Congress marred by gridlock. Democrats have clashed repeatedly with Trump and
for their criminal activities, he added. “This is unacceptable. We ask these countries to either prosecute or extradite them,’’ he said. He, however, assured the security of Rwanda, saying the country will continue to be safe. Speaking on potential risks of terrorism attacks in the country, he said the country is aware that there are people who try to carry out terrorism attacks. He said that many of them have been apprehended, adding that those who have not been apprehended will be apprehended soon. The country will continue to build capacity to detect, prevent and deter terrorism or terrorist activities, he added.
Alliance (DA), at between 19 and 24 per cent. Facing huge pent-up demand for better living standards for the country’s black majority, the ANC is seen by some critics as having failed to live up to the heady promises of Nelson Mandela’s era. The party’s image was severely tarnished under Ramaphosa’s predecessor, former president Jacob Zuma. One of the polls, by Citizen Surveys, found unemployment,
crime, poverty, corruption and housing were the most pressing issues that voters felt South Africa faced in the first quarter. Polling data released on Monday by Ipsos, on Tuesday by the Institute of Race Relations (IRR) and last week by Citizen Surveys all suggest the ANC will hold onto its electoral majority. The IRR and Citizen Surveys found support for the ANC had declined slightly in recent months.
The three pollsters say their latest data give a snapshot of voting intentions in recent weeks and stress those intentions could change before ballots are cast. Ipsos, which conducted 3,600 face-to-face interviews from mid-March to mid-April, put forward a scenario where 61 per cent of people voted for the ANC if turnout was 71 per cent. It gave its margin of error as a maximum of two per cent.
WEDNESDAY MAY 1, 2019 ˾ T H I S D AY
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NEWSEXTRA
CBN Seeks Inclusive Growth Initiatives to Check Under-employment IMF: 16 African countries under high-risk debt distress
Ndubuisi Francis in Abuja The Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Dr. Joseph Nnanna, has appraised Nigeria’s economic trajectory, declaring that the country was in dire need of inclusive growth policies capable of resolving the huge unemployment and under-employment challenges facing the youths. Nnanna, in his remarks at the launch of the Regional Economic Outlook for Sub-Saharan Africa in Abuja by the International Monetary Fund (IMF), lamented that the brand of capitalism being practised in Nigeria was not good enough and needed to be redefined to help build inclusive growth. The CBN chief observed that besides the high unemployment rate, majority of the youths were under-employed. According to him, the country’s economy is expected to record about 2.8 per cent growth in 2019, but expressed regret that such would still not provide the needed inclusive growth with an annual population growth of about 3.2 per cent. Nnanna noted that the major constraint to the emergence of an economy that has inclusive growth potential was the huge infrastructure gap, adding that this must be tackled. He affirmed that the CBN had embarked on tight monetary controls at all levels. The CBN deputy governor ruled out the possibility of the economy relapsing into recession, stressing that macroeconomic indicators were showing promising
signals. On inflation, he stated that achieving single-digit inflation was achievable before the end of the year, adding that the CBN was working towards that goal. Nnanna stated that the money market has continued to perform well, assuring that the apex bank would maintain a positive interest rate stance in real terms. He assured portfolio and foreign direct investors that the federal government’s policy of allowing them repatriate their profits in full would not be hamstrung in any way. The CBN chief wooed investors interested in emerging and frontier markets to look towards Nigeria. On the Investors and Exporters (I&E) window, Nnanna disclosed that it had netted $109.1 billion. Earlier, the Director, African Department, IMF, Abebe Aemro Selassie, who provided a synopsis of the economic outlook, said economic recovery in Sub-Saharan Africa was continuing, but noted the duality in growth performance and prospects within the region. “Aggregate growth is set to pick up from three per cent in 2018 to 3.5 per cent in 2019 and stabilise at slightly below four per cent over the medium term or about five per cent, excluding the two major economies-Nigeria and South Africa. “These aggregate numbers mask considerable duality in growth prospects within the region. About half of the region’s countries, mostly non-resource -intensive, are expected to grow at five per cent or more, and see a faster rise in income per capita than the rest of the world on average
A total of N617.566 billion was yesterday distributed as Federal Allocation for the month of March, 2019 among the three tiers of government, comprising the federal , states and local governments. A communiqué issued by the Technical sub -Committee of Federation Account Allocation Committee (FAAC) released at the end of meeting in Abuja, indicated that the gross statutory revenue received for the reference month was N446.647 billion, which is lower than the N478.434 billion received in the previous month by N31.787 billion. In the same vein, the revenue generated from the Value Added Tax (VAT) was N92.181billion, representing a decrease from the N96.389 billion generated from previous month by N4.208 billion. There was also N653 million from Exchange Gain, N13.085 billion from forex equalisation; N55.000 billion from Good and Valuable Consideration, as well as N10 billion added by NNPC, bringing the total revenue distributable for the current month to the sum of N617.566 billion. Consequently, from the net distributable revenue for the
month, the federal government received N257.758 billion; states received N168.254 billion; local government councils received N126.575 billion, while the oilproducing states received N49. 823billion, representing 13 per cent derivation of mineral revenue. The cost of collection, transfer and FIRS refund came up to N 15.156 billion. The distribution of the VAT realised saw the federal government receiving N13.274 billion, representing 15 per cent; states received N44.247 billion, representing 50 per cent, while the local government councils received N30.973 billion also representing 35 per cent The communiqué also showed the breakdown of allocation from the statutory revenue generated as thus: federal government N208.394 billion representing 52.68 per cent; states government N105.700 billion, local government council received N81.490 billion. It explained that federation crude oil export sales increased by about 49.18 per cent due to the increase in lifting volume, which resulted in increased Federation Revenue of about $240.23 million. Also, the average crude oil price increased from $63.62 to $79.06 per barrel.
either a high-risk of debt distress - Burundi, Cameroon, Cape Verde, Central African Republic, Chad,
Ethiopia, Ghana, Sierry Leone and Zambia - or being in debt distress - Republic of Congo, Eritrea, The
Gambia, Mozamique, Sao Tome and Principe, South Sudan and Zimbabwe.
WE APPRECIATE YOUR PRESENCE...
Representative of Delta State Governor and Commissioner for Information, Chief Patrick Ukah (right), in a warm handshake with the representative of the Chief of Army Staff, Maj. Gen. Martins O. Enendu, at the service of songs and night of tributes for the late Maj. Gen. David Ejoor (rtd.) in Lagos... recently
Saraki, Dogara, 52 Others Ask Court to Dismiss Defection Suit Court reserves judgment for May 17 Alex Enumah in Abuja
FG, States, LGs Share N617.5bn March Allocation Ndubuisi Francis in Abuja
over the medium term. He said 16 Sub-Saharan African countries are classified as having
The Senate President, Dr. Bukola Saraki, and the Speaker of the House of Representatives, Hon. Yakubu Dogara, have asked the Federal High Court in Abuja to dismiss a suit instituted against them and 52 others on account of their defection from their various political parties in 2018 during crisis and division that rocked the parties. They claimed that an advocacy body, Legal Defence and Assistant Project (LEDAP), which instituted the suit against them and prayed for their removal from the National Assembly, has no locus standi to institute the case. Saraki, Dogara and the 52 national lawmakers averred that
the advocacy body was neither a political party nor a voter from their various constituencies and as such, have no legal basis to press that their seats be declared vacant. LEDAP, through its counsel, Jubrin Okutekpa had approached the court praying for an order to declare the seats of the defecting lawmakers vacant on the reason that there was no division in their parties when the defections were made. The body also asked the court to invoke Section 251 of the 1999 Constitution to compel the lawmakers to refund all monies collected since the defections. However, Saraki and the defected senators in their preliminary objection argued by Mahmoud Magaji (SAN),
prayed Justice Okon Abang to dismiss the suit of the plaintiff on the grounds that it disclosed no cause of action against them. Magaji submitted that the advocacy body did not stand for either the All Progressives Congress (APC), Peoples Democratic Party (PDP) or any registered political party in the country or claimed to be a voter and as such, has no legal status to have filed the case against them. The senior lawyer told the court to hold that the advocacy body is a meddlesome interloper, busybody and stranger in the matter. Magaji further argued that the failure of the plaintiff to join the political parties in the suit was
fatal to the case, adding that in all the processes they filed in the court, there was no where they claimed to be acting for any political party, voter or member of their various constituencies, where the lawmakers were elected and as such have no power to litigate over the issue or than claiming to be a mere Non-Governmental Organisation (NGO). “Plaintiffs in this matter are neither legislators, members of political parties nor members of the constituencies where the senators emerged from. They are not executive of any political party and did not sponsor any candidate for any election and still they are not even registered voters of the constituencies of the defecting senators.”
IG Seeks Collaboration With Traditional Rulers for Community Policing John Shiklam in Kaduna Community policing strategy is to be implemented as part of strategies to address the security challenges facing the country, the Inspector General of Police (IG), Mohammed Adamu, has said. Speaking yesterday in Kaduna at a meeting with Northern Traditional Rulers, Adamu said President Muhammadu Buhari has directed him to immediately commence the implementation of community policing across the country. “The President of Nigeria, Muhammad Buhari has directed
me to immediately implement community policing strategy across the country; this is a structure, which will enable traditional rulers to maintain an effective cultural and social control over their subjects,” he said. Giving a statistics of crime across the country, the IG said 1,071 people lost their lives in crime- related incidents between January and April 2019 ,adding that no fewer than 685 persons were kidnapped across the country within the same period. He said further that a total of 535 armed robbery suspects were also arrested in the last four months,
following the launching of Operation Puff Adder. “It is pertinent to mention that Zamfara State has the highest national kidnap rate of 281 victims in what has been directly linked to activities of bandits in the state. “This is followed by Kogi State with 65, Niger State 51 persons were kidnapped within the period,” the IG said. According to the IG, in the attempt to tackle threats by criminals elements within the shortest possible time, the Nigeria police recently launched ‘Operation Puff Adder,’ which is
a special operation that is “aimed at strengthening state commands and reclaiming the public space from heinous criminals.” He called for collaboration between the traditional rulers by supporting community policing in order to tackle the menace of armed robbery, kidnapping and other criminal tendencies. In his remarks, Chairman of the Northern Traditional Rulers and the Sultan of Sokoto, Alhaji Muhammad Saad Abubakar III called for inclusion of the traditional institution in addressing the security challenges.
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WEDNESDAY MAY 1, 2019 ˾ T H I S D AY
NEWSEXTRA
Gunmen Abduct Taraba University’s Deputy Registrar The Deputy Registrar, Administration, of Taraba State University, Mr. Sanusi Sa’ad, was yesterday abducted by gunmen at his official quarters in the institution. The gunmen, who stormed his
residence at about 1.30: am shot sporadically into the air before whisking him to an unknown destination. The Chairman of the university’s chapter of Academic Staff Union of Universities (ASUU)
UBEC Board Chairman, Daughter Freed from Captivity
Dr. Samuel Shikaa, confirmed the development to journalists in Jalingo. Shikaa told journalists that gunmen entered the university through the back side that is not fenced and proceeded to the residence of the deputy registrar who also doubles as the information and protocol officer of the institution. Also confirming the incident, younger brother to the deputy
registrar, Alhaji Khalid Sa’ad, told journalists that the kidnappers have contacted him to demand ransom but he, however, declined to mention the amount being demanded. “Yes, it is true that my brother was kidnapped in the early hours of yesterday at his residence in the university. The kidnappers have just called me to demand ransom and I cannot disclose the amount to you because we’re
still talking”, he said. Meanwhile, the perimeter fencing of the university is one of the demands of the institution’s chapter of ASUU who are currently on strike to press home their demands. Other demands of ASUU includes full implementation of Law No. 4 which stipulates the sources of funding the university and payment of the arrears of Earned Academic Allowance
(EAA) as well as pension and gratuity scheme for members of the union among others. Taraba State has become a hub of kidnapping in recent times with the Chief Press Secretary to the governor, Hassan Mijinyawa, ex-NBA Chairman, Joel Ubandoma, and two wives of the permanent secretary, deputy governor’s office, Alhaji Babaji Dadinkowa being recent victims.
Police arrest one suspect over the abduction John ShiklaminKaduna The Board Chairman of the Universal Basic Education Commission (UBEC), Dr. Muhammed Mahmoud, and his daughter were yesterday released by their abductors. This is coming as the Kaduna State Police Command has arrested one Abdur-Rahman Ahmadu in connection with the abduction of Mahmoud and his daughter. Mahmoud, his daughter and several other travellers were abducted last Monday on the Kaduna-Abuja expressway when suspected bandits open fire at them. The UBEC boss’ driver was said to have been killed during the incident. There has been no information about other commuters who were abducted by the bandits. Mahmood’s freedom was confirmed in a telephone interview by Hussaini Danladi, a relation, who said they were freed from captivity at about noon yesterday. Danladi, however, did not say whether a ransom was paid before their release. The kidnappers seemed to have taken over the Kaduna-Abuja expressway which has been deserted by travellers following the deadly activities of the criminalskidnapping, armed robbery among
others Despite the massive deployment of security of personnel on the highway, the bandits have continued to operate in the most daring manner, killing and abducting people plying the road. The road has been deserted by many commuters who now prefer to travel by train. Meanwhile, the spokesman of the Kaduna State Police Command, Yakubu Sabo, yesterday disclosed in a statement that the state police command has arrested one AbdurRahman Ahmadu in connection with the abduction of Mahmoud and his daughter. The statement said the suspect was undergoing interrogation in police custody while efforts were on course to apprehend the remaining fleeing suspects. Yakubu also confirmed the release of the UBEC board chairman and his daughter, saying that their release came following a pressurised combing by the police operatives deployed to rescue them, adding that they were released unhurt. According to the statement, their release came when the Inspector General of Police, Mohammed Adamu Abubakar was attending a Zonal Meeting of Northern Traditional Ruler’s Council in Kaduna.
Shun Corruption, Magu Tells Govs-elect Iyobosa Uwugiaren in Abuja The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu yesterday tasked incoming and returning governors on the need to shun corruption. He made the charge at the induction ceremony for the governors-elect and their returning colleagues at the State House, Abuja. Magu who was among the panelists at one of the sessions of the event, stated that the twin evils of corruption and terrorismfinancing, which have continued to bedevil the country have created a disastrous impact on governance and socio-economic advancement of the country. “Whether we like it or not, corruption and terrorism have become the twin evils, undermining our collective efforts to make Nigeria a truly great country,” he stated. He further stated that Nigeria’s failure to take full advantage of its natural resources could also be attributed to corruption as public office holders are in the
habit of constantly stealing public resources. The EFCC’s boss observed that the country’s loss to corruption in the last decade runs into trillions of naira, noting that a review of the recoveries between 2017 and now, shows that in 2017, the EFCC recovered N473.065 billion, $98 million, €7 million and £294,000, while N236.16 billion was recovered in 2018. He explained that the nexus between corruption and terrorism is that corruption promotes insecurity. “Indeed some development scholars are of the view, which I also subscribe to, that militancy in the Niger Delta and insurgency in the North-east are by-products of corruption,” Magu said. He congratulated the governorselect and urged them to make the fight against corruption a cardinal point in their administrations. “If we can curb corruption, we can checkmate terrorists’ activities,” he said, adding that the only certain way for their re-election is to do what is right and take a stand in favour of the fight against corruption.
RISING UP AGAINST IMPUNITY…
L-R: Community Mobilisation Officer, Women Arise, Afisi Adeyemi; Senior Research Officer, Bayo Obatungashe; President, Dr. Joe OkeiOdumakin; Assistant Inspector General of Police, Leye Oyebade; Child Rights and Protection Officer, Women Arise, Bola Olarenwaju; Senior Programme Officer, Femi Lawson; Coordinator, Ibadan, Adewunmi Olowoniyi, during the women’s protest against the illegal detention of a nursing mother, Mrs. Rofiat Oladepo and her nine-month- old son, by the Zone 11 of the Nigeria Police Force, in Osogbo, Osun State… recently
Terrorism: FG Procures Four Ships, 37 Aircraft, 35 Armoured Tanks Kingsley NwezehinAbuja In a bid to reinvigorate the fighting capacity of the armed forces in the face of rising insurgency and widespread kidnappings across the country, the federal government said it procured four ships, 37 aircraft and 35 armoured tanks among other weaponry in the past three years. The government said the decision followed the realisation that most military platforms and hardware had become obsolete and worn out even as it recruited 30,000 personnel within the period under review.
As a strategy designed to curb armed banditry and terrorism, the government also plans intensified military action against terrorists and bandits, citing a United Nations recent data on the proliferation of small arms in Nigeria that held that three million rifles were in the hands of non-state actors. Presenting a paper at a meeting with Northern Traditional Rulers at the Arewa House in Kaduna, the Minister of Defence, Brigadier General Mansur Dan-Ali, said government made efforts to provide funds for the acquisition of modern
equipment for the armed forces. The minister said some of the equipment were already in service, while new purchases were at different levels of production while some awaited delivery. He said modern platforms and equipment were required to cope with the present security challenges noting that a large percentage of the nation’s weapons stock holding was expended in the fight against terrorism in the North-east. “It is worthy of note that since the outbreak of insurgency in the North-east, the Armed Forces has
expended a large percentage of its weapons stock holding in the fight against the insurgents. Hence, the weapon stock of the Armed Forces has greatly depleted. “It is also pertinent to note that budgetary appropriation to theArmed Forces has not been adequate to procure required arms, ammunitions, platforms and equipment for the Armed Forces to consolidate on the gains recorded. Hence, the need to source for special intervention funds to address these exigencies issues of procurement for the past 3 years”, he said.
SARS Arrests Three for Kidnapping, Murder of Two BDC Operators in Lagos Chiemelie Ezeobi Three suspected members of a robbery/ kidnap gang, who allegedly abducted and murdered two Bureau de Change (BDC) operators last month at the Ikorodu area of Lagos State, have been arrested by operatives of the Special Anti-Robbery Squad (SARS) of the state Police Command. The victims, Alhaji Yakubu Musa and Alhaji Hassan Umoru, had gone for a monetary transaction with the gang on March 14, 2019, unknown to them that they were embarking on a trip to their death. The gang members were said to have taken them to an abandoned building at the Odogunyan area of
Ikorodu, where they were bound and shot dead. This was after they had paid N1.6 million ransoms into an account provided by the gang to secure their release. The state Commissioner of Police, Zubairu Muazu, was said to have directed SARS to investigate the matter after the duo was reported missing. However, during investigation and subsequent arrest of three of the gang members, Oluwatosin Olarewaju, Mayowa Olawuni and Babatunde Idris, the bodies of the victims were trailed to a septic tank in an abandoned building in Odogunyan. Narrating how they killed the victims, one of the suspects,
Olarewaju, said: “Pencil (the suspected leader of the gang) and I planned the deal but the intention was not to kill them. Pencil said I should convince the operators that an Alhaja wanted to change $10,000. “The operators came on a motorbike and called us from Trailer Park bus-stop in Odogunyan. Pencil directed his own commercial motorcyclists to take the operators to a boys quarter (BQ) around Odogunyan. “By the time I joined them at the BQ, I met them lying down with their hands bound. Pencil asked me to lie on the floor too in order to make it look like I don’t have a hand in the game. “Pencil told them that the Alhaja they came to meet
owed him $10,000 and that his gang had come to collect the money. They started beating the operators. I also received my fair share of the beating to make it look real. “The operators then promised to give them money for their freedom. Pencil instructed them to transfer the money into one Femi’s account. But when Pencil called to know if the money had been paid, the account holder said i“At that point, he changed the game plan. He threatened to kill me alongside the operators if he did not receive alert on the payment. He said he suspected I was playing pranks by asking the person at the other end not to reveal he had received the bank alert.
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No 20m National Housing Deficit in Nigeria, Fashola Insists Hammed Shittu in Ilorin The federal government yesterday disclosed that there was no 20 million national housing deficit in the country as being raised in certain quarters. The government, however, said that though, Nigeria has housing challenges, it is a universal problem across the countries of the world. The Minister of Works, Power and Housing, Mr. Babatunde Raji Fasola, made this disclosure in Ilorin, the Kwara State capital, while speaking with journalists at the end of a capacity-building workshop for federal controllers of lands and housing in the country. The theme of the training is “learning and development for greater stature”. Fashola revealed that the ministry had removed the mandatory 10 per cent equity contribution before accessing loan from the National Housing Funds (NHF). He said: “First of all, I don’t believe in that 20 million housing deficit number. Nobody has owned up to it. It is a number of no origin; I say so. So, the person who did that data should come up and take ownership of it. “But that is not to say that there is no housing challenge; we have it; every country in the world has
it. Its level and degree is a function of so many things. It is perhaps, more pronounced in the urban centres as it is in the rural areas. But even in the urban centres, there are still empty houses even where there is a problem of shelter”. The minister further explained: “What we are doing is to try and complete ongoing projects that we met. We have started our own national housing programme. The idea is to design a product that Nigerians accept and can afford. “One of the reasons why we have a number of empty buildings and houses is that some of these buildings are acceptable or are not affordable or both. So we are trying to create a model that will be acceptable for the people. “Some of the other thing we are doing is to grant funding for people who contribute to the National Housing Fund (NHF) by way of mortgage; that is happening. We are improving access by reducing the amount you have to contribute. Those who wanted to borrow up to N5 million for example, their equity contribution was about 10 percent”. He also said: “We know that some people will not have N500, 000 to contribute and deposit, we have removed that. They can borrow and what they should have contributed is now capitalised
into what they will pay. “That opens the door of access. You are not denied because you did not have the fund to self-contribute. We have also reduced the amount of which you are borrowing N5 million and above from 15 percent down to about 10 percent”. The minister however, called on the federal controllers to continue to be good ambassadors of the
government and the ministry in their efforts to ensure good delivery of government projects in their respective states. According to him, doing this would go a long way in accelerating the socio- economic growth of the nation. Fashola equally sated that the people of the country have been expecting good governance, noting that the only way out was to work
in line with their schedule of projects as directed by the ministry. He, therefore, urged them to make use of the skills garnered during the training to develop the ministry so as to move the nation forward. Also commenting on the power to revoke licenses of Discos, Fashola said: “The power to regulate Discos rests with the Nigerian Electricity Regulatory Commission (NERC),
not in the ministry. It is a power vested by law. So, the ministry cannot interfere with that power. It is a statutory power. “The ministry is only saddled with policy directive which I have given in documents, letters and all of that. Don’t forget that before the privatisation, the ministry had well over 50,000 staff. The staff strength of the ministry is now 779”.
Adeleke’s Certificate Saga: School Principal Alleges Threat to His Life Yinka Kolawole in Osogbo The Principal of Ede Muslim High School 1 Ede, Osun State, Khalid Adejare Abass, yesterday appealed to the law enforcement agents to help stop the trauma and psychological tension he is going through for some days now. Also, the family members of the principal have equally called on the police authorities to stop further unjustifiable arrest of their son, Abass, alleging that the police have politicise the matter . Speaking yesterday from his hospital bed in Ede with THISDAY, Abass, who was critically ill, lamented how he was being made to travel between Lagos and Abuja during his ten days incarceration as a common
criminal. He said the security agents are after his life, adding that they had made up their mind to kill him. According to him, “If anything should happen to me, the police should be held responsible; the brutality of the police was just too much for me to bear.” He remarked that he was talking to people on his sick bed with weakness of the body, pains, fever and high blood pressure. The principal, who was brought to the hospital last Monday due to his bad health condition, called on the law enforcement agents to please leave him alone and stop further unjustifiable arrest. Abass also denied collecting N10million from Dr. Deji Adeleke as rumoured in his community
and Nigeria at large. However, the family spokesman, Alhaji Abdulrazaq Sholagbade Abass, said the principal has been unduly punished for doing his legitimate duties as a principal of a school. According to him, the principal is not a politician, why then should he be subjected to this unwarranted suffering? He said: “We are now pushed to the wall to cry out to the world on the persistent and unwarranted incarceration of our son, Khalid Adejare Abass, by the law enforcement agents.” The family noted that the ‘unjust’ detention at Alagbon Force CID headquarter for 10 days has subjected him to untold harassment from the police.
They also noted that since his incarceration, he was not allowed any medical attention nor allowed to visit any hospital for medical checkup, saying he has been in and out of the hospital as an out-patient. But his lawyer, who alongside with his family members spoke with THISDAY yesterday, Kanmi Ajibola, said the principal did not commit any offence under the law that would warrant any untold punishment. Ajibola also made it clear that his client is innocent and he had done his job well as the principal of the school, saying even if there is a problem with the certificate and the testimonial, it can be ratified without any problems.
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Appeal Court Upholds Validity of NYSC Scheme Davidson Iriekpen The Court of Appeal in Ibadan, Oyo State, has upheld the legality, validity and constitutionality of the National Youth Service Corps (NYSC) scheme. Delivering judgment in the appeal filed by one Mr. Oluwole Aluko asking President Muhammadu Buhari to scrap the NYSC scheme, the court dismissed the suit on the grounds that it was lacking in merit. Against the background of some incidences of violence and death of youth corps members at their places of primary assignment, Aluko, a lawyer, had at the Federal High Court in Ibadan challenged the constitutionality of the NYSC Act. He asked the court to hold that the NYSC Act was inconsistent with the 1999 Constitution. The plaintiff also argued that the NYSC programme constituted a threat to right to life, right to liberty and amounted to forced labour and slavery, and ought to be scrapped. His originating summons
raised questions of law on whether the NYSC Act provides for servitude and forced labour and as such inconsistent with the 1999 Constitution. In its judgment, the court dismissed the suit on the grounds that the plaintiff lacked the locus standi to file the suit. The court held that since the plaintiff, a legal practitioner was not a serving corps member, he had no cause of action and therefore lacks the capacity to institute the suit. Dissatisfied, Aluko proceeded to the Court of Appeal. In affirming the judgment of the lower court, Justice Nonyerem Okoronkwo while delivering the lead judgment of the Court of Appeal, dismissed the appeal in its entirety for lacking in merit. The appellate court agreed with the submissions of Prof. Fabian Ajogwu (SAN), counsel to the president, that there can be no inconsistent provisions of the constitution itself, and held that the NYSC Act was a part of the Constitution by virtue of Section 315 (5) of the
NCMG Calls for Peace Awards Nomination Martins Ifijeh As part of efforts to honour individuals and institutions providing humanitarian aid and facilitating the establishment of peace in Nigeria, the Negotiation and Conflict Management Group (NCMG) has called on Nigerians to nominate persons or entities who have distinguished themselves in this regard for the 2019 NCMG Peace Award. It said the annual award, billed to hold Thursday, Novermber 11, 2019, will seek for highflyers who have assisted in preventing recurrence of violence by addressing causes of conflict and creating visible long lasting solutions, especially in conflict and unrest areas in Nigeria. In a statement made available to THISDAY yesterday, the Founder, NCMG International, Kehinde Aina, said the awards will consider several categories, including NCMG Justice Builder, NCMG Institutional Peace Builder, NCMG Youth Innovator for Peace, and NCMG Community Peacebuilder Award, adding that those who meet the set criteria will be honoured in a grand ceremony later this year. Aina said: “For the NCMG Justice Builder Award, the individual or entity to be recognised must have built initiatives, shape new and humane approach to equitable justice in Africa while defending and upholding the rights of those at the bottom rung of the economic pyramid in order to pull humanity out of the mud of violence, war and conflict. “The individual or entity must also have demonstrated that access to justice should offer a variety of approaches and options for dispute resolution within the judicial system,” adding that no serving judge was eligible for this award category.” For the NCMG Institution Peacebuilder Award, the international body said the entity must be that which uses
its core business and competitive advantages to contribute to peace and stability as well as create shared value. “This organisation must be proactive in building both peace and opportunity, especially in insurgency areas by applying risk, conflict analysis, and conflict-sensitive practices.” For the Youth Innovator for Peace Award, Aina said the category will be limited to persons under 35 years of age, adding that the beneficiary must have promoted peace and cooperation beyond traditional boundaries of religion, race, ethnicity and nationality through intellectual dialogues, conflict analyses and transformation narratives. Aina said the future of Nigeria and Africa resides largely on its youths and the ability of youths to effectively harness the positive capabilities of their strength and good character, adding that with 70 per cent of Nigeria’s population below 35 years of age and 65 per cent of Africa’s population under 35, there was need to focus and invest enormously in youths as a precondition for the continent’s development. While calling on Nigerians to also make nominations for the NCMG Community Peacebuilder Award, the founder said the recognition will honour traditional rulers or community leaders who have committed themselves to promote development within their respective communities through social work, and selfless leadership. “The nominees must have demonstrated significant achievements in building inclusive communities, conflict prevention, conflict resolution, and reconciliation. The community peacebuilder is one who has successfully mobilised members of their communities, promoted inclusion, and developed resources and collaborative relationships necessary for catalysing positive social change,” Aina said. NCMG said award nominations will end June 28, 2019.
Constitution. The court was of the view that since the Constitution was the supreme law of the land and the validity of all laws was measured by their reference to it, the NYSC Act having been incorporated into the Constitution, could not be said to be inconsistent with the Constitution or any provisions thereof.
The court stated that the NYSC Act could not be abrogated except by an alteration of the Constitution in the manner specified in Section 9(2) of the Constitution. The court held: “The NYSC Act appears to be a piece of legislation that conforms to the essence of section 4(2) of the Constitution i.e. for the peace,
order and good government of the federation.” It also held that the appellant lacked the requisite locus standi to maintain the action, and had failed to show that the NYSC Act was inconsistent with sections 33 and 35 pertaining to right to life and liberty or “was in anyway inimical to the life or good livelihood” of Nigerians.
The court held that nothing has shown that the NYSC Act impinges on the right to life under any law. It added that calling up of members of the NYSC under section 2 of the Act is not a deprivation of liberty and that any person so affected may apply for exemption under section 2(2) & (4) of the NYSC Act.
SEEKING GREATER COLLABORATION…
L-R: Director General, Abuja Chamber of commerce and Industry (ACCI), Mrs. Tonia Shoyele; 1st Deputy President, ACCI, Abubakar AlMujtaba; Director, Consumer Affairs Bureau, Nigerian Communications Commission (NCC), Mrs. Felicia Onwuegbuchulam; and Deputy Director, Consumer Affairs Bureau, NCC, Ismail Adedigba, during the courtesy visit by the Abuja Chamber of Commerce and Industry to the commission’s headquarters in Abuja…yesterday
South African Mob Kills Nigerian Wrongly Accused of Kidnapping A 34-year-old Nigerian, Samuel Nkennaya, has been killed while another Nigerian, Chinonso Nwudo, is in critical condition in a South African hospital following mob attack. Victor Ayanfe-Oyebanjo, Secretary of Mpumalanga Province branch of the Nigerian Union in South Africa, made the disclosure in a statement made available to News Agency of Nigeria (NAN) yesterday. He said that Messrs
Nkennaya and Nwudo were attacked following accusations that both men kidnapped Chinonye, a six-year-old girl, who unknown to their attackers, was Nwudo’s daughter. “It all started when Nwudo took his six-year-old daughter, Chinonye, to visit Nkennaya at White River town in the evening of April 27. “Later, Nwudo and Nkennaya proceeded to buy food for Nwudo’s daughter,
Chinonye, at KFC restaurant in the area,” he said. Ayanfe-Oyebanjo said shortly after buying the food, some bystanders raised the false alarm, alleging that both men kidnapped the six year-old girl. “Thereafter, the community did not bother to ask questions and immediately mobbed the two Nigerians. “While they were being attacked, Nwudo kept on shouting that the girl was his daughter and pleaded that they
speak to his South African wife to confirm his claim – which actually saved his life. “The Police later intervened and called for backup to rescue the victims. Nkennaya died at the hospital on April 28, while Nwudo is in critical health condition,” he said. Oyebanjo said that a week before the incident that two South Africans were murdered for allegedly kidnapping a child in the same area.
No Country Has Perfect Security, Says El-rufai OnyebuchiEzigboinAbuja The Governor of Kaduna State, Mallam Nasiru El-rufai, has said that attainment of a crime-free society is not feasible in any part of the world, stressing that no matter the level of effort put into addressing the problem of insecurity in the country, there will always be security challenge. Speaking yesterday to journalists at the side-lines of the induction of new and returning governors, at the Presidential Villa, in Abuja, the governor said that from every
indication, the security situation in country is better now than what it was before 2015. Speaking about the incidents of robbery attacks, kidnapping and communal clashes in Kaduna, which have assumed a worrisome dimension, the governor said the current joint military operations had helped to check the trend. “We need to have these simultaneous military operations to expel the bandits. Once that is done, the other challenges are normal challenges that we have. There is
nothing like perfect security; no country in the world - no state is totally secure; there will always be challenges as we evolve. But we are better off now than we were before 2015,” he said. The governor also spoke on the efforts of the Kaduna State government to improve on its internally generated revenue to be able to implement the N30,000 new minimum wage. He said that the state government is implementing measures that will increase internally generated revenue,
not by raising taxes but by expanding the tax net. “That is a major challenge; we have done better than most states. We have nearly tripled our IGR, since we took over in Kaduna due to combination of policies and legislation, as well creating enabling framework. We hope to do better by moving from where we are and then tripling it in the next four years,” he said. When asked if his state is ready to pay its workers the new minimum wage, El-rufai said, “We will do so by the grace of God.”
MultiChoice Launches Special Ramadan Pop-up Channel on DStv, GOtv MultiChoice Nigeria is set to launch a dedicated Ramadan pop-up channel to cater for the spiritual needs of Muslim subscribers on DStv and GOtv throughout the Holy Month of Ramadan. The dedicated Ramadan pop-channel will open on May 5, and run till June 4, the last
day of the Holy Month. The Ramadan pop-up channel, which will be available to active subscribers on all DStv packages including DStv Now, as well as GOtv Plus and GOtv Max customers, will broadcast local Ramadan-related content. The special pop-up channel will provide subscribers
with access to Ramadanfocused lifestyle, movies, talk shows, music and kiddies’ programming. Similarly available on the Ramadan channel are the daily call to prayers, docuseries, cooking shows and programmes on the conduct and obligations of Muslims during Ramadan.
Chief Executive Officer, MultiChoice Nigeria, Mr. John Ugbe, explained that the special pop-up channel will provide wholesome programmes and shows to strengthen the belief of the Muslim faithful as well as entertain them throughout the Ramadan period.
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$55m Crude Oil Shipment: Court Reserves Judgment on FG’s Suit against Agip Adjourns $69m suit against Chevron, Total until July 2 Davidson Iriekpen A Federal High Court in Lagos yesterday further reserved judgment in a $55 million debt recovery suit filed by the federal government against Agip Oil Company Ltd. It further adjourned until July 2, a $69 million suit filed by the federal government against Chevron Nigeria Limited, seeking to recover oil revenue. The suit filed since 2016 by the federal government’s counsel, Prof. Fabian Ajogwu (SAN), is seeking to recover almost $12 billion in missing crude oil revenue from some international oil companies. The defence had closed its case on November 6, 2018, after which the court had adjourned for adoption of final addresses. On February 21, Justice Mojisola Olatoregun had reserved judgment in the suit to April 30 after plaintiff and defence counsel had adopted their final addresses before the court. Yesterday, however, the case which was scheduled for judgment could not proceed as the court did not sit. The court’s judgment will now be delivered on a date that will be communicated to the respective parties.
In moving his final address at the last adjourned date, defence counsel, Mr. Hameed Abdulkareem, had told the court that his address was dated and filed on Dec. 10, 2018. He had adopted the arguments contained in same, as well as his reply on points of law, urging the court to dismiss the plaintiff’s action in its entirety, and award substantial cost. On his part, plaintiff counsel, Mr. Ituah Imahnze, had informed the court that his final address was dated December 19, 2018 and had adopted the arguments contained, in urging the court to grant the reliefs sought. During trial, the plaintiff called one witness and tendered three exhibits before the court, while the defendant also called one witness and tendered 12 exhibits. The federal government is claiming $55 million from Agip for missing crude oil revenue. It accused Agip of underdeclaring the volume of crude oil it shipped out of the country between January 2011 and December 2014. The government claims that Agip short-changed it to the tune of $55 million. It filed the suit, to recover the lost revenues arising from
Ibori Mourns Omatseye A former governor of Delta State, Chief James Onanefe Ibori has mourned the passing of Prince K. B. Omatseye of Sapele in Sapele Local Government Area of the state. The deceased was a prominent Prince of the Itsekiri Royal Family. Ibori said in a public statement signed by his Media Assistant, Mr. Tony Eluemunor that Omatesye was a business and political icon who left a remarkable mark on the Nigerian landscape. According to Ibori, Omatseye has remained relevant in Nigerian politics since the First Republic, adding that he was right there in the thick of politics all through the Second Republic as chieftain
of the National Party of Nigeria (NPN) and in the Third Republic when he was a chieftain of the National Republican Convention (NRC). Ibori said that Omatseye was a mentor to younger politicians who came after him, stressing that he (Ibori) personally gained from the Omatseye’s great political wisdom and experience as he received profuse advice from him. According to him, Omatseye was a bridge builder who maintained a very close relationship with other political and business bigwigs across the country – moguls such as Chief Gabriel Igbenedion, the Esama of Benin.
Okotie Tasks Workers, Govt on Productivity Pastor-Politician, Rev. Chris Okotie has urged Nigerian workers to be more productive and efficient, as the nation joins workers worldwide in celebrating May Day. The Pastor-Politician said he supports Nigerian workers in their quest for a decent wage but warned that such demand must be matched with high productivity and efficiency on the part of the workers. “A productive work force deserves decent pay; employers should also respect labour rights so as to avert disruptive strikes which often harm the economy,” he said, adding that, “Nigeria needs industrial stability to grow the economy. Okotie, the presidential candidate of the Fresh Democratic Party, in the just concluded general election,
called for a comprehensive review of the country’s labour laws to bring them in line with global standard practices as enshrined in the statutes of the International Labour Organisation (ILO). Okotie expressed the hope that state governments and other public sector employers would be able honour their wage obligations in the face of shrinking revenue. He advised the federal and other sub-national governments and public institutions to diversify their sources of revenue. “There’s an urged need to turn our oil-depended economy into a multi-product export economy. That’s the only way to sustain our current position as Africa’s largest economy,” he added.
undeclared and under-declared crude oil shipments from Nigeria to different parts of the world. The plaintiff is therefore, praying the court to compel the oil firm to pay the said sum, with an annual interest rate of 21 per cent. The federal government had also sued Total E&P, alleging that the oil company under-declared
the volume of crude oil it shipped out of the country between January 2011 and December 2014. It accused the oil company of short-changing it to the tune of $245 million by allegedly shipping several barrels of crude oil out of Nigeria without making due remittance to the government. Similar suits are also pending
against Chevron Nigeria Ltd, Chevron Petroleum Nigeria Ltd, Shell Western Supply & Trading Ltd, among others. Meanwhile the court yesterday further adjourned until July 2, a $69 million suit against Chevron Petroleum Nigeria Ltd, seeking to recover oil revenue. The federal government filed
the suit against Chevron Nigeria Ltd, and Chevron Petroleum Nigeria Ltd, as first and second defendants respectively. The case which was adjourned for a report of proceedings at the Court of Appeal, was yesterday, further adjourned until July 2, as the court did not sit.
SPECIAL DINNER....
L-R: Keynote Speaker,Dr.Omobola Johnson; President,Institute of Software Practitioners of Nigeria (ISPON), Dr. Yele Okeremi; Past President, ISPON,Olorogun James Emadoye; Chairman of the occasion, Mr. Alfred Okoigun; and Commercial Counsellor, Austrian Embassy, Lagos.Guido Stock, during the ISPON president’s dinner in Lagos... recently ETOP UKUTT
Atiku, Saraki, PDP Hail Nigerian Workers on May Day Deji Elumoye and Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP), its presidential candidate in the 2019 elections, Alhaji Atiku Abubakar, and the Senate President, Dr. Bukola Saraki, have congratulated Nigerian workers on this year’s Workers Day, saying that the workers’ unions in Nigeria have been a critical partner in the economic development of the country. The PDP presidential candidate eulogised the various labour unions in Nigeria for being dependable watchdogs that serve the interest of the Nigerian people. Atiku, in a statement he personally signed yesterday, urged the organised labour under their various professional unions to embrace the paths of peace, harmony and national unity in all their engagements with employers
of labour and governments at all levels. “I want to join several other well-wishers to celebrate with Nigerian workers on today’s Workers Day and also to assure the labour unions of an acknowledgement of their great sacrifices for the country, “The labour and sweat of Nigerian workers constitute the engine and lubricants of our economic growth and national development. “Over the years, the various labour unions in Nigeria have played pivotal intermediary role between the government and the people and the most recent of which is the agitation for increased minimum wage of N30,000. ‘’I congratulate the labour unions in Nigeria for this feat and I believe that with the same kind of determination, it is possible to further improve the lots of the
Nigerian worker’’, Atiku stated. Saluting all Nigerian workers on the occasion of 2019 Workers Day, for their service towards the stability and development of the country, the main opposition party said it was rather unfortunate that Nigerian workers found themselves operating under an inept administration that does not appreciate their inputs and has no tangible strategy for their much-needed capacity building and reward system, but only relishes in Greek gifts and official bullying. The party also acknowledged that the patriotism and resilience of the workers, particularly for remaining steadfast to the course of nation- building, in spite of the harsh economic conditions foisted on them by the “overtly corrupt, incompetent and grossly insensitive,’’ President
Muhammadu Buhari-led All Progressives Congress (APC) administration. The National Publicity Secretary of the party, Mr. Kola Ologbondiyan, in a statement said that the Buhari-led administration must elevate its discourse in understanding that workers welfare is not tied to a minimum wage but in creating conducive working environment, established capacity building and reward system as well as a secure and economically viable environment that enable the workers, and indeed all Nigerians to meet their social and economic needs without stress. The PDP therefore cautioned against such unproductive tendencies, adding that the N30,000 minimum wage should not be a justification for any form of bullying or victimisation against the workers.
Oyo Gov-elect Writes Ajimobi over Activities of Appointees Kemi Olaitan in Ibadan The Oyo State governor-elect, Mr. Seyi Makinde, yesterday officially wrote Governor Abiola Ajimobi, to rein in, on some of his political appointees, fond of engaging in activities that could hamper smooth take-off of the new government on May 29. Makinde, in a letter to the governor, specifically mentioned the state pilgrims’ board (Muslim wing) of making far-reaching plans and even radio announcements
in relation to the board’s activities beyond May 29 2019, when it is crystal clear that the tenure of this outgoing government ends on the above-stated date. He said some government appointees under ‘the guise of spurious legitimacy’ have been involved in the deliberate rush to award contracts backed with questionable mobilisation running into billions of naira. He specifically mentioned the activities of the state Muslim wing of the pilgrims’ welfare board and the instruction to the local
government chairmen to mop up the stabilisation account as moves by the representatives of the present government to scuttle the transition process. He also warned that he may have to reconsider some of the actions taken in that transaction when he eventually takes over the government after May 29. The letter read, “Your Excellency, since March 11 this year and 48 hours after the gubernatorial election, I have observed serial infractions that connote efforts to thwart smooth
transition come May 29, 2019, under the guise of spurious legitimacy. “I have highlighted some of them to the public through my campaign office, including but not limited to deliberate haste to rush out fresh contracts, backed with mobilisation, running into billions of naira even while other residual issues of more importance were crying for attention. “The instruction to LG chairmen to mop up the stabilisation account, which was a strategic saving is also one of the infractions I refer to.
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T H I S D AY ˾ WEDNESDAY, MAY 1, 2019
WEDNESDAYSPORTS
Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com 08111813083
AFCON 2019
Okocha, Kanu, Babangida Appointed as Scouts, Motivation Figures for Eagles The Nigeria Football Federation (NFF) has appointed former Super Eagles’ captains Austin ‘Jay Jay’ Okocha and Nwankwo Kanu, as well as former star winger Tijani Babangida as scouts and motivational figures for Nigeria’s campaign at the 32nd Africa Cup of Nations taking place in Egypt this summer. According to NFF General Secretary, Dr. Mohammed Sanusi, the three legends will monitor the activities of the Super Eagles’ opponents leading to the finals in Egypt and report to Technical Adviser Gernot Rohr, and will continue their assignment in Egypt during the championship. “Okocha, Kanu and Babangida served Nigeria meritoriously as players and we believe they have the capacity to excel in this particular assignment. They will also serve as
role models for our young team in Egypt,” Dr Sanusi announced yesterday. Okocha was a key member of the much-fancied Golden Generation, which qualified Nigeria for her first FIFA World Cup finals, won the Africa Cup of Nations for the first time on away soil and impressed in reaching the Round of 16 at Nigeria’s debut in the World Cup in 1994. The team was named the second most entertaining team of the finals behind champions Brazil. The flamboyant midfielder also captained the Super Eagles to the 2002 FIFA World Cup and the 2004 Africa Cup of Nations, where he was named Player of the Tournament. He played in three FIFA World Cup finals for Nigeria. Kanu narrowly missed the cut for the 1994 FIFA World Cup, but captained
Okocha
the Nigeria Under-23 team to win Africa’s first Olympic football gold in Atlanta, USA in 1996 and was a member of the squad that finished as runners-up in the 2000 Africa Cup of
Babangida
Nations. He also played in three FIFA World Cup finals for Nigeria. Babangida was Nigeria’s alternate player at the 1994 FIFA World Cup, but featured at the 1998
Anthony Joshua to Fight American Andy Ruiz on June 1 Unified world heavyweight champion Anthony Joshua is set to face American Andy Ruiz Jr in New York on June 1. Joshua, 29, was due to face Jarrell Miller at Madison Square Garden but the American failed drug tests, forcing him out of the Madison Square Garden bout. California-born Ruiz, 29, has fought for a world title once before and is likely to be confirmed as Joshua’s opponent for his US debut on Tuesday.
Promoter Eddie Hearn says Ruiz will “do anything” to become world champion. “He will entertain you, give it his all. Even if it means getting sensationally knocked out, he will rather do that than not do it,” Hearn told Fighthype.com. “I couldn’t afford a guy who I thought may not be good enough or game enough to entertain the fans. I had to pick a guy in my heart who I thought will do everything to become world
heavyweight champion at the Garden.” Ruiz has agreed to terms, leaving only small details to be finalised, with Hearn stating the fight was “close”. Ruiz beat Germany’s Alexander Dimitrenko on 20 April, weighing in at 262lbs, which is 17lbs heavier than Joshua in his last win over Alexander Povetkin in September. At 6ft 2in, he is four inches shorter than Joshua and will be at a substantial reach disadvantage. In his only world title
shot to date, Ruiz lost on points to New Zealand’s Joseph Parker, whom Joshua outpointed 15 months later to unify the WBA, IBF and WBO world titles. On Monday, British heavyweight Dillian Whyte said Ruiz represented “a save-the-show fight”, insisting the challenger would pose no problem for Joshua. Joshua will end about nine months of inactivity when he steps into the ring and will seek to extend his 22-fight unbeaten record.
Edo Acting GovTasks Bendel Insurance, Edo Queens onTrophies Adibe Emenyonu in Benin City Edo State Acting Governor, Rt. Hon. Philip Shaibu, has charged Bendel Insurance and Edo Queens football clubs to use their victory in the just concluded Edo Football Association (FA) Cup competition, as a springboard to win national and continental trophies. Shaibu gave the charge when he was presented with trophies won by both teams in the Edo FA Cup competition, at the Government House, in Benin City
the state capital. The acting governor assured the management and players of the clubs of the state government’s continued support, urging the teams to work hard in clinching more trophies. “I am reiterating the commitment of the Edo State Government to supporting both teams and ensuring that they do well. For Bendel Insurance, we need to get to Aiteo Cup Finals, win the National League as well as other continental cups. This will
help in putting the Samuel Ogbemudia Stadium into good use,” he said. Shaibu added, “We have confidence in our girls as they are talented and have made us proud. As a government, we will continue to take their welfare as top priority and ensure their salaries are paid regularly.” He commended the technical crew of both teams for job well-done while urging members of the crew to continue working for the growth of their players and the clubs.
On discipline, Shaibu noted, “Discipline is the key to success; I call on you all to continue to be disciplined on and off the pitch. With such, the sky will be your limit in the game as well as other life endeavours.” “We have to regain our number one position in sports, as this state ought to be the centre of sports in Nigeria. This led to the rebuilding of our sports infrastructure to provide sporting facilities for players and athletes to train,” he said.
IBB Club Installs Floodlights on Golf Course Olawale Ajimotokanand Omotayo OlaleyeinAbuja The past executive committee of IBB International Golf and Country Club, Abuja has installed floodlights on two holes on the golf course. The respective holes are number nine and 18. Former Captain IBB Club, Oseni Ahmed said that the floodlights on the holes will
address the issue of darkness that makes it difficult for late starters to finish their play. Ahmed, made the revelation during the club’s Annual General Meeting held over the weekend. He also said that his committee left the golf course better than it met it by reconstructing holes 12 and 16 tee boxes and completely rebuilding the carved-in ladies’ tee-box on hole 3.
The erosion of the shoreline on holes 4,14 and 15 were awarded for repairs with concrete retaining walls with a view of preventing future occurrence. Q- Ahmed similarly disclosed that his committee dredged holes 9,13 and 15 free of charge, which prevented the course from being destroyed by floods running from Katampe and the military barracks, through the golf course.
He observed that it used to cost IBB Club N20millionN30million a year to dredge the course after government stopped giving it subvention. He added that his committee also improved the club’s account which was in the negative of N277 million last year and reduced the deficit to N13 million only. The former captain said
Kanu
finals in France where he scored Nigeria’s only goal in the Round of 16 defeat to D e n m a r k . H e w a s also a member of the squad that finished as ru n n e r s - u p i n t h e 2 0 0 0
Africa Cup of Nations, and is currently President of the National Association of Nigeria Professional Footballers (NANPF) – the globally–recognised body of Nigerian players.
Eunisell Boot Holds in June Plans to host the second edition of the Eunisell Boot Award are in top gear. Sponsors, Eunisell, a leading global chemical solutions and production engineering solutions group, confirms the ceremony will hold in June. At the event, the top goal scorer of the 2018/2019 NPFL season, will be presented with the coveted Eunisell Boot trophy and N200,000 for each goal scored. Junior Lokosa, the highest scorer with 19 goals in the 2017/2018 NPFL season, won the inaugural edition and was presented with N3.8million and a glittering trophy. The media hype around Lokosa’s award caught the attention of African Champions, Tunisia’s Esperance Sportive de Tunis, who offered the Kano Pillars striker a two-and-a-half-year contract in January this year. Lokosa was to say after signing the deal: “It was only after I was awarded the Eunisell Boot with all the publicity around it, that my career turned around.” According to the Group Managing Director of Eunisell, Mr. Chika Ikenga, “The Eunisell Boot was instituted not only to honour top performers, but to make players work on their game, be more competitive and to boost the profile and interest of the domestic, topflight league.” Ikenga stressed that the initiative is confirmation of Eunisell’s commitment to the development and increased interest in Nigerian football. “Too often we lose sight of the importance of the domestic league and its players, opting instead to follow the European and UK leagues for
example. What we forget is that a significant percentage of those talented players are Nigerians, who started their careers at home in the NPFL, and even more remarkable, is the fact that our young stars rise to the top here and abroad without having had the benefit of local academies or sponsors in their formative years.” Eunisell extendedthebrand’sinvolvement in the domestic premier league with the launch of ‘Eunisell Boot’in2018. The company first became involved in the NPFLin 2015, when the decision wasmadetosponsorRiversUnitedFC. Eunisellsubsequentlymadehistoryasthe first club sponsor in Nigeria to achieve five consecutive seasons with one team. Ikenga called on other well-meaning Nigerians, football enthusiasts and corporate sponsors to emulate Eunisell’s efforts in supporting the NPFL and players. “It’s time we got behind our own league, our clubs and players and recognise their incredible talent, and the contribution they make to the game. The prestigious trophy and value of the Eunisell Boot award will spur players into performing better we believe and we are indeed proud to be associated withourhome-grown stars,” he said. An example of the impact of sponsorship on football is the popular English Premier League, which has been elevated to that of a global behemoth with the investment by Sky Sports Only last year, the satellite broadcaster splashed a staggering £3.58 billion (N1, 682,600,000,000) for a three-year deal with rights to broadcast league games around the world.
the token course fee of N500 introduced on July 1, 2018 had been encouraging and rewarding as on the average the club has been generating an average of N2.3 million per month over the period. “People have praised our efforts, for leaving the club better than we met it. There were limited parking spaces but my committee provided
additional spaces. We were also able to build a car-washing bay, attached to the cart bay such that people can drop their cars and have it washed while playing golf. We hope the next Exco should generate some funds for the club from this facility,” Ahmed, who once served as the Competition Secretary said.
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WEDNESDAYSPORTS U E FA C H A M P I O N S L E A G U E
Ajax Snatches First Leg Advantage in London Tottenham face a daunting task to keep their Champions League hopes alive after Ajax secured a crucial advantage in the semi-final first leg in London last night. Donny van de Beek’s 15thminute goal, steered cleverly past Hugo Lloris from close range, put Erik ten Hag’s exciting young side firmly in the driving seat going into the second leg in Amsterdam next Wednesday. Spurs struggled to overcome the absence of forwards Harry Kane and Son Heung-min - injured and suspended respectively - and their job was made even harder by the loss of defender Jan Vertonghen after he suffered a facial injury in the first half. Vertonghen’s problem raised questions about player welfare after he was allowed to continue, albeit for only a few seconds, when he was clearly badly shaken up after an aerial collision involving team-mate Toby Alderweireld and Ajax goalkeeper Andre Onana. He eventually had to be supported by two members of the Spurs staff as he went off.
Tottenham tried to force the pace after the break with plenty of possession, but it was Ajax who came close to adding a second when David Neres struck the inside of the post with Lloris beaten. Ajax held on to their lead in relative comfort and it will need a stirring Spurs comeback to prevent the Dutch side facing either Barcelona or Liverpool in the final on 1 June. Ajax’s advance to the Champions League semifinals has made them the talk of European football after the manner in which they eliminated holders Real Madrid and Italian champions Juventus. And it was easy to see what all the fuss is about as the visitors demonstrated maturity, composure and class in such a high-pressure environment to overcome Spurs. Ajax took the game by the scruff of the neck early on, secured the goal their superiority deserved, then took the sting out of matters when required to close out the win. Captain Matthijs de Ligt, just 19, showed leadership qualities beyond his years in defence, organising and
ordering more experienced team-mates with expertise. And in Barcelona-bound Frenkie de Jong, 21, and fellow midfielder Van de
Beek, who is just a year older, this is an Ajax team with the class and youthful appearance that plays to this club’s greatest traditions.
Ajax have almost come from nowhere after the group stages - but this is a team that looks like they have the quality and confidence to go
all the way. The winners of the tie will meet either Barcelona or Liverpool in the final in Madrid on 1 June.
Donny van de Beek celebrating Ajax’s 1-0 ďŹ rst leg of the semi ďŹ nal of the 2018/19 UEFA Champions League victory in London‌ last night
Liverpool Aiming to Bring Down Camp Nou Barcelona will today host Liverpool at the famous Camp Nou which the Liverpool German specialist, Jurgen Klopp does not consider ‘a football temple’. To Klopp, it is just an ordinary stadium. He however admitted ‘it’s always difficult to play there: “You see the other teams who have a bad time when they play there.� But an explosive UEFA Champions League semi-final clash is well anticipated. Klopp, according to Spanish publication, Tribuna, delivers a rather controversial statement as he previews the semi-finals clash. During an interview with DAZN, a subscription video streaming service owned by Perform Group, the German specialist diminished a bit the importance of the Camp Nou stadium which is a bit strange given he has been coaching
at such iconic venues as Westfalenstadion at Borussia Dortmund and Anfield Road. He said: “The Camp Nou is just a stadium, quite big, but it’s not a football temple.� Once again, he refuses to name his side favourites: “If you play against Barcelona, you are certainly not favourites.� The Liverpool boss finishes up: “This is a fantastic game for all football supporters.� Interestingly, Liverpool defender, Virgil Van Dijk is returning to the Nou Camp tonight hoping to erase the memory of his only other appearance at the home of Barcelona. The newly-crowned Professional Footballers’ Association Player of the Year was a member of the Celtic team humiliated 6-1 in December 2013 - they were 6-0 down after 72 minutes.
Roberto Firmino (left) will know this morning if he will be ďŹ t to start against Barcelona later tonight What was more galling on that night was that Lionel Messi was not even playing. There is no chance of that happening this night, with the Argentina international being handed generous periods of rest by coach Ernesto Valverde in the games leading up to
this Champions League semifinal first leg, but Van Dijk is relishing the prospect. He is also looking to address his history with Barcelona. “It is a nice stadium, an historic stadium and for me it was a great experience to play over there,’ said the
Holland captain. “It was my first time, my only time and my last time so far so I am looking forward to playing them again, one of the best teams in the world, but I think this can be totally different than when I was there the last time.’ Despite Celtic’s result, Van Dijk came away with plenty of plaudits but - despite that - he was not happy with the performance. “I saw some videos, but if you are losing 6-1, as a defender, you can’t say you had a good game,’ he added. “But the good thing for me personally was I took a lot of experience from that night and that helped me, obviously.� Van Dijk’s imperious form, and the way he has marshalled Liverpool’s defence this season to concede just 20 goals in 36 Premier League matches,
should help in combating the threat of Messi. However, the Dutchman knows that is easier said than done. “Yeah, I think he is the best player in the world, I have said that before,’ he said. “But you see how we play, how we defend, we don’t defend one v one, we defend all together and we attack all together as well - so we will see. We will be ready. “The situation is that we are in the semi-final against Barcelona and we are going to face one of the best players...I think the best player in the world. “But it is not only him, the whole team has a lot of quality and we will prepare well and that is what we a re g o i n g to do.�
Dalung Tips Nigerian Wrestlers Wimbledon Goes Digital with 2020 for 2020 Olympic Success Ticket Ballot, Increase in Prize Money The Minister of Youth and Sports, Solomon Dalung has predicted a successful outing for Nigerian wrestlers at the 2020 Olympic Games in Tokyo. Dalung made the remark when the Ministry of Youth and Sports held a reception yesterday in Abuja for Nigerian wrestlers who emerged African Champions at the recently held Africa Championships held between March 26 and March 31 in Hammamet Tunisia and Nigerian Rowers who also won laurels at the Open International Canoe Sprint Championship held from March 21 to 26 , 2019 in Bhopal, India. On the occasion which took place at the Ministry, Dalung noted that wrestling has become one of Nigeria’s strongest sports at continental and global levels while inspiration for
greatness is also germinating in the little known Nigeria Rowing, Canoe and Rowing Federation. “Nigerian wrestlers have distinguished themselves as a force to reckon with, thus giving the sport an enviable place of pride and elevating the country’s image as a top wrestling nation. “The Nigerian wrestling team placed first in Africa on the overall medals table during the 2015 Africa Games held in Congo Brazzaville. Similarly, the federation dominated other African countries, particularly in women’s wrestling, where they emerged African Champions at the 2018 Africa Championships which Nigeria hosted for the first time. “When our female wrestlers participated in the two-ranking
series events in Germany and Bulgaria in February and March 2019, their performances created an avenue for our star athlete, Adekuoroye Odunayo to be ranked 4th in the world and 1st in Africa. This success, apart from writing a chapter in the annals of the Nigeria Wrestling Federation history, is an indicator of the possibility of an Olympic Medal in Tokyo,� stressed Dalung. The minister also commended the President of the Nigeria Wrestling Federation Hon. Daniel Igali and the President of Rowing, Canoeing and Sailing, Rear Admiral Festus Porbeni (rtd) for providing visionary and motivational leadership to their Federations and congratulated the athletes for their sacrifice and resilience.
Fans will no longer need to use pen, paper and a stamped addressed envelope to apply for Wimbledon tickets after the grass-court showpiece announced an end to a 95-year tradition yesterday. The move to an online ballot from 2020 was among several changes confirmed by the All England Club on Tuesday. Prize money will increase by 11.8% this year, with the total pot at the Grand Slam standing at £38m. The men’s and women’s singles champions will win £2.35m, a rise of £100,000. Prize money for earlyround losers will increase by more than 10%, while there is also a double-digit
increase for men’s and women’s doubles. The new retractable roof over Court One will be in operation this year but the shot-clock - used at January’s Australian Open - will not be. But the device, which counts down the seconds allowed between points, is “very likely� to be introduced from 2020, All England Lawn Tennis Club (AELTC) chief executive Richard Lewis told a news conference. Meanwhile, the wheelchair event has been expanded to include quad singles and doubles after a trial last year. This year’s grass-court Grand Slam runs from 1 to 14 July. Since 1924 Wimbledon
has sold the majority of its tickets through a postal ballot, which requires fans to send a stamped addressed envelope to receive an application form, which they then need to post back to the All England Club to enter the ballot. The completed forms need to be returned by the end of the December before the July championships and fans cannot apply for specific dates or courts. The system is set to remain the same for the online application, just without the paper and stamps. The new online ballot does not affect the popular queue - where people often camp overnight to buy onthe-day tickets.
Wednesday May 1, 2019
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Price: N250
MISSILE
N NLC to Ngige “We are left dumbfounded at the depth Ngige is prepared to go in lying to the nation and the world to cover his doomed plan to hoodwink Nigerians on his elaborate intrigue spanning three years to prevent the inauguration of the board of the NSITF� – Nigeria Labour Congress berating the Minister of Labour and Employment, Dr. Chris Ngige, for not inaugurating Chief Frank Kokori as the chairman of board of the National Social Insurance Trust Fund.
ISSAAREMU GUEST COLUMNIST
Sunmonu and Dangote: Honour As a Metaphor
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nderstandably, all stakeholders in the education sector in particular and nation building in general, hail the weekend conferment of Honorary Doctorate Degrees of Letters on both the founding President of Nigeria Labour Congress (NLC), Comrade Hassan Adebayo Sunmonu, and foremost African Industrialist, Alhaji Aliko Dangote, by the Ahmadu Bello University (ABU) Zaria as part of the 41st Convocation Ceremony of the University in Samaru, Zaria. The news had captured public imagination when the Registrar of the university, Ahmed Abdullahi Kundila, in a statement said Aliko Dangote and Comrade Sunmonu were to be honoured for their immense contribution to the economic and human development of the nation. It is worthy of note that ABU rarely dispenses honorary degrees. In its 60 years of history, just about some 103 had been so honoured. I congratulate both Aliko and Sunmonu to be enlisted on the ranks of deserved eminent previous awardees. They include notable global citizens like Dr. Nnamdi Azikiwe, Nigerian, D.Litt, (1973,) Prof. W.R.F. Collis, Irish, D.Sc. (1973), Chief U.O. Udoji, LL.D. (1975, ), Chief Obafemi Awolowo, LL.D. (1975,) Alhaji Shehu Shagari, LL.D (1976), Prof. Adebayo Adedeji, D.Litt (1976), President Samora M. Machel, Mozambique, LL.D (1977,) Comrade Sam Nujoma, Namibia, (1982,) Mr. Nelson Mandela, LL.D. (1985,) Mr Jimmy Carter, American, (1992), Alh. (Chief) Wahab Folawiyo, (1992,) Alh. Maitama Sule, (1992), Alh. Abdullahi Dan-Buram Jada, (1998,) Alh. M.T. Usman, 1998, Dr. Kofi Annan, Ghanaian, (1998) and Mr. Cha Chi Ming, MFR, China, (2006) (founder of UNTL, biggest textile mill!) in Africa among others. Yours comradely is proudly involved with the duo albeit without class contradiction. Alhaji Hassan Sunmonu (or HA as comrades fondly call him), is a “renowned socialist� (Dangote’s description!) and my mentor in the labour movement! HA’s educational grounding shows that contrary to the false class assumption, the labour movement has always been knowledge-led. One essential imprint of HA is cultivating a knowledgebased movement. As the founding President of the NLC he consciously attracted first class graduate activists to NLC as full time officers. I am a living testimony. On graduating in the late 80s, he single handedly pulled me out of the then prestigious Concord press (where I did my NYSC and was retained!) to the NLC to swell the ranks of the NLC Secretariat ably led by the late Dr Lasisi Osunde (an economist), supported by tested comrades like Lawson Osagie, Dr Yahaya Hashim, Salisu Muhammed, Femi Aborishade, John Odah, Chom Bagu and a number of other comrades. Dangote, leading capitalist and investor in many sectors including textiles and sack factories (which my union organises) is my friend and (I dare say!) Comrade in the campaign for re-industrialisation of Africa. I bear witness to the shared class collective glory (not class struggle!) at the weekend in Samaru, Zaria. It was a paradoxical nostalgia for me returning to the university where I was baptized to the great battle of ideas between socialism and capitalism in the 1970s and 1980s. I commend the University Governing Council under the chancellorship of His Highness, Nnaemeka Alfred Ugochukwu Achebe,
Sunmonu
Dangote
CFR, mni, the Obi of Onitsha, and Professor Ibrahim Garba, the Vice Chancellor, for the joint recognition of two African iconic symbols of enterprise and dignity of labour in Nigeria. Inadvertently ABU had made a significant statement of inclusion according to which labour and capital as critical factors of growth and development and social justice in Africa must be accorded equal recognition: the return on investment is as important as the long service award for the working man and woman! Without saying so, the ABU honour has become a worthy metaphor for class collaboration between labour and capital for national development. American political theorist Francis Fakuyama, at the turn of the century, predicted “The End of History,� as the title of his famous book suggests. He triumphantly, in a rather exuberant way celebrated the “triumph’ of Capitalism, over socialism following the ‘collapse’ of Soviet Russia in 1990s. ABU through this conferment shows that the task of nation building (though is as ideological as it is pragmatic,) goes beyond an ideological triumphalism. The critical issue is the practical impact of all actors on wealth generation and poverty eradication. Other universities must learn from ABU in this regard. What were celebrated last weekend were the passion, energy and commitment the two brought to bear in the long road to serve humanity. The recognition of Comrade Sunmonu raises the nostalgia of his outstanding leadership as the founding President of the NLC from 1978 to 1984. NLC under his leadership fought and won the battle to make May 1 a public holiday, fought and won the struggle for a new minimum wage of N125 ($240) in 1981 under President Shehu Shagari’s administration. Notwithstanding the divisive strategy of the second Republic politicians aimed at splitting the labour movement into “democrats� and “Marxists� Sunmonu commendably sustained the unity of the trade union movement through all inclusive ideologically driven movement; a lesson for the current leadership of NLC to learn in how to overcome the ruptures of 2015! As Secretary General of the Organisation of Africa Trade Unions Unity (OATUU) he ensured that the voice of Africa workers was heard and respected in the global arena. Very few unionists courageously talked straight to
power. The historic Charter of Demands under Comrade HA’s leadership remains the first agenda-setting document for decent work by the Nigeria’s working class. As a worker Comrade Hassan Sunmonu had added value to developmentalist Nigeria. An engineer with Federal Ministry of works, he worked on so many offices and roads projects and public buildings. A multi linguist; he is fluent in Yoruba, (with bagful of proverbs!), English, French, Italian and Twi (a Ghanaian language). Comrade HA has been honoured nationally and internationally. Recipient of the Officer of the Order of the Niger (OON) on 18th December, 2001, he was also honoured with the National order of Burkina Faso in December, 2009. Born with his identical twin brother, Engr. Hussein Sunmonu, on 7th January, 1941 in Oshogbo, Osun State, the Sunmonus are the most spectacular identical twins to see any day! It seems age sharpens their similarities in mannerism and outlook. HA is a global citizen of profound integrity. A product of the then functional missionary/ public schools, attended Yaba College of Technology between 1961 to 1964, obtained the Ordinary National Diploma (OND) in Civil Engineering, the Higher National Diploma (HND) in Civil Engineering. HA proceeded to Italy for a Post-Graduate Diploma Course in Highway Engineering. HA was almost an activist by birth. And he is still organising (as a trustee of ASUU!) not agonising as most young comrades do today! He still matches on the street for good governance and against corruption. The honour for Dangote as a leading African investor and industrialist was well deserved given his globally acknowledged contribution to industrialisation and mass job creation in the continent of Africa. He is often defined to in terms of his riches: the richest man in Africa. But it is better that Dangote is profiled for what he is: the most passionate value-adding entrepreneur in Africa! Dangote’s bold imprints in global corporate social responsibility are as remarkable as investment drive. He manifested that again at the convocation with the commissioning of 10 blocks of student hostels consisting of 360 fully equipped rooms with capacity for housing 2,160 students built at a cost of N1.2 billion donated by the Aliko Dangote Foundation to
Ahmadu Bello University, (ABU) Zaria! The university orator, Prof. G.Y. Sadiq disclosed that Dangote “is credited with building edifices in many universities such as University of Ibadan, Bayero University, Kano, University of Maiduguri, Kano State University of Science and Technology, Federal University of Technology, Akure and very recently, the Ahmadu Bello University, Zaria adding that he has also supported generously Internally Displaced Persons (IDP) camps in the North East and North Central geopolitical zones in addition to offering scholarships to a large number of indigent Nigerians from all walks of life.� Dangote, just like Hassan Sunmonu, talks straight to power for development. He was at the 4th Kaduna Investment summit in April this year as a Keynote Speaker. He minced no words in damning Nigeria’s underdevelopment in Nigeria and the north in particular. Hear him: “Nigeria as you all know is bedevilled with many developmental challenges despite its abundant human, mineral and agricultural resources. Our country’s human development indicators rank poorly when compared to peers as well as to global averages. Nigeria is ranked at 157 out of 189 countries on the Human Development Index. While the overall socio-economic condition in the country is a cause for concern, the regional disparities are in fact alarming. In the northwest and northeast, more than 60% of the population lives in extreme poverty. It is instructive to note that the 19 northern states, which account for over 54% of the country’s population and 70% of its land mass collectively generated only 21% of the total sub- national IGR in 2017. Northern Nigeria will continue to fall behind if respective state governments do not move to close the developmental gap�. In the same breath Dangote remains an African optimist. He audaciously walks the optimism too. For him the cup is far from being full; but it’s neither empty either. In fact he more than others fills the African cup of growth and development. In Kaduna he singled out Governor el-Rufai of Kaduna State “as a shining example in the north, citing Kaduna dramatic growth of IGR, attraction of direct foreign investments and investment in public education. Again that was vintage Dangote: ever measured and constructive in a country of wars of attrition. Dangote has also hugely shared in the ownership of Nigerian development challenges in a way many elected and appointed officers have not. He is lesson in investment patriotism. He virtually moved Nigeria from “being the world’s second largest importers of cement, to self-sufficiency, and then export (all within a decade).� Dangote group is also constructing “8-million-ton capacity cement export terminals� to make “cement Nigeria’s largest industrial export. Similar transformations are imminent in other sectors�. His on-going refinery “is the largest single unit refinery in the world and the associated petrochemical project will not only ensure self- sufficiency but also position Nigeria to be the largest exporter of petroleum products in Africa and the second largest exporter of petrochemicals�. t$PNSBEF "SFNV JT B NFNCFS PG UIF /BUJPOBM *OTUJUVUF ,VSV +PT BOE 7JDF 1SFTJEFOU *OEVTUSJBM (MPCBM 6OJPO CBTFE JO (FOFWB 4XJU[FSMBOE
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