MONDAY 6TH MAY 2019

APC Begins Talks with Aggrieved Zones over N’Assembly Leadership Lawan starts fresh consultations with senators-elect Ndume: North-east deserves articulate representative as Senate president Deji Elumoye, Onyebuchi Ezigbo, Adedayo Akinwale in Abuja The All Progressives Congress

(APC) has concluded arrangements to use the remaining leadership positions in the two chambers of the National Assembly to

resolve the grievances arising from the zoning of the Senate president and the Speaker of House of Representatives. The National Chairman

of APC, Mr. Adams Oshiomhole, and other top leaders of the party have, therefore, started meeting stakeholders from various

zones to negotiate on the settlement deals. The ruling party has zoned the Senate president and Speaker of the House

of Representatives to the North-east and South-west zones respectively. Continued on page 8

NNPC Records N15.04bn Trade Surplus in January...

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Presidency Mocks Opposition as Buhari Returns from Private Visit to London Omololu Ogunmade in Abuja

The presidency yesterday lashed out at online media critics and opposition politicians, who had insinuated that President Muhammadu Buhari might extend his 10-day private visit to London, and said the president’s return to the country on schedule has put them to shame. The president, who left the country from Maiduguri, the Borno State Capital, on April 25, arrived in Nigeria about

8.30 pm and was received by government officials at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja. Announcing the president's return in a statement, his Special Adviser on Media and Publicity, Mr. Femi Adesina, attacked some online media which had speculated that the president would not return to the country within the scheduled 10 days. Continued on page 8

Again, Five Soldiers, Scores of Insurgents Killed in Borno Kingsley Nwezeh in Abuja The Nigerian Army disclosed at the weekend that scores of insurgents and five soldiers were killed in a fierce encounter with terrorists in Magumeri village, Borno State. But unofficial sources put the number of soldiers killed at 15.

This came as the Nigerian Air Force (NAF) said it was deploying the recently acquired two Agusta Power Helicopters in Kaduna State in a renewed bid to contain armed bandits and kidnappers. An update on the ongoing war against insurgency issued Continued on page 8

See Four–Year Report Card of Team Buhari (2015-2019) –Part 2... Page 18-21

WELCOME BACK… L-R: Inspector General of Police, Mr. Muhammed Adamu; Chief of Army Staff, Lt-Gen Tukur Buratai; Chief of Defence Staff, General Abayomi Olonisakin; FCT Minister, Mallam Muhammed Bello; and President Muhammadu Buhari, during the arrival of the president from his 10-day private visit to London, in Abuja… yesterday

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NNPC Records N15.04bn Trade Surplus in January Kasim Sumaina in Abuja The Nigerian National Petroleum Corporation (NNPC) has said it recorded a trade surplus of N15.04 billion in January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a statement issued in Abuja yesterday, stated that the details of the report contained in the January 2019 edition of the corporation’s Monthly Financial and Operations Report (MFPR) attributed the positive financial position to the improved performance of NNPC’s upstream

subsidiary, Nigerian Petroleum Development Company (NPDC), which recorded surplus, despite reduced operational activities in the month. The report showed that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of crude oil per day, has made the 500,000 bpd production target by 2020 feasible. The NNPC’s spokesman said that the NPDC’s position contrasts with the high expenditure levels posted by two other entities of NNPC, the Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit. According to him, "in terms of sales and remittance of crude oil

and gas proceeds, the corporation announced total export receipts of $381.70 million in the month under review as against $345.68 million posted in December 2018." He further revealed that a breakdown of the numbers indicated that contributions from crude oil amounted to $269.43 million, while gas and miscellaneous receipts stood at $111.75 and $0.52 million, respectively. "Within the period under focus, NNPC transferredN153.01 billion into the Federation Account, while cumulatively, from January 2018 to January 2019, Federation and JV receivedN905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation

Accounts." He added that, in the downstream operations, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in January 2019. This is slightly higher than the 1,789.20million litres of petrol supplied in the month of December 2018. "The 42 edition of the NNPC’s MFOR recorded 230 hacked pipeline points, leaving only two ruptured, marking an 11 per cent improvement from the 264 vandalised points posted in December 2018." A breakdown indicated that Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu pipelines accounted

for 67, 62 and 30 points, respectively, which translated to 29 per cent, 27 per cent and 13 per cent of the vandalised points, respectively. The Warri-River Niger axis accounted for 10 per cent and other locations accounted for the remaining 21 per cent of the pipeline breaks. In the gas sector, he observed that natural gas production increased by 2.22 per cent at 245.83 billion cubic feet compared to output in December 2018, translating to an average production of 8,194.34 million standard cubic feet of gas per day (mmscfd). "Out of the volume supplied in January 2019, a total of 151.50bcf of gas was commercialized,

consisting of 38.03BCF and 113.47 BCF for the domestic and export market respectively. The figure translates to a total supply of 1,226.83 mmscfd of Gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month. "This implies that 61.73 per cent of the average daily gas produced was commercialised, while the balance of 38.27 per cent was re-injected, used as upstream fuel gas or flared. He however stated that, "gas flare rate was 7.52 per cent for the month under review, translating to 610.07mmscfd compared with average gas flare rate of 9.76 per cent, that is 770.31 mmscfd for the period January 2018 to January 2019."

the ninth Senate president as he began another round of consultations with senators-elect at the weekend. This is coming just as two other aspirants for the coveted position, Senators Ali Ndume and Danjuma Goje, are also oiling their campaign machineries towards realising their goals. While Goje, who is the Chairman of the Senate Committee on Appropriation, is under intense pressure to make public his interest, Ndume, the immediate past Senate leader and Chairman, Senate Committee on Establishment, is ready to meet with some APC governors if the need arises over his ambition. Lawan had last Friday attended the wedding of the daughter of Goje at his Asokoro, Abuja residence and used the opportunity to remind some of the senators-elect present about his vision for the ninth National Assembly. A ranking senator who was at the Nikhai of Fatimah Goje and Ibrahim Numsa, told

THISDAY that Lawan after the wedding met one on one with both returning and newly elected senators numbering about 22 and reminded them about the task ahead of them in the next assembly and the need for them to support his bid to become the ninth Senate president. The senators-elect, who were drawn from the APC and the PDP, THISDAY further learnt, took their time to listen to Lawan, who expatiated on his vision and mission for the ninth assembly. The consultative meeting between Lawan and the senators-elect, it was learnt, will continue this week as he is billed to meet personally with all the 44 returning senators across party lines from tomorrow. "Lawan will from Tuesday intensify his discussions with re-elected senators drawn from both APC and PDP on the need to support his ambition while he will also continue to talk to

APC BEGINS TALKS WITH AGGRIEVED ZONES OVER N’ASSEMBLY LEADERSHIP It followed-up by endorsing Senator Ahmed Lawan as its candidate for the Senate president and Hon. Femi Gbajabiamila for the speakership position. Following the development, stakeholders of the party in the South-east have decided to lobby for the positions of the Deputy Speaker and Senate Chief Whip. The South-east stakeholders are said to be making a strong case for the choice of Hon. Nkiruka Onyeojocha as deputy speaker in the ninth National Assembly. But some APC legislators have rejected the party's move and have vowed to contest for the positions. Some of the stakeholders from these zones have also voiced their discontent over the decision of the party to micro zone the affected positions. Similarly, the main opposition party, the Peoples Democratic Party (PDP) has also criticised the APC's move, insisting that only the elected National Assembly members will decide who will lead them.

THISDAY gathered that the delay in zoning the outstanding positions was to enable the party to work out details of the arrangement. A reliable top leader of APC told THISDAY at the weekend that they had to explore the option of trading off some positions in return to sustaining the solidarity of its members in the National Assembly ahead of the formal inauguration of the new government. He said the party had to resort to the new tactics when it became obvious that threats of sanctions and even use of governors to get ambitious members to toe party lines would not work. "We are deliberately delaying the zoning of the remaining positions to allow room for further negotiations. We intend to use some of these positions for trade off in order to ensure that the party remained united on the inauguration day," he said. The remaining positions are the Deputy Senate President, Senate Majority Leader, Deputy

Majority Leader, Chief Whip and Deputy, Deputy Speaker of the House of Representatives, Majority Leader, Deputy Majority Leader, Chief Whip and Deputy Chief Whip. Although the Director General of the Campaign of Hon. Gbajabiamila was quoted in a news report at the weekend to have said that the party endorsed Alhaji Mohammed Idris Wase from Plateau State, the National Publicity Secretary, Mallam Lanre Isa-Onilu, said the National Working Committee has not met to decide on the remaining positions. Onilu, who spoke to THISDAY on telephone yesterday, said that once the NWC has taken a decision on the matter, it will be communicated to the public. Meanwhile, the stakeholders of APC in the South-east have resolved to lobby for the position of the Deputy Speaker of the House of Representatives and the Senate Chief Whip. A leading member of APC from the South-east, who

spoke to THISDAY but did not want his name mentioned, said the matter was part of the discussions at the recent meeting of the South-east leadership caucus held last week. According to the source, the South-east caucus has resolved to support the lawmaker from Abia State, Hon. Nkiruka Onyeojocha, and to make a strong case for the position of Deputy Speaker. He said the decision by the zone was as a result of the need to ensure balancing both for the zone and for gender. "The leaders from the zone believe strongly that Hon. Onyeojocha is highly qualified and possesses the character to occupy the Deputy Speakership position," he said.

Lawan Starts Fresh Consultations with Senators-elect Meanwhile, Senate Leader, Senator Ahmad Lawan, has stepped up moves towards realising his ambition to become

Continued on page 9

PRESIDENCY MOCKS OPPOSITION AS BUHARI RETURNS FROM PRIVATE VISIT TO LONDON According to him, such media outlets should eat their words and apologise to Nigerians at home and abroad whom he said had been misled by their cock and bull stories, saying press freedom does not give anyone the liberty to publish falsehood. Promising that the federal government would always uphold press freedom, Adesina warned that such commitment,

however, should not be construed as an opportunity for irresponsible publications and disinformation. The statement read: "Some reckless online media, irresponsible political opposition and other bilious groups and individuals, had gone on overdrive since the president left the country on April 25, insinuating that he was going for hospitalization,

and would not return after 10 days as stated. In their vain imaginations, they even stated that fictive doctors have advised President Buhari to stay longer for more intensive care. "Now that the president has returned, can these apostles of evil imaginings swallow their words? Can they retract their tendentious stories as well as press statements and apologize

to millions of Nigerians both at home and in the Diaspora that they have fed with hogwash? "Few days after the celebration of World Press Freedom Day, we daresay that this valuable freedom does not tantamount to liberty to mislead and hoodwink the populace through concocted and jejune publications. "The Buhari administration will always respect and uphold

press freedom, but the onus lies on those prone to passing off fiction as facts, to remember that freedom demands concomitant responsibility. Those who further share and disseminate falsehood are also encouraged to embrace responsible conduct." The president had been variously criticised by sections of the media, opposition politicians and social critics

for travelling abroad on undisclosed private visit abroad at a time of worsening security challenges in the country. But the presidency treated the criticisms with cold silence until yesterday when it found its voice upon the return of the president after some online media had speculated a possible shift in the date of his return to the country.

requisite manpower and skill to promote efficiency has received a boost with the graduation of 15 engineering students, drawn from the three Services. "The graduating technical students who were trained at the Armed Forces Electrical and Mechanical Engineering (AFEME) Mechatronics School, Abuja, comprised seven soldiers from the Nigerian Army, four ratings from the Nigerian Navy and four Airmen from the Nigerian Air Force," a statement signed by Defence Spokesman, Col. Onyema Nwachukwu, said. He said: "AFEME Mechatronics School was established in May 2015 by the Defence Headquarters in partnership with German Technical Advisory Group (G-TAG) to meet automobile mechanical and electrical needs of the Nigerian military."

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AGAIN, FIVE SOLDIERS, SCORES OF INSURGENTS KILLED IN BORNO by Army Headquarters said gallant troops exterminated scores of terrorists but lost five soldiers. The statement signed by Deputy Director, Army Public Relations, Sector 3, Operation Lafiya Dole, Col. Ezindu Idima, said the encounter followed an invasion of the village by insurgents with the intention to loot food items and other valuables. It stated: "Troops of Sector 3 Operation Lafiya Dole deployed in Forward Operation Base (FOB) Magumeri, Borno State had a fierce encounter with Boko Haram Terrorists on the 3rd of May 2019. "The criminals came in numbers to infiltrate Magumeri village in order to loot food items and other valuables. The indefatigable troops effectively thwarted the terrorists' plan

through superior fire power." The statement said scores of insurgents were neutralised while many others escaped with gunshot wounds. It added: "During the encounter, the gallant troops exterminated scores of the insurgents and many escaped with gunshot wounds. A pursuit/ clearance operation has been sustained to deal with the remaining fleeing criminals. "However, during the encounter the terrorists suffered heavy losses/ casualty. Unfortunately, five soldiers paid the supreme price." Idima said: "Troops have continued to intensify vigilance and high level of alertness to deny the bandits freedom of action. "The Commander, Sector 3 Operation Lafiya Dole, MajGen Olufemi Akinjobi, has on

behalf of the Chief of Army Staff commended the troops for their gallantry, resilience and patriotism.� Meanwhile, the Nigerian Air Force said it was deploying the recently purchased 109 Augusta Power Attack Helicopters to contain bandits and kidnappers. A statement issued by NAF spokesman, Air Commodore Ibikunle Daramola, quoted the Chief of Air Staff, Air Marshal Sadique Abubakar, as saying that the attack helicopters would be deployed to the newly established Air Force Base, 271 NAF Detachment in Birnin Gwari, Kaduna State. He said the deployment is expected to tackle kidnappers and bring security closer to the people. He said NAF had continued to build capacity in the past four years, resulting in the winging

of 90 pilots and ongoing training of 117 others. Abubakar said: "The newly acquired Agusta 109 Power Attack Helicopters, which along with other helicopters, would be operating from the Helipads at the 271 NAF Det.� The CAS emphasised that the NAF would continue to build capacity, both human and otherwise, in order to more effectively and efficiently respond to national security imperatives. In a related development, Defence Headquarters (DHQ) said 15 engineering students drawn from the three services had graduated from the Armed Forces Electrical and Mechanical Engineering (AFEME) Mechatronics School, Abuja. "The effort of the Defence Headquarters to equip the Armed Forces of Nigeria with

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NEWS

Aluko & Oyebode Dismisses Money Laundering Allegations Clarifies advisory role with Ministry of Trade and Investment Davidson Iriekpen A leading law firm, Aluko & Oyebode, has dismissed the allegation of money laundering levelled against its Chairman, Mr. Gbenga Oyebode, on his role in the establishment of Nigeria SEZ Investment Company Limited, a special purpose public-private partnership entity initiated by the Federal Ministry of Industry, Trade and Investment. It noted that at no time was any money laundering allegation made against Oyebode, any of its partners or AO Secretarial Services Limited by the agencies of the federal government. In a press statement released in Lagos at the weekend, the firm wondered why a deliberate attempt would be made to take a routine enquiry into the actions of a client of the firm and associate it with unfounded and contrived allegations designed to damage the firm and its chairman’s

reputation. The firm added that no employee or representative of the firm was ever arrested or detained; neither did any of its employee or representative engage in or was accused of any wrong doing. “A deliberate attempt is being made to take a routine enquiry into the actions of a client of the firm and associate it with unfounded and contrived allegations designed to damage the firm and its Chairman’s reputation,” it stated The firm acknowledged that “as part of an on-going investigation, it has been asked to provide certain information and documentation to the relevant government agencies in its role as legal counsel to the Ministry, including the role that the firm played in the establishment of the Nigeria SEZ Investment Company Limited as a special purpose public-private partnership entity.” Aluko & Oyebode

also revealed that it had willingly provided all the relevant information and documentation to the relevant agencies of government to assist them in their investigation of its strictly professional role in the incorporation of the company. The firm threatened that it reserves the right to defend its reputation and seek redress through all legal avenues against the perpetrators of the allegations. “At no time whatsoever has any money laundering allegation been made against its chairman, any of its partners or AO Secretarial Services Limited by the authorities concerned. “The firm reserves the right to defend its reputation and seek redress through all legal avenues against the perpetrators of the allegations,” the statement said. The statement disclosed that the law firm was engaged by the ministry on June 5, 2018 to support the legal processes for the establishment

of the company and for AO Secretarial Services Ltd to act as the Company Secretary to the newly formed company following its incorporation. It added” “It is also providing legal advice to the ministry on potential investments into the company and on the legal structures for projects which the company intends to invest in and execute.” The firm further clarified its role as interim nominee shareholder in the company saying, “at inception, the scope of legal services included acting as a nominee shareholder in the company ahead of the completion of the investment agreements with third party institutional investors and international development finance institutions, which include African ExportImport Bank, Nigerian Social Investment Authority and Bank of Industry.” The firm, however, assured concerned stakeholders that the company has been

Okechukwu Enelamah, Minister of Industry, Trade and Investment

subjected to due diligence processes by some of the world’s leading development finance institutions who require adherence to the highest possible ethical and governance standards. It added that at every stage of its engagement, it has ensured that its services have been discharged in accordance

with the highest professional and ethical standards and in full compliance with the Nigerian law and global best practice for the establishment of public private partnerships. “We will continue to maintain the finest tradition of excellence and ethical practice in all that we do,” the firm assured.

Bristow Operations Threatened as Parent Company Faces Bankruptcy It will have zero impact on Nigerian operations, says company Chinedu Eze The operations of Bristow Helicopters (Nigeria) Limited may be threatened as its parent company, Bristow Group Inc. in the United States faces the option of bankruptcy if it fails to meet its financial obligation under a given period. However, Bristow Nigeria Limited has clarified that the issues concerning its parent company in the US would have zero impact on its operations in Nigeria. Reports from the United States Security and Exchange Commission (NASDAQ) SEC filing indicated that Bristow has exercised its right to a 30-day grace period to make a $12.5

million interest payment and the company has until May 15, 2019 to make this payment or declare for Chapter 11, which is bankruptcy. Aviation industry analysts in Nigeria have stated that this may affect the company’s business in the country, as oil and gas operators may not be willing to extend contracts to the aviation logistics company, which has been operating in Nigeria for decades. THISDAY gathered that the oil and gas exploration and production companies are known to be averse to extending contracts to organisations under financial distress. Until recently Bristow held over 60 per cent of the market

share in the oil and gas logistics. It was gathered that though the operations of some indigenous companies have eroded the company’s market share, the company still has substantial contracts that are yet to expire. Bristow Group Inc. in a letter to SEC said, “We may not be successful in complying with the covenants contained in our debt instruments and lease agreements, and any such failure to comply could result in defaults under such commitments. If we are unable to obtain waivers of any such defaults, we could be required to repay our debt obligations or contractual commitments earlier than anticipated, and there is

no assurance that we would have sufficient cash available to fund such payments.” Hinting on possible bankruptcy, the company further said, “We have engaged financial and legal advisors to assist us in, among other things, analysing various strategic financial alternatives to address our liquidity and capital structure, including strategic financial alternatives to restructure our indebtedness. We and certain of our subsidiaries may elect to implement such a transaction through Chapter 11 of the United States Bankruptcy Code (“Chapter 11”) in order to obtain court approval of such transactions and to facilitate

the stakeholder approvals necessary to implement such transactions.” But in a swift reaction, the Bristow Senior Business Development Manager, Mayowa Babatunde, told THISDAY that the issues concerning Bristow parent company in the US would have zero impact in the operations of Bristow (Nigeria) Limited. “It will not affect our operations here. Measures have been put in place to address those issues. From the operational standpoint we are operating normally,” Babatunde said. But industry insiders are of the view that Bristow may not be able to secure

more contracts if its parent company is declared bankrupt. “When Canada Helicopter Company (CHC) left Nigeria by severing its partnership with Aero Contractors, its activities in the country diminished, even when it partnered another company to form Atlantic Aviation. When it declared Chapter 11, its business closed in Nigeria. So my thinking is that Bristow will wrap up its operations under force majeure and they won’t go into a new contract,” one of the sources told THISDAY. THISDAY’s investigations also revealed that Bristow had directed its suppliers to send their invoices to KPMG, the global audit company.

PDP: We Have Not Yet Taken Position on N'Assembly Leadership

Representatives have settled for a particular aspirant as the new Speaker. The main opposition party insisted that what is important to Nigerians is the emergence of a purposeful leadership that would ensure accountability and good governance in the polity. Ologbondiyan said: "The PDP has an array of elected lawmakers, in both chambers, who are eminently qualified and equally popular among their colleagues, across the divide, to hold office as presiding officers of both chambers of the National Assembly, in line with Section 50 of the 1999 Constitution (as amended). "The PDP, as a party committed to the wellbeing of our nation, will remain focused in our determination to rescue our nation from incompetent system and therefore urges Nigerians to discountenance such reports suggesting that our lawmakers have settled for a particular aspirant for any presiding office in the National Assembly."

APC BEGINS TALKS WITH AGGRIEVED ZONES OVER N’ASSEMBLY LEADERSHIP the 63 newly elected senators through telephone calls and text messages on the same matter," the re-elected senator added. In the meantime, former two-time governor of Gombe State and three-time senator, Goje, is under intense pressure to formally throw his hat in the ring for the Senate presidency. Sources told THISDAY that some senators have thrown their weight behind Goje's candidature while several meetings are reportedly being held to recruit more senators-elect for Goje ahead of the inauguration of the assembly in June. Goje is believed to have the backing of most, if not all, the 43 PDP senators-elect while plans are said to be on to get more support for him from the 63 APC senators-elect. Sources told THISDAY that in the last couple of weeks a lot of groups and individuals, including Northcentral Alliance, North-east Consultative Forum and Amalgamated Youths from the North-east had mounted pressure on Goje to run. It was further learnt that

Goje delayed his public declaration for the coveted position because of the task before him as Chairman of the Senate Committee on Appropriation, which presented the 2019 budget to the lawmakers before its passage last week. A serving senator told THISDAY that Goje did not want to combine his legislative works on the budget with the aspiration to vie for the Senate presidency. He explained: "His priority was to get the budget passed, for the prompt assent of Mr. President. As a committed loyalist of the president and APC, he doesn't want anything that would delay the passage of the budget. He is of the view and conviction that the success of the president is his and that of all Nigerians. "This was why he worked tirelessly and religiously to ensure the victory of the president, the governorship candidate and all others who vied on the platform of APC in Gombe State." According to him, with the passage of the budget, Goje

would heed the call of the stakeholders and other well meaning Nigerians and will in a matter of days make public declaration to run for Senate president."

Ndume: North-east Deserves Articulate Representative as Senate President A third contender for the Senate presidency, Ndume, has, however, said the Northeast deserves an articulate representative as Senate president. The senator said the North-east had suffered huge devastations with property worth over N2trillion destroyed by insurgents. Ndume, who was in Lagos yesterday for a parley with the media, said there was need for an articulate candidate from the North-east geo-political zone as a Senate president to galvanise global support for the restoration of the North-east. He said he was qualified to play that role, adding that his record in the National Assembly could attest to that.

Ndume said if given the opportunity, he would not compromise the independence of the legislature. The lawmaker said his chances of becoming the next Senate president are bright, adding that he enjoys robust relationship with his colleagues (senators-elect). Ndume said he had been engaging his colleagues, assuring them that he wants to be president of the Senate and senators' president. He maintained that God had been so kind to him as a "son of nobody that became somebody without knowing anybody," adding that the onus is on him to reciprocate God's favour by serving mankind. “The ninth Senate will do things differently. And that’s why I set out my nine-point agenda of what I want to do to reposition the Senate,” he said. On fears that the voting process could work against him if the secret ballot system is jettisoned, he said: “The Senate rules remains secret ballot and we will adhere strictly to that when we reconvene in June,” he said.

Speaking on the same issue, the PDP has said the leadership of the party and elected federal legislators have not taken any official position on who to lend support for the position of presiding officers of both the Senate and the House of Representatives. The party said it is still consulting with its memberselect and no official position has been taken on the issue, particularly as the positions of presiding officers are not exclusive preserve of the ruling party or any other party for that matter, but a constitutional right of every elected lawmaker in their respective chambers. The National Publicity Secretary of the party, Mr. Kola Ologbondiyan, disclosed this in a statement issued yesterday, where he explained that the party’s position was predicated on reports in a section of the media suggesting that its members-elect in the House of

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

Justice Key to Ending Boko Haram Insurgency, Says Amnesty International Michael Olugbode in Maiduguri The key to solving the decade-old Boko Haram crisis is the proper administration of justice, Amnesty International (AI), has said. Speaking in Maiduguri on Saturday during a solidarity visit to about 2,000 women, whose husbands were allegedly detained by the military since over three years ago in connection with Boko Haram insurgency, the Country Director of Amnesty International, Nigeria Office (AIN), Mrs. Osai Ojigho, asked the federal government to ensure that all stakeholders in the crisis get justice. She lamented that a situation where the husbands of the women are detained without recourse to the law court would further worsen the crisis and build bad blood. “I know that it has not been easy for everyone, particularly the people of Borno State that have lost so much due to Boko Haram crisis, to heal from the pains. We have lost many lives, and communities. We can only reclaim lives if human rights are put on the front burner of all issues, whether at state, federal or local government level. “We have been calling for justice - justice for everyone that has suffered loss of families, properties and livelihood; justice for those who have caused this

pain, who have brought this husbands and fathers from detained by authority for are asking after their parents impressed with these support Banki, Bama town, in Borno years with the public not but the mother didn’t have show AIN and supporters, calamity upon us. “We have been calling for State are.” knowing if they are alive answer to them. we call on the CSOs to join an end to this insurgency, She lamented that these or dead. She said: “I never knew that us to demands for the release for an end to injustice and people were arrested and “Many of their children the world could hear us, I am of these people.” in the course of this we discovered abnormalities on the fight against insurgency and how it has affected family life, women, children, fathers, uncle, grandfathers and grandmothers, the entire family cycle. “Familes are no longer together; families that they do not know where their loved ones are whether they are dead or alive - even those that are alive have suffered great calamities that will remain with them for the rest of their lives and this is the story of KNIFAR Women. But to ensure this does not happen again we need to put in place law and systems that will punish those who commit these crimes, it is very important. Earlier, the Executive Director Al-amin Foundation, also an NGO known as Jireh Dole Network, Hajjia Alamin Hamsatu, disclosed that a total of 2,000 women that separated from their husbands in Banki town, Bama Local Government Area, have come together under KNIFAR Foundation to demand for the whereabouts of their families. “We have more than 2,000 women calling on the Kwara State Governor, Dr. Abdulfatah Ahmed (left), presenting 1st Class Staff of Office to New Etsu Patigi, Alhaji Ibrahim Umar Bologi, at Patigi, authority for where their sons,

ASCENDING ROYAL STOOL… Patigi LGA, Kwara State...weekend

Gunmen Invade Nasarawa Commissioner’s Residence, Kill 400-level Student Igbawase Ukumba in Lafia Unknown gunmen in the early hours of yesterday invaded the residence of the Nasarawa State’s Commissoner for Higher Education, Chief Clement Uhembe, and killed a 400-level student of the Federal University, Lafia, Terlumum Hemba. The incident was reported to have occurred at Kaduna Koro area, a suburb of Lafia, the state capital, along the Lafia - Makurdi highway at about 1.00 a.m. Narrating the incident to journalists in Lafia yesterday, an eyewitness who simply identified himself as Daddy, said the gunmen arrived the commissioner’s residence at about 1.00 a.m. yesterday with arms and terrorised the occupants leading to the shooting of the deceased, a 400- level micro-biology student, to death. Daddy who claimed that he was hiding in a vehicle parked in the premises of the commissioner’s residence, narrated that the gunmen attacked the university student who they first came across and shot him at close range. The eyewitness continued that the unknown gunmen beat some of the occupants of the residence demanding the whereabouts of the higher education commissoner who was said to have traveled with

some members of his family to Port Harcourt, the Rivers State capital, for a wedding ceremony of his son. Daddy further revealed that the other occupants who were left behind in the compound escaped into the bush. The gunmen had a field day using diggers and other tools to dig their way into the higher education commissioner’s living room. When speaking to journalists over the attack, the state higher education commissioner said he suspected some persons opposing him and who had threatened to settle scores with him. He said: “The issue arose from the victory of the All Progressives Congress (APC) governorship candidate in Ihuman Ward, which the party had never won since its existence, hence it angered a lot of people. And since that APC victory, my life has been under threat from some individuals.” When contacted, the Divisional Police Officer in charge of Agyaragu Division, Mr. Biam, confirmed the attack and said the deceased person’s corpse has been removed from the scene of the incident and deposited at the Dalhatu Araf Specialist Hospital, Lafia, while investigations into the incident have commenced.

Army Bans Use of Motocycles in Forest Areas of Zamfara, Six Other States Kingsley Nwezeh in Abuja The Nigerian Army (NA) has banned the use of motorcycles around the forest areas of Zamfara, Kano, Katsina, Sokoto, Kaduna, Kebbi and Niger states, alleging that it has observed the use of motorcycles by armed bandits, kidnappers, criminal elements and their collaborators as enablers to perpetrate their heinous crimes, especially in the states within the North-west geopolitical zone of the country. The spokesman of the

Nigerian Army, Col, Sagir Musa said in a statement last night that this observation informed the decision and directive to ban the use of motorcycles within the hinterland particularly around the forests where the armed bandits, criminals and kidnappers hibernate and all around where troops are conducting operations alongside other security agencies. “While this may cause some inconveniences to some law abiding citizens in the area, the need to use all means possible

to stop the dastardly activities of these bandits across the North West part of Nigeria needs no emphasis. “The general public, particularly in the North West and some parts of North Central in Nigeria where Ex HARBIN KUNAMA is ongoing are enjoined to bear with the NA as concerted efforts are being made to combat the insecurity menace ongoing within the area. “In this wise, it is hereby reiterated that the use of motorcycles remain banned

within the forest areas in Kano, Katsian, Zamfara, Sokoto, Kaduna, Kebbi and Niger states. Anyone caught using motorcycles within the named areas will be taken for an armed bandit, criminal and kidnapper with dire consequences. “The respective state governments are enjoined to please disseminate the ban on the use of motorcycles in the named areas and enforce the ban in conjunction with the security agencies,” the statement explained.

UN General Assembly President Visits Nigeria The President of the United Nations General Assembly, Ms María Espinosa, will arrive Nigeria today on the invitation of the federal government to strengthen bilateral relations between Nigeria and the United Nations. The spokesperson, United Nations Information Centre, Oluseyi Soremekun, said this in a statement made available to journalists yesterday in Lagos. Soremekun said that during her mission, she will discuss the priorities of the UN General Assembly as related to women and youth empowerment, raise awareness and encourage understanding of the

importance of multilateralism and the UN. He said that other issues to be discussed includes; raising further international awareness on the Lake Chad Basin and efforts of Nigeria to promote sustainable development, peace and security in the region, among others. “While in Nigeria, the President of the UN General Assembly will have bilateral meetings with President Muhammadu Buhari, and Minister of Foreign Affairs, Geoffrey Onyeama. “She will also engage with students and youths on the theme: Responding to Global Challenges in a fast-Changing World: The

Case for Strengthening Multilateralism”. “Espinosa will also discuss with a women audience on the theme: `The Role of Women in the Promotion of Multilateralism”. “She is scheduled to also meet with the Minister of Women Affairs and Social Development, Hajiya Aisha Abubakar,’’ Soremekun said. Soremekun said that Espinosa will be received at the Nnamdi Azikiwe International Airport Abuja, by a representative of the Nigerian Government and the United Nations Resident Coordinator in Nigeria, Mr. Edward Kallon. According to him, this was the second official visit

of Espinosa, President of the 73rd Session of the UN General Assembly to the African region since taking over the presidency. He said that on June 5, 2018, the United Nations General Assembly elected Espinosa who was then Ecuadorean Foreign Minister as President, the fourth woman to hold that position and the first since 2006. Somerekun disclosed that she has more than 20 years of multilateral experience in international negotiations, peace, security, defence, disarmament, human rights, indigenous peoples, gender equality, sustainable development environment, biodiversity, climate change and multilateral cooperation.

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COMMENT

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

NORTH AND THE IMPERATIVE OF RESTRUCTURING Iliyasu Gadu argues that restructuring the polity is inevitable

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he take off point for this article is on the call by Professor Itse Sagay, Presidential Adviser on Action against Corruption (PACAC), on the North to desist from its negative stance against calls for the restructuring of the country. A fortnight ago perhaps in response to that, His Royal Highness Lamido Sanusi Lamido, the Emir of Kano at seminar which held at the Bayero University Kano, condemned the whole idea of restructuring as a tool by the political elite to advance their own political interest at the expense of the populace. Emir Sanusi said further that the political elite are latching onto the issue of restructuring to divert attention from their failure to provide for the people. While the Emir is right in his views on the subject, I however believe that this does not in any way vitiate the compelling argument and necessity for a restructuring of Nigeria. Indeed ironically in the emir’s argument against the subject which he dismissed as mere posturing on the part of the political elite he is actually throwing a challenge to Nigerians to look beyond the rather emotive and spiteful politicking that currently beclouds the debate. My question then to my northern brethren is why are we so truculent in our opposition to restructuring? With our advantage in numbers and other factors why do we persist in thinking that if Nigeria were to be restructured we will be the losers? The North’s objection to restructuring is anti-history because by historical antecedent, Nigeria’s restructuring has been going on before, during and after colonial period. It is recorded that this area we call Nigeria now has been in continuous flux with empires and states at different stages of political and social formation even before colonial rule. Thus at the dawn of the colonial era, there were roughly seven of such states; the KanemBorno Empire in the northeast, the Sokoto Caliphate in the northwest, the Kwararrafa confederacy and city states of the rivers Benue and Niger in the central area, the Oyo Empire, the Benin Empire, the Kingdoms and City states of the Niger Delta and the republican confederacies and entities of the Igbos in the hinterland with spiritual headquarters at Nri. The first landmark restructuring was in the establishment of the northern and southern protectorates out of the seven pre-colonial states under colonial rule effectively obliterating their existence as standing entities. The Sokoto Caliphate which itself was a product of the restructuring of the pre-existing indigenous Hausa city states to form the caliphate in 1804 by Usman Dan Fodio and his followers who were largely of the Fulani ethnicity was abolished in 1903 following the defeat of Sultan Attahiru by British colonizing forces. The next great restructuring was in 1914 which saw the amalgamation of the northern and southern protectorates thereby further tightening British control of the territory now christened Nigeria. A series of mini restructurings in the form of constitutional developments followed until Independence in 1960. All through these, the British for their own designs in divide and rule took particular care to designate the area of the defunct Sokoto Caliphate as a special interest area against the interest of the majority of the people of the area on one level and against the interest of the other parts of Nigeria. Thus while the people of the north led by such popular political icons like Saad Zungur and Mallam Aminu Kano in comradeship with their

NIGERIA, LIKE ALL YOUNG NATIONS, IS STILL WORK IN PROGRESS. THE BEST OF THE COUNTRY IS STILL AHEAD OF US AND THERE IS NO OTHER WAY WE CAN GET THERE WITHOUT RESTRUCTURING EITHER WHOLESOME OR IN INSTALMENTS

brethren from the southern part of Nigeria were ready as far back as the 1950s to chuck the British out, the British in collaboration with their special interest partners in the north contrived to stymie the burgeoning political reawakening in the north through series of political gerrymandering. As it was then so it is now with the negative attitude to the restructuring debate by the north. As the trajectory of Nigeria’s history has shown, opposition to necessary structural changes in the country by the north does not in itself prevent it from happening; it only delays it. The north sought to delay independence but it eventually came anyway. After independence during the first republic, the north balked at strident calls for the break-up of the regions and creation of states and other necessary political and structural changes to the polity. Ironically the same north that was against creation of states in the north contrived to break up the Western region and create a Midwest region out of it. Again states creation eventually came to the country in 1967. Nigeria, like all young nations, is still work in progress. The best of the country is still ahead of us and there is no other way we can get there without restructuring either wholesome or in instalments. And as our history has shown, we will either embrace it pro-actively now in a conducive atmosphere or be forced by extenuating circumstances to do it with all the consequences it entails. And as our post-independence political experiences have further shown the knee jerk manner in which we had had to handle most of our political challenges and developments all too soon become problematic. In our present circumstances there is no part of the country that needs restructuring more than the north. It is the part of the country that class differences are sharply divided. The north as a whole lags behind in all areas of human development. Yet in human and material terms the north can be the treasure trove of the nation if its vast potentialities are unlocked. In this regard those in the north who are stalling the restructuring idea represent neither the region nor its true interest. Their opposition to the idea has more to do with their rather narrow concept of it as a southern political move to decrease or stop the flow of revenues accruing to the federation from oil exports which underpins Nigeria’s present political economy. If they cared for the north they would have seized the opportunity of the restructuring debate to develop and expand the concept into a massive socio-economic development agenda to liberate the mass of the people of the north from abject poverty, disease and general underdevelopment in relation to southern Nigeria. It is this selfish, narrow and deliberate failure of the northern establishment to enact an enabling environment for the socio-economic progress of the region over the years that is manifesting in the gradual but inevitable breakdown of the social order in the north with its corollary in insecurity all over the region. By a touch of historical irony these are the same desperate social conditions that made possible the revolt of the popular masses of the Hausa city states against their oppressive rulers which Usman dan Fodio capitalize on to establish the Sokoto caliphate in 1804. Ilgad2009@gmail.com

SITUATING THE NSITF BOARD SAGA Frank Kokori did not qualify to chair the NSITF board, argues Brown Atupor

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he persecution of the Minister of Labour and Productivity, Senator Chris Ngige, over the Nigeria Social Insurance Trust Fund (NSITF) choice of chairmanship has continued from known and unknown quarters. A lot of misinformation being dished out by the leadership of the Nigeria Labour Congress (NLC) under its president, Comrade Ayuba Wabba on the issue of the inauguration of the Board of the NSITF, has continued to generate public discourse. It would be recalled that NSITF was set up by the federal government via Decree No. 23, 1993 and embodied into the Law of the Federation as NSITF Act Cap N88, LFN 2004. According to records, it was a product of the liquidation of the old National Provident Fund (NPF) and a take-off grant was made available by the government to kick-start it. Also, most of the NPF Asset was sent to set up the Pension Commission, and the NSITF was given a new role of workers insurance in the old Workmen Compensation Act which was later amended and expanded to produce the Employer Compensation Act (ECA) 2010. Its major role is the insurance of workers against accidents and paying benefits to them, their families or their organization for injuries, accident, invalidation and even death in the course of work, either when going to work, in the workplace or returning from work. In the enabling law establishing the agency, the federal government in its wisdom decided to give it a tripartite coloration (government, labour, and employers) because of the industrial relations nature of the entity. Consequently, the management and board as set out in Section 4 of the act should have a chairman

who shall be appointed by the President on the recommendation of the Minister of Labour, two persons each nominated by the Nigeria Employees Consultative Association (NECA) – then the only Employers’ Association, The Nigeria Labour Congress (NLC) (because they were the only Labour Federation then). One representative each of Federal Ministry of Employment, Labour and Productivity (Supervising Ministry), the Central Bank of Nigeria (financial institution), three executive directors – federal government interest, one managing director – federal government interest. Section 5 (3) of the act also says that the members of the board shall be paid certain remuneration and allowances as the minister of labour may from time to time determine. The act further in 7 (4) stipulates that the minister shall also make recommendations to the president on the appointment of the managing director or an executive director after consultations with the NLC and NECA. From the onset, it is clear that the appointment of the chairman for the board of NSITF is a straightforward engagement by the minister recommending a fit and proper person to the president for the appointment. The same applies for the appointment of the MD and EDs because it is one where the ILO Principle on tripartite representation comes into play which in this situation does not permit any of the partners to dictate to another on who is to represent them in a meeting, consultations, negotiation or on any joint venture like the NSITF, provided the person nominated has no criminal record. There were revelations that Comrade Wabba approached the minister some times in 2017 to inform him that he and other social partners, the then DG NECA, submitted an NSITF chairman nominee to

the office of the vice president. The minister it was discovered bluntly objected to the move and told him that it was strange for NLC or NECA to do so since it breached the law and was simply an erosion of the minister’s function to nominate a fit and proper person to the offices listed in the act. More disclosures, according to the minister, showed that NECA DG at the time did not participate nor had any hand in the so-called nomination. The person nominated was the respected former NUPENG General Secretary, Comrade Frank Kokori. Since the minister had insisted on due process of appointing NSITF chairman, he has continued to receive undue vilification from labour since it does not favour their choice of candidate. In his scheming, Wabba at a time wrote a letter of congratulations to the president for appointing Comrade Kokori to chair the NSITF Board and copied the minister, and then later leaked the letter to the media even when the minister had not made any recommendation to the president. All these antics were aimed at blackmailing, sullying and railroading the minister and Mr. President into forced compliance. Pitiably enough, Kokori himself went to Gani Fawehinmi Annual Lecture in January 2018 abusing, cursing and buffeting the minister for delaying his inauguration as chairman, following his appointment in November 2017 and accusing the minister of trying to be in-charge of NSITF to award contracts and milk the juice in the place to favour his town people as recruits into the NSITF. He threatened to call out NUPENG members to a “fight� and to declare “war� if after one month he was not sworn in. In April 2018, he attended the NUPENG NEC-in-

session meeting and reported “Minister Ngige� for trying to humiliate him. He reported the minister to the Senate Committee on Labour, Productivity, Employment and the House of Representatives counterpart with strongly worded petitions. Expectedly, the minister attended to the queries by both House Committees, explaining the situation he met NSITF financially frustrated in November 2015 when he assumed responsibility and what the situation was and that nomination of Comrade Kokori was irregular, and of course, it was an executive responsibility that does not need a senate screening. When the minister took over the Ministry on November 15, 2015, parastatals sent in their reports and “omitted� the fact that the last board of NSITF in collusion with some management staff in charge of finance and legal departments looted funds in the place. This grave “omission� was because the executive directors of the last board were still in charge up to end of December 2016. The Economic and Financial Crimes Commission (EFCC) commenced criminal investigations into the financial affairs of the place from 2011 to 2016 for criminal conspiracy, abuse of office and diversion of public funds and money laundering, based on petitions received by the acting chairman of the EFCC against the chairman and members of the last board. The anti-corruption body was able to establish through forensic financial investigations that a total of N62.4b could not be accounted for. The report concluded by revealing eight top NSITF officials of general managers cadre who operated private companies in which they are directors and signatories and which they also used in milking public funds from the NSITF. Atupor wrote from Abuja

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EDITORIAL Fire On The Oilfield The authorities should ensure that the Ilaje oil spillage is properly handled

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he recent explosion at the Oju-Imole oil field in Ilaje Local Government Area of Ondo State has again raised the challenge of safety of lives and property in the oil producing communities. More disturbing is that these oil fields said to belong to Chevron have been on fire for more than two weeks without any conscious effort to douse it. Many residents have reportedly fled their homes as a result of severe heat. Sadly, the only lesson from the tragedy is that it is typical of the agony many Nigerian communities are often subjected to by the oil prospecting companies while the government looks the other way. The Ogoni case is a typical example. The 2011 United Nations Environment Programme (UNEP) investigation which eventually recommended a scientific rectification of the environment in Ogoniland had come up with far-reaching and alarming revelations among which were heavy DECADES OF OIL SPILLAGE contamination of land AND INDISCRIMINATE and underground FLARING OF GAS IN water courses - that THE NIGER DELTA the drinking water in the communities HAVE DESTROYED contained dangerous THE ECOSYSTEM AND concentrations of REPORTEDLY LOWERED LIFE EXPECTANCY IN THE benzene and other pollutants. InstrucREGION tively, while submitting the report, Mr. Achim Steiner, Executive Director of UNEP, who was present at the so-called commencement of the clean-up, said the study “offers a blueprint for how the oil industry and public authorities might operate more responsibly in Africa and beyond at a time of increasing production and exploration across many parts of the continent.” While we call on the authorities to urgently find a solution for the Ilaje fire, it is also important to put in place measures to forestall future occurrences. For several decades since the country began production on com-

Letters to the Editor

mercial scale, the oil companies have suffered image deficits stemming from their attitude to environmental and safety issues of their host communities. Decades of oil spillage and indiscriminate flaring of gas in the Niger Delta have, for instance, destroyed the ecosystem and reportedly lowered life expectancy in the region.

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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: first name.surname@thisdaylive.com

he UN has concluded it would take over 30 years to reverse the damage to the environment. However, it is a sad commentary that in spite of the rate at which water is polluted by oil spills that occur during petroleum operations, there has been little and no effective effort by government and the oil operators to curb the environmental problems associated with the industry. The Nigerian National Petroleum Corporation (NNPC) places the quantity of petroleum jettisoned into the environment yearly at 2,300 cubic metres with an average of 300 individual spills annually. But because this amount does not take into account minor spills, the World Bank posits that the true quantity of petroleum spilled into the environment could be as much as 10 times the officially claimed amount. There is the danger that when people consume polluted water, they will become prone to health issues including breathing problems, skin lesions and other diseases. The fact that a Dutch court ruled in January 2013 that Shell is liable for the pollution in the Niger Delta gives us a leverage that the oil companies can be held accountable for their excuses. And this was underlined when in January 2015, Shell agreed to pay $80 million to the Ogoniland community of Bodo for two oil spills in 2008 after a court case in London. Meanwhile, the federal government has opened its underbelly for scrutiny with the failure to clean up Ogoni almost two years since it launched a $1 billion clean-up and restoration programme. Instead it directed the NNPC to take over the Ogoniland oil wells from Shell and ensure smooth re-entry. If the federal government can treat citizens in such a cynical manner, why would foreign oil companies not see our people as expendables?

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

BEGGING BANDITS IS NOT A SECURITY STRATEGY Dear Police Inspector-General Mohammed Adamu,

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ou cannot tackle the atrophic security threat assailing the country by pandering to the whims of the antagonists. Of course, being a sterling security professional, you know this; hence my befuddlement by your statement at the meeting in Kebbi State few days ago. At the indaba with the leaders of Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), you were quoted to have said these words by national newspapers: “We will take measures to dialogue with the bandits to become better citizens, but if that fails we will deal with them.” Dear IGP, when did it become a national policy or security strategy to “dialogue” with terrorists and bandits who have pulverised many innocent lives? Does it mean there is no punishment for the crime committed? Is your gesture not a sign of capitulation by the police? How do you even have that conversation with bandits to become “better citizens”? Does it mean the lives wasted deserve no justice? With due respect Sir, your utterance and approach is what gives oomph to violent crimes in the country. You have just ossified the perception that violence is the language that the authorities decipher easily. That is, when you protest against injustice with your voice, the police harass you; you could even be killed or imprisoned. But when you attack the state and dispatch violence against citizens with guns, the authorities call you for a meeting to beg you. They could even offer you some concessions to become a “better citizen”. Sir, as you already know, “dialoguing” with bandits or terrorists will

not stop the killings in the north. It is the reason I suspect there is an implicit meaning beneath the surface of your statement. Really, I do not need to be caught in the undertow of the subliminal vibe of your statement, it is obvious you were pandering or were ordered to pander for some “reasons”. Nasir el-Rufai, Kaduna State governor, once admitted that he made reparations to some herdsmen to stop the killings in the state. I believe the governor might have had good intentions doing this. But his “mollycoddling” did not yield any fruit. The killings in the state are unabated. Also, the government is rehabilitating “repentant” Boko Haram members and releasing them into the wild, but how successful has this programme been in tackling the insurgency? Can the government give a guarantee that these “repentant” insurgents are not returning to their pastime? Does the government put a tab on them? Does it monitor their activities even after they are released into the civil population? The fact is, the Boko Haram crisis has worsened even with the government’s “soft approach” - military barracks and soldiers are now the biggest targets. Dear IGP, criminality only succumbs to the punitive force of the law, but it is emboldened by appeasement or an offer of easy truce. Where a crime is committed, the law must take its course, and it is the duty of the police to ensure that law-breakers are brought to justice. Sir, have you considered how the families who lost fathers, mothers, husbands, wives, sons and daughters in Zamfara would feel when they hear you are “dialoguing” with their killers to let them go without retribution? Fredrick Nwabufo, fredricknwabufo@yahoo.com

TURN THE PAGE

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rom the case files of stupid but true news, flight 163 from Reagan Airport to Los Angeles was delayed for an unloading, not of a drunk passenger but of a pile of paper - specifically 635 kg of government documents or a little over 141,000 pages. There are just too many silly components to this story for all to examine; Why not keep the originals at home and use a 10gm USB or even maybe send a backup USB copy by mail as well? Why was so much actually printed out anyway? Was any of it ‘secret’ government documents or just the usual stuff that nobody reads? As there are only about a 1000 pages in Tolstoy’s ‘War and Peace’ was this ‘lots of wars and no peace’? Was it the numerous letters sent to President Trump thanking him for doing ‘really great’? Probably the best solution, apart from the pollution, may have been to fly it over the ocean and then unload it. Dennis Fitzgerald, Melbourne, Australia

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FOUR–YEAR REPORT CARD OF TEAM BUHARI: (2015 – 2019) PART 2

Dalung: Little Gain, More Controversy for Sports Duro Ikhazuagbe assesses Sports Development Minister, Solomon Dalung’s tenure and concludes that it has been of little gain

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hat Solomon Dalung remains in office as Minister of Youth and Sports Development till these dying hours of the first tenure of the Muhammadu Buhari administration remains a mystery. Nigeria’s sports have never had it so bad in terms of governance like we witnessed it under Dalung: a novice in the sector that refused to learn the ropes in order to be fully abreast of what it takes to run the sector. From one controversy to another, the man from Langtang in Plateau State, simply refused to tow the line of his predecessor in office, Bolaji Abdullahi, who took his time to study how to manage the sector. Instead, the Tarok man resorted to use of tactics never known to solving sports problems. With barely days to ending his reign in that office, Dalung is leaving sports worse off than he met it. Some of the crises he created in some of the national sports federation are festering and going to outlive his tenure. Dalung who was part of the 11-man transition committee headed by Ahmed Mohammed Joda to midwife the incoming cabinet, was surprisingly handed the Youth and Sports Development Ministry in October 2015 by President Buhari. A man whose only previous association with the ministry was being a part of Nigeria’s delegation to Mali to cheer the Super Eagles at the 2002 Africa Cup of Nations in Bamako suddenly became the Games Master General of the country. Interestingly, of all the problems in Nigerian sports, what first caught the fancy of Dalung was the power tussle between his kinsman, Christopher Giwa and Amaju Melvin Pinnick. He went neck deep involved in trying to ‘settle’ the leadership tussle in the Nigeria Football Federation (NFF) board despite world football governing body FIFA recognising the September 30 elections in Warri that ushered Pinnick into office. Even as a lawyer, Dalung refused to accept that the Court of Arbitration for Sports (CAS) in Switzerland (the supreme court of sports affairs, globally) had previously thrown out Giwa’s appeal. Dalung instead stood on the side of Giwa, claiming he had a Supreme Court judgment pronouncing him the duly elected president of the NFF board. He insisted that as a lawyer who swore to uphold the constitution, CAS ruling (in Switzerland) cannot be superior to Nigerian laws. The crisis reached a boiling point when policemen were deployed to seal the NFF headquarters in Wuse Zone 6 Area of Abuja in order to prevent the breakdown of law and order at the Glass House. The matter dragged on till the end of the tenure

of that board late last year before another election gave Pinnick a second term mandate. In between, it took the intervention of the Vice President Yemi Osinbajo (Mr. President was on vacation at the time) for Nigeria to escape a FIFA ban that would have prevented the country from participating at the last World Cup in Russia and other sundry competitions our national teams participated in under the Dalung watch. Rather than being remorseful for the role he played in the crisis, the Plateau man went on the comical lane of inferring that there was no point Super Eagles going to Russia for the World Cup as the team was not capable of winning the trophy. Of course the rot in Nigerian sport had started festering before Dalung took charge, it is on record that all the moves made by his predecessor to turn around Nigeria’s fortunes in global sports fiestas were jettisoned. Did we fare better at the 2016 Olympic Games in Rio de Janeiro, Brazil after returning from London 2012 with no medal? The matter is better left to sports historians to determine the place of Dalung in Nigeria’s sport chronicle as the longest serving sports minister to date. The lone bronze won by the John Mikel Obi-inspired Under-23 Dream Team IV was the result of the ‘never say die’ Nigerian spirit of the boys under Samson Siasia’s watch. All that transpired in Atlanta when the team went on training tour but was abandoned by Dalung’s ministry remains very fresh in the minds of football followers in the land and beyond. The shame and angst caused by the total neglect of the team despite the fact that there was a vote for Team Nigeria’s training and participation at Rio 2016 is also a sore point of Dalung’s tenure. Anyone who listened to Dalung saying that training was not necessary for Team Nigeria to do well at competitions will not be astounded by his cluelessness as to how the system works. “The disabled athletes have shown that all you need is a winning mentality and not too much preparation. They trained under the same condition with their able bodied counterparts but they are winning medals now.” This statement was the height of the cluelessness of the man saddled with running the country’s sports. Twice, Super Falcons won the Africa Women’s Cup of Nations without any serious input from his office. The first time the girls had to resort to embarrassing protest to draw attention to their plight. Dalung, a self-acclaimed expert in conflict resolution, succeeded largely in creating conflicts in the Nigeria Basketball Federation (NBBF), Nigeria Gymnastic Federation, the Athletics Federation of Nigeria (AFN), the Nigeria Rugby Football Federation (NRFF) and of course,

Dalung the conflagration that enveloped the National Youth Council (NYC) is well documented. It is thus on record that it is during the tenure of the conflict resolution expert that sports federations and other departments under his ministry have parallel leaderships. Perhaps, if reason did not prevail over sentiment to allow world basketball body, FIBA to intervene in the crisis in Nigeria basketball and allow our teams to continue to participate in their competitions, Dalung will not have the AFROBASKET male and female crowns he’s flaunting as part of his achievements today. Although feeble attempts were made in ensuring a return to youth competitions to ensure steady flow of talents to take over from the present generation, the overall ranking for Dalung is a below average performance. Poor funding of the sector by the federal government may have also contributed to the poor showing of the minister. His governance style did more harm than good to sports in Nigeria.

Enelamah: In Pursuit of Friendly Investment Climate, Ease of Doing Business Obinna Chima and James Emejo examine the efforts of the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, almost four years at the helm of the ministry

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ince his appointment as Minister of Trade and Investment in November 2015, Dr. Okechukwu Enelamah, has been driven by the need to improve Nigeria’s business environment in order to enhance Ease of Doing Business and attract foreign investments. The concerted efforts at improving the ease of doing business in almost four years resulted to improvement in Nigeria’s business regulatory environment as the country rose 24 places from 169 to 145 in the World Bank’s 2018 Ease of Doing Business Index. Indeed, the mandate of the Ministry includes the creation of an enabling business environment for businesses to thrive; implement the Nigerian Industrial Revolution Plan (NIRP); attracting long-term local and foreign investment; encourage expansion of MSMEs and promote global and regional value chains that enhance trade. That was why immediately after his appointment, the minister established the Enabling Business Environment Council (PEBEC), which is committed to enthroning a more conducive and attractive business environment in Nigeria. Efforts by PEBEC have since made it somewhat easier to register businesses at the Corporate Affairs Commission (CAC) and have led to the automation of the way businesses pay their taxes. The Council recently launched the REPORTGOV.NG App, an official public service feedback and complaints platform to support business climate reforms implemented by the Council since 2016. The app is to facilitate the escalation and resolution of issues encountered with Ministries, Departments and Agencies (MDAs) towards ensuring a more business-friendly environment. PEBEC has also commenced the fourth 60-day National Action Plan (NAP 4.0) on Ease of Doing Business, aimed at addressing challenges encountered by SMEs and

Enelamah businesses in areas such as starting a business; access to credit; paying taxes; enforcing contracts or trading within and across borders; amongst others, by eliminating critical bottlenecks and constraints. In line with the commitment towards improving the business environment, under Enelamah, the Presidency passed the Executive Order 001 on transparency and improving the Ease of Doing Business in the country. The Executive Order 001 contains far-reaching measures with

direct benefits for Nigerian businesses. In addition, the ministry in collaboration with the Central Bank of Nigeria and the International Finance Corporation, an arm of the World Bank Group, facilitated the passage of the Movable Assets Act, which is expected to make it easier for operators of micro, small and medium scale enterprises to obtain credit. The Nigeria Investment Promotion Commission (NIPC), the Bank of Industry (BoI) and the Financial Reporting Council of Nigeria (FRC), which are some of the agencies under the ministry have been alive to their responsibilities. For instance, the FRC, under the supervision of Enelamah has introduced the National Code of Corporate Governance, which is expected to drive business accountability and prosperity in the country. Nevertheless, analysts believe that the inability of the ministry under Enelamah to influence Nigeria’s signing of the African Continental Free Trade Area (AfCTA) agreement is one of the downsides of the ministry. He ran into a pall of controversy over the establishment of a company, Special Economic Zone Company, with the Senate, which refused to approve a N42 billion provision in the 2019 budget that was meant for the establishment of the company. The Senate had declined approval on the ground that the company was a private entity. Similarly, it was expected that Enelamah as the Minister of Investment would in the last four years have prevailed on the National Assembly to repeal the country’s obnoxious Land Use Act, which is not investor friendly. In fact, PwC, one of the leading professional services firms in Nigeria had pointed out that reforming Nigeria’s Land Use Act would liberate hundreds of billions of dollars of dead capital (potential but suppressed financial values in land and property-related transactions) that could lift off the Nigerian economy. Finally, efforts were not seen in the area of revival of moribund industries as planned by the minister.

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FOUR–YEAR REPORT CARD OF TEAM BUHARI: (2015 – 2019) PART 2

Fashola: Constrained by Paucity of Funds, Inherited Power Policies Fashola is tackling infrastructural challenges but constrained by paucity of funds, says Tokunbo Adedoja

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ne of the cabinet appointments that attracted generous media reviews when President Muhammadu Buhari named his team in 2015 was that of Ministry of Power, Works and Housing. There were several reasons for this. Chief among them was the fact that the ministry had direct impact on job creation, the quality of lives of the people, the pace of development of the nation, the attraction of foreign investors, and how well the government would be rated. Prior to the advent of the Buhari administration, Power, Works and Housing were separate ministries manned by different ministers. It was surprising to many that these three critical sectors were merged. Not even the pedigree of the minister, Mr. Babatunde Raji Fashola, a former governor of Lagos State who was adjudged to have performed well in office as governor, could allay analysts’ pessimism. A clear indication of the importance of the ministry was the fact that it was the only ministry with a minister and two ministers of state until recently. The two ministers of state appointed for the ministry were Mr. Musthapha Baba Shehuri and Mr. Suleiman Hassan, who moved to the Environment Ministry. Fashola, who was not oblivious of the great expectations of Nigerians and the fact that how the Buhari administration will be rated rests substantially on the record of his ministry, set out his agenda barely a month after he assumed office. He promised to address the funding gap that had made the ministry less effective, to increase in the budget for Power, which was N5 billion in 2015 and Works, which was N19 billion, and also to develop a model National Housing programme. When the current administration came on board in 2015, several federal roads were in bad shape while many key road projects had been abandoned by contractors due to poor funding. Also, Power generation was 4,000 MW, transmission capacity 5,000 MW, and distribution capacity 2,690 MW. These were grossly inadequate for a population of close to 200 million and the largest economy in Africa. There was also a huge housing deficit. The ministry has however completed several road projects while many others are ongoing, despite the paucity of funds. In addition to this, the federal executive council has just approved the award of contracts worth N169.74 billion for the construction and rehabilitation of 10 roads across the country. Apart from constructing or awarding contracts for new bridges such as the 2nd Niger Bridge, Bodo-Bonny Bridge and LokoOweto Bridge, the ministry has also embarked on maintenance work on bridges neglected by past governments. These include the 3rd Mainland Bridge, Isaac Boro Bridge, Tamburawa Bridge, Eko Bridge and the old Niger Bridge. In addition to working on public highways, the ministry has embarked on building and rehabilitating internal roads in federal universities and tertiary institutions, which were not focal points of the ministry for so long. To ensure that Nigeria imbibes maintenance culture, the ministry is also embarking on the implementation of the National Infrastructure Maintenance Programme recently approved

Fashola by federal executive council, hoping that it would be a double-edged sword to achieve durability of national assets and job creation for masons, carpenters, plumbers, welders, painters and other artisans that will be engaged for maintenance. In the area of power, generation has increased from 4,000MW to 7,000MW; transmission from 5,000MW to 7,000MW and distribution from 2,690MW to 5,222MW. In its search for solution to the nation’s energy problem, the ministry has shifted Nigeria’s focus on power from the grid for the past six decades to the possibilities that abound in the Off-grid sector. Seven universities as well as two teaching hospitals are currently having their own independent power solution deployed at various states. Also, some markets in Lagos, Kano, Aba, Ondo, Ibadan now have their own steady supply of power, while six hydro dams were recently concessioned to supply power to rural, farming and contiguous communities. Approvals had also been given to install solar power systems in government offices. The scheme, which takes off from the ministry, has received the buy in of a disco, which has offered to buy some of the excess power for its consumers at night when the ministry’s offices are shut. Also, communities like Magboro and Ibafo in Ogun State that had never been

connected now have access to power. In the past three years, the budget of Works sector has moved from a paltry N5 billion in 2015 to N394 billion in 2018. So far, the ministry has issued 1,417 consents to land transactions and 2,400 certificates of occupancy to beneficiaries, some of whom had paid for their properties about two decades ago. But the ministry has its own challenges, one of which is low budgetary allocation. Though, its budget has increased substantially, it is still grossly inadequate for a nation desirous of speedy infrastructure renewal. Achieving massive infrastructure renewal requires channeling adequate resources to building critical infrastructure and maintaining existing ones. There is also the challenge of the time frame for project conception, approval and execution, and the high turnover of critical personnel such as ministers, directors and permanent secretaries. Fashola, who is the 34th minister of works, recently lamented that there had been 34 minsters of works in Nigeria since 1952, making it an average of a minister every 1.9 years - a time frame he said was barely enough to design a road project. Insecurity is also a challenge. There is no gainsaying that no construction work can effectively be Continued on page 20

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FOUR–YEAR REPORT CARD OF TEAM BUHARI: (2015 – 2019) PART 2

Bwari: Taking Mines and Steel Development to Next Level Since he mounted the saddle after his boss left to become governor of Ekiti State, Abubakar Bwari has made efforts to take Mines and Steel Development to the next level, says Sumaina Kasim

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ight from when the former minister and current Ekiti State Governor, Dr. Kayode Fayemi, was in-charge, the Ministry of Mines and Steel Development has witnessed a steady rise in policy formulation and projects implementation. First, under Dr. Fayemi, the ministry, for the first time, came up with a roadmap to comprehensively address the sector's myriad of problems. The ministry had launched a N732 million Web Porter to help identify and access various mineral sites in the country and worked assiduously to ensure miner's royalties rate was reduced to 3.5%. It was able to secure a N5 billion counterparts fund for miners in the country; and organised series of workshops, in collaboration with foreign agencies, especially the World Bank (The mining mini-diver event) for stakeholders in the sector. More especially, the current Minister, Alhaji Abubakar Bawa Bwari, began laying foundations for exploration of solid minerals across communities. He flagged-off the groundbreaking and foundation laying ceremony of the Lead & Zinc Processing Plant in Ebonyi State. He also flagged-off the first gold refinery in Nigeria in Ogun State; bought a N360 Mining Drilling Rigs for the sector and commissioned first gold incubator faceting in Gwarinpa, Abuja, Nigeria. The ministry under the leadership of Bwari responded appropriately to the earth tremor witnessed in the FCT and its environs by suspending all mining activities in and around areas that experienced minor earth tremor at Mpape, Abuja. The ministry went further to procure and install an earthquake detecting device in major part of the nation's capital to arrest recent earth tremor and further threat of earth tremor. Over the past four years, the ministry in collaboration with various security agencies was able to arrest, prosecute and consequently, secured judgment against illegal miners in the country. The ministry had also been able to woo foreign investors to the sector. The minister was at recent third SinoNigeria Mining road show, during the 2018 China Congress and Expo in Tianjin, China, where he presented the various investment opportunities in the mining sector in Nigeria to the foreign communities. The ministry also procured specialised vehicles for mining inspectorate at various mining states; organised the Nigerian Mining Week — its third edition. The ministry recently partnered some private entities to resuscitate the Ceramic sector. According to Bwari, "I believed that the rebirth of the ceramics industry is key to attaining economic opportunities

Bwari and employment for Nigeria's teeming youth." The ministry under Bwari's leadership had commenced a nationwide integrated exploration project, where eight out of 44 companies that submitted bids for the process were successful. The Ministry of Mines and Steel Development (MMSD) had also organised the second Metallurgical Industry Stakeholders Forum (MISF) for metal sector operators in the country, especially the South-South based; having done same in the Northern parts of the country. Bwari also officially launched a new mining exploration site in Kuchiko camp in Suleja, Niger

State. Economically, the Ministry has been able to contribute to the country's Gross Domestic Product (GDP) as released by the Nigerian Bureau of Statistics. The Ministry also, has been able to secure the services of the Nigerian Police Force and the Nigerian Civil Defence Corp to curb the lingering illegal mining problem in the country. The ministry, despite not able to resuscitate the Itakpe iron ore, Osara dolomite site, the Ajaokuta Steel Company, was able to secure judgment for the reclaiming of the steel company, which has pitched the government against some private sector.

FASHOLA: CONSTRAINED BY PAUCITY OF FUNDS executed in areas bedevilled by insurgency and terrorism. There is also the challenge of acquiring land for building projects. Sometimes, negotiations with communities and private land owners drag on for several months, thereby delaying execution of critical projects. In terms of policy formulation, many will agree that the Power, Works and Housing Ministry under Fashola has been up and doing. A good few will also agree that the ministry has taken bold steps in terms of

project execution, but largely constrained by funds. On the impact the ministry has had on Nigerians, quite a few will agree that even though it has done well within a short period of time despite inadequate resources, it is still work in progress because power supply is still largely unstable, coupled with other unresolved challenges of estimated billing, inadequate prepaid meters and ageing infrastructure. In Works, while the ministry has embarked on several road projects across the country,

including rehabilitation works, some of the strategically important road projects like the Lagos-Ibadan Expressway, Oyo-Ogbomoso Expressway, and the 2nd Niger Bridge have not been delivered almost four years since the present team came on board even though they remain priority projects. In the housing sector where Nigeria is believed to have a deficit of about 17 million units, several building projects are on going in 34 states, but they are yet to be fully completed and delivered to the end users (Nigerians).

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FOUR–YEAR REPORT CARD OF TEAM BUHARI: (2015 – 2019) PART 2

Ogbeh: Positioning Nigeria as Main Rice Producer in Africa Minister Audu Ogbeh has devoted more time in his Agriculture and Rural Development ministry, trying to position Nigeria as the number one rice producer in Africa, writes James Emejo

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pearheaded by Chief Audu Ogbeh and Senator Heineken Lokpobiri as Minister of State, the policy focus of the Ministry of Agriculture and Rural Development since the inception of the present administration is to reposition the sector in line with the federal government’s diversification objectives; as well as position agriculture as a business, boost produce export, encourage mechanisation, food security, plant health among others. Perhaps, one of the legacies the ministers will boast of leaving behind as they wind up on their first tenure, is their efforts toward the partial commercialisation and privatisation of the Bank of Agriculture (BOA) which had reached final stage. The shares of the bank will be sold to farmers and private sector investors. Though the federal government is expected to still maintain shares in the bank, the ultimate objective is to raise between N250 billion to N400 billion for recapitalisation with farmers owning the controlling shares; as well as reduce the lending rate to agriculture to a maximum of five per cent. Another achievement of the ministry is the revolution in local rice production in recent times, which was largely achieved through the Central Bank of Nigeria’s (CBN) Anchor Borrower Programme (ABP), which many said had caused drastic reduction in rice importation by 90 per cent, boost local demand and consumption as well as conserved the country’s foreign exchange. Other initiatives include fertilizer production, which has been indigenisedending the scandal and colossal waste associated with the procurement and distribution. Another laudable achievement of the ministry in the estimation of some insiders, had been in cotton production, re-launched with the adoption of the BT Cotton to increase yield per hectare from one metric ton to four tons—as one of the practical measures by the present administration to revive the textile industry. The ministry will also share in the glory regarding import substitution. The CBN had stated that in the last three and half years, the country had cut food import by $21 billion, and increased agro export by 600 per cent. Other programmes, which had received a boost during the tenure of the ministers include seedling where the country currently remains the largest seed producing country in the West African sub-region. The digitisation of the seed processing is a plus for the ministry. Another area of interest had been in effective pest control which threatened food security recently. In partnership with the private sector, the ministry found a cure for the Fall Army Worm and the tuta absoluta using organic pesticides -which are now in demand across Africa. Importantly, the ministry had provided support and encouragement for indigenous scientists who

Ogbe have come up with breakthrough solutions which had been approved by development partners including the Food and Agriculture Organisation (FAO). Commendable efforts have also been made by the ministry towards the repositioning of research and development institutes in the country. The Agricultural Research Council of Nigeria (ARCN) is being remodeled after Embrapa of Brazil and the Indian Council in Agriculture. The essence is to enable it become a research organisation and not an administrative unit. In all of these, the youth and women are a major target of the research findings aimed at improving agricultural productivity and enhancing incomes in the agricultural sector. The three Federal Universities of Agriculture in Makurdi, Abeokuta and Umudike have been relocated from the Federal Ministry of Education to the Federal Ministry of Agriculture. These universities and other institutes, within the sector are

openly commanding increased funding for education, teaching, research and learning, under their domiciliation in agriculture. The backlog of outstanding salaries and allowances has reportedly been fully settled in these institutions. Arguably, the Home Grown School Feeding programme of the President Muhammadu Buhari's administration has been taunted to be among the achievements of the ministry. The scheme has reportedly created a vast market for farm products across the country as about 9.5 million children are currently being fed; while the figure is projected to increase to 20 million soon. The ministry has further made concerted efforts for the country to consolidate its position as the world’s largest producer of yam - which is presently being exported. Nigeria is now the number one producer of rice and maize in Africa, as well as the number two producer of sorghum, sesame seed and gum Arabic.

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Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

Season of Raging Storm Induced by Severance Pay

Nseobong Okon-Ekong writes that resolution of the federal lawmakers to approve huge severance compensation for themselves portrays the federal lawmakers as insensitive

Dogara

Saraki

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he prevailing penetrating heat could not dissuade them from the task at hand. With shovels raised and excavators making frequent assiduous journey to the earth, the picture of a busy construction site was complete. It was unbelievable that on this mi Ambode of Lagos State

on projects that are, at best, nearing completion. Since the Chairman, Senate Committee on Appropriation, Senator Danjuma Goje revealed that outgoing lawmakers in the National Assembly have allocated N23.7 billion as severance pay to themselves, there has been a raging storm in the polity attacking the propriety of such an action by

Goje the federal legislators. The current anger, however, may be as a result of the comatose economy and the general mood of gloom, which portrays the decision of the lawmakers as insensitive in the face of the prevailing poverty in Nigeria. Otherwise, severance package for public office holders has been legitimised since June 2007, when the

Revenue Mobilisation and Fiscal Commission (RMAFC) worked out the current the current remuneration package for political, public and judicial office holders. Severance gratuity, one of the financial packages approved by the RMAFC for the lawmakers, was arrived at by calculating 300 per cent of the

‘Severance Package for Federal Legislators Amounts to Abuse of OfďŹ ce’ Nseobong Okon-Ekong dialogues with Victor Abasiakan-Ekim, former Chairman of the Nigeria Bar Association Abuja Branch who argues that Nigerian legislators use their office to feather their nest in a few years of service Can there be a plausible reason to defend the severance package approved by federal legislators for themselves? Nigeria is one of the pocket countries in the entire world where the legislators prescribe, approve and pay to themselves extraordinary and ridiculous amount of monies as salaries and allowances. The allowances range from the inane to the profane. The Constitution PG UIF 'FEFSBM 3FQVCMJD PG /JHFSJB BT amended) imbues the Revenue Mobilization, Allocation and Fiscal Commission as the statutory body with the responsibility of fixing salaries and related allowances of persons in the service of the government of the federation. However, in total disregard to the latent provisions of the constitution, our federal lawmakers have legislated on and approved jumbo salaries for themselves without recourse to the Revenue Mobilization, Allocation and Fiscal Commission. This bothers on greed, pursuit self-glorification and aggrandizement. The conduct does not take into consideration the plight of the masses and should be deprecated by all and sundry. There is no legal and moral justification for the betrayal of the trust reposed by the people in the legislature. The office of a federal legislator is not pensionable and any attempt to legislate severance package for

QUICK FACTS: r/JHFSJB IBT TFOBUPST 5IFSF BSF House of Representatives members from UIF TUBUFT JODMVEJOH UIF 'FEFSBM $BQJUBM Territory r5IF CBTJD TBMBSZ PG B /JHFSJBO TFOBUPS JT / CVU IJT BO BOOVBM BMMPXBODF NBZ CF VQ UP / r" /JHFSJBO TFOBUPS JT BMMPXBODF GPS utilities, entertainment recess, personal assistant, vehicle fuelling, duty tour, estacode, domestic staff; vehicle maintenance, constituency allowance, wardrobe allowance, house maintenance and newspaper/ periodic allowance r*O BEEJUJPO B /JHFSJBO TFOBUPS SFDFJWFT BO BEEJUJPOBM TVN PG / BU UIF FOE PG IJT ZFBS UFSN JO UIF /BUJPOBM Assembly

themselves amounts to abuse of their office and cannot be justified in any guise. Should Senators who were former governors who already enjoy a similar package from their respective states, also beneďŹ t from this severance package? It is true that majority of the states of the Nigerian federation have passed laws legalizing the payment of severance allowance to former governors including provision pf choice accommodation and personal staff for governors who served for a term of four years or a maximum of eight years of two tenures for life. This is a wanton waste of state resources and to further include these former governors in category of persons to be paid severance package is taking greed to an Olympian height. The law is that one cannot receive pension from two different sources. It goes to show how the political class has betrayed the trust of the people and further throws them into abject poverty by plundering the commonwealth. In the first instance, the payment of the severance package is unconstitutional and illegal and to include former governors in the category of beneficiaries further compounds the issue.

severance package, noting that these same legislators are slow to act on issues affecting the people? These acts of the federal legislators legislating severance packages for themselves cannot be rationalized or justified. It is a clear case of abuse of office. Any law made by the national assembly for the benefit of themselves to the exclusion of the larger interest of the society is built on faulty pillars of greed and avarice. A law ought to be made for the good of the larger society. Roscoe Pound stated that law should be used as an instrument of social development and positive societal change. Can same be said of the severance package bills touted across some states of the federation and the National Assembly? Your guess is as good as mine.

What other reasons may prompt this

A retired federal permanent secretary do not get anything near this severance package for legislators, will it negatively affect the psyche of top civil servants? It is a pathetic situation that the class of men voted to the National Assembly to represent the interest of the people have chosen to represent their own personal interest and elevate same above national interest. A retired permanent secretary with his/her level of

r/JHFSJBO GFEFSBM MBXNBLFST BSF UIF highest paid lawmakers in the world r/JHFSJBO MBXNBLFST IBWF BMMPDBUFE N23.7 billion as severance gratuity for outgoing lawmakers of the National Assembly. The sum will also cover allowances for incoming legislators, their aides, funds for National Assembly induction and inauguraUJPO PG UIF UI 4FOBUF r5IF TFWFSBODF QBDLBHF UP GFEFSBM BOE state legislators are backed by laws and therefore legally permissible. Section 70 of the Constitution (as amended) empowers Revenue Mobilization Allocation and Fiscal Commission, RMAFC to determine the salary and allowances of members of the National Assembly r&BDI TFOBUPS XJUI BOOVBM CBTJD TBMBSJFT PG / JT FOUJUMFE UP B TFWFSBODF QBDLBHF PG / UIBU JT QFS DFOU of the basic salary)

r4FWFSBODF QBDLBHF PG FBDI PG UIF TFOBUPST JT / UIBU PG UIF 4FOBUF President, with an annual basic salary of N2, JT / XIJMF UIBU PG the Deputy Senate President, with an annual CBTJD TBMBSZ PG / JT / 5IF UPUBM TFWFSBODF QBDLBHF GPS UIF 4FOBUF BNPVOUT UP / r4FWFSBODF HSBUVJUZ JT POF PG UIF à OBODJBM packages approved by the RMAFC for the lawmakers. It was arrived at by calculating 300 per cent of the lawmakers’ annual basic salaries. This formula formed part of the current remuneration package for political, public and judicial office holders designed by RMAFC in June 2007 r5IF 4QFBLFS PG UIF )PVTF PG 3FQSFTFOUBUJWFT FBSOT / XIJDI CSJOHT IJT TFWFSBODF QBDLBHF UP / XIJMF the severance package of the Deputy Speaker, XJUI BO BOOVBM CBTJD TBMBSZ PG /

Abasiakan-Ekim

education and years of meritorious service to the nation does not earn close to the humongous severance package prescribed for federal legislators. It is an abuse of the confidence the Nigerian people repose in the legislature. The legislators use their office to feather their nest in a few years of service and same cannot be justified. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

HPFT GPS / 5IF SFNBJOJOH members of the lower chamber earn an annual CBTJD TBMBSZ PG / 5IPTF PG UIFN XIP XPVME OPU SFUVSO XJMM HFU / as severance package r5IFSF BSF TFOBUPST BOE 3FQT XIP not return to the red and green chambers, SFTQFDUJWFMZ JO UIF UI /BUJPOBM "TTFNCMZ FYQFDUFE UP CF JOBVHVSBUFE PO +VOF 5IJT NFBOT UIBU UIF OPO SFUVOJOH TFOBUPST XJMM CF QBJE B UPUBM PG / BT B GBSFXFMM QBDLBHF 4JNJMBSMZ UIF 3FQT XJMM CF QBJE B UPUBM PG / UP CJE GBSFXFMM UP the National Assembly r3FDFOUMZ UIF OBUJPOBM NJOJNVN XBHF XBT JODSFBTFE GSPN / UP N30,000.00 r"O BWFSBHF QFSNBOFOU TFDSFUBSZ JO /JHFSJB FBSOT CFUXFFO / BOE N700,000.00 monthly. These civil servants TFSWF UIF OBUJPO GPS B NBYJNVN PG ZFBST

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MONDAY DISCOURSE

Akpabio

Murray-Bruce

Uba

Ikon

lawmakers’ annual basic salaries. Given the current state of the economy, the dilemma of millions of Nigerians who bear the brunt of the current harsh realities have not been taken into the consideration by the legislators. It is interesting that when it comes to self-serving matters, the leadership of the National Assembly, who for the greater part of their tenure were engaged in a battle with the executive arm of government act decisively. The National Assembly had increased the 2019 budget proposal by N90 billion before passing it to accommodate the N23.67 billion severance package and other matters. The lawmakers had passed N8.916trn as the budget instead of the N8.826trn earlier proposed by President Muhammadu Buhari. Whereas the dominant temperament concerning the severance package approved by federal legislators for themselves is that of anger, the actuality is that the law permits it. Dr. Kayode Ajulo, anAbuja-based lawyer and former National Secretary of the Labour Party holds that while these emoluments may appear outrageous emoluments, they are backed by our laws and therefore legally permissible. Section 70 of the Constitution (as amended) empowered Revenue Mobilization Allocation and Fiscal Commission, RMAFC to determine the salary and allowances of members of the senate or house of reps, same with Section 6 of the Revenue Mobilization Allocation and Fiscal Commission Act. According to Ajulo. “The justification is backed by our law, in as much as some of us may be alarmed and may not desire it, it is legal. It suffices to note that Revenue Mobilization Allocation and Fiscal Commission is empowered by the constitution to determine such allowances to be given to political office holders with regards to present realities. Thus, the payment of severance package to lawmakers is in accordance to law.� He further aligned with the fundamental emotions which upholds the tough times that the country and her citizens are currently going through. “Considering the present realities, the payment of over N23.7 billion as severance package to lawmakers is not justifiable considering the

GDP of the country,� he said. Another Abuja-based lawyer and former Chairman of the Nigeria Bar Association, Abuja Branch, Mr. Victor Abasiakan-Ekim expressed a different opinion. He insisted that, “There is no legal and moral justification for the betrayal of the trust reposed by the people in the legislature. The office of a federal legislator is not pensionable and any attempt to legislate severance package for themselves amounts to abuse of their office and cannot be justified in any guise.� Giving more teeth to his position, AbasiakanEkim argued that the National Assembly’s resolution runs counter to the spirit of the constitution. In his reckoning, it is in “total disregard to the latent provisions of the constitution. Our federal lawmakers have legislated on and approved jumbo salaries for themselves without recourse to the Revenue Mobilization, Allocation and Fiscal Commission. This bothers on greed, pursuit self-glorification and aggrandizement. The conduct does not take into consideration the plight of the masses and should be deprecated by all and sundry.� The former Abuja NBA Chairman described the action of the lawmakers as selfish. He said, “These acts of the federal legislators legislating severance packages for themselves cannot be rationalized or justified. It is a clear case of abuse of office. Any law made by the national assembly for the benefit of themselves to the exclusion of the larger interest of the society is built on faulty pillars of greed and avarice.Alaw ought to be made for the good of the larger society. Roscoe Pound stated that law should be used as an instrument of social development and positive societal change. Can same be said of the severance package bills touted across some states of the federation and the National Assembly? Your guess is as good as mine.� Both Abasiakan-Ekim and Ajulo were further incensed that a number of former governors who already enjoy similar severance package from their respective home states will also benefit from the financial windfall. Abasiakan-Ekim noted that it was wanton waste of resources, “Majority of the

states of the Nigerian federation have passed laws legalizing the payment of severance allowance to former governors including provision pf choice accommodation and personal staff for governors who served for a term of four years or a maximum of eight years of two tenures for life. This is a wanton waste of state resources and to further include these former governors in category of persons to be paid severance package is taking greed to an Olympian height. The law is that one cannot receive pension from two different sources. It goes to show how the political class has betrayed the trust of the people and further throws them into abject poverty by plundering the commonwealth. In the first instance, the payment of the severance package is unconstitutional and illegal and to include former governors in the category of beneficiaries further compounds the issue.� Ajulo, however, moderated his views by separating the different roles played by the same person as a former governor and later as a senator. He explained, “One may argue that a former governor of a state is entitled to the severance package of such office on the basis that the individual occupied the office as a governor and he is entitled to the benefits accruable to such office and should be without prejudice to being entitled to the severance package given as a former senator. However, the one million dollar question is whether these payment does not amount to double redundancy payment? Logically and legally speaking, this does not amount to double compensation as the individual is being paid based on the office held by such. However, the most important and germane consideration is the state of the economy of the country. Considering the nation’s present economic predicament and the fact that while in office, the beneficiaries earned salaries and allowances considered as unreasonable, to the point that the clamour for cutting the remunerations rages, the determination of the severance package should be on individual basis and regards ought to be made to past political offices held.� The current debate on the severance package for federal legislators has renewed the clamour for

a part-time legislator. Abasiakan-Ekim supports this position. He proposed that, “The amount of financial incentive bandied around and payable at the National Assembly including the severance package certainly fuel the do-or-die attitude of our politicians at elections. The emergence of a candidate as a legislator in the National Assembly is an open ticket to unrestricted affluence. The typical politician can go to any length to secure victory at the polls, including maiming, rigging, violence and the like. There is the need to review the financial incentives to Nigerian politicians. It is my candid view that we do not need arms in the National assembly (Senate and House of Representatives), it is a huge waste of scarce resources. Furthermore, the office of a federal legislator should be one on a part-time basis. The full-time one presently operating is apparently too expensive to run. In a country where minimum wage has just been increased to N30,000 only, less than USD100 how do we justify these jumbo severance packages?� According to the former NBA Abuja Branch Chairman, it would not hurt the office of the legislators in anyway if the operative cost and incentive is reduced in the National Assembly. “The cost of governance is already too high in all facets of governance. It is only practicable to scale down the cost of operation in the National Assembly including the much talked about severance package. The core civil service is clamouring for a review of salaries and other incentives including the current pension scheme, it is only right for all the arms of government to sit together and carry out a holistic review of the entire process. The legislators are the representative of the people in the National Assembly, hence, their conduct must reflect the wishes, hopes and aspirations of the generality of the people. As at today, there is a huge disconnect between the people and their representative in the hallowed chambers.� NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

‘Some of Us May Not Desire it, But Severance Package is Legal’ Nseobong Okon-Ekong holds a conversation with the former National Secretary of the Labour Party, Dr. Kayode Ajulo who advances an argument that the salary and allowances of Nigerian legislators should not be set per month, but pro rata Nigerian federal lawmakers are already enmeshed in a struggle to justify their jumbo pay, what credible explanation can be advanced for a severance package? The emoluments of our federal legislators have outrageously generated a lot of attention that more elucidations is needed. It is therefore imperative to start with the prefatory note that Nigeria has a total of 109 senators who are legislative representatives of their respective states. Also, there are 360 House of Representatives members from the 36 states including the Federal Capital Territory. The salary structure of a Nigerian senator may be classified into two categories; basic sand allowances The basic salary of a Nigerian senator can be equivalent to N2,026,400.00. It may interest you to know that the major sources of income for Nigerian federal lawmakers are their allowances. A Nigerian senator, for instance, may have an annual allowance of N12,902,360. The following constitute what an average of Nigerian senator is paid as allowance: utilities, entertainment recess, personal assistant, vehicle fuelling, duty tour, estacode, domestic staff; Vehicle maintenance, constituency allow-

ance, wardrobe allowance, house maintenance, newspaper/periodic allowance Also in addition to the allowances above, a Nigerian Senator receives an additional sum of N24,000,000.00 at the end of his 4-year term within the National Assembly. By a comparative analysis, in the US for instance, senators have the total of $3,409,422 as annual earnings. While in the Philippines, there is a total of $4,497,957 set aside as senators’ annual earnings. Statistics also show that Kenyan senators are paid the total of $968,013 on a yearly basis. For the entire members of the UK Parliament, there is a total of £494,285,43 set aside as their annual earnings. It is unarguable that the Nigerian federal lawmakers are the highest paid lawmakers in the world. I concur with Prof. Itse Sagay, that Nigerian lawmakers at the lower and upper chambers of the National Assembly are the highest paid legislators in the world. Severance package or gratuity, which is the amount paid to lawmakers after their successful four-year tenure in office, also covers their political aides. For presiding members of the both chambers, their number of aides can be as high as 20 per officer. Nigerian lawmakers have allocated N23.7

billion as severance gratuity for outgoing lawmakers of the National Assembly. The sum will also cover allowances for incoming legislators, their aides, funds for National Assembly induction and inauguration of the 9th Senate. The benefit was captured as a separate line item in the 2019 appropriation bill passed by the lawmakers. The amount was broken down to N23, 678, 770, 079 in the bill. Interestingly I dare to hold that most of this outrageous emoluments, particularly the severance package to be paid our federal and state legislators are backed by our laws and therefore legally permissible. Section 70 of the Constitution (as amended) empowered Revenue Mobilization Allocation and Fiscal Commission, RMAFC to determine the salary and allowances of members of the senate or house of reps, same with Section 6 of the Revenue Mobilization Allocation and Fiscal Commission Act; furthermore, Omokolo and Others v Revenue Mobilization, Allocation and Fiscal Commission and Others (2017 CA), showed that each senator, with annual basic salaries of N2,026,400.00, is entitled to a severance package of N6,079,200.00 (that is 300 per cent of the basic salary). Therefore, while the severance package of

Ajulo

each of the 109 senators is N6, 079, 200.00, that of the Senate President, with an annual basic salary of N2, 484, 242.50, is N7, 452, 727.50 while that of the Deputy Senate President, with an annual basic salary of N2, 309,166.75, is N6, 927, 500.25. Consequently, the total severance package for the Senate amounts to N664, 854, 627. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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FEATURES

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

Harnessing Global Potential of Kids in Rural Communities Peter Uzoho writes that the annual Reel Foundation Community Spelling Bee and Games Tournament for young children of Agbado Oke Aro, an underserved community in Lagos State, has provided a veritable platform for participants to test their abilities in intellectual games and also prepare them to compete with their peers globally

L-R: A parent, Mrs Shoyombo; Champion, Under-10 Chess Competition, Goodness Ekunke; and Founder, REEL Foundation, Mrs Ajoke Omawore-Adeola, presenting gifts to Ekunke at the 2019 REEL Foundation's Community Spelling Bee & Games Tournament at Agbado/ Oke Aro, Lagos...recently

CSR Coordinator, Total E&P Nigeria Sta Multipurpose Cooperative Society Limited, Mrs Nneka Nwana, presenting gifts to Daniella Peter-David, third place winner of the 7-9 years category at the Spelling Bee Competition

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n a certain Friday, 150 children under the age of 14 from Agbado, an underserved and low income community in Ifako/ Ijaiye Local Government Area of Lagos State, swarmed St. Peters African Church Primary School, Agbado/ Oke Aro, where they competed for medals and other juicy prizes at the 2019 Community Spelling Bee and Games Tournament put up by REEL Foundation. REEL is an acronym for ‘Reading to Enhance Excellence in Learning’. The foundation is a non-profit humanitarian organisation focused on enhancing access to quality learning in the underserved and low income communities in South-West Nigeria. Sponsored by the Total E&P Nigeria Staff Multipurpose Cooperative Limited and some other corporate entities, this year’s edition just like the maiden edition had the Spelling Bee, Chess, and Scrabble competitions in which the children participated in different categories according to their area of interest and age. The yearly competition is the foundation’s way of enhancing children’s learning and boosting their ability to compete and be relevant locally and globally. Commencement Upon their arrival at the venue of the wellpublicised tournament, the excited kids who were anxious to see the games begin in record time, were assembled and addressed by the founder of the organisation, who warmly welcome them to another tournament after a successful one held last year. This was followed by briefings from officials of each of the games who reeled out the rules of the games to the kids. Winding up with that, registration was called for, to allow all the contestants proceed to their different registration points where they were formally enrolled and handed with tags for proper identification. With all contenders duly registered, the

Some of the kids slugging it out at the Under-10 Chess competition competition kicked-off in full swing in all the three areas of contest –the spelling bee, chess and scrabble. Interestingly, those for chess were locked in a duel in the 16 pieces board game as they racked their brains, sharpening their tactics to conquer while solving the chess positions. Those for scrabble also were busy flexing with the tiles as they tried to make meaning

out of meaningless words on the board staring them in the face. On the other hand, the spelling bee competitors turn by turn had to face the audience as they tried to spell words pronounced by the pronouncer. A total of 86 children contested in the spelling bee, 46 partook in scrabble while 18 competed in chess. All the games were arranged in categories according to ages. The spelling

bee competition had four categories where champions emerged from – the under 7; 7- 9; 10-12; and 13-14 age brackets. Chess had two categories of under 10 and under 14; while scrabble had junior and senior categories. The Champions All the three games produced champions in different categories. Master Perez Ekunke

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FEATURES

Omawore-Adeola Addressing the competing kids before the tournament kicked o who was once a champion in the Lagos State Chess Tournament clinched the gold medal in the under-14 chess competition while his younger brother, Goodness Ekunke who came to the show as the defending champion for the under 10, having won it last year, also carried the medal back to back. In the spelling bee showdown, Miss Sonia Charles became the champion for age 13-14 category; Miss Olawale Ayoola took the champion for age 10-12 category; Master Nihinlola Olaore won in age 7-9 category; while Master Tofunmi Ajilore emerged champion for age 5-7. On scrabble, Master Ahmed Ajaoemerged the champion in the senior category while Miss Bolaji Nimota won in the junior category. Apart from their medals, the champions were equally rewarded with gifts including cash prizes to encourage them for their excellent performance. Partnership The Cooperate Social Responsibility Coordinator of Total E&P Staff Cooperative Limited, Mrs Nneka Nwana, who represented the organisation at the event, expressed her satisfaction with the programme’s organisation. Nwana stated that the cooperative chose REEL Foundation as its partner because of many great things they are doing in communities. She said; “We understand that they provide e-learning resources for children that are living in the underserved communities. As such we thought that it would be a great idea to partner them to reach out to these children and see how we can impact on their lives. “So that is why we selected REEL Foundation as part of our 2019 CSR Project. We decided to partner them to organise spelling bee competition and also to set up an e-learning hub for children living in the underserved communities. We have two e-learning hubs: one in Agbado and another one that is being set up in Ikorodu. “We hope that the second one in Ikorodu will be launched next month, and it is also going to be a very grand opening. It is an e-learning hub that has been furnished with laptops, iPads, books, learning materials that would be made available for children living within that community, so that they can come to the e-learning hub, use these gadgets and gain some knowledge and add to their potentials.â€? According to her, “going forward we hope to continue to work with them, seeing the good work that they have done in the various communities. We hope this will be a continuous relationship where we continue to support

Some of the kids at the Scrabble competition them, and we hope they will grow bigger and be in a position to perfect more lives and impact on more children.� Excited Champs Some of the kids who emerged champions at the competition took turns to express their joy. Miss Sonia Charles, who emerged champion of the age 13-14 category in spelling bee, said “It was like a shock to me because I was scared of the kind of words they were bringing. But I just tried my best and in the end I emerged champion. “This spelling bee has given me the courage to believe in myself and believe that I can also be a winner. I wish to participate in other competitions in future to improve myself better. I want to thank REEL Foundation for organising this competition for us. I really appreciate them and I pray that God will continue to support them so that they will do better.�

The under 14 chess champion, Master Perez Ekunke, said:“I feel excited and I thank God for making me a winner. I will come back next year to take the position again.� Ekunke who expressed his love for chess said the game helps to develop one’s brain. “It helps you to think fast. It helps me in Mathematics�, said Ekunke who also plans to become the first grandmaster in Nigeria, as there is no one in the country yet. Also Ahmed Ajao, who also retained the medal he won last year in scrabble, senior category, equally justifies his love for scrabble game. “Scrabble has helped me improve on my mental capability. It makes me think fast at all time. I thank the organisers of this competition because if they did not hold it I would not have known that I have this talent�. Insights Meanwhile, some of the officials of the games who spoke to this reporter said the

show was an impressive one, even as they gave more insights into the importance of each of the games. The Chief Pronouncer at the spelling bee competition, Mr. Yinka Omoware, said: “It has been a nice and lovely experience coming here today to partake in the event. I was also impressed giving that I was serving as the pronouncer and the MC for the spelling bee. “There were some words that I was not very sure that the children would be able to spell but they did and that made me know that this effort is worthwhile.� He encouraged parents to impress on their children to take their vocabulary and dictionary very serious. “It is through this kind of competition that you know when a child is studying his or her dictionary well. Studying the dictionary and giving serious attention to words and their spellings.

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T H I S D AY ˾ MONDAY MAY 6, 2019

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T H I S D AY ˞ ˜ ʹ˜ 2019

BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

A S

A T M A Y 4 ,

REPO 5.93 % 5.29%

CALL 1-MONTH 3-MONTH

6.50% 9.00 % 9.75%

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

2 0 1 9

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

387.13%% 0.08% 0.11%

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

0.14% 8.45%

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

Quick Takes CBN Intervenes in FX Market

MEDIA BRIEFING

L-R: Executive Director, Operations /IT, FSDH Merchant Bank Limited, Taiwo Otiti; Managing Director/Chief Executive Officer, Mrs Hamda Ambah and Executive Director, Treasury/International Banking, Mrs Olufunsho Olusanya, at a media briefing post Annual General Meeting in Lagos‌ ETOP UKUTT recently

BuhariMayDelayAssenttoNTCBill Eromosele Abiodun Following disagreement among stakeholders, President Muhammadu Buhari may not be disposed to assent to the National Transport Commission (NTC) Bill passed by the Senate last year, THISDAY findings have revealed. Sources told THISDAY that the NTC bill may have to wait as some areas of disagreement among stakeholders connected with the bill have not been tied up. The NTC Bill and Federal Roads Authority (Establishment) Bill 2018 were among some of the bills which the Senate had last year passed to the President for assent. However, the bills, including the NTC Bill were returned to the National Assembly by the President over issues of technicalities and use of language

MARITIME that would bother on overlap of functions with other agencies if signed into law. THISDAY gathered that officials of the Transport Ministry and counterparts in the aviation industry, among other undisclosed interest groups have not been able to resolve critical areas of conflict and provisions that are to be delineated and streamlined. It was gathered that based on this, the President was advised not to assent the Bill yet. The Secretary to the Federal Government, Mr Boss Mustapha, had late last year given hope on the NTC Bill when he said tthe Executive arm of government was committed to playing its role in the passage of the bill into law. However, the NTC Bill appears to have taken the shape of the

Petroleum Industry Governance Bill (PIGB) which process started in 2008 and passed last year, but which assent was turned down by the President. Similarly, the process of passing the NTC Bill started about 10 years ago before it was passed by the Senate last year. Reacting to enquiries on the matter, the Executive Secretary of the Nigerian Shippers Council (NSC), Mr Hassan Bello, said the federal government was in a better position to determine which bill to pass or not. Bello said the federal government would have consulted widely before taking a position on what to do in respect of the NTC Bill. Noting that the present government is one which believes in process and procedure, Bello said government considers a lot of issues before a bill is assented. Arguing that the present

government is always pointing to an economic direction for the good of the country, Bello added that whatever it decides remains for the best interest of the country. Bello said, “the federal government is in a better position to determine which bill to pass or not. The NTC Bill is not an exception. Government has a broader perspective. “Government has a wider network to assess a bill. It is important that this government particularly is meticulous. It is a government of process and procedure. It is a government of law. “So, if the government thinks that the NTC bill may not be passed, then that is a superior argument. Government always considers a lot of issues before signing a bill and I am sure there Continued on page 28

Halt Foreign Borrowing, ImproveTax Revenue, MoghaluTells FG The Founder/President, Institute for Governance and Economic Transformation, Prof. Kingsley Moghalu, has advised the federal government to establish a moratorium on foreign borrowing and develop measures to improve tax revenue. Moghalu, who was the Presidential Candidate in the Young Progressive Party in the 2019 election, made the recommendation in a statement titled: “Beyond Minimum Wage: The Limits of Populism and the Need for Fundamental Economic Reforms,� to mark the recently celebrated 2019 Workers’ Day. In addition, Moghalu who called for the removal of fuel subsidy in the country, advised the

ECONOMY federal government to develop and establish, in consultation with labour unions, a set of policies to mitigate the likely short-term inflationary impact and to permanently end such subsides as from the budget for 2020. Also, he recommended the deregulation of the importation and sale of petrol in order to produce a market-determined price of petrol and mitigate adverse inflationary effects in the medium term. “The federal government should establish a moratorium on foreign borrowing alongside

measures to improve taxation revenue. “FGN should commence a progressive reduction of recurrent expenditure by 10 per cent every budget year from 2020. “The Central Bank of Nigeria (CBN) should abolish differential exchange rates and establish a uniform exchange rate for all transactions. “The CBN should abolish the ban on provision of foreign exchange for the importation of most or all of the 40 items denied forex; prior to this action the Federal Ministries of Finance and Industries, Trade and Investment should establish appropriate tariffs for the imports of luxury and non-essential items

while creating policy to give reasonable advantages for locally manufactured goods, including enhanced export incentives, in order to realign the Nigerian economy towards competitive manufacturing for domestic and export markets,� the former CBN Deputy Governor said. Furthermore, he urged the federal government to submit an Executive Bill for the abolition of the Land Use Act; stating that according to a study by PwC, this legislation and policy action would liberate hundreds of billions of dollars of “dead� capital (potential but suppressed financial values in land and

The Central Bank of Nigeria (CBN) last Friday made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the foreign exchange market totaling $271.83 million and CNY 41.14million. Director, Corporate Communications at the Bank, Mr. Isaac Okorafor, also conďŹ rmed that the sum of CNY41.14 million was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials. Friday’s transaction was in addition to the $205 million injected into theWholesale, Small and Medium Enterprises, and Invisibles segments of the market on Tuesday, April 30, 2019. Okorafor expressed satisfaction with the performance and stability of the country’s economy, noting that the country would experience more growth as the Bank has placed restrictions on the purchase of forex from the Nigerian foreign exchange market for items in the textile and cotton value chain. Meanwhile, the naira exchanged at N360/$1 on Friday, in the Bureau De Change (BDC) segment of the market. Exactly two years after the Nigerian Autonomous Foreign Exchange Fixing Mechanism (NAFEX), commonly known as the Investors’ &Exporters’ (I&E) window was introduced by the CBN, operators and the central bank have continued to hail the initiative. The central bank had introduced the forex window as well as a raft of other measures to improve dollar liquidity on April 27, 2017, when the country faced a severe forex crisis. The central bank had explained that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. The cumulative transactions on the I&E window since the central bank created the market 24 months ago was put at $50 billion as at the end of March 2019.

Delta State Partners Mega Fun

In keeping to the promise of running an all-inclusive government in Delta state, the state government has partnered with the strategic and entertainment agency, Mega Fun Plus Limited to hold an event tagged ‘Delta Grand Ball.’ The Delta Grand Ball which is set to hold on Tuesday, August27,2019,attheDomeeventCentre,Asaba,wouldseethepresence of key business stakeholders and top Delta indigenes discuss dierent initiatives on how to move Delta State forward. The event would hold on the night of the Delta State’s 28th anniversary to toast who-is- who in Delta State to an atmosphere of networking, chats and exploration of the achievements of the Governor, Dr. Ifeanyi Okowa. According to the managing director of Mega fun plus, Mr. Ogude Akpobome,The Delta Grand Ball was strategically proposed for immediate delivery of increased inuence and bonding with the state governor, for a potential familiarisation and endorsement by top inuencers from the state. “This ďŹ rst of its kind initiative will provide an opportunity to brainstorm with the Governor and other key stakeholders to give feedback on what they need to continue doing, what the government need to stop and what they need to start doing.â€? Ogus added.

Group Organises Essay Competition

Inabidtoencouragewritingamongteenagers,PlexusMedia,incollaboration with ace Nollywood star, Ufuoma McDermott, is organising an essay contest. Entry into the essay contest, which has AfricanaEntrepreneur. com as a media partner, opened on May 1 and would close on May 31, 2019. According to the organisers of the competition, winners would get educational support - ďŹ nancial and material. The statement from the organisers read: “We announce the commencement of the 2019 edition of the Ufuoma McDermott National Essay Competition for teenagers in Nigeria. “The competition provides a platform to develop the intellectual and writing abilities of secondary school students in Nigeria, while also drawing necessary public attention to serious health issues in Nigeria, especially those that have received very little attention from the public and private sectors.â€? The essay topic is: “Discuss ways through which technology can be used to promote health literacy on kidney disease.â€? The entry procedure entails that applicants must send typed essay entries of 700 to 800 words (Times New Roman; double-spaced) on the above topic to a designated e-mail address. All entries must include complete contact information (name of applicant, residential or school address, telephone number, and e-mail address of applicant or parent/ guardian). Shortlisted candidates must be able to defend their essays before the panel of judges.

“Our conversion to a Plc is a major step towards listing by introduction on the Nigerian Stock Exchange in the first half of 2019. It is a reaffirmation of our long-term commitment to expanding investment opportunities for Nigerians, in addition to providing everyday services to them. We look forward to continuing our engagement with the SEC and NSE to take forward the listing process�

CEO, MTN Nigeria, Continued on page 28

Ferdi Moolman

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BUSINESSWORLD BUHARI MAY DELAY ASSENT TO NTC BILL

was a wider consultation on this issue. “Don’t forget that this bill is an industry bill. It is not just a bill for the Nigerian Shippers Council. “It is a bill that concerns wider ministries, Ministry of Finance, Transport, Aviation and so many other sectors because it is a multi-sectoral bill. So, it is not just about NSC, it is about the industry, about the country. “This is a government that is pointing to an economic direction for the country. Government is going to talk about the cost of doing business, government talks about the size of government itself and so many other factors that come into consideration. “So, if a superior argument has emerged to say that NTC bill should be withheld pending passage of time or may be substituted by a review of NSC Act, then that is coming from a sound perspective.�

HALT FOREIGN BORROWING, IMPROVE TAX REVENUE, MOGHALU TELLS FG property-related transactions) that could lift off the Nigerian economy. He also called for the strengthening of the policy environment to encourage mass production of innovation and a pipeline of products of innovation into commercial markets. “As from 2020 turn the N500 billion budget for the Social Investment Programs into a one-time equity contribution to a public-private venture capital fund of N1 trillion for innovation and small scale entrepreneurship aimed at helping the poor and unemployed escape poverty by creating wealth and inclusive economic growth. “The venture capital fund should be managed by the private sector, which will bring in the other N500 billion in capital. “This reform will bring in equity capital into the lower strata of the Nigerian economy, complementing efforts by the CBN, such as the establishment of National Microfinance Bank that will lend at single-digit rates, to improve affordable access to credit.

NEWS

Chioke: Diaspora Remittances Far Exceed Nigeria’s Gross Oil Revenue Obinna Chima The Group Managing Director, Afrinvest West Africa Limited, Mr. Ike Chioke, has stated that the total amount of inflow from diaspora remittances into Nigeria in 2018 was equal to 84 per cent of the country’s budget last year. According to Chioke, in 2018, diaspora remittances exceeded gross oil revenue into the country, thereby emphasising the need to pay more attention to such inflow. He said this in a report titled: “AnyĂ­ Aga Ato na Mmehie? Envisioning New Paradigm for Investment n’Ala Igbo,â€? obtained at the weekend. AnyĂ­ Aga Ato na Mmehie is the Igbo translation of ‘Shall We Continue in Sin?’ The Afrinvest boss pointed out that the 2018 Remittance of Nigerians in the United States of $7.2 billion was more than the entire $6.7 billion earmarked for capital expenditure for 2019. He listed the 10 deadly sins ‘Mmehie’ in the Nigerian economy to include petroleum subsidy, deregulation of the oil and gas sector, corruption, impunity and rule of law, power sector bottleneck, electricity availability, education, healthcare, poverty incidence, social injustice and ease of doing business. “Nigeria is not an oil producing country. Nigeria is a human capital producing country because diaspora flows far exceed gross oil revenue receipts,â€? he stressed. According to him, Nigeria’s total debt stock has risen by $27.9 billion (84% rise) in the last four years, driven mostly by the $15.7 billion increase (341% jump) in

foreign debt. The country spent $5.2 billion spent on fuel subsidy in 2018. “Buhari rejected the Petroleum Industry Governance Bill (PIGB) that would have revolutionised, liberalised, completely reformed, eliminated most of the fraud and subsidy, ensured transparency, inspired confidence and attracted massive economic investments to the oil sector for the simple reason that it reduced the powers of the president to interfere with the oil sector “The reality of energy transition is catching up very fast and may

result in a complete waste of opportunities if investments are not attracted in the next five years.� Commenting on the issue of social injustice, he noted that the culture of impunity continues to thrive wherein public office holders can commit crimes including looting the treasury and yet remain unpunished and in some cases remain in their jobs; “In addition, the recent travails of former CJN Onnoghen at the CCT clearly shows that the Executive branch of government has taken full control of the

Judiciary,� he said. According to Chike, Nigeria cannot unlock the traffic jam of all the players in the power industry without looking closely at all the bottlenecks, especially tariffs. He noted that at 10.8 per cent, Nigeria has the highest number of out of school children. Nigeria now the poverty capital of the world with 91.5million people living in poverty, he said, adding that the country was now faced with widespread security challenges across the entire country. “The North (which is yet to

produce any crude oil) has the highest allocation of income from crude oil sales. Over 30,000 Niger Delta militants under Amnesty Programme have scholarships to study overseas with N100,000 monthly allowance each; meanwhile, ordinary honest hardworking Nigerians are struggling to earn the minimum wage which is being increased to N30,000 per month. With all these sins, it is a miracle that Nigeria is only 146 out of 190 countries according to World Bank’s 2019 ease of doing business report,� he added.

MANPOWER DEVELOPMENT

LL-R: Managing Director, FrieslandCampina WAMCO Nigeria, Mr. Ben Langat; President, Consumer Dairy, Royal FrieslandCampina, The Netherland, Mr. Roel Van Neerbos and the Chairman, Board of Directors, FrieslandCampina WAMCO Nigeria, Mr. Moyo Ajekigbe, at the official commissioning of WAMCO Academy in Lagos‌recently SUNDAY ADIGUN

Sadiku: $90.9bn Worth of Investment Interest Recorded in 2018 James Emejo in Abuja The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku has said about $90.9 billion worth of investments were recorded in the country last year. Speaking during an interaction with Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja, she said there were 92 projects covering 23 states and the FCT. She said 33 per cent of the

investments came from Nigerian investors, which according to her was consistent with government’s efforts to get Nigerians to invest in their own county. Other investment sources according to her included the UAE, France and UK. The NIPC boss, however, explained that though the announcements were not actual investments, they nevertheless “give us direction and a sense of investor interest in Nigeria�. She said: “We actually track it so that at the end of the quarter,

half year, month or full year, we can say this is the total value of investment announcements that were made. We look at where the investments are supposed to be coming from. “Remember they are announcements and not investments. The announcements related to mining and quarrying and oil and gas, manufacturing, construction, transportation and storage.� She also said investor interest in the first quarter of 2019 could to be less than the same period in 2018 because of elections concerns.

Sadiku, also said the agency had statutory powers to register companies in the country, alongside the Corporate Affairs Commission (CAC). According to her: “There’s a provision in the NIPC Act and it’s always being in the NIPC Act. It says that any enterprise in which foreign participation is allowed, they should register with NIPC before they commence business. Any enterprise in which foreign participation is allowed. “So I actually find myself that many people are not aware of this

requirement even though it has always been in the NIPC Act. The object is that you register with CAC and then we register with NIPC. “Part of the reforms that we would like to see is that the process of registering with CAC and registering with NIPC and subsequently registering with FIRS for your tax identification number is more seamless than it is currently. But that is still in a work that is in progress but it has always been a requirement of the NIPC Act.�

said: “What we are doing right now is awareness creation to invite the general public to understand that the center provides an effective and efficient procedure for the resolution of disputes. “We invite SMEs to take their disputes away from security agencies and bring their disputes to the centre.� Vice President, Legal, Abuja Chamber of Commerce and Industry (ACCI), Mr. Bukhari Bello, said Alternative Dispute Resolution (ADR) has continued to provide assurance and gain traction as a veritable instrument for preventing and resolving contractual disputes. He said with the public sector being a major source of local and international business opportunities and with its capital and recurrent

overhead budget rising annually running into trillions of naira, there is need for continuous efforts in providing innovative means of enhancing emerging opportunities. According to him, the aim of the workshop would be to interrogate ADR as an instrument in resolving government contractual disputes among other things. He said: “In order for the objective upon which the spirit of the Public Procurement Act is based to be achieved and for businesses to thrive and sustain growth, both Parties need to look closer at ADR’s potentials as a tool for resolving contractual disputes, its benefits should be supported by practitioners and policy makers.�

‘Why Domestic Debts Accumulated’ James Emejo in Abuja Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

The Chairman of the Abuja Chamber of Commerce and Industry (ACCI), Mr. Emeka Obegolu, has said the inability of government and contractors to agree on how to resolve disputes arising from contract execution could be blamed for the rising domestic debts in the country. The Debt Management Office (DMO) recently put Nigeria’s aggregate public debt at N24.387 trillion ($79.437 billion) as at December 31, 2018. The domestic component stood at N16.627.84 trillion ($56bn) while the external debt stood at N7.759.23 trillion ($22bn), However, speaking ahead of a workshop on government

contracts dispute resolution scheduled to hold in Abuja, from May 7-8, 2018, organised by the Dispute Resolution Center of ACCI (DRC-ACCI), he stated that most of the problems with contractors would be resolved if they are made to come to terms with government. Obegolu, said incidents of abandoned projects in most states were as a result of disputes arising from contract execution and, “that is why we have abandoned projects littering the space called Nigeria.� He added during the workshop, federal government contractors and MDAs would to come together and agree on how to address disputes arising from government contracts execution.

He said: “And we believe if we can do this, 20 per cent of the problems would have been solved because contractors depend on banks to sponsor and fund their projects and when they get these loans, government is not willing to pay within the agreement timelines. “For instance, if government says submit your certificate, we will pay you within two weeks, which is a law- the public procurement Act stipulates timelines but many ministries do not honour those timelines. And we think we must change in our interest.� He also disclosed that about N500 million had been realised by the DRC through adjudication or mediation among aggrieved businesses. The ACCI chairman

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Equities Fall Further on Profit-taking, Weak Q1 Results Goddy Egene Trading at the stock market remained bearish last week as a combination of profit-taking in bellwethers and negative reactions to financial results released by companies for the first quarter ended March 31, 2019, dominated sentiments of investors. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 1.78 per cent to close lower at 29,212.00, while market capitalisation shed N197 billion to be at N10.979 trillion. The year-to-date decline of the NSE ASI worsened to 7.1 per cent as last Friday. Just like the previous week, the market traded for four days and the bears and bulls controlled two days each. But the bears had the upper hand, leading to a decline of 1.78 per cent at the end of the week. Trading had started on Monday on a negative note with the NSE ASI falling 0.73 per cent following losses by Guaranty Trust Bank Plc, Stanbic IBTC Holdings Plc and Dangote Cement Plc. The negative trend was sustained on Tuesday with a higher decline of 1.23 per cent due to sell-off in Dangote Cement Plc, Nestle Nigeria Plc, Stanbic IBTC among others. But the market rebounded on Thursday and Friday, appreciating by 0.04 per cent and 0.14 per cent in that order. However, the gains in the two days were not enough to offset the losses of Monday and Tuesday. By the close of the week, three of the five major sectors declined led by the NSE Industrial Goods Index that fell 3.0 per cent. The NSE Banking Index trailed with 1.3 per cent, just as the NSE Consumer Goods Index went down by 0.3 per cent. On the positive side, the NSE Insurance Index rose 1.3 per cent, followed by NSE Oil and Gas Index that appreciated by 0.02 per cent. Commenting on the market, analysts at Afrinvest (West Africa) Limited said: “We view the market as lacking drivers for a sustained bullish run and so expect the market to continue to trade sideways, with profit-taking and bargain-hunting activities dominating an equal amount of trading session over the short term.� In their analysis, analysts at Meristem Securities Limited said the negative performance last week was partly due, “to the string of negative first quarter results, which cut across the different sectors of the market.� According to Meristem, the poor earnings performances were further pointers to weak consumer spending in the economy, even as many of the companies face different operating challenges. “It is therefore cheery news that the National Assembly passed the 2019 Budget, which includes provisions for the implementation of the new minimum wage. This should strengthen consumer spending, which has been faltering since the exit from recession. On the downside, however, it portends upside inflation risks, with the possibility of constraining the Monetary Policy Committee’s easing posture,� they said. Meanwhile, an analysis of the other markets in Africa, showed that Nigeria was the second highest loser following Ghana that recorded a decline of 2.4 per cent. Kenya’s NSE 20 went down by 0.6 per cent, while Mauritius’ SEMDEX shed 0.4 per cent. Morocco’s Casablanca MASI closed with a marginal decline and ending its four week’s bullish run. The Egypt EGX30 emerged as the lone gainer last week, rising by 0.3 per cent. Among the BRICS markets, three of the tracked indices trended southwards.

The two markets that closed in the positive territory are South Africa and Russia. The South Africa FTSE/JSE All Share rose 0.5 per cent after President Cyril Ramaphosa said government won’t cut jobs at state power utility Eskom. Similarly, Russia’s RTS margin-

ally inched higher by 0.1 per cent. Conversely, China’s Shanghai Composite and India’s BSE Sens shed 0.3 per cent following the expiry of Iranian Oil Sanction Waivers on May 2nd, 2019. Also, the Brazil Ibovespa closed the week 0.3 per cent lower.

In Asia and the Middle East, performance was mixed with the bears dominating. The Saudi Arabia’s Tadawul ASI led decliners with 0.7 per cent followed by Thailand’s SET Index and Qatar’s DSM 20 which dipped 0.3 per cent each.

On the positive side, United Arab Emirates ADX General Index led gainers up 2.8 per cent trailed by Turkey’s BIST 100 that added 0.3 per cent. Following the United States(US) Federal Reserve Bank’s stance on interest rate, performance across the developed market was mixed. In the US markets, the S&P 500 and NASDAQ fell 0.3 per cent each. The UK FTSE All Share index dipped 0.5 per cent, while the France’s CAC 40 declined 0.5 per cent. On the other hand, the Hong Kong Hang Seng led gainers, rising 1.6 per cent. Germany XETRA DAX followed with gain of 0.5 per cent, while Japan’s Nikkei 225 was flat. Market turnover Meanwhile, investors traded 1.470 billion shares worth N15.498 billion in 18,092 deals last week compared with 1.432 billion shares valued at N15.089 billion that exchanged hands in 15,342 deals the previous week. The Financial Services Industry remained the most active, leading the activity chart with 610.138 million shares valued at N5.828 billion traded in 8,012 deals; thus contributing 41.5 per cent and 37.61 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 227.766 million shares worth N777.211 million in 1,558 deals, while the third place was Consumer Goods Industry with a turnover of 154.760 million shares worth N4.496 billion in 3,622 deals. Trading in the top three equities namely, Transnational Corporation of Nigeria Plc, Cement Company of Northern Nigeria Plc and Japaul Oil & Maritime Services Plc accounted for 403.650 million shares worth N2.103 billion in 1,124 deals, contributing 27.46 per cent and 13.57 per cent to the total equity turnover volume and value respectively. A total of 1.190 million units of Exchange Traded Products (ETPs) valued at N10.967 executed in 12 deals compared with a total of 4,800 units valued at N45, 578.70 transacted the previous week in nine deals. A total of 14,589 units of Federal Government Bonds valued at N15.164 million were traded last week in 12 deals as against a total of 41,150 units valued at N43.977 million transacted the previous week. Price gainers and losers The price movement chart showed that 32 stocks appreciated higher than 30 stocks the previous week, while 44 equities depreciated in price, higher than 40 equities of the previous week. Japaul Maritime and Oil Services Plc led the price gainers with 39.2 per cent, trailed by Julius Berger Nigeria Plc with 19.6 per cent, while Forte Oil Plc and Jaiz Bank Plc garnered 19.6 per cent and 12.5 per cent respectively. UACN Property Development Company Plc and Transcorp Plc chalked up 12 per cent and 11.6 per cent in that order. Other top price gainers included: Caverton Offshore Support Services Plc (11.5 per cent); Courteville Business Solutions Plc, Veritas Kapital Assurance Plc (10 per cent apiece); and Dangote Flour Mills Plc (9.9 per cent). On the contrary, Goldlink Insurance Plc led the price losers with 18.1 per cent, trailed by First Aluminium Nigeria Plc with 12.5 per cent, while Royal Exchange Plc and Total Nigeria Plc went down by 11.5 per cent and 10.9 per cent respectively. Other top price losers were: Afromedia Plc (10 per cent); MCnichols Plc; Academy Press Plc (9.1 per cent apiece); NPF MFB Plc (9.0 per cent); Cutix Plc (8.7 per cent) and Oando Plc (8.4 per cent).

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Sterling Bank Appoints Three New Directors Sterling Bank Plc has appointed three new directors to strengthen its board. The new directors are Messrs Tunde Adeola, Raheem Owodeyi and Subbaramaiah Rajapur. Prior to their appointments as executive directors, Adeola was Divisional Head, Commercial Banking while Owodeyi was the bank’s Chief Operating Officer. Rajapur was however appointed as a non-executive director to the Board. A seasoned professional with over 29 years’ experience in the financial services industry, Adeola started his career with Liberty Merchant Bank Limited, before joining Kakawa Discount House as a pioneer staff. He later moved to Trust Bank where he distinguished himself and rose to through the rank to the grade of Deputy General Manager. Following the consolidation exercise and the emergence of Sterling Bank in 2006, he was appointed Head, Telecoms and Corporate Banking Group and was later assigned to head the business of 33 branches in Lagos as the Regional Business Executive. He was promoted to General Manager grade in May 2013 and was appointed Business Executive, Commercial & Institutional Banking, Ikeja & Beyond in March 2015. He holds a B.A. English (1988) from the Lagos State University and a LL.B Law (1999) from the University of Lagos. He is an Honorary Member, Chartered Institute of Bankers of Nigeria (HCIB) and has attended several Executive Programmes from top management universities such as the Wharton School, University of Pennsylvania. Remarkably, Owodeyi, the bank’s

Chief Operating Officer, until his appointment as Executive Director, is a skilled expert with over 28 years’ experience in the Financial Services Industry. Previously, he had served as the Chief Compliance Officer of the bank. Prior to joining Sterling Bank, Owodeyi was a General Manager and Chief Inspector at Aso Savings and Loans Plc and had previously served as a Deputy General Manager and Head of Compliance & Internal Controls (International) with Access Bank Plc. He had at various times worked in BDO Stoy Hayward LLP, United Kingdom; Triumph Bank Plc and Citigroup, Nigeria with a track record of excellent performance. Owodeyi holds a Bachelor of Science degree in Economics (First Class) from Obafemi Awolowo University. He is a senior member of the Chartered Institute of Bankers of Nigeria (CIBN), a member of the Institute of Internal Auditors and a fellow of the Compliance Institute, Nigeria. He is also an alumnus of the Wharton School, Pennsylvania. On the other hand, Rajapur is, at present, the General Manager, Retail & Subsidiaries (R & S) at State Bank of India (SBI). He joined SBI in 1985 as a Probationary Officer. He rose through the ranks and was elevated to the position of General Manager, Retail & Subsidiaries, in May 2018. He holds a Bachelor of Science degree and he is a Certified Associate of the Indian Institute of Bankers (CAIIB). Rajapur was appointed a non-executive director to the board of Sterling Bank Plc in April 2019 as a replacement for Mr. Sujit Varma.

Delta Youths Kick against Planned Relocation of NNPC Subsidiary Sylvester Idowu in Warri The Delta State Ethnic Nationalities Youth Leaders Forum, has kicked against alleged plan by the Nigerian National Petroleum Corporation (NNPC) to relocate one of its subsidiaries, the Nigerian Gas Marketing Company (NGMC) from Warri, Delta State to Abuja. The forum therefore threatened to disrupt oil facilities if the government goes ahead with the plan which they stated was against the interest of the people of the Niger Delta region. “The Delta State Ethnic

Nationalities Youth Leaders Forum is raising the alarm over a looming crisis and disturbance to oil facilities in the Niger Delta region over the plan by the Nigerian National Petroleum Corporation to relocate the head office of it’s subsidiary, the Nigerian Gas Marketing Company (NGMC) from Warri in Delta State to Abuja�, it warned in a statement. The group, in the statement, signed by the President, IYC, Eric Omare; President, INYC, Agbateyiniro Weyinmi; President, INYA, Ovie Umuakpo; President, UYC, Festus Oviesiri; President, NYM, Benjamin

Onwubolu and Emeke Asike of the Ika Youth Movement, said it was in possession of a leaked memo dated the April 3, 2019, and addressed to the GMD of NNPC seeking for approval to relocate the company’s head office from Warri to Abuja, based on alleged security concerns in Warri. The group maintained that the alleged move was against the existing presidential directive that oil and gas companies in Nigeria should relocate their headquarters to the Niger Delta region. The group wondered why an alleged cabal in the NNPC was determined to relocate the headquarters of the NGMC

to Abuja, despite the fact that the gas being marketed was produced in Delta State and its environs. They expressed their determination to resist, “the evil plan by the NNPC top management,� warning that they cannot guarantee peaceful atmosphere for companies to operate in Delta State if the evil plan is carried out. They wondered why Delta State would not be good enough to host the headquarters of a company but was good enough to be the highest oil and gas producing states and thereby contributing substantially to the nation’s economy.

Interswitch Signs Multi-Billion Naira Deal with British Firm Oluchi Chibuzor The Interswitch Group, a Pan-African integrated digital payments and commerce company, has signed a multi-billion naira deal with Bekoz UK Ltd, a British transport ticketing company, to enhance transportation ticketing in Nigeria. The deal, which is worth ÂŁ56 million (N26 billion), will leverage British technology to keep Nigeria’s commuters on the move through the launch of three products developed exclusively for the Nigerian market - the BeCard, the BeVal and the BeReader, with scope to expand this offer throughout Africa. The BeCard is a regular shaped card - like any bank card or the Oyster card in London. The BeVal is the device that is installed on the buses where the passenger taps on - just like on the London buses, while BeReader is the mechanism that makes all these work. Commenting on the partnership, the Divisional CEO for Payment Processing at Interswitch, Akeem Lawal, was quoted in a statement to have highlighted the tremendous potential the partnership offers for revolutionising the transportation system with attendant impact on millions of commuters in Nigeria. He said: “Interswitch believes that the transport system in Nigeria, Africa’s largest consumer market, is ready for innovation. This partnership is a key and

timely milestone in our industry vertical markets’ focus. It is highly compatible with our vision for Interswitch Transport Solutions (Smartmove) which is essentially to progressively facilitate a multi-modal and multi-operator transportation system underpinned by best-in-class technology. “This not only optimises available infrastructural capacity, but also remarkably improves user experience for all parties in the transport and mobility ecosystem. Our partners, Bekoz, bring their expertise and experience to bear, and we are extremely optimistic about the multiplier effects that this initiative will ultimately have on economic activities across the nation.� Bekoz has co-created the technology with Interswitch and owns the intellectual property (IP) while the specifications and manufacturing is done by Delta Microelectronics, a global engineering company with a long and proud history of demonstrated excellence. Speaking in Abuja, at the signing ceremony Jeremy Hunt, the British Foreign Secretary announced that Bekoz would be providing the contactless transit token technology and associated electronic equipment that allows people to travel around Nigeria’s large and varied transport infrastructure, similar to London’s Oyster system. However, this would be tailored to Nigeria’s unique needs.

REWARDING EXCELLENCE

L-R: Chairman, Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo; Managing Director, Vodacom Business Nigeria, Wale Odeyemi; Chief Executive Officer, Communication Week Media, Ken Nwogbo; Commercial Director, Vodacom Business Nigeria, Solomon Ogufere and Chairman, Association of Telecommunications Companies of Nigeria (ATCON), Olusola Teniola, during the 2019 Beacon of ICT Awards held in Lagos...recently g y AKINYELE ABAYOMI

‘Sustainability No Longer an Option for Nigeria’ Mary Nnah Businesses in the country, especially financial institutions have been charged to commit more resources into the principles of sustainability if they want to thrive locally and globally. The Senior Special Assistant to President Muhammadu Buhari on SDGs, Adejoke Orelope-Adefulire and other stakeholders stated this at a 2-day Sustainability Summit hosted by Access Bank, with the theme: Financing Sustainable Development, in Lagos. Delivering a keynote address, Orelope-Adefulire, said the federal government was committed to implementing a national sustainability roadmap for the financial sector. She said the federal government had put some mechanisms in place to ensure hitch-free implementation of the SDGs, adding, “The establishment of my office is a carry-over from the former MDGs under the

presidency. There is also a House Committee on SDGs at the lower chamber, while there is a counterpart Senate Committee in the upper chamber to also provide oversight function and appropriate appropriation for SDGs.� “There is an inter-ministerial committee on the SDGs established to guide the coordinated engagement with Ministries, Departments and Agencies. There is also a Private Sector Advisory Group on SDGs and the Civil Society Strategy Group on SDGs,� she added. In a paper titled, “A New Sustainability Frontier: Business and Population Health�, Dr. Eugene Kongnyuy, who is the Country Representative, United Nations Population Fund (UNFPA), said Nigerian businesses have treated sustainability as a dispensable philanthropic option. While emphasising that corporate sustainability was a form of self-regulation driven by the values and philosophy of a business, Kongnyuy said

focus of most businesses has been on survival, and as such, the pursuit of sustainability is seen as not necessarily good for business. According to him, becoming more sustainable, or “going green�, is a priority at UNFPA. “With its significant purchasing power and large number of partners, the organisation is committed to integrating environmental sustainability into its procurement practices� Speaking on the topic, “From Materiality to Strategy: How Organisations Can Mainstream Sustainability�, Professor Ken Amaeshi, Chair in Business and Sustainable Development and Director of the Sustainable Business Initiative, University of Edinburgh, said there’s a global appetite to incorporate environmental, social and governance risks in lending and investment decisions. He said the broader view of sustainability underlines the value of environmental, social, and economic considerations in decision making.

“It’s directly linked to a quest for development that doesn’t inhibit or harm future generations. It recognises the nested inter-dependency between the economy, society and the environment�, he added. Earlier in her opening remarks, Head of Sustainability at Access Bank Plc, Omobolanle Victor-Laniyan said the bank was fully committed to the principles of sustainability. She said since the renewed effort by the government on sustainability, Access Bank has been playing a pivotal role among other financial institutions in Nigeria at ensuring that the principles of sustainability is brought out to the fore. “We have over the years contributed in no small measures to the development of the principles of sustainability, and it cuts across all sectors in Nigeria. Be it in education, health and many others, we have always extended our kind gestures at developing the society where we operate,� Victor-Laniyan said.

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Ambah: Why Fuel Subsidy Must Be Removed The Managing Director/Chief Executive Officer, FSDH Merchant Bank, Mrs. Hamda Ambah, in this interview urges Nigerians to support the federal government in taking some difficult decision which would be beneficial to the country later. Obinna Chima brings the excerpts: In your outlook on the Nigerian economy, you expressed optimism that the economy will grow in 2019. Few days ago the Nigeria Governors’ Forum warned about the likelihood of another recession. What are those factors driving your optimism? One of such is the current level of crude oil prices. The price at which the budget was benchmarked for crude oil is much lower than where it is right now. Love him or hate him, Donald Trump continues to do things that seem to cause support for the oil market. You may be aware of the exception that had been made to embargo on Iranian oil, he seems to have withdrawn those exceptions and we all saw what happened to oil price during that time. So, there are some opportunistic developments. I don’t think you can plan on those long-term, but you can exploit them while they exist. Apart from that, you have seen some problems going on in the United Kingdom with regards to the fracking market. So, we have to as a nation take our opportunities where we find them. There are also certain things that we are hopeful that in this new dispensation and with the government not needing further re-election, we hope that we would be able to address certain issues that we as a nation must address to make progress. We believe that in the course of this year, at some point, the issue of oil subsidy, has to be addressed. I am a believer in the fact that capitalism must have a human face and that any government that must care for its people must think of the less well-off in the society. So, I have no problem with people who need assistance being assisted, but I have a problem with the assistance that is equally given to billionaires in the country and the poorest men on the streets, which is exactly what we are doing with our current fuel subsidy regime. If you think about it, a lot of people tell you that in this official pump price, there are limited places where you can get them and one of such places is Lagos. Those of us in Lagos and the South-west states are even privileged to even get petrol at the pump price. So, that price we are claiming is too high, most people in other states have been paying it for years. So, the question is, is it really appropriate for the government to be subsidising a select few of us in this part of the country? Even if you are going to say some people in this part of the country also needs it, should the government be subsidising some officials and even people like me and some of my colleagues? I understand the concern of the populace when there is the talk of removing fuel subsidy and I think that is where we need the media to get the right message out in terms of enlightenment. I was recently invited to present a paper to the major oil marketers association. You might be aware that FSDH had the privilege to be appointed as the local adviser to the federal government for the last Eurobond and there have been debate around government’s borrowing. I made them to know that, as an individual when you borrow for investment, there is no problem, it is when you borrow to finance consumption that is a problem. And I think as it is for human beings, so it is for countries. If a country is borrowing to finance development, that is a good thing. But if you are borrowing to finance consumption, then there is a problem. If you look at the figures for subsidy, which I think we have a new way of referring to as we now call it under-recovery, the amount in 2018, was roughly equal the figure we have for what was raised in a bond issuance by the federal government. If we issued a bond and we are trying to raise money to develop our economy, it is a good thing. But it would be a pity when we have almost an equal amount of money just going into oil subsidy. We then realised that if we don’t have oil subsidy, almost twice of what was raised would be available to finance development. But I think it is about the way the message is carried out. So, if we explain to people that by removing fuel subsidy, it means we would have better transportation,

Ambah better education for our children and better medical care. So, if we are able to support the government in making this difficult decision and hold them accountable to deliver the required infrastructure and ultimately it would be better for all of us. So, we believe that in the short-term there would be growth and as we continue to grapple with some of these issues, the growth would get better.

I am a believer in the fact that capitalism must have a human face and that any government must care for its people and must think of the less well-off in the society. So, I have no problem with people who need assistance being assisted, but I have a problem with the assistance that is equally given to billionaires in the country and the poorest men on the streets, which is exactly what we are doing with our current fuel subsidy regime

potential. But do we have reasons to worry about the concerns that were raised by the governors’ forum with regards to the likelihood of another recession? I think in any forecast, there is always a possibility of a downside. But I think the beauty of a discipline like economics, which is different from most other disciplines is that the behaviour of people and what people believe would happen, would often determine what actually happens. So, if all of us believe that there is going to be a recession and we behave in a way that supports that believe, there would be a recession, regardless of what happens. So, when you ask if there is a possibility of recession, my response is that there would always be that possibility and our collective behaviour can influence it. I am not suggesting that things would be easy. Things are not easy anywhere and particularly not in Nigeria. But I am saying that there are opportunities that we can exploit to keep this fragile growth going, until such a time that it can be ramped up and really get us back to that seven per cent, were it used to be. And it is about all of us, as a nation, collectively doing those things that would make that happen. When we get a critical mass behind the right ideas, then everything would be possible. Guess what, in spite of the global slowdown, some countries are still doing well. Meanwhile, there are countries whose growth in terms of percentage are far less than our, but because where they had attained in the past was so high, even the little growth, the effect of it is much better than what we have here. It is basically for us to move this country away from being known as that country that is perennially identified as having great potential, to a country that has realised some of its famous

Some state governments have expressed concern that they might not be able to implement the new minimum wage. What advise do you have for those who are unwilling to implement this policy and how best do you think they can enhance their IGR to meet this obligation? When we talk about Internally Generated Revenue (IGR), I think we need to ask what a state government needs to improve IGR. And I think one of the things that can be low hanging fruit is for people to create a conducive atmosphere that would allow employment in their states. If we go on with a situation where it is only government, that then refuses to pay salary, then we would continue to have problem. We all agree that many, if not most of our state governments have been indebted to their employees for months. But it was interesting for me to know that a state like Borno, where there is so much upheaval, the governor is not owing. What did he do differently? If we understand that human beings deserve a living wage, we would know that N30,000 is not too much for a human being who gets up in the morning and takes public transport to work. So, maybe we should turn the issue on its head that if we accept that this must be paid, a forward-looking state administrator would look at ways to ensure that they pay. If you are to advise the incoming administration, what areas will you want the government to focus on? If you think about it, when the Investors’ and Exporters window was introduced, you would Continued on page 33

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AMBAH: WHY FUEL SUBSIDY MUST BE REMOVED

Ambah have seen the reluctance that surrounded it. It took nearly 18 months of constant pressure and today, everybody is talking about its success. The truth is that you cannot make an omelette without breaking eggs. If we are too afraid, we can never do the right things and we would continue operating sub-optimally. When there are 20 things that should be done and if we can’t do all of them at once, why not pick one and do it and later you do the next one. We must set our priorities. Since Independence, we have just been going downhill. We cannot arrest decline of 59 years in one year or in four years. But we must decide to make a bit of progress. Let us agree that government is a continuum and ultimately we get there. So, there is no magic wand, it is just a series of difficult situations that we need to take, one after the other. You own a pension subsidiary. There appears to be some form of apathy on the part of operators regarding the newly introduced micro-pension scheme. What do you think can be done to increase awareness on this new scheme? I can say that we are very interested in anything that would develop that sector. If you are noticing any reluctance on the part of the Pension Fund Administrators, I think their concerns right now is that the guidelines have not been fully spelt out and in the past when they moved quickly ahead of their regulators to assume certain things and started on certain basis, later on it cost them a lot of money when the regulator takes a different approach. So, now they are going softly until all the rules are spelt out. So, it is in our collective interest to capture as many people as possible into the net. Can you take us through your ďŹ nancial performance in 2018? On 29 April 2019, we held the seventh Annual General Meeting (AGM) of FSDH Merchant Bank. This does not take into account the 20 annual general meetings the company had previously held when it was a discount house. The AGM provided us with the opportunity to update all shareholders about the financial performance of the bank in the 2018 financial year. During the meeting, we laid our audited accounts for the 2018 financial year (approved by the Central bank) before the shareholders. The Group achieved a profit before tax (PBT) of N6.75 billion for the financial year ended 31 December 2018. This represented an increase of 21.4 per cent from the profit of N5.57 billion for the year ended 31 December 2017. Profit after tax (PAT) attributable to the group increased by 13.2 per cent, to N5.37 billion, from N4.74 billion the previous year. Earnings per share (EPS) for the group was 166 kobo, which is 2 kobo more than the 164 kobo earned in the previous financial year. During the period under review, all our subsidiaries posted profits. FSDH Asset Management (FSDHAM) recorded a PAT of N326.87 million, while the PAT recorded by Pensions Alliance Limited (PAL) and FSDH Securities (FSDH-SEC) were N1.47 billion and N64.16 million respectively. A dividend of N3.07 billion has been declared for the financial year ended 31 December 2018 (2017 dividend: N2.21 billion). The amount translated to N1.10 kobo per share (2017: N0.79kobo per share). So, the year 2018 marked the seventh

year of our operations as a Merchant Bank. We remain committed to fostering mutually beneficial relationships with our customers by providing tailored solutions that meet their specific needs. The FSDH Group will continue to work within a robust risk management framework leveraging on technology. We will also continue to collaborate with like-minded partners to develop innovative financing and investment solutions which will enable us to exploit emerging opportunities and create shared prosperity in 2019. Your results showed that your asset base dropped by 17.4 per cent and customer deposit by 14.8 per cent. And of the ďŹ ve merchant banks, it was only your bank that had this kind of trend. What was responsible for this? We should understand that the figures that come out of a statement of affairs or a balance sheet, because it is a snapshot. Having said that, for us, there was a significant transaction that we were involved in that was repaid towards the end of the year. So, in terms of asset base, that was the reason for the drop. From the point of customer deposit, it is one of the things we are working on. We engaged Mr. Taiwo Otiti in August last year was hired as Executive Director for Information Technology and Operations. We understand that, IT is a critical part of our operation for any bank, especially for a bank like ours that does not intend to grow by way of bricks and mortar and branches. The way to reach out now is via technology and some of you must be aware that as a merchant bank, there are certain restrictions we have in terms of deposit size, but we can leverage on technology. Some of the distinctions that existed between the merchant banks and commercial banks are disappearing. For instance, as a merchant bank, I can’t issue cheque books to my clients. But the question is who is interested in cheque book today? So, we are leveraging technology. Also, one of the things that resulted in the drop in our deposit is that we are very mindful of how we raise funds and the cost of funds. We were able, in the course of last year, to issue commercial paper. So, the people who we were taking deposits from in the past bought our commercial paper. So, its same funding, but it was not reported in the balance sheet as deposits. And the beauty of going down the commercial paper route is that in Nigeria somebody can make a 90-day deposit and after few days, he or she will come back for it. But when they buy commercial paper, that is an instrument, they can’t come back for the money. They either hold it till it matures or they sell it to somebody else. In 2018, you did very well in terms of proďŹ tability. However, you lagged the merchant banking sub-sector whose total proďŹ tability grew by over 40 per cent. What was responsible for that? I will like you to re-compute that figure and exclude Rand Merchant Bank, and tell me whether you will still get the figure you got. So, I will say there is an outlier in the industry and you need to look at what took Rand Merchant Bank to where it is, from where it was. However, there are some legacy positions that I will say we have had over the years, that we have been working with, in terms of bond holdings and as we go on, you will see that it is being addressed.

Carrot.ng Counsels Workers on Will Writing Carrot.ng, one of Nigeria’s leading online will writing company has advised workers on creating an estate plan. They advised workers to ensure that they write their will or trust to cater for their beneficiaries while still alive. The company gave the advice in a recent statement to commemorate the 2019 Labour Day and celebrate workers for their dedicated service to the nation. According to the company, based on its research and experience, it would not be beneficial for workers to die or become incapacitated without a succession plan for all they have worked for and leave their family members in problems over inheritance. The company said it had designed products that suit the Nigerian workers. “The Online Will Writing and Trust Platform offers the ease and privacy Nigerians crave when planning their estates. “Among the assets that can be included in a Will are Bank account/Bank Verification Number (BVN), Shares/Central Securities Clearing System (CSCS No), Pension Fund Accounts (PFA), lands, etc.

“In fact, you can also give a certain percentage of your assets to your churches, mosques and for charities. “Not creating your Wills portends very serious consequences, especially the length of time it takes to process letters of administration and the possibility of family members forcefully taking over assets and discomforting the bereaved wives and children,� the statement added. The company also canvassed better working conditions and commended the federal government over the recent increase in minimum wage to N30,000.00. “Life is so full of uncertainties, hence there is a need to consider having an estate plan to mitigate expected and unexpected challenges associated with securing the financial future and comfort of your loved ones. “Putting in place a valid Will offers adequate protection of your legacies, especially for those you truly love should the need arise. An estate plan helps you realise the famous saying of “what we do in life echoes in eternity,� the company said.

The statement added: “Carrot. ng helps you to create, update and schedule execution of your Wills and or other testamentary instruments such as Deed of Gifts, Living Wills, Trusts and Power of Attorney, etc., on a convenient, affordable and secure platform in real time, anywhere. “For a one-time fee of Thirty-Five Thousand Naira Only (N35,000), inclusive of N10,000 payable to the court for stamping, you can become a subscriber, create a valid Will in few minutes, we process at probate and have it delivered to your desired location. “All our subscribers are also rewarded with free One Million Naira (N1,000,000) Personal Accident Cover and Medical Expense Cover of up to One-hundred Thousand naira (N100,000).� Furthermore, it stated: “Also, subscribers can buy healthcare and travel insurance policies on the platform. “Carrot.ng eliminates all barriers preventing many families from getting solid legal and financial protections they need and deserve should the unexpected happen.�

Xpress Payments Wins Awards Xpress Payment Solutions Limited has added to its growing reputation by emerging the best institution in two categories at the Nigeria Fintech Awards. A statement explained that the fintech beat other nominees in its category, taking away the prize for the ‘Fintech Start-up of the Year’ given to the fintech institution that had disrupted the financial services sector with new and innovative services, as well as ‘Female Fintech leader of the Year’ which was duly won by its Group Head, Switching and Terminal Services, Oluwatoyin Albert, for her contributions to the advancement of the fintech sector. A statement from the company explained that both awards further lent credence to Xpress Payments’ already growing reputation as a credible payment solutions provider in the fintech space. The Nigerian fintech awards

is the most prestigious recognition of excellence for the entire financial technology industry in Nigeria. The awards, which is part of activities of the Lagos Fintech Week 2019, was intended to celebrate the achievements of dynamic people and businesses in the fintech sector as well as recognise the best innovations created by the best innovators and entrepreneurs that live and work in Nigeria. Receiving the awards at an event in Lagos, Albert appreciated the organisers for the recognition, noting that Xpress Payments’ dedication to hard work and emphasis on quality and customer needs were being acknowledged. According to Albert, the awards confirmed the organisation’sstrong management and un-matched commitment to service excellence. “This award is a testa-

ment to our firm resolve in continuing to deploy customer-centric innovations by using cutting edge technology for consumer satisfaction and experience. This recognition will further spur us to do more in meeting the needs of our customers with unparalleled services.� Xpress Payment Solutions Limited is a wholly owned Nigerian company which was incorporated in 2016 as a Private Company Limited by Shares. The company has an Authorised Share Capital base of N5 billion issued and fully paid up. Xpress Payment specialises in the design, implementation and provision of platforms for electronic payments, collections, bills payment and funds disbursement. As a shared infrastructure, Xpress Payments provides payment services around transaction switching and processing. The organisation also serves as a licensed payment terminal

AfDB Holds Boards of Governors’ Meeting The 54th Meeting of the Boards of Governors of the African Development Bank (AfDB) and the 45th Annual Meeting of the African Development Fund, the concessional arm of the Bank Group, will be held in Malabo, Republic of Equatorial Guinea from 11 to 14 June 2019. The Annual Meetings are the Bank’s largest event and would bring together about 3,000 delegates and participants. The meetings provide a unique forum for representatives of governments, businesses, civil society, think

tanks, academia and the media worldwide, to dialogue on key issues concerning Africa’s development. This year’s calendar of events includes a high-level presidential dialogue on the topic: ‘Boosting Africa’s Economic Integration.’ There would also be a special presentation of the Bank’s flagship African Economic Outlook publication for 2019, released in January. The theme of this year’s annual meetings is “Regional Integration for Africa’s Economic Prosperity� which is one of the Bank’s five strategic

priorities. “With 1 billion people, Africa has a combined GDP of more than $3.4 trillion. Such a market could create huge opportunities for producers on the continent. But, to make it a reality, African governments and regional economic communities must intensify efforts to facilitate the free movement of goods, services, people and trade across borders. “The Governors of the African Development Bank are from the 54 African regional member countries and 27 nonregional member countries,�

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‘Rewarding Employees Productivity Key to Economic Growth’ Nume Ekeghe The Chief Executive Officer, SB Telecoms and Devises Limited, Mr. Afolabi Abiodun, has stressed that rewarding workers is key towards economic growth in Nigeria. Abiodun is also the founder of TAMS, an organisation that facilitates employee performance and operational

efficiency in every sphere of business by rewarding outstanding workers yearly at the Nigeria’s Employee of the Year Award (NEYA). Speaking at a press briefing to announce its upcoming award ceremony slated for the 16th of May, Abiodun said the award was aimed at enabling productivity in workforce in Nigeria.

He said: “The drivers of NEYA are Nigerians and we are so passionate about our country and we feel that in our own little way let’s make our contribution towards making Nigeria a better country by encouraging outstanding employees.� “Our objective is that Nigerian workers should be celebrated and appreciated.

Currently we are celebrating celebrities and reality stars that are getting so many benefits for doing nothing if you ask me. “Whereas, the Nigerians doing the hard work in hospital attending to patients, teachers who are the foundation of our development and we believe they should be rewarded greatly. “The essence of what we

are doing is to have a productive country. If we want a developed Nigeria, a lot of work has to go into it and that has to start with encouraging the engine of growth which of course are the Nigerian workers.� The top 20 winners would be given a productivity kit with various prizes while the top three would be offered

all-expense paid trip to Dubai and Abu Dhabi with a travel allowance attached. On her part, Chief Matron General Hospital Lagos Island, Mrs. Funmilayo Olawale, who was one of the shortlisted top 20 winners said: “I want to say a big thank you and his is a big encouragement to workers because we are the basis of productivity and production.�

Firm Launches Visa Programme Ugo Aliogo Atlantic American Partners (AAP) has launched the EB-5 Immigrant Investor programme in Nigeria. The move was part of efforts to help potential investors in Nigeria to secure a hassle-free immigration process to live, work, and attend School in the United States America. The programme enables an investor to get a reasonable return on their initial investment. Speaking at the EB- 5 private business meeting organised by Atlantic American Partners (AAP) in Lagos, the Managing Director, Emerging Markets Africa, Daniel Ryan, said the EB-5 visa creates opportunity for foreign investors to invest in the United States and become legal permanent residents in America with a green card. He also noted that the programme comes with several other benefits, including the ability for the investor to travel to his homeland from the US without a visa, ability to sponsor family members for a green card after becoming a citizen. Ryan, added that the benefits also includes access to low or no cost- high-quality primary and secondary public education; and thereafter public or private Colleges and Universities for

participants and their children (21 years old and under, unmarried) at the same cost as US citizens. “Down the road, if the applicant desires, they can apply for US Citizenship and sponsor other family members to move to and live in America. It is important to note that ‘dual citizenship’ between USA and Nigeria is available, which is another tangible benefit to invest in this programme,� he noted. He further stated that the EB-5 visa was introduced in 1990 by the United States Congress and has since enabled a large number of families to live the American dream by granting them permanent residency through investments made in ‘trophy’ new commercial real estate investments. Ryan remarked that the trophy new commercial real estate investments include luxury hotels, luxury rental apartments/ flats, and most recently; highquality student rental housing at American Universities. According to him, “The EB-5 programme requires each EB-5 investor to invest $500, 000 in the United States with projects that Atlantic American Partners oversees as ‘trustee’ that will yield at least 10 permanent jobs, per applicant, for United States citizens.�

NEXIM Bank ED Bags Doctorate Degree James Emejo in Abuja The Executive Director, Corporate Services of NEXIM Bank, Bala Mohammed Ballo, has been conferred with Doctor of Science Honoris Causa in Leadership and Management by ESAU University based in Cotonou, Republic of Benin. The Investiture Ceremony, which took place at the bank’s head office was in recognition of his impressive academic and professional credentials as well as his selfless services to the development of humanity. In its opening statement, which preceded the conferment of the award, the representative of the University noted that “You are one of the most outstanding change agents in Nigeria given your dogged pursuit towards the creation of an enviable corporate envi ronment in the Nigerian financial sector�. The statement further stated: “You are a man who is honest, God fearing, straight forward and sincere.� Bello has successfully completed the High Potential Leadership Programme at Harvard Business School, Boston, Massachusetts and Executive De-

velopment Program at Wharton Business School, Philadelphia, Pennsylvania both in the United States of America. In addition to a certificate in Operations Leadership from the prestigious Richard Ivey School of Business, University of Western Ontario, Canada, as well as Portfolio Management Academy Certificate, New York Institute of Finance, he also holds a Bachelor of Science Degree in Accounting and an MBA from The Ahmadu Bello University, Zaria, Nigeria, according to a statement issued by the bank and made available to THISDAY. He started his banking career with Guaranty Trust Bank Plc and has since then worked in various institutions, including the Securities and Exchange Commission (SEC) and Sigma Pensions Limited, where he was appointed the first indigenous Executive Director/Chief Operating Officer in 2011. The statement added that aside his professional calling, Bello has also been involved in philanthropic activities in his immediate community and beyond for more than a decade, where he embarked on many projects.

NEWOFFERING

L-R: Directors,Terminal 3 Restaurant, Lekan Ajisafe; Olufemi Akinrinmade; Chief Executive Officer, Bunmi Ajisafe; Managing Partner,Tosin Adefeko and Project Consultant, Gbenga Fashola, at a media press briefing to announce the launch of the restaurant and lounge in Lagos...recently.

How Nigerian Breweries Boosted Consumer Engagement Raheem Akingbolu The management of the Nigerian Breweries has stated that the 2019 Easter Carnival will go down in history as the biggest simultaneous Easter celebration ever in Nigeria. According to the company, the exciting experience began on April 19th and ended on April 21st with unforgettable memories of a unique atmosphere of camaraderie across the ten select cities. Stellar performances from Nigeria’s finest music stars marked the events as fans in Abeokuta,

Ibadan, Uyo, Benin, Makurdi, Aba, Enugu, Abuja, Onitsha, and Lagos partied all night long across the various venues. Speaking on the success of the carnival, the Senior TradeMarketing Manager: Strategic Programs, Nigerian Breweries Plc., Abayomi Abidakun said, “We are glad to host the biggest simultaneous Easter celebration Nigeria has ever seen across 10 key cities in Nigeria and we’re happy everyone across these cities had a great time. “Over the years, we have continued to explore avenues

to engage with our customers, and creating the putting together the Easter Carnival is simply in furtherance of that age-long commitment to giving Nigerians the very best of fun, excitement and of course, our favourite beer and malt brands.� Artistes such as Flavour, Phyno, Timaya, MI, Reekado Banks, Orezi, Mr Real, Slimcase, Obesere, MC Galaxy, KCEE, Humblesmith, Harrysong, as well as Wande Coal held the crowd spellbound with their effervescent performances of hit songs.

Holidaymakers in the ten cities rocked with the ear-splitting vibes projecting from the surround systems in sheer appreciation for Nigeria’s biggest Easter celebration. For three days, the Easter Carnival also saw families enjoy fun fairs for their children and fitness activities all while enjoying the rich nourishing goodness of Maltina and Amstel Malta. Remarkably, the Easter Carnival was said to have recorded the largest assemblage of music fans and beer lovers in ten leading cities nationwide united by the universal language of festivities.

Marketing Edge Inaugurates Award Jury Raheem Akingbolu Preparations for the 2019 Marketing Edge Brands & Advertising Excellence Awards are reaching conclusive stages, as management of the marketing and advertising publication recently inaugurated an eightman jury for the industry awards. Members of the panel are: Mr. Lanre Adisa, Jury President and Managing Director of Noah’s Ark; Mr. Kehinde Salami, who is a member of the panel/Managing Director of Ideas House and President of Experiential Association of Nigeria, EXMAN. Others are, Chief Chuddy Oduenyi, Managing Director of Compact Communications, Mrs. Bukola Akingbade, Managing Director of Neukleos Digital and Mr. Femi Adelusi, Managing Di-

rector of BrandEye Media Ltd. and Vice President of Media Independents Association of Nigeria (MIPAN). Also inaugurated, though in absentia, are, Mr. David Okeme, Chief Marketing Officer, Remita Net, Mr. Emmanuel Oriakhi, Marketing Director, Nigerian Breweries as well as Mr. Tokunbo Modupe, Chairman, TPT International. Publisher/CEO of the marketing journal, Mr. John Ajayi stated that the panel, comprising seasoned professionals in their various fields, have been carefully selected to do justice to the entries that would be received for this year’s awards. The publisher specifically stated that the marketing and advertising publication opted for the professionals,

because of the need to further strengthen the brand equity of the publication Awards while further raising the bar of competitive spirit in the Nigerian integrated marketing communications. According to Ajayi, the award has become a yearly creative festival, which industry players and gladiators look forward to. He said the magazine has continued to reposition and re-energise the competitive contest with a view to ensuring sustainability and credibility for ages to come. “We at Marketing Edge are mindful of the onerous and self-appointed task ahead of us in setting agenda while promoting the brand idea, we are by no means going to relent in continually up-grading our Awards as

a standard benchmark for professional excellence in the industry,� he said. Responding, Adisa commended the leading publication for its resilience, doggedness and pace-setting efforts in the industry, assuring that members of his team will definitely do all in their powers to ensure the job was thoroughly and painstakingly done. The awards night would be preceded in the morning by the company’s National Stakeholders Marketing Summit. The theme for this year is “Story Telling as a New Paradigm Shift in Contemporary Brand Building: Convergence of Creativity and Technology.� The keynote speaker expected is Professor (Sir) Chris Ogbechie, Senior Faculty Member, Lagos Business School.

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Beyond Minimum Wage Kingsley Moghalu On May 1, our country celebrated Workers Day. This occasion presents an opportunity to consider the situation of the common man or woman in our country, the role of the labor movement in our political economy, and the undoubtedly weak state of the Nigerian economy today. Congratulations to labor and the federal government on the introduction of a new minimum wage. While the new minimum wage of N30,000 will help tackle poverty, we must do more. Ninety-five per cent of Nigerians still live below $5.5 a day (approximately N170 or N49,500 a month) while 90 million (nearly 50 per cent of our 200 million population) leave below the “extreme poverty� line of $2 a day. Employers and labor should increase labor productivity. Together with broad-based growth across different sectors of the economy, this is what creates inclusive economic growth. The emphasis should be on creating a skilled workforce, and dramatically increasing available electricity, in order to increase the productivity of labor, which in turn can support higher wages. I call on the labor movement in Nigeria to support necessary and fundamental economic reforms in our country, reforms that will ultimately improve the living standards and economic opportunities for Nigerian workers. Labor should hold federal and state governments accountable for their performance on economic management, based on rational factors. How Economic Populism Blocks Possible Reforms Economic reforms in Nigeria should be anchored on the following factors: r"DIJFWJOH UIF SJHIU CBMBODF CFUXFFO UIF SPMF of the state and the private sector; r"O VOEFSTUBOEJOH PG XIBU ESJWFT UIF XFBMUI or poverty of nations – the presence or absence of skilled human capital, strong, independent institutions, property rights, a culture of innovation that is the basis of wealth creation as opposed to reliance on natural resources, capital and affordable access to it; r"O VOEFSTUBOEJOH PG UIF EJGGFSFODF CFUXFFO (%1 growth (total value of goods and services produced annually), human development (real quality of life as expressed in life expectancy, availability and quality of healthcare, education, potable drinking water etc), and structural economic transformation (the shift from dependence on subsistence agriculture or raw natural resources to an industrial economy that creates value-added exports). Sadly, none of these factors exist adequately in the Nigerian economy today. One of the most important reasons for the absence of these foundations is economic populism – a false appeal to the hopes and fears of the common people, set against the interests of the elite. Economic populism can be exaggerated where political expediency leads, as it does in Nigeria, to a tendency to “admire the problem� while taking no real action to address it in a fundamental manner. In Nigeria, this doctrine has led to the huge cost of governance (astronomical salary costs – including “ghost� workers -- for civil servants, politicians and their aides). This phenomenon results in massive recurrent expenditures (currently 70 per cent of the federal budget) that divert resources that should be invested in human development, as well as massive corruption. The temptation to populism is a universal one. When the industrial revolution began sweeping across the western world three centuries ago, a wave of populism resisted the phenomenon out of fear that machines with far greater efficiency and productive capacity would put men assured of manual labor jobs out of employment. Had the populist streak prevailed, poverty would have been the lot of today’s wealthy industrialized world. Fortunately for these societies their leaders could see the longer term benefits of industrialization, and parted ways with the old ways. Petroleum Subsidy versus Oil Industry Reform For several decades now, for example, successive governments in Nigeria have maintained a wasteful and corrupt petrol subsidy regime in the name of the poor. But these subsidies have favored the rich far more than the poor, who do not own petrol-guzzling vehicles. Nigeria has spent an estimated 10 trillion naira over the past decade in petrol subsidies. Many petroleum importers have gotten wealthy on the basis of fraudulent invoices. Subsidies may be used to stimulate production and export of value –added HPPET BT UIF "TJBO UJHFST EJE EFDBEFT BHP CVU when applied to consumption they are often a monument to corruption. The federal government should therefore bite the bullet, remove the petrol subsidy and completely deregulate the downstream petroleum industry. It should move quickly and decisively towards

difficult reforms that will yield fruit for workers, citizens and the economy at large.

Buhari the (at least partial) privatization of the Nigerian National Petroleum Corporation (NNPC). No more dissipation of effort in dictating fuel prizes that are practically impossible to enforce nationwide. The role of the government is an important one. That role is to be a strategic enabler for market economies to create inclusive growth. But government cannot successfully replace the markets as the allocator of the prices of goods. It can intervene strategically and occasionally to moderate any observed excesses of market behavior. Nigeria’s oil industry ought to be liberalized (but not without strategic provisions for the interests of the populations and the environment of the oil-producing states). That is not because the state cannot run corporations, conceptually speaking. That is a position of classical neoliberalism. It is only partially correct to the extent that deregulation and a level competitive playing field will help achieve price equilibriums and remove corrupt arbitrage and the worst kinds of crony capitalism. More accurately, the Nigerian state should not run businesses because as a matter of factual contemporary experience, it can’t. The track record JT UIFSF GSPN /JHFSJBO "JSXBZT UP /*5&- BOE UIF Nigerian National Shipping Line. But state owned or state-invested companies have succeeded in TPNF KVSJTEJDUJPOT TVDI BT $IJOB 'SBODF (FSNBOZ and Japan alongside the more dominant private enterprises. The main reason the Nigerian state cannot run companies well is because we have fundamental problems of nationhood, ethos, and the organising principle. The federal government must develop and articulate a comprehensive plan to move Nigeria away from oil dependence over the next seven years. The plan should have timelines, including a short-term three-year plan to 2022, with concrete deliverables and accountabilities. The plan should be inter-sectorial, demonstrating how a linked-up combination of policy and private sector actions in areas such as trade, industrial, fiscal and infrastructure policy will deliver a diversified revenue base. It should have specific targets for revenues from the non-oil sectors. The Economic Recovery and (SPXUI 1MBO &13( JO JUT QSFTFOU GPSN EPFT OPU rise to the level of such a plan. 4BVEJ "SBCJB B NVDI XFBMUIJFS PJM EFQFOEFOU country, has developed a four-year national transformation plan to prepare it for a world beyond oil. The plan’s specific components are known: the country has ended petrol subsidies and will build a new $2 trillion sovereign wealth fund that will be the largest in the world. It will privatize "SBNDP JUT OBUJPOBM PJM DPNQBOZ BOE UVSO JU JOUP an industrial conglomerate, making its shares part of the new sovereign fund. The whole point of the plan is to make investments by the sovereign fund, not crude oil, the main revenue earner for the kingdom by 2020. There is little evidence of such an intellectually and programmatically well-articulated economic diversification strategy in Nigeria today. We cannot grow on a diet of good intentions. It is not too late for the Federal (PWFSONFOU PG /JHFSJB UP DSFBUF B CFUUFS FDPOPNJD future for us all.

How Forex Policy Strangles the Nigerian Economy Our foreign exchange policy is essentially subsidizing a massive import economy that prevents the structural transformation of our economy. The equilibrium exchange rate (price or value) of the naira is determined mainly by purchasing power parity, the strength or weakness of our productive and export economy, the price of oil, and the quantum of our fiscal savings. The price of crude oil, which gives us 90 per cent of our dollar revenues, is subject to external factors beyond our control. Today’s oil price of above $70 notwithstanding, the oil price will drop again. We do not have a “hedging� policy to manage this risk. The exchange rate of our legal tender relative to others will naturally deteriorate when this happens, especially if external reserves are spent to stabilise the naira. We have no fiscal savings as a buffer, having wiped out our Excess $SVEF "DDPVOU GPS iQPQVMJTUu SFBTPOT We should reposition by engineering our economy to benefit from this scenario since importation will become more expensive. We ought to shift to a productive economy based on exports not of other raw commodities or crude minerals, but of value added products. The absence of such multi-sectorial policy action is why past devaluations did not help our economy. Meanwhile, we should encourage dollar inflows from investors to address forex supply scarcity. Without a flexible and transparent exchange rate, this will not happen to extent that is necessary. " GFX ZFBST BHP UIF NFSF BOOPVODFNFOU FGGFDU PG an intention to move to a flexible exchange rate by the central bank (which ultimately did not happen) saw our stock market rise by $1 billion in a couple of days. Nigeria is an important economy, and many around the world are keen on doing business in and with it. But not at all cost. Yet, despite not having a strong manufacturing and export base, we erroneously believe that an artificially strong currency is “better� for the purchasing power of “the masses�. So we “must� maintain the naira’s artificial strength in the face of all logic as a matter of “the national interest�. In doing so we carry are, in effect, protecting the “national interest� of the vested interests that have access to and profit mightily from subsidized dollars. Leadership, and the Role of Labor Leadership is the antidote to populism. Rational, evidence-based economic policy is essential for economic transformation. Combined with other attributes such as vision, decision-making and others, the ability to formulate and execute evidence-based policy and to communicate effectively to citizens and stakeholder groups why certain reforms are necessary and cannot be delayed, is a critical aspect of effective leadership. It can make the difference between the progress and wealth of nations across generations, on the one hand, or stasis and retrogression (as is the case in Nigeria) on UIF PUIFS 5IF MFTTPOT GSPN -BUJO "NFSJDB XIJDI flirted with populist macroeconomics for several decades to ultimate failure, are apt. This is where the role of labor comes in. Labor can work with a competent government to sequence and manage

Conclusion Populism, resilient in our governance culture since the 1970s, has made us a poor country. It is the reason Nigeria failed to develop a strong savings habit. The political culture operates with the mindset that all public income must be spent, including even what we have not earned! It is why Nigeria is today heading back towards a debt crisis with an ultimately unsustainable debt burden. It is why we did not set up a sovereign wealth fund in the heyday of the oil price, and even when we did decades later, the project still faced stiff resistance from several politicians. It is why the federal government “bailed out� profligate states that carry on as if the only reason they exist is to pay the salaries of bloated bureaucracies. Some of the bailout funds reportedly went missing. The “workers� must be “paid�. In the name of populism, corruption and other bad habits thrive and poverty reigns. Populism should no longer hold rational economic policy thinking hostage in Nigeria. Our federal and state governments were elected to deliver progress for citizens, not to continue recycling the status quo that, from every evidence, has failed to deliver prosperity. Beyond immediate policy actions, the constitutional restructuring of Nigeria back to true federalism by transforming our geopolitical zones into regions that will be the federating units and geo-economic zones, remains the long-term path to prosperity for the millions of our country’s poor. Recommendations r 5IF GFEFSBM HPWFSONFOU TIPVME EFWFMPQ and establish, in consultation with labor unions, a set of policies to mitigate the likely short-term inflationary impact of the removal of petrol subsidies, and permanently end such subsides as from the budget for 2020. r%FSFHVMBUF UIF JNQPSUBUJPO BOE TBMF PG QFUSPM in order to produce a market-determined price of petrol and mitigate adverse inflationary effects in the medium term. r'(/ TIPVME FTUBCMJTI B NPSBUPSJVN PO GPSFJHO borrowing alongside measures to improve taxation revenue. r'(/ TIPVME DPNNFODF B QSPHSFTTJWF SFEVDUJPO of recurrent expenditure by 10 per cent every budget year from 2020. r5IF $FOUSBM #BOL PG /JHFSJB TIPVME BCPMJTI differential exchange rates and establish a uniform exchange rate for all transactions. r5IF $#/ TIPVME BCPMJTI UIF CBO PO QSPWJTJPO PG foreign exchange for the importation of most or all of the “40 items� denied forex; prior to this action the Federal Ministries of Finance and Industries, Trade and Investment should establish appropriate tariffs for the imports of luxury and non-essential items while creating policy to give reasonable advantages for locally manufactured goods, including enhanced export incentives, in order to realign the Nigerian economy towards competitive manufacturing for domestic and export markets. r'(/ TIPVME TVCNJU BO &YFDVUJWF #JMM GPS UIF BCPMJUJPO PG UIF -BOE 6TF "DU BDDPSEJOH UP B TUVEZ by PwC, this legislation and policy action will liberate hundreds of billions of dollars of “dead� capital (potential but suppressed financial values in land and property-related transactions) that could lift off the Nigerian economy r'(/ TIPVME TUSFOHUIFO UIF QPMJDZ FOWJSPONFOU to encourage mass production of innovation and a pipeline of the products of innovation into commercial markets. r"T GSPN UVSO UIF / CJMMJPO CVEHFU GPS the Social Investment Programs into a one-time equity contribution to a public-private venture capital fund of N1 trillion for innovation and small scale entrepreneurship aimed at helping the poor and unemployed escape poverty by creating wealth and inclusive economic growth. The venture capital fund should be managed by the private sector, which will bring in the other N500 billion in capital. This reform will bring in equity capital into the lower strata of the Nigerian economy, complementing efforts by the CBN, such as the establishment of National Microfinance Bank that will lend at single-digit rates, to improve affordable access to credit. It will also contribute to bringing in the informal sector, which contributes about 65 per cent of Nigeria’s (%1 JOUP UIF GPSNBM FDPOPNZ BOE UIVT FYQBOE the tax net. It will also create millions of new jobs for unemployed or under-employed youth. Prof. Moghalu is the Founder/President, Institute for Governance and Economic Transformation, Abuja

36

T H I S D AY ˞ ʹ˜ 2019

BUSINESS/MONEYGUIDE

NeFF Cautions against Phishing Sites,Apps Nume Ekeghe The Nigeria Electronic Fraud Forum (NeFF) has warned against downloading apps that may carry phishing capabilities to unsuspecting mobile banking users as mobile fraud rise in Nigeria. The NeFF gave the warning over the weekend, at its Annual General Meeting in Lagos, where it stated that hackers were targeting to access unsuspecting customers through mobile apps. It stated: “Rogue mobile apps are assumed to be one of the fastest-growing phenomena among cybercriminals. Fraudsters create malicious apps that appear genuine, taking advantage of the trust of customers to access their personal information. This can be viewed as a form of phishing on the mobile platform.� In terms of its forecast for 2019, it stated: “Financial institutions will be the major target of such criminal actions in 2019.� It revealed that data showed that the value of fraud commit-

ted stood at N511,072 million in 2016, dropped to N259,022 million and N202,037 million in 2017 and 2018. However, fraud via ATM channels rose from N464,514 million in 2016, to N497,643 million in 2017, and then dropped to N497,124 million in 2017. Likewise, mobile payment fraud rose to N598,811 million in 2018, from N347,645 million in 2017and N235.17 million in 2016. Further a decline in fraud via Internet banking was recorded, as it fell from N320,665 in 2016, down to N143,144 million in 2017 and further declining to N92,770 million Also, the Central Bank of Nigeria (CBN) Director, Banking and Payment System Management Department CBN, Mr. Sam Okojere, said more efforts were being made to ensure the safety of customers’ funds. Okojere, who is also the chairman of the forum, said this at the unveiling of the 2018 NeFF Annual report. He said: “In terms of the future outlook, NeFF intends to

introduce some payment valves in the ecosystem which includes embarking on a multi-industry coordinated fraud awareness campaign to extend the concept of an anti-fraud forum to cover the West African sub region, constitute a consumer protection plan and operationalise the Payment System Security Risk Management Center (PSSRMC) which of course will include a dedicated police desk that will focus on payment and card crimes. “This was further highlighted at the Steering Committee meeting and strong steps are being taken in order to ensure that all these tasks that lie before us are achieved speedily. While we work towards achieving all the afore-mentioned tasks, the security teams of financial service providers must also continually rethink their strategy, from automating their security hygiene measures to replacing isolated security devices with an integrated security architecture that can seamlessly stem the tide of fraud attacks.

NSIA to Increase Investment in Infrastructure The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has indicated its preparedness to deploy more capital towards developing infrastructure in the country. The agency disclosed this in its audited financial results for the 2018 financial year released recently. The NSIA recorded strong performance in a year when many international markets under-performed and the global economy experienced a moderate pace of expansion. Despite concerns over international trade flows, slow growth in key economic indicators and increased volatility across financial markets, the Authority’s investment strategy proved robust with headline numbers maintaining a favourable trajectory across the three funds – Stabilisation Fund, Future Generations Fund and Nigeria Infrastructure Fund. The results showed that Its total comprehensive income (including the impact of foreign exchange

gains) stood at N44.34 billion, higher than the N27.93 billion recorded the previous year. On the other hand, its total comprehensive income, excluding the impact of foreign exchange gains, in the year under review, was N26.29 billion, as against the N26.28 billion recorded the previous year. In addition, total assets recorded a growth of 16 per cent, to N617.70 billion at year end, up from N533.88 recorded the previous year. It disclosed that in the previous year, it raised its focus on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions. For instance, in healthcare, the NSIA reached financial close on three healthcare projects including a Cancer Centre at Lagos University Teaching Hospital (LUTH) and Advanced Diagnostic Centres at Federal Medical Centre Umuahia (FMCU) and Aminu Kano Teaching Hospital (AKTH). “We have commissioned the LUTH cancer Centre. The facility will soon be fully open for clinical

operations,� it explained. Under the Presidential Fertiliser Initiative, the agency disclosed that it increased output with approximately 12 million bags of fertiliser produced to date with a total of 18 blending plants participating. “The Presidential Infrastructure Development Fund (PIDF): Received US$ 650million from NEC and commenced capital deployment across three of the major road projects under PIDF including second Niger Bridge, Lagos – Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road. “The joint venture of NSIA and UFF reached financial close on Project Novum, a fully integrated farm located on 3,500 hectares of land in Panda, Nasarawa State. “InfraCredit: NSIA having created InfraCredit, attracted other investors to the company and de-recognized it from the book. InfraCredit is poised to transform the infrastructure bond market having facilitated transactions for North South Power and Vitan. New investors in InfraCredit AfDB and KfW.

R-L: Representative of the Managing Director, Nigerian Ports Authority (NPA) and Executive Director, Marine & Operation, Dr. Sekonte Davies, exchanging pleasantries with Chairman of the Amalgamation of Containers Truck Owners Association of Nigeria (ACTOAN), Mr. Olaleye Thompson, at the inauguration of the LilyPond Truck/Trailer Park at Ijora, 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)

Access Bank Disburses N1bn to SMEs in Health Sector James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË Access Bank Plc has disclosed that it has provided over N1 billion towards financing Small and Medium Enterprises (SMEs) in the health sector. The bank’s Executive Director, Mr. Victor Etuokwu, Access Bank remains committed to enhancing the well-being of its customers in recognition of its role as one of the drivers of national economy. Speaking at a business workshop for health practitioners in Abuja, which was organised by the bank in partnership with Medical Credit Fund and JNCI recently, the bank ED stressed that the financial institution has a role to play in supporting growth of the economy through the empowerment of customers by enabling access to finance,

capacity development and mentorship. He said the training session was specifically aimed at SMEs in the health sector to commemorate the World Health Day which is marked annually on April 7. Further justifying the bank’s intervention in the health sector, Etuokwu said: “The health sector guarantees that people are able to even do business, so it is a sector that tends to well-being. And anything that tends and drives the well-being of human beings will do well. “As you know, even health is the most critical element of your well-being- if you are not healthy, you can’t do anything. So, any sector that drives healthy conditions, supports you to be well is where everybody will gravitate to.

“It is a sector that we need to finance a lot more, it needs to be a lot more structured, we need to have a little more health professionals in the country. “If you look at the ratio of health workers to population it is very low...Effective demand for health, the ability to pay for health services is quite low in the country so we need to urge government to invest a lot more in health insurance. Health insurance drives the health sector. So, as that happens, you will see that there will be lots of caregivers in the country.� He said though the bank lends to good borrowers, attendance at the workshop could enhance participants’ chances of accessing credit from the bank as they would have benefitted from the knowledge sharing sessions.

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 THURSDAY, 2 MAY 2019

The price of OPEC basket of fourteen crudes stood at $70.98 a barrel on Thursday, compared with $72.00 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna

37

T H I S D AY ˞ ʹ˜ 2019

MARKET NEWS

FBN Holdings Assures Shareholders of Better Future Goddy Egene The Chairman of FBN Holdings Plc, Mr. Oba Otudeko, last Friday assured shareholders of brighter future and enhanced dividend in the years ahead. Otudeko, gave this assurance while addressing the shareholders at the seventh annual general meeting (AGM) of the holding company held in Lagos. He disclosed that FBN Holdings has mapped out

strategies aimed at ensuring enhanced value creation for the future, noting that the board and management would work together to build strong foundation for the future. He said: “We are not resting on our laurels, and our renewed approach to synergy and innovation will be major drivers to unlocking earnings potential for our group. We believe that our efforts to integrate our offerings and provide end-to-end solutions

P R I C E S MAIN BOARD

F O R DEALS

for our customers will create a competitive advantage in our markets,� he said. In his address, Group Managing Director FBN Holdings, Mr. Urum Kalu Eke, said that the company was committed to greater exploits in the future in its drive to deliver value to its shareholders. “I would like to reiterate our promise to you and the entire market that 2019 represents for us the year of inflection.

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

All leading indicators, derived from our numbers, point to the commencement of growth across businesses, markets and indices. “As we transition to a new strategic planning cycle post-2019, we are confident that the focused execution of our strategy, investment in future-enabling technologies, development of our talents and our re-engineered processes to repositioning the group for ultimate benefit of the shareholders,� Eke said.

T R A D E D MAIN BOARD

A S

He also commended the shareholders for their unwavering support to the group over the years. FBN Holdings posted a profit after tax of N59.7 billion for the year ended December 31, 2018, compared with N45. 5 billion recorded in 2017. Impairment charges were reduced from N150.4 billion to N87. 3 billion, which is an indication of improving loan book. The board of directors recommended a dividend of

O F

N9.3 billion, which translated to 26 kobo per share. Speaking further Eke said: “For liquidity perspective, you have a strong institution that would pay dividend on a regular basis. We have built capital buffet at the commercial bank and the other entities are well capitalised also. “2019 promises to be a much better year than 2018; all operating entities are in safe hands with good management teams.

2 7 / 0 4 / 2 0 1 9 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, MAY 6, 2019

38

7 R S * D L Q H U V T ic k er

7 R S 7 U D G H V E \ 9 R O X P H

P ric e

P ric e C hg %

Vo lum e

P ric e C hg %

C OUR T VILLE

0.22

10.0%

T R A N SC OR P

92.6

2.5%

F ID SON

4.60

9.5%

A C C ESS

60.4

0.0%

CCNN

15.85

8.6%

C OUR T VILLE

33.4

10.0% -0.5%

T ic k er

J A P A ULOIL

0.39

8.3%

FCM B

18.7

A GLEVEN T

0.28

7.7%

Z EN IT H B A N K

17.0

-0.9%

J A IZ B A N K

0.54

5.9%

CHA M S

16.9

-10.0%

UN ION D A C

0.24

4.3%

UA C N

16.6

2.9%

LA SA C O

0.30

3.4%

J A P A ULOIL

13.4

8.3%

UA C N

7.00

2.9%

ST ER LN B A N K

12.7

0.0%

1.18

2.6%

UB A

11.7

0.8%

H ON YF LOUR

7 R S / R V H U V T ic k er

P ric e

P ric e C hg %

CHA M S

0.45

-10.0%

A C C ESS

414.6

0.0%

GOLD IN SUR E

0.36

-10.0%

M OB IL

359.5

-0.4%

D A N GF LOUR

17.10

-9.8%

Z EN IT H B A N K

358.8

-0.9%

M C N IC H OLS

0.50

-9.1%

NB

197.1

0.5%

SOVR EN IN S

0.23

-8.0%

GUA R A N T Y

136.6

1.4%

R EGA LIN S

0.23

-8.0%

T R A N SC OR P

122.4

2.5%

ET ER N A

4.05

-8.0%

UA C N

115.9

2.9%

WA P IC

0.37

-7.5%

N EST LE

100.6

0.0%

1.41

-6.0%

D A N GF LOUR

86.1

-9.8%

-5.0%

UB A

78.1

0.8%

NP FM CRFB K VIT A F OA M

Afrinvest West Africa Limited

7 R S 7 U D G H V E \ 9 D O X H

3.99

T ic k er

Value

Brokerage

Asset Management

Investment Research

Ayodeji Ebo | aebo@afrinvest.com

Ola Belgore | obelgore@afrinvest.com

Robert Omotunde | romo-

Adedoyin Allen |

Oluwarotimi Ashimi | oashimi@afrinvest.comJolomi Odonghanro |

P ric e C hg %

39

MONDAY, MAY 6, 2019 ˾ T H I S D AY

MARKET NEWS

FCMB Shareholders Approve N2.8bn Dividend, Hail Improved Performance Goddy Egene Shareholders of FCMB Group Plc have commended the board, management and staff of the financial institution for recording an impressive performance for the year ended December 31, 2018 in spite of the challenging operating environment. FCMB Group’s profit before

tax (PBT) rose by 73 per cent to N18.4 billion in 2018 to N11.5 billion in 2017. Customer deposits increased by 19 per cent to N821.7 billion, demonstrating customers’ confidence in the bank, while loans and advances stood at N633 billion. Total assets went up by 21 per cent to N1.43 trillion, just as capital adequacy ratio stood at 15.9 per cent. The directors recommended

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 dividend of N2.77 billion, which is 14 kobo per share. Speaking at the annual general meeting (AGM) in Lagos, shareholders hailed the performance and approved the dividend. For instance, the Chairman of Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, expressed delight on the increased

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 02-

dividend payment. “This is an excellent result achieved by FCMB Group in a period of low economic activities in the country. I am highly impressed with the group’s balance sheet quality which witnessed a high growth. This shows vigorous policies that have positively impacted on and optimised the balance sheet. Another significant

aspect of the performance of FCMB is the growing contributions of the subsidiaries in the profit margin. The 14kobo dividend declaration signals FCMB’s commitment to improving the lots of shareholders,’’ Muktar said. In his address, the Chairman of FCMB Group, Mr. Oladipupo Jadesimi, said:”In 2018, we continued to move forward on

the path of good governance, strengthening and improving our corporate governance structure and bringing it into line with our long-term strategy and the highest international standards. This was in order to increase the confidence of our shareholders, investors and other stakeholders in an environment that is demanding even more transparency.’’

May-2019, unless otherwise stated. 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 2.93% 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 16.11 16.60 -2.90% ARM Discovery Fund 352.51 363.14 -1.16% ARM Ethical Fund 29.04 29.91 2.83% ARM Money Market Fund 1.00 1.00 13.14% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.94% Paramount Equity Fund 12.04 12.13 1.90% Women's Investment Fund 105.84 106.38 2.15% 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 11.94% Coronation Balanced Fund 0.84 0.85 Coronation Fixed Income Fund 1.18 1.18 5.38% 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 1,175.69 1,176.51 5.39% FBN Heritage Fund 143.81 144.80 0.28% FBN Money Market Fund 100.00 100.00 13.26% FBN Nigeria Eurobond (USD) Fund - Institutional 118.99 119.40 4.48% FBN Nigeria Eurobond (USD) Fund - Retail 118.88 119.29 4.64% FBN Nigeria Smart Beta Equity Fund 143.87 145.93 -4.09% 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 Debt Fund 3.38 3.38 4.06% Legacy Equity Fund 1.16 1.18 -5.27% Legacy USD Bond Fund 1.05 1.05 1.57% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 12.42% Nigeria Entertainment Fund 108.93 109.40 1.32% 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 12.98% Vantage Balanced Fund 2.17 2.19 0.83% Vantage Guaranteed Income Fund 1.00 1.00 15.06% Kedari Investment Fund (KIF) 129.51 129.86 3.73%

LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.16 1.18 1.59% Lotus Halal Fixed Income Fund 1,090.44 1,090.44 4.50% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.27 1.29 3.63% PACAM Fixed Income Fund 11.34 11.40 2.00% PACAM Money Market Fund 10.00 10.00 13.13% 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 2,359.18 2,372.01 1.93% Stanbic IBTC Bond Fund 199.09 199.09 4.71% Stanbic IBTC Ethical Fund 0.93 0.94 -1.58% Stanbic IBTC Guaranteed Investment Fund 252.85 252.88 2.30% Stanbic IBTC Iman Fund 159.77 161.50 -2.08% Stanbic IBTC Money Market Fund 100.00 100.00 12.74% Stanbic IBTC Nigerian Equity Fund 8,216.90 8,310.08 -3.24% Stanbic IBTC Dollar Fund (USD) 1.11 1.11 -0.11% 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 10.67 10.83 1.53% Zenith Ethical Fund 12.13 12.27 1.75% Zenith Income Fund 21.67 21.67 12.40% Zenith Money Market Fund 1.00 1.00 11.60%

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

9.88 104.59 84.51

9.98 106.80 86.05

-6.34% -10.84% -4.70%

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

3.78 6.69 13.73 10.74 153.61

3.82 6.77 13.83 10.94 155.61

-5.54% -12.17% -8.14% -13.02% 6.97%

NAV Per Share

Yield / T-Rtn

106.90

17.40%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

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CITYSTRINGS

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

Reform without Premium on Police Welfare The recently passed 2019 Police Reform Bill by the Senate did not give premium to better welfare package for police officers, especially those caught in harm's way while carrying out their duties, Sunday Ehigiator reports

F

or Supol Joseph Izunyon (now retired), it has been 18 years since he was attacked by seven notorious armed robbers, shot 19 times and left for dead. Izunyon survived such, ‘a near death’ experience after they were ambushed by the armed robbers along Itori area of Lagos/Abeokuta Expressway, with no medical support, or compensation whatsoever from the Nigerian Police till date. For several years, the cry for better welfare package for the Nigerian Police, especially junior police officers, who are caught in harms way and associated to most police atrocities recently making round, has been on. Unfortunately, the cry never penetrates the ears of decision makers as they fail to see that better police welfare package goes beyond the insignificant salary increment or change of uniform from black to blue. One would have hoped that amidst other concerns addressed by the Police Reform Bill recently passed by the Senate on April 17, 2019, the welfare of police officers; especially the rank and file would be paramount, given the continuous clamour to address the increasing menace of indiscriminate killings by trigger-happy police officers. With the death of Kolade Johnson still fresh in mind, the reform bill comes handy, but with disappointment on its insignificant attention on policr welfare; which is a very critical aspect that demands maximum attention in the quest for public safety in the hands of those employed to protect them. There is a strategic link between the well-being of the rank and file in the police and the security and safety of the nation and the citizens. The two cannot be separated. It is only when we take due care of these men and women that we can legitimately demand that they perform their duties with optimum zeal. To this extent, a demoralised police force, cannot fulfil that duty of security. Since the epicentre of the criminal justice system is the police, it is a shame that policemen are easily treated almost with contempt, without reckon to the fact that they are a product of a demoralising system that values their properties than the lives of the officers that posses them. While the misconduct of a few bad eggs have turned some Nigerians against the police, majority still appreciate that what they do is a dangerous job as they confront criminalites that the rest of society only imagine or watch on television within the comfort of our homes. When THISDAY visited Supol Izunyon (rtd) in his home in Abeokuta, it was about after-meal time, as he was armed with his packs of drugs by the dining ready to take them immediately so to keep his heart and blood pressure in shape. Izunyon is one of several other voiceless and abandoned police officers who were caught in harms way, while officer and got no medical attention or compensation whatsoever from the police force afterwards. But for the mercies of families and relatives, he would have long been dead, buried and forgotten. As he narrated his story to THISDAY, he could visibly be seen trying to hold back his tears. According to him, “It was around May 2001, when I encountered the worst nightmare of my life as a policeman. I was then a Sergeant in the force when I was drafted into a newly launched operation ‘Fire For Fire’ (FFF) back then. I was drafted into the operation due to my experienced background as a mobile police, as it was decided that only policemen with a such a background should be drafted into operation of FFF.

IG Mohammed Adamu

�I was serving at Adatan Police Station in Abeokuta. On the fateful day, we were on patrol around the Abeokuta/Lagos Express; particularly close to Sango, heading to Ewekoro, when we got signaled from the office that highway robbery was going on in Sango-Ota. �Before going on duty that day, I opted to drive the team since our official driver called in sick and I was the only one with good driving skills among my team consisting of eight policemen as led by one supol. Due to this, I wasn’t armed, though I didn’t feel comfortable about not being armed, but since the other seven members were fully armed, I felt confident and secured. “So, we set out to apprehend the robbers. The distance between Sango and Aro area which we were told they were operating is about 45minutes. When we were about 15 minutes into the journey, I noticed that there were almost no oncoming vehicle, from the opposite lane, and the few I saw passed us, were trying to signal us about the closeness of the robbers, which I understood, and immediately had a prompting to tell our team lead to call the office to reconfirm if the robbers were still in the location as earlier reported. But he refused and instead gave a direct order for me to drive on. I tried to argue further but he said, ‘obey before complain’. hence I mellowed and put the rest into God’s hands. I already knew in my spirit that, things will turn out messy, because our approach wasn't tactical, but I could do nothing but obey. “As I was approaching a bend in Itori, we were heads-on with the robbers but we didn’t know until they started shooting at us; because our van was easily identified from miles away. So immediately I saw them shoot at us from afar, I put the vehicle on reverse. Before they got close, I was able to stop the car a bit so my other colleathese could jump out of the car and setthese bus. Unknown to me, they all fled. I had the same opportunity to escape but the car was a new one and the police won't take kindly to it spoiling. �I was still expecting my colleagues to open fire on the criminals, but they

Rtd. Supol Izunyon Joseph

never did. So I kept running with the vehicle on reverse, and they kept firing at me while chasing me till my strengths could no longer carry me. Already, several bullets had entered my body, including the one that was close to my heart, but didn’t touch it. I didn’t even feel anything entering my body until one brushed the back of my neck. �When I saw that they have caught up with my vehicle, I parked it and was waiting to take my last breathe. But one voice told me to crawl out and as I did, I crawled into the bush. They kept shooting and some bullets still touched me. I didn’t stop crawling until I stopped hearing gunshots. I was tracing my way back to the road when I heard my colleagues calling me. They rallied around me and finally got a transporter to carry me. I passed out and they took me to Igbobi Medical Center in Sango. A nurse first declared me dead before the Indian doctor that owns the place checked and took me into surgery immediately. The x-ray only saw three bullets and they were successfully removed. �When I regained consciousness, the pains were excruciating. The hospital didn’t collect a dime from me for the four days I spent at the hospital. From the hospital, I was taken to a Trado-medical practitioner’s home when I couldn’t bear the pains again. There, 16 more bullets were extracted from my body making it a total of 19 bullets. After then, I returned to the hospital for proper treatment when I started having difficulty breathing. There it was discovered that my blood pressure was irregular and I had developed hypertension. I was admitted and placed on medication for almost a month, before I was discharged. �During treatment, my family tried to reach the police but no help came from them. All the money I spent was from family and few friends. During the time my family were making efforts to get help from police, the then Ogun State Commissioner of Police, now retired too as a DIG, came to visit me on admission and gave me N5,000 from his pocket. And that was all. “Since the incident, I spend about

N50,000 on drugs monthly. When I got back to my feet and returned to work, I decided not to report my colleagues since God still used them to save my life afterward. They could have just absconded without looking back but they didn’t. I forgave them for that and avoided mentioning their in-actions. I got no special promotion, award or refunds till date. I rose through the ranks as a normal officer and retired as a DSP. The only favour I got from the force was that they re-posted me to a station closer to my house due to my health situation. They posted me to Ibara Police, a station back then because I was still living in Amolaso then. Now that I am retired, I have been spending my pension on drugs monthly. I would be glad if government can at least still remember me for good and come to my aid in anyway they can support me.� When asked his view on the Police Reform bill newly signed into law, he said, “It is welcoming and a good one in this present day. A right step in the right direction especially with the unbearable extra judicial killings trending in Nigeria currently. But you should also know that, there is no fire without smoke. This thing is sometimes out of frustration, just the way other private workers could be frustrated with their work and how they are being treated by their employees. “Even common health insurance is a big problem for government to get for police officers. They at a point began that but they owe the insurance company, hence when need arises, insurance won’t show up. This is bad for the country in general because the police won’t respond to distress calls or they will show up later when the crime has already being committed, and they would keep on carrying out their frustration on innocent citizens; which is bad.� Asides Izunyon, several abandoned policemen are out there, waiting a miracle to take care of their health without help from government. Until every policeman’s health; including mental and otherwise becomes top priority, there may just be a call for another all-encompassing police reform.

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CRIME&SECURITY CRIME SITUATION REPORTS

THE NATIONAL AGENCY FOR THE PROHIBITION OF TRAFFICKING IN PERSONS (NAPTIP)

Chief of the Naval Sta, Vice Admiral Ibok-Ete Ibas presenting a souvenir to the Commander PLA Navy, Vice Admiral Shen Jinlong, during Iba’s visit to Pakistan...recently PHOTO: NHQ

Lagos State DSVRT Holds Sensitisation for Students In a bid to ensure continuous sensitisation of students on Sexual Harassment and safety on campus, the Lagos State Domestic and Sexual Violence Response Team recently engaged students of both the University of Lagos and Lagos State University. The sensitisation was done during the orientation programme for fresh students who have recently been enrolled into the two higher institutions. According to the Coordinator, Lagos State Domestic and Sexual Violence Response Team, Titilola Vivour-Adeniyi, the team spoke on the topic “Prevention of Rape and Sexual Assault on Campus". She said the focus on fresher students is key as statistics have shown that they are at a greater risk of being sexually abused on campus due to perceived naivety and an initial lack of safety awareness within campus or red flags they should be wary of. Also, they were also informed of what consent entails and understanding that it is freely given, reversible and specific. The team also used this opportunity to address the criminality of sexual harassment making it clear that students should report lecturers and people in authority in the respective institutions who solicit for sexual favours or make unwelcome sexual advances that affect the students’ educational opportunity or create intimidating, hostile or of-

fensive learning environment. The students, who were informed that sexual harassment is both a civil wrong and a criminal offence. The students were also enlightened on the appropriate channels through which reports of such acts can be made. Conversely, students were advised to report immediately to their Course Adviser, Counsellor or Dean of Students Affairs. The orientation expatiated on the Legal Provision on Sexual Abuse in Lagos State as they were also reminded

that rape and sexual assault by penetration carries life imprisonment whilst sexual harassment is three years imprisonment. The presentation also elaborated on the safety measures to take on campus, in social settings and the steps to be taken if a student unfortunately falls victim to the vices. The students also received information education communication materials with relevant contact details and quick steps to take in case of an emergency.

Functions

Vivour-Adeniyi

Edo Police Arrests Two for Selling Three Siblings in Rivers Adibe Emenyonu in Benin City Operatives of the Edo State Police Command have arrested two men, Kenneth Ofeke and Stephen Obi, for allegedly selling three siblings for N500,000 in Portharcourt, Rivers State. The siblings, two of which are twins, were given as Wisdom, Kenneth and Sunny. They were said to have been taken from Edo State and sold in Portharcourt to a woman who later resold them to other persons in Lagos. The police are yet to determine whether the children are still alive. Ofeke, aged 26, claimed that he led his supposed girlfriend to sell the children because they were unwell and he could not cater for them. He told newsmen that he discussed sales of the children with their mother, who he claimed is his girlfriend.

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) was created on July 14, 2003 by the Trafficking in Persons (Prohibition) Enforcement and Administration Act 2003. The agency is the Federal Government of Nigeria’s response to addressing the scourge of trafficking in persons. It is a fulfillment of the country’s international obligation under the Trafficking in Persons Protocol to prevent, suppress and punish trafficking in persons, especially women and children, supplementing the United Nations Transnational Organised Crime Convention (UNTOC). Nigeria became a signatory to the Transnational Organised Crime Convention and its Trafficking in Persons Protocol on December 13, 2000. Article 5 of the Trafficking Protocol enjoins States Parties to criminalise practices and conduct that subject human beings to all forms of exploitation which includes in the minimum sexual and labour exploitation. The Trafficking in Persons Act 2003 was an outcome of a private member bill sponsored at the NationalAssembly by the Women Trafficking and Child Labour Eradication Foundation (WOTCLEF), a non-governmental organisation founded by Mrs. Amina Titi Atiku Abubakar, the wife of the Vice-President of Nigeria at that time. The Bill was passed by the National Assembly on July 7, 2003 and Presidential Assent given on July 14, 2003. The law which is operational throughout the country created NAPTIP as a specific multi-disciplinary crimefighting Agency and the nation’s focal institution to fight the scourge of trafficking in persons in the country using the four pronged approach of Prevention, Protection, Prosecution and Partnership. The Trafficking in Persons (Prohibition) Law Enforcement and Administration Act, 2003 went through an amendment in 2005 in a bid to further strengthen the Agency. However, in 2015, as a result of the new trends in the crime of trafficking in persons and the need to further strengthen the institutional framework, the Act was repealed and the Trafficking in Persons (Prohibition), Enforcement and Administration Act, 2015 was enacted. The new Act received Presidential assent on March 26, 2015.

According to him, “I am from Ebonyi State. We are from the same state. I have not paid her bride price. She gave birth to twins. She was not okay after delivery. The children were not well. My parents are not alive so I sought to look for help. I called one aunty in Portharcourt. “We took the children to Portharcourt. The aunty made some inquiry. I gave her the children to take care of and she gave me N500,000. “We didn’t discuss price. She just gave me the money. I am a Welder. There is no help and the children are not well. Their mother was my girlfriend. She had Wisdom for a man before I met her. She took in after we departed but said the man she had the twins for does not care for her.“ Similarly, Obi aged 48, said he only provided his Goodness and Mercy Orphanage home for the children to be adopted and not sold, adding

that he collected N50,000 as logistics per child. He said, “I have not sold any child. I helped to adopt for parents looking for children. I collect N50,000 registration fee for logistics. It was the police that told me here that Kenneth is not the father of the children. “I told the women to demonstrate she is the mother and she breastfed the children. They said they wanted a home that can take care of the children. We followed due process and give them affidavit and consent agreement. The people that adopted the children reside in Lagos State.� The police described Ofeke as a serial child trafficker who had earlier sold a yet-to-be identified baby for N1m in Portharcourt. The state Police Commissioner, Damallam Abubakar, said the suspects would soon be charged to court.

The functions of the agency are to: r&OGPSDF BOE BENJOJTUFS UIF QSPWJsions of this Act. r$P PSEJOBUF BOE FOGPSDF BMM PUIFS laws on Trafficking in persons and related offences. r"EPQU FGGFDUJWF NFBTVSFT GPS UIF prevention and eradication of trafficking in persons and related offences. r&TUBCMJTI DP PSEJOBUFE QSFWFOUJWF regulatory and investigatory machinery geared towards the eradication of trafficking in persons. r*OWFTUJHBUF BMM DBTFT PG USBGà DLJOH JO persons including forced labour, child labour, forced prostitution, exploitative labour and other forms of exploitation, slavery and slavery – like activities, bonded labour, removal of organs, illegal smuggling of migrants, sale and purchase of persons. r&ODPVSBHF BOE GBDJMJUBUF UIF BWBJMability and participation of persons who voluntarily, consent to assist in investigations or proceedings relating to trafficking in persons and related offences. r&OIBODF UIF FGGFDUJWFOFTT PG MBX enforcement agents and other partners in the suppression of trafficking in persons. r $SFBUF QVCMJD FOMJHIUFONFOU and awareness through seminars, workshops, publications, radio and television programmes and other means aimed at educating the public on the dangers of trafficking in persons. r&TUBCMJTI BOE NBJOUBJO DPNNVnications to facilitate rapid exchange of information concerning offences under this Act. r $POEVDU SFTFBSDI BOE TUSFOHUIFO effective legal means of international co-operation in suppressing trafficking in persons; Implement all bilateral and mul-

tilateral treaties and conventions on trafficking in persons adopted by Nigeria. r 4USFOHUIFO DP PQFSBUJPO BOE conduct joint operations with relevant law enforcement and security agencies, international authorities and other relevant partners in the eradication of trafficking in persons. r$P PSEJOBUF TVQFSWJTF BOE DPOUSPM the protection, assistance and rehabilitation of trafficked persons and all functions and activities relating to investigation and prosecution of all offences connected with or relating to trafficking in persons. r"EPQU NFBTVSFT UP JEFOUJGZ USBDF freeze, confiscate or seize proceeds, property, funds or other assets derived from trafficking in persons or related offences. r$POEVDU SFTFBSDI PO GBDUPST SFTQPOsible for internal and external trafficking in persons and initiate programmes and strategies aimed at the prevention and elimination of the problem. r'BDJMJUBUF SBQJE FYDIBOHF PG scientific and technical information concerning or relating to trafficking in persons. r$PMMBCPSBUF XJUI HPWFSONFOU bodies both within and outside Nigeria whose functions are similar to those of the agency in the area of the: movement of proceeds or properties derived from trafficking in persons and other related offences; identities, location and activities of persons suspected of being involved in trafficking in persons and other related offences; and exchange of personnel and other experts. r&TUBCMJTI BOE NBJOUBJO B TZTUFN for monitoring trans-border activities relating to trafficking in persons in order to identify suspicious movements and persons involved. r %FBM XJUI NBUUFST DPOOFDUFE with the extradition and deportation of persons involved in trafficking in persons and other mutual legal assistance between Nigeria and any other country in trafficking in persons, subject to the supervision of the minister. r*OJUJBUF EFWFMPQ BOE JNQSPWF special training programmes for personnel of the agency and relevant law enforcement agents charged with the responsibility of detecting offences created under this Act. r$BSSZ PVU TVDI PUIFS BDUJWJUJFT BT are necessary for the efficient discharge of the functions conferred on it under this Act.

Powers

The agency has the power to: r *OWFTUJHBUF XIFUIFS BOZ QFSTPO body or entity has committed an offence under this Act or the offence of trafficking under any other law. r&OUFS JOUP BOZ QSFNJTFT QSPQFSUZ or conveyance for the purpose of conducting searches in furtherance of its functions. r"SSFTU EFUBJO BOE QSPTFDVUF PGfenders under this Act or any other law on trafficking in persons in Nigeria. r5SBDF TFJ[F EFUBJO PS SFUBJO UIF custody, for the purpose of investigation and prosecution, of any property which the Agency reasonably believes to have been involved in or used in the commission of offences. r4FBM VQ QSFNJTFT VQPO SFBTPOBCMF suspicion of such premises being involved with or used in connection with offences under the Act. r 4FFL BOE SFDFJWF JOGPSNBUJPO GSPN any person, authority, corporation or company without hindrance in respect of the enforcement of any of the provisions of this Act. Source: Naptip.gov.ng

NAPTIP Director General, Julie Okah-Donli

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NEWS XTRA

Ighodaro Moves Up as Actis’ Senior Advisor Hamid Ayodeji Actis, a multi- asset emerging market investment company across the world, has appointed Ms. Adiba Ighodaro as a senior advisor and Head of Strategic Relationships. Ighodaro moves to this

newly created role from her former position of Head, Actis’ Investor Development Group (“IDG”) in the Americas. She is been replaced by Ms. Maureen E. O’Toole. According to a statement yesterday by Actis, Maureen was most recently was a

Egbemode Re-elected NGE President The Managing Director/Editorin-Chief of New Telegraph Newspapers, Mrs. Funke Egbemode, has been re-elected President of the Nigerian Guild of Editors (NGE). Egbemode won the position unopposed at the guild`s 2019 Biennial Convention at the weekend in Lagos. The convention with theme: “Media Convergence as Strategy for Survival,’’ had hundreds of editors in attendance. Other officials returned unopposed at the event are Deputy President, Mr. Umaru Tudunwada; Vice-President West, Mr. Mustapha Isa; and Mrs. Mary Atolagbe as the General Secretary. Mrs. Victoria Ibanga clinched the position of Treasurer, while Mr. Ken Ugbechie is Social/ Publicity Secretary. Mr. Austeen Elewodalu was also returned unopposed as Assistant General Secretary. Five positions were later contested for with Hajia Sani emerging Vice-President (North), while Mr. Samuel Egbala emerged Vice-President (East). Mr. Steve Nwosu and Mr. Eze Anaba emerged as Standing Committee members for the (West). Similarly, Mr. Ngwoke Ngwoke and Mr. Freston Akpor emerged Standing Committee members (East), while Catherine Agbo and Husseina Ibrahim emerged Standing Committee members (North).

The election committee was presided over by veteran journalist, Mr. Ray Ekpu, who supervised the hitch-free exercise and announced the winners. Earlier, there were complaints by some disqualified aspirants, who were not cleared to contest, based on the provisions of the guild’s constitution. The disqualified candidates called for a review of the electoral laws provided in the constitution. But Ekpu apologised to the disqualified members, saying that the electoral provisions in the constitution would be looked into before future elections. He described the NGE as an association of equals. In her acceptance speech, Egbemode thanked the guild members for trusting her to serve a second term. “Everybody agreed that I, Funke Egbemode should serve a second term. While accepting to serve, I want to thank you for your trust. “I will never forget or betray this trust. “Although I have ideas, I promise that the next two years will be about what you want and what needs to be done and the integrity of the guild will be protected,’’ she said. Egbemode was confirmed substantive president of the NGE at the 12th All Nigeria Editors’ Conference in 2016 in Port Harcourt, Rivers.

Another Nigerian Stabbed to Death in South Africa The President of the Nigerian Citizens Association South Africa (NICASA), Mr. Ben Okoli, has confirmed that a Nigerian, Mr. Okechukwu Henry, from Imo State, was stabbed to death by unknown South African robbers. The NICASA president said this in a letter to the ConsulGeneral, Nigerian Consulate Johannesburg, South Africa. A copy of the letter was obtained by the News Agency of Nigeria (NAN) yesterday in Abuja. Okoli said that the association was tired of sending Nigerians back home in body bags due to premeditated and organised crime against them in South Africa. “Tragedy has struck the Nigerian community again, just after 4p.m. on Friday, May 3. Mr. Okechukwu Henry was stabbed to death by unknown local South African robbers. “The late Henry, a car dealer who specialised in used cars, lived in Middleburg Mpumalanga Province. Earlier before his death, some two local guys had indicated interest to buy his car – a white VW polo. “They had negotiated the price and agreed to buy; the late Henry had produced all necessary documents to seal the deal when suddenly the local buyers said they wanted to test-drive the car first before

paying,” he said. According to him, Henry obliged them but insisted he would drive along with them. “As they drove out, he suddenly realised that they were robbers as they demanded for the key of the car. They attacked him and stabbed him several times; they took the keys but could not manage to drive away the car. “Their action attracted the attention of people around and they ran away with the keys without the car,” he said. According to him, Henry was rushed to hospital, but it appeared he had died at the scene. He said that a case of robbery and murder had been opened by the NICASA Provincial chairman in Mpumalanga. “Your Excellency, the attack on Nigerians has reached an alarming level and demands something urgent to be done to stem this ugly tide. Our nationals are under attack in South Africa. We are under attack from every angle.” He called on the Nigerian Mission to urgently intervene. “We no longer feel safe, we have become like a trophy hunted by all. The Nigerian Citizens Association, South Africa, is disheartened by the frequent repatriation of the remains of our dear citizens,” he said.

Managing Director at Morgan Stanley in the Investment Management Division where she led the Managed Futures department. She has held senior positions in alternative investments management and distribution at Morgan Stanley, K2 Advisors and Citigroup. Maureen will be based in Actis’ New York office and will join the senior leadership of the Investor Development team, where she will report to Neil Brown, Global Head of the Investor Development Group. Adiba has been with Actis for 28 Years, 13 of which were spent on the investment side of the business, during which she founded Actis’ Nigeria office. She was a key early member of IDG, and has been an instrumental leader

in raising the US$15 billion that Actis has secured since inception. Adiba’s new role will report directly to Actis’ Senior Partner, Torbjorn Caesar, and will play a pivotal part in deepening Actis’ relationships with investors at the most senior levels. Commenting on the appointments, Torbjorn Caesar noted: “Adiba has had a long and distinguished career at Actis and this new role gives Adiba and the firm the opportunity to focus on growing our most strategic client relationships where there is a mutual interest in leveraging broader value from our platform and expertise across the growth markets. Adiba’s history with the firm makes her uniquely qualified

Ighodaro to work with myself, our Executive Committee and the IDG team to achieve this. In Maureen we have found an excellent leader to further

develop our client support and engagement in the Americas. We wish both Maureen and Adiba well in their new roles.”

NEWEST COUPLE…

L-R: Chief Gabriel Igbinedion; Chief Judge of Edo State, Justice Eseohe Ikponmwen; newly wedded couple, Mr. Kaly Nenyiaba and daughter of Chief Executive Officer (CEO), UyiTechnical, Mr. Omoruyi Olotun, Eghe Sonia Omoruyi; wife of Edo State Governor, Mrs. Betsy Obaseki; her husband, Mr. Godwin Obaseki, at the National Headquarters of the Christ Apostolic Church of God’s Mission, in Benin City...weekend

Jonathan, Saraki, Atiku, Others Eulogise Yar’Adua Adedayo Akinwale in Abuja Many Nigerians, including the immediate past president, Dr. Goodluck Jonathan, have paid tribute to late President Umaru Yar’Adua, nine years after his death. Yar’Adua was born on August 16, 1951, and died May 5, 2010. He was the 13th leader of the Federal Republic of Nigeria. He won the 2007 presidential election with 70 per cent of the votes (24.6 million votes), according to official results released by the Independent National Electoral Commission (INEC). He was sworn in on May 29, 2007. The election was condemned by many who argued that it was rigged. Yar’Adua in his inauguration speech also admitted the elections were fraught with irregularities. As president, Yar’Adua inaugurated a presidential electoral reform committee to look into the legal factors, social and political institutions and security issues that affect the quality and credibility of

elections in the country and to also make recommendations on improving the credibility of elections. On June 28, 2007, Yar’Adua publicly declared his assets to become the first Nigerian president to do so. His administration came in with seven-point agenda. The agenda includes critical infrastructural development in power, energy and transportation; focus on development issues in the Niger Delta; a movement away from a fossil fuel dependent economy to a diversified economy; human capital development; review of land tenure regulations towards a reform-oriented goal; security and food security. Yar’Adua was taken to Saudi Arabia in November 2009 for pericarditis treatment. On January 22, 2010, the Supreme Court of Nigeria gave the Federal Executive Council 14 days to provide an update on the capability of Yar’Adua. By February 10, 2010, the Senate transferred presidential powers to Jonathan as acting president, pending the time

Yar’Adua would be fine. Yar’Adua returned to Nigeria on February 24, 2010, with many unaware of his health status. He eventually died on May 5, 2010 at the Aso Rock Presidential Villa. He was buried the following day at his hometown, Katsina State. In the early hours yesterday, Jonathan, who was Yar’Adua’s vice president, took to Twitter to pay tribute to his late boss. “On this day nine years ago, I lost a friend, colleague, brother, and boss, President Yar’Adua. He was a selfless leader who placed national interest above personal and ethnic gains. “Today, I remember and celebrate him for the works that he had done. Peace he lived for and homes of peace he built. Democracy he loved and democracy he nurtured. We will always remember you for your service. A servant leader truly you remain. “He used the opportunity he had in public service to build bridges of love, foster unity and give hope to Nigerians. President Yar’Adua was a man

of integrity with a humble spirit who always took upon himself the burden of national reconciliation, peace-building, and democratic consolidation.” Also, a former vice president, Atiku Abubakar, in his condolence message said: “This day, nine years ago, Nigeria lost a patriot and a compassionate leader in President Umaru Yar’Adua. May Allah SWT continue to shine His Noor on his face. Amin. Senate President, Bukola Saraki also eulogised the late Yar’Adua “Today, I remember the selfless statesman, former President Umaru Musa Yar’adua, who passed on nine years ago. His legacy of integrity as a great leader will always remain indelible in our hearts. May the mercy of Almighty Allah (SWT) continue to be upon him. Amin. In his tribute, Senator Shehu Sanni, said: “President Umaru Musa Yar’adua died on this day nine years ago. He was an honest man, a true democrat, respecter of the rule of law and a humble visionary. May Allah forgive his soul and grant him Aljanna Firdausi.Amin.”

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PDP Blames Banditry on APC’s Political Mercenaries Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) has blamed the deteriorating state of insecurity in the country, especially kidnapping and banditry on thugs allegedly smuggled into the country by the All Progressives Congress (APC) with which it unleashed violence to facilitate its rigging of the 2019 general election. To this end, the main opposition party has called on the Nigerian Army and other security agencies to track down the political mercenaries unleashing mayhem on the country and its citizens. The National Publicity Secretary of the party, Mr.

Kola Ologbondiyan, in a statement issued yesterday, restated the party’s demand for an investigation into the alleged link between the APC and the ugly security situation in the country. According to him, “This is particularly as the APC is now overweighed by public disapproval and opprobrium for rigging the election; and being faced with huge legitimacy challenges ahead, can resort to all manner of shenanigans just to divert public attention from its odious status.” Ologbondiyan said it was instructive to note that the APC had not been able to state the whereabouts of these thugs after the elections, a development

that has raised fears that they had filtered deeper into the country’s national territory and population, given the escalation of banditry and associated acts of violence in many of our states, including Zamfara, Borno, Yobe, Taraba, Kaduna, Katsina states, among others, since after the elections. The party therefore urged the security agencies to compel the APC to immediately disclose the identity and whereabouts of the mercenaries and

their traffickers to enable the security agencies urgently flush the mercenaries out and shield the nation and the country’s democracy from further security threats. Ologbondiyan stated: “Nigerians can recall that the PDP had raised the alarm when the APC, seeing that it cannot win in a free, fair and credible election, compromised our territorial borders to bring in political mercenaries from other countries to participate in their campaign rallies, as well as assist them in

perpetuating violence. “Nigerians can also recall how APC agents unbridled violence on voters in Kano, Kaduna, Rivers, Kogi, Taraba, Adamawa and other states of the federation to muscle votes for its candidates, particularly in the presidential election; and how the APC leadership stood in staunch defence of the compromising of our territorial borders as well as the violence that characterised the elections. “This was in addition to

apprehensions of possible plots by the APC to use the thugs to cause confusion and derail our democratic process, should they fail to rig the elections.” He said that the PDP, as a law-abiding party, committed to the unity, stability and sovereignty of the nation, as well as the deepening of democratic process stands with Nigerians in their refusal to be distracted by the APC in the determination to get justice for the country at the tribunals.

Gunmen Abduct Permanent Secretary in Taraba Wole Ayodele in Jalingo The Permanent Secretary, Taraba State Ministry of Water Resources, Mrs. Suzzy Nathan, was yesterday abducted from her home in Jalingo by unknown gunmen. The gunmen stormed her residence at Kasuwa Bera area of the town at about 2.00 a.m. and shot sporadically for over an hour before gaining entrance into her house where they eventually abducted her and took her to an unknown destination. The Police Public Relations Officer (PPRO), Taraba State Command, DSP David Misal, who confirmed the incident to journalists in Jalingo, said the command was yet to ascertain whether it was actually a case of kidnapping as the abductors

are yet to establish contact. The PPRO further stated that the police would use intelligence to unravel the real motive of the incident. He however, lamented that the Police was not alerted on time but assured that no stone would be left unturned to apprehend the culprits. According to him, “the Police were not alerted on time about the incident but the permanent secretary is missing; so, we are using our intelligence to ascertain whether it is a case of kidnappings,” he said. THISDAY gathered that the residents of the area were thrown into panic by the sporadic shooting by the gunmen as there had been two cases of abduction in the area in the past one month, including the kidnapping of a pastor of a new generation Church.

Ekweremadu Charges Lawyers on Rule of Law, Judicial Independence Davidson Iriekpen The Deputy President of the Senate, Senator Ike Ekweremadu, has called on lawyers to stand up for the rule of law as any nation not bound by the fine principle of democracy was bound to fail. Senator Ekweremadu, who expressed concern over the judiciary, urged lawyers to also defend the independence and unity of the third arm of government. The Senator spoke at the reunion dinner of the 1986 Law Class of the University of Nigeria, Nsukka, UNN, in Enugu at the weekend. “Today, the judiciary is challenged and we must not forget that this arm of government is at the heart of our democracy. Therefore, we must not allow its unity and independence to crumble. We must stand up for the judiciary and we must stand up for our own rights. We must ensure that the rule of law prevails because any country without the rule of law is bound to fail”, he said. He called for continued commitment to the cause of

the country despite present challenges. “We must remain committed to the cause of our country, the cause of unity, and the cause of peace. The country belongs to all of us and we are not going to expect anyone to change the course of things for us except ourselves. We must never despair, no matter the situation because ours is a profession that believes in possibilities. “In the course of the World War II, Churchill told the people of England that if everybody defended his own, the whole of England would be defended. We all have a role to play to have better country”, he added. Ekweremadu also eulogised the UNN, particularly the Faculty of Law for working hard to preserve the standard and reputation of the institution despite obvious challenges. “The very regrettable trend in Nigeria today is that most of our institutions are beginning to decline. But this is one institution we have seen that has grown over the years and the Law Faculty if making much progress,” Ekweremadu concluded.

PROMOTING EDUCATION…

L-R: Mr. Ben Omuogo, representing the Office of the Head of the Civil Service of the Federation; Deputy Vice-Chancellor, Academic, University of Ilorin (UNILORIN), Mrs. Silvia Malomo; Pro-chancellor, University of Lagos (UNILAG), Dr. Wale Babalakin; and Registrar, UNILORIN, Dr. Fola Olowoleni; at UNILORIN’sThird Annual Registry Lecture Series…recently

SIM Card Data Verification a Continuous Exercise, Says NCC Emma Okonji The Nigerian Communications Commission (NCC) has re-assured Nigerians of the continuous exercise of the Subscriber Identification Module (SIM) card data verification, which it said, remained a global practice. In an interview with journalists at the weekend in Abuja, the Executive Commissioner, Stakeholder Management at NCC, Mr. Sunday Dare, said the subscriber data so far captured by Mobile Network Operators (MNOs), as well as data captured by other statutory agencies, were being cleaned-up, verified and harmonised in accordance with the Act setting up the National Identity Management Commission (NIMC), coupled with the directive of the Federal Executive Council (FEC). According to Dare, “the

position of the NCC has been consistent, in the sense that as is the normal practice globally, the subscriber data that has been captured has been undergoing the normal process of verification. “Whatever name you call it; it is simply a process of verification. The operators, at the point of registration, are expected to capture specific data – biometrics such as picture and fingerprint, name, address, among others. Once they capture it, they put it together, and from time to time, they send it to NCC through secure electronic means.” He explained that, as NCC collects the data to the central system, it then checks and verifies what has been submitted by the operators, saying this has been the process from the beginning and it has not changed. “We issued a Subscriber Registration Regulations in

2011 together with Registration Specifications and these have remained substantially the same since then. What we now have is an additional layer of verification via a presidential directive and an enabling law - that all data-collecting agencies of government should harmonise their data with NIMC – because statutorily it is only NIMC that has the powers to create a national citizens’ database. So, NCC falls within the category of data collecting agencies. So, as we collect SIM registration data, the Federal Road Safety Corp (FRSC) collects for drivers’ licence, immigration collects for International Passport and they all submit everything to NIMC. “Now, what does NIMC do? They also collect and verify. So, it is a continuous process. Of course – even though technology is being used – there is no way you can verify and complete

the processing of 160 million subscribers within a short period. And don’t forget that we had 80 million, then 90 million, then 100 million subscribers and the number keeps increasing. So as their data come in, we verify. That process is painstaking, it is based on technology and it is ongoing. So the question of invalid data does not exist,” Dare explained. Explaining the validity of SIM data, Dare explained that before a SIM can be connected to any network in Nigeria, the subscriber data must be captured by the MNOs and that if any data field is missing, such a SIM card will not be activated. He, however, clarified that there was no serious problems with SIM data, as the Commission is working with MNOs to correct any identified gap.

FG Deepens Universal Health Coverage through BHCPF Raheem Akingbolu The flag off of the Basic Health Care Provision Fund (BHCPF) in Osogbo, Osun State, recently is a signal that the Buhari administration is committed to massive delivery of health care reform in Africa, a statement issued by the Federal Ministry of Health has said. According to the statement, the move, which guarantees essential health services to the poorest and most vulnerable Nigerians, has seen federal government demonstrating

a strong commitment to the financing and delivery of primary health care services in the country through the BHCPF the federal government. “The programme design employs a unique implementation approach backed by the 2014 National Health Act. The government will purchase and reimburse both public and private facilities for delivering an explicit and guaranteed package of services. These services include Ante-Natal Care, Delivery including

Ceasarian Section, Family Planning, and treatment of childhood illnesses, treatment of malaria and screening and referral of Non- Communicable Diseases. In addition, publicly owned facilities will receive a defined amount of money at the beginning of every month to enable them improve the quality of services,” the statement said. By transferring funds directly from the Central Bank through implementing agencies at the federal and state levels to accredited

public and private primary health facilities where services are rendered, it was stated that the BHCPF governance arrangement ensures accountability and probity. The statement also added that the quality of improvement in care provided will be measured using scorecards, adding that performance and data management system underpinned by a robust ICT framework will be developed to enable State and Federal actors track performance.

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PDP’s Smear Campaign Designed to Blackmail Judges, Osun APC Alleges Yinka Kolawole in Osogbo The All Progressives Congress (APC) in Osun State has stated that the smear campaign against it by the Peoples Democratic

Party (PDP) was insidiously designed to blackmail judges of the Court of Appeal presiding over the disputed governorship election in the state. According to the ruling party,

NBS: States Generated N1.17tn IGR in 2018 James Emejo in Abuja

The 36 States of the federation and the Federal Capital Territory (FCT) generated a total of N1.17 trillion in internally generated revenue (IGR) in 2018, according to the National Bureau of Statistics (NBS). However, total revenue for the fourth quarter of 2018 (Q4 2018) stood at N324.58 billion compared to N264.34 billion in Q3, 2018. This indicated a positive growth of 22.79 per cent quarter-on-quarter and 24.82 per cent year on year. According to the IGR at State Level-2018 report posted on its website, the NBS added that net FAAC allocation in Q4 2018 stood at N2.56 trillion while the total revenue available to the states including the FCT was put at N3.74 trillion. Foreign debt was valued at $4.23 billion, while domestic debt stood at N3.85 trillion at the end of the 2018. Nevertheless, states’ total IGR for the review period

was N1.10 trillion, while the FCT generated N65.51 billion. Lagos State led the IGR chart with N382.18 billion at full year, Rivers, N112.78 billion; Kogi, N11.33 billion; Zamfara, N8.20 billion; Taraba, N5.96 billion; Sokoto, N18.76 billion; Plateau, N12.72 billion; Oyo, N24.63 billion; Osun, N10.38 billion; and Ondo, N24.78 billion. Others are Ogun, N84.55 billion; Niger, N10.43 billion; Nasarawa, N7.56 billion; Kwara, N23.04 billion; Kebbi, N4.88 billion; Kano, N44.10 billion; Kaduna, N29.44 billion; Jigawa, N9.24 billion; Imo, N14.88 billion; and Gombe, N7.34 billion. Others are Enugu, N22.14 billion; Ekiti, N6.46 billion; Edo, N28.42 billion; Ebonyi, N6.14 billion; Delta N58.43 billion; Cross River, N17.55 billion; and Borno, N6.52 billion. Others include Benue, N11.21 billion; Bayelsa, N13..63 billion; Bauchi, N9.69 billion; Anambra, N19.30 billion; Akwa Ibom, N24.21 billion; Adamawa, N6.20 billion; Katsina, N6.96 billion; and Abia, N14.83 billion.

the PDP is spreading the total falsehood that unidentified socalled officials of the APC are boasting in public that they have settled those judges in Abuja to decide in favour of Governor Adegboyega Oyetola. “This is not only an insidious blackmail of the respectable and honourable judges, the PDP is also attempting with this false allegation, to disparage the integrity of the judges and

instigate public skepticism, perhaps even rejection of the court’s decision, if it turns out not to be in PDP’s favour,” the APC declared. The above allegations were contained in a statement from the party’s Directorate of Publicity, signed by its Director, Kunle Oyatomi, and made available to journalists in Osogbo, the state capital, yesterday.

In the statement, the APC warned that the PDP will be held to account if public order is breached as a result of any court decision that does not favour the party. “This is because the false allegation that the PDP is touting can potentially instigate violence,” APC added. The ruling party accused the PDP of a tendency to plot to wreck the system if the party

loses the case that will be its fourth consecutive failed attempt to dislodge the APC from power in the state. “It would also appear the APC argued that the PDP is uncomfortable with the democratic process and the rule of law and will do everything unfair, unjust and illegal to sabotage due process in order to snatch political power in the state,” APC said.

GOING TOUGH ON HUMAN TRAFFICKING…

L-R: Member, Federal Commission on Migration (FCM), Martina Caroni; Migration Adviser, Embassy of Switzerland, Jolanda Pfister Herren; Edo State Governor, Mr. Godwin Obaseki; Director, FCM, Simone Prodolliet; and Chief of Staff to Edo State Governor; Chief Taiwo Akerele, during a courtesy visit by a delegation on migration from Switzerland at the Government House, in Benin City…recently

Okorocha’s Certificate of Return: Group, Odumakin: Nigeria on the Verge of Collapse Imo West Voters Threaten Protest Awolowo who could have gradually. While this is taking the police commissioner orders Segun James A civil society group, Citizens’ Advocacy for Social & Economic Rights (CASER), has threatened to, in conjunction with the people of Imo West senatorial district, organise a 1,000-man protest in Abuja if the Independent National Electoral Commission (INEC) fails to issue a certificate of return to Governor Rochas Okorocha as the Senator-elect for Imo West senatorial district within seven days. The Abuja-based group stated this in a letter dated May 2, 2019, and addressed to the Chairman of INEC, Professor Mahmood Yakubu. Although the election’s Returning Officer, Professor Francis Ibeawuchi, had declared Okorocha winner of the Imo West senatorial election held on Saturday February 23, he later said the declaration was made under duress, thus INEC has refused to issue Okorocha a certificate of return. However, CASER posited that Okorocha, having been declared winner in the election, should have been issued the certificate of return alongside other elected members of the National Assembly. The letter, signed by Andrew Korna on behalf of the Executive Director, stated that “the act of withholding the certificate of a declared winner in an election is not just a clear case of abuse of constitutional powers by INEC, but it has become a painful denigration of a supposedly independent, impartial and unbiased electoral umpire that has now become embroiled and tainted with the corrupt vestiges of partisan politics.” CASER stressed that INEC, being a creation of the laws of the land should be guided by the

laws at all times, adding that “It is strange and highly despicable that on the basis of mere hearsay, INEC will withhold the certificate of return of Okorocha after being declared winner by a Returning Officer appointed by the same INEC.” The group also said that by withholding Okorocha’s certificate of return, INEC risked jeopardising its hard-earned credibility. According to CASER, “It is a highly dangerous precedent, the cost of which will be monumental if INEC decides to sacrifice its integrity on the cheap altar of political expediency that is driven by unscrupulous persons who do not care about the need to preserve the legal order regarding the conduct of elections in Nigeria.” CASER added that no part of the 1999 Constitution or the Electoral Act vested in INEC the power to withhold a certificate of return after a winner has been declared in an election, saying the only option open is for aggrieved particpants in the election to seek redress in an election tribunal. According to the body, the refusal by INEC to issue Okorocha the certificate of return is an attempt to deprive the people of Imo West senatorial district representation at the Upper Chamber of the National Assembly, which, it stated, is in contravention of Article 13 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act, Cap A9, Laws of the Federation of Nigeria which provides that “Every citizen shall have the right to participate freely in the government of his country, either directly or through freely chosen representatives in accordance with the provisions of the law.”

The Publicity Secretary of the pan-Yoruba socio-political organisation, Afenifere, Mr. Yinka Odumakin, has warned that given the political and economic situation, the country is on the edge of collapse. Odumakin who gave this warning when he appeared on The Morning Show, a programme on Arise News, a sister media outfit of the THISDAY, said that Nigeria is on a death troll and gradually becoming a failed state, while the political leadership seems not to be concerned. According to him, what the country lacks are visionary leaders like Chief Obafemi

steered it out of the abyss. He recalled that the former Premier of the old Western Region had in 1966, while in Calabar Prison, in a book warned against making the country a unitary state, adding that what Awolowo warned against is manifesting right now. He said the machinery of government right now is groaning under bureaucratic overload. “Everything has collapsed. In fact the country is dying,” he said. “Why we do not know that the country is dying is because a country does not die like human beings. A human can be alive right now but the next minutes he is dead. But a country dies

place, many people are too busy to take notice. Nigeria today is dying. Beyond the political situation, we have to rejig, we have to renegotiate Nigeria.” He insisted that what this means is that the nation needs to be restructured and urgently too. “We have to re-address the power issues in Nigeria.” He also insisted that the idea of having a centralised police system in the country has been counter-productive, saying that it would be better if the country allows for a state police formation that is controlled and answerable to the state government. He addedc that a situation where the state governor gives

but the commissioner has to get another order from the Inspector General of Police in Abuja before such orders can be implemented does not augur well for the country and had been counterproductive. Odumakin who is also the Secretary General of the Southern and Middle Belt Leaders’ Forum (SMBLF) made it clear that he is not looking at the issues affecting the country from a partisan point of view but from a nationalistic angle. He urged Nigerians to admit that the country is not only in crisis but a failed state where law and order has broken down and bandits are in control.

50,000 Flood Victims to Benefit from Free Medical Outreach in Kogi Yekini Jimoh in Lokoja No fewer than 50, 000 persons from five local government areas in Kogi State that were worst affected by the 2018 flood disaster in the state are expected to benefit from a free medical outreach for six weeks. Kogi State Commissioner for Health, Dr. Saka Audu, disclosed this in Lokoja, the state capital, during the inauguration of the free medical outreach programme oganised by the Royal Heritage Health Foundation (RHHF), a United Nations Population Fund (UNFPA)-funded organisation in collaboration with the Kogi State Ministry of health. Audu said that the medical outreach programme would last for six weeks in the five LGAs affected by flood, adding

that about 50,000 persons were expected to benefit from it. According to him, the RHHF’s service is strictly targeted at women and girls, while the state government is supporting the interventions directed at other categories of persons (children, adult males and the elderly). Audu added that the state government would be supporting the current outreach with drugs, general medical services and other consumables to ensure that every flood victim in the affected communities benefit maximally, irrespective of age and sex. He noted that the outreach had already commenced in Ibaji LGA, saying Ajaokuta, Bassa, Lokoja and Kogi LGAs would have their turn in line with

the already drawn timetable. The commissioner urged the benefiting communities to avail themselves the opportunity to benefit from the laudable effort of government and partners in addressing their health challenges. Audu, however, reassured that government would continue to do all it could to provide quality health services to the affected communities and the entire Kogi citizens to ensure a healthy living for all. The Director of Administration, Royal Heritage Health Foundation, Mr. Sunday Adewoye, commended the state government for creating the enabling environment for the free medical outreach to take place. Adewoye noted that the free medical outreach had

commenced in Ibaji LGA, saying he was impressed with the massive turnout of the flood victims. He, however, expressed concern over the deplorable state of the access roads to the affected communities in Ibaji, saying the flood had badly destroyed the roads. Earlier, the Director of Public Health, Kogi State Ministry of Health, Dr. Francis Akpa, said the state government had responded promptly by locating specific camps for the flood victims, explaining that the ministry provided medical services for the victims while they were still in those camps. “This intervention by RHHF is part of the efforts to fortify the intervention and strengthen interventions carried out in and around the time of the flood.

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Fayemi’s Appointees Sign Code of Conduct, Performance Bonds Victor Ogunje in Ado Ekiti Appointees of the Ekiti State Governor, Dr. Kayode Fayemi, have signed a bond that would empower the governor to sack those found to have underperformed or misbehaved in the course of performing their duties. The governor, however, expressed optimism that the just-concluded three-day retreat of top government functionaries in the state has fired up members of his cabinet and the leadership of the public service in the state for optimum service delivery. The state, according to him, would be better for it, as the commissioners, advisers, permanent secretaries and other heads of agencies resume work fully this week with renewed vigour and a well-articulated work ethics ready to meet set goals. The governor stated this at the weekend during the closing session of the retreat in Iloko Ijesa, Osun State, adding that the appointees have been “fired up to deliver the goods to Ekiti people as promised during the electioneering period”. Over 100 top government functionaries that participated in the retreat signed the code of conduct that was specifically designed as a guide to all the appointees, while the commissioners were given a week to sign and return the performance agreement document. Fayemi stated that there was no doubt that the appointees “now know their mandate and what the deliverables are”, adding that the vision would be shared with directors and other senior government officials that did not attend the retreat. He urged them to align the

mandate with the budget of their ministries and translate same to concrete deliverables for the people. Fayemi expressed optimism that with the readiness of the participants, there are exciting times ahead for the State. “I am excited that all the appointees and the permanent secretaries are fired up now. They are very clear about what the mandate is; they are clear about what the deliverables are. They will now escalate this to their directors and their own officials in order to align the mandate with the budget of their ministries and then communicate this to the various publics that we have to deal with”, he said. Also speaking, the Chief of Staff to the Governor, Hon Biodun Omoleye, said the retreat signals the beginning of “the transformational governance promised by Fayemi”, adding that participants have been given a mandate charter which contains what is expected to be done and the timeline. Omoleye said there are penalties for any appointee who fails to comply with the mandate charter. Also speaking, the Head of Service, Mr. Deji Ajayi, equally expressed the readiness of the leadership of the State Public Service to collaborate with the Fayemi-led administration in delivering the dividends of democracy to the people. Ajayi said he had a meeting with all permanent secretaries at the retreat where they all agreed to work out the modalities for achieving set goals. He added that the service would give all to ensure the success of the Fayemi-led administration. Highlights of the three –day retreat themed: “Restoring Ekiti Values: From Promise to Reality”, include technical

PDP Cautions Police, APC over Adeleke Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP) has raised the alarm over fresh plot by the All Progressives Congress (APC) to use some elements in the Police to hound and incarcerate its Osun State governorship candidate, Senator Ademola Adeleke, all in the bid to browbeat him to relinquish his mandate. Against this background, the PDP has called on the Inspector General of Police, Adamu Mohammed, to rein-in his men on issues related to Adeleke’s determination to retrieve his governorship mandate. The party in a statement yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, said that the party already has a new information of how the APC, having seen that there is no way it could stop Adeleke at the courts, now seeks to forcefully hound him into a police station where he would be incarcerated and put out of circulation before the determination of the matters in court. He stated: “Apart from executing this script of the APC, these elements in the police have no other reason for continuously

hounding Senator Adeleke, as he is already in court for all the frivolous allegations preferred against him. If they truly want Senator Adeleke for any new issue connected with the charges for which he is already in court, it should present such before the court instead of resorting to bullying. “Our party cautions that Nigerians are not ready to accept any excuse from anybody should Senator Adeleke suddenly becomes a victim of accidental discharge, sudden disappearance or failed health. They know whom to hold responsible. “The APC should end this siege on Senator Adeleke and accept the fact that he has the mandate of the people of Osun State as their governor and no form of machination will subvert this reality.” Ologbondiyan said that Nigerians would recall that the PDP had earlier alerted of threats to Adeleke’s life, adding that these threats have not only continued unabated but have heightened with this renewed hounding by these elements in the police, who are being used by the APC.

sessions, side meetings and team building sessions as well as a comprehensive review of the first tenure of the Dr Kayode Fayemi administration and a projection for the 2018- 2022 administration. Speakers at the retreat include renowned Public Administration Scholar and

World Bank Consultant, Prof Ladipo Adamolekun; the first civilian governor of the state, Otunba Niyi Adebayo; a former Sierra Leone Minister of Trade and Industry, Dr. Richard Konteh; wife of the governor, Erelu Bisi Fayemi; renowned Economist, Dr. Ayo Teriba; Senator Olubunmi Adetunmbi,

Dr. Otive Igbuzor; Prof Bolaji Aluko, Mr. Jaiye Opayemi, Dr. Goke Adegoroye, Dr. Tayo Aduloju, and Mr. Muyiwa Ogunmilade. Meanwhile, a committee headed by the governor has been constituted to monitor implementation of the outcome of the retreat. Members of the

committee include: Secretary to the State Government, Head of Service, Director-General, Office of Transformation, Strategy and Delivery (OTSD); and Director-General, Bureau of Public Procurement (BPP). The Permanent Secretary, Ministry of Budget and Planning will serve as secretary.

CELEBRATING LANDSLIDE VICTORY…

L-R: Archbishop of Enugu, Methodist Church of Nigeria, Most Rev. Christopher Ede; Enugu State Governor, Hon. Ifeanyi Ugwuanyi; Presbyter, Ngwo Circuit, Very Rev. Louis Ali; and Speaker of Enugu State House of Assembly, Hon. Edward Ubosi, during the service of prayer and thanksgiving, organised by the Church, for the governor’s landslide victory at the poll, held at Wesley Cathedral, Enugu… yesterday.

Ramadan: Saraki, Dogara Urge Muslims to Pray for Nigeria Deji Elumoye in Abuja Senate President, Dr. Bukola Saraki, and the Speaker of House of Representatives, Hon. Yakubu Dogara, have urged Muslim faithful to pray for a positive turn-around of the country’s fortunes as they join their counterparts across the globe to observe this year’s Ramadan fasting. Saraki, in a goodwill message in Abuja to mark the beginning of the holy month, signed by his Media Adviser, Mr. Yusuph Olaniyonu, noted that since fasting symbolises internal cleansing and spiritual renewal, the country can benefit tremendously from the prayers of the faithful during the period.

He said: “It is my prayer that Allah accepts the earnest prayers and sacrifices of the Muslim Ummah during this Holy Month. May we emerge better, both at the individual and national levels, after this spiritual exercise. “Let’s us seek an end to recurring killings, kidnapping and all forms of insecurity in our country. As community leaders and members of the Islamic faith, we have a responsibility to work for peace in our communities in particular, and the country in general. “We cannot afford to gloss over the present level of insecurity and harsh economic realities in our country.

Therefore, let us pray earnestly for Allah’s intervention in the socio-economic life of our people,” he stated. Saraki also called on all leaders both at the national and state levels to put in place policies and programmes that would directly benefit the people and gainfully engage the nation’s growing youth population. He added that the high youth population in the country is a blessing as the young people can hasten the development process if positively engaged but that the advantage can also become a time bomb if they are not well managed and deployed for good causes. On his part, Dogara enjoined

Muslims to use the Ramadan period to pray fervently against the current spate of killings, kidnappings and armed banditry in parts of the country. In a message to the Muslim Ummah to mark the commencement of Ramadan fast, Dogara also appealed to the well- to-do in the society to show compassion and extend hands of support to the lessprivileged ones in the spirit of the season, especially thousands of Internally Displaced Persons (IDPs) across the country. He described Ramadan as a period of devotion, obedience and spiritual rebirth and urged the faithful to commit themselves to prayers for peace, security and stability of Nigeria.

Nigeria, ILO, Others Strategise to Eradicate Child Labour Alex Enumah in Abuja Nigeria, the International Labour Organisation (ILO) and other developmental agencies are set to develop national work plans to eliminate child labour in the country. Stakeholders, including Ministries, Departments and Agencies (MDAs), Civil Society Organisations (CSOs), labour congress and unions in the mining, cocoa and gold supply chain, at a two-day workshop in Abuja, called for synergy and determination on the part of all in ending the menace of child labour and trafficking in Nigeria and Africa by the year 2025. The two-day workshop organised by ILO, and financed by the government

of Netherlands, was part of ILO’s project Acceleration of Action in the Elimination of Child Labour In Supply Chains In Africa (ACCEL). The project covers six African countries – Mali, Malawi, Nigeria, Cote D’Ivoire, Egypt, and Uganda. Meanwhile the Netherlands has committed the sum of €28 million to accelerate the fight against child trafficking in Nigeria and four other African countries. Speaking at the opening of the workshop, ILO Country Director, Dennis Zulu, revealed that while Nigeria has ratified and domesticated several UN and ILO Conventions, statistics indicate that about 43 per cent of Nigerian children aged between five to 10 years are involved in

child labour activities, including worst form of child labour. The United Nations described these conditions to include works in quarry, granite and mining extraction, international sexual exploitation, and armed conflict. Zulu, however noted that the project which focuses on the supply chains in cocoa and mining in the country will work with local authorities to facilitate the achievement of the Sustainable Development Goals (SDGs). “This is because those are some of the supply chains where there is quite a high level of child labour. “So, we will be working with local authorities and local governments to see how the children who are withdrawn

from child labour can be placed in schools, providing some means of support to the families”, the country director said. On his part, the Ambassador of Netherlands to Nigeria, Marion van de Coppello, said that ILO was trusted by the government of Netherlands to facilitate the project in the African countries. “We think that a child should have the opportunity to go to school, to be a child but we also understand, we had the same situation in Europe two centuries ago, that it is not just child labour. “It has to do with the whole of the economy, with the social situation, the economic situation of the parents and so forth,” she said.

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Unabating Insecurity in Nigeria Worries Delta Monarchs Omon-Julius Onabu in Asaba Worried by the increasing insecurity and bloodletting in parts of the country, the Delta State Council of Traditional Rulers has strongly suggested the immediate introduction of community policing as the solution to the escalating insecurity in Nigeria. Rising from its monthly meeting, the Chairman of the Council, Emmanuel Efeizomor II, said the royal fathers were concerned about the worsening security situation across the country and urged the federal authorities ‘’to think out of the box, re-jig the security architecture and adopt more decisive strategies to contain the situation.’’ The royal fathers condemned the attack and killings of innocent Nigerians in Katsina, Gombe, Zamfara, Kaduna, Benue states and other flashpoints across the country, warning

that the country was sliding to a “worrisome direction,” occasioned by insecurity and lack of value for life. “We are worried that kidnapping, armed robbery, cattle rustling, herdsmen attack on farmers, killing and trading in human parts have remained unabated; and, we feel the government should act fast and stem the tide”, Efeizomor said. Supported by the 2nd ViceChairman of the Council, Pere Luke Kalanama VIII, Efeizomor charged the Inspector General of Police, Mohammed Adamu, to come up with strategies for effective community policing, arguing that it was the only solution, given the circumstance Nigerians have found themselves today. “We wish to urge Nigerians not to regard security as the sole responsibility of security agencies and military personnel; rather all Nigeria should see security

as the collective responsibility of all Nigerians,” the royal fathers explained. The monarchs alerted the unsuspecting members of the public to the activities of criminals who often pose as security personnel on highways and pretend to be willing to assist motorists whose vehicles break down along the road only to dispossess them of their belongings and other valuables. They also sued for synergy between the traditional rulers and president-general of respective communities, describing as unnecessary reported acrimony between them since the traditional rulers have primary charge of their kingdoms. The royal fathers subsequently paid a courtesy call on the Asagba of Asaba, Prof. Chike Edozien, to felicitate with him on his safe return after a successful medical vacation abroad spanning about three years.

Oyetola Best for Osun, Says Sunmonu Gov hails ex-NLC present for getting ABU’s honour Pioneer President of the Nigerian Labour Congress (NLC), Hassan Sunmonu, has described Osun State Governor, Adegboyega Oyetola, as the most qualified person to lead the state at this time. He said given his personality, wealth of experience spanning the private and public sectors, as well as his academic credentials, Oyetola is good enough to pilot the affairs of the state to an enviable height. According to a statement by Chief Press Secretary to the Governor Mr, Adeniyi Adesina, Comrade Sunmonu spoke at the weekend during a reception for him by the Osun State Government, following the conferment of a honourary doctorate on him by the Ahmadu Bello University in Zaria. At its 41st Convocation on April 27, the foremost university conferred Doctor of Science on

Sunmonu and Doctor of Letters on business mogul, Aliko Dangote, “for their immense contributions to the economic development of Nigeria and humanity.” Comrade Sunmonu, 78, who hails from Osogbo, the Osun State capital, was President of the NLC between 1978 and 1984. He also served as the general secretary of the Accra, Ghanabased Organisation of African Trade Unions (OATU). Sunmonu recalled how Osogbo elders, including himself, led by Chief Hammed Omidiran, interacted with people bidding to lead the state before the governorship election last year and found Oyetola as the best man for the job. He said given the way the governor has been carrying on, he had no doubt that their decision was well thought out. He called for support for the

administration to enable it to deliver on its mandate. Sunmonu, who was accompanied by his wife, Alhaja Wasilat and many labour leaders to the dinner, expressed optimism that Osun State would witness massive development under Governor Oyetola. The Governor extolled the septuagenarian activist for his integrity and love for the common good. Oyetola recalled how Sunmonu was invited to intervene during a disagreement between the former government of the state and Labour, which he said the former NLC president did admirably to the satisfaction of all parties thereby restoring industrial harmony. He described Sunmonu as not only a gift to the state from God but also to humanity and the downtrodden.

Saraki, Ganduje Congratulate Egbemode, Other NGE Officials Deji Elumoye in Abuja and Ibrahim Shuaibu in Kano The Senate President, Dr. Bukola Saraki, and Kano State Governor, Abdullahi Umar Ganduje, yesterday congratulated Mrs. Funke Egbemode, on her re-election as the President of the Nigeria Guild of Editors (NGE), during the guild’s 13th annual conference held in Lagos at the weekend. Saraki, in a statement in Abuja by his Media Adviser, Yusuph Olaniyonu, while congratulating other newly elected executive council of the guild noted that Egbemode has not only surpassed expectations in the last two years but has taken the body of gatekeepers in the media industry a notch higher in growth and excellence. “My confidence in your ability to effectively shoulder the responsibilities of the office two years ago has again been reinforced by the unanimous decision of your colleagues to return you and some of your executive members unopposed.

“You have indeed shown that hardworking women can shine like stars in a predominantly male profession. I am proud of you and I know that many women in the profession have a lot to learn from your humility, resourcefulness, integrity and sterling performance in office so far,” he stated. Saraki called on Egbemode and the newly-inaugurated executive to consolidate on their previous achievements recorded and reposition the NGE as a critical partner in the nation’s developmental efforts. The Senate President also reiterated his call on the NGE “to join hands with the Nigeria Union of Journalists (NUJ) and other relevant stakeholders to rid the noble pen profession of quacks and impostors whose activities daily undermine the credibility of the true professionals.” On his part, Ganduje described the re-election of Egbemode as as a return for stout leadership and dogged commitment to journalism excellence in Nigeria.

In a statement signed by the state Commissioner for Information, Youth and Culture, Malam Muhammad Garba, the governor also hailed the emergence of Malam Umar Sa’idu Tudun Wada, Managing Director, Kano State Radio Corporation as Deputy President of the NGE. He said Egbemode’s reelection was borne out of her remarkable and worthy contributions to journalism in the country, particularly during her first tenure in office. “I am thrilled by her uncommon commitment to the advancement of journalism and adherence to the ethics of the profession. Your re-election must certainly be hinged on your leadership qualities and successes you have recorded as a purebred professional,” the statement added. He expressed the sanguinity that her leadership for another two years would further elevate journalism to an enviable standard and boost the image of the guild.

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11,000 People Killed in Eight Years by Zamfara Bandits, Marafa Alleges Deji Elumoye in Abuja A member of the National Assembly, Senator Kabiru Marafa (Zamfara Central) has put the total number of lives lost to armed banditry in Zamfara State since

2011 at 11, 000. Marafa who is the Chairman of Senate Committee on Petroleum (Downstream), in a statement yesterday declared that the unfortunate and dark eight years of banditry from 2011 to date

Gunmen Kill APC Youth Leader, Injure One in Kogi Yekini Jimoh in Lokoja Two rival groups engaged themselves in a fierce gun duel in Anyigba, Dekina Local Government Area of Kogi State killing one Ismaila Yakubu Agba, a youth leader of the All Progressives Congress (APC), in the process. Although the cause of the exchange of gunfire, which led to the death of the youth leader was yet to be established, THISDAY however, gathered that the unidentified trigger happy gunmen started shooting around 10.a.m. yesterday morning, bringing all activities in the area to a standstill for several hours. A source disclosed that the late APC youth leader who was the head of the cashew revenue drive collection team in the area, on behalf of the state government, met his untimely death during an exchange of gunfire at Agwudoko area of the city. The source said the militant group suspected to be from rival leading political parties in the town stormed the enclave of the other party over a yetto-be-disclosed reasons, which turned out to be a free-for-all fight, leading to many sustaining bullet wounds of various degree.

According to some residents of the town, the mayhem may not be unconnected to the November 2 governorship election where both sides are said to be doing a rehearsal in the battle of supremacy that lies ahead. “We were indoors for hours to avoid the incident of stray bullets. Though the state police command moved in when they got winds of the incident, at a point, we don’t even know who was in charge, as the guns continue to boom unabated”, a resident explained. However, the Kogi State Police Public Relations officer, (PPRO), Williams Aya, confirmed the incident, saying that only one person (Ismaila Yakubu Agba) died and one Alhassan Idoko, sustained injuries from the said attack. He added that it was not a political attack but a case of a culpable homicide perpetrated by unidentified gunmen, adding that the command is already on their trail. He said the police personnel was drafted to the scene shortly after the brother of the slain person reported the matter to the police command in the town, adding that normalcy has returned to the vicinity.

Babalakin Seeks Revitalisation of Nigerian Universities Esther Oluku The Pro-Chancellor of the University of Lagos (UNILAG), and Senior Advocate of Nigeria (SAN), Dr. Wale Babalakin, has called for immediate revitalisation of Nigerian universities, adding that Nigerian varsities cannot continue to be at best Number 800 in the world. Babalakin said in the next five years, at least, one Nigerian university must be in the top 100. The lawyer spoke at the University of Ilorin (UNILORIN) while chairing the Third Annual Registry Lecture Series, titled: “Public Service Rules And University Administration: Re-engineering For Excellence.” Babalakin, who is also the Chairman of the Federal Government Renegotiation Committee with unions of Nigerian universities, said his committee had realised that for Nigeria to position itself as a leading nation, it must improve its educational system. His words: “We have discovered that one of the challenges of the educational system in Nigeria is funding. We have also determined the average cost of funding every course. For example, this means that for UNILORIN with the population of 50,000 students, based on the average cost of N1.2 million required yearly per student, the university requires N60 billion per annum

to reposition itself as a first rate university in the world. Where is this money going to come from? “From my experience with various universities, all UNILORIN has today is government allocation to pay salaries; some insignificant figure for recurrent and capital expenditure – definitely less than N1 billion annually -; and TETFUND, which cannot afford to give the university N1 billion yearly. In total, you have about N12 billion and you require N60 billion, where will the difference come from?” Explaining that various arguments have been put forward on where the difference should come from, the legal practitioner said: “A school of thought is that the money must come from government. Why not, if government can afford it? But if government cannot afford it, where will it come from? Our position, as negotiators for the government, is that somebody must pay – either government or someone else – but we are not willing to delay the revitalisation of Nigerian universities. We are not willing to be No. 800 in the world. In the next 5 years, one Nigerian university must be in the top 100. It will be a celebration, if there are many more. Our employers will decide where the money is going to come from but this is the volume of money required to revitalise universities.”

in the state had conservatively led to the killing of over 11,000 male adults He added that the killings left behind an estimated average of 22,000 widows and an estimated 44,000 orphans. The senator noted that in terms of casualty ratio and displacements, the state remains ahead of many states in the North-east and Northcentral that are currently being given prominence by the mainstream media and the federal government in terms of recognition and assistance. He, however, expressed

gratitude to his colleagues at the both chambers of the National Assembly for the provision of N10 billion in 2019 budget to address the deteriorating humanitarian crisis in Zamfara State, occasioned by the nefarious activities of bandits. Marafa said the overwhelming support by his colleagues at both chambers, showed that with unity of purpose and direction, the country can overcome its challenges. He said the N10 billion will help in resettling the Internally Displaced Persons (IDPs) and other persons affected by the

activities of the armed banditry, to cater for their general wellbeing, provision of shelter, water, basic education, basic health care, especially for the wounded, children and rape victims, and others. With the provision of the N10 billion by the National Assembly, Marafa urged the federal government to set up an Adhoc Committee to be known as Presidential Initiatives on Zamfara State (PIZAMS), with a 10-year life span. He called on the Ninth National Assembly members from Zamfara State to maintain the tempo by ensuring that

PIZAMS get a sizable allocation in the remaining nine years ahead. He thanked his colleagues in both the Senate and House of Representatives in general and the leadership of Senate, House of Representatives and Appropriations Committees of the two chambers in particular, for their wonderful support. He pleaded with the President and Commander in Chief of the Armed forces of the Federal Republic of Nigeria, President Muhammadu Buhari to set up PIZAMS (as soon as possible) as contained in the Senate resolution.

WELL DESERVED AWARD…

L-R: Representative of the Vice President and Senior Special Assistant on Media to the VP, Mr. Laolu Akande; representative of Lagos State Governor and Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan; and President, Nigerian Guild of Editors, Mrs. Funke Egbemode, during the commendation award presentation to the governor at Nigerian Guild of Editors Biennial Convention 2019 held in Lagos…weekend

FG: Amnesty Programme Has Brought Peace, Stability to N’Delta Ndubuisi Francis in Abuja The Special Adviser to the President on Niger Delta and Coordinator, Presidential Amnesty Programme (PAP), Prof. Charles Dokubo at the weekend stated that the programme has provided an impetus to efforts to sustain and consolidate peace in the hitherto restive Niger Delta region. Speaking during an interactive session with 137 beneficiaries of the Amnesty Programme undergoing training in various skills at the Ezonebi Training Centre, Igando, Lagos, he

said the programme has been transformed to higher level. A statement by his media adviser, Mr. Murphy Ganagana quoted Dokubo as saying: “I’m here to show the new form and interaction of the Amnesty Programme where people come together to transform their lives. The programme has taken off from a lower level to a higher level. “The Amnesty Programme has been at the forefront of the peace consolidation and peace enforcement. It has brought peace and stability to the Niger Delta. We have

been able to interact with those in that environment and have bought them into our dreams. “Niger Delta is now known for peaceful development because there is no development without security. I want you to show Nigerians that Amnesty is now into more of training so that our beneficiaries can develop a skill after being trained, and then work. That is the last aspect of the Amnesty Programme which is the reintegration phase. “When we train people, we give them jobs and they earn salaries. When they earn

salaries, they can take care of their families, not with stipends. “That is why I had to encourage the consultant in charge of this training centre to make sure that our beneficiaries are not only well trained, but also certified so that they can have jobs wherever they want.” Towards this end, Dokubo said he created a unit specifically mandated to explore avenues of job opportunities and placement for beneficiaries of the of the Amnesty Programme who have completed training on skill acquisition or educational programme.

Fashola Has Released Names of Alleged Corrupt Contractors, Says SERAP The Socio-Economic Rights and Accountability Project (SERAP) has said it has received details of some alleged corrupt contractors from the Minister of Power, Works and Housing, Mr. Babatunde Fashola. In a statement issued yesterday by its Deputy Director, Kolawole Oluwadare, SERAP said the minister forwarded some documents from some of the ministry’s agencies, providing some level of details regarding the names of contractors that allegedly collected money for electricity

projects but failed to execute any projects. The human rights group cited the ministry’s letter with reference number FMP/LU/ R2K/2016/T/40 and signed on Fashola’s behalf by the Permanent Secretary for Power, Louis Edozien, which was sent to the group, last week. The letter named an Abuja based company, which was in 2014 awarded a contract for the supply and installation of test and maintenance equipment relays, among others to various NAPTIN

regional training centres. Fashola is yet to react to SERAP’s claim as at the time of writing this report. Out of the total contract sum of N87.7 million, the amount of N79.4 million was paid to the company, but only 13 of the 19 items have so far been supplied, with six items outstanding. “We welcome Fashola’s latest response and the information regarding Pow Technologies Limited. But we need details of names of other contractors that have collected public funds and yet failed

to execute power projects. “We will continue to push the ministry and its agencies to reveal more details of alleged corrupt contractors and companies,” the statement said. SERAP had in February 2019, filed a suit at the Federal High Court in Lagos, seeking “an order of mandamus directing Fashola to provide specific details on the names and whereabouts of the contractors who collected public funds meant for electricity projects but never executed them.”

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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com 08111813083

Mikel Ends Boro Stint with Goal, Seeks Fresh Challenges Duro Ikhazuagbe with agency report Super Eagles Captain John Mikel Obi waited till the last day of the regular season before netting his maiden goal for Middlesbrough in their 2-1 win against Rotherham United at the New York Stadium. The victory meant nothing to Boro and their fans as the

73 points they garnered in the Championship season could not guarantee them a place in the top six positions after Derby County defeated West Brom 3-1 in a simultaneous game. Speaking after the game, the former Chelsea stalwart strongly hinted that he was not extending his contract with Middlesbrough, stressing he

has options elsewhere and wants to win trophies. ‘’I don’t know, you can never say never, that’s why I said they. My contract ends, if there’s a conversation, okay fine,’’ Mikel told BBC Sport. ‘’It’s a great club, it’s a big club. They will find the right players, get that dressing room back and make sure next season they are in the playoffs or automatic promotion.’’ Asked if he would like to

stay at Boro and if he has other options, Mikel answered : ‘’I don’t know, we’ll see what happens. I have conversation with my people and then we’ll see what comes out, options here and there. ‘’There’s a lot of option but you always have to pick the right one, the one that is going to suit you and suit the way you play and what you want to achieve. ‘’I still want to win trophies,

so I will go somewhere where you know, the players, the fans and the team want to win.’’ That Mikel’s goal was his first in English League football since September 21, 2013 when he found the net in Chelsea’s 2-0 win against Fulham and his first strike in five years and 226 days. He made his 267th career appearance in the Premier League and Championship against The Millers, with 249

of those games in the colours of Chelsea. The Eagles captain penned the short term contract until the end of the 2018-2019 season after terminating his contract with Chinese Super League’s Tianjin Teda. Mikel appeared in nineteen matches across all competitions for Middlesbrough and captained the club in their last six games in the EFL Championship.

Grange School, CIS Win Zenith Bank/Ikoyi Club Swimming Gala Grange School and Children International School have emerged champions in the Secondary and Primary School categories of the 4th Zenith Bank/Ikoyi Club Inter School Swimming Gala held Saturday at the elite Ikoyi Club, Lagos. Grange amassed nine gold, six eight silver and nine bronze medals to edge Edgewood School to second place on seven gold, one silver and three bronze medals while CIS came third with five gold, four silver and three bronze medals. Unlike the previous editions where the categories were held separately, a jam-packed Ikoyi Club with about 300 parents cheering their kids, the Primary School Category was fiercely contested with CIS taking just

a shade to beat Saint Saviour’s School, Ikoyi to the title. CIS bagged nine gold, six silver and three bronze medals for the podium’s peak with Saint Saviour’s placing second with eight gold, nineteen silver and nine bronze medals leaving Grange with a consolatory third with five gold, four silver and seven bronze medals. Morinsola Idowu of Lagos Preparatory School was named the MVP for female for the primary category while Abduljabbar Adana of Corona School, for the third straight year, won the male version. Iman Adan of Edgewood won four gold medals which aided her to the female MVP in the secondary category just as Seun Adekeye of Grange won the male version.

Abuja, Ondo, Others Win at CBN Jnr Tennis Championship Players from the Federal Capital Territory, Ondo, Ekiti, Edo, Rivers, Akwa Ibom and hosts Lagos states were among those that put up excellent performances that saw them emerge as champions at the just concluded 13th edition of the annual Central Bank of Nigeria Junior Tennis Championship in Lagos at the weekend. Playing in the boys 10 and under category, Yohana Yakubu, from FCT, Abuja defeated hard fighting Arwal Jaji from Lagos 8-10, 10-7, 10-8 to emerge champion while Lore Lax Holzendorf beat Esther Ehimebe 2-1 (10-5, 2-10, 10-5 in what was seen as an all Edo final to emerge victorious. The boys U-12 was won by sensational Seun Ogunshaki from Ekiti State while Nene Yakubu of Lagos outclassed Favour Amaechi from Rivers State to claim the girls 12 and under title. Also victorious was Akwa Ibom State player, David Ekpeyong who ran home with the boys 14 and under trophy when he defeated Oyo State’s Ganiyu Mubarak in two straight sets, 10-4, 10-2 Suleiman Ibrahim from Abuja beat David Dawariye from River State 10-4, 7-10,10-8 in a hard fought U-16 boys final battle to come out tops even as Omolade Aderemi from Ondo State conquered Omolayo Bamidele from Ekiti state with 2-0 straight win to emerge as the U-16 girls champion. Lagos State player, Serena Teluwo won the U-14 Girls

category by defeating Abuja’s Salamatu Haruna 10-5, 10-7 in the final. Speaking at the grand finale, Mr. Isaac Okorafor, Director, Corporate Communications Department, CBN who represented the Governor of the Central Bank of Nigeria, Godwin Emefiele, commended all the players and officials that took part in the exercise for their commitment and reaffirmed apex bank’s resolve to ensure better future for Nigerian youths. Okorafor hinted that the CBN Junior tennis which is open to all boys and girls that fall within ages 10 and 18 since it’s inception in 2006, has remained a very important event on the national tennis calendar. He called for the need to maintain the objective which include, ensuring that young talents are discovered early enough and nurtured to limelight while establishing a strong transition platform to the senior category as well as provide an enabling environment that would attract talented junior players from all over the country to compete and showcase their talents. He also revealed that the management of CBN has noted with satisfaction the steady success recorded in CBN championship as Nigerian players who rose through the CBN annual tennis, are now hitting it big in America, Europe and other parts of the world. He pledged that CBN would continue its sponsorship of the championship,

Despondent Gunners looking forlorn after missing out of the Top Four likely not playing next season’s Champions League...yesterday

PREMIERSHIP

Arsenal, Man Utd’s Top Four Hopes Over, Chelsea Now Third Arsenal’s hopes of a top-four Premier League finish are all but over after the lacklustre hosts were held by Brighton at Emirates Stadium. Similarly, Manchester United will also have to settle for Europa League football next season after being held 1-1 by a Huddersfield side who were relegated in March. The Gunners are three points behind rivals Tottenham in fourth with one game to play but would need an eight-goal swing as well as results going their way. Pierre-Emerick Aubameyang

put Arsenal in front with a ninthminute penalty after Alireza Jahanbakhsh was judged to have fouled Nacho Monreal despite appearing to get the ball. Aside from occasional bursts, Unai Emery’s side were shaky and sloppy for long periods, with Granit Xhaka conceding an absurd foul on Solly March to concede a penalty that Glenn Murray converted on 61 minutes. Arsenal frantically searched for a winner but Aubameyang volleyed wide from seven yards out and Brighton keeper Mat Ryan made a series of fine saves.

Pascal Gross should have won the game for Brighton late on but skewed his effort out towards the sideline with the goal unmanned after Bernd Leno’s superb save from March. Earlier yesterday in the Manchester United versus Huddersfield clash, the Terriers who had managed just four points in their previous 23 games - but watched by outgoing chairman Dean Hoyle, they earned a draw as Isaac Mbenza’s first goal for the club levelled Scott McTominay’s first-half effort. In a frantic finish, young

United substitute Tahith Chong had a shot saved and Paul Pogba hit the bar before David de Gea denied Karlan Grant a winner at the other end. It draw result means United have now gone five games without a win, their worst sequence since they went eight games without a victory under Louis van Gaal between November and December 2015. At Stamford Bridge, Chelsea boosted their chances of securing Champions League football next season with 3-0 victory over Watford to move up to third in the Premier League.

NPFL: Enyimba Ground Rangers to Narrow Lead to Three Points Duro Ikhazuagbe Former champions, Enyimba FC narrowed the gap between them and Rangers International FC of Enugu to just three points yesterday when the Flying Antelopes were brought down to earth in a 3-1 defeat in a Nigeria Professional Football League Oriental Derby played in Aba. Defender Ifeanyi Anaemena scored two headers in the derby Aba fans thoroughly enjoyed with relish. In between Anaemena’s

headers which were the first and last goals of the game, Jean-Marie Guera doubled Enyimba’s lead in the 18th minute while Godwin Aguda halved the deficit for Rangers four minutes into the second half. Anaemena’s second in the 60th minute was timely as it ensured that the People’s Elephant inflict a priceless defeat on their table-topping opponents, their third in consecutive games while reducing the gap between both teams to three points. At the Agege Stadium, Rivers United came unstuck in Lagos

as an early Chijioke Akuneto penalty handed MFM FC a 1-0 victory. Rivers United dominated the clash but failed to translate their superiority to goals. The hosts started briskly and were awarded a penalty in the third minute. Akuneto stepped up and fired low and hard into the bottom corner to give the the hosts the lead. The visitors then took over, dominating the rest of the half and indeed, the game but failed to convert their chances at the opportune moments.

Rivers United dropped to seventh place on the log, following Sunday’s defeat in Lagos, with a total of 23 points from 17 games while MFM moved up to third on the log with 27 points from 17 games. Rivers United will next face Enyimba in Port Harcourt in their next league game on Wednesday, May 8. The story was also a sweet one for the host in Katsina. Katsina United survived a second half blitz by Remo Stars to win 3-2 at the Muhammad Dikko Stadium.

Edo State Govt Restates Commitment to Okpekpe Race The Edo state government has restated its total support for the historic Okpekpe International 10km Road Race. The state’s Deputy Governor, Rt Hon Phillip Shaibu restated the commitment when the promoter of the race, Mike Itemuagbor and his team paid him a courtesy call at the weekend. Shaibu assured the event organisers of the commitment and

continued support of the Edo State government to the race, demanded very good value and the delivery of the essence of the event to the people of Edo State, Nigeria and the international community. “We are delighted Edo State has been playing host to this historic race, the first road race in West Africa to get an International Association of Athletics Federations (IAAF) label status. We are

committed to making the race the first IAAF gold label race in West Africa next year after scoring another first as the first IAAF silver label race to be run in Nigeria and the West Africa sub-region in 2018,” said Shaibu who enjoined organisers of the race to keep the flag flying high. In his response, Itemuagbor said the visit of the organisers of the Okpekpe International 10km

Road Race was an opportunity to brief the Deputy Governor and the media on their preparations and readiness of the event. “This year’s race will be different from the IAAF silver label race we had in Nigeria last year. Although it is still technically an IAAF silver label race, what Nigerians will witness will be a gold label event because we want to upgrade to a gold label race.”

Monday May 6, 2019

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Price: N250

MISSILE CAN to North Governors

“Our communities are no longer safe; the situation is frightening and terrible. The governors in the North must put pleasure aside and face governance squarely. Also, our borders are porous. Enough of lip service to this insecurity.” – Chairman of Christian Association of Nigeria (CAN) in the 19 northern states, Yakubu Pam, advising the governors to leave pleasure and face security challenges in the North.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Still On ‘Made in China’

P

enultimate week, we had discussed the above issue which generated a lot of debate going by the number of mails I received from readers. While the debate continues, I will like to use this medium to deepen the discussion and publish some of the interesting feedbacks I received. Let me quickly go to this misleading commentary about my using the article to declare my support for more borrowing from China. That is far from what the write up was about. Readers would recall that I had consistently opposed plunging the country into unsustainable debts. I had argued that the reliance on debt to GDP ratio to justify more debt is, at best, misleading. At about 20% debt to GDP ratio, there is every tendency to rationalize more national debt given that our ratio appears lower than the average threshold of 42% for developing countries and the 56% benchmark for developed countries as contained in the IMF/ World Bank Debt Sustainability Framework”. In my last thesis on debt, titled “Till Debt Do Us Part”, I had insisted that what was important was not the debt to GDP ratio but the debt service to revenue ratio which measures the part of our annual revenue that goes into debt repayment on an annual basis. At a debt service to revenue ratio of over 60% as at last year, it is clear that we are actually headed towards unsustainable levels. There was also a lot of discussion around the ability of Nigeria to negotiate favourable terms with China. My response is that we do have a lot of experts in the country who can ensure that we get the best deals possible from lenders. There seemed to be a consensus from those that reacted that as a country, we are wired to put our worst foot forward. A lot of people who held this view, insisted that while governments all over the world would send their best team on missions like this, African governments have a penchant for not sending their best either for political reasons or self interest purposes. Well, what can I say to our people? As we continue to ‘garbage in’, so shall we continue to ‘garbage out’!. Another issue that dominated the debate was technology transfer. The argument was robust over whether technology transfer is possible or not and this has continued unabated. I must point out that I had also dealt with this issue in my previous columns and will direct interested readers to my column titled “Innovate, Adapt Or Die”. I will, however, weigh in to say that technology transfer is normally not part of a typical negotiation. Even when that is made an item for negotiation, there is no guarantee that it will be delivered. Besides, it is difficult to determine at what point technology has been transferred. I had argued that technology should be indigenous to a people and should actually address the needs of the people. Permit me to publish a detailed feedback from a regular reader and commentator, Mazi Udochukwu Uwakaneme. Interestingly, Mr. Uwakaneme, who turned 80 earlier in the year, is a 1966 Harvard MBA graduate and a consultant of global note. “Your article, Made In China, is a very important document for Nigeria, as it is inevitable that she will increasingly engage economically and strategically with that giant country. You presented clearly China’s strengths and weaknesses in trying to excel in a highly competitive global economic environment. You went to great lengths to explain how China sees the world, and the foundations of their long-term strategies for conquering their rivals, dating from Mao’s Cultural Revolution through Deng down to Xi Jinping. Thank you for reminding us of what we as Nigerians could learn from modern China’s development history, particularly in terms of farsightedness and doggedness.

Okechukwu Enelamah, Minister of Industry, Trade and Investment You noted that China is willing to adopt new ways in order to win. She shifted to a market economy, also embracing globalization. She is aggressive in competition when reaching out to Nigeria and Africa. China is succeeding through shrewd lending that exploits the other’s vulnerabilities, which often include ignorance and corruption. She is able to sense those who are starving for capital. Thanks for the quote reminding us that India and China are ‘starving’ for our jobs. Thanks for including in a constructive way, some convincing prescriptions for Nigeria on how to exploit the advantages of dealing with China at this time and in future. We must ‘shine our strategic eye’ and not quickly jump from frying pan (of the West) to fire with the Chinese new ‘warm friendship’. Indeed, we have hard choices to make when considering investments on their own merit. There are no magnanimous permanent friends out there anymore. Any new strategic relationship with China must not leave us with the short end of the stick at any point. We should negotiate well not only for funds on favourable terms but also for the Nigerianisation of labour and transfer of technology during project implementation. There could be important new areas of mutual interest with China in future, such as when we can develop our natural resources in a manner that makes them attractive for export to them, especially where it gives them an avenue for reducing some of their choking obligations to the United States and EU. . Finally, I agree that “it is important that we use our clout to ensure we negotiate favourable conditions given how important we are to our partners in the global arena.” But the question is this. If we must depend on our “clout……given how important we are to our partners in the global arena”, where is this kind of clout going to come from in the foreseeable future? Let us consider some realities on the ground today. Without clear-cut results, that are fair and acceptable by all competing sides, when verdicts come from the sitting election tribunals and appeal courts, the continued escalation of violence and ugly atrocities in Nigeria after 2019 cannot be entirely ruled out. Unfortunately, in the worst-case scenario, escalating violence would only further play into the hands of local war-mongers, arms dealers and foreign mercenaries. Remember the mess with horrible atrocities created by the Sierra

Leonean civil war between 1991 and 2002 (lasting 11 whole years!)? Remember those greedy outside opportunists like Liberia’s Charles Taylor? Nigeria’s national credentials as an important democracy in the world are on very shaky grounds. In ten years’ time or less, there will be no usual leverage from Nigeria’s oil, since other new sources of oil have been found in recent years even in Africa, while the Americans with vast new reserves of gas will continue to depend less and less on Nigerian oil. As a matter of fact, should there be a violent conflict among parts of this country tomorrow (God forbid!), as in the last civil war, no part can anymore use oil as a bargaining chip to attract international support to itself from any of the big economic powers, simply because Nigeria’s oil in particular is no longer of much strategic interest anywhere. Large size of population was once a strong factor of Nigeria’s international competitiveness, because it allowed for achieving major economies of scale. But that was when good infrastructure allowed for easy movement and distribution of raw materials and goods from factories and farms to markets. Today, the decayed infrastructure in roads, rail, education, health and housing is now too far-gone to be able to save the fragile and dwindling economy. Flight of capital continues. The present regime was late in recognizing the need for creating meticulous enabling conditions for attracting investments to this country and for preventing fresh flights of capital. The economy of the country is producing unemployment faster than before and is degrading a whole youth generation, simply because remedial entrepreneurship development schemes launched in the last four years have not been robust enough, and have been coming too little, too late. Before 2005, Nigeria had an external debt stock of US$36 billion, largely accumulated during previous military regimes back to 1985. Then Nigeria negotiated successfully with Paris Club to bring all obligations then to zero; also bringing down total external debt to only $3 billion, while domestic debt fell to only N1 trillion. But the national debt burden went up again to US$73.21 billion, as at June 30, 2018, according to the Debt Management Office (DMO). Since then, I have not read that the debt burden is sustainably dropping. Therefore, since more borrowing is still expected, which could further deepen the obligation hole, how will this already restrictive yoke be borne, while at the same time trying to rescue a fragile and dwindling economy? Those IMF’s fears, are they not somewhat founded? Nigeria’s security forces are facing too many overwhelming internal security challenges that will likely last a long time. Hence, the days are gone when Nigeria could step in militarily and assist other sub-Saharan countries restore peace. Sheer incompetence and callousness in governance with extreme avarice at the centre, and in almost every State, have contributed to pushing the entire country near the bottom of the poverty index among all countries of the world. Nigeria is now home to nearly 90 million people who live below the poverty line, and in 2018 overtook India as the poverty capital of the world. In the same year, the UN General Assembly at its 2018 autumn meeting projected that by 2050, if African countries continued the way they are going, they would become home to 80% of the world’s poorest people. Two African countries, Nigeria and DRC would contain half of such people. Thus, with all of 40% (half) to itself, Nigeria alone would still remain the poverty capital of the world by 2050, if things remain as they are!

My further contribution is that, as a national collective, the people of Nigeria are today very low in fighting spirit, which we had at independence but simply do not have now, but which we require henceforth to effectively face a hostile and highly competitive outside world. If Nigerians can hope to enjoy sustainable economic growth in a highly competitive world tomorrow, Nigeria’s leaders must shed the mentality of captains of a cruise ship and adopt a more appropriate spirit of captains under attack, who are firing back from a hunter-attacker battleship – and have cast iron resolve to win!” I must thank Senior Citizen Uwakaneme for his profound insight and the discipline to put down his thoughts and send for our enlightenment. While I share a lot of the sentiments raised in the intervention above and had taken similar positions in the past, it is instructive to note that the DMO had since published the country’s debt profile as at December 31, 2018. The total national debt stock had risen from over $73b as at June 2018 to circa $80b. This figure is sure to rise further, given the deficit in the recently approved 2019 budget. Anyhow we look at it, we are in a serious dilemma. Our current revenues are too low and there is no indication that they will rise soon enough. It is crucial that something is done to push them up. This is imperative if jobs are to be created and if productivity has to increase. Because of acute infrastructure deficit, productivity is very much below installed capacity. New industries and businesses are not being set up. It therefore follows that something must give. In my own sincere view, one of the first things that must happen is a drastic reduction in the cost of governance. We can explain it away the best way we can, but it makes no sense to consume over 70% of our budget and deploy less than 30% to capital expenditure. This is the biggest problem we are facing. We must sit down and discuss how to address this dangerous trend. Do we really need a bicameral legislative system? Can we just have the Senate and reduce the number from 109 to less than 60? Can we prune down the size of the executive in like manner? Can same be done in the states and the local governments by reducing their number? Can we start by saying that we will spend no more than 30% of our budget on recurrent expenditure? I believe that if we are committed, we can achieve all these and more. It is only when we have done so that we can be sure that our borrowing will make sense and go straight into areas that can generate enough income not only to service our loans, but to make the required impact on the economy. To the extent that we are borrowing to pay salaries, we are sure headed to another debt trap in the very near future. Having said that, it is interesting to point out that most of the Chinese loans are tied to infrastructure. We will discourage loans that are aimed at financing budget deficit as most of it ends up financing big and inefficient government. I cannot end this piece without pointing out one of the key success factors of modern China. It is summarized in the following comment reportedly made last month by Jimmy Carter to President Trump: “Since 1979, do you know how many times China has been at war with anybody? None. And we have stayed at war. Over its entire 242 year history, the US has only enjoyed 16 years of peace….. We have wasted, I think, $3 trillion on military spending. China has not wasted a single penny on war and that’s why they’re ahead of us. In almost every way”. There is profit in creating a peaceful, safe and stable society. Let that be food for thought for us all!

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